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Statistics
of Income
for 1952
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Part 1
Individual and
Fiduciary
Income Tax Returns
U. S. TREASURY DEPARTMENT
\[jh Internal Revenue Service
is.^
Statistics
of Income
for 1952
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
Part 1
Individual and
Fiduciary
Income Tax Returns
U. S. TREASURY DEPARTMENT
Internal Revenue Service
Publication No. 79
UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON : 1956
For sale by the Superintendent ot Documents, U. S. Government Printing Office, Washington 25, n. C. - Pric? 75 cents (paper cover)
Boston FuVilc ^i'.;rary
Cuperintonr'pnt of Documents
LETTER OF TRANSMITTAL
Treasury Department,
Office op Commissioner of Internal Revenue,
Washington, D. C, January 9, 1956.
Sir: I have the honor to transmit herewith the complete report, Statistics
oj Income for 1952, Part 1, prepared in accordance with the provisions of section
63 of the Internal Revenue Code of 1939 which requires annual preparation and
publication of statistical data reasonably available with respect to the operation
of Federal income tax laws. Data for numerous types of income, deductions,
exemptions, income tax, self-employment tax, income tax withheld on wages,
payments on declaration, and other related data are shown by various classifica-
tions. These data are compiled from individual and fiduciary income tax re-
turns for the income year 1952. Nontaxable fiduciary returns are included in
the tabulations for the first time since 1939, so that full coverage of fiduciary
income is included.
In addition to the current year tabulations, the report contains significant
historical data and a synopsis of recent tax rates, credits, and other provisions
of income tax laws.
Respectfully,
Honorable G. M. Humphrey,
Secretary of the Treasury.
Russell C. Harrington,
Commissioner of Internal Revenue.
CONTENTS
Page
Introduction 1
INDIVIDUAL INCOME TAX RETURNS
Major characteristics of 1952 5
Income tax provisions for 1952 individual income 6
Returns included 6
Composition of adjusted gross income 7
Marital status 7
Deduction for medical expense 8
Explanation of classifications and terms 8
Classification of individual returns 8
Sources comprising adjusted gross income 10
Itemized nonbusiness deductions 12
Measures of individual income 13
Exemptions 13
Tax items 13
Description of sample and limitations of data 15
Tabulated data 15
Basic tables, 1952:
1. Number of returns, adjusted gross income, and total tax — simple and cumu-
lated distributions 18
2. Sources ot income and loss, itemized deductions, and net income, by returns
with standard or itemized deductions 19
3. Sources of income and loss and itemized deductions, by adjusted gross income
classes 20
4. Sources ol income and loss, deductions, exemption, and tax items — fre-
quencies and amounts by adjusted gross income classes 21
5. Frequency distributions of returns by size of source 26
6. Frequency distribution of returns by size of net income 31
7. Adjusted gross income, tax liability, average tax, and effective tax rate, by
types of tax 33
8. Adjusted gross income, exemption, and total tax, by marital status of
taxpayer 34
9. Exemptions by marital status of taxpayer 36
10. Selected sources of income, adjusted gross income, exemptions, and tax
liability by detailed adjusted gross income classes for all returns and joint
returns, and in total for other marital statuses 40
11. Capital gains and losses, short- and long-term, by adjusted gross income
classes 43
12. Selected sources of income and tax liability by States and Territories 45
13. Adjusted grass income and income tax liability, by States and Territories
and by adjusted gross income classes 46
Historical tables," 1944-52:
14. Number of returns by major characteristics, adjusted gross income and
deficit, and tax 53
15. Number of returns with income tax liability, adjusted gross income, income
tax, average tax, and effective tax rate, by adjusted gross income classes. _ 54
16. Sources of income by type 55
17. Selected sources of income by adjusted gross income classes 56
18. Itemized deductions by type 58
19. Number of returns with adjusted gross income, adjusted gross income, and
income tax, by States and Territories 59
FIDUCIARY INCOME TAX RETURNS
Major characteristics of 1 952 63
Income tax provisions for fiduciary income 63
Returns included 64
Explanation of classifications and terms 64
Classification of fiduciary returns 64
Sources comprising total income 65
Deductions 66
Measures of fiduciary income 66
Amount distributable and exemptions _. 66
Tax liability 67
Description of sample and limitations of data 67
Tabulated data 68
v
VI CONTENTS
Basic tables, 1952: Paee
1. Number of returns, total income, and tax — simple and cumulated distribu-
tions 70
2. Sources ot income and loss, deductions, exemption, and tax — frequencies and
amounts, bv total income classes 71
3. Sources of income and loss, deductions, exemption, and tax, by net income
classes 74
4. Frequency distribution of returns by size of net income 76
5. Total income, net income, tax, average tax, and effective tax rate, by types
of tax 78
6. Capital gains and losses, short- and long-term, by total income classes 79
7. Returns for trusts and for estates by total income classes 81
8. Selected sources of income and tax by States and Territories 82
Historical tables, 1944-52:
9. Number of taxable returns, total income, tax, and effective tax rate, by total
income classes 84
10. Sources of income and deductions by type 85
SYNOPSIS OF FEDERAL TAX LAWS, 1944-52
Individual and fiduciary income tax:
A. Requirements for filing returns and exemptions 89
B. Normal tax and surtax rates 90
C. Provisions pertaining to capital gains and losses 91
Self-employment tax:
D. Requirements for filing returns and tax rate 92
FACSIMILES OF TAX RETURNS, 1952
Form 1040, Individual Income Tax Return 95
Form 1040A, Employee's Optional Income Tax Return 117
Form 1041, Fiduciarv Income Tax Return 119
Index J 127
INTRODUCTION
Statistical data presented in this report cover the income year 1952. The
source documents are individual income tax returns, Form 1040 and Form
1040A, and fiduciary income tax returns, Form 1041, both taxable and non-
taxable. With the inclusion of the nontaxable fiduciary returns, the statistics
for fiduciary returns embody comprehensive data for the income from estates
and trusts. Income, deductions, exemptions, taxes, and other important in-
formation reported on these returns are presented by various classifications of
taxpayers, size of income, tax status, and other relevant groupings. Gift tax
returns filed for gifts made in 1952 and estate tax returns filed during 1953
were not processed by the Statistics Division; therefore no data for these re-
turns are included in this report. Under present plans, however, both gift
tax returns and estate tax returns will be processed for next year's report.
The first part of this report pertains to the individual income tax returns
and contains data from Form 1040, whether short-form or long-form, and
from the employee's optional returns. Forms 1040A. Although Form 1040 A
differs from Form 1040, it is possible to integrate the data reported on the vari-
ous forms and no distinction is made in the tabulations. Current year data are
presented in 13 basic tables; in addition, significant historical series for 1944 and
subsequent years are given in 6 tables.
The second part of this report presents data reported on fiduciary income
tax returns. Forms 1041. The current year statistics are tabulated in 8 basic
tables and include data for both taxable and nontaxable fiduciary returns.
This is the first year since 1939 that the nontaxable fiduciary returns have been
processed by the Division. With the inclusion of the nontaxable returns, the
data now show the entire income from estates and from property held in trust
even though the trust income was distributable to beneficiaries to the extent
that none was taxable to the fiduciary. Data characteristic of fiduciary re-
turns differ somewhat from those for individual returns; however, statistics
from fiduciary returns are presented, so far as possible, in tables similar to those
for individual returns, so that these data may be associated. Two historical
tables, showing data for taxable fiduciary returns only, follow the current year
tabulations.
The third part of this report gives a brief synopsis of recent Federal tax
laws relating to the income tax provisions that apply to individual income and
fiduciary income, and to the tax on self-employment income derived by an
individual from his solely owned business and his distributive share of partner-
ship income.
At the close of the report are inserted facsimiles of the individual income
tax returns, Forms 1040 and 1040A, and of the fiduciary income tax returns,
Form 1041, for 1952.
Four tables from this report were published in a Preliminary Report,
Statistics of Income jor 1952, Part 1, issued in AprU 1955. Three of these
tables contain data for individual returns and are tables 1, 4, and 12 in this
complete report ; the remaining table contains data for taxable and nontaxable
fiduciary returns and is table 2 among the fiduciary tables of this report.
Kevisions in the previously published data were found necessary in compiling
tables for this report.
Individual
Income Tax
Returns
INDIVIDUAL INCOME TAX RETURNS FOR 1952
MAJOR CHARACTERISTICS OF 1952
Adjusted gross income and tax liability on individual
returns for 1952 continue the upward trend, resulting in
the largest amounts ever to be reported. This is the first
year to reflect the entire annual increase in surtax rates
that became effective on November 1, 1951, under provi-
sions of the Revenue Act of 1951.
The total tax liabihty for 1952 is $28 billion of which
$0.2 billion is self-employment tax. There is an increase
of $3.6 billion, or 15 percent, in the total tax over that
for 1951. A breakdown of the current year tax shows an
increase in the combined normal tax and surtax as well as
in self-employment tax; but there is a decrease in the
alternative tax. Approximately one-third of the total tax
is paid on returns with adjusted gross income under $5,000.
Only 6 percent of the tax is reported on returns showing
adjusted gross income of $100,000 or more.
Adjusted gross income reached an all-time high of
$216.1 billion, which is nearly $13 billion, or 6 percent,
more than that of the previous year. Somewhat over
one-half of the adjusted gross income for 1952 is reported
on returns with income under $5,000. Adjusted gross
deficit for the current year is about $0.8 billion; this is
5 percent larger than the 1951 deficit.
The 56.5 million individual income tax returns filed for
the income year 1952 are somewhat over one million
returns more than were filed for 1951. Although more
than three-fourths of the 1952 returns are filed by tax-
payers whose income is less than $5,000, there are one
million fewer returns in this category than last year.
Taxpayers with income of $5,000 or more in 1952 filed
2 million returns more than were filed by the same income
group in 1951.
Salaries and wages for 1952 are $174.3 billion, an in-
crease of $13.9 billion, and account for the major portion
of the increase in adjusted gross income. There are also
increases in investment income from interest, annuities,
and rents and royalties. Business profit is up slightly,
but dividends, statutory capital gains, partnership profit,
and fiduciary income declined in 1952. Among the losses
in adjusted gross income, there are larger losses from rents
and royalties and business activities and a larger deduc-
tion for capital loss than were reported in the prior year.
Salaries and wages are found on 90 percent of the re-
turns with adjusted gross income under $5,000 as well as
Percent of total
801
70
60
50
40
30
20
INDIVIDUAL INCOME TAX RETURNS. BY INCDME GRDUPS. 1952
Percent of total
7180
NUMBER OF RETURNS
ADJUSTED GROSS INCOME
TAX LIABILITY
60
50
to
— 30
— 20
UNDER tS.OOO
JS.OOO UNDER tlO.OOO
ADJUSTED GROSS INCOME GROUPS
$10,000 OR MORE
INDIVIDUAL INCOME TAX RETURNS FOR 1952
on returns with $5,000 or more. Dividends are reported
on one out of every five returns with income of $5,000 or
more, whereas dividends are reported on about one out
of 20 returns with income under $5,000.
Almost 7 million returns show business activity of sole
proprietors and 1.8 million are filed by members of part-
nerships; however, in some cases, business and partner-
ship enterprises occur on the same return. Among these
returns, there are four million taxpayers with self-em-
ployment tax.
There are 43.9 million taxable returns for the current
year. This is 1.2 million more taxable returns than were
filed for the previous year, while the nontaxable returns
decreased only 146 thousand.
The standard deduction was elected on 43.7 million
returns, which is 77.3 percent of all returns. This is the
lowest percentage of returns ever to show this election
which has been gradually declining since 1948 when 83
percent of the returns showed use of the standard
deduction.
The optional tax table was used to determine the in-
come tax liability on 36.2 million returns, or 64 percent
of the total. This is the smallest proportion of the re-
turns to show use of the optional tax since its introduc-
tion in 1944. The highest proportion was slightlv over
80 percent for 1945.
Of the 12.8 million returns which have itemized non-
business deductions in 1952, almost all show contribu-
tions and taxes paid. On one-half of these returns, the
taxpayer's medical and dental expenses were such that he
claimed a deduction. About 6 out of 10 returns have a
deduction for interest paid.
The total number of exemptions claimed is 149.6 mil-
lion of which 90 million are the per capita exemption for
the taxpayer and on joint returns his spouse, 5.5 million
are the additional exemptions for age and blindness, and
NUMBER OF RETDHNS. AND AMOUNTS OF INCOME. DEFICIT. AND TAX:
INDIVIDUAL RETURNS 1952 AND 1951
1952
1951
Increase or de-
crease (— )
Number or
amount
Per-
cent
.\I1 returns:
Number of returns
56, 528, 817
216, 087, 449
797, 541
43, 876, 273
43, 866, 832
198, 531, 784
9,441
23,425
28. 02O, 288
27, 802, 831
217, 457
12,652,544
12. 240, 257
17,555,665
412, 287
774,116
55, 447, 009
203,097,033
760,548
42, 648, 610
42, 636, 797
185,171,964
11,813
23,912
24, 439, 073
24, 227, 780
211,293
12, 798, 399
12, 405, 800
17,925,069
392, ,599
736, 636
1,081,808
12, 990, 416
36,993
1,227,663
1,230,035
13, 359. 820
—2, 372
-487
3, .181,216
3, 575, 051
6, 164
—14,5,855
—165. 543
—369, 404
19,688
37,480
2,0
6.4
4.9
2 9
2.9
7.2
-20.1
—2.0
14.7
14.8
2.9
Adjusted gross income
thousand dollars. .
Adjusted gross deficit
thousand dollars..
Taxable returns:
Total number of returns
With adjusted grn.*^ income:
.Vumber of returns
.Adjusted gross income
thousand dollars..
With no adjusted gross Income:
Number of returns
Adjusted gro^s deficit
thousand dollars..
Total tax liability. ..thousand dollars.-
Income tax thousand dollars .
Selt.cmployment tax
thousand dollars..
Nontaxable returns:
Total number of returns
With adjusted gros.s income:
Number of returns
—1.3
-2.1
5.0
5.1
Adjusted gross income
,„ ^ thousand dollars. .
With no adjusted gross Income:
Number of returns
Adjusted gross deficit
thousand dollars. .
54.1 million are per capita exemption for dependents.
The average number of exemptions on returns under
$5,000 adjusted gross income is 2% exemptions per return,
while on returns with $5,000 or more income the average
number of exemptions is 3% for each return. The chief
reason for this divergence is that joint returns, having at
least 2 exemptions, compose 90 percent of the returns
with income $5,000 or more, but in the lower income group
only 50 percent of the returns are joint returns. The
average number of exemptions for joint returns as a
whole is 3)^ and for all other returns, as a group, the
average is 1% exemptions each.
INCOME TAX PROVISIONS FOR 1952 INDIVIDUAL
INCOME
The Internal Revenue Code of 1939 as amended by the
Revenue Act of 1951, dated October 20, 1951, and by the
Social Security Amendments of 1950, dated August 28,
1950, is effective for the income year 1952. Some of the
amendments were applicable throughout the year 1951,
others were applicable as of November 1, 1951, so that the
full effect of the increase in tax rates and of other changes is
reflected, for the first time, in the income and tax data for
1952.
In addition, Public Law 465-82d Congress, 2d Session,
approved July 8, 1952, amended the 1939 Code in several
respects, one of which is an increase in the allowable
deduction for charitable contributions made by individ-
uals. The deduction is increased to an amount not in
excess of 20 percent of the adjusted gross income for tax-
able years beginning on or after January 1, 1952, whereas
the deduction formerly was limited to 15 percent of ad-
justed gross income.
RETURNS INCLUDED
Data in this report are compiled from the returns as
filed by the taxpayers, prior to audit by the Internal
Revenue Service, and do not reflect any changes in income,
deductions, exemptions, cr taxes that may result from
official audit.
Individual returns used are Forms 1040 and 1040A
filed by citizens and resident aliens. Included are returns
for tlie calendar year 1952, a fiscal year ending within the
period July 1952 through June 1953, and a part year with
the greater number of months falling in 1952. The
majority of returns are for the calendar year. Tentative
returns are not included and amended returns are used
only if the original returns are excluded. Returns of
nonresident aliens are not included.
A return is required of every individual, including
minors, wlio had $600 or more of gross income for the
taxable year, except that every self-employed person
must file Form 1040 if he has at least $400 of net earnings
from self-employment, regardless of allowable deductions
and exemptions. Many returns, not otherwise required,
are filed solely to claim refund of tax overpaid by cur-
rent payments; also some returns are received without
anv information on tliem.
INDIVIDUAL INCOME TAX RETUENS FOR 1952
Form 1040A is the employee's optional return which
may be filed by persons whose gross income is less than
$5,000 consisting of wages reported on Withholding
Statements (Form W-2) and not more than a total of $100
from other wages, dividends, and interest. The income
tax liability on this form is determined by the district
director of iiaternal revenue on the basis of the income
reported, in accordance with optional tax table II of the
1951 act, amending the 1939 Code. The tax in this
table applying to 1952 income makes allowance for the
standard deduction and for exemptions. Jouit returns of
husband and wife may be filed on Form 1040A if their
combined income meets the requirements for its use.
Form 1040A cannot be used by husband and wife to
report divided community income; neither can it be used
by persons claiming status as head of household.
Form 1040, which may be either 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, re-
gardless of the source, may elect to file the short-form
return on which nonbusiness deductions and tax credits
are not reported, the income tax being determined on the
basis of adjusted gross income, by the taxpayer, from the
optional 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, he must
file the long-form return and compute the income tax lia-
bility on the basis of net income less allowable exemptions.
Persons with adjusted gross income of $5,000 or more are
required to file the long-form return and compute the in-
come tax liabOity. In computing the net income to be
taxed, the taxpayer may use, in lieu of itemized 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 married
person filing a separate return, the standard deduction is
$500.
Facsimilies of the 1952 individual returns. Forms 1040
and 1040A, are presented on pages 95-126.
The table below sets forth the number of individual re-
turns filed for 1952 on the various forms and shows whether
they are taxable or nontaxable. It also indicates the re-
turns on which tlie tax is determined from the optional
tax table, as well as returns on which the taxpayer elected
the standard deduction and returns on which the taxpayer
found it to his advantage to itemize his nonbusiness deduc-
tions. The income tax liability of 36.2 million taxpayers
filing Form 1040A and short-form 1040 returns is deter-
mined from the tax table. These 36.2 million returns also
have the standard deduction. In addition, 7.5 million
taxpayers using long-form 1040 returns elected to use the
optional standard deduction, so that a total of 43.7 million
returns show use of the standard deduction. On the re-
maining 12.8 million returns, the taxpayer itemized his
deductions.
NUMBER OF RETURNS BY FORM OF RETURN. 1952
Form of return
Total
Taxable
Nontaxable
Form ICHOA
11, 896, 547
24,276,697
7, 519, 797
7, 942, 164
4, 893, 612
8, 103, 863
16, 790, 004
7, 519, 797
6, 568, 997
4, 893, 612
3, 792, 684
Form 1040:
Short -form.
7, 486, 693
Long-form:
With standard deduction— adjusted gross
With itemized deductions:
1, 373, 167
Adjusted gross income $5,000 or more
Total returns
56,528,817
43, 876, 273
12, 652, 544
COMPOSITION OF ADJUSTED GROSS INCOME
In the following chart showing composition of adjusted
gross income for 1952, the income base is adjusted gross
income less adjusted gross deficit. Only the four major
sources — salaries and wages, business, partnership, and
dividends — are given a specific area, the remaining sources
being grouped in the area for other income. In plotting
the business area, the net profit and net loss from business
are combined; similarly, the net profit and net loss from
partnership are combined for the partnership area. Other
income encompasses net profit and net loss from rents and
royalties, net gain and net loss from sale of capital assets
and other assets, net operating loss deduction, and income
from interest, annuities and pensions, estates and trusts,
and miscellaneous sources.
Salaries and wages, which predominate, make up 81
percent of the income and are four times greater than in-
come from all other sources combined. Business and
partnership together contribute 1 1 percent of the income
Dividends form only 3 percent of the total.
COMPOSITION OF ADJUSTED GROSS INCOME, 1952
ADJUSTED GROSS INCOME (net) J2I5 BILLION
MARITAL STATUS
Among the returns for 1952, there are 33.4 million joint
returns of husbands and wives; this group forms nearly
60 percent of all returns filed. The next largest group of
returns is that filed by single persons not heads of house-
hold ; this group of 20 million returns constitutes somewhat
8
INDIVIDUAL INCOME TAX EETURNS FOR 1952
over 35 percent of the total. Of the remaining returns,
2.3 million, or 4 percent, are separate returns of husbands
and wives and 0.7 million, or 1 percent, are returns of
heads of household, a status created under the 1951 act
and classified for the first time on 1952 returns.
NUMBER OF RETURNS, ADJUSTED GROSS INCOME AND DEFICIT, BY
MARITAL STATUS OP TAXPAYER. 1952
Returns
Adjusted
gross in-
come
Adjusted
gross deficit
Marital status
Number
Percent
of total
Joint returns of husbands and wives. . .
Separate returns of liusbands and
wives:
33, 440, 334
1, 085, 336
1, 226, 430
342,440
347,025
10, 970, 540
9,116,712
59.2
1.9
2 2
.6
.6
19.4
16.1
Thousand
dollars
163,708,804
3, 619, 690
2. 816, 016
1, 762, 473
1,461,215
23, 477, 822
19, 252, 629
Thomand
dollars
623, 144
18, 524
7 943
Women
Returns of tieads of household:
(')
(')
87, 179
65,464
Women
Returns of single persons:
Men
Women
Total
56, 528, 817
100.0
216,087,449
797, 541
1 Number of returns is subject to sampling variation of more than 100 percent; there-
fore, data are not shown separately. However they are included in totals.
DEDUCTION FOR MEDICAL EXPENSE
Among the taxpayers who itemized nonbusiness deduc-
tions for 1952 there are 6.4 million who claimed deductions
amounting to $2.1 billion for medical costs paid during
their taxable year. This is the largest amount ever
claimed on account of medical expenses and represents
nearly 7 percent of the $31.5 billion of adjusted gross
income reported on returns having a medical deduction.
For 1950, the last year for which the medical deduction
was tabulated, the deduction is $1.6 billion. The 1951
act liberalized the deduction for taxpayers who have at-
tained the age of 65 before the close of their taxable year,
by removing the limitation pertaining to the amount of
medical deduction equal to 5 percent of the adjusted gross
income; so that such taxpayers may deduct their entire
medical costs, if within the maximum allowable deduction.
Medical costs to be considered for this deduction include
those actually paid during the year, even though the ill-
ness occurred in a prior year, for the care of the taxpayer,
his spouse, and any dependent who received over one-
half of his support from the taxpayer regardless of the
dependent's gross income. Medical costs include pay-
ments to physicians, dentists, nurses, hospitals, oculists,
chiropractors, osteopaths, as well as cost of X-rays, medi-
cal supplies, drugs, dentures, crutches, hearing aids, and
the like. Any sick, health, or hospital insurance received
must be applied against the total medical expenses, after
which a deduction is allowed subject to limitations.
Under the 1951 act, if neither the taxpayer nor his spouse
has attained the age of 65, the deduction for medical
expenses is that portion of such expenses which exceed
an amount equal to 5 percent of adjusted gross income;
if either the taxpayer or his spouse is 65 years or over
before the close of the year, the deduction is the entire
amount of medical expenses for both plus the amount by
wliich medical expenses for their dependents exceed 5
percent of adjusted gross income. However, the maxi-
mum deduction allowed in any case is limited to $1,250
multipled by the number of exemptions allowed for nor-
mal tax and surtax other than those for age and blind-
ness, but not in excess of $2,500 in the case of a single
person, a head of household, or a married person filing a
separate return, nor in excess of $5,000 in the case of a
joint return of husband and wife.
In the following table, the deduction for medical,
dental, etc., expenses is tabulated together with the
adjusted gross income reported on these returns. The
medical deduction is the amount claimed by the taxpayer
whether or not the deduction complies with the above
provisions.
MEDICAL DEDUCTION AND ADJUSTED GROSS INCOME BY ADJUSTED
GROSS INCOME CLASSES. 1952
Adjusted gross income classes
Taxable returns:
No adjusted gross income..
Under $600
.$600 under $1,000
$1,000 under $1.,500...
$1,500 under $2,000
$2,000 under $2,500
$2,,'i00 under $3,000
$3,000 under $3.500..
$3,500 under $4,000
$4,000 under $4,.=i00
$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 $15,000
$16,000 under $20,000
.$20,000 under $30,000
$30,000 under $60,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000...
$1,000,000 or more
Number of
returns
Total ta.xable returns..
Nontaxable returns:
No adjusted gross income..
Under $600
$600 under $1,000...
$1,000 under $1,500
$1 .500 under $2,000
$2,000 under $2,600..
$2,500 under $3,000
$3,000 under $3.600
$3,500 under $4,000..
$4,000 under $4,600
$4,500 or more
Total nontaxable returns.
Grand total
Taxable returns under $5,000
returns
Taxable returns $5,000 or more..
and nontaxable
(')
2,743
48,961
138, 192
288,302
388,465
468. 128
572, 315
672,538
656, 086
593, 878
848, 405
454,609
215, 166
118, 214
65,865
141,528
50, 871
41,258
25,959
13, 548
3,707
1.071
153
51
5, 800, 951
8,892
11,912
59, 479
93,785
92, 873
95, 637
99,712
69, 072
46,221
26.093
34,809
638,485
6, 439, 436
4, 459, 032
1,980,404
Deduction
for medi-
cal, dental,
etc..
expenses
Thousand
dollars
(')
317
7,286
26, 421
61,411
88,956
119,947
158, 375
196, 154
194, 527
171.930
273, 597
161,944
85,204
62, 536
35,894
99,266
43,494
40,464
28,556
16, 171
4,676
1,444
214
76
1, 868, 137
4,825
4,445
18, 169
32, 871
38,563
37, 366
46,299
31,407
20,192
14, 356
21, 606
270, 097
2, 138. 234
1, 294, 700
843,634
Adjusted
gross
income
Thousand
dollars
(')
1,478
42, 910
176,884
507, 477
878, 731
1, 267, 608
1, 859, 881
2, 523, 107
2, 788, .■fflO
2,818,296
4, 628, 382
2, 934, 287
1, 603, 647
996, 379
623, 278
1, 686, 318
871.610
997, 375
984, 961
911,200
4%, 430
297,258
103, 969
66,389
30, 065, 047
2 56,493
6,050
49,284
121, 140
161,316
213, 349
276,368
223,675
171,664
110.447
193, 319
' 1,469,018
'31,534,065
' 14, 332, 682
17, 201, 483
1 Number of returns is subject to sampling variation of more than 100 percent; there-
fore, data are not shown separately. However, they are included in totals.
2 Adjusted gross deficit.
5 Adjusted gross Income less adjusted gross deficit.
EXPLANATION OF CLASSIFICATIONS AND TERMS
Classification of Individual Returns
Individual returns for 1952 are classified by adjusted
gross income classes, by taxable and nontaxable returns,
by standard and itemized deductions, by marital status
of taxpayer, by number of exemptions other than age or
blindness, and by States and Territories. Also returns
are classified by the size of each specific source of income
and loss comprising adjusted gross income; taxable
returns are classified by types of tax liability. Returns
INDIVIDUAL INCOME TAX RETURNS FOR 1952
with itemized deductions are classified by net income
classes for a frequency of returns only. Data presented
under the various classifications differ, some items not
being available for all classifications.
Adjusted gross income classes.^ — The amount of ad-
justed gross income reported on each return supplies the
basis for this classification. The class intervals for 1952
are broader, in most instances, than those used in former
years. Returns showing an adjusted gross deficit regard-
less of amount, returns that break even in adjusted
gross, and returns with no information on them are
designated "No adjusted gross income" and appear in
aggregate as a separate class.
Returns in the two classes, no adjusted gross income and
adjusted gross income under $600, occur among the tax-
able returns because the self-employment ta.x is payable
on self-employment income irrespective of the income
tax. Nontaxable returns in the adjusted gross income
class $4,500 or more are considered a class unit and, in
tables where the taxable and nontaxable returns are
combined, the nontaxable returns in this class remain in
this unit, even though they exceed the designated class
limit.
Returns with standard deduction or with itemized
deductions. — Retui-ns with standard deduction are op-
tional returns. Form 1040A, and short-form returns.
Form 1040, on both of which the adjusted gross income
is less than $5,000 and deductions are allowed automatically
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. The
standard deduction in the latter case is the smaller of
$1,000 or 10 percent of the adjusted gross income, except
that on the return of a married person filing a separate
return, the standard deduction is $500.
Returns with itemized deductions are long-form re-
turns. Form 1040, on which nonbusiness deductions
allowed against adjusted gross income are reported in
detail by the taxpayer or on which no deductions (stand-
ard or itemized) are reported; all returns with adjusted
gross deficit whether short-form or long-form returns
(with or without deductions) ; returns that break even
in adjusted gross; and returns with no information on
them.
Taxable and nontaxable returns. — This classification is
based on the existence or nonexistence of a tax liability
after tax credits. The tax liability includes the self-
employment tax. Tax credits are allowed for tax paid
at source on interest from tax-free covenant bonds and
for income tax paid to a foreign country or a possession
of the United States. However, these tax credits are
allowed only to taxpayers who itemized deductions and
only against the income tax. No tax credit is allowed
against the self-employment tax.
Taxable returns are those showing a tax liability re-
maining after the allowable tax credits stated above.
Returns with self-employment tax are classified as tax-
able even though there is no income tax.
Nontaxable returns are those without taxable self-
employment income that have an adjusted gross deficit,
or a breakeven in adjusted gross, or no amounts of income,
or that have an adjusted gross income which when re-
duced by deductions (standard or itemized) and exemp-
tions leaves no income to be taxed, or in case of remaining
income, the income tax thereon is eliminated by the
tax credits.
Size of specific source. — For the purpose of frequency
distributions only, returns are classified by size of each
specific source of income and loss comprising the adjusted
gross income. The class intervals are sufficiently narrow
to provide adequate classification of small income items.
Net income classes. — Returns with itemized deductions
are classified on the basis of the amount of net income
for a frequency distribution of these returns. Returns
with net deficit, regardless of amount, are designated "No
net income" and appear as the first class.
Types of tax. — Taxable returns are classified on the
basis of three types of tax: combined normal tax and
surtax, alternative tax on income containing capital gain
taxed at the special rate, 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 was used before the advent of self-employment
tax.
Returns with normal tax and surtax include the optional
returns. Form 1040A, and the short-form returns. Form
1040, on both of which the optional tax is paid in lieu of
the regular normal tax and surtax. Short- and long-form
returns. Form 1040, with normal tax and surtax may also
have self-employment tax. 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 alternative tax is imposed.
Returns with alternative tax are long-form returns.
Form 1040, wherein the income includes a net long-term
capital gain or an excess of net long-term capital gain
over net short-term capital loss and the alternative tax
is less than the regular normal tax and surtax on income
which includes all net gain from sales of capital assets.
Returns with alternative tax may also have self-employ-
ment tax.
Returns with only self-employment tax are returns,
Form 1040, with self-employment income subject to
self-employment tax but with no income tax liability.
Marital status. — Classification of returns for marital
status of ta.xpayer is based on the marital status of the
taxpayer at the close of the income year or on the date of
the death of a spouse. The four classifications are: joint
returns of husbands and wives, separate returns of hus-
bands and wives, returns of heads of household, and re-
turns of single persons. The last three groups are also
classified as returns of men and returns of women.
Joint returns of husbands and wives are those on which
a married couple report their combined income or returns
10
INDIVIDUAL INCOME TAX RETURNS FOR 1952
of married persons whose spouse has no income but who,
nevertheless, are entitled to claim the exemption for their
spouse. This group includes joint returns filed on Form
1040A despite the fact that the district du-ector of internal
revenue may have 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 introduction
of the split-income provision, the popularity of dividing
community income between spouses for income tax pur-
poses has diminished. The relatively few returns filed on
a community basis are now tabulated with separate re-
turns of husbands and wives. This group does not include
joint returns. Form 1040A, even though the director de-
termined the minimum tax on the basis of separate in-
comes of husband and wife. Unequal numbers of returns
for men and for women result from insufficient informa-
tion to identify the marital status or the sex of taxpayers
and from the use of samples as a means for compiling
statistical data.
Returns of heads of household are returns, Form 1040,
filed by unmarried persons who furnished over half the
maintenance of a home which was his residence and which
he shared during the entire year with a person for whom
he was entitled to an exemption, or with his unmarried
child, stepchUd, or grandchild even though such child
was not a dependent. This is the first year for this classi-
fication.
Returns of single persons are returns of unmarried
individuals who do not qualify as head of household.
Number of exemptions other than age or blindness. — For
a frequency distribution of returns by number of exemp-
tions, only the per capita exemption of the taxpayer, his
spouse on a joint return, and each dependent is utilized.
This maintains the same basis for this distribution as that
used in previous 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 4
or more exemptions for separate returns of husbands and
wives, for returns of heads of household, and for returns of
single persons.
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 internal revenue dis-
trict in which the return is filed, except that for the District
of Columbia, the segregation is determined from the
address of the taxpayer. Internal revenue districts, or
groups of such districts, arc coextensive with States and
Territories, except that the District of Columbia comprises
a part of the internal revenue district of Maryland and the
Territory of Alaska is a part of the internal revenue dis-
trict of Washington. The sampling technique employed
for obtaining statistical data does not permit separate
tabulation of returns from Alaska.
Sources Comprising Adjusted Gross Income
Salaries and wages also include bonuses, tips, commis-
sions, and other kinds of compensation used by the
employer to pay the employee for services rendered.
Amounts paid to an employee to cover travel expenses
or as reimbursed expenses are considered wages; however,
travel and lodging expenses incurred by the employee
while away from home ov^ernight on his employer's busi-
ness are deducted from gross salary on Form 1040, but
only to the extent included in salaries and wages. Wages
reported on Form 1040A are not reduced by such expenses.
Enlisted military personnel exclude all compensation and
commissioned officers exclude not more than $200 of
active service pay received for any month during any
part of which they served in a combat zone or were
hospitalized as a result of such service. Subsistence
allowance for members of the armed forces, mustering-
out pay, pensions of veterans, disability pay, monthly
allowances for support of veterans and their dependents,
and educational benefits paid to veterans are tax-exempt
and, therefore, are not reported. Salaries and wages on
Form 1040A exclude wages not exceeding $100 per return
upon which no income tax was withheld, the amount of
which is reported as other income.
Dividends include foreign and domestic dividends, but
exclude those received through partnerships and fiduciaries
and, in adjusted gross income classes under $5,000, exclude
dividends not exceeding $100 per return reported as other
income on Form 1040A.
Interest received includes that from bonds, debentures,
notes, mortgages, bank deposits, saving accounts, loans,
and the taxable and partially tax-exempt interest on
Government obligations, as well as partially tax-exempt
Government interest received through partnerships and
fiduciaries. However, in adjusted gross income classes
under $5,000, interest not exceeding $100 per return
reported as other income on Form 1040A is excluded.
Annuities and pensions 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 total cost. Thereafter, the entire amount
received is taxable and must be included in gross income
for the year in which it is received.
Rents and royalties net profit is the amount reported on
returns that show a combined net profit in the schedule for
these two sources of income. Rents include not only
rents from real estate but also amounts received from
renting any kind of property, and include the fair market
value of crops received as rent from farm property.
Royalties include revenue from copyrights, patents,
trade-marks, formulas, natural resources under lease, and
the like. Deductions against the gross income from these
sources are allowed for maintenance, insurance, repairs,
interest, taxes, depreciation, depletion, and other ex-
INDIVIDUAL INCOME TAX RETUKNS FOR 1952
11
penses pertaining to the respective incomes. The net
amount resulting from the operation of eitlier source is
not available. A net loss from one source offsets net
profit of the other. The amount included in adjusted
gross income is the net profit for the combined rents and
royalties income.
Rents and royalties net loss is the amount reported on
returns showing a net loss in the schedule for rents and
royalties, neither of which is reported separately. Rents
and royalties and the deductions are described briefly in
the preceding paragraph. A net profit from either source
offsets the net loss of the other. Tlie n?t loss reported
in adjusted gross income is the combined net loss from
these two sources.
Business net profit is reported by individuals, including
farmers, wlio are sole proprietors of a business or pro-
fession. The profit may result from one sole proprietor-
ship activity or from several sucli activities carried on by
tlie taxpayer, the combined result of which is a net profit.
If there is a net loss from one of the business activities,
tlie loss is combined with the net profit of the others and
the remaining net profit is reported in adjusted gross
income.
Business expenses deductible from total receipts from
business activities include such items as cost of goods sold,
salaries and wages of employees, interest on business debts,
taxes on business and busmess property, bad debts arising
from sales or service, depreciation and obsolescence, de-
pletion, casualty losses on business property, rent, repairs,
cost of supplies, advertising, selling expenses, insurance,
and other expenses of rumiing the business. Compen-
sation of the sole proprietor is not allowed as a business
deduction nor is the net operating loss deduction included
among tiie business deductions.
Business net loss is the net result of all business or
professional activities, including farmers, carried on by a
sole proprietor, the combined result of which is a net loss.
The loss may result from one or more businesses. In case
there is a net profit from one of several activities, the
profit is combined with the losses of the others and the
remaining net loss is reported in adjusted gross income.
Allowable expenses against tlie gross business receipts are
mentioned in the above 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 share of the
distributable net profit or loss (whetiier actually received
or not) of each partnersliip of which he is a member. The
amount reported as profit by tiie taxpayer is the net result
of all his shares, the combined amount of which is a net
profit. However, the taxpayei- is required to exclude fiom
his partnership profits and losses ins share of partially
tax-exempt Government interest and of gains and losses
from sales of capital assets, these items being reported in
tlieir respective sources.
Partnership net loss is reported in adjusted gross income
by persons who are members of a partnership, syndicate,
joint venture, or the like; each member must report his
share of the distributable profit or loss (whether actually
received or not). The reported net loss is the combined
amount from all partnership shares, even though some
shares may be net gains. Nevertheless, the taxpayer
must exclude from his partnership profits and losses his
share of partially tax-exempt Government interest and
of capital gains and losses, these items being reported in
their respective sources.
Net operating loss deduction reported in adjusted gross
income pertains to net operating losses from business,
profession, or partnership sustained after December 31,
1948, and to casualty losses from fire, flood, storm, or
other casualty, or theft sustained after December 31,
1950, which result in net economic losses to the taxpayer.
The amount of net operating loss deduction reported in
the current year is only the portion of such losses not
absorbed by the required carrybacks and carryovers into
years prior to 1952.
Net gain from sales of capital assets is the statutory net
gain from sales or exchanges of such assets, required to be
included in adjusted gross income. It is the result of
combining the net short-term capital gain or loss (including
the capital loss carryover from the 5 preceding years) with
the net long-term capital gain or loss (such gains and
losses taken into account at 100 percent); however, in
cases where the net long-term capital gain exceeds the
net short-term capital loss, only 50 percent of the excess
is included in adjusted gross income. If tiie net short-
term capital gain exceeds the net long-term capital loss,
the entire excess is included in adjusted gross income.
This is the new method of reporting gains from sales of
capital assets under the provisions of the 1951 act.
Short-term applies to sales of capital assets held 6
months or less and such gains and losses, together with the
capital loss carryover, are merged to obtain the net short-
term capital gain or loss. In determining the amount of
net short-term gain or loss, the short-term gains and
losses from partnerships are also included.
Long-term applies to gains and losses from sales of
capital assets lield more than 6 months and sucii gains
and losses, taken into account at 100 percent, are merged
to determine the net long-term capital gain or loss wliicli
also includes the net long-term capital gain or loss received
through partnerships.
Net loss from sales of capital assets is the (hMluctible
loss from sales or e.xclianges of sucli assets allowed in
computing adjusted gross income. For the purpose of
determining the deduction under the provisions of the
1951 act, all short-term capital gains and losses (including
the capital loss carryover from the 5 preceding years) and
100 percent of all long-term capital gains and losses are
merged and the excess capital loss is allowed as a deduction
to the extent of the net loss, or net income (adjusted gross
income, if tax is determined from tax table) computed
without regard to capital gains and losses, or $1,000,
whichever is smallest. The returns are not edited to
asceitain whether or not the deduction conforms to the
specified limitation and tliere may be cases, particularly
371897 O -56 •
12
INDIVIDUAL INCOME TAX KETUENS FOR 1952
among returns with no adjusted gross income, where the
amount deducted exceeds the limitation. Description of
short- and long-term capital gains and losses are given
above.
Capital loss carryover reported as a short-term capital
loss on 1952 returns is the remaining net capital loss not
allowed as a deduction in the 5 preceding years. The net
capital loss sustained in 1952, to be used as a future
carryover, is not reported as an item on the return; it is
the excess of current year capital losses- (at 100 percent)
over the sum of (1) current year capital gains (at 100
percent) and (2) the smaller of $1,000 or net income of the
current year computed without regard to capital gains and
losses. The net capital loss is carried forward as a short-
term capital loss in the 5 succeeding years to the extent
not eliminated in the interim.
Net gain from sales of property other than capital assets
is that reported by taxpayers who had a net gain as the
result of all their sales and exchanges of property which is
not considered a capital asset. This type of gain has no
reduction in contrast to that for the excess long-term
capital gain.
Net loss from sales of property other than capital assets
is reported by individuals whose losses from sales and
exchanges of property that is not considered a capital
asset exceeded their gains from such sales. A net loss of
this type is wholly deductible in computing adjusted gross
income.
Income from estates and trusts is the taxpayer's share
of distributable income (whether actually received or not)
of an estate or trust under which the taxpayer is a bene-
ficiary. Such income, however, excludes partially tax-
exempt Government interest which is reported in interest
income.
Miscellaneous income includes alimony received, prizes,
rewards, sweepstakes winnings, gambling profits, recovery
of bad debts deducted in a prior year, insurance received
as reimbursement for medical expenses previously de-
ducted, and all other taxable income not separately
tabulated. Also, in adjusted gross income classes under
$5,000, there are included $21,500,000 of wages not
subject to withholding of income tax, dividends, and
interest, not exceeding a total of $100 per return, reported
in one sum on 429,002 optional returns, Form 1040A.
Itemized Nonbusiness Deductions
Itemized deductions reported on long-form returns,
Form 1040, are the nonbusiness deductions allowed against
adjusted gross income. Itemized deductions are elected
by many taxpayers instead of the optional standard
deduction. (The standard deduction reported on long-
form returns is not tabulated.)
Contributions are gifts made to organizations created in
the United States or possessions thereof, or under the law
of the United States, or of any State, Territory, or posses-
sion of the United States, and operated exclusively for
religious, charitable, scientific, literary, or educational
purposes, or for the prevention of cruelty to children or
animals; and gifts made to veterans' organizations or to
governmental organizations for public use. Individuals
who are members of a partnership may include among their
contributions their pro rata share of gifts made by the
partnership. For the income year 1952, the allowable
deduction is limited to 20 percent of the adjusted gross
income, unless the taxpayer qualified for an unlimited
deduction under section 120 of the 1939 Code. The
returns are not audited and it is not known whether the
limitation is strictly adhered to, particularly among
returns with no adjusted gross income.
Interest paid is that paid on personal debts, mortgages,
bank loans, and installment purchases, but does not in-
clude interest on money borrowed to buy tax-exempt
securities nor single-premium life insurance or endow-
ment contracts; neither does it include interest chargeable
against rent, royalties, or business income, which is re-
ported in those schedules.
Taxes include personal property taxes, State income
taxes, certain State and local retail sales taxes, State
gasoline taxes and automobile license fees, and real estate
taxes except those levied for improvement which tend to
increase the value of property. Federal taxes are not
deductible. Taxes paid on business property are reported
in the rent and business schedules.
Losses from fire, storm, etc., are the net losses on non-
business property resulting from destruction by fire,
storm, automobile accident, shipwreck, flood or other
natural physical forces, and from losses due to theft.
The deduction is limited to the net loss sustained, that is,
the value of property just before the loss less salvage value
and insurance or other reimbursement received.
Medical, dental, etc., expenses pertain to the medical
expenses actually paid during the taxable year for the
care of the taxpayer, his wife, and any dependent who
received over one-half of his support from the taxpayer,
regardless of the dependent's gross income. Any sick
and health or hospital insurance received must be ap-
plied against the total expense to which it applies, after
which a deduction is allowed subject to limitations. The
limitations are stated under "Deduction for Medical
Expense," page §8, wherein this deduction is shown with
the corresponding adjusted gross income. The deduction
is tabulated as reported by the taxpayer whether or not
the deduction conforms to the limitations.
Miscellaneous deductions include all other authorized
deductions not separately tabulated, such as alimony
payments, expenses incurred in collection of income or for
management, conservation, or maintenance of property
held for the production of taxable income, amortizable
bond premium, taxpayer's share of interest and taxes
paid by a cooperative apartment corporation, gambling
losses not in excess of gambling winnings included in
income, and expenses in connection with the taxpayer's
job, such as dues to unions or professional societies, tools
and supplies, and fees to employment agencies.
INDIVIDUAL INCOME TAX EETURNS FOR 1952
13
Measures of Individual Income
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, deductions
for depreciation and depletion allowable to life tenants
and income beneficiaries of property held in trust, allow-
able losses from sales of capital assets and other property,
and a deduction equal to 50 percent of the excess of net
long-term capital gain over net short-term capital loss.
Adjusted gross deficit occurs when the business deduc-
tions and other deductions and losses allowed for the
computation of adjusted gross income, stated above,
exceed the gross income.
The amounts of income, profits, and loss comprising
adjusted gross income (or deficit) are the net amounts to
be included, that is, gross receipts from business less trade
and business expenses, salaries and wages less travel and
lodging expenses in connection with employment or
reimbursement expenses, gross rents and royalties less
expenses attributable thereto, partnership income less
expenses, gain from sales of capital assets reduced by
50 percent of the excess of net long-term capital gain over
net short-term capital loss, and the allowable loss from
sales of capital assets and other property. If the respec-
tive deductions are such that the net result is a loss from
the source to which they relate, the net loss comprises a
part of the adjusted gross income or deficit. In case a
taxpayer received back pay or compensation for services
rendered over a period of 36 months or more and filed
under the provisions of section 107 of the 1939 Code, the
amount of such income included in salary, business, or
partnership is only that portion of the income allocated to
the current 3'ear.
Net income on returns with itemized deductions is that
reported on long-form returns. Form 1040, which have
adjusted gross income in excess of the itemized nonbusiness
deductions. Net income does not apply to 1040A returns,
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 tlieroof is not included in the
tabulated net income.
Net deficit on returns classified as returns with itemized
deductions includes the adjusted gross deficit on short-form
returns and the net deficit reported on long-form returns
resulting from the combination of adjusted gross deficit
and itemized deductions or from the excess of itemized
deductions over adjusted gross income.
Exemptions
Exemptions are allowed as a credit against income for
purposes of both normal tax and surtax. A per capita
exemption of $600 is allowed for the taxpayer, his spouse
on a joint return, 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 gioss income for the year, together with the additional
exemptions allowed the taxpayer of $600 for age 65 or
over, and $600 for blindness ot the taxpayer and/or for
his spouse if a joint return is filed.
Exemption for a dependent is allowable for the follow-
ing close relatives specified by law: son or daughter (in-
cluding legally adopted child) or descendant of either,
stepchild; brother, sister, stepbrother, stepsister, half
brother, half sister; parent, grandparent, or other direct
ancestor; stepfather or stepmother; father-in-law, mother-
in-law, brother-in-law, sister-in-law, son-in-law, or daugh-
ter-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 resident of Canada
or Mexico.
Both the number and the amount of exemptions tabu-
lated 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 on the long-
form. Slight duplication of exemptions exists because of
dependents who have less than $600 of income, consisting
of wages subject to withholding of income tax and who
filed a return as the most convenient method of claiming
the tax refund ; such wages are not taxable to the depend-
ent nor do they constitute a part of the income of the
taxpayer rightfully claiming the dependent. Exemptions
from both returns are included.
Tax items
For the majority of individuals, income tax is paid, in
whole or in part, on a current basis through the income
tax witlilield on wages and the payments made on decla-
ration of estimated income tax by persons who are not
subject to the withholding on wages or whose tax with-
held is insufficient to cover the income tax liability. The
self-employment tax is not paid currently; however, the
current income tax payments in excess of the income tax
liability are applied to the self-employment tax liability
before a refund is available. If the tax withheld and pay-
ments on declaration do not cover the total tax liability,
there is a balance due to be paid when the return is filed.
If the tax withheld and payments on declaration exceed
the total tax liability, the overpayment of tax is refund-
able to the taxpayer unless he signifies on a return, Form
1040, that he wishes the overpayment to be credited on
his estimated income tax for the succeeding year.
Total tax liability contains two elements^ — the income
tax and the self-employment tax. The income tax ele-
ment is the net tax after the deduction for the two allow-
able tax credits. Self-employment tax is paid on self-
employment income for the year, arising from certain
kinds of business.
Income tax liability before credits is a combination of
the optional tax, normal tax, surtax, and alternative tax
before the deduction of the two tax credits.
Tax credits are allowable against the income tax for
income tax paid to a foreign country or possession of the
14
INDIVIDUAL INCOME TAX RETURNS FOR 1952
United States (with limitations) and for income tax paid
at source on interest from tax-free covenant bonds. How-
ever, these credits are available only to taxpayers who
itemize their deductions.
Income tax liability after credits is the net income tax
liability payable. It comprises the normal tax and sur-
tax, the optional tax paid in lieu thereof, and the alterna-
tive tax on income containing long-term capital gain.
Normal tax and surtax are tabulated together and
include the optional tax. The combmed normal tax and
surtax rates begin at 22.2 percent of the first $2,000 of
income subject to tax and increase to 92 percent of income
in excess of $200,000 on separate returns of husbands and
wives and single persons not head of household, $400,000
on joint returns of husbands and wives, and $300,000 on
returns of heads of household. The optional tax, pro-
vided in supplement T, states tlie income tax liabihty for
the various adjusted gross income brackets and numbers
of exemptions and may be used by taxpayers whose
adjusted gross income from whatever source is less than
$5,000.
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 only if the
alternative tax is less than the regular normal tax and
surtax on income that includes all gains from sales of
capital assets. Alternative tax is the sum of (a) a partial
tax computed at the regular normal tax and surtax rates
on net income reduced for this purpose by an amount
equal to 50 percent of the excess net long-term capital
gain over net short-term capital loss, and (b) an amount
equal to 26 percent of the entire excess of net long-term
capital gain over net short-term capital loss. Alternative
tax is not effective on separate returns of husbands and
wives nor on returns of single persons not head of house-
hold with surtax net income under $14,000; nor on jomt
returns with surtax net income under $28,000 because of
the split-income provision; nor on returns of heads of
household with surtax net income under $20,000.
Self-employment tax is based on the amount of self-
emploj-ment income at the rate of 2% percent. It is im-
posed whether or not there is an income tax liability. Net
earnings from self-emplojTnent are a combination of gross
income derived from the taxpayer's trade or business,
reduced by allowable deductions, plus his share of self-
employment earnings (or loss) from any partnership of
which he is a member. However, farmers and most
professional services are excluded from the definition of
self-employment earnings; also, certain types of income
and deductions are excluded, such as investment income,
rents, interest, dividends, capital gains and losses, net
operating loss deduction, and casualty losses. In deter-
mniing the amount of self-employment income to be taxed,
three factors, are considered; first, the amount of net
earnings from self-employment must be $400 or more;
second, the maximum self-employment income to be
taxed is $3,600; and third, the amount of wages received
from which social security tax has been withheld bv an
employer. If the net earnings from self-employment are
less than $400, they are excluded from the dehnition of
self-employment income. If social security tax has been
withheld from wages, the amount of such wages is sub-
tracted from the maximum amount of $3,600 to determine
the limit of self-employment income to be taxed. Self-
employment income subject to tax is the smaller of two
amounts: the excess of $3,600 over the amount of wages
subject to social security withholding, or the amount of
net earnings from self-employment. No exemption is
allowed against the self-emplojinent income for purpose
of determining the self-employment tax and no tax credit
is allowed against the tax.
Tax withheld from wages during 1952 was determined
by employers either from income tax withliolding tables
provided in the 1951 act, or by application of the 20
percent rate, prescribed therein, to the amount of wages
in excess of withholding exemptions. The income tax
withheld, as shown in the wage bracket withholding
tables, is based on various wage levels and numbers of
withholding exemptions. However, additional with-
holding of tax in excess of these requirements is permissible
under agreement between employee and employer. The
total amount of tax withheld, reported by the taxpayer,
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.
The amount of social security tax included is not available;
it is reported with and treated in the same manner as
income tax withheld from wages. The entire tax withheld
is applied as a payment toward the discharge of the total
tax liability.
Payments on 1952 declaration of estimated tax are
reported by taxpayers who file returns on Form 1040.
The payments reported are a combination of the pay-
ments made on the 1952 Declaration of Estimated
Income Tax, Form 1040-ES, and any credit applied
against the estimated income tax on account of an over-
payment of the 1951 total tax liability. The combined
amount of payments and credit is applied toward the
discharge of tlie total tax liability for the current year.
Tax due at time of filing is the balance of tax liability
remaining unpaid after the tax withheld on wages and
the payments on 1952 declaration of estimated income
tax have been applied against the total tax liability.
This balance is paid with the filing of the income tax
return after the close of the year, except tliat for the
optional return. Form 1040A, the balance is paid upon
assessment notice from the district director of internal
revenue.
Overpayment of tax liability occurs if the tax withheld
and the payments on the 1952 declaration of estimated
income tax are greater than the current year total tax
liability. The tax overpayment is refunded unless the
taxpayer requests on Form 1040 that the overpayment
be credited on his 1953 estimated income tax. The
separate amounts of refund and credit are not available
this year.
INDIVIDUAL INCOME TAX RETURNS FOR 1952
15
DESCRIPTION OF SAMPLE AND LIMITATIONS OF
DATA
Sample design.^ — The data presented for individual
income tax returns for 1952 are derived from a stratified
systematic sample which was selected from returns with
adjusted gross income under $50,000. Returns with
adjusted gross income of $50,000 or more were given
100 percent coverage.
The sampling strata used were based on the regular
return sorting procedures used in the district directors'
offices to facilitate the administrative processing of re-
turns. The returns were sorted according to type of form
used, presence or absence of business income, size of
adjusted gross income, and tax status, as reported by the
taxpayer. These sorts constituted effective sampling
strata because the strata correlate highly with income
and tax characteristics.
Within each stratum the returns were numbered con-
secutively. An independeni systematic sample was
selected from each stratum by selecting the first sample
return number at random, and subsequently every kih
return thereafter. For instance, for Forms 1040 with
adjusted gross income $10,000 to $30,000, with k equal to
19 and the beginning number 6, the returns selected in the
sample were numbered 6, 25, 44, 63, 82, and so on.
The following table shows the number of returns in the
population, the number of returns in the sample, the pre-
scribed sampling rate, and tlie actual sampling rate, by
estimating strata.
NUMBER OF INDIVIDUAL INCOME TAX RETURNS FILED FOR 1952 AND
NUMBER OF RETURNS IN SAMPLE BY ESTIMATING STRATUM
Estimating stratum
Form 1040A -..
Form 1040 with adjusted gross income
under $10.000 - -
Form 1040 with adjusted gross income
$10,000 under $30.000
Form 1040 with adjusted gross income
$30,000 under $50,000
Form 1040 with adjusted gross income
$60,000 or more... -_ ..,
Grand total, all returns.
Number of
returns
filed
11, 910, 472
42, 8,17, 443
1,541,616
140, 893
78, 393
56, 528, 817
Number
ofreturns
in sample
26, 486
93,700
76,583
36, 034
78, 393
311,196
Sampling percent
Pre-
scribed
.233
.223
5.263
25.000
100.000
Actual
.221
.218
4.964
25. 561
100.000
Weighting of the sample.^ — Tlie primary sources of
population data were statements submitted by the district
dii-ectors' offices showing the numbers of Form 1040A and
Form 1040 returns filed.
Separate systems of weighting were used for the national
tabulations and for the State tabulations. The weights
for the national tabulations were based on nationwide
stratum populations obtained by summing tlie stratum
populations reported by the district directors' offices.
The separate district office stratum populations provided
the basis for independent district office weights for the
State tabulations. Actual sampling rates varied enough
between districts so as to warrant using two separate
systems of weights.
As the result of using two weighting systems and
rounded weighting factors, there exist slight discrepancies
between items distributed by states in tables 12 and 13,
and corresponding items shown in the national tables.
Sampling variability. — The data for returns with ad-
justed gross income under $50,000 are subject to sampling
error. A range of 2 standard errors was used in comput-
ing the possible variation of an estimate due to sampling
error. Chances are 19 out of 20 that an estimate and the
actual figure that would have been obtained had all re-
turns been counted is less than the percentage shown in
the table which follows. For example, the table shows
that 95 percent of the time an estimate of 10,000 returns
with adjusted gross income $10,000 to $30,000 would be
expected to have a sampling error of less than 9 percent.
The table on sampling variability applies to number of
returns only. Specific consideration was not given to
associated money amounts; in many instances, sampling
errors of frequencies are larger than those for money
amounts.
Where the number of returns are subject to a maximum
variation of more than 100 percent they are not shown
separately since they are considered too unreliable for
general use. They are, however, included in the totals
RELATIVE ERROR OF ESTIMATED NUMBER OF RETURNS
Estimated number of returns
1,000
5,000
10,000
50,000
100,000—,
500,000.-
1,000,000-
2,000,000-
Relative error of estimated number of
returns expressed as a percentage
Returns with Returns with'Returns with
adjusted gross
income
under
$10,000
adjusted gross
income
$10,000 under
$30,000
(•)
±60
±42
±19
±14
±6
±4
±2
±28
±12
±9
±4
±3
±1
±1
adjusted gross
income
$30,000 under
$50,000
±11
±5
±4
±2
±1
•Relative error more than 100 percent.
Nonsampling errors.^ — In addition to sampling error,
the data are subject to certain nonsampling errors. The
nonsampling errors are the result of: (1) the use of un-
audited tax returns as the basis for the data, resulting in
underreporting and nonreporting of certain income items
and overreporting of certain deduction items by the tax-
payer, (2) errors made in sample selection, (3) errors
resulting from the exclusion of late sample returns from
the study, (4) errors in coverage, and (5) errors made in
processing the data.
Sampling errors are controllable througii tiic design
and size of the sample; nonsampling errors are more
difficult to control. There are no accurate measurements
by which to evaluate the magnitude of tiie nonsampling
error, but there is some evidence tiiat in many cases the
sampling error is the lesser of the two.
TABULATED DATA
Statistical tables for individual income are tabulated
in 13 basic tables for 1952. Data in tables 1 through 11
are shown on a national basis; data in tables 12 and 13
are distributed on a State basis. In seven of these tables,
16
INDIVIDUAL INCOME TAX KETURNS FOR 1952
taxable and nontaxable returns are presented separately
and in the other sLx they are combined.
In table 1, the number of returns with adjusted gross
income and the amounts of adjusted gross income and
total tax liability are tabulated to show the distribution
by adjusted gross income classes, as well as the cumulation
at every income class level from the lowest class and from
the highest class, together with corresponding percentages
of the total. In these distributions, taxable and non-
taxable returns are combined except that returns with no
adjusted gross income are shown in aggregate, apart
from the cumulated data.
Table 2 shows the amounts of income and loss from
each of the sources comprising adjusted gross income as
reported on returns with standard deduction and on
returns with itemized deductions. This summarization
also shows the amount of each itemized nonbusiness
deduction reported on returns with itemized deductions,
subdivided between returns showing adjusted gross
income and returns showing no adjusted gross income.
Taxable and nontaxable returns are combined.
Similar items for sources comprising adjusted gross in-
come and for the itemized deductions are tabulated in
table 3 by adjusted gross income classes. Taxable and
nontaxable returns are tabulated together and the class
intervals, in some instances, are broader than in sub-
sequent basic tables.
Table 4 presents taxable and nontaxable returns sepa-
rately, by adjusted gross income classes. This table shows
the sources comprising adjusted gross income, itemized
deductions, exemptions, income tax liability, self-employ-
ment tax, tax withheld, payments on declaration, tax due
at time of filing, and tax overpayment, together with the
number of returns on which each item occurs.
In table 5, the number of individual returns is distrib-
uted by adjusted gross income classes, cross classified by
the size of each specific source of income and loss compris-
ing adjusted gross income. Taxable and nontaxable re-
turns are combined and certain of the adjusted gross in-
come classes are merged.
Table 6 shows a frequency distribution of returns with
itemized deductions by adjusted gross income classes,
crossed by net income classes, in which tlie taxable and
nontaxable returns are separate.
Taxable returns only are tabulated in table 7 by adjusted
gross income classes. Here the adjusted gross income,
exemptions, tax liability, tax credits, average tax, and
effective tax rate are segregated by the three types of tax.
Taxable and nontaxable returns are separately tabu-
lated in table 8 by adjusted gross income classes; and the
adjusted gross income, exemptions, and total tax are
shown for each of the four categories in the classification
for marital status of taxpayer. In the case of separate
returns of husbands and wives, returns of heads of house-
hold, and returns of single persons, the data are sub-
divided to show those for men and for women.
In table 9 will be found the total inmiher of exemptions
claimed, the combined number of additional exemptions
claimed for age arul blindness, and the number of exemp-
tions other than age and blindness, that is, the per capita
exemption claimed for the taxpayer, his spouse on joint
returns, and his dependents. Also, a distribution of
returns is given by the number of exemptions other than
age and blindness (per capita). These data are tabulated
by adjusted gross income classes, taxable and nontaxable
separately, for each of the four categories in the classifica-
tion for marital status of taxpayer.
Table 10 presents salaries and wages, interest, and
dividends by marital status of taxpayer, in addition to
the exemptions and tax liability. This table is prepared
on the basis of narrow adjusted gross income classes for
returns under $5,000 adjusted gross income, the class
intervals being $100 and taxable returns are separate from
nontaxable returns. For returns with $5,000 or more
adjusted gross income, the class intervals agree with
those in the related tables 8 and 9. Because of the sample
limitations, however, it is not possible to give such great
detail for the separate returns of husbands and wives, nor
for the returns of heads of household and other single
persons; therefore, only the totals for these groups are
included.
Capital gain and loss details appear in table 11. Data
for returns with a net loss from sales of capital assets are
tabulated separately from returns with net gain from such
sales. The latter returns are segregated to show returns
with alternative tax independently from returns with
normal tax and surtax; but the 32,296 returns with only
self-employment tax which are included in the taxable
returns with net gain from sales of capital assets are not
tabulated as a separate category. In all the breakdowns,
net short-term capital gain and loss (after carryover), net
long-term capital gain and loss (100%), and the capital
loss carryover from the 5 preceding years are tabulated.
Other data include capital loss before statutory limitation
regarding deductible loss, amount of capital loss deducted
in computing adjusted gross income, capital gain in
adjusted gross income, and the excess of net long-term
capital gain over net short-term capital loss which is
taxed at the special rate of 26 percent. These data are
shown for taxable and for nontaxable returns by adjusted
gross income classes.
Tables 12 and 13 contain data distributed by States
and Territories. These tables contain only returns with
adjusted gross income and the taxable and nontaxable
returns are combined. In table 12, State totals for three
sources of income, adjusted gross income, income tax
liability, and self-employment tax are tabulated. Table
13 shows the adjusted gross income and income tax
liability by 15 adjusted gi-oss income classes, established
especially for this table, which differ somewhat from the
classes used in tables where data are distributed on a
national basis.
In addition to the tables for 1952 data, there are six
tables, numbered 14 through 19, containing historical
data for 1944 and subsequent years.
Throughout the tables, values in thousand dollars and
percentages are rounded and, therefore, may not add to
the totals.
BASIC TABLES
INDIVIDUAL RETURNS, 1952
Page
1. Number of returns, adjusted gross income, and total tax — simple and
cum ulated disti-ibutions 18
2. Sources of income and loss, itemized deductions, and net income, by
returns with standard or itemized deductions 19
3. Sources of income and loss and itemized deductions, by adjusted
gross income classes 20
4. Sources of income and loss, deductions, exemptions, and tax items —
frequencies and amounts by adjusted gross income classes 21
5. Frequency distributions of returns by size of source 26
6. Frequency distribution of returns by size of net income 31
7. Adjusted gi-oss income, tax liability, average tax, and effective tax
rate, by types of tax 33
8. Adjusted gross income, exemption, and total tax, by marital status
of taxpayer 34
9. Exemptions by marital status of taxpayer 36
10. Selected sources of income, adjusted gross income, exemptions, and
tax liability by detailed adjusted gross income classes for all
returns and joint returns, and in total for other marital statuses — 40
11. Capital gains and losses, short- and long-term, by adjusted gross
income classes 43
12. Selected sources of income and tax liability by States and Terri-
tories ^ 45
13. Adjusted gross income and income tax liability, by States and Terri-
tories and by adj usted gross income classes 46
17
18
INDIVIDUAL INCOME TAX RETURNS FOR 1952
Talilo 1. -NUMBER OF RETURNS, ADJUSTED GROSS INCOME, AND TOTAL TAX -SIMPLE AND CUMULATED DISTRIBUTIONS
Adjusted gross income classes and classes cumulated
Percent of
total
Adjusted gross income
Amount
(Thousand dot lor a)
Percent of
total
Total tax liability
(after credits)
Amount
(Thouaand dollara)
Percent of
total
130,000 or more.
120,000 or more.
$15,000 or more.
$10,000 or more.
$9,000 or more..
$8,000
$7,000
$6,000
$5,000
$^,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500 or more.
$1,000 or more.
$600 or more . . .
All returns ....
or more.
or more,
or more,
or more.
or more.
or more,
or more,
or more,
or more.
or more.
Retuma with no adjusted groos income.
Total returns
taxable and nontaxable.
(1)
(2)
(3)
(4)
(5)
ADJUSTED GROSS INCCME CUSSES
RetTjrns with adjusted gross income, taxable and nontaxable:
Under »600
$600 under SI, 000
$1,000 under jl,500
11,500 under $2 ,000
$2,000 under 82,500
$2,500 under $3,000
$3 ,000 under $3 ,500
$3,500 under $A,000
$4,000 under $i,500
$4,500 under $5,00tf
$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 $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total
Returns with no adjusted gross income, taxable and nontaxable
Grand total
CUMULATED FR<M LOWEST ADJUSTED GROSS INCCME CLASS
Returns with adjusted gross income, taxable and nontaxable:
Under $600
Under $1,000
Under $1,500
Under $2,000
Under $2,500
Under $3,000
Under $3,500
Under $A,000
Under $4,500
Under $5,000
Under $6,000
Under $7,000
Under $8,000
Under $9,000
Under $10,000
Under $15,000
Under $20,000
Under $30,000
Under $50,000
Under $100,000
Under $200,000
Under $500,000
Under $1,000,000
All returns
Returns with no adjusted gross income, taxable and nontaxable
latal returns
CUMULATED FROM HIGHEST ADJUSTED GROSS INCOME CLASS
Returns with adjusted gross income, taxable and nontaxable:
$1,000,000 or more
$500,000 or more
$200,000 or more
$100,000 or more
$50,000 or more
3,966,385
3,163,051
4,810,380
4,712,434
4,806,023
4,914,530
4,984,345
4,702,594
4,118,481
3,515,457
4,721,071
2,889,195
1,588,929
894,935
523,326
983,218
324,169
252,354
152,932
65,403
14,114
3,199
416
148
'421,728
'56,528,817
3,966,385
7,129,436
11,939,316
16,652,250
21,458,273
26,372,803
31,357,148
36,059,742
40,178,223
43,693,680
48,414,751
51,303,946
52,892,875
53,787,810
54,311,136
55,294,354
55,618,523
55,870,877
56,023,809
56,089,212
56,103,326
56,106,525
56,106,941
56,107,089
'421,728
148
564
3,763
17,877
83,280
236,212
488,566
812,735
1,795,953
2,319,279
3,214,214
4,803,143
7,692,338
12,413,409
15,928,866
20,047,347
24,749,941
29,734,286
34,648,816
39,454,839
44,167,273
48,977,653
52,140,704
56,107,089
'421,728
8.6
8.4
8.6
8.8
8.9
8.4
7.3
6.3
8.4
5.1
2.8
1.6
.9
1,342,281
2,541,741
5,989,941
8,252,809
10,815,569
13,520,933
16,197,399
17,619,912
17,487,070
16,757,918
25,796,358
18,646,580
11,846,456
7,567,219
4,954,837
11,679,763
5,562,631
6,084,529
5,758,342
4,340,688
1,363,390
893,049
278,810
289,224
0.6
1.2
2.8
3
5.0
6.3
7.5
8.2
8.1
8.6
5.5
3.5
2.3
5.4
2.6
2.8
2.7
2.0
914
50,196
279,759
489,956
764,306
1,041,047
1,398,839
1,580,937
1,679,127
1,673,264
2,971,338
2,380,818
1,651,896
1,122,814
781,549
2,039,543
1,165,201
1,525,521
1,833,798
1,812,721
935,235
495,908
164,963
180,198
216,087,449
*797,541
28,019,853
'215,289,908
28,020,288
7.1
12.7
21.3
29.7
38.2
47.0
55.9
64.3
71.6
77.9
86.3
91.4
94.3
95.9
96.8
98.6
99.1
99.6
99.9
99.9
99.9
99.9
99.9
100.0
1,342,281
3,884,022
9,873,963
18,126,772
28,942,341
42,463,274
58,660,673
76,280,585
93,767,655
110,525,573
136,321,931
154,968,511
166,814,967
174,382,186
179,337,023
191,016,786
196,579,417
202,663,946
208,422,288
212,762,976
214,626,366
215,519,415
215,798,225
216,087,449
0.6
1.8
4.6
8.4
13.4
19.7
27.1
35.3
43.4
51.1
63.1
71.7
77.2
80.7
83.0
88.4
91.0
93.8
96.5
98.5
99.3
99.7
99.9
100.0
914
51,110
330,869
820,825
1,585,131
2,626,178
4,025,017
5,605,954
7,285,081
8,958,345
11,929,683
14,310,501
15,962,397
17,085,211
17,866,760
19,906,303
21,071,504
22,597,025
24,430,823
26,243,544
27,178,779
27,674,687
27,839,655
28,019,853
•797,541
435
'215,239,903
.9
1.4
3.2
4.1
5.7
8.6
13.7
22.1
28.4
35.7
44.1
53.0
61.8
70.3
78.7
87.3
92.9
100.0
289,224
568,034
1,461,033
3,324,473
7,665,161
13,423,503
19,508,032
25,070,663
36,750,426
41,705,263
49,272,482
61,118,938
79,765,513
105,561,876
122,319,794
139,806,864
157,426,776
173,624,175
187,145,108
197,960,677
206,213,486
212,203,427
214,745,168
216,087,449
0.1
.3
.7
1.5
3.5
6.2
9.0
11.6
17.0
19.3
22.8
28.3
36.9
48.9
56.6
64.7
72.9
30.3
36.6
91.6
95.4
98.2
99.4
100.0
180,198
345,166
841,074
1,776,309
3,539,030
5,422,828
6,948,349
8,113,550
10,153,093
10,934,642
12,057,456
13,709,352
16,090,170
19,061,508
20,734,772
22,413,899
23,994,836
25,393,675
26,434,722
27,199,028
27,688,984
27,968,743
28,018,939
28,019,853
'797,541
435
'56,528,817
'215,289,908
28,020,288
See text for Individual returns for "Explanation of Classifications and Terms" and
"Description of Sample and Limitations of Data."
^Includes nontaxable returns with adjusted gross Income exceeding the class limit.
^Less than 0.05 percent.
'includes 50,991 returns with no information reported.
'Adjusted gross deficit.
'Adjusted gross income less adjusted gross deficit.
INDIVIDUAL INCOME TAX RETURNS FOR 1952
19
Table 2.— SOURCES OF INCOME AND LOSS. ITEMIZED DEDUCTIONS, AND NET INCOME, BY RETURNS WITH STANDARD OR ITEMIZED DEDUCTIONS
Sources of income and deductions
Number of returns, taxable and nontaxable.
Sources :
Salaries and wages.
Interest received
Annuities and pensions.
Rents and royalties;
Net profit
Net loss
Business or profession:
Net profit
Net loss
Partnership;
Net profit.
Net loss. . .
Net operating loss deduction.
Sales of capital assets:
Net gain
Net loss
Sales of property other than capital assets:
Net gain
Net loss
Income from estates and trusts
Miscellaneous income
Adjusted gross income or deficit.
Itemized deductions:
Contributions
Interest paid
Taxes
Losses from fire, storm, etc....
Medical, dental, etc., expenses.
Miscellaneous deductions
Total deductions.
Net income or deficit.
All returns
(1)
^56,528,817
Returns with
standard
deduction
(2)
43,693,041
Returns with itemized
deductions
Showing ad-
justed gross
income
(3)
Showing no
adjusted
gross income
(Thousand dol lars)
,339,032
,B59,624
,8ie,899
583, 8U
l,A89,096
-108,104
:, 194, 993
,883,373
,833,798
391,519
,835,865
365,462
116,596
139,769
,711,235
801,836
^215,289,908
119
1;
653,908
425,370
806,637
316,490
,717,911
174,946
1,318,181
496,862
,398,604
94,303
31,503
,101,962
152,853
45,880
44,905
372,881
484,884
,539,486
,408,845
,015,700
265,132
,714,602
208,266
,862,498
512,597
,400,538
146,982
,659,126
195,704
56,946
44,240
,327,258
309,994
3,114,739
2,221,353
3,167,778
367,517
2,133,130
2,552,035
=60,833,593
See text for individual returns for "Explanation of classifications and Terms" and for "Description of Sample and Limilat-: !.;- ." Data. "
^Includes 50,991 returns with no ii formation reported.
^Adjusted gross income less adjusted gross deficit.
^Adjusted gross deficit. . , ^ j ■ ^ * -,
'Number of returns is subject to sampling variation of more than 100 percent; therefore, data are not shown separately. However, they are included in totals.
'Net income less net deficit.
(4)
145,636
25,409
24,562
2,139
56,583
24,892
14,314
873,919
34,656
150,234
90,865
74.777
16,905
13,770
50,624
11,096
6,953
'797,541
1,744
6,123
7,918
('!
5,104
5,905
20
21
22
23
24
25
26,799
'824,341
20
INDIVIDUAL INCOME TAX RETURNS FOR 1952
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21
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
27
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
29
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30
INDIVIDUAL INCOME TAX RETURNS FOR 1952
«0 1> CO c o
^0 [^ CD CT- O
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m CO
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[^ CO nH in CO
r- c- si- rvj en
rH -^J CTv r\J J3
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3,659
5,489
11,912
8,262
15,575
4,118
6,041
731
394
121
t^ rH »0 (M
to vD t^ CT*
c\) to r~ a)
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
31
\0 t- 00 ON O
Hojr^-j-in voc-toovo
4 f>j aj oj oj rj fM
(NJOItMnt^ (^t^(^t^n~ir^
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c^ ■ja fM CM n
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r-l U^ O > CM
i§i
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CM O
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r- vo ^
m o st
CM -^ .H lA-<
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r^ r^ \D O
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t C- m rH m
C- CM st TO
CO C^ <A O
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CM S C
si
"^jd; iO ;S f^
rvj TO [> O "Ti
CM --*__ o ya CM
st" no" n" tjT CO
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3,202
3,222
(M
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f»^ C~- \0 ^ t~- \D
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to r- 0^ O vO f
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32
INDIVIDUAL INCOME TAX RETURNS FOR 1952
ifMr^-j-in \DC-too\0
1 f'l r^ c\ i^
,8|8
S|8
o g o
^ -^ CM
O (- Q
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till
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ry C- oj
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tn r- c^ 3 c
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J88 85
585
to Gi
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mo "AC
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ti'O'O •O'O'd'O'd
S§§ §§§§il
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O^ r^ r-( ^ ro
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aJ -a Ih c
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tj ^-' J= J3
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t^nt^c^fir^ r^ (*^ >fvi
INDIVIDUAL INCOME TAX RETURNS FOR 1952
33
Table 7.-ADJ11STED GROSS INCOME. TAX LIABILITY, AVERAGE TAX. AND EFFECTIVE TAX RATE, BV TYPES OF TAX
No adjusted gross income...
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 $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
,000 under $9,000
,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000..
$1,000,000 or more
Total taxable returns.
Taxable returns under $5,000 —
Taxable returns $5,000 or more.
Adjusted gross income classes
$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 $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...
,000 under $9,000...
$9,000 under $10,000..
$10,000 under $15,000.
:tl5,000 under $20,000.
$20,000 under $30,000.
$30,000 under $50,000.
$50,000 under $100,000
$100,000 under $200,000...
$200,000 under $500,000
$500,000 under $1,000,000.
$1,000,000 or more
Total returns with normal tax and surtax.
Under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000.
$1,000,000 or more
Total returns with alternative tax.
No adjusted gross income.
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 $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.
Number
of
returns
(1)
Adjusted
gross
income
( Thousand
dollars)
(2)
Amount
of
exemption
f Thousand
dollars)
Income tax
liability
before
credits
( Thousand
dollars)
Creiits for
foreign tax
paid and
tax paid at
source
(Thousand
dollars)
Income t ax
liability
after
credits
( Thouaartd
dollars)
Self-
eii?)loyment
( Thousand
dollars)
Average
income tax
(8)
Effective
tax rate -
income tax
liability as
percent of
adjusted
gross income
All taxable returns
9,441
71,890
1,556,341
2,981,059
3,173,933
3,708,087
4,003,373
4,353,144
4,302,030
3,940,313
3,363,213
4,721,071
2,889,195
1,588,929
894,935
523,326
933,218
324,169
252,354
152,932
65,403
14,114
3,199
416
148
43,876,273
31,462,864
12,413,403
'23,425
34,962
1,299,717
3,740,253
5,548,707
8,344,098
11,040,894
14,160,993
16,118,661
16,731,149
15,950,474
25,796,358
18,646,580
11,846,456
7,567,219
4,954,837
11,679,763
5,562,631
6,084,529
5,758,342
4,340,688
1,863,390
893,049
278,810
289,224
^198,508,359
^92,946,483
105,561,876
14,543
73,148
1,055,848
2,232,408
2,862,955
4,041,051
5,141,006
6,272,119
7,119,918
7,150,324
6,465,569
9,222,418
5,693,307
3,092,647
1,747,577
995,960
1,936,171
653,452
514,951
315,072
129,755
26,552
5,752
700
218
42,434,889
24,335,032
46,964
271,040
477,751
748,512
1,022,509
1,379,353
1,562,420
1,663,852
1,660,191
2,952,014
2,365,488
1,641,431
1,115,570
776,433
2,025,425
1,159,513
1,522,418
1,833,379
1,814,927
937,970
498,463
165,609
181,472
27,822,714
8,332,597
18,990,117
73
35
12
187
561
165
23
23
816
1,050
926
1,951
2,823
3,635
3,081
2,599
645
1,276
19,883
309
19,574
46,964
271,039
477,751
748,512
1,022,509
1,379,285
1,562,384
1,663,340
1,660,004
2,951,453
2,365,323
1,641,408
1,115,547
775,617
2,024,375
1,158,592
1,520,467
1,830,556
1,811,292
934,389
495,364
164,964
180,196
27,802,831
8,832,288
18,970,543
435
914
3,232
8,720
12,205
15,794
13,538
19,554
18,553
15,287
13,260
19,885
15,495
10,488
7,267
5,932
15,158
6,609
5,054
3,242
1,429
346
126,492
90,965
33
98
161
210
263
322
366
424
495
626
819
1,033
1,247
1,482
2,059
3,575
6,026
11,972
27,697
66,238
155,200
396,543
1,217,541
649
290
1,529
Returns with normal tax and surtax with or witnout self-employment tax
1,420,812
2,760,133
2,963,805
3,568,839
3,833,813
4,283,561
4,268,642
3,922,434
3,356,810
4,715,531
2,386,908
1,588,472
394,935
523,326
933,014
321,820
246,205
122,475
35,027
5,332
901
42,752,975
1,191,714
3,463,102
5,176,783
8,030,291
10,717,097
13,935,872
15,993,637
16,554,671
15,920,393
25,766,505
13,631,679
11,842,355
7,567,219
4,954,337
11,677,403
5,519,497
5,932,936
4,519,191
2,231,521
690,255
245,143
60,946
93,245
190,867,852
852,488
1,856,953
2,410,103
3,695,867
4,815,927
6,050,217
7,003,009
7,079,393
6,437,577
9,199,634
5,630,635
3,031,549
1,747,577
995,960
1,935,658
651,395
509,045
259,404
70,839
10,233
1,617
157
54
54,355,343
46,964
271,040
477,751
748,512
1,022,509
1,379,358
1,552,420
1,663,852
1,660,191
2,952,014
2,365,483
1,641,431
1,115,570
776,433
2,025,425
1,145,419
1,469,223
1,400,005
959,161
360,022
148,725
41,534
54,540
35
12
187
561
165
23
23
816
1,050
922
1,638
1,850
1,703
1,206
1,031
185
578
12,166
46,954
271,039
477,751
748,512
1,022,509
1,379,285
1,562,334
1,663,340
1,660,004
2,951,453
2,365,323
1,641,408
1,115,547
775,617
2,024,375
1,145,497
1,467,585
1,398,155
957,452
358,315
147,694
41,349
63,962
375
2,999
5,105
9,885
12,544
15,599
16,373
14,108
12,854
19,497
15,310
10,451
7,267
5,932
15,151
5,570
4,975
2,623
795
184
15
1
33
98
161
210
253
322
356
424
495
626
819
1,033
1,247
1,432
2,059
3,559
5,961
11,416
27,335
67,295
163,922
464,596
1,560,049
591
Returns with alternative tax with or without self-employment tax
2,268
6,123
30,425
30,369
8,782
2,294
327
107
80,700
41,613
151,031
,237,936
,053,714
,,173,135
546,815
217,854
195,979
5,723,147
1,900
5,681
55,621
58,350
16,319
4,130
542
164
143,408
13,039
53,195
433,262
855,696
577,948
349,738
124,075
116,832
313
361
1,356
1,375
1,568
450
598
7,535
13,095
52,882
432,401
853,340
575,073
343, 170
123,515
116,234
2,516,310
32
77
617
634
162
29
3
2
5,774
3,630
14,212
28,116
65,597
151,774
378,028
1,036,299
31,181
Returns with only self-employment tax
9,441
71,890
135,529
220,965
210,128
139,243
119,560
69,583
33,338
17,879
6,403
5,490
2,287
(')
1,042,598
'23,425
34,962
108,003
277, 151
371,924
313,807
323,797
224,121
125,024
76,478
30,076
29,853
14,901
^1,917,360
14,543
79,148
203,360
375,455
452,852
X5,184
325,079
221,902
116,909
70,930
27,992
22,783
13,172
182
435
9U
2,357
5,721
7,100
5,903
5,994
3,955
2,175
1,179
406
383
185
(')
36,783
See text for individual returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations of Data."
'Adjusted gross deficit.
^Adjusted gross income less adjusted gross deficit.
'Number of returns is subject to sampling variation of more than 100 percent; therefore, data are not shown separately
(9)
3.9
7.8
9.2
9.3
9.5
9.9
9.8
10.0
10.4
11.5
12.7
13.9
14.7
15.7
17.3
20.3
25.0
31.3
41.7
50.2
55.6
59.2
62.3
14.1
9.7
18.0
3.9
7.3
9.2
9.3
9.5
9.9
9.8
10.0
10.4
11.5
12.7
13.9
14.7
15.7
17.3
20.8
24.7
30.9
42.0
52.0
60.2
67.3
63.5
13.2
31,5
35.0
35.0
41,5
49.1
53,3
56,7
59,3
44,0
However, they are included in totals.
34
INDIVIDUAL INCOME TAX RETURNS FOR 1952
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35
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36
INDIVIDUAL INCOME TAX RETURNS FOR 1952
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40
INDIVIDUAL INCOME TAX RETURNS FOR 1952
Table lO.-SSLECTED SOURCES OF INCOME, ADJUSTED GROSS INCOME, EXEMPTIONS, AND TAX LUBILITY BY DETAILED ADJUSTED GROSS INCOME CLASSES FOR ALL RETURNS AND
JOINT RETURNS. AND IN TOTAL FOR OTHER MARITAL STATUSES
Adjusted gross income classes
Number
of
returns
Salaries
and wages
(Thousand
dollars)
( Thousand
doUara)
Interest
received
(Thousand
dollars)
Adjusted
gross
income
( Thousand
dollars)
Aggregate exemptions
Number
of
exemptions
Amount of
exemption
(Thousand
dollar,)
Income tax
liability
(after
credits)
(Thousand
dollars)
Self-
employment
tax
(Thousand
dot lars)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(3)
Taxable returns:
No adjusted gross income..
Under $600
$600 under $700
$700 under $800
$800 under $900
$900 under $1,000
$1,000 under $1,100
$1,100 under $1,200
$1,200 under $1,300
$1,300 under $1,400
$1,400 under $1,500
$1,500 under $1,600
$1,600 under $1,700
$1,700 under $1,800
$1,800 under $1,900
$1,900 under $2,000
$2,000 under $2,100
$2,100 under $2,200
$2,200 under $2,300
$2,300 under $2,400
$2,400 under $2,500
$2,500 under $2,600
$2,600 under $2,700
$2,700 under $2,800
$2,800 under $2,900
$2,900 under $3,000
$3,000 under $3,100
$3,100 under $3,200
$3,200 under $3,300
$3,300 under $3,400
$3,400 under $3,500
$3,500 under $3,600
$3,600 under $3,700
$3,700 under $3,800
$3,800 under $3,900
$3,900 under $4,000
$4,000 under $4,100
$4,100 under $4,200
$4,200 under $4,300
$4,300 under $4,400
$4,400 under $4,500
$4,500 under $4,600'.
$4,600 under $4,700
$4,700 under $4,800
$4,300 under $4,900
$4,900 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 $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000. . .
$200,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 or more
Total taxable returns
Nontaxable returns:
No adjusted gross income..
Under $600
$600 under $700
$700 under $800
$800 under $900
$900 under $1,000
$1,000 under $1,100
$1,100 under $1,200
$1,200 under $1,300
$1,300 under $1,400
$1,400 under $1,500
$1,500 under $1,600
$1,600 under $1,700
$1,700 under $1,800
$1,800 under $1,900
$1,900 under $2,000
$2,000 under $2,100
$2,100 under $2,200
$2,200 under $2,300
$2,300 under $2,400
$2,400 under $2,500
$2,500 under $2,600
$2,600 under $2,700
$2,700 under $2,800
$2,800 under $2,900
43,876,273
9,441
1,973
71,890
7,513
153,505
75,706
447,347
288,519
467,893
348,333
487,596
390,251
593,406
561,202
554,871
569,268
555,129
598,971
627,449
704,245
640,244
766,207
671,466
892,416
613,820
858,003
616,822
909,048
616,420
953,782
655,405
1,073,011
750,535
1,298,108
754,614
1,384,634
693,447
1,355,160
753,498
1,517,765
755,993
1,631,137
728,861
1,608,445
745,297
1,722,034
848,282
2,041,615
834,886
2,096,875
846,047
2,182,462
857,674
2,371,339
839,632
2,366,023
840,019
2,441,312
900,599
2,727,777
905,220
2,818,145
864,122
2,772,154
895,997
2,969,386
866,914
2,966,121
856,880
3,025,987
818,117
2,917,919
805,088
2,998,025
817,130
3,100,859
792,835
3,115,281
784,105
3,154,650
741,155
3,000,580
718,024
3,028,506
700,599
2,955,149
673,015
2,888,208
649,493
2,901,728
622,082
2,792,878
4,721,071
23,495,114
2,889,195
16,533,232
1,588,929
10,291,984
894,935
6,263,872
523,326
3,777,491
983,218
7,172,156
324,159
2,590,932
252,354
2,435,160
152,932
2,102,804
65,403
1,415,540
14,114
463,227
3,199
140,748
416
17,596
148
4,439
159,853,105
*412,287
143,665
,894,495
1,189,738
624,408
310,464
304,531
140,110
312,669
177,403
365,102
233,245
378,599
265,584
403,152
323,148
475,142
410,751
319,332
304,887
252,056
258,409
274,720
297,838
300,664
375,885
303,760
418,600
329,202
477,716
330,155
505,072
222,464
355,461
204,947
361,735
227,750
394,785
215,405
397,030
227,370
452,005
234,044
494,203
238,517
541,733
130,310
298,392
145,326
354,071
(1)
(M
438
1,526
3,586
4,148
3,003
2,789
4,540
5,701
8,052
11,848
10,853
13,777
10,341
11,501
12,671
13,178
15,596
13,307
13,780
12,518
11,587
15,448
15,531
22,710
21,820
18,072
13,234
24,825
21,813
15,239
20,444
15,840
14,210
18,194
15,592
17,059
9,963
19,585
22,252
21,252
19,023
15,964
22,922
14,922
219,472
178,390
153,880
144,137
149,491
592,188
417,070
593,180
729,432
802,253
502,339
312,377
100,881
132,139
5,530,848
24,559
17,421
9,580
8,493
5,350
9,246
11,118
7,114
9,391
7,108
9,999
5,917
11,595
4,922
4,279
3,215
5,535
5,004
4,653
4,147
2,823
5,824
4,567
4,822
6,652
CM
1,999
550
2,074
2,340
4,888
3,993
3,870
2,293
5,334
7,221
9,008
8,891
8,757
7,195
13,014
8,998
13,750
10,730
10,808
17,285
9,901
13,896
11,811
17,190
12,351
11,358
10,952
9,651
13,445
14,972
11,074
12,076
11,081
11,903
11,204
11,345
10,450
14,189
8,342
11,915
14,045
14,667
13,376
12,066
13,994
117,238
91,855
67,500
64,467
56,056
184,457
116,168
147,089
137,266
105,898
44,883
21,114
3,994
4,897
1,613,519
24,229
17,615
10,562
10,760
7,854
8,990
12,376
14,893
13,268
10,094
7,790
8,607
7,989
7,950
5,424
5,939
4,194
3,875
5,535
3,971
3,291
4,678
1,849
2,782
981
223,425
34,962
103,586
335,019
397,523
453,589
622,231
649,830
692,313
847,396
928,483
1,039,441
1,012,112
1,079,406
1,140,082
1,277,666
1,537,942
1,522,822
1,560,316
1, 771, 063
1,851,955
1,858,420
1,975,336
2,332,189
2,379,145
2,495,804
2,645,221
2,644,010
2,729,467
3,017,864
3,124,431
3,066,574
3,269,775
3,251,147
3,299,225
3,231,940
3,260,970
3,391,306
3,369,348
3,410,875
3,298,650
3,267,188
3,257,681
3,195,488
3,149,314
3,079,803
25,796,358
18,646,580
11,846,456
7,557,219
4,954,837
11,679,763
5,562,631
6,084,529
5,758,342
4,340,688
1,853,390
893,049
278,810
289,224
'198,508,359
^774, 116
1,307,319
401,198
228,426
265,337
347,063
397,301
463,611
594,771
428,222
365,783
424,672
496,487
531,223
608,285
643,435
455,387
440,744
512,075
506,259
557,006
596,560
530,304
358,157
414,125
24,238
131,913
196,148
494,494
522,425
546,678
654,125
640,509
648,644
852,878
924,524
976,134
912,653
915,253
960,081
1,006,471
1,338,217
1,352,721
1,235,171
1,412,232
1,395,744
1,365,081
1,509,207
1,924,961
1,847,936
1,921,158
1,924,796
1,917,085
1,980,612
2,221,501
2,409,537
2,305,226
2,409,792
2,408,552
2,389,101
2,353,859
2,340,555
2,501,849
2,411,153
2,397,373
2,266,276
2,193,220
2,234,908
2,198,288
2,142,698
2,005,835
15,370,696
9,489,579
5,154,412
2,912,628
1,659,934
3,226,951
1,089,087
858,252
525,120
216,259
44,254
9,586
1,166
363
111,283,199
1,057,321
5,128,104
1,027,573
778,471
822,851
951,138
993,589
1,081,380
1,320,642
971,957
892,509
981,514
1,074,407
1,070,347
1,187,540
1,221,206
974,044
899,556
1,005,471
965,192
1,031,407
1,057,324
1,106,178
694,061
752,797
14,542
79,147
117,689
396,697
313,454
328,006
392,476
384,304
389,186
511,728
554,716
585,679
547,591
549,750
576,049
503,882
802,932
811,631
741,702
847,342
837,445
819,049
905,523
1,154,978
1,108,761
1,152,695
1,154,878
1,150,252
1,188,368
1,332,900
1,445,721
1,383,135
1,445,875
1,445,131
1,433,461
1,412,315
1,404,333
1,501,111
1,446,692
1,438,425
1,359,765
1,315,934
1,340,945
1,318,972
1,285,619
1,204,101
9,222,416
5,693,807
3,092,648
1,747,577
995,951
1,936,171
653,452
514,951
315,073
129,755
26,553
5,750
700
218
66,769,921
634,395
3,076,863
616,545
467,083
493,709
570,683
596,154
648,828
792,385
583,180
535,567
588,908
544,643
642,208
712,584
732,724
584,427
539,734
603,284
579,115
518,843
634,395
663,707
416,437
451,678
450
6,795
15,393
24,326
41,380
48,397
56,328
59,189
55,745
81,135
81,588
94,136
100,521
120,371
126,395
140,079
143,745
161,226
177,067
182,211
186,647
202,482
219,151
232,018
260,906
261 ,989
270,549
295,173
290,568
290,612
318,068
312,228
327,138
314,338
324,043
324,817
335,035
341,930
337,015
XI, 421
335,131
326,689
325,223
331,540
2,951,453
2,365,323
1,641,408
1,115,547
775,617
2,024,375
1,158,592
1,520,467
1,830,556
1,811,292
934,899
495,864
164,964
130,196
27,802,831
(9)
435
914
649
645
804
1,134
1,078
1,417
1,763
2,240
2,222
1,865
2,284
2,330
2,720
3,006
3,189
3,113
2,819
3,84S
2,825
3,438
3,813
3,629
3,374
4,279
3,765
3,537
4,325
3,952
3,924
4,262
3,714
3,345
3,123
3,609
2,979
3,178
2,863
2,924
3,343
2,201
2,822
2,799
2,484
2,954
19,835
15,495
10,488
7,267
5,932
15,168
6,609
5,054
3,242
1,429
346
44
4
2
See footnotes at end of table. See text for individual returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations- of Data."
INDIVIDUAL INCOME TAX RETURNS FOR 1952
41
T.hlB 10 —SELECTED SOURCES OF INCOME ADJUSTED GROSS INCOME, EXEMPTIONS, AND TAX LIABILITY BY DETAILED ADJUSTED GROSS INCOME CLASSES FOR ALL RETURNS AND
JOINT RETURNS, AND IN TOTAL FOR OTHER MARITAL STATUSES— ConlLnued
Adjusted gross income classes
Number
of
returns
Salaries
and wages
( Ihouiand
dolIers\
Dividends
(Thotjsand
dollars)
Interest
received
(Thousand
doIJars)
Adjusted
Aggregate exemptions
Income tax
liability
Cafter
credits)
( Thousand
dollars)
Self-
employment
tax
(Thousand
dollars)
gross
income
( Thousand
dollars)
Number
of
exemptions
Anount of
exemption
(Thousand
dollars)
(1)
(21
(3)
(4)
C5)
C6)
C7)
C8)
C9)
All returns— Continued |
87
68
89
90
91
92
93
9-i
95
96
97
98
99
100
101
102
103
tontaxable returns — Continued
162,960
132,978
151,430
144,702
122,428
79,613
83,746
32,337
74,664
71,498
88,319
39,183
33,681
37,849
34,665
32,790
152,244
417,393
356,905
421,942
410,632
370,215
250,734
271,559
268,588
252,961
248,559
326,644
146,570
125,920
153,351
140,955
136,737
703,274
1,866
2,286
2,384
797
3,501
529
(1)
1,174
(')
(>)
1,712
716
435
(M
(»)
(')
18,732
547
611
1,746
1,642
1,315
2,129
CM
CM
959
1,356
692
CM
1,436
CM
CM
CM
12,530
480,893
405,465
477,145
470,247
409,066
274,483
296,868
' 300,408
279,838
275,103
349,034
158,598
139,793
160,654
150,789
146,087
307,444
855,441
714,648
835,823
779,288
706,614
472,353
510,843
511,626
479,226
446,234
557,070
270,472
232,432
259,261
240,717
230,756
1,138,551
513,265
428,790
501,493
467,573
423,968
283,413
306,506
306,975
287,536
267,740
334,242
162,233
139,459
155,556
144,431
138,453
683,131
-
-
87
88
39
90
91
92
93
94
95
96
97
98
99
100
101
102
$4,500 or more
103
lOi
Total nontaxable returns
'12,652,544
14,485,926
228,776
233,380
316,731,549.
38,288,144
22,972,838
-
-
104
105
Grand total.
'56,528,317
174,339,032
5,859,624
1,846,899
'215,289,908
149,571,343
89,742,809
27,802,831
217,457
105
106
107
Taxable returns under $5,000 and nontaxable
returns .
'44,115,408
12,413,409
97,634,737
76,704,295
832,395
5,027,229
683,986
1,162,913
'109,728,032
105,561,876
109,012,956
40,558,387
65,407,777
24,335,032
8,832,288
18,970,543
126,492
90,965
106
107
Taxable returns:
Ho adjusted gross income
Joint returns of husbands
and wives
1
2
7,110
29,314
14,656
17,401
20,604
25,177
24,858
38,938
44,453
113,148
129,694
125,935
125,507
120,621
151,104
152,525
243,962
259,297
223,634
275,452
271,871
281,890
307,703
420,606
397,629
433,752
435,902
428,196
468,807
517,299
565,191
555,937
595,500
595,377
586,382
596,134
578,538
621,573
614,702
621,415
538,979
579,871
575,222
575,833
551,337
533,153
4,196,612
2,668,223
1,495,254
833,738
485,867
891,246
286,926
223,371
135,708
57,236
11,949
2,573
313
78
1,887
2,769
1,730
1,638
3,076
1,944
2,435
8,292
10,658
74,522
98,276
124,717
131,908
128,125
160,584
178,809
347,733
402,109
372,645
476,598
527,235
546,689
622,536
940,990
927,187
1,031,334
1,130,208
1,136,269
1,293,569
1,526,987
1,719,622
1,740,593
1,927,790
2,023,463
2,047,263
2,113,582
2,134,451
2,335,456
2,392,048
2,504,136
2,387,936
2,452,047
2,433,065
2,485,804
2,474,305
2,395,788
21,042,172
15,447,507
9,335,606
5,968,291
3,627,547
6,778,402
2,413,591
2,286,341
1,970,418
1,332,966
431,702
130,451
15,610
2,698
(M
(M
(')
(M
(1)
(')
CM
(')
CM
1,014
(M
1,497
(M
CM
1,600
1,848
2,787
1,908
1,226
4,922
4,195
3,987
2,382
5,263
3,646
6,712
8,989
6,429
3,536
3,277
5,540
4,347
7,829
6,835
3,486
5,394
5,516
7,095
5,819
9,961
9,663
6,914
8,483
9,280
13,849
10,281
114,714
95,399
37,809
33,472
93,374
389,350
279,670
420,555
546,405
617,726
388,752
235,028
69,010
44,555
(M
1,935
CM
CM
CM
CM
CM
CM
CM
1,012
2,041
1,111
918
2,117
1,979
3,739
2,876
6,169
3,277
4,773
3,844
3,791
4,576
4,887
6,083
4,457
5,336
5,059
6,721
3,390
7,546
6,075
5,928
6,599
6,718
4,566
4,945
8,103
10,775
5,979
6,618
8,066
8,816
8,282
7,902
10,718
81,349
63,007
52,212
45,698
39,037
137,556
84,648
113,981
110,751
85,481
34,907
16,986
3,204
943
'21,540
13,680
9,372
12,981
17,480
24,036
26,067
44,837
55,393
152,509
187,961
194,756
207,307
211,331
279,299
297,420
499,802
557,405
503,517
647,713
665,883
718,952
816,329
1,156,395
1,133,241
1,280,094
1,328,932
1,343,717
1,522,722
1,734,273
1,951,294
1,973,028
2,172,862
2,235,263
2,257,811
2,355,287
2,343,516
2,579,740
2,612,063
2,703,155
2,621,355
2,638,637
2,674,857
2,734,895
2,673,694
2,639,462
22,951,720
17,222,600
11,146,835
7,047,875
4,598,441
10,579,145
4,924,221
5,385,404
5,108,321
3,794,624
1,573,515
714,001
207,316
126,838
20,988
78,776
47,670
55,401
64,159
71,435
73,134
103,531
128,305
262,490
304,255
310,893
295,381
302,555
376,304
385,197
643,154
674,323
604,360
756,269
730,837
761,490
891,829
1,303,213
1,198,828
1,313,073
1,317,342
1,312,009
1,442,225
1,644,758
1,885,566
1,844,362
1,952,076
1,986,142
1,968,810
2,003,787
1,994,174
2,179,702
2,132,313
2,140,693
2,036,511
1,993,966
2,031,508
2,049,917
1,983,275
1,869,093
14,540,338
9,143,975
5,007,055
2,812,807
1,603,419
3,073,618
1,025,383
807,152
494,152
201,451
40,318
8,454
930
251
12,592
47,265
28,602
33,241
33,495
42,861
43,911
62,113
76,982
157,495
182,554
186,536
177,228
181,532
225,782
231,118
385,393
404,597
362,616
453,762
438,503
456,894
535,098
781,929
719,297
787,346
790,405
787,206
365,336
986,855
1,131,339
1,106,617
1,171,246
1,191,686
1,131,286
1,202,272
1,196,505
1,307,822
1,279,388
1,284,416
1,221,906
1,196,330
1,218,904
1,229,950
1,139,965
1,121,456
8,724,202
5,436,385
3,004,234
1,687,684
962,052
1,844,173
615,230
484,291
296,491
120,869
24,191
5,073
588
151
710
2,073
3,806
5,668
6,664
10,056
11,674
16,127
22,277
21,236
29,522
34,175
40, 368
42,914
54,839
61,898
75,149
83,750
83,419
105,332
118,877
129,025
136,340
161,537
168,437
175,582
137,418
188,868
207,146
222,061
235,364
232,579
242,050
245,702
253,402
252,038
261,045
2,488,131
2,117,189
1,513,534
1,015,252
701,386
1,774,593
982,401
1,286,351
1,564,028
1,546,072
777,891
387,787
116,463
72,739
352
443
207
301
336
529
556
926
1,114
1,456
1,561
1,296
1,590
1,764
2,136
2,265
2,470
2,411
2,264
2,934
2,235
2,917
3,373
3,210
2,928
3,959
■3,006
3,134
3,703
3,344
3,330
3,725
3,414
3,253
2,646
3,133
2,684
2,952
2,550
2,518
2,860
2,031
2,681
2,706
2,290
2,691
18,229
14,297
9,708
6,575
5,306
14,002
6,150
4,700
3,039
1,318
332
43
4
2
1
2
3
4
5
6
5
6
7
8
8
9
10
11
12
12
13
14
15
16
17
18
4p ?00 under 42.300
19
20
21
20
21
22
23
2i
25
23
24
i? 800 under 42 900
25
$2 900 under $3,000
26
27
28
29
28
29
30
31
32
33
3i
33
$3 700 under $3,800
34
35
36
$4 000 under $4 100
37
38
38
39
iO
$4 300 under $4,400
40
41
42
■13
43
44
45
$4 800 under $4,900
45
$4 900 under $5,000
45
47
i8
$6 000 under $7,000
48
49
50
$8 000 under $9,000
50
51
$9 000 under $10,000
51
52
53
$15 000 under $20,000
53
54
55
$30 000 under $50,000
55
56
$50 000 under $100,000
56
57
58
$100,000 under $200,000
4?00 000 under 4500 . 000
57
58
59
60
$500,000 under $1,000,000
$1,000,000 or more
59
60
61
Total taxable returns
26,731,883
119,064,610
3,655,239
1,074,341
'150,174,644
38,285,492
52,971,295
20,473,450
187,989
61
See footnotes at end of table. See text for individual returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations of Data."
42
INDIVIDUAL INCOME TAX RETURNS FOR 1952
Table 10.— SELECTED SOURCES OF INCOME, ADJUSTED GROSS INCOME. EXEMPTIONS, AND TAX LIABILITY BY DETAILED ADJUSTED GROSS INCOME CLASSES FOR ALL RETURNS AND
JOINT RETURNS, AND IN TOTAL FOR OTHER MARITAL STATUSES— Continued
Adjusted gross income classes
Niuriber
of
returns
Salaries
and wages
( Thousand
rioHars)
( Thousand
dollars)
Interest
received
(Thousand
dollars)
Adjusted
gross
income
(Thousand
dollars)
Aggregate exemptions
Number
of
exemptions
Amount of
exemption
f Thousand
dollars)
Income tax
liability
(after
credits)
( Thousand
dollars)
Self-
employment
tax
(TTiousand
dollars)
98
99
100
101
102
103
105
106
Nontaxable returns:
No adjusted gross income.
Under $600
$600 under $70C
$700 under $800
$800 under $900
$900 under $1,000.
$1,0C.^ under $1
$1,100 under $1
$1,200 tinder $1
$1,300 under $1
$1,400 under $1
$1,500 under $1
$1,600 under $1
$1,700 under $1
$1,800 under $1
$1,900 under $2
$2,000 under $2
$2,100 under $2
$2,200 under $2
$2,300 under $2
$2,400 under $2
$2,500 under $2
$2,600 under $2
$2,700 under $2
$2,800 under $2
$2,900 under $3
$3,000 under $3
$3,100 under $3
$3,200 under $3
$3,300 under $3
$3,400 under $3
$3,500 under $3
$3,600 under $3
$3,700 under $3
$3,300 under $3
$3,900 under $4
$4,000 under $4
$4,100 under $4
$4,200 under $4
$4,300 under $4
$4,400 under $4
$4,500 or more.
100.
200.
300..
400.
500.
600..
700.,
800.,
900.,
000.,
100.,
200..
300..
400.,
500.,
600.,
700.,
800.,
900..
000,.
100..
200..
300.,
400.,
500.,
600.,
700.,
800.,
900.,
000.,
100,.
200.,
300.,
400..
500.,
Total nontaxable returns.
Grand total
ti)
(2)
C3)
U)
(5)
(61
(8)
(9)
Taxable returns under $5,000 and nontaxable
returns .
Taxable returns $5,000 or more
Joint returns of husbands and wives....
Separate returns of husbands and wives.
Returns of heads of household
Returns of single persons
Joint returns of husbands and wives — Continued
265,032
i33,405
121,243
140,856
153,989
188,329
199,626
215,558
2^8,102
210,544
181,869
205,506
226,466
228,683
254,673
264,242
191,067
133,579
204,530
194,436
202,825
210,862
218,511
122,568
137,629
152,054
126,148
143,758
136,532
119,699
77,789
82,381
81,883
73,757
69,227
86,490
39,183
33,680
37,849
33,751
32,789
147,351
11,289,094
117,010
121,622
47,830
62,932
;7,500
116,235
139,563
'165,820
229,426
191,896
184,460
213,321
271,277
304,953
357,517
384,728
303,509
318,733
351,307
353,673
395,551
440,793
489,036
280,332
332,114
387,979
337,575
398,238
384,306
364,145
247,577
266,739
266,946
249,562
243,350
321,210
146,570
125,890
153,351
136,964
136,721
692,445
11,120,706
130,185,316
21,023
6,647
1,353
2,097
1,606
2,965
2,953
2,558
3,285
3,141
3,056
3,171
8,933
2,431
2,455
2,770
3,836
3,139
4,371
3,876
2,598
5,625
4,567
4,822
6,652
1,366
2,286
2,274
760
2,223
325,807
3,466,819
19,698
5,123
2,723
4,201
1,777
2,568
4,586
6,047
6,514
6,412
3,999
6,108
5,772
6,351
5,070
6,514
3,483
3,143
4,160
3,828
3,139
3,084
1,849
2,782
981
(')
611
1,215
1,642
1,262
1,843
(')
CM
959
CM
CM
CM
1,436
CM
CM
(M
6,441
136, 96R
1,211,3W
336,549
874,760
^601,604
152,637
78,812
105,563
130,819
179,381
209,630
248,135
347,475
283,314
264,091
317, 68T
374,219
399,962
470,490
515,157
391,165
394,737
459,641
457,057
495,844
537,493
577,399
336,768
392,168
448,774
384,651
452,799
443,749
399,962
268,171
292,048
298,752
276,439
266,403
341,793
158,598
139,789
160,554
146,797
146, "83
766,521
^12,911,016
^ln3,0e?,,-.60
^67, 704, 804
95,380,856
858,263
1,316,617
337,022
4i2,573
485,132
575,035
598,876
660,823
879,217
704,013
696,391
777,158
355,572
344,777
956,060
1,007,598
858,546
816,434
915,376
884,116
932,812
958,229
1,013,529
658,100
713,393
805,953
679,629
797,241
735,723
693,885
465,548
502,207
508,910
473,784
438,055
547,017
270,472
232,431
259,261
235,230
230,750
1,113,760
.^8,790,618
U'',0''.i,110
78,316,757
38,759,353
514,958
789,970
232,213
265,604
291,079
345,021
359,326
396,494
527,531
422, 4"8
417,835
456,295
513,342
506,866
573,636
604,558
515,128
489,860
549,225
530,470
559,686
574,938
608,117
394,861
428,035
483,572
407,778
478,344
441,433
416,330
279,329
301,325
305,345
284,271
262,333
328,210
162,283
139,458
155,556
141,139
138,450
6'^1,256
17,274,371
70,245,666
46,990,052
4,134,628
23,255,614 16,343,822
104,284
Totals by marital status
33,440,334
2,311,766
689,465
20,087,252
All returns.
'56,528,817
130,185,316
5,628,731
2,421,721
36,103,264
174,339,032
3,792,626
197,945
185,812
1,683,241
5,359,624
,211,309
36,376
42,974
556,240
1,846,899
'163,085,560
'6, 408, 139
'3,208,391
'42,587,718
'215,289,908
117,076,110
3,567,929
1,574,523
27,252,681
149,571,343
70,245,666
2,200,758
944,774
16,351,611
39,742,809
20,478,450
944,537
512,333
5,867,411
27,802,831
187,989
3,382
2,416
23,170
217,457
52
63
64
55
66
67
63
69
70
71
72
73
74
78
79
80
81
82
83
84
85
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
See text for individual returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations of Data."
^Number of returns is subject to sampling variation of more than 100 percent; therefore, data are not shown separately. However, they are included in totals.
^Adjusted gross deficit.
'Adjusted gross income less adjusted gross deficit,
'includes 50,991 returns with no information reported.
INDIVIDUAL INCOME TAX RETURNS FOR 1952
43
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44
INDIVIDUAL INCOME TAX RETURNS FOR 1952
Aj n >f lA
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433
680
389
1,960
886
2,654
6,786
680
221
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INDIVIDUAL INCOME TAX RETURNS FOR 1952
45
Table 12-— SELECTED SOURCES OF INCOME AND TAX LUBILITY, BY STATES AND TEHRITOHIES
(Returns with adjusted gross income)
States and Territories
Number of
returns,
taxable and
nontaxable
Salaries and
wages
(Thouaand
dollars )
( Thousand
dollars)
Interest
received
( Thousand
dollar a)
Adjusted
gross income
( Thousand
dollars)
Income tax
liability
(after
credits)
(Thousand
dollars)
Self -employ-
ment 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
hfcintana
Nebraska
Nevada
New Hampshire.
New Jersey... .
New Mexico
Hew 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
(1)
(2)
(3)
M
(5)
(6)
710, 102
263,008
384,817
4,598,269
509,876
903,371
139,153
397,855
979,277
884,181
198,799
204,223
3,702,881
1,560,771
956,125
735,424
800,819
706,734
341,265
1,240,098
2,010,392
2,550,756
1,114,900
331,583
1,432,531
219,313
502,089
82,165
216,777
2,117,199
204,076
6,435,701
1,067,239
211,000
3,254,058
652,377
586,167
4,217,689
331,571
514,812
221,491
873,469
2,454,639
249,544
132,687
1,082,020
979,781
610,803
1,335,781
106,711
1,936,112
795,603
812,903
15,734,168
1,441,830
3,181,982
495,366
1,432,941
2,597,432
2,498,772
559,935
458,614
12,994,214
4,7^,455
2,045,530
1,819,947
2,121,834
2,010,075
845,431
4,050,527
6,293,157
9,188,119
2,948,245
811,251
4,106,227
535,242
1,036,708
288,037
550,518
7,530,778
599,521
21,917,436
2,745,323
333,216
11,128,165
1,701,395
1,745,036
13,321,116
995,137
1,442,370
359,894
2,340,706
7,126,957
740,677
298, 185
3,109,530
3,163,460
1,796,013
3,915,262
304,111
35,263
17,156
12,827
571,459
52,609
211,728
48,972
48,345
129,935
80,001
12,529
6,162
383,345
94,887
42,716
39,183
49,320
55,774
34,325
112,430
293,964
217,861
84,275
13,148
157,362
11,679
25,757
12,532
26,218
244,765
8,783
1,107,100
78,451
3,653
330,021
42,657
37,277
457,235
39,852
32,770
7,865
52,339
163,528
13,792
14,586
89,352
68,039
42,415
116,581
4,561
9,792
8,831
7,385
223,002
24,829
40,889
4,784
13,694
48,468
20,011
2,684
7,299
99,750
41,529
26,600
19,182
15,024
17,926
14,867
40,914
84,581
65,891
36,155
4,784
38,329
9,476
13,836
3,668
7,824
84,684
8,469
295,607
18,072
4,879
85,166
14,150
25,328
93,992
9,207
6,659
5,499
18,786
66,567
6,320
5,005
22,284
43,034
6,936
45,693
4,351
2,287,810
1,023,023
1,064,449
20,100,403
1,924,615
3,901,967
652,433
1,666,677
3,447,667
3,040,741
662,698
685,693
15,797,279
5,365,932
3,093,004
2,556,368
2,625,929
2,515,010
1,036,442
4,716,487
7,494,638
10,847,852
3,911,846
1,012,679
5,181,397
784,291
1,636,387
365,399
663,649
8,855,507
792,097
26,946,431
3,358,545
591,704
13,298,984
2,259,852
2,316,087
15,877,555
1,183,436
1,714,230
600,477
2,828,368
9,297,753
909,692
387,605
3,721,293
3,963,940
2,065,157
4,985,584
412,350
231,192
128,813
100,262
2,761,782
250, 542
593,247
124,124
249, lU
408,481
340,067
80,633
77,978
2,215,931
710,958
331,511
306,250
285,662
310,305
110,076
596,218
980,446
1,470,551
457,051
97,146
681,645
90,524
133,130
52,654
72,411
1,166,757
94,464
3,656,252
327,289
53,426
1,794,080
267,793
302,123
2,055,379
152,007
177,746
56,670
300,640
1,222,734
92,647
37,008
427,054
530,356
219,542
605,472
51,524
Total .
56,316,869
174,974,465
5,337,384
1,827,792
216,939,912
27,889,716
(7)
2,408
997
1,849
20,856
2,019
3,283
597
821
4,310
3,334
660
936
12,662
5,686
4,444
2,630
2,795
2,652
1,470
3,191
6,353
9,093
4,918
1,483
5,306
1,035
2,095
252
817
3,312
399
26,840
3,197
855
11,575
3,225
3,095
15,797
1,144
1,516
999
3,154
10,667
952
556
3,131
4,238
1,860
• 5,726
559
217,304
See text for individual returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations of Date."
'Not comparable with data for prior-year tabulations for two reasons. First, Puerto Rican 1952 returns filed in Baltimore during the first-half of 1953 are included in Maryland
data; but Puerto Rican returns filed in New York City during the last-half of 1953 are included in New York data. For prior-year tabulations, Puerto Rican returns were Included
exclusively in Maryland data. Secondly, for prior-year tabulations, overseas servicemen's returns were filed exclusively in Baltimore and were included in Maryland data. For the
1952 tabulations, these returns were filed in directors' offices of the various States and are included in the data for the respective States.
^Not comparable with data for prior-year tabulations. Includes for the first time Puerto Rican 1952 returns filed in New York City during the last-half of 1953.
^Includes Alaska.
46
INDIVIDUAL INCOME TAX RETURNS FOR 1952
Table 13.— ADJUSTED GKOSS INCOME AND INCOME TAX LIABILITY, BY STATES AND TERRITORIES AND BY ADJUSTED GROSS INCOME CLASSES
'Returns with adjusted gross income)
Adjusted gross income classes
Number of
returns
Adjusted
gross
income
(Thousand
dollars)
Income tax
liability
(after
credits)
(Thousand
dollars)
Number of
returns
Adjusted
gross
income
( Thousand
dollars)
Income tax
liability
(after
credits)
(Thousand
dollars)
Number of
returns
Adjusted
gross
income
( Thousand
dollars)
Income tax
liability
( after
credits)
(Thousand
dollars)
Number of
returns
Adjusted
gross
income
(Thousand
dollars)
Income tax
liability
(after
credits)
( Thousand
dollars)
Alabama
Arizona
Arkansas
California
Taxable and nontaxable returns:
107,073
158,660
145,290
126,321
67,997
90,062
7,257
2,821
2,715
1,316
479
90
21
57,197
237,195
364,728
441,604
303,006
583,245
86,595
49,031
68,065
48,422
31,093
11,940
5,689
485
8,499
16,335
29,546
25,141
69,035
15,054
10,255
17,308
15,330
13,151
5,275
3,648
32,828
44,939
46,168
40,199
40,343
49,684
4,497
1,531
1,569
849
319
69
12
1
17,027
68,117
116,995
133,460
130,560
322,673
53,158
26,338
37,976
32,217
20,947
8,874
3,303
1,377
149
2,818
7,805
11,703
15,653
40,397
9,159
5,462
9,401
10,331
8,928
4,385
1,883
737
79,587
94,856
82,804
57,729
38,153
24,432
3,797
1,334
1,110
628
239
43
4
1
44,105
141,983
201,673
201,078
170,219
163,797
45,439
22,547
27,209
23,594
15,385
5,462
944
512
285
5,225
8,284
13,780
14,234
22,109
7,560
4,507
6,538
7,455
5,553
2,631
559
277
496,295
635,474
554,706
736,346
739,010
1,142,993
109,569
33,155
25,377
14,900
6,609
1,479
328
18
9
269,307
952,064
1,545,731
2,581,617
3,329,292
7,505,281
1,299,205
568,032
535,998
559,844
438,606
195,335
92,203
11,973
14,860
$1,000 under $2,000
$2 000 under $3,000
53,163
127,624
Si 000 under $5 000^
333,134
969,933
120,368
$20 000 under $30 000
152,687
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200 000 under $500 000
180,342
181,260
94,750
48,096
$500,000 under $1,000,000
6,133
8,593
Total
710, 102
2,287,810
231,192
263,008
1,023,023
128,813
384,817
1,064,449
100,262
4,598,269
20,100,403
2,751,782
Colorado
Connecticut
Delaware
District of Columbia
Taxable and nontaxable returns:
Under $1,000
Al 000 under $2 000
73,485
84,208
94,624
85,393
62,041
93,132
9,019
2,950
2,160
2,045
674
127
14
4
37,819
123,988
239,687
299,008
277,712
591,603
107,869
50,699
52,781
76,117
44,404
16,314
3,982
2,632
512
6,847
17,688
25,976
27,932
75,085
18,565
10,337
12,885
24,123
18,315
8,279
2,289
1,709
100,594
115,480
158,582
162,148
120,930
212,843
16,001
5,714
4,472
4,214
1,828
412
140
8
5
53,487
167,952
400,522
568,326
541,520
1,384,633
190,713
98,421
107,808
160,019
122,381
55,083
37,346
4,887
8,859
854
11,765
37,464
56,540
53,775
185,216
33,546
21,012
27,129
52,524
52,793
29,747
21,800
3,053
6,029
18,750
21,448
19,243
22,209
19,697
30,816
3,586
1,388
1,030
512
301
92
47
25
8
12,385
31,184
47,522
77,725
37,233
206,235
41,931
23,952
25,095
19,579
19,741
12,672
13,388
17,635
15,595
208
1,899
3,646
7,463
7,937
27,319
7,326
5,309
6,435
6,514
8,945
5,875
9,503
12,980
11,765
38,355
65,565
70,791
36,413
39,836
77,874
11,577
3,170
2,400
1,123
558
110
32
1
22,495
101,337
179,963
299,569
178,251
530,801
137,365
54,206
57,415
42,125
38,199
14,668
8,413
1,319
350
6,349
$2,000 under $3,000
14,511
36,045
$4,000 under $5,000^
22,211
75,068
$10,000 under $15,000
$15,000 under $20,000
24,994
11,887
14,153
$30 000 under $50 000
13,668
*5Q 000 under ilOO 000
15,883
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1 000 000 or more
7,532
4,430
1,027
509,876
1,924,615
250,542
903,371
3,901,967
593,247
139,153
652,433
124,124
397,355
1,666,677
249,113
Florida
Georgia
Hawaii
Idaho
Taxable and nontaxable returns;
Under $1 000
138,955
211,783
189,423
164,149
104,932
138,462
16,521
5,803
5,471
2,439
1,066
200
53
9
6
79,161
313,847
468,247
574,087
470,184
889,598
197,568
99,780
131,945
92,174
70,471
26,409
14,867
6,135
13,194
1,080
11,804
25,337
39,166
43,155
107,843
34,094
21,003
32,951
29,596
29,768
12,985
7,787
3,872
8,030
125,926
191,052
188,020
128,736
86,800
139,500
12,996
4,369
3,539
2,200
809
158
22
4
72,443
284,629
466,597
447,326
388,626
902,208
152,102
75,068
34,375
82,725
53,705
21,317
6,093
2,527
712
10,055
25,343
32,563
33,352
113,105
25,951
14,941
20,320
25,515
22,211
11,152
3,274
1,551
29,759
35,516
49,241
29,451
21,986
26,246
3,443
1,128
530
348
121
24
5
1
14,469
54,186
125,257
102,455
99,654
168,207
40,914
19,527
12,547
12,921
7,550
2,895
1,347
538
232
4,101
11,018
8,855
9,487
21,855
7,169
4,159
3,337
4,214
3,304
1,571
918
453
29,955
41,434
40,755
41,073
13,934
26,892
2,754
943
671
622
151
27
2
15,854
59,103
102,621
144,893
83,327
175,393
33,514
16,140
15,717
23,659
9,732
4,775
415
250
3,180
$2,000 under $3,000
$3,000 under $4,000
$4 000 under $5 000^
6,346
10,913
7,121
$5 000 under $10 000
22,379
$10,000 under $15,000
$15 000 under ^20 000
5,935
3,288
$20 000 under $30 000
3,844
$30,000 under $50,000
$50,000 under $100,000
$100 000 under $200 000
7,450
4,193
2,295
$200 000 under $500,000
278
$500,000 under $1,000,000
$1 000 000 or more
Total
979,277
3,447,667
408,481
884,181
3,040,741
340,067
193,799
662,698
80,683
204,223
585,593
77,978
Illinois
Indiajia
Iowa
Kansas
Taxable and nontaxable returns:
422,226
484,508
582,891
622,835
560,376
886,004
81,674
25,032
19,171
11,700
5,055
1,107
255
34
13
222,753
723,280
1,467,543
2,171,532
2,517,059
5,795,097
970,766
429,764
462,872
443,001
335,378
U4,695
70,271
22,135
21,133
2,734
43,621
124,407
220,906
261,141
757,860
169,624
89,903
115,754
144,201
143,512
75,395
39,559
13,671
13,543
201,242
242,471
250,735
278,953
233,290
312,085
25,155
7,894
5,092
2,571
1,032
195
37
1
3
108,148
359,012
630,508
973,598
1,043,398
1,991,577
295,007
135,539
124,733
95,934
68,223
25,374
9,473
812
3,491
1,176
13,852
45,953
85,811
103,187
259,474
51,710
27,753
32,549
31,657
29,954
13,832
5,516
449
2,085
152,625
196,445
185,153
162,417
108,315
131,383
10,974
3,750
2,655
1,345
454
69
15
86,540
295,627
462,005
561,973
487,015
853,699
130,453
64,501
64,113
49,892
29,632
3,753
3,736
884
14,551
29,917
44,565
44,482
109,292
22,769
13,555
15,791
16,059
12,829
4,534
2,181
125,201
140,994
120,598
123,317
88,349
117,261
10,586
3,389
3,291
1,550
574
75
23
5
68,615
209,784
305,536
430,017
397,018
765,251
127,190
58,090
78,965
57,816
37,073
10,177
6,835
4,001
717
$1,000 under $2,000
$2,000 under $3,000
9,402
22,515
33,968
$4,000 under $5,000^
*5 000 under $10 000
39,812
93,853
$10 000 under $15 000
22,774
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50 000 under $100 000
12,509
19,542
18,921
15,795
5,167
$200 000 under $500 000
3,670
$500,000 under $1,000,000
$1,000,000 or more
2,600
Total
3,702,881
15,797,279
2,215,931
1,560,771
5,865,932
710,953
955,125
3,093,004
331,511
735,424
2,555,358
306,250
See footnotes at end of teble. See text for individual returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations of Data.'
INDIVIDUAL INCOME TAX RETURNS FOR 1952
47
Table 13.— ADJUSTED GROSS INCOME AND INCOME TAX LIABILITY, BY STATES AND TERRITORIES AND BY ADJUSTED GROSS INCOME CLASSES— Continued
'Returns vri th adjusted gross income''
Adjusted gross income classes
Number of
returns
Adjusted
gross
income
dollars)
Income tax
liability
(after
credits)
(Thousand
dollars)
Number of
returns
Adjusted
gross
income
(Thousand
dollars )
Income tax
liability
(after
credits)
( Thousand
dollars)
Number of
returns
Adjusted
gross
income
(Thousand
dollars)
Income tax
liability
(after
credits)
( Thousand
dollars)
Number of
returns
Adjusted
gross
Income
(7housat)d
dollars)
Income tax
liability
(after
credits)
(Thousar)d
dollars)
Kentucky
Louisiana
Maine |
Maryland^
Taxable and nontaxable returns:
116,562
179,389
148,057
138,910
88,943
111,027
9,779
3,797
2,323
1,389
522
102
17
2
69,289
265,515
369,228
482,417
394,783
701,077
116,131
65,599
55,781
52,361
33,381
14,035
5,038
1,194
631
11,076
22,671
36,230
35,711
89,086
20,357
13,884
U,951
15,709
13,952
7,627
3,059
708
88,644
141,159
163,917
115,957
72,227
102,055
10,849
4,688
3,199
1,954
843
191
47
4
50,361
211,725
410,768
405,394
324,631
555,818
129,353
80,724
77,590
73,919
54,507
24,752
11,943
2,515
440
8,821
24,104
33,095
32,242
83,130
22,850
17,054
20,372
25,017
23,374
12,562
5,883
1,360
53,529
71,783
75,560
57,035
39,061
38,931
3,000
981
725
455
166
30
7
2
26,920
107,285
188,480
197,420
174,972
235,768
35,784
17,053
17,577
16,893
10,859
3,858
1,990
1,573
283
6,039
11,854
15,661
16,259
31,046
6,260
3,661
4,706
5,503
4,634
1,921
1,198
996
146,578
244,554
202,416
225,739
142,570
234,559
26,636
7,160
5,293
3,226
1,058
216
39
3
1
33,328
359,234
507.502
783,327
539,864
1,547,926
313,827
122,914
127,864
117,565
70,642
23,105
10,904
2,185
1,199
1,490
4l 000 under 42 000
22,109
33,423
65,618
68,509
199,353
54,045
25,406
32,495
t30 000 under 450 000
36,884
29,733
14,648
5,729
$500,000 mider $1,000,000
1,023
753
800,819
2,625,929
285,662
706,734
2,515,010
310,305
341,265
1,036,442
110,076
1,240,098
4,716,437
596,218
Massachusetts
Michigan
Minnesota
Mississippi
Taxable and nontaxable returns:
250,148
350,850
376,146
349,458
274,023
354,115
27,166
10,416
9,190
5,805
2,447
505
116
7
127,764
529,913
935,444
1,218,798
1,230,459
2,243,855
322,007
179,568
222,809
218,744
162,515
66,591
31,809
4,352
2,011
37,854
83,091
114,841
121,886
289,199
54,860
37,566
55,289
68,612
64,752
31,606
16,590
2,189
298,541
345,228
309,287
461,474
409,885
640,750
50,878
13,030
10,121
7,536
3,136
699
164
21
5
152,891
514,044
778,557
1,630,795
1,837,428
4,214,885
595,530
223,245
240,005
284,755
209,696
91,196
48,572
13,977
12,176
1,992
30,885
53,124
151,287
175,706
555,953
104,092
47,869
59,928
90,200
91,817
49,469
30,320
8,572
8,337
164,329
210,469
209,553
178,920
131,822
192,887
15,053
4,905
3,585
2,169
857
200
45
4
1
93,219
314,215
522,207
623,836
593,758
1,231,311
178,558
84,395
87,577
81,337
56,517
25,808
12,560
2,495
4,053
1,251
17,435
35,899
55,231
54,921
155,680
29,954
16,495
20,329
24,448
22,882
12,781
6,295
1,395
2,054
59,698
82,406
65,719
51,343
28,212
37,489
3,254
1,433
1,147
616
222
35
7
2
35,187
124,677
165,958
177,405
126,318
245,621
39,579
24,698
27,893
23,237
14,807
4,385
1,784
1,130
252
41 000 under 42 000
3,733
7,032
43 000 under 44. 000
10,832
10,329
29,341
410 000 under 415 000
6,754
5,126
4?0 000 under 430 000
6,9U
7,166
6,027
2,165
4?00 003 under 4500 000
975
$500,000 under $1,000,000
499
2,010,392
7,494,638
980,446
2,550,756
10,847,852
1,470,551
1,114,900
3,911,846
457,051
331,583
1,012,679
97,146
Missouri
Montana
Nebraska
Nevada
Taxable and nontaxable returns:
207,139
280,404
258,815
222,595
181,599
240,819
21,001
7,343
6,647
3,845
1,695
330
93
6
-
112,033
416,600
642,036
776,528
812,512
1,557,348
249,318
125,545
150,323
144,289
112,537
43,420
24,315
4,492
1,065
21,133
48,376
71,715
85,710
207,598
43,468
26,141
41,722
46,419
48,050
22,802
14,545
2,900
29,308
42,784
39,577
37,846
26,357
36,730
3,716
1,454
668
643
123
3
3
1
16,032
62,302
99,889
133,695
119,285
234,233
44,534
24,269
16,911
23,900
7,414
401
762
664
309
3,377
5,588
11,189
11,533
27,875
8,044
4,892
4,328
8,255
3,073
220
397
344
74,625
107,164
105,471
84,236
54,933
52,511
7,474
2,425
2,010
886
299
44
9
1
1
43,803
157,120
261,371
293,720
244,396
393,660
89,944
40,927
48,183
33,137
19,454
5,745
2,475
926
1,526
601
6,915
14,953
24,011
24,014
51,114
15,746
8,477
12,330
10,978
8,370
2,928
1,339
489
805
6,553
9,953
15,054
11,849
15,820
20,047
1,246
571
511
259
138
51
11
1
1
4,385
14,546
37,770
40,763
70,770
128,681
14,454
9,895
12,576
9,857
9,242
6,652
2,880
807
2,621
151
523
3,050
2,573
7,749
16,345
4l0 000 under 415 000
2,554
2,299
$20 000 under $30 000
3,118
3,494
4,132
$100 000 under $200 000
3,142
1,553
$500,000 under $1,000,000
307
1,664
Total
1,432,531
5,181,397
681,645
219,313
784,291
90,524
502,089
1,636,387
183,130
82,165
365,899
52,654
New Hampshire
New Jersey
New Mexico
New York^
Taxable and nontaxable returns:
40,162
41,031
45,545
37,020
23,655
25,850
1,834
764
496
296
94
24
6
22,405
61,024
113,568
130,836
105,858
160,851
21,812
13,045
12,118
11,102
6,227
3,250
1,443
215
3,466
9,096
11,097
9,525
20,509
3,945
2,792
3,120
3,551
2,586
1,660
839
215,839
289,403
347,317
370,594
316,172
494,850
48,059
15,808
11,423
5,232
2,079
358
53
10
2
111,140
435,321
869,764
1,293,139
1,415,225
3,210,847
572,371
272,569
270,342
196,999
137,327
46,613
14,519
5,514
2,517
1,530
27,181
77,174
121,013
143,614
415,039
98,184
56,899
67,200
62,632
58,287
24,067
8,770
3,902
1,265
33,114
28,978
36,957
30,222
25,261
42,664
3,916
1,222
477
1,010
207
42
5
1
18,551
45,901
92,454
106,647
117,322
276,732
47,040
20,787
11,706
34,256
13,031
5,408
1,416
846
289
2,143
3,453
7,412
10,298
34,952
8,179
4,376
3,252
10,650
5,738
2,591
765
356
717,966
983,651
1,157,947
1,103,908
921,598
1,279,816
140,070
48,973
38,003
23,605
11,356
2,939
734
92
43
393,205
1,439,341
2,899,870
3,873,623
4,137,944
3,331,305
1,671,813
838,909
912,959
893,790
757,390
388,693
205,811
63,649
88,129
5,016
$1 000 under $2 000
79,218
222,082
43 000 under 44 000
343,114
382,013
$5 000 under $10 000
1,040,612
4lO 000 under 415 000
273,124
$15 000 under $20 000
165,532
212,602
$30 000 under $50 000
260,013
450 000 under 4100 000
289,469
181,008
4200 000 under 4500 000
106,721
$500,000 under $1,000.000
4l 000 000 or more
36,826
53,852
216,777
663,649
72,411
2,117,199
8,855,507
1,166,757
204,076
792,097
94,454
6,435,701
26,945,431
3,656,252
See footnotes at end of table. See text for individual returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations of Data.'
48
INDIVIDUAL INCOME TAX RETURNS FOR 1952
Table 13.— ADJUSTED GROSS INCOME AND INCOME TAX LIABILITY. BY STATES AND TERRITORIES AND BY ADJUSTED GROSS INCOME CLASSES— Condoued
(Returns with adjusted gross income)
Adjusted gross income classes
Number of
returns
Adjusted
gross
income
f Thouaand
dollars}
Income tax
liability
(after
credits)
(Thmiaand
dollara)
Number of
returns
Adjusted
gross
income
( Thousand
dollara)
Income tax
liability
(after
credits)
(Thousand
dollara)
Number of
returns
Adjusted
gross
income
dollara)
Income tax
liability
(after
credits)
dollars)
Number of
returns
Adjusted
gross
income
dollars)
Income tax
liability
(after
credits)
(Thousand
dollara)
North Carolina
North Dakota
Ohio
Oklahoma
Taxable and nontaxable returns:
160,308
261,531
238,165
156,013
104,113
124,166
11,189
4,652
3,571
2,351
991
162
21
4
2
89,963
403,509
587,930
539,223
465,118
785,637
134,582
79,248
86,487
83,368
65,134
21,261
6,079
2,717
3,289
818
15,388
27,373
33,228
37,400
88,117
22,075
15,539
20,084
25,511
25,162
10,081
3,293
1,294
1,925
38,495
58,764
39,508
35,814
17,352
15,553
2,725
650
646
305
70
5
2
23,672
86,617
98,741
122,990
78,490
105,576
31,517
11,276
15,356
11,245
3,979
651
574
318
4,261
6,261
7,333
6,888
11,593
5,346
2,291
3,653
3,215
1,521
338
403
366, 556
487,937
479,200
591,048
485,230
740,723
55,739
18,280
15,632
8,941
3,752
820
169
25
6
194,532
720,941
1,206,338
2,076,577
2,173,627
4,805,774
563,418
316,553
376,346
336,811
248,914
105,563
46,501
17,004
8,985
2,585
44,196
102,088
197,612
217,559
634,451
117,213
67,440
95,132
110,544
107,618
55,539
27,158
9,906
4,829
109,734
124,619
118,741
105,253
80,552
96,787
9,621
2,957
2,335
1,446
647
125
31
6
2
58,724
184,866
295,584
368,527
361,310
537,306
114,438
50,745
56,595
55,426
42,944
16,351
8,753
4,091
3,191
510
$1,000 under $2,000..
18,260
26,743
33,768
31,372
19,939
10,581
14 352
$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 $30,000
$30,000 under $50,000
$50,000 under $100,000
17,949
18 007
$200,000 under $500,000
4 900
$500,000 under $1,000,000
2,379
Total
1,067,239
3,358,545
327,289
211,000
591,704
53,426
3,254,058
13,298,984
1,794,080
552,877
2,259,852
267,793
Oregon
Pennsylvania
Rhode Island
South Carolina
Taxable and nontaxable returns:
Under $1,000
$1,000 under $2,000
68,179
105,567
89,013
91,320
96,401
116,900
9,805
3,426
2,960
1,635
751
128
27
4
1
34,912
156,362
220,228
322,147
433,265
760,650
116,597
58,480
72,458
62,244
49,410
17,233
7,257
2,935
1,903
342
7,706
17,334
31,485
41,350
98,664
20,425
12,401
17,943
19,558
20,419
8,564
3,698
1,305
828
480,248
659,564
764,354
873,100
616,781
715,270
56,529
20,625
15,427
9,493
4,914
1,150
188
28
17
254,218
1,001,279
1,922,597
3,037,012
2,760,186
4,540,068
575,442
353,222
372,088
358,843
329,810
155,306
53,050
19,025
44,409
2,725
61,847
158,035
264,415
272,494
589,690
119,559
74,983
96,547
113,814
143,726
79,201
31,934
13,071
28,337
37,802
62,735
65,925
69,537
39,227
48,309
3,803
1,766
1,282
756
318
82
26
1
2
21,266
92,366
167,387
239,759
177,727
307,952
45,234
29,611
31,174
28,585
21,000
10,692
7,293
621
2,769
386
6,448
13,637
20,136
17,654
39,523
7,7M
6,993
3,343
9,532
9,214
5,563
4,327
445
1,892
68,411
113,578
113,153
79,746
51,171
78,890
4,823
1,829
1,573
1,047
453
91
25
21
1
39,639
171,614
279,773
276,396
228,040
491,957
57,582
31,029
40,575
39,014
28,398
11,596
6,137
11,467
1,008
276
5,954
$3,000 under $4,000
$4,000 under $5,000'
17,177
17,695
$5,000 under $10,000
57,604
9,496
5,953
10,833
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $30,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
11,269
5,499
2,908
5,632
607
Total
586,167
2,316,087
302,123
4,217,689
15,877,555
2,055,379
331,571
1,133,436
152,007
514,812
1,714,230
177 746
South Dakota
Tennessee
Texas
Utah
Taxable and nontaxable returns;
Under $1 ,000
44,029
64,140
38,718
33,680
16,892
20,569
2,177
520
392
238
71
12
3
23,424
93,933
95,478
116,739
76,423
132,432
26,285
8,714
9,277
10,721
4,565
1,539
897
262
4,785
4,639
8,533
6,949
16,242
4,563
1,343
2,236
3,441
1,987
805
385
135,652
190,642
182,661
145,597
92,075
106,020
11,069
4,052
3,053
1,746
746
115
27
3
1
73,635
283,914
457,442
507,624
413,578
677,472
131,122
69,064
73,346
65,467
49,973
14,772
7,467
1,849
1,642
480
10,399
21,306
35,109
39,249
83,496
22,383
14,392
18,160
20,835
21,129
7,515
4,587
793
307
350,861
443,959
433,245
403,532
316,369
422,217
45,150
15,024
11,048
8,203
3,502
765
203
40
11
197,511
559,231
1,079,819
1,405,489
1,422,125
2,710,023
533,922
253,953
268,331
312,146
234,793
101,611
61,291
27,511
19,942
1,934
25,619
61,406
106,859
131,166
344,034
96,616
56,254
71,370
106,905
103,916
53,622
34,404
16,110
12,508
33,687
40,672
37,214
39,159
41,912
45,431
3,790
1,342
485
537
225
27
1
1
21,829
61,273
93,178
136,110
138,309
291,911
43,329
22,580
12,059
20,537
14,163
3,632
240
542
377
$2,000 under $3,000
6 280
$10,000 under $15,000
$15,000 under $20,000
7,121
4 315
$30,000 under $50,000
6,288
$100,000 under $200,000
1,565
90
278
$500,000 under $1,000,000
Total
221,491
600,477
56,570
873,469
2,828,368
300,640
2,454,539
9,297,753
1,222,734
249,544
909,692
92,647
Vermont
Virginia
Washington'
West Virginia
Taxable and nontaxable returns:
Under $1 000. . .
26,057
2n,482
24,704
23,447
15,404
12,379
1,095
569
337
133
61
14
4
1
14,802
43,595
61,107
79,991
68,187
76,422
13,119
9,813
7,832
4,836
4,003
1,857
1,120
920
152
2,258
3,973
4,893
5,022
9,478
2,201
2,154
1,726
1,419
1,553
804
701
674
153,694
232,557
214,881
175,002
118,524
157,966
17,737
5,013
3,597
2,002
762
158
20
4
3
86,280
354,302
534,213
608,946
534,300
1,053,254
211,248
86,437
89,623
75,132
50,763
20,466
5,829
2,484
8,016
1,036
15,855
34,170
45,967
50,422
138,043
36,420
17,869
22,274
23,541
21,024
10,324
3,397
1,402
5,310
114,039
144,544
142,417
172,868
163,304
207,203
20,989
5,407
5,037
2,403
855
125
25
4
62,611
216,282
357,090
506,656
731,064
1,355,704
246,525
92,733
120,906
90,286
56,692
16,611
7,437
3,243
981
12,368
30,947
58,747
78,859
180,968
44,370
20,171
32,293
30,753
25,329
3,386
4,050
1,634
85,253
110,681
101,555
134,059
75,175
92,696
5,660
1,303
1,471
1,003
391
45
5
1
44,214
161,533
257,809
467,299
334,980
595,142
66,900
31,032
35,537
37,507
25,444
5,704
1,376
630
$1,000 under $2,000
7 567
$2,000 under $3,000
16,121
$4,000 under $5,000'
30,855
$5,000 under $10,000
73 950
$20,000 under $30,000
9 584
$50,000 under $100,000
11,504
$200,000 under $500,000
853
$500,000 under $1,000,000
312
132,687
387,605
37,008
1,082,020
3,721,293
427,054
979,781
3,963,940
530,356
610,803
2,065,157
See footnotes at end of table. See text for individual returns for "Explanation of Classifications and Terms" end for "Description of Sample and Limitations of Data."
INDIVIDUAL INCOME TAX RETURNS FOR 1952
49
Table 13.— ADJUSTED GROSS INCOME AND INCOME TAX LIABILITY, BY STATES AND TERRITORIES AND BY ADJUSTED GROSS INCOME CLASSES— Continued
(Returns with adjusted gross income)
Adjusted gross income classes
Number of
returns
AAjusted
gross
dotta:
Income tax
liability
(after
credits)
(Thoaaand
dot tors)
Number of
returns
Adjusted
gross
income
Income tax
liability
(after
credits)
(Thouaand (Thouaartd
dollars) dotlara)
Wyoming
Taxable and nontaxable returns:
Under $1,CX10
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $i,000
$<,000 under $5,000'
$5,000 under $10,000..
$10,000 under $15,000.
$15,000 under $20,000.
$20,000 under $30,000.
$30,000 under $50,000.
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000.
$1,000,000 or more
177,374
220,943
217,324
220,501
215,220
251,146
17,501
6,656
4,937
2,801
1,135
201
41
Total.
1,335,781
102,042
326,758
544,443
771,522
965,752
1,616,893
206,677
113,627
119,006
105,978
74,726
26,461
11,111
588
4,985,584
1,454
18,692
41,293
69,615
96,023
208,899
35,437
22,864
28,567
32,299
30,755
13,194
6,152
228
13,561
18,958
13,514
20,294
17,143
19,977
1,764
699
486
213
84
605,472
7,824
26,585
32,527
70,826
77,625
134,157
20,948
11,840
11,622
8,236
5,634
1,784
477
842
1,423
412,350
151
1,363
2,217
5,706
7,298
17,765
3,792
2,553
2,992
2,787
2,550
940
295
356
759
See text for individual returns for "Explanation of Classifications and Terras" and for "Description of Sample and Limitations of Data."
'Includes nontaxable returns with adjusted gross income exceeding the class limit.
^Not comparable with data for prior-year tabulations for two reasons. First, Puerto Rican 1952 returns filed in Baltimore during the first-half
of 1953 are Included in Maryland data; but Puerto Rican returns filed in New iork City during the last-half of 1953 are included in New York data.
For prior-year tabulations, Puerto Rican returns were included exclusively in Maryland data. Secondly, for prior-year tabulations, overseas service-
men's returns were filed exclusively in Baltimore and were included in Maryland data. For 1952 tabulations, these returns were filed in directors'
offices of the various States and are included in the data for the respective states.
^Not comparable with data for prior-year tabulations. Includes for -the first time Puerto Rican 1952 returns filed in New York City during the
last-half of 1953.
^Includes Alaska.
HISTORICAL TABLES
INDIVIDUAL RETURNS, 1944 52
(For historical data prior to 1944, see Statistics of Income for 1949, pp. 196-226)
Page
14. Number of returns by major characteristics, adjusted gross income
and deficit, and tax 53
15. Number of returns with income tax habihty, adjusted gross income,
income tax, average tax, and effective tax rate, by adjusted gross
income classes 54
16. Sources of income by type 55
17. Selected sourcfes of income by adjusted gross income classes 56
18. Itemized deductions by type 58
19. Number of returns with adjusted gross income, adjusted gross
income, and income tax, by States and Territories 59
51
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
53
Table 14— NUMBER OF RETURhS BY MAJOR CHARACTERISTICS. ADJUSTED GROSS INCOME AND DEFICIT, AND TAX, 1944-1952
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-eraployment tax
Nontaxable returns^
Number 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 received
Annuities
Income fron fiduciaries
Business profit
Partnership profit
Net gain from sales of capital assets.
Net gain from sales of other property.
Rents and royalties profit
Miscellaneous income'
Losses:
Business loss
Partnership loss
Net loss from sales of capital assets.
Net loss froro sales of other property.
Rents and royalties loss
Net operating loss deduction*
Amount of adjusted gross income, 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 (after credits )
Self-employment tax
56,528,817
56,107,089
43,866,832
12,240,257
421,728
9,441
412,287
43,876,273
12,652,544
12,835,776
11,462,609
1,373,167
43,693,041
32,413,664
11,279,377
49,342,862
4,218,722
5,196,439
634,881
425,669
5,791,797
1,625,320
2,034,196
98,738
3,865,368
1,888,988
1,080,870
208,170
665,727
124,402
1,054,992
29,987
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
6,127,629
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
53,060,098
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
512,214
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
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
4A, 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,(779,988
774,649
183,111
610,349
98,030
852,354
52,316,547
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
49,750,991
42,650,502
7,100,489
181,792
181,792
42,650,502
7,282,281
8,478,590
7,800,550
678,040
41,454,193
34,849,952
6,604,241
43,888,743
I 4,952,101
275,423
291,859
5,276,269
1,421,871
1,671,192
83,283
3,125,981
1,853,076
570,572
108,247
391,561
79,707
692,692
47,111,495
46,919,590
42,354,463
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
(Thouaand dollars)
216,087,449
198,531,734
17,555,665
797,541
23,425
774,116
28,020,233
27,802,831
217,457
203,097,033
185,171,964
17,925,069
760,548
23,912
736,636
24,439,073
24,227,730
211,293
179,874,478
158,545,122
21,329,356
18,374,922
18,374,922
161,373,205
138,566,406
22,806,799
799,280
799,230
14,538,141
14,538,141
164,173,861
142,056,385
22,116,976
657,847
657,347
15,441,529
15,441,529
150,295,275
135,301,876
14,993,399
559,193
559,193
13,076,281
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
292,472
292,472
17,050,378
17,050,378
U6,714,736
114,761,385
1,953,351
249,771
249,771
16,216,401
16,216,401
^Includes returns with no information reported.
^Excludes optional returns with this source of income which is reported as other income.
'includes optional returns showing wages not subject to income tax withholding, dividends, and interest,
*Not available prior to 1951,
not exceeding $100 per return, reported ir. i
Dther income.
54
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
Table 15 — NUMBER OF RETURNS, ADJUSTED GROSS INCOME, INCOME TAX. AVERAGE TAX, AND EFFECTIVE TAX RATE, BY ADJUSTED GROSS INCOME CLASSES, 1944-1952
(Returns with income tax liability)
Adjusted gross income classes
1952
1951
1950
19i9
19ie
1946
19i5
Number of returns
$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 $i,000
$i,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000...
$200,000 under $500,000..,
$500,000 under $1,000,000,
$1,000,000 or more
Total
$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 $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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000...
$200,000 under $500,000. . .
$500,000 under $1,000,000.
$1,000,000 or more
Total
$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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000. . .
$200,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 or more
Total
$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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000. . .
$200,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 or more
Total
1,526,161
2,790,569
3,153,212
4,342,819
4,996,125
1,420,812
, 1,610,092
1,570,113
1,538,868
_
_
_
_
_
2,760,133
2,754,588
2,663,366
2,742,856
2,619,795
4,178,487
4,744,514
7,041,008
6,989,931
2,963,805
3,115,581
3,333,412
3,385,746
3,628,233
5,660,010
5,928,686
7,175,731
6,863,662
3,568,839
3,814,784
4,132,168
4,418,528
4,683,599
6,439,111
6,072,182
6,348,181
6,000,454
3,883,813
4,178,241
4,585,740
4,750,944
4,914,112
6,171,703
5,310,256
5,252,169
5,301,072
8,552,203
8,858,530
8,668,606
8,076,430
8,280,683
8,695,846
5,677,207
6,737,442
6,918,693
7,279,244
6,949,135
5,740,400
4,727,478
4,880,174
3,818,891
2,757,501
2,612,825
2,816,977
10,609,222
8,699,138
6,114,699
4,837,794
4,666,206
2,837,585
2,331,853
1,885,471
1,834,433
983,014
831,819
679,114
581,572
599,545
486,961
452,271
353,346
298,478
324,088
295,919
256,019
220,420
236,438
201,300
192,540
155,308
129,466
252,333
248,459
223,482
181,989
192,771
160,010
156,674
129,195
105,972
152,900
149,837
136,462
105,718
114,526
89,158
88,918
74,254
62,032
65,396
67,447
62,689
46,130
52,725
38,049
39,101
33,495
28,963
14,114
16,053
15,512
10,751
12,741
8,410
8,367
7,256
6,438
3,195
3,905
4,058
2,572
2,975
2,018
1,997
1,673
1,489
416
523
623
379
415
302
323
258
221
148
171
219
120
149
114
94
71
62
42,833,675
41,594,222
38,186,682
35,628,295
36,411,248
41,578,524
37,915,696
42,650,502
42,354,468
Adjusted gross income (Thoaaend dollars)
_
_
.
_
1,272,455
2,152,141
2,425,223
3,794,336
3,923,819
1,191,714
1,354,605
1,310,810
1,289,971
_
_
_
_
_
3,463,102
3,452,761
3,381,544
3,474,249
3,347,031
5,295,621
6,021,539
8,839,562
8,747,412
5,176,783
5,446,167
5,818,935
5,925,589
6,347,058
9,974,180
10,435,174
12,537,387
11,988,824
8,030,291
8,578,144
9,290,893
9,926,073
10,528,563
14,507,256
13,659,829
14,236,038
13,454,630
10,717,097
11,530,006
12,652,390
13,084,856
13,535,912
16,951,476
14,545,694
14,394,603
14,530,659
29,930,509
30,946,234
30,154,986
28,027,897
25,714,750
29,914,610
22,924,649
23,142,517
23,773,010
32,575,069
31,016,829
25,557,691
21,029,837
21,709,135
16,917,330
12,205,197
11,541,980
12,432,205
68,763,095
55,838,698
39,046,068
30,970,696
29,818,294
13,433,619
15,288,504
12,273,236
11,735,065
11,677,403
9,923,727
8,148,940
6,971,830
7,200,668
5,870,665
5,460,356
4,267,146
3,602,112
5,561,110
5,078,155
4,396,990
3,783,153
4,054,251
3,455,452
3,306,371
2,668,955
2,224,022
6,084,077
6,003,939
5,391,864
4,376,718
4,642,297
3,847,922
3,769,976
3,108,042
2,554,100
5,757,127
5,651,016
5,144,080
3,976,070
4,313,111
3,351,904
3,347,687
2,798,339
2,338,915
4,340,235
4,500,312
4,192,517
3,074,224
3,516,082
2,525,752
2,593,410
2,232,799
1,926,020
1,863,390
2,128,209
2,063,310
1,427,146
1,687,801
1,112,582
1,101,556
956,753
852,292
891,963
1,100,454
1,141,235
718,256
836,689
574,611
563,822
476, 340
419,670
278,810
349,694
419,462
254,332
274,704
201,811
216,896
169,744
149,017
289,224
344,640
433,407
255,509
258,072
214,946
184,145
123,384
109,611
196,590,999
183,243,590
158,545,122
138,566,406
142,056,885
135,301,876
118,050,027
117,561,661
114,761,385
Income
tax liability (after credits) (Thousand dollersi
_
_
_
_
37,706
99,608
112,705
138,405
146,361
46,964
50,542
40,337
38,437
_
_
_
_
_
271,039
241,320
197,079
191,102
187,415
387,787
432,817
575,916
584,939
477,751
461,740
413,125
394,473
435,023
844,726
848,468
1,071,730
1,026,126
748,512
721,975
647,870
650,080
704,578
1,291,807
1,142,625
1,344,942
1,264,429
1,022,509
998,321
090,984
875,700
914,648
1,510,628
1,227,337
1,424,862
1,455,234
2,941,669
2,728,262
2,177,241
1,919,402
1,990,235
2,767,106
2,099,586
2,569,494
2,662,163
3,323,844
2,919,638
2,043,783
1,609,178
1,687,046
1,761,421
1,277,523
1,507,599
1,626,139
8,849,348
6,607,556
3,983,698
3,039,306
2,960,914
2,550,665
2,160,867
2,119,569
1,997,510
2,024,375
1,594,410
1,157,379
951,897
1,002,044
1,172,385
1,105,837
1,025,393
866,922
1,158,592
978,921
757,996
625,709
684,138
850,451
824,524
775,181
647,519
1,520,467
1,387,758
1,121,239
869,647
945,484
1,167,726
1,160,281
1,086,667
899,901
1,830,556
1,677,416
1,382,086
1,022,535
1,136,288
1,277,688
1,291,755
1,202,778
1,017,838
1,811,292
1,778,160
1,517,006
1,062,365
1,247,160
1,186,450
1,223,315
1,156,298
1,021,998
934,889
1,043,855
942,110
623,421
759,324
613,018
603,237
568,290
534,490
495,864
612,801
602,558
369,969
441,954
340,804
327,245
293,392
284,970
164,964
211,452
239,881
148,465
155,866
122,749
127,671
109,962
103,804
180,196
213,653
260,550
146,459
151,715
131,263
110,117
79,900
76,058
27,802,831
24,227,780
18,374,922
14,538,141
15,441,529
18,076,281
16,075,913
17,050,378
16,216,401
Ave
rage income t
ax per taxabl
e return (Ooll
OTS)
.
.
.
.
25
36
36
29
29
33
31
26
25
_
_
_
-
-
98
86
74
70
72
93
91
82
84
161
148
124
117
120
149
143
149
150
210
189
157
147
150
201
188
212
211
263
239
194
184
186
245
231
271
275
344
308
251
238
240
318
314
381
385
457
420
356
340
346
461
463
577
577
834
760
651
628
635
899
927
1,124
1,089
2,059
1,917
1,704
1,637
1,671
2,408
2,445
2,902
2,904
3,575
3,308
2,961
2,839
2,894
4,225
4,282
4,991
5,001
6,026
5,585
5,017
4,779
4,905
7,298
7,406
8,411
8,492
11,972
11,195
10,128
9,672
9,922
14,331
14,527
16,198
16,408
27,697
26,364
24,199
23,030
23,654
31,162
31,286
34,522
35,286
66,238
65,026
60,734
57,987
59,597
72,392
72,097
78,320
83,021
155,200
156,927
148,486
143,845
148,556
168,882
163,868
175,369
191,363
396,548
404,306
385,042
391,728
375,581
406,454
395,266
426,209
469, 70r
1,217,541
1,249,433
1,189,726
1,220,492
1,018,221
1,151,430
1,171,457
1,125,352
1,226,742
649
582
481
408
424
435
424
400
383
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
55
T.ble 15.-NUMBER OF RETURNS, ADJUSTED GROSS INCOME. INCOME TAX, AVERAGE TAX, AND EFFECTIVE TAX RATE. BY ADJUSTED GROSS INCOME CLASSES. 1944-1952-Cont„.ued
(Returns with income tax liability)
Adjusted gross income classes
$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 $30,000
$30,000 under $50,000
$50,000 under $100,000. . .
$100,000 under $200,000..
$200,000 under $500,000..
$500,000 under $1,000,000
$1,000,000 or more
Total
Effective income tax rate (Income tax aa parcant of adiuitad groaa incoma)
3.9
7.8
9.2
9.3
10.2
12.9
17.3
20.8
25.0
31.8
41.7
50.2
55.6
59.2
62.3
3.7
7.0
8.5
9.4
11.8
16.1
19.3
23.1
29.7
39.5
49.0
55.7
60.5
62.0
5.8
7.1
7.0
7.0
7.2
8.0
10.2
14.2
17.2
20.8
26.9
36.2
45.7
52.8
57.2
60.1
3.0
5.5
6.7
6.5
6.7
6.8
7.7
9.8
13.7
16.5
19.9
25.7
34.6
43.7
51.5
58.4
57.3
5.6
6.9
6.7
6.8
6.9
7.8
9.9
13.9
16.9
20.4
26.3
35.5
45.0
52.8
56.7
58.7
7.3
8.5
8.9
8.9
9.3
10.4
13.8
20.0
24.6
30.3
38.1
47.0
55.1
59.3
60.8
61.1
7.2
8.1
8.4
9.2
10.5
14.1
20.3
24.9
30.8
38.6
47.2
54.8
58.0
58.9
59.8
6.5
8.5
9.4
9.9
11.1
13.1
17.3
24.0
29.0
35.0
43.0
51.8
59.4
61.6
64.8
64.8
9.4
10.0
11.2
13.1
17.0
24.1
29.1
35.2
43.5
53.1
62.7
67.9
69.7
69.4
Table 16.— SOURCES OF INCOME BY TYPE, 1944-1952
Sources of income
Returns with adjusted gross income:
Positive income:
Salaries, wages, commissions^
Dividends^
Interest received^
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
Miscellaneous income*
Total
Losses:
Business loss
Partnership loss
Net loss from sales of capital assets.
Net loss from 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 received
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
Miscellaneous income
Total
Losses:
Business loss
Partnership loss
Net loss from sales of capital assets
Net loss from sales of other property
Rents and royalties loss
Net operating loss deduction'
Total
Adjusted gross deficit
(Thousand dollars j
174,193,394
5,834,215
1,822,337
581,672
1,700,139
18,180,679
8,799,142
2,761,088
102,826
3,432,513
794,878
218,202,883
1,009,459
241,285
348,557
89,145
383,212
43,724
2,115,382
216,087,449
145,638
25,409
24,562
2,139
11,096
14,314
34,656
74,777
13,770
56,583
6,958
409,902
873,919
150,234
16,905
50,624
24,892
90,865
797,541
160,336,699
6,030,895
1,684,015
499,306
1,739,064
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
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
2,04a
10,318
16,785
21,038
77,520
1,694
40,797
10,262
336,959
758,250
137,740
16,742
53,140
47,293
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
1,582,868
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
1,091,408
799,280
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
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,U5,258
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
26,579
4,332
201,946
519,812
143,121
18,281
56,080
23,845
761,139
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
134,330,006
29,585
3,270
2,843
825
1,529
7,005
2,558
22,344
1,295
8,668
1,997
81,919
248,514
29,254
16,974
25,131
9,251
329,124
247,206
9] ,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
41,560
18,625
11,462
12,862
32,332
3,903
13,321
4,872
142,817
290,074
62,445
11,856
57,169
13,745
292 ,472
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
344,700
^Excludes wages of less than $100 per return from which no income tax was withheld, reported on optional returns as other income.
^Excludes dividends received through partnerships and fiduciaries and those reported on optional returns.
■'Excludes interest of less than $100 per return reported on optional returns.
^Includes wages not subject to income tax withholding, dividends, and interest, not exceeding $100 per return, reported in one sum as other income on optional returns.
'Not available prior to 1951.
^Number of returns is subject to san5)ling variation of more than 100 percent; therefore, data are not shown separately. However, they are included in totals.
56
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
Table 17— SELECTED SOUKCES OF INCOME BY ADJUSTED GROSS INCOME CLASSES. 1944-1952
Adjusted gross inccnie classes
Salaries, wages, commissions cTTi.xisjnd dolUi
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
$i,000 under $5,000^
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 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 $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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total
Returns with no adjusted gross Income.
Grand total
See footnotes at end of table.
826,510
1,037,879
1,164,941
1,345,897
768,463
_
-
.
-
2,635,294
3,276,375
3,783,359
3,772,823
3,538,186
1,197,251
1,146,950
1,093,015
1,114,198
-
-
-
-
-
1,964,031
2,154,234
2,247,748
2,288,944
_
_
_
_
_
4,763,672
4,765,216
5,003,951
5,357,515
5,115,343
6,503,166
7,629,891
7,821,516
7,565,454
6,761,372
7,062,581
7,866,925
3,253,360
8,639,432
11,080,052
11,999,334
11,021,435
10,421,078
9,147,321
9,758,258
10,380,068
11,740,607
12,295,300
15,017,923
14,674,070
12,690,317
11,926,793
11,757,228
12,474,191
13,996,335
14,578,344
14,936,787
16,744,993
14,458,092
12,336,552
13,101,117
30,554,952
31,270,695
30,717,185
28,413,731
29,124,313
27,869,323
20,707,182
20,620,539
21,521,093
31,342,772
29,561,094
23,861,323
19,170,123
19,849,534
14,498,399
9,793,982
9,676,760
10,730,347
60,361,693
47,621,929
31,515,233
23,996,697
22,430,789
11,454,941
3,667,136
7,067,600
7,272,573
7,172,156
5,626,778
4,175,514
3,593,899
3,408,527
2,438,846
2,057,229
1,524,071
1,334,541
2,590,932
2,308,530
1,855,309
1,663,462
1,656,210
1,335,736
1,131,172
354,804
756,752
2,435,160
2,443,317
2,053,211
1,742,438
1,740,103
1,380,574
1,210,667
935,619
315,541
2,102,804
2,020,299
1,768,317
1,438,038
1,487,639
1,089,868
955,150
745,895
654,718
1,415,540
1,421,555
1,256,908
964,043
1,036,658
695,377
630,800
490,434
449,697
463,227
512,329
463,720
347,425
391,664
231,652
201,221
148,797
139,363
140,748
160,592
164,845
112,323
114,897
63,106
61,620
45,358
41,627
17,596
24,074
27,827
18,066
13,247
8,772
10,648
7,545
6,474
4,439
4,077
7,693
5,729
7,033
3,140
2,031
1,752
1,261
174,193,394
160,336,699
138,956,127
124,798,953
125,814,326
114,736,671
99,144,074
91,658,219
91,095,081
145,638
14^,998
116,998
34,195
66,576
67,076
29,585
41,580
29,666
174,339,032
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* (Thousand dollars)
.
.
.
.
9,967
13,837
8,535
18,105
20,572
_
-
_
_
52,192
61,798
59,667
104,805
125,542
18,236
11,126
13,255
16,387
-
-
-
-
-
42,567
39,969
44,003
55,742
_
_
_
_
_
68,815
71,780
83,102
90,554
77,767
92,637
81,931
140,531
165,909
89,248
88,011
88,256
108,496
85,121
96,006
89,860
141,074
157,801
90,694
95,036
93,956
123,090
90,802
105,357
95,006
147,936
148,562
101,725
102,454
101,619
119,276
86,675
105,762
103,472
138,136
145,732
196,131
199,416
207,767
261,941
183,714
207,702
178,881
249,705
260,119
199,570
229,364
227,541
226,052
187,515
175,112
174,753
178,271
226,103
845,370
853,185
780,146
732,133
643,704
615,424
545,815
625,912
615,584
592,188
551,141
525,708
446,940
428,719
403,488
352,637
365,025
347,661
417,070
404,406
393,190
334,989
322,247
307,659
257,882
263,073
248,378
593,180
604,679
602,621
485,815
470,908
421,074
356,406
347,160
320,625
729,432
735,213
753,936
591,314
601,495
479,275
398,093
365,757
346,716
802,253
841,279
866,375
671,926
697,785
510,842
420,466
372,534
354,241
502,339
558,639
592,084
439,648
484,886
320,643
253,237
210,146
199,016
312,377
364,894
403,322
289,075
300,382
199,684
162,371
125,943
U9,642
100,881
130,601
158,822
110,883
102,760
77,499
72,273
53,476
58,473
132,139
149,702
179,203
108,943
112,999
84,071
59,255
53,336
50,436
5,834,215
6,030,395
6,130,906
5,218,206
4,939,627
4,278,371
3,670,587
3,906,025
3,911,110
25,409
25,120
26,793
28,021
31,273
16,819
3,270
18,625
12,620
5,859,624
6,056,015
6,157,699
5,246,227
4,970,900
4,295,190
3,673,857
3,924,650
3,923,730
Interest received' (Thouaand dollars)
11,179
13,041
8,313
->
_
_
_
_
49,095
53,587
4^,087
19,615
17,963
19,571
16,964
_
_
-
48,018
45,531
44,154
53,510
-
-
-
81,132
71,327
74,529
33,939
65,681
63,533
55,947
84,774
76,550
77,866
91,703
59,229
64,019
59,111
82,537
74,709
68,066
79,073
60,162
62,898
59,121
75,986
71,350
66,922
71,703
58,935
60,552
57,108
128,429
131,610
119,396
135,397
112,523
99,829
97,259
138,933
128,569
126,364
127,540
95 ,717
72,382
66,734
397,137
353,724
313,921
303,637
244,735
201,061
188,060
184,467
165,038
145,219
123,606
113,620
100,902
96,714
1 (Report
r divi
ed with
116,168
102,492
92,049
81,961
76,060
66,414
64,469
dends )
147,089
127,927
122,404
100,995
93,092
76,771
79,482
137,266
129,189
126,715
99,397
94,149
73,091
73,277
105,898
105,539
93,633
73,621
78,294
58,062
60,863
44,883
46,305
45,816
37,065
37,521
26,186
27,995
21,114
20,710
23,040
15,370
17,353
12,658
12,709
3,994
5,124
7,035
5,106
5,493
4,107
6,420
4,897
5,358
6,148
5,415
6,215
6,161
6,041
1,822,337
1,684,015
1,582,898
1,511,555
1,279,044
1,115,258
1,064,219
24,562
18,200
12,706
16,275
14,406
10,156
2,843
1,846,899
1,702,215
1,595,604
1,527,830
1,293,450
1,125,414
1,067,062
_-
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
57
Table 17.— SELECTED SOURCES OF INCOME BY ADJUSTED GROSS INCOME CLASSES. 1944-1952— Continued
Adjusted gross inccsne classes
1952
1951
1950
1949
1948
1947
1946
1945
1944
Business profit (Thoaaand dollaraj
Returns with adjusted gross income:
105,506
300,727
672,572
922,504
995,599
1,137,327
1,994,450
1,608,172
4,087,451
1,952,696
1,207,256
1,338,082
1,105,699
563,419
138,078
37,901
8,703
4,537
110,232
295,738
728,071
963,095
1,143,414
1,199,742
2,137,336
1,643,200
3,845,706
1,845,160
1,111,531
1,252,349
1,030,518
592,568
166,863
49,098
10,149
5,593
114,250
324,004
760,470
1,028,688
1,112,835
1,148,598
1,987,315
1,512,663
3,433,953
1,672,103
930,517
1,124,333
915,644
513,650
153,962
42,470
10,005
5,684
142,904
335,642
875,216
1,108,237
1,177,748
1,183,369
1,373,273
1,467,623
3,208,082
1,401,008
803,714
873,342
646,875
336,899
37,756
27,131
6,919
7,352
76,949
431,734
383,773
1,191,803
1,242,922
1,236,909
2,113,114
1,676,585
3,824,833
1,752,694
998,677
1,065,369
309,288
471,907
137,191
43,201
7,665
9,802
95,729
469,456
927,023
1,156,495
1,297,021
1,223,001
2,056,996
1,561,828
3,553,366
1,480,375
790,126
739,329
562,105
294,396
73,846
25,951
6,767
5,684
93,708
522,234
962,166
1,198,703
1,270,771
1,210,883
1,974,603
1,426,547
3,292,959
1,408,127
736,973
812,440
592,011
331,981
38,141
25,239
2,275
4,569
104,131
537,936
891,498
969,473
959,734
895,152
1,427,700
1,000,881
2,456,694
1,105,146
642,021
659,595
483,745
296,036
98,622
32,631
6,327
4,700
134,404
642,012
-
-
1,0U,117
1,063,912
993,260
903,132
1,318,930
916,307
2,195,528
953,854
532,845
543,505
418,397
279,452
112,618
47,517
10,642
$1 ,000 ,000 or more
5,331
18,180,679
14,314
18,131,463
31,078
16,846,649
16,785
15,613,095
16,451
18,029,409
19,360
16,370,491
10,073
16,004,322
7,005
12,572,022
11,462
12,036,318
12,909
18,194,993
18,162,541
16,363,434
15,629,546
18,048,769
16,380,569
16,011,327
12,583,484
12,099,227
Partnership profit (Thouaand dollara)
Returns with adjusted gross income:
19,096
30,079
99,112
122,307
167,412
208,154
481,853
523,664
1,897,693
1,118,743
794,807
995,687
1,078,931
824,082
324,103
94,503
12,179
6,737
16,706
48,311
96,867
160,234
200,335
262,254
588,258
519,093
1,737,359
1,051,772
705,792
980,999
1,075,101
860,375
383,952
130,461
22,340
11,971
21,497
60,550
141,159
194,073
258,331
296,255
590,004
533,728
1,671,464
979,046
655,394
928,450
945,936
790,584
337,431
120,174
20,875
9,513
29,511
78,893
184,555
247,548
289,039
301,493
631,215
568,377
1,605,933
908,351
588,482
778,834
772,636
596,882
224,287
69,623
12,524
5,795
3,618
61,416
116,436
178,756
217,559
272,664
502,040
531,716
1,596,027
970,018
676,680
355,453
371,434
768,871
294,495
97,443
18,456
5,782
14,828
75,237
157,358
246,248
325,522
363,194
701,011
526,409
1,651,083
1,000,096
678,497
839,632
738,330
590,699
197,497
57,732
13,359
4,555
9,883
57,430
112,106
135,085
234,725
299,286
546,468
457,915
1,499,254
1,022,357
736,388
916,083
919,140
736,462
249,480
78,034
14,394
8,605
9,765
67,731
126,003
162,895
198,665
232,466
416,415
369,608
1,315,963
364,155
639,952
827,912
851,198
716,221
271,816
92,958
24,013
8,143
7,044
52,227
-
-
100,467
123,930
174,512
168,090
317,591
230,040
1,013,877
679 ,029
503,506
649,036
683,446
609,231
253,951
103,843
18,931
17,946
3,799,142
34,656
8,352,180
18,865
8,554,469
21,038
7,894,590
17,638
8,043,362
20,163
3,231,785
16,797
3,083,097
2,558
7,195,884
12,862
5,766,696
Returns with no adjusted gross income
5,713
3,833,798
3,371,045
3,575,507
7,912,228
8,064,025
8,248,582
3,085,655
7,208,746
5,772,409
R
nts and roya
ties profit
(Thouaand dotlara)
Returns with adjusted gross Income:
Under $500
*500 under 4l 000
50,957
126,348
205,770
180,549
193,229
164,104
298,717
309,033
703,866
305,642
182,740
220,726
205,145
165,823
70,415
30,245
9,747
9,457
48,165
122,690
183,913
184,474
163,802
178,832
236,648
269,209
725,908
275,666
164,292
203,403
201,880
157,566
73,730
38,128
10,307
5,335
50,527
123,492
193,324
191,576
192,682
168,665
298,103
274,183
634,310
266,130
157,472
191,722
136,746
143,211
66,305
31,614
8,065
5,023
57,607
141,386
210,344
196,083
179,564
175 ,012
321,301
271,163
565,413
239,904
141,043
164,552
156,417
115, Ul
55,153
24,432
6,563
2,651
30,184
123,187
153,703
152,144
146,120
133,420
264,343
202,593
480,429
212,938
135,127
159,037
152,596
121,802
59,774
23,793
10,975
5,050
43,155
127,450
144,671
147,834
151,639
142,594
258,636
173,534
392,360
176,005
100,992
113,736
98,054
75,248
28,266
15,739
4,042
2,035
29,500
113,590
135,545
135,918
135,626
142,956
220,856
148,711
323,549
149,281
87,128
97,968
81,982
61,925
22,634
12,333
1,674
2,543
37,435
126,913
144,965
128,525
127,946
126,403
203,136
131,424
290,757
123,609
75,518
81,306
68,285
50,391
22,025
10,986
1,257
2,195
36,169
142,144
Under $600
4600 under 41 000
-
$1 500 under $2 000
161,166
141,756
$2,000 under $2,500
141,595
135,434
43 000 under 44 000
215,833
136,496
269,131
112,304
415 000 under 420 000
65,446
$20,000 under $30,000
70,028
58,080
43,142
$100,000 under $200,000
17,788
9,547
$500,000 under $1,000,000
2,002
$1,000,000 or more
2,162
3,432,513
56,533
3,299,943
53,415
3,183,655
40,797
3,024,215
35,417
2,572,772
26,650
2,201,090
26,579
1,903,726
3,668
1,753,131
13,321
1,762,224
10,165
3,489,096
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 1944-45, this class includes nontaxable returns with income exceeding the class limit.
^For 1946 and subsequent years, this class Includes nontaxable returns with income exceeding the class limit.
'Excludes wages of less than $100 per return from which no income tax was withheld, reported on optional returns as other income.
*Exclude3 dividends received through partnerships and fiduciaries and those reported on optional returns. For 1944-45, interest and dividends were reported in one sum on
Form 1040.
'Excludes interest of less than $100 per return reported on optional returns.
58
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
Table 18 — ITEMIZED DEDUCTIONS BY TYPE, 1944-1952
Itemized deductions
(Thousand dollars)
Returns with adjusted gross income:
Interest paid
Taxes paid
Contributions
Medical, dental, etc., expenses
Losses from fire, stonn, etc
Miscellaneous deductions
Total
Returns with no adjusted gross income:
Interest paid
Taxes paid
Contributions
Medical, dental, etc., expenses
Losses from fire, storm, etc
Miscellaneous deductions
Total
Grand total
2,221,353
3,167,778
3,114,739
2,133,130
367,517
2,552,035
13,556,552
6,123
7,918
1,744
5,104
5,905
26,799
(Not
'available )
11,856,378
{Not
available )
26,456
1,494,928
2,199,940
2,258,009
1,556,294
306,572
2,097,950
9,913,693
4,084
5,376
2,333
4,164
1,228
2,021
19,203
1,224 ,oi)4
1,952,731
2,029,550
1,482,699
227,596
1,837,156
8,753,738
5,244
8,186
2,244
5,111
1,350
3,734
25,871
1,000,439
1,619,370
1,878,080
1,300,516
241,569
1,817,912
7,857,:
3,292
8,208
2,651
3,711
2,448
10,843
31,153
13,583,351 11,882,334 9,932,896 8,779,609 7,389,041 7,313,644 6,289,698 5,538,536
913,922
1,625,601
1,969,641
1,394,818
250,426
1,633,553
7,787,962
4,286
5,954
3,939
3,3Cf?
3,449
4,746
25,682
733,364
1,324,609
1,633,151
1,098,326
178,096
1,300,137
6,277,683
662
1,346
331
1,405
1,247
6,025
12,015
694,782
1,245,603
1,443,208
932,956
152,476
1,051,477
5,525,492
2,093
3,777
1,303
2,820
797
1,748
13,044
709,147
1,174,521
1,256,750
301,363
173,742
709,190
4,829,713
2,026
3,302
1,198
1,398
(M
516
3,663
4,838,376
^Number of returns is subject to sampling variation of more than 100 percent; therefore, data are not shown separately. However, they are included in totals.
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
59
Table 19.— NUMBER OF RETURNS, ADJUSTED GROSS DJCOME, AND INCOME TAX, BY STATES AND TERRITORIES, 1944-1952
(Returns with adjusted gross income)
States and Territories
Alabama
Arizona
Arltansas
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 Hanipshire
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
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
See footnotes at end of table,
371897 O - 56 -5
1951
1950
1949
1948
1947
Number of returns
710,102
263,003
384,317
4,593,269
509,376
903,371
139,153
397,855
979,277
884,181
198,799
204,223
3,702,881
1,560,771
956,125
735,424
800,819
706,734
341,265
1,240,098
2,010,392
2,550,756
1,114,9X
331,583
1,432,531
219,313
502,089
82,165
216,777
2,117,199
204,076
6,435,701
1,067,239
211,000
3,254,058
652,877
586,167
4,217,689
331,571
514,812
221,491
873,469
2,454,639
249,544
132,587
1,082,020
979,781
610,803
1,335,731
106,711
56,316,869
706,228
235,389
366,990
4,290,151
501,563
896,247
134,674
371,578
904,277
844,144
189,336
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
2,039,995
194,157
6,299,130
1,034,528
203,780
3,207,570
675,187
574,454
4,180,637
335,221
490,304
222,991
856,721
2,374,600
241,693
131,591
1,001,078
953,480
589,091
1,319,702
106,318
55,041,685
634,960
214,002
344,316
4,078,066
471,209
870,345
128,079
373,762
822,036
770,732
179,871
191,116
3,593,433
1,464,200
938,132
669,904
715,431
637,844
320,488
1,162,059
1,931,414
2,477,041
1,076,359
291,822
1,345,958
208,597
478,657
65,544
210,103
2,008,440
179,164
6,123,930
953,858
198,629
3,066,256
606,613
552,769
4,060,469
327,753
452,555
215,239
304,601
2,237,638
225,356
126,495
956,580
910,934
599,684
1,285,947
101,191
610, 931
203,174
326,192
3,993,611
459,267
826,426
120,793
396,604
770,284
725,497
182,803
137,650
3,619,255
1,409,222
954,663
654,528
679,542
623,020
322,300
1,104,645
1,902,361
2,333,553
1,064,193
282,472
1,358,024
210,026
475,954
61,605
201,461
1,941,010
175,767
6,106,261
906,710
217,305
2,977,078
600,921
541,639
3,974,815
321,008
423,338
2U,937
771,088
2,124,368
216,304
127,061
917,380
906,292
596,898
1,267,743
101,625
616,539
206,128
304,152
4,060,087
440,969
871,497
122,255
339,450
749,657
741,220
182,227
190,204
3,690,962
1,441,605
923,294
645,843
713,550
619,475
336,902
958,698
1,947,809
2,410,194
1,066,112
281,508
1,287,540
210,143
466,438
63,581
211,073
1,993,768
155,756
5,203,398
901,457
198,521
3,090,503
577,105
557,588
4,073,136
331,699
424,012
212,545
769,354
2,037,366
221,326
131,103
905,559
902,167
613,189
1,285,103
99,279
52,664,631 51,499,609 51,788,146 54,809,740
643,182
215,898
330,597
4,536,857
491,025
924,812
126,584
431,551
773,670
762,366
206,054
208,128
3,871,396
1,489,451
948,755
677,835
726,498
663 ,422
344,861
950,502
2,040,169
2,707,237
1,113,143
293,580
1,396,876
213,085
503,212
72,909
220,524
2,061,056
154,001
6,537,319
918,643
201,465
3,213,264
625,258
616,911
4,193,136
342,760
454,974
213,445
795 ,462
2,243,691
232,765
133,032
918,801
1,018,941
611,357
1,332,545
96,535
609,799
201,375
317,400
4,332,029
439 ,460
904,255
122,107
418,468
721,943
753,773
191,218
192,884
3,711,882
1,426,205
916,945
637,397
670,579
639,996
326,599
918,281
1,993,784
2,444,609
1,080,195
288,542
1,342,278
203,050
468,480
71,079
214,420
2,028,646
145,943
6,343,055
910,445
188,034
3,106,666
593,569
553,967
4,127,644
339,076
402,279
196,414
755,103
2,111,121
224,578
131,297
861,239
997,732
573,963
1,279,962
90,191
52,579,956
605,871
184,245
310, 517
4,033,251
403,735
837,399
107,709
386,412
690,505
751,585
190,431
180,578
3,471,774
1,338,572
837,040
638,076
636,487
635,463
311,807
873,857
1,853,647
2,273,737
992,060
298,510
1,308,035
185,907
460,076
65,174
194,999
1,981,047
140,033
6,063,750
842,833
175,955
2,953,543
571,795
518,109
3,872,854
315,953
400,838
192,316
695,825
1,938,628
214,341
113,448
817,140
959,667
545,803
1,209,941
82,206
49,769,196
Adjusted gross income (Thousand dollars)
2,287,810
1,028,023
1,054,449
20,100,403
1,924,515
3,901,967
552,433
1,566,677
3,447,667
3,040,741
662,698
685,693
15,797,279
5,865,932
3,098,004
2,556,360
2,625,929
2,515,010
1,036,442
4,716,487
7,494,638
10,847,652
3,911,846
1,012,679
5,181,397
« 784,291
1,636,387
365,899
663,649
8,855,507
792,097
26,946,431
3,358,545
591,704
13,298,984
2,247,438
853,869
1,075,003
17,731,044
1,800,684
3,655,371
603,774
1,465,478
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
10,414,660
3,508,219
954,077
4,889,219
772,597
1,648,425
277,413
657,231
8,256,719
696,934
25,421,557
3,150,874
617,192
12,579,855
1,336,199
747,759
948,913
15,558,376
1,609,065
3,219,023
545,893
1,418,045
2,594,907
2,308,074
583,615
580,309
13,469,090
4,815,972
2,887,396
2,075,564
2,116,609
2,079,747
847,446
3,817,212
6,309,165
9,204,619
3,429,054
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
1,634,742
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
5,453,503
531,172
21,202,910
2,335,044
565,172
9,636,409
1,679,746
660,433
808,796
14,307,829
1,333,092
2,901,236
435,791
1,128,555
2,184,306
2,050,766
586,944
519,785
12,959,004
4,354,014
2,736,718
1,948,127
1,934,941
1,341,078
825,415
3,036,471
5,949,833
8,175,360
3,071,555
743, 541
3,784,449
564,243
1,402,937
217,275
565,176
6,628,354
472,944
21,437, 14«
2,359,574
610,211
10,095,564
1,523,984
554,075
753,538
13,248,199
1,285,366
2,683,657
402,502
1,276,150
1,979,727
1,834,569
585,771
485,631
11,839,400
3,970,316
2,573,459
1,329,340
1,754,365
1,652,196
746,701
2,694,318
5,324,044
7,380,259
2,936,788
573,561
3,602,099
593,367
1,348,932
229,935
506,288
6,036,430
391,122
20,015,459
2,098,719
546,809
9,053,107
1,322,550
490,704
671,122
12,420,324
1,062,470
2,409,761
369,826
1,153,335
1,925,713
1,794,224
477,568
443,830
10,314,057
3,459,664
2,153,414
1,502,964
1,453,125
1,435,555
670,226
2,412,911
5,008,554
6,332,542
2,448,952
602,284
3,217,094
490,014
1,U3,031
212,170
457,343
5,523,596
343,841
13,577,158
1,946,057
437,914
7,994,638
1,210,859
426,052
592,339
10,939,863
949,265
2,178,897
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
1,294,558
1,360,598
618,253
2,148,457
4,594,761
5,748,698
2,145,778
570,858
2,820,759
409,214
980,087
177,485
392,882
5,225,042
294,776
16,815,795
1,623,537
350,589
7,287,283
572,002
160,413
294,518
3,935,568
350,109
822,010
118,873
373,654
619,844
682,259
172,862
163,567
3,231,341
1,294,198
782,428
608,969
602,755
603,200
288,359
857,185
1,784,053
2,215,631
897,451
261,509
1,199,251
167,008
415,774
55,601
184,451
1,829,218
122,992
5,599,607
761,239
160,511
2,874,184
500,026
488,183
3,598,731
297,295
372,504
159,583
694,233
1,947,800
194,344
105,967
775,479
896,870
480,479
1,105,294
78,948
46,919,590
1,135,411
384,422
581,338
10,649,860
824,968
2,325,383
339, 2tA
955,456
1,534,019
1,421,316
476,099
351,037
8,702,045
3,144,033
1,563,934
1,360,382
1,228,999
1,318,078
603,138
2,211,779
4,466,782
6,237,593
1,890,737
523,396
2,723,663
373,508
860,093
154,191
369,059
4,955,529
245,781
15,653,778
1,483,498
332,683
7,474,899
60
INDIVIDUAL INCOME TAX RETURNS, 1944-1952
T>ble 19.— mjMBER OF RETURNS, ADJUSTED OROgS INCOME, AND INCOME TAX, BY STATES AND TERRITORSS, 1M4-1952— Continued
(Returns with adjusted gross income)
States and Territories
Adjusted gross income — Continued (Thousand doIlBra)
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington^
West Virginia
Wisconsin
Wyoming
Total
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illihois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Ualne
Maryland ^
Uassachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska '
Nevada
New Hampshire
New Jersey
New Mexico
New York^
North Carolina
North Dakota
Ohio
Oilahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington'
West Virginia
Wisconsin
Wyoming
Total
2,259,852
2,316,087
15,877,555
1,183,436
1,7U,230
600,<177
2,828,368
9,297,753
909,692
387,605
3,721,293
3,963,940
2,065,157
4,985,584
412,350
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
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
1,7U,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
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
216,939,912 203,338,874 180,064,994 162,209,696 164,272,520 150,326,429 134,232,475 120,183,733
1,529,733
1,664,988
11,303,195
919,538
1,028,441
545,223
1,865,052
5,850,745
601,185
292,559
2,271,229
2,804,714
1,539,024
3,392,629
281,391
1,336,871
1,454,819
10,074,916
824,923
872,048
437,344
1,675,853
5,131,712
518,138
257,371
1,948,521
2,495,847
1,254,981
3,003,996
226,444
1,211,284
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
193,750
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
Income tax liability (after credits) (Thouaand dollara)
231,192
128,813
100,262
2,761,782
250,542
593,247
124,124
249,113
408,481
340,067
80,683
77,978
2,215,931
710,958
331,511
306,250
285,662
310,305
110,076
596,218
980,446
1,470,551
457,051
97,146
681,645
90,524
183,130
52,654
72,411
1,166,757
94,464
3,656,252
327,289
53,426
1,794,080
267,793
302,123
2,055,379
152,007
177,746
56,670
300,640
1,222,734
92,647
37,008
427,054
530,356
219,542
605,472
51,524
27,889,716
211,212
97,987
95,093
2,320,749
209,202
499,452
113,465
205,066
347,360
270,254
72,761
64,198
2,000,619
628,066
304,513
248,899
232,064
254,285
86,170
512,850
830,396
1,287,949
373,824
86,585
581,951
84,505
177,406
39,455
66,059
998,203
77,542
3,315,250
238,634
56,000
1,550,625
230,307
273,303
1,797,449
133,096
135,665
54,347
271,546
1,102,785
75,732
34,380
346,541
472,971
168,267
524,133
48,911
24,268,092
148,496
74,810
74,320
1,739,734
160,012
379,930
110,057
170,054
254,167
192,170
54,964
44,927
1,511,346
449,731
247,277
191,037
178,429
201,705
65,225
367,626
650,438
968,137
299,539
66,758
433,202
63,894
135,422
32,262
49,158
742,887
57,740
2,626,329
218,691
41,173
1,037,976
130,553
205,952
1,344,389
109,031
101,903
40,509
210,346
382,519
53,033
26,871
253,349
335,349
132,030
334,750
34,327
18,389,534
116,224
50,452
57,636
1,373,923
128,524
267,465
77,209
141,467
133,663
161,959
47,120
39,354
1,226,823
371,821
207,742
155,623
132,687
167,711
56,381
290,284
518,417
700,399
238,292
53,677
351,445
51,468
109,937
22,506
38,463
590,326
45,204
2,137,040
165,390
37,986
879,644
136,048
162,938
1,073,079
78,973
75,146
36,833
158,539
673,388
42,750
21,774
203,112
271,847
109,570
308,583
28,461
14,530,8
121,400
55,947
63,375
1,483,005
124,155
309,598
72,369
124,884
192,187
161,964
57,618
38,408
1,344,371
374,331
216,959
173,592
146,904
170,322
59,554
279,053
543,751
752,115
267,983
56,054
347,794
56,269
121,768
25,796
42,075
615,496
40,598
2,265,751
177,614
47,331
949,747
153,119
179,862
1,145,176
101,231
72,509
45,329
156,520
684,526
43,439
23,562
205,210
290,582
128,794
313,840
29,863
15,459,810
147,828
59,622
72,768
1,744,077
150,660
358,789
73,909
167,712
233,665
203,838
69,937
49,056
1,578,607
446,091
284,944
204,776
178,268
179,684
71,607
314,292
639,978
837,662
321,326
66,656
426,254
66,661
154,795
30,688
53,480
720,213
42,038
2,702,269
201,703
57,856
1,079,062
154,120
202,530
1,340,319
112,729
90,511
59,443
194,432
721,707
54,193
28,439
240,012
338,268
150,398
373,185
32,328
18,084,435
129,357
51,344
68,731
1,668,781
124,269
317,098
66,868
153,100
252,429
192,835
53,163
41,454
1,342,554
372,151
216,778
156,244
144,358
159,774
64,681
280,951
599,115
712,355
257,035
58,709
371,454
52,176
124,482
30,962
46,751
651,721
35,234
2,613,096
190,630
39,533
925,026
125,451
181,582
1,143,927
100,905
80,312
40,141
181,932
619,742
47,016
22,593
203,099
294,91J
112,489
317,496
23,996
16,062,353
134,976
55,000
63,215
1,764,266
131,725
341,245
62,637
158,284
256,002
186,306
84,330
41,438
1,359,845
404,739
209,777
165,636
145,151
171,090
72,621
301,693
665,426
804,959
273,639
63,495
378,768
48,520
123,919
30,566
47,393
737,972
34,344
2,743,072
181,173
36,705
1,015,220
137,486
193,654
1,275,957
108,643
78,998
34,801
173,534
609,637
51,630
24,229
210,710
328,913
113,312
337,027
25,603
17,005,431
130,232
48,930
65,437
1,544,444
110,086
364,464
68,106
151,273
222,794
177,956
72,651
37,034
1,297,781
402,950
190,061
163,259
134,683
167,444
69,985
310,388
624,644
909,432
237,630
59,698
357,419
43,542
97, 5U
25,419
39,289
703,308
23,433
2,435,681
163,057
32,356
1,035,280
133,151
190,522
1,228,122
103,401
64,716
25,124
159,812
559,973
49,717
21,791
208,124
331,918
112,127
300,865
26,006
16,034,025
^Data for 1952 not comparable with that for prior years for two reasons. First, Puerto Rican 1952 returns filed in Baltimore during the first-half of 1953 are included in
Maryland data; but fMerto Rican returns filed in New York City during the last-half of 1953 are included in New York data. For years prior to 1952, Puerto Rican returns are
included exclusively in Maryland data. Secondly, for years prior to 1952, overseas servicemen's returns were filed exclusively in Baltijnore and are included in Maryland data.
1952, such returns were filed in directors' offices of the various Slates and are included in the data for the respective States.
^Data for 1952 not comparable with that for prior years; includes for the first time Puerto Rican returns <"iled in New York City during the last-half of 1953.
'includes Alaska.
Fiduciary
Income Tax
Returns
FIDUCIARY INCOME TAX RETURNS FOR 1952
MAJOR CHARACTERISTICS OF 1952
A total of 422,663 fiduciary income tax returns were
filed for the income of estates and of property held in
trust for the income year 1952, more than two-thirds of
which are nontaxable. Not since 1939 have statistics
been tabulated from nontaxable returns. Income from
property held in trust is reported on 301,507 of these
fiduciary returns and income of estates is reported on the
remaining 121,156 returns.
Total income for all fiduciary returns is $2.8 billion,
slightly over half being reported on nontaxable returns.
Fifty-nine percent, or $1.6 billion, of the total income is
from dividends and more than one-half of the dividend
income is reported on nontaxable returns. Other im-
portant sources of income are interest, rents and royalties,
and capital gains, each contributing about $0.3 billion.
Seventy-three percent of all returns have less than $5,000
total income.
COMPOSITION OF TOTAL INCOME. 1952
RENTS AND ROYALTIES^
1
"^^^.^
'''wM. \
\
DIVIDENDS
59%
GAIN FROM 10. y^
SALE OF ASbEIS y^
/
1
xy"^ ^'* /
J
OTHER INCOME /
^
TOTAL INCOME
(net)
%2
8 Bl LLION
In the chart above, each component part of total in-
come for fiduciary returns represents the portion which
the combined amount of net profit and net loss from the
specified source is of the total income less total deficit.
In the case of dividends and interest there is no loss.
Gain from sale of assets includes the net gain and net loss
from sales of capital assets and from property otlier tiian
capital assets. Other income is a combination of the
business net profit and loss, partnership net profit and
loss, income from otlier fiduciaries, and miscellaneous
income.
Fiduciary income, primarily from investments, is
weighted with income from corporate stock holdings, the
dividends from which comprise the largest segment of
fiduciary income. Income from rental property together
with royalties received is somewhat greater than the
interest income. These two sources of income along with
the gain from sale of property account for one-third of
the fiduciary income. The largest single contributing
factor in the segment for other income is partnership
profit.
Returns for trusts predominate as stated above; and
of the $2.8 billion total income, $2.3 billion are reported
on returns for trusts while only $0.5 billion are reported
on returns for estates. Seventy-five percent of the in-
come of trusts is distributable to beneficiaries but only
43 percent of income of estates is distributable. Dis-
tributable amounts are reported on approximately 300
thousand returns, 242 thousand of which are nontaxable
to the fiduciary.
There are 132,927 taxable fiduciary returns. This is
an increase of 16,717 returns over the number filed for
1951. The total income reported on the 1952 taxable
returns is $1.3 billion, which is an increase of $105 million,
or 9 percent, over the total income on taxable returns last
year. Current year deductions of $114 million and the
$567 million distributable to beneficiaries reduce the total
income for 1952 to $627 million net income taxable to
fiduciary, which mcome after exemptions of $36 million
yielded income tax of $235 million. The increase in tax
over last year is $24 million, or 11)^ percent.
The total income tax liability of $235 million consists
of $144 million normal tax and surtax and $91 million
alternative tax. The alternative tax is reported on 2,835
returns with net income taxable to fiduciary of $169 mil-
lion which includes $93 million of capital gain; however,
the special rate of 26 percent is applied to approximately
$185 million of excess net long-term capital gain over tlie
net short-term capital loss.
Of the 132,927 taxable returns, 87,301 are returns for
trusts and 45,626 are returns for estates. The returns
for trusts show net income taxable to fiduciary of $397
million, exemptions of $9 million, and income tax liability
of $156 million; while the returns for estates show net
income taxable to the fiduciary of $230 million, exemptions
of $27 million, and income tax liability of $79 million.
INCOME TAX PROVISIONS FOR FIDUCIARY
INCOME
Every fiduciary, or one of joint fiduciaries, is required
to file an income tax return. Form 1041, for every estate
for which he acts, if the gross income of the estate is $600
63
64
FIDUCIARY INCOME TAX RETURNS FOR 1952
or more or if any beneficiary of the estate is a nonresident
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 ahen.
Supplement E of the 1939 Code provides that the taxes
imposed upon the income of individuals by chapter 1,
other than the self-employment tax, shall be apphcable
to the income of estates and to the income from property
held in trust. The tax rates, the provisions respecting
gross income to be reported, the deductions with certain
exceptions, and the tax credits provided for the income of
individuals apply also to the income of estates and trusts.
The gross income to be reported includes the entire
taxable income of the estate or trust even though a por-
tion, or all, of the income is distributable to beneficiaries.
In general, net income of an estate or trust is computed
in the same manner as that of an individual, except that
the deduction for contributions is not limited in amount
and there is an additional deduction for the amount
distributable to beneficiaries. Credit is allowed against
net income taxable to fiduciary for his share of partially
tax-exempt Government interest for purpose of normal
tax, and there is an exemption of $600 for estates and of
$100 for trusts for purposes of both normal tax and surtax.
The tax liability is based on the net income taxable to
fiduciary less the exemption, and must be paid by the
fiduciary after the close ot the taxable year. Current
collection of tax does not apply to fiduciary income. The
normal tax and surtax rates are the same as those for a
single individual who is not head of household. Tax
credits are allowed for the fiduciary's share of income tax
paid to a foreign country or possession of the United
States and of income tax paid at source on tax-free cove-
nant bond interest.
A synopsis of the filing requu-ements, exemptions, and
tax rates for 1944-1952 is presented in tables A and
B, pages 89-90.
RETURNS INCLUDED
Statistics for fiduciary income tax returns are taken
from the returns. Form 1041, as filed by the fiduciary,
before changes or revisions in values that may be made
upon official audit by the Internal Revenue Service, and
do not reflect the results thereof. These statistics present
a complete coverage of all fiduciary returns filed for the
income year 1952, both taxable and nontaxable returns.
This is the first time in many years that the tabulated
data have included those from nontaxable returns.
Returns for the income year 1952 include those for the
calendar year, a fiscal year ending within the period
July 1952 through June 1953, and a part year return
showing a greater number of months in 1952. Tentative
returns are not included and amended returns are used
only when the original returns are excluded. A facsimile
of the fiduciary income tax return. Form 1041, is shown
on pa{?es 119-l-2().
EXPLANATION OF CLASSIFICATIONS AND
TERMS
Classification of Fiduciary Returns
Fiduciary returns are classified by total income classes,
by net income classes, by taxable and nontaxable
returns, by types of tax, and by States and Territories;
also, returns for income of trusts are distinguished from
returns for income of estates. Various items are tabu-
lated 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 income
reported on each return. The class intervals are broader
than those used in prior years; however, the intervals
coincide with the adjusted gross income class intervals
for individual returns in tables of this report. Returns
showing a deficit in total income, regardless of amount,
returns with a breakeven in total income, and returns
without information are designated "No total income"
and appear in aggregate under nontaxable returns.
Net income classes.- — The amount of net income taxable
to fiduciary provides the basis for this classification.
Returns with net deficit regardless of amount, returns with
breakeven in net income, and returns with no information
are designated "No net income" and appear as a separate
class. The net income class intervals are broader than
in previous years, thereby reducing the number of classes.
Taxable and nontaxable returns.' — This classification is
based on the existence or nonexistence of a tax liability
after tax credits. Taxable returns are those which have
net income taxable to fiduciary in excess of the allowable
exemption and which also have a tax liability remaining
after 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. Nontaxable returns are those that show
a deficit or a breakeven in total income, returns without
information, and returns showing total income which
when reduced by authorized deductions and exemption
leaves no income to be taxed, or in case of a tax, the tax
credits eliminate the tax.
Types of fax liability.- — Returns with normal tax and
surtax are distinguished from returns with alternative
tax. Returns with normal tax and surtax are the taxable
returns with no sales of capital assets, those with net loss
from sales of capital assets, and those with net gain from
such sales unless the alternative tax is imposed. Returns
with alternative tax are those which have income that
includes a net long-term capital gain or an excess of net
long-term capital gain over net short-term capital loss
and the alternative tax is less than the regular normal tax
and surtax on income which includes all gains from sales
of capital assets.
Returns for trusts and for estates. — This classification
is based on the fact that certain fiduciary returns are
filed for the income from property held in trust and other
FIDITCIARY INCOME TAX RETURNS FOR 1952
65
fiduciary returns are filed for the income of an estate under
administration.
States and Territories. — This distribution 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 internal
revenue district in which the return is filed, except that
for the District of Columbia, which comprises a part of
the district of Maryland, the segregation is determined
from the address of the fiduciary. The Territory of
Alaska comprises a part of the internal revenue district of
Washington and returns from Alaska are included in that
district.
Sources Comprising Total Income
The items of income, profit, and loss which comprise
total income (or deficit) are the net amounts from the
respective sources. Expenses of doing business have been
deducted in the case of business, rents, and partnerships.
Loss from sale of capital assets is only the allowable de-
duction; gain from sale of capital assets is the statutory
amount to be reported in income.
Dividends include foreign and domestic dividends
received, except those received through partnerships and
other fiduciaries, these being reported in the respective
sources.
Interest received is that on bank deposits, notes, cor-
poration bonds, and mortgages, and the taxable and par-
tially tax-exempt interest on Government obligations in-
cluding such interest received through partnerships and
other fiduciaries.
Rents and royalties net profit is the amount reported
on returns showing a combined net profit from these two
sources of income. Rents and royalties are reported in
the same schedule and the separate incomes are not avail-
able. Gross rents include rent from real estate and any
other kind of property; gross royalties include revenue
from copyrights, patents, natural resources under lease,
and the like. Deductions against gross receipts are al-
lowed for taxes, interest, repairs, depreciation, depletion,
and other expenses pertaining to the respective incomes.
A net loss from one source offsets net profit of the other.
The amount included in total income is the net profit
resulting from the combined rents and royalties incomes.
Rents and royalties net loss is the amount reported on
returns that show a net loss from the combination of the
two sources. Gross rents and royalties and the allowable
deductions are mentioned in the paragraph above. A net
profit from one source offsets net loss of the other; the
separate amounts cannot be obtained. The net loss
reported in total income is the net result of these two
activities.
Trade or business net profit is the net result of all trade
and business in which the estate or trust is engaged, the
combined result of which is a net profit. If tliere is a
net loss from one activity, the loss is combined with the
net profits of the others and the remaining net profit is
reported in total income.
Business expenses are allowed against the gross receipts
from business for the cost of goods sold, employees'
salaries, interest, taxes, rent, repairs, depreciation, deple-
tion, bad debts, and other direct operating costs. (Net
operating loss deduction is not a business deduction, but
is an allowable authorized deduction from total income.)
Trade or business net loss is the net result of all trade
and business activities in which the estate or trust is en-
gaged, the combined result of which is a net loss. In
case there is a net profit from one of several activities,
the profit is combined with the losses of the others and
the remaining net loss is reported in total income. Allow-
able business deductions are mentioned in the preceding
paragraph.
Partnership net profit is the estate's or trust's share of
net profit (whether received or not) from all partnerships,
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 partnership profit re-
ported excludes taxable and partially tax-exempt Govern-
ment 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 partnerships,
syndicates, pools, etc., in which the estate or trust par-
ticipates, the combined result of which is a net loss.
However, the distributive share of net loss reported ex-
cludes taxable and partially tax-exempt interest on Gov-
ernment obligations and the net gain or loss from sales of
capital assets, each of which is reported in its respective
income.
Net gain from sales of capital assets is the statutory
net gain from sales or exchanges of such assets, required
to be reported in total income. It is a combination of
net short-term capital gain or loss (including the capital
loss carryover from the 5 preceding years) and net long-
term capital gain or loss (such gains and losses taken into
account at 100 percent) ; however, in cases where the net
long-term capital gain exceeds the net short-term capital
loss, only 50 percent of the excess gain is included in
total income. If the net short-term capital gain exceeds
the net long-term capital loss, the entire amount of the
excess gain is reported in total income. This is in accord-
ance with the new provisions of the 1951 act.
Short-term applies to sales of capital assets held 6
months or less and such gains and losses, together with
the capital loss carryover, are merged to obtain the net
short-term capital gain or loss. In determining the amount
of net short-term gain or loss, the short-term gains and
losses from partnerships are also included.
Long-term applies to gains and losses from sales of capi-
tal assets held more than 6 months and such gains and
losses, taken into account at 100 percent, are merged to
determine the net long-term capital gain or loss which
also includes the net long-term capital gain or loss re-
ceived through partnerships.
Net loss from sales of capital assets reported in total
income is the allowable loss from sales or exchanges of
66
FIDUCIARY INCOME TAX RETURNS FOR 1952
capital assets which is deductible in computing net income.
If the sum of all capital losses (including the capital loss
carryover from the 5 preceding years) exceeds the sum of
all capital gains (both short- and long-term gains and
losses taken into account at 100 percent) then the excess
capital loss is allowed as a deduction only to the extent of
the capital loss, or net income computed without regard
to capital gains and losses, or $1,000, whichever is smallest.
This is the new method provided under the 1951 act.
Returns are not examined to ascertain whether or not the
deduction complies with the limitation and there may be
instances where the deduction exceeds the limit. Short-
and long-term capital gains and losses are explained above.
Capital loss carryover reported as a short-term capital
loss on 1952 returns is the remaining net capital loss not
allowed as a deduction in the 5 preceding years. The net
capital loss sustained in 1952, to be used as a future
carryover, is not reported as an item on the return; it is
the excess of current year capital losses (at 100 percent)
over the sum of (I) current year capital gains (at 100
percent) and (2) the smaller of $1,000 or net income for
the current j'ear computed without regard to capital
gains and losses. The net capital loss is carried forward
as a short-term capital loss in the 5 succeeding years to
the extent not eliminated in the interim.
Net gain from sales of property other than capital assets
is the net gain reported in total income on returns wherein
the gains exceed the losses from sales or exchanges of
property which is not considered a capital asset. There
is no reduction in this net gain as compared with that of
the excess long-term capital gain.
Net loss from sales of property other than capital assets
is compiled from returns with an excess of losses over gains
from sales or exchanges of property that is not considered
a capital asset. Net loss from this source is deductible in
full for the computation of total income.
Income from other fiduciaries is the estate's or trust's
share, as beneficiary, of the distributable income (whether
actually received or not) from another estate or trust.
In entering this income, however, the fiduciary must
exclude taxable and partially tax-exempt interest on
Government obligations and report it with 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 indebted-
ness incurred to purchase a single-premium life insurance
or endowment contract, or securities yielding wholly
tax-exempt income.
Taxes paid during the year include State and local
income taxes, real estate taxes except those assessed
against local benefits which tend to increase the value of
property assessed. Taxes paid to a foreign country or
possession of the United States are not allowed as a de-
duction if a foreign tax credit is claimed. Taxes on
rented property and business operations are reported in
those schedules.
Miscellaneous deductions are the authorized deductions
other than interest and taxes; they include bad debts,
net operating loss deduction, losses from fire, storm, ship-
wreck, or other casualty, or from theft which are not
compensated for by insurance or otherwise, and expenses
incurred for the production of taxable income or for the
management and maintenance of property held for the
production of taxable income.
Measures of Fiduciary Income
Total income of an estate or trust is a combination of
the net profit and loss from rents and royalties, trade or
business, and partnerships, the statutory gain from sales
of capital assets and other property, and the deductible
loss from sales of capital assets and other property,
together with the income from dividends, interest, other
fiduciaries, and miscellaneous income reported on each
return. (Total income is an approximation of the adjusted
gross income on individual returns.)
Total deficit occiu's on a return for an estate or trust if
the net losses from rents and royalties, business, and
partnerships, and the deductible losses from sales of
capital assets and other property exceed the positive
items of income.
Balance income is reported on returns witli an excess of
total income over authorized deductions, such as inter-
est, taxes, and casualty losses. It is the amount avail-
able for payment of income tax and for distribution to
beneficiaries or for accumulation, according to the trust
instrument in the case of a trust or the directives of the
will or the jurisdictional court in the case of an estate.
Balance deficit exists on returns where the authorized
deductions for interest, taxes, etc., exceed the total
income, also, where there is a deficit in total income which
deficit is increased by deductions if reported.
Net income taxable to fiduciary is the amount of income
for the current year that remains in the hands of the
fiduciary after allowable deductions and setting aside
the amount distributable to beneficiaries. This net in-
come, reduced by credits for partially tax-exempt income
and exemption, is the basis for the tax liability of the
fiduciary.
Net deficit occurs on returns that have (1) deficit in
total income which deficit is increased by deductions and
amount distributable to beneficiaries (if any), or (2) total
income which when reduced by deductions and/or amount
distributable to beneficiaries results in a net deficit.
Amount Distributable and Exemptions
Amount distributable to beneficiaries is the amount
allotted to the beneficiaries, whether distributed or not.
It is the total amount which, pursuant to the terms of the
will (or court) or of the instrument creating the trust, is
paid to, or set aside for, or becomes payable to, legatees,
FIDUCIARY INCOME TAX RETURNS FOR 1952
67
heirs, and beneficiaries. Charitable and similar organi-
zations are beneficiaries as well as individuals. Many
returns show that the entire balance income is distribut-
able. On some returns, the amount distributable to
beneficiaries is greater than the balance income; on others,
there is an amount distributable even though a balance
deficit is reported. This is probably due to the fact that
the amount distributable includes income not required
to be reported for income tax purposes, such as wholly
tax-exempt interest, 50 percent of the excess of net long-
term capital 'gain over net short-term capital loss, and
other differences arising from the variations between
income tax provisions and accounting procedures under
the trust instrument in the case of a trust or under the
local judicial requirements in the case of an estate.
Exemption is allowed against net income taxable to
fiduciary for purposes of both normal tax and surtax.
In the case of an estate, the exemption is $600 and, in the
case of a trust, the exemption is $100.
Tax Liability
Tax liability is the amount of income tax payable after
the two tax credits allowed 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. This is the combined normal tax and surtax or
the alternative tax on income containing an excess of
long-term capital gain.
Normal tax and surtax are not tabulated separately.
The combined rates begin at 22.2 percent of the first
$2,000 of income subject to tax in the hands of the fidu-
ciary and increase to 92 percent of income in excess of
$200,000.
Alternative tax on income that includes net long-term
capital gain or an excess of net long-term capital gain over
net short-term capital loss is payable only if this tax is
less than the regular normal tax and surtax. The al-
ternative tax is computed in the same manner as for
individual income and is not effective on returns with
surtax net income under $14,000.
DESCRIPTION OF SAMPLE AND LIMITATIONS
OF DATA
Sample design. — Data presented for fiduciary income
tax returns for 1952 are based on a probability sample
selected from returns with total income under $30,000,
and from a complete coverage of returns with total income
$30,000 or more. Over 54,000 returns were selected
from nearly 423,000 fiduciary income tax returns in the
population.
Nontaxable returns with total income under $30,000
were sampled in each district director's office. Within
each district director's office these returns were assigned
consecutive serial numbers as a part of the regular returns
processing operation. A systematic sample was selected
by withdrawing return number 7 and every 9th return
thereafter. This sample, which was approximately an
eleven percent sample, was selected from a population of
nearly 283,000 returns.
Taxable returns with total income under $30,000 were
sampled at a ten percent rate in Washington. This
sample was selected from a population of over 125,000
returns, and was stratified as follows:
Taxable returns with total income under $30,000
a. Taxable assessable — fully paid
b. Taxable assessable — insufficient or no payment
c. Taxable assessable — installment privilege
Taxable and nontaxable returns with total income of
$30,000 or more were selected one hundred percent. This
area accounts for over 14,000 returns.
Weighting of the sample. — The primary source of
population data were statements submitted by the district
directors' offices showing the number of Form 1041 returns
filed for tax year 1952.
Separate systems of weighting were used for the national
tabulations and for the State tabulations; the weights for
the national tabulations were based on nationwide stratum
populations obtained by summing the stratum populations
reported by the district directors' offices. The separate
district office stratum populations provided the basis for
independent district office weights for the State tabula-
tions. Actual sampling rates varied enough between
districts to warrant using two separate systems of weights.
As the result of using two weighting systems and
rounded weighting factors, there exist slight discrepancies
between items distributed by States in table 8, and
corresponding items shown in the national tables.
Sampling variability. —Data present?d for taxable and
nontaxable returns with total income under $30,000 are
subject to sampling error. A range of 2 standard errors
was used in computing the possible variation of an estimate
due to sampling error. Chances are 19 out of 20 that an
estimate and the actual figure that would have been
obtained had all returns been counted is less than the
percentage shown in the table which follows. For
example, the table shows that 19 out of 20 times an
estimate shown of 5,000 returns with total income under
$30,000 will have a maximum sampling variability of
+ or —9 percent.
This table, vvhicli shows the relative error of estimates,
applies to number of returns only. Specific consideration
was not given to associated money amounts. Frequencies
which were subject to a maximum sampling variability of
more than one hundred percent and associated data are
not shown separately since they are considered too un-
reliable for general use; they are, however, included in
the totals.
Tlie sampling variability of the estimate presented in
table 3, has not been determined. Since no sampling
controls were instituted with respect to net income, and
frequencies are not associated with the amounts of income
68
FIDUCIARY INCOME TAX RETURNS FOR 1952
and deductions shown, there may be considerable sampHng
error in the data shown on this table.
RELATIVE ERROR OF ESTIMATED NUMBER OF RETURNS
WITH TOTAL INCOME UNDER $30,000
Estimated number
of
retvrns
Relative
error in percent
50
±90
100
±64
500
±29
1,000
±20
5,000
±9
10, 000
±6
Nonsampling errors. — In addition to sampling error,
the data are subject to certain nonsampling errors. The
nonsampling errors are the result of: (1) the use of un-
audited tax returns as the basis for the data, resulting in
underreporting and nonreporting of certain income items
and overreporting of certain deduction items by the
taxpayer, (2) errors made in sample selection, (3) errors
resulting from the exclusion of late sample returns from
the study, (4) errors in coverage, and (5) errors made in
processing the data.
Sampling errors are controllable through the design and
size of the sample ; nonsampling errors are more difficult to
control. There are no accurate measurements by which
to evaluate the magnitude of the nonsampling error, but
there is some evidence that in many cases the sampling
error is the lesser of the two.
TABULATED DATA
Data for fiduciary returns are tabulated as nearly as
possible to conform with tabulations for individual returns
in this report ; however, in view of the fact that there are
different features on the two returns and variations in the
method of reporting certain items common to both forms,
the two series are not precisely comparable.
Data for the 1952 fiduciary returns are presented in 8
basic tables. In all but two of these tables, data are
distributed by total income classes. Total income, being
similar in concept to the adjusted gross income on indi-
vidual returns, supplies a basis for classification whereby
data for fiduciary returns may be associated with that
for individual returns, bearing in mind the diversity of
the two series. Taxable and nontaxable returns are
shown separately except in tables 1 and 8.
In table 1, the number of fiduciary returns, amount of
total income, and tax liability are tabulated to show the
distribution by total income classes, as well as the cumu-
lation at each income class level from the lowest class
and at each income class level from the highest class,
together with corresponding percentages of the total.
Taxable and nontaxable returns are combined except
that returns with no total income are shown apart from
the cumulations.
Table 2 presents the amount of each source of income or
loss comprising total income, the deductions, balance
income, amount distributable to beneficiaries, net income
taxable to fiduciary, exemption, and tax liability. This
table also gives the frequency distributions of returns for
the various items tabulated.
Data in tables 3 and 4 are distributed by net income
classes. Table 3 shows the amount of each source of
income or loss comprising total income, the 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 returns by
total income classes cross classified by net income classes.
Data relating to taxable returns are tabulated in table
5; and the data are shown for returns with normal tax
and surtax separately from returns with alternative tax.
Details pertaining to capital gains and losses are shown
in table 6. Returns with a deduction for net loss from sales
of capital assets are tabulated independently from returns
showing a net gain from such sales. Returns with net
gain from sales of capital assets are further segregated
to show returns with normal tax and surtax separately
from those with alternative tax. In all categories, the
net short-term capital gain and loss, the net long-term
capital gain and loss (100%), and the capital loss carry-
over from 1947-51 are tabulated. In addition, there is
shown the capital loss before application of the statutory
limitation as well as the allowable loss deducted in com-
puting total income, the amount of capital gain included
in total income, and the excess of net long-term capital
gain over net short-term capital loss which is taxed at
the special 26-percent rate.
In table 7, several items are tabulated separatel}' for
trusts and for estates. Table 8 presents certain sources of
income and the tax liability for each State and Territory.
Returns with no total income are excluded from table 8.
Historical data for the period 1944 through 1952 are
assembled in tables 9 and 10.
Throughout the tables, values in thousand dollars and
percentages are rounded and, therefore, may not add to
the totals.
BASIC TABLES
FIDUCIARY RETURNS, 1952
Page
1. Number of returns, total income, and tax— simple and cumulated
distributions ^ ^^
2. Sources of income and loss, deductions, exemption, and tax — fre-
quencies and amounts, by total income classes 71
3. Sources of income and loss, deductions, exemption, and tax, by net
income classes '*
4. Frequency distribution of returns by size of net income 76
5. Total income, net income, tax, average tax, and effective tax rate,
by types of tax '°
6. Capital gains and losses, short- and long-term, by total income
classes '^
7. Returns for trusts and for estates by total income classes 81
8. Selected sources of income and tax by States and Territories 82
69
70
FIDUCIARY INCOME TAX RETURNS FOR 1952
Table 1.— NUMBER OF RETURNS, TOTAL INCOME, AND TAX— SIMPLE AND CUMULATED DISTRIBUTIONS
Total income classes and classes cumulated
Percent of
total
Total income
Amount
(Thousand dollars)
Percent of
total
Tax liability
(after credits)
Amount
(Thousand dollars)
Percent of
total
$30,000 or more.
$20,000 or more.
$15,000 or more.
$10,000 or more.
$9,000 or more..
$fi,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. .
$2,500 or more. .
$2,000 or more. .
$1,500 or more. .
$1,000 or more. .
$600 or more. . . .
All retuma
Returns with no total Income, nontaxable.
Total returns
(1)
(2)
(3)
(5)
Returns with total income, taxable and nontaxable:
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 $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 $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total
Returns with no total income, nontaxable
Grand total
Returns with total income, taxable and nontaxable:
Under $600
Under $1,000
Under $1,500
Under $2,000
Under $2, 500
ttider $3,000
Under $3, 500
Under $4,000
Under $4, 50O
Under $5,000
Under $6,000
Under $7,000
Under $8,000
Under $9,000
Under $10,000
Under $15,000
Under $20,000
Under $30,000
Under $50,000
Under $100,000
Under $200,000
Under $500,000
Under $1,000,000
All returns
Returns with no total income, nontaxable
Total returns
Returns with total income, taxable and nontaxable:
$1,000,000 or more
$500,000 or more
$200,000 or more
$100,000 or more
$50,000 or more
403,212
^19,451
71,388
119,714
162,598
194,180
218,420
238,423
254,463
268,817
280,155
289,699
306,341
318,717
323,392
336,626
343,708
365,671
376,940
388,219
396,040
400,345
402,482
403,032
403,159
403,212
=19,451
422,663
53
180
730
2,367
7,172
14,993
26,272
37,541
59,504
65, 586
74,820
84,495
96,871
113,513
123,057
134,395
148,744
164,789
184,792
209,032
240, 614
283,498
331,824
403,212
^19,451
^422,663
Total income classes
71,383
17.7
48,326
12.0
42,884
10.6
31,582
7.8
24,240
6.0
20,003
5.0
16,045
4.0
14,349
3.6
11,338
2.8
9,544
2.4
16,642
4.1
12,376
3.1
9,675
2.4
8,234
2.0
7,032
1.8
21,963
5.4
11,269
2.8
11,279
2.8
7,821
1.9
4,805
1.2
1,637
.4
550
.1
127
(')
53
(1)
22,300
37,925
53,034
54,815
54,310
54,627
51,912
53,735
48,045
45,200
90,994
79,995
72,243
69,622
67,248
267,293
194,352
274,318
297, 150
330,153
219,292
159,191
36,840
121,973
2,806,567
'18,407
'2,738,160
0.8
1.4
1.9
2.0
1.9
1.9
1.3
1.9
1.7
1.6
3.2
2.9
2.6
2.5
2.4
9.5
6.9
9.8
10.6
11.8
7.8
5.7
3.1
4.3
433
976
1,786
2,157
2,303
2,449
2,333
2,618
2,330
2,154
5,009
4,259
3,738
3,772
3,897
16,413
13,392
21,931
30,131
37,893
27,682
20,077
10,757
16,393
234,933
Cumulated from lowest total income class
17.7
29.7
40.3
48.2
54.2
59.1
63.1
66.7
69.5
71.8
76.0
79.0
81.4
83.5
85.2
90.7
93.5
96.3
98.2
99.4
99.8
99.9
99.9
100.0
22,300
60,225
113,259
168,074
222,384
277,011
328,923
382,653
430,703
475,903
566,897
646,892
719,135
783,757
856,005
1,123,298
1,317,650
1,591,968
1,889,118
2,219,271
2,438,563
2,597,754
2,684,594
2,806,567
-'18,407
'2,788,160
0.8
2.1
4.0
6.0
7.9
9.9
11.7
13.6
15.3
17.0
20.2
23.0
25.6
28.1
30.5
40.0
46.9
56.7
67.3
79.1
86.9
92.6
95.7
100.0
433
1,409
3,195
5,352
7,655
10,104
12,437
15,055
17,435
19,539
24,593
28,357
32,595
36,367
40,264
56, 677
70,069
92,000
122,131
160,024
187,706
207,783
218,540
234,933
234,933
Cumulated from highest total income class
(1)
0.2
.6
1.8
3.7
6.5
9.3
14.8
16.5
13.6
21.0
24.0
28.2
30.5
33.3
36.9
40.9
45.8
51.8
59.7
70.3
82.3
100.0
121,973
208,813
368,004
587,296
917,449
1,214,599
1,438,917
1,683,269
1,950,562
2,017,810
2,087,432
2,159,675
2,239,670
2,330,664
2,375,864
2,423,909
2,477,644
2,529,556
2,584,183
2,638,493
2,693,308
2,746,342
2,784,267
2,806,567
^18,407
'2,788,160
4.3
7.4
13.1
20.9
32.7
43.3
53.1
60.0
69.5
71.9
74.4
77.0
79.8
83.0
84.7
86.4
38.3
90.1
92.1
94.0
96.0
97.9
99.2
lOO.O
16,393
27,150
47,227
74,909
112,802
142,933
164,864
178,256
194,669
198,566
202,338
206,076
210,335
215,344
217,493
219,878
222,496
224,829
227,278
229,581
231,738
233,524
234,500
234,933
See text for fiduciary returns for "Explanation of classifications and Terms"
"Description of Sample and Limitations of Data."
^Less than 0.05 percent.
Includes 8,984 returns with no information reported.
^Deficit in total Income.
'Total income less deficit in total income.
FIDUCIARY INCOME TAX RETURNS FOR 1952
71
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76
FIDUCIARY INCOME TAX RETURNS FOR 1952
Table 4.— FREQUENCY DISTRIBUTION OF RETURNS BY SIZE OF NET INCOME
Total income classes
Total
number of
returns
Number of returns by size of net income
No net
income
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
$3,500
$3,500
under
$4,000
$4,000
under
$4,500
$4,500
under
$5,000
$5,000
under
$6,000
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
liable returns:
$100 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 $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 $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Ibtal tajcable returns. . . .
Nontaxable returns:
No total income
Dnder $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 $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 $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total nontaxable returns.
Grand total
Returns under $5,000
Returns $5,000 or more
10,653
13,588
13,024
10,472
8,548
7,411
5,543
5,336
4,585
3,704
6,741
5,060
3,873
3,468
3,168
9,694
4,936
5,332
3,975
2,521
892
299
65
39
119,451
60,735
34,738
29,860
21,110
15,692
12,592
10, 502
9,013
6,753
5,340
9,901
7,316
5,802
4,766
3,914
12,269
6,333
5,947
3,846
2,284
745
251
62
14
^289, 736
"309,150
113,513
10,653
2,519
2,594
1,754
1,797
1,467
875
350
737
627
680
585
468
330
1,031
522
478
259
110
11,069
2,403
1,265
659
723
627
490
352
361
372
436
266
213
202
479
202
202
99
67
8,027
2,116
1,085
596
468
362
350
181
489
372
276
213
170
521
202
139
134
55
17
3
5,337
1,478
659
351
329
415
293
521
255
191
223
276
511
181
213
101
45
11
1
3,529
1,191
457
255
245
192
256
276
150
149
139
478
117
181
36
37
2,775
329
303
255
117
393
191
138
U9
96
404
117
133
76
26
1,936
307
277
277
266
223
181
192
117
340
213
107
61
23
9
7
1,935
585
223
333
149
113
128
128
351
75
159
62
51
9
4
1,319
566
276
35
96
117
170
255
133
171
702
191
171
95
96
202
117
117
65
21
2,275
330
223
159
133
478
245
160
123
61
16
2
2
20,510
15,776
4,712
19,451
40,353
27,281
24,722
17,734
13,404
10,941
8,791
7,773
5,849
5,097
8,821
6,523
5,081
4,246
3,517
10,974
5,866
5,566
3,593
2,161
714
245
62
14
20,332
7,304
5,057
3,254
2,237
1,598
1,618
1,179
334
702
1,029
768
690
520
366
1,264
4A7
371
250
122
31
6
153
81
122
51
53
93
(^)
(=!)
(=)
(^)
(2)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
IS
19
20
21
22
23
24
50,079
238,784
79,320
21,383
15,776
11,397
7,757
2,644
181,396
57,388
68,133
11,182
18,624
2,759
13,185
2,591
8,867
2,530
5,869
1,888
4,284
1,726
3,297
1,739
2,743
1,617
1,885
1,454
862
1,782
26
27
23
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
43
49
50
51
52
53
54
See footnotes at end of table. See text for fiduciary returns for "Explanation of Classifications and Terms" and for "Description of Sample end Limitations of Data.
FIDUCIARY INCOME TAX RETURNS FOR 1952
77
Table 4.— FREQUENCY DISTRIBUTION OF RETURNS BY SIZE OF NET mOOME— CoMinuod
Total income classes
Number of returns by size of net income — Continued
$6,000
under
$7,000
$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
$30,000
$30,000
under
$50,000
$50,000
under
$100,000
$100,000
under
$200,000
$200,000
under
$500,000
$500,000
under
$1,000,000
$1,000,000
or more
(U)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(2A)
(25)
(26)
Taxable returns:
$100 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 $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 $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total taxable returns. . . .
Nontaxable returns:
No total income
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 «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 $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50, 000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total nontaxable returns.
Grand total
Returns under $5,000
Returns $5,000 or more
1,372
-
510
968
245
351
159
159
457
457
255
149
180
191
108
124
55
67
776
414
414
244
107
83
49
457
159
192
119
40
10
3
2,859
809
735
453
226
37
16
2
1,191
553
363
171
32
9
1,309
624
299
964
454
123
27
3
3
231
35
7
6
169
73
13
2
3,360
1,554
5,137
2,320
3,360
1,554
2,320
2,488
2,106
9
10
11
12
13
18
19
20
21
22
23
24
26
27
28
29
30
31
32
37
38
39
40
42
43
47
48
49
50
53
54
See text for fiduciary returns for "Explanation of Classifications and Terms" and for "Description of Sample and Limitations of Data."
^Includes 8,984 returns with no information reported.
^Number of returns is subject to sampling variability of more than 100 percent; therefore, data are not shonn separately. They are, however, included in the totals.
78
FIDUCIARY INCOME TAX RETURNS FOR 1952
Table 5.— TOTAL INCOME. NET INCOME, TAX. AVERAGE TAX, AND EFFECTIVE TAX BATE, BY TYPES OF TAX
Total income classes ajid type of tax
$100 under $600 ;
$600 under $1,000
$1,000 under $1,500
$1,500 under $2,000
$2,000 imder $2,500
$2,500 under $3,000
$3,000 under $3,500
$3,500 under $4,000
$4,000 under $4,500
$4,500 under $5,000
$5,000 under $6,000
$6,000 under $7,000
$7,000 under $8,000
$8,000 under $9,000
$9,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 uneer $1,000,000
$1,000,000 or iDcre
Total taxable returns
Returns under $5,000
Returns $5,000 or more
/
V
$100 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 $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
$9,0C0 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total returns with normal tax and surtax
Under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 or more
Total returns with alternative tax
Number of
returns
(1)
Total
income
( Thousand
dollars)
(2)
Net incoiue
taxable to
fiduciary
(Thousand
dollars)
(3)
Amount of
exemption
(Thousand
dollars)
(^)
Tax
liability
(after
credits)
( Thousand
dollars)
(5)
Average
tax
(6)
Effective
tax rate —
tax lia-
bility as
percent of
net income
10,653
13,588
13,024
10,472
8,548
7,411
5,543
5,336
4,585
3,704
6,741
5,060
3,873
3j468
3,168
9,694
4,936
5,332
3,975
2,521
892
299
82,864
50,063
10,653
13,588
13,024
10,472
8,548
7,411
5,543
5,336
4,585
3,704
6,741
5,060
3,873
3,468
3,168
9,694
4,681
4,746
3,311
1,801
508
140
24
13
130,092
255
586
664
720
384
159
All taxable returns
3,508
10,752
16, 186
18,131
19,130
20,271
17,932
19,986
19,490
17,530
36,941
32,655
28,921
29,308
30,091
118,141
84,936
130,016
150,769
173,197
119,161
85,896
44,089
80,684
1,307,721
162,916
1,144,805
3,022
9,242
12,394
13,361
12,881
13,199
11,538
12,942
11,608
10,253
22,876
18,624
15,823
15,392
15,526
59,512
41,904
59,633
68,742
73,721
47,642
32,861
16,012
28,052
626,760
110,440
516,320
1,065
4,821
4,366
3,589
2,642
2,175
1,692
1,512
1,273
997
1,892
1,236
969
840
824
2,261
1,121
1,112
201
64
12
7
24,132
11,990
433
976
1,736
2,157
2,303
2,449
2,333
2,618
2,380
2,154
5,009
4,259
3,738
3,772
3,897
16,413
13,392
21,931
30,131
37,893
27,682
20,077
10,757
16,393
234,933
19,589
215, 34i
41
72
137
206
269
330
421
491
519
582
743
842
965
1,088
1,230
1,693
2,713
4,113
7,580
15,031
31,034
67,147
165,492
420,333
1,767
236
,301
Returns with normal tax and surtax
3,508
10,752
16,186
18,131
19,130
20,271
17,932
19,986
19,490
17,530
36,941
32,655
28,921
29,308
30,091
118,141
80,378
115,716
125,070
122,113
66,976
39,540
16,840
27,626
3,022
9,242
12,394
13,361
12,881
13,199
11,538
12,942
11,608
10,253
22,876
18,624
15,823
15,392
15,526
59,512
37,560
46,825
47,623
36,866
16,509
6,179
3,822
3,764
457,341
1,065
4,821
4,366
3,589
2,642
2,175
1,692
1,512
1,273
997
1,892
1,236
969
840
824
2,261
1,037
956
702
366
112
25
433
976
1,786
2,157
2,303
2,449
2,333
2,618
2,330
2,154
5,009
4,259
3,738
3,772
3,897
16,413
11,815
16,748
20,141
18,490
9,983
4,184
3,175
3,206
41
72
137
206
269
330
421
491
519
582
743
842
965
1,088
1,230
1,693
2,524
3,529
6,083
10,267
19,652
29,886
132,292
246,615
1,110
Returns with alternative tax
2,835
4,558
14,300
25,699
51,084
52,185
46,356
27,249
53,058
274,489
4,344
12,808
21,119
36,855
31,133
26,682
12,190
24,288
169,419
84
156
186
197
89
39
1,577
5,183
9,990
19,403
17,699
15,893
7,582
13,187
90,514
6,184
8,845
15,045
26,949
46,091
99,956
184,927
507,192
31,927
(7)
14.3
10.6
14.4
16.1
17.9
18.6
20.2
20.2
20.5
21.0
21.9
22.9
23.6
24.5
25.1
27.6
32.0
36.8
43.8
51.4
58.1
61.1
67.2
58.4
37.5
17.7
41.7
14.3
10.6
14.4
16.1
17.9
18.6
20.2
20.2
20.5
21.0
21.9
22.9
23.6
24.5
25.1
27.6
31.5
35.8
42.3
50.2
60.5
67.7
83.1
85.2
31.6
36.3
40.5
47.3
52.6
56.3
59.6
62.2
54.3
53.4
See text for fiduciary returns for "Explanation of Classifications and Terras" and for "Description of Sample and Limitations of Data."
FIDUCIARY INCOME TAX RETURNS FOR 1952
79
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FIDUCIARY INCOME TAX RETURNS FOR 1952
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FIDUCIARY INCOME TAX RETURNS FOR 1952
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FIDUCIARY INCOME TAX RETURNS FOR 1952
Table 8.— SELECTED SOURCES OF INC0S4E AND TAX BY STATES AND TERRITORIES
(Returns with total income)
States and Territories
Number of
returns,
taxable and
nontaxable
( Thousand
dollars)
Interest
received
( Thousand
dollars)
Total income
( Thousar>d
dollars)
Net inccme
taxable to
fiduciary
( Thousand
dollars)
Net deficit
(Thousand
dollars)
Tax Uablllty
(after
credits )
(Thousand
dollars)
(1)
(2)
(3)
(■4)
(5)
(6)
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia,
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentuclsy
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..
2,693
1,125
1,070
30,322
2,890
9,633
3,26i
3,281
5, 403
4,084
1,303
485
26,750
5,607
7,312
4,203
4,839
1,417
2,015
9,573
29,720
10, 2U
7,351
901
9,352
908
2,719
288
1,584
14,107
614
73,389
4,706
712
18,176
2,933
3,513
43,363
3,502
1,760
1,084
3,593
12,863
1,219
1,240
6,020
6,478
2,734
9,681
412
7,757
1,685
1,151
85,893
9,114
37,679
55,424
8,209
19,119
13,585
5,237
478
123,771
17,005
8,905
3,409
10,850
2,262
4,630
33,436
133,270
49,595
26,203
852
42,457
1,409
3,642
2,099
4,234
67,170
1,171
424,557
16,069
337
93,897
4,022
6,123
182,101
17,590
3,519
494
11,424
25,812
2,180
1,895
12,786
12,998
3,259
27,351
610
2,057
730
633
16,212
2,545
5,777
2,183
3,604
3,577
1,612
381
172
20,140
2,553
2,541
1,429
1,876
784
1,467
8,706
20,941
5,687
5,370
693
6,970
197
1,149
264
841
11,585
153
91,180
1,628
207
12,424
1,106
1,337
35,913
4,047
876
252
2,359
6,248
579
443
2,399
3,643
957
5,170
177
19,470
6,133
7,786
130,446
17,624
57,422
68,219
20,664
35,949
28,755
9,701
1,580
221,320
31,171
24,862
16,784
19,905
10,059
7,883
55,944
202,131
31,535
45,637
4,705
70,994
3,251
13,930
3,390
6,313
94,221
3,397
640,071
28,440
1,699
141,937
20,729
15,390
277,104
25,963
8,217
2,573
24,455
113,651
4,618
3,104
26,501
29,820
14,771
44,688
2,307
3,998
1,389
2,042
41,132
4,910
16,023
15,251
5,410
U,032
10,257
1,278
759
52,814
9,683
6,265
6,144
4,858
3,871
1,751
9,750
39,240
26,412
13,844
1,972
17,621
1,337
3,149
676
1,162
21,731
887
111,443
7,354
937
30,519
7,416
4,621
41,947
5,172
2,607
1,066
6,225
51,723
884
854
5,304
7,217
3,341
10,902
974
109
42
11
3,067
195
956
278
124
316
305
4,127
111
324
264
236
55
85
772
3,957
630
558
106
499
3
69
45
29
1,437
39
13,794
512
19
1,765
604
142
2,598
318
25
17
422
504
53
18
340
1,797
98
713
32
(7)
1,471
457
663
14,009
1,766
5,873
9,243
1,785
3,905
4,228
384
207
19,455
3,198
1,774
1,670
1,438
1,188
478
3,193
13,775
10,311
5,247
537
6,948
330
765
303
276
8,373
300
41,011
2,482
199
11,929
2,515
1,523
15,225
1,949
906
188
2,112
22,203
200
200
1,505
2,350
1,105
3,692
282
1,633,780
304,834
637,204
42,759
235,176 51
See text for fiduciary returns for "Explanation of Classifications
^Includes Alaska.
and Terms" and for "Description of Sample and Limitations of Data.
HISTORICAL TABLES
TAXABLE FIDUCIARY RETURNS, 1944-52
Page
9. Number of returns, total income, tax, and effective tax rate, bj-
total income classes
10. Sources of income and deductions by type
83
84
TAXABLE FIDUCIARY INCOME TAX RETURNS, 1944-1952
Table 9.— NUMBER OF RETURNS, TOTAL INCOME, TAX. AND EFFECTIVE TAX RATE, BY TOTAL INCOME CLASSES, 1944-1952
(For historical data prior to ig-W, see Statistics of Income for 1949, pp. 326-328.)
Total Income classes
1952
1951
1950
1949
1948
1947
Number of returns
IJhder $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. .f
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000...
$200,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 or more
Total
Under $500
$500 under $1,000
Ifcder $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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000...
$200,000 under $500,000. . .
$500,000 under $1,000,000.
$1,000,000 or more
Total
Ifcder $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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000...
$200,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 or more
Ibtal
Under $500
$500 under $1,000
Ifcder $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 $30,000
$30,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000...
$200,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 or more
Total
10,653
13,588
13,024
10,472
8,548
7,411
10,879
8,289
22,310
9,694
4,936
5,332
3,975
2,521
892
299
65
39
8,659
11,493
11,715
8,899
7,505
6,019
9,524
7,147
19,555
8,556
4,746
4,953
3,775
2,354
913
309
61
27
116, 210
8,530
11,574
11,556
8,925
7,283
6,192
9,437
7,000
18,996
8,584
4,589
4,867
3,811
2,537
903
368
69
31
8,657
11,020
10,753
8,053
6,660
5,437
8,088
5,871
15,537
6,533
3,681
3,834
2,746
1,735
656
243
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
3,840
3,026
1,923
667
277
50
23
7,074
15,978
11,836
9,261
7,256
5,924
9,038
6,494
16,725
7,044
3,704
3,985
2,970
1,762
628
241
56
21
7,199
17,170
13,283
10,125
8,197
6,500
9,972
7,256
19,098
3,029
4,295
4,344
3,223
1,977
751
225
7,309
17,649
13,109
9,805
7,652
6,292
9,341
6,777
16,934
6,786
3,618
3,526
2,573
1,511
454
176
36
12
Total income (Thousand dolla
3,508
10,752
16,186
18,131
19,130
20,271
37,918
37,020
157,916
118,141
84,936
130,016
150,769
173,197
119,161
85,896
44,089
80,684
1,307,721
2,883
9,125
14,495
15,489
16,789
16,501
33,035
31,976
133,983
104, 522
82,055
120,641
143,942
160,424
123,803
90,108
42,796
54,804
1,202,376
2,816
9,224
14,309
15, 513
16,301
16,960
32,748
31,340
134,343
104,532
79,346
118,679
145,313
173,932
123,265
106,384
43,946
59,406
2,906
3,769
13,267
13,984
14,866
14,950
28,024
26,322
110,021
79,558
63,514
93,322
105,067
113,323
88,963
69,932
33,175
41,864
926,824
1,973
9,536
U,185
14,708
14,933
14,855
29,047
27,479
112,485
32,301
&t,751
93,695
115,294
130,853
89,327
79,411
34,995
57,975
986,806
2,024
11,887
14,636
16,083
16,244
16,235
31,312
29,003
118,570
86,122
64,053
96,872
113,339
119,054
85,337
70,060
38,921
43,778
973,533
2,136
12,709
16,424
17,530
18,334
17,792
34,467
32,41A
134,465
97,715
73,892
105,748
123,070
132,788
100, 573
62,591
40,955
42,111
2,134
13,051
16,214
16,996
17,186
17,248
32,379
30,326
119,488
82,581
62,551
85,727
97,682
102,160
61,447
50,556
25,039
23,319
1,065,765
855, 594
Tax liability^ (Thouaand dollars}
433
976
1,786
2,157
2,303
2,449
4,951
4,534
20,675
16,413
13,392
21,931
30,131
37,893
27,682
20,077
10,757
16,393
234,933
331
736
1,466
1,696
1,877
1,864
3,793
3,698
17,280
W,265
12,299
19,615
27,972
33,888
30,774
21,856
10,390
6,950
210,765
271
621
1,228
1,452
1,552
1,660
3,244
3,141
U,232
12,701
10,580
13,003
26,153
36,501
28,937
25,496
12,322
10,152
203,756
274
570
1,110
1,278
1,398
1,409
2,737
2,636
11,798
9,402
8,332
13,935
13,212
22,220
19,968
15,382
7,709
5,553
144,030
175
648
1,091
1,345
1,426
1,452
2,870
2,788
12,714
10,451
8,859
15,357
22,086
27,651
21,300
17,979
7,565
20,552
176,309
201
921
1,440
1,683
1,754
1,748
3,383
3,209
14,175
11,397
9,442
16,551
22,779
27,735
20,226
18,078
9,795
8,507
173,071
197
936
1,549
1,757
1,398
1,363
3,636
3,459
15,690
13,211
11,341
18,577
26,687
33,371
28,148
17,254
13,108
12,757
205,457
241
1,118
1,796
1,955
2,013
2,052
3,916
3,750
15,956
12,752
10,654
16,764
23,474
27,599
17,843
16,564
8,110
8,938
175,605
Effective tax rate (Tax liability
12.3
9.1
11.0
11.9
12.0
12.1
13.1
12.2
13.1
13.9
15.8
16.9
20.0
21.9
23.2
23.4
24.4
20.3
18.0
11.5
8.1
10.1
10.9
11.2
11.3
11.5
11.5
12.4
13.6
15.0
15.3
19.4
21.1
24.9
24.3
24.3
12.7
17.5
9.6
5.7
8.6
9.4
9.5
9.8
9.9
10.0
10.6
12.1
13.3
15.2
18.0
21.0
23.5
24.0
26.2
17.1
15.9
3.4
9.1
9.4
9.4
9.3
10.0
10.7
11.8
13.1
14.9
17.3
18.8
22.4
22.0
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
16.4
19.2
21.1
23.3
22.5
21.5
35.4
17.9
9.9
7.7
9.8
10.5
10.3
10.7
10.3
11.1
12.0
13.2
U.7
17.1
20.1
23.3
23.7
25.8
25.2
19.4
17.8
9.4
10.0
10.4
10.5
10,5
10.7
11.7
13.5
15.3
17.6
21.7
25.1
23.0
27.6
32.0
30.3
19.3
11.3
8.6
11.1
11.5
11.7
11.9
12.1
12.4
13.4
15.4
17.0
19.6
24.0
27.0
29.0
33.0
32.4
37.5
20.5
'Tax for 1944 is before tax credits for foreign taxes paid and tax paid at source; for subsequent years, it is after such credits.
TAXABLE FIDUCIARY INCOME TAX RETURNS, 1944-1952
85
Table 10.— SOURCES OF INCOME AND DEDUCTIONS BY TYPE, 1944-1952
(For historical data prior to 19<W, see Statistics of Income for 19A9, pp. 329-330. )
Inccnie and deductions
Source of income;
Positive inccine:
Business profit
Partnership profit
Net gain frcm sales 'of capital assets
Net gain from sales of property other than capital assets.
Rents and royalties profit
Inccnie from other fiduciaries
Dividends
Interest
Miscellaneous 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
Ulscellaneous deductions
Amount distributable to beneficiaries
Total
Net income taxable to fiduciary
(Th<njsaf\d dollara)
37,073
58,836
221,674
1,912
lJ0,i87
24,530
723,436
102,481
20,098
1,320,527
4,716
1,371
3,431
946
2,348
12,812
1,307,721
12,176
30,595
70,921
567,276
630,968
626,760
41,725
45,074
212,407
1,886
109,041
25,375
665,377
91,524
18,465
1,210,874
2,540
966
2,392
686
1,911
8,495
10,683
27,982
61,516
511,353
611,534
590,347
43,019
46,973
213,237
3,045
105,891
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
615,614
33,969
41,004
103,968
1,372
102,559
16,260
529,760
84,264
16,745
934,901
1,832
715
3,457
625
1,448
8,077
926,824
9,119
23,050
46,958
384,923
464,050
45,506
43,948
144,583
1,741
117,635
14,609
518,021
84,703
19,300
995,046
1,836
632
3,658
537
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
931,897
1,508
562
3,632
901
1,710
8,313
9,687
22,547
43,009
384,096
464,339
50,952
67,682
254,718
1,961
89,590
14,220
466,316
108,179
18,598
1,072,716
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
1,353
303
1,754
789
1,520
5,729
3,363
19,441
36,671
313,624
378,099
478,495
40,128
50,715
95,562
1,242
63,604
9,311
383,785
11,562
660,909
996
316
2,220
567
1,188
5,287
3,231
16,045
30,705
243,625
293,606
357,017
Synopsis of
Federal
Tax Laws
1944-52
INDIVIDUAL AND FIDUCIARY INCOME TAX
Page
A. Requirements for filing returns and exemptions 89
B. Normal tax and surtax rates 90
C Provisions pertaining to capital gains and losses 91
SELFEMPLOYMENT TAX
D . Requirements for filing returns and tax rate 92
SYNOPSIS OF LAWS, 1944-1952
89
Table A— REQUIREMENTS FOR FIUNG RETURNS AND EXEMPTIONS UNDER THE INDIVIDUAL AND FIDUCIARY INCOME TAX LAW. 1944-52 '
Federal tax law: Revenue acts amending Code ' (date of enactment)
Revenue Act of 1951 (Oct. 20, 1951)
Revenue Act of 1950 (Sept. 23, 1950)
Revenue Act of 1948 (Apr. 2, 1948)--
Revenue Act of 1945 (Nov. 8, 1945)---
Individual Income Tax Act of 1944 (May 29. 1944).
Income year
1948-52-.
1944-47-
Gross in-
come 3 re-
quirements
for filing
returns *
DoUaTS
>600
500
Exemptions '
For married
couple filing
jointly
Dollars
1.200
l» 1,000
For single
person,' mar-
ried persons
filing sepa-
rately, or
fiduciary '
DollaTs
600
500
For each
dependent ^
Dollars
600
500
For taxpayer and/or
spouse
65 years of
age or older
Dollars
600
Blind
Dollars
600
iFor Income years 1913-43, see Statistics of Income for 1950, Part 1,
pages 308-309.
2 Revenue acts passed after Feb. 10, 1939 (the date of the enactment
of the Internal Revenue Code of 1939) are not complete taxing
statutes 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 specificany
exempt from income tax. Section numbers refer to the 1939 Code.
(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. (Sec. 22 (b) (1).)
Wholly tax-exempt interest. (Sec. 22 (b) (4).)
Value of property acquired by gift, bequest, devise, or descent.
(Sec. 22 (b) (3).)
Amounts received as return of premiums paid luider life insur-
ance, endowment, or annuity contracts. (Reg. Ill, 29.22 (a)-
12.)
Compensation for injuries or sickness. (Sec. 22 (b) (5) .)
Payments, except retirement pay, made to or on account of a
beneficiary under any of the laws relating to veterans. (Public
Law 262, 74th Cong.)
Rental value of a dwelling house furnished to a minister of the
gospel. (Sec. 22 (b) (6).)
Receipts of shipowners' mutual protection and indemnity asso-
ciations. (Sec. 116 (g).)
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 their gross Income
from sources within the possession. (Sec. 251.)
Earned income from sources outside the United States. (Also
see note4 (/).) (Sec. 116 (a).)
Compensation of employees of foreign governments or of the
Commonwealth of the Philippines. (Sec. 116 (h).)
Benefits received under the Railroad Retirement Act.
Income exempt under treaty. (Sec. 22 (b) (7).)
Amounts received under Federal old-age and survivors Insurance
benefits. Title 11, Social Security Act. (Income Tax Ruling
3447, 1941.)
Improvements by lessee on lessor's property. (Sec. 22 (b) (11).)
Disability pay for sickness or injury resulting from active service
in the armed forces of any country. (Sec. 22 (b) (5).)
Mustering-out payments with respect to service in the military
or naval forces of the United States. (Sec. 22 (b) (14) .)
Compensation for services of a minor Is excluded from the gross
Income of the parent (reported on the minor's return If re-
quired to be filed). (Sec. 22 (m).)
(b) The following items, under certain conditions, are among the
excltisions from gross income for part of the period 1944 through
1952:
1944 through 194a—
Compensation received by noncommissioned personnel for ac-
tive 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 Congress, only $1,500 during 1944.
The additional exclusions, made retroactive, are not re-
flected In the salary tabulated in Statistics of Income for
1944.) (Sec. 22 (b) (13).)
Active service pay, not exceeding $1,500, of commissioned
officers in the military or naval forces of the United States.
(Sec. 22 (b) (13).)
1950 and thereafter —
Beginning June 25, 1950, all pay of enlisted men and warrant
officers and the first $200 per month paid to commis-
sioned officers for active service in combat zones (desig-
nated by the President ) . (Sec. 22 (b) (13).)
1951 and thereafter —
Amounts, not exceeding $5,000, paid by an employer, under
a contract, to the beneficiaries of a deceased employee.
(Sec. 22 (b) (1).)
(c) The following items are among those included in gross Income
but subject to special provisions under section 107 (only that portion
of income allocated to the current Income year is tabulated In
Statistics of Income) :
Compensation earned from personal services covering a period of
36 months or more.
Income from an artistic work or invention covering a period of
36 months or more.
Back pay.
* (a) A citizen or resident of the United States may elect to pay
the optional tax (see table B, note 4 (d) ) and be relieved from com-
puting his tax liability 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; in such cases, the tax is computed by the
district directors of Internal revenue. A married couple electing to
pay the optional tax computed by the director may file a Joint return
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 required
to file a return is the separate gross income of husband or wife. Hus-
band 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 dif-
ferent taxable years except, beginning in 1948, if one or both die
during the year and the survivor does not remarry.
Marital status is determined as of the last day of the taxable year
or as of the date of death if one spouse dies during the year.
(c) 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. Also, an individual with less than the indicated amount
of gross income should file to claim refund of payments made on
declaration of estimated tax.
(d) The requirements for filing a fiduciary Income tax return
are the same as for a single person except that a return is required
for every estate or trust of which any beneficiary is a nonresident
alien 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. Net income means net Income taxable
to the fiduciary and is the amount of Income remaining in the
hands of the fiduciary after deductions for allowable expenses and
for amount distributable to beneficiaries.
(e) Returns are permitted for a fiscal year other than that ending
Dec. 31, except on Form W-2 for 1944^-47 or on Form 1040A for 1948
and subsequent years.
(/) The Internal Revenue Code of 1939 provides other filing re-
quirements as follows:
Citizens deriving a large percentage of their gross Income from
possessions. (Sec. 251 (g) and 251 (J).)
Nonresident citizens with earned income from sources outside
the United States. (Sec. 51 (a), 116 (a), and 116 (h).)
Nonresident aliens. (Sec. 217.)
Servicemen abroad or in combat areas. (Sec. 53 and 3804.)
Minors. (Sec. 51 (a) and 22 (m).)
= Exemptions for citizens and resident aliens are termed "normal-
tax exemption" and "surtax exemption" for 1944—45 and "exemption"
for 1946 and thereafter. Beginning 1948, additional exemptions are
allowed for age 65 or more and for blindness of the taxpayer and/or
spouse (If a Joint return is filed).
Elxemption is allowed as a credit against net income (see table
B, note 4 (a) ) for purposes of both normal tax and surtax, except
that for 1944-45 on a Joint return where the adjusted gross income
(see table B, note 4 (b) ) of one spouse is less than $5(X) the normal-
tax exemption is $500 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, page 315, note 20.
"For taxable years beginning after Oct. 31, 1951, the exemption
for a head of household (defined in note 7, table B) is 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 $600; beginning 1951, the gross Income
limitation is $600.
Credits for dependents are allowed for stirtax 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 possession
of the United States.
"Beginning 1951, for persons having net earnings of $400 or more
from self-employment, see table D.
>» The exemption is $500 for each spouse, except that for 1944-45
on Joint returns where adjusted gross Income (see table B, note 4
(b)) of one spouse is less than $500, the normal-tax exemption Is
$500 plus the adjusted gross income of such spouse.
90
SYNOPSIS OF LAWS, 1944-1952
Table B— NOBMAL TAX RATFS AND MINIMUM AND MAXIMUM SURTAX RATFS UNDER THE INDIVIDUAL AND FIDUCIARY INCOME TAX LAW. 1944-52'
Tax rate <
Federal tax law:
Revenue acts
amending Code ! (da^f of enactment)
Revenue Act of 1951 (Oct. 20, 1951)-
Revenue Act of 1950 (Sept. 23. 1950)....
Revenue Act of 1948 (Apr. 2, 1948)
Revenue Act of 1945 (Nov. 8. 1945)
Individual Income Tax Act of 1944
(May 29. 1944).
Income year ^
{Calendar year 1952.
Fiscal years beginning after Oct. 31, 1951
Calendar year 1951
[Fiscal years beginning after Sept. 30, 1950
and ending before Nov. 1, 1951.
^Calendar year 1950,.-
Fiscal years ending after Dec. 31, 1949 and
I before Oct. 1, 1950.
Calendar years 1948-1949
Calendar years 1946-1947.
Calendar years 1944-1945..
Normal
tax rate *
Percent
3.0
3.0
3.0
3.0
3.0
3.0
3.0
Graduated surtax rates ' at-
Lowest bracket of sur-
tax income, not
over-
fa) $2,000 for sin-
gle person
(b) $2,000 for head
of household '
(c) $4,000 for
married cou-
ple filing
jointly '
Percent
17.4
17.0
17.0
17.0
17.0
20.0
Highest bracket of sur-
tax income, over —
(a) $200,000 for
single person
(b) $300,000 for
head of
household '
(r.) $400,000 for
married cou-
ple filing
jointly *
Percent
88.0
88.0
88.0
88.0
88.0
91.0
Combined normal tax
and surtax rates " at —
Lowest
bracket of
surtax
income
Percent
22.2
20.4
20.0
17.4
16.6
19.0
23.0
Highest
bracket of
surtax
income
Percent
92.0
91.0
91.0
84.4
82.1
86.5
94.0
Maxi-
mum
rate
limita-
tion i«
87.2
87.0
80.0
77.0
85.5
90.0
1 For income years 1913-43, see Statistics of Income for 1950, Part 1,
pages 308-309 and 318-321.
2 Revenue Acts passed after Feb. 10, 1939 (the date of the enactment
of the Internal Revenue Code of 1939) are not complete taxing
statutes 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.
' In the case of a rate change during fiscal years not shown, the
total tax is prorated; for fiscal years beginning before Oct. 1, 1950, and
ending after Sept. 30, 1950, a tentative tax is computed under the law
in effect for each taxable year and the two tentative taxes are then
prorated according to the number of calendar months before Oct. 1.
1950 and after Sept. 30, 1950; similarly, for fiscal years beginning
before Nov. 1, 1951 and ending after Oct. 31, 1951, the tentative taxes
are prorated according to the number of months before Nov. 1, 1951
and after Oct. 31, 1951.
* (a) Tax rates are applied to net income after deducting the
credits against net income, as explained in notes 5 and 6; the tax
thus computed Is before the tax credits listed in note 10. Net income
means the excess of gross income over deductions as defined in the
various revenue acts. For net Income for fiduciary returns, see table
A, note 4(d).
An optional standard deduction is provided in lieu of nonbusiness
deductions. If the adjusted gross income (see note 4 (t>)) is less
than $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-^7 is $500 and for 1948 and thereafter is 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 deduc-
tion is $500. A married person is not allowed the standard deduction
if his spouse itemizes deductions. Citizens deriving a large percent-
age of their income from sources within a possession of the United
States are not allowed the standard deduction. (In Statistics of
Income neither the net income nor the standard deduction is tabu-
lated for those individuals who elect the standard deduction.) No
deductions are reported on Form W-2 for 1941 17 or Form 1040A
for 1948 and thereafter and no nonbusiness deductions on short-form
1040; however, the optional tax on such returns makes allowance for
deductions. (See note 4 (d).)
Variations in other deductions provided by the 1939 Code occurred
between 1944 and 1952 with respect to:
Amortization of emergency facilities. (Sec. 23 (t) and 172.) (The
amount of amortization deduction, tabulated separately in
Statistics of Income for 1945 only, is included in business deduc-
tions.)
Loss on sale or exchange of capital assets. (See table C.)
Net operating loss. (Sec. 23 (s) and 170.) (The net operating
loss deduction, tabulated separately among business deductions
In Statistics of Income for 1945 only and among sources of
Income and loss for 1951 and thereafter, is only the amount
carried forward.)
Medical expenses. (Sec. 23 (x).)
Blindness. (Sec. 25 (b) and 23 (y).)
Bad debts. (Sec. 23 (k).)
Charitable and other contributions. (Sec. 23 (o) .)
(b) Adjusted gross income means gross income minus certain of
the deductions (other than allowable nonbusiness expenses which
are deductible from the adjusted gross Income to arrive at net income)
allowed by section 23 In computing net income as follows:
Trade and business deductions of a taxpayer other than an
employee.
Expenses of travel, meals, and lodging Incurred by an employee
while away from home in connection with employment.
Reimbursed expenses in connection with employment.
Deductions attributable to rents and royalties.
Depreciation and depletion allowed a life tenant or Income bene-
ficiary of property held In trust.
Allowable losses from a sale or exchange of property.
For taxable years beginning after Oct. 19, 1951, 50 percent of the
excess of net long-term capital gain over net short-term capital
loss.
(c) Before 1948, on a Joint return of married persons, tax rates are
applied to the combined incomes. For 1948 and thereafter, the com-
bined 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 5 and 6. were reduced by one-half.
{d) In lieu of the normal tax and surtax imposed by sections 11
and 12 of the 1939 Code, a citizen or resident may elect to pay the
optional tax under section 400 (also see table A, note 4 (a)) if his
adjusted gross income is less than $5,000. The optional tax or the
standard deduction 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. Beginning 1951, a head of household loses
a possit'.e benefit if he files Form 1040A since his optional tax is
computed by the district director of internal revenue without regard
to his status as head of household. 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 computed in the regular manner and rounded to the
nearest dollar.
The optional tax table for 1952 is among the facsimiles of return
forms on page 98. For tables 1941-50, see Statistics of Income for
1950, pages 323-328.
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.
(e) For 1946 through calendar year 1950, the normal tax and
surtax rates result in tentative normal tax and surtax (see note 9).
■'■ 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 4 (d) ) :
(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 asso-
ciations issued prior to Mar. 28, 1942.
(c) Interest on obligations issued after Sept. 1. 1917 and before
Mar. 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 exemption (for taxpayer, spouse, and depend-
ents), 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 before Oct. 20, 1951, nor 50 percent of the
excess long-term capital gain thereafter (see table C) .
' A head of household status is applicable for taxable years begin-
ning after Oct. 31, 1951 and receives approximately one-half of the
benefits of Income-splitting accorded to a married couple filing a
Joint return. A head of household is an unmarried individual who
furnishes over one-half of the maintenance of a home which is the
principal residence of his unmarried descendant or stepchild or of
any person whom he claims as a dependent.
" 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.
"For 1946 through calendar year 1950, the combined rates shown
are after tax reductions, and the rates so computed are rounded.
For 1946 and 1947, the tentative normal tax and surtax are reduced
by 5 percent thereof. For taxable years beginning after Dec. 31, 1947
and ending before Oct. 1, 1950, the combined tentative 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 re-
duced 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 tax reduction, if any (see note 9), 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 1939 Code.)
SYNOPSIS OF LAWS, 1944-1952 91
Table C— PROVISIONS PERTAINING TO CAPITAL GAINS AND LOSSES UNDER THE INDIVIDUAL AND FIDUCIARY INCOME TAX LAW. 1944-52'
Federal tax law: Rev-
enue acts amending
Code 2 (date of en-
actment)
Revenue Act of 1951
(Oct. 20, 1951).
Revenue Act of 1950
(Sept. 23, 1950).
Individual Income
Tax Act of 1944
(May 29, 1944).
Income year
[Taxable years
I beginning aft-
er Oct. 19,
1951.
Taxable years
I beginning be-
f fore Oct. 20,
1951.
DefinitiGn of capital assets
(1) All property, whether or not connected with
trade or business, except:
(a) stock in trade or other property which
would properly be included in inven-
tory,
(b) property held primarily for sale to cus-
tomers in ordinary course of trade or
business,
(c) property used in trade or business of a
character which is subject to allowance
for depreciation.
(d) real property 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, musical, or artis-
tic composition, or similar property
(but not a patent or invention) created
by the taxpayer.
(2) Gains and losses are considered as from capi-
tal assets, under certain conditions, with
respect to:
(a) Worthless stock and other securities.
(Sec. 23(g) (2) and 23 (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 (D).
(e) Failure to exercise options. (Sec. 117 (g)).
(f) Sale, exchange, and involuntary conver-
sion of property used in trade or busi-
ness *, and involimtary conversion of
capital assets, all held more than 6
months, if gains exceed losses. (Sec.
117 (j)).
(g) Sales or exchanges of securities by deal-
ers, only if identified for investment.*
(Sec. 117 (n).)
(h) Certain termination payments to em-
ployee. (Sec. 117 (p).)
(i) Total distribution of employees' trust
on separation. (Sec. 165 (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 depreciable
property between spouses or between
an individual and a controlled cor-
poration. (Sec. 117 (o).)
(f) Loss from wash sales of stock or securi-
ties, not deductible. (Sec. 118.)
Same as 1951 act except: *
(1) (f) was added for taxable years begiiming
after Sept. 23, 1950,
(2) (g) was added for transactions made after
Nov. 19, 1951,
(2) (h) was added for ta.xable years beginning
after 1950,
(3) (a) was added for taxable years ending
after 1950,
(3) (b) was added for taxable years endhig
after 1949,
(3) (d) was added for gains realized after
1949, and
(3) (e) was added for transactions made after
May 3, 1951.
Period held
Percent-
age of gain
or loss
taken into
account
Short-term :
6 months
less.
Long-term:
More than 6
months.
Short-term:
6 months
less.
Long-term:
More than 6
months.
Treatment of capital gain 3
[Net short-term capital gain
is fully taxable at the nor-
mal tax and surtax rates.
If the net long-term capital
gain exceeds the net short-
term capital loss, there is al-
lowed as a deduction from
gross income an amount
equal to 50 percent of the
excess long-term gain.
The entire excess is taxed
at 26 percent ^ if the alter-
native tax is less than the
regular normal tax and
surtax. Alternative tax
is computed on net in-
come reduced for this pur-
pose by 50 percent of the
excess long-term capital
gain, at regular normal tax
and surtax rates, plus 26
percent * of the excess
long-term gain.
Net short-term capital gain is
fully taxable at the normal
tax and surtax 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 percent, if such
tax plus the tax on net
income reduced by such
capital gain (alternative
tax) is less than the regu-
lar tax on net Income;
otherwise, such capital
gain is taxed at normal
tax and surtax rates.
Treatment of capital loss ^
Net loss from sales of capital
assets resulting from the
combination of net short-
and long-term gain and loss
is allowable as a deduction
for the current year to the
extent of $1,000 or 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-
term capital loss in each of
the five succeeding years to
the extent that such carry-
over exceeds the total net
capital gains ^ of any tax-
able years intervening be-
tween the year in which the
net capital loss arose and
such succeeding years. If
tax is determined from op-
tional tax table, adjusted
gross income is substituted
for net income for the limi-
tation on capital loss de-
duction and for the compu-
tation of net capital gain.'
Same as 1951 act.
* For Income years 1922-43, see Statistics of Income for 1950, Part 1.
pages 330-331.
- Revenue Acts passed after Feb. 10, 1939 (the date of the enactment
of the Internal Revenue Code of 1939) are not complete taxing
statutes 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.
^ 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.
' "Property used in trade or business" includes real property and
depreciable property not Inventoriable or held primarily for business
sale, all held more than 6 months; excludes items (l)(f), (3)(b),
and (3)(e) in the table; Includes cutting of certain timber (also
coal, beginning 1951 ) disposed of by the owner under a contract by
which he retains an economic interest in such property; certain un-
harvested 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) .
■■Effective for transactions made after Nov. 19, 1951.
"25 percent for taxable years beginning after Oct. 19. 1951, and
before Nov. 1. 1951.
'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 taxpayer
(computed without regard to capital gains or losses) or $1,000. which-
ever is smaller, over (2) the losses from such sales or exchanges.
371897 O - 56
92
SYNOPSIS OF LAWS, 1944-1952
Table D— REQUIREMENTS FOR FIUNG RETURNS AND TAX RATE UNDER THE SELF-EMPLOYMENT TAX LAW. 1951-52
Federal tax law: Acts amending Code ' ^dale of enactment)
Social Security Act Amendments of 1950 (Aug. 28, 1950) 1951-52
Income year
Self-employment
net earnings - re-
quirements for
filing returns 3
Dollars
400
Maximum amount
subject to self-
employment tax
DollaTK
3.600
Tax rate on self-
employment in-
come '
Percent
2M
' Acts containing amendments to the Internal Revenue Code en-
acted Feb. 10, 1939. There is no one efTectlve date for aJl 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.
= 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 Income from services
as public official, railroad worker, minister or member of religious
order, or employee, and Income from farming, certain professions,
Interest and dividends received from securities and real estate rentals
except those of dealers, and gain or loss from sale or exchange of
capital assets and from disposition of other property. Net operating
losses and business property casualty losses are not allowable deduc-
tions. Net earnings of less than $400 are excluded from self -employ-
ment income and not subject to tax.
'Beginning 1951, a citizen or resident of the United States, or a
resident of the Virgin Islands or of Puerto Rico, having net earnings
from self -employment of $400 or more is required to file a return.
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 -employment 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 cer-
tain conditions. (Sec. 53 and 3804 of the 1939 Code.)
' Self-employment Income is the amount of the net earnings from
self-employment not In excess of $3,600 minus any wages received
from which social security tax has been withheld by the employer.
Facsimiles of
Income Tax
Returns
for 1952
Page
Form 1040: Individual Income Tax Return 95
Schedule C (Business) 111
Schedule D (Capital gains and losses) 115
Form 1040A: Employee's Optional Income Tax Return 117
Form 1041: Fiduciary Income Tax Return 119
94
FORM 1040
U. S. Treasury Department
Internal Revenue Service
FACSIMILES OF TAX RETURNS FOR 1952
U. S. INDIVIDUAL INCOME TAX RETURN
FOR CALENDAR YEAR 1952
or taxable year beginning -— , 1952, and ending ,- „ , 195.—
95
1952
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 these spans
Serial
No.
(Cashier's Stamp^
Your
exemp-
tions
List your name. If your wife (or husband)
had no income, or if this is a joint return,
list also her (or his) name.
Checli below if at the end of
your taxable year you or
your wife were —
65 or over D Blind Q
65 or over D Blind D
On lines A and B below-
If either 65 or blind write the figure 2 A
if neither 65 nor blind write the figure 1
65 or blind write the figure 2
if both 65 and blind write the figure 3
Numljer of exemptions for you
Number of her (or his) exemptions .
Name — »id atldrus if dUlenil frwn jtm
I
I
5
i
<^Your
X in-
I come
I
I
How to
figure
the tax
Tax
due or
refund
A -- -- - --
B --
(Your wife's name — donot list if exemption isclaimed on another return)
C. List names of your children (includ-
ing stepchildren and legally adopted
children) with 1952 gross incomes of
less than $600 who received more
than one-half of their support from
you in 1952. See Instructions. J Enter number of children listed.
D. Enter number of exemptions claimed for close relatives hsted in Schedule I on page 2
E. Enter total number of exemptions claimed in A to D above
•2. Enter your total wages, salaries, bonuses, commissions, and other compensation received in 1952, before pay-
roll deductions. Persons claiming traveling or reimbursed expenses, see Instructions.
Prill Emrl<;er't Name Wheie Emplcred (Cllr and State) Total Waiei
$-
$-
$-
iDceine Tai WIttihtM
$-
Enter total ~^
3. If you received dividends, interest, or any other income, give de-
tails on page 2 and enter the total here
4. Add income shown in items 2 and 3, and enter the total here ....
•(Before figuring your tax, see Schedule J for "Head of Household." If you claim such status, check here DO
IF 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 YOUR INCOME WAS $5,000 OR MORE.— Compute tax on page 3- Use standard deduction or itemize deductions, which-
ever 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 35, separate Schedule C.
6. How much have you paid on your 1952 income tax?
(A) Bytaxwithheld(initem2, above). Attach Original Forms W-2.
(B) By payments on 1952 Declaration of Estimated Tax (include
any overpayment on your 1951 tax not claimed as a refund) .
$...
Enter total here a^
$-
$-
7.
Enter total here ^
If your tax (item 5) is larger than payments (item 6), enter
balance of tax due 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 19i3 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 1952? (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 director's (formerly 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 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, 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) (Date)
To assure split-income benefits, husband and wife must include all their income and, eren though only one has income, BOTH MUST SIGN. is — eS304r4
96
FACSIMILES OF TAX RETURNS FOR 1952
Schedule A.— INCOME FROM DIVIDENDS
ntmtltmfnamiKbi^MittMnt
Page 2
Hum il ctrporMgn decUriiif iIIiMm<
AncUDt
$-
Amount
$-
Enter total h«re<B^
Nun il mv
SclMduto B.— INCOME FROM INTEREST
AmHt Nimt •) ma
AxmnI
Enter total heroa^
Schedule C Summary.— PROFIT <OR LOSS) FROM BUSINESS OR PROFESSION, FARMING, AND PARTNERSHIP
1. Business profit (or loss) from separate Schedule C, line 23
2. Farm profit (or loss) from separate schedule. Form 1040F
3. Pannership, etc., profit (or loss) from Form 1065, Schedule K, Column 3.
(Partnership name)
(Address)
4. Total of lines 1, 2, 3
5. Less: Net operating loss deduction (attach statement)
6. Net profit (or loss) (line 4 less line 5)
$-
$--
Schedule D.— NET GAIN 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. Kwt anil iKitJon id
1. Totals $
2. Amcunt ot rnt or
loyalty
3. DepreclaCon or deplelloa
(oiplain In Sclieilolo H)
$
4. Repalri (attach
statement)
$
S. Othor eiponsoi (attacli
statoment)
2. Net profit (or loss) (column 2 less sum of columns 3, 4. and 5).
Schedule G .—INCOME FROM ESTATES AND TRUSTS AND OTHER SOURCES
1. Estate or trust „._ _ _
_ , , >^ (Name) (Address)
2. Other sources (state nature)
Total income (or loss) from above sources (Enter here and as item 3, page 1) ?
Schedule H.— EXPLANATION OF DEDUCTION FOR DEPRECIATION CLAIMED IN SCHEDULE F
t. Kind of property (II bulldlnis, stato matorial ot
■tilch construtted). Eiclude land and oUiec
nondepreciable property
2. Oato
aagulred
3. Cost or ittier tasis
4. Depreciation al-
lowed (or allowable)
In prior years
5. Remalnlni cost or
oHier basis to be
reconrod
6l llfo used in
accumulatini
depreciation
7. Estimated nie
(rem bofinnlni
of year
t Dopradatio*
allowable tbis year
Schedu
le l.-EXEMPTIONS
2. RelatJoiishIr
FOR CLOSE RELATIVES— (See Instructions)
3. Did dependent durint 1952-
4. If answer to either 3(b) or 3(c) Is "No"
enter amount spent lor dependent's support
1. Name d dependent relabn. Also |l*a
(a)
Hafo tross Incomt
ol iCtIO or morel
(b)
Reside in your
homol
(c)
Receive entire support
Irom ftot
bi 1952 by-
address II dillerent Iron yours
Yon (and your wile It
this Is a lolnt return)
$
Others, and by depend •
ont Irom own lunds
$
Enter here and as item ID, page 1, the number of close relatives claimed above I I
1. Were you unmarried (or legally separated) at the close of your
taxable year? (Yes or No)
2. Did any person for whom you are entitled to an exemption, or your
unmarried child, grandchild, or stepchild, even though not a
dependent, share during your entire taxable year your home which
was your principal residence? (Yes or No)
List name(s) and relationship to you
Schedule J.— HEAD OF HOUSEHOLD (See Initructlon*)
(Not applicable where wife or husband died during taxable year)
Did you furnish more than one half of the cost of maintaining the
household during the taxable year? (Yes or No)
If you did not furnish the entire cost, state total amount fur-
nished by you $ ; by all others (including
those sharing your home) $ —
If all of the above questions are answered "Yes," you may deter-
mine your tax as Head of a Household. aro le— 6^304-2
FACSIMILES OF TAX RETUENS FOR 1952
97
ITEMIZED DEDUCTIONS— FOR PERSONS NOT USING TAX TABLE ON FACE 4 OR STANDARD DEDUCTION ON LINE 2 BELOW-
If Husband and Wife (Not Legally Separated) File Separate Returns and One Itemizes DedactioDS, the Other Must Also Itemize
^^~~~~' Discrlte OidiictMi nil sbtt U whM pid. If mm qaa Is auitt, ittKk aiMllMil slwett.
Pact 3
Contributiofls
Interest
Allowable Contributions (not in excess of 20 percent of item 4, page 1) .
$-
Total Interest .
Taxes
Total Taxes .
Losses from
M, storm, or
other casual-
ty, or ttieft
Total Allowable Losses (not compensated by insurance or otherwise).
Medical
and dental
expenses
{if over 65 see
Instructions)
Miscel-
laneous
(See
Instructions)
Net Expenses (not compensated by insurance or otherwise)
Enter 5 percent of item 4, page 1, and subtract from Net Expenses.
Allowable Medical and Dental Expenses. See Instructions for limitation.
Total Miscellaneous Deductions.
Total Deductions $
TAX COMPUTATION— FOR PERSONS NOT USING TAX TABLE ON PAGE 4
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, (i) 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)
II Una 5 Is not more than $2,000
6. Enter 22.2 percent of amount shown on line 5 and disregard lines 7, 8, and 9.
II line S Is more than {2,000
7. And you are a single person, a married person filing separately, or a head of household
Single persons and married persons fiiing separately use Tax Rate Schedule I on page 12 of
Instructions to figure tax on amount on line 5; heads of household use Tax Rate Schedule II
8. And you are lilinE a Joint return
(<») Enter one-half of amount on line 5
(i) Use Tax Rate Schedule I on page 12 of Instructions to figure tax on
amount on line 8 (a)
(c) Multiply amount on line 8 (J>) by 2.
$
9. If alternative tax computation is made, enter here tax from separate Schedule D.
Disregard lines 10, 11, and 12, and copy on Rne 13 the same figure you entered on Hne 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 (c), or 9- Enter difference here and as item 5 (A), page 1 .
Ift— 653M-a
98
FACSIMILES OF TAX RETURNS FOR 1952
If you use this table, tear off this page and file only pages 1 and 2
TAX TABLE FOR CALENDAR YEAR 1952
FOR PERSONS WITH INCOMES UNDER $5,000 NOT COMPUTING TAX ON PAGE 3
Read down the shaded columns below until you find the line covering the total income you entered in item 4, page 1. Then read across to the appropriate
column headed by the number corresponding to the number of eiemptions claimed in item 1 E, page 1. Enter the tax you lind there In item 5(A), Page 1.
Page 4
ir H»2t inumt in
ilMHwel.iJ-
Ami Ihe number of e»mpl
claimFdinlttmlE. paid.
ons
is—
It Mai intone in
Aen 4, ftf 1, is—
And the aumter ot esemptlon
claimed In item IE,
paie 1, is-
At least
But less
than
1
2
3
4 or
more
At least
But less
than
1
And you are—
2
And you are—
3
And you are—
4
5
6
7
Sinfle
era
married
person
ruint
separately
Ahead
Ola
household
Sinile
era
married
person
(iliOf
separately
Ahead
Ola
household
A
married
couple
filint
loiiOy
Simle
era
married
separably
Ahead
Ola
bouseheM
A
married
CMifle
turn
loinUy
8ir
mm
Your tail's— {
Your tai is—
99
675
$675
700
$0
4
$0
0
$0
0
$0
0
$2,325 l$2,350
2,350 i 2,375
.S334
339
.$334
339
$201
206
$201 ,
206 ;
$201
206
$67 i
72 i
$67 i
72 j
867
72
$0
0
$0
0
$0
0
$0
0
$0
0
700
725
760
775
725
750
775
800
9
14
19
24
0
0
0
0
0
0
0
0
0
0
0
0
2,375
2,400
2,425
2,450
2,400
2,425
2,450
2,475
344
349
354
359
344
349
354
359
211 •
216
221
226
211 '
216 :
221
226 '
211
216
221
226
77 :
82 :
87 •
92 j
77 i
82 i
87 1
92 i
77
82
87
92
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
800
825
850
875
826
850
875
900
29
34
39
44
0
s
0
0
0
0
0
0
0
0
0
2,475
2,500
2,525
2,650
2,500
2, 526
2,660
2,575
364
369
374
379
364
369
374
379
231
236
241
246
231
236
241
246
231
236
241
246
97 :
102 i
107 1
112 i
97 !
102 1
107 ;
112 i
97
102
107
112
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
900
925
950
976
925
950
975
1,000
49
54
59
64
0
0
0
0
0
0
0
0
0
0
0
0
2,576
2,600
2,626
2,660
2,600
2,625
2,650
2,675
384
389
394
399
384
389
394
399
251
256
261
266
251
256
261
266
251
256
261
266
117 i
122 '
127
132
117 i
122 i
127 i
132 :
117
122
127
132
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,000
1.026
1,050
1, 075
1,025
1,050
1,075
I. 100
69
74
79
84
0
0
0
0
0
0
0
0
0
0
0
0
2,676
2.700
2,725
2.750
2,700
2,725
2,750
2,775
404
409
414
419
404
409
414
419
271
276
281
286
271
276
281
286
271
276
281
286
137
142
147
152
137 i
142 !
147 ■
152 .
137
142
147
152
4
9
14
19
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
i.im
1,125
1,160
1.176
1,125
1,150
1,175
1,200
89
94
99
104
0
0
0
0
0
0
0
0
0
0
0
0
2,776
2,800
2,825
2,850
2,800
2,825
2,850
2,875
424
429
434
439
424
429
434
439
291
296
301
306
291
296
301
306
291
296
301
306
157
162
167
172
157 1
162 ,
167
172
157
162
167
172
24
29
34
39
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1, 200
1.225
1,250
1,275
1,226
1,260
1,276
1.300
109
114
119
124
0
0
0
0
0
0
0
0
0
0
0
0
2.875
2,900
2.925
2.950
2,900
2,925
2,960
2,975
444
449
455
460
444
449
454
459
311
316
321
326
311
316
321
326
311
316
321
326
177
182
187
192
177
182
187
192
177
182
187
192
44
49
54
59
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,300
1,325
1,360
1.375
1,325
1.350
1,375
I, 400
129
134
139
144
0
1
6
11
0
0
0
0
0
0
0
0
2,975
3,000
3. 050
3, 100
3,000
3,060
3,100
3,150
466
474
485
496
465
473
483
494
331
338
348
358
331
338
348
358
331
338
348
358
197
205
215
225
197
205
215
225
197
205
215
225
64
72
82
92
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1, 400
1.425
1,450
.1. 475
1,425
1,450
1,475
1,600
149
154
159
164
16
21
26
31
0
0
0
0
0
0
0
0
3,150
3.200
3.250
3,300
3,200
3,250
3,300
3,350
507
518
529
541
504
515
525
536
368
378
388
398
368
378
388
398
368
378
388
398
235
245
255
265
235
245
255
265
235
245
255
265
102
112
122
132
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,500
1,525
1,560
1,575
1.525
1,550
1,575
1, 600
169
174
179
184
36
41
46
51
0
0
0
0
0
0
0
0
3,350
3, 400
3,450
3,500
3,400
3,450
3,500
3,550
552
563
574
585
546
557
567
5T8
408
418
428
438
408
418
428
438
408
418
428
438
275
285 ,
295
305
275
285
295
305
275
285
295
305
142
152
162
171
8
18
28
38
0
0
0
0
0
0
0
0
0
0
0
0
1.600
1,625
1, 650
1,675
1,625
1,650
1,675
1,700
189
194
199
204
56
61
66
71
0
0
0
0
0
0
0
0
3,560
3,600
3,650
3,700
3,600
3,650
3,700
3,750
596
607
618
629
588
599
610
620
448
459
470
482
448
459
469
480
448
458
468
478
315
325
335
345
315
325
335
345
315
325
33S
345
181
191
201
211
48
58
68
78
0
0
0
0
0
0
0
0
0
0
0
0
1,700
1,725
1,760
1,775
1, 725
1,760
1,776
1,800
209
214
219
224
76
81
86
91
0
0
0
0
0
0
0
0
3,750
3,800
3,850
3,900
3,800
3,850
3,900
3,950
640
651
662
673
631
641
652
662
493
504
515
526
490
501
511
522
488
498
508
518
355
365
375
385
355
365
375
385
355
365
375
385
221
231
241
251
88
98
108
118
0
s
0
0
0
0
0
0
0
0
0
1,800
1,825
1,850
1,875
1,826
1,850
1,875
1,900
229
234
239
244
96
101
106
111
0
0
0
0
0
0
0
0
3,960
4,000
4,050
4,100
4, 000
4,050
4, 100
4,150
684
696
707
718
673
683
694
704
537
548
559
570
532
543
553
564
528
538
548
558
395
405
415
425
395
405
415
425
395
405
415
425
261
271
281
291
128
138
148
158
0
5
15
25
0
0
0
0
0
0
0
0
1,900
1 1,925
1,950
1.975
1,925
1.960
1,975
2,000
249
254
259
264
116
121
126
131
0
0
0
0
0
0
0
0
4,150
4,200
4,260
4.300
4,200
4,250
4,300
4,350
729
740
751
762
715
725
736
746
581
592
603
614
574
585
596
606
568
578
588
598
435
445
456
467
435
445
455
466
435
445
455
465
301
311
321
331
168
178
188
198
35
45
55
65
0
0
0
0
0
0
0
0
2. 000
2.025
2,050
2,075
2,025
2.060
2,076
2.100
269
274
279
284
136
141
146
151
2
7
12
17
0
0
0
0
4,350
4,400
4,460
4,600
4,400
4,450
4,500
4,550
773
784
795
806
757
768
778
789
625
636
648
659
1 617
, 627
: 638
; 648
608
618
628
638
478
489
500
511
476
487
497
508
475
485
495
504
341
351
361
371
208
218
228
238
75
85
95
105
0
0
0
0
0
0
0
0
2,100
2.126
2,160
2,175
1 2. 125
2, 160
2,175
2,200
289
294
299
304
156
161
166
171
22
27
32
37
0
0
0
0
4,550
4,600
4,660
4,700
4.600
4.660
4,700
4,750
817
828
839
851
799
810
820
; 831
670
681
692
703
i 659
i 669
1 680
1 690
: 648
; 658
i 668
i 678
522
533
544
555
518
529
539
. 550
514
524
534
544
381
391
401
411
248
258
268
278
115
125
135
145
0
0
2
12
0
0
0
0
2,200
2,225
2,250
2.276
2,225
2,260
2.276
2,300
309
314
319
324
176
181
186
191
42
47
52
57
0
0
0
0
4,750
4.800
4,860
4,900
4,800
4,850
4,000
4,950
862
873
884
895
• 841
! 852
; 862
i 873
714
725
736
747
i 701
; 711
: 722
i 732
: 688
i 698
■ 708
: 718
566
577
589
600
i 560
i 571
: 581
i 592
554
. 564
; 574
i 584
421
431
441
451
288
298
308
318
155
165
175
185
22
32
42
52
0
0
0
0
2.300
2.325
329
196
62
0
4,950
6,000
906
; 883
758
; 743
i 728
611
1 603
• 594
461
328
195
62
0
U. *. GOVERNMENT PRINTING OFriCC cor-lG — 65303-2
FACSIMILES OF TAX EETITRNS FOR 1952
THESE ARE YOUR
Income Tax
Forms for 1952
99
and helpful information
on how to prepare your
U, S. Income Tax Return
on Form IO4O
This pamphlet of official iDstructions
will help you prepare your return.
It summarizes the most important
requirements of the law and regula-
tions. It calls your attention to ex-
emptions and deductions to which
you are entitled and which reduce
your tax. If you need more informa-
tion, inquire at the nearest office of a
director of internal revenue. If you
desire a more detailed publication,
you can obtain a booklet entitled,
"Your Federal Income Tax," for 25
cents from the Superintendent of
Documents, Government Printing
Office, Washington 25, D. C.
100
FACSIMILES OF TAX RETURNS FOR 1952
Table of Contents
Page
How To File Your Return:
Who must file 3
Why you must file a return . 3
When to file 3
How to pay 3
How to sign 3
Where to get forms 3
Where to get help 3
Your rights of appeal 3
How To Choose Your Re-
turn for Simplicity and
Lowest Tax:
The three types of returns . 3
Income less than $5,000.. 3
Form r040A 3
Short-Form 1040 3
Long-Form 7040 3
Income of $5,000 or more. 3
Married persons — joint or
separate return 4
Are you married? 4
Separate or joint returns. ... 4
How to make a separate
return 4
How to make ajoinS return. 4
Advantages of a joint return. 4
Joint tax or refund 4
Unmarried persons — Heads
of household 4
Page
How To Claim Your Ex-
emptions:
Exemptions for you and
wife 4
For you 4
For your wife 4
In case of death 4
Proof of blindness 4
Exemptions for your chil-
dren 5
Exemptions for your rela-
tives 5
How To Report Your In-
come:
What income is taxed .... 5
Examples of income which
must be reported 5
Examples of income not to
be reported — Armed Forces,
etc 5
Wages, salaries, etc ....... 3
Report total wages before
payroll deductions 5
Tips and gratuities 5
Payment in merchandise, etc. 5
Meals and living quarters. . 5
Travel expenses of employees . 5
Reimbursed expenses other
than travel 6
Page
Other expenses of employees . 6
Going to and from work .... 6
Dividends 6
Interest 6
Business or profession 7
Farming 7
Partnerships 7
Net operating loss deduc-
tion 7
Self-employment tax 7
Sale and exchange of prop-
erty 8
What are capital gains? .... 8
Sales of homes, etc. — Gen-
eral rule 8
Special rule for sale of resi-
dence at a gaiQ 8
Nonbusiness bad debts . . .'. . 8
Annuities and pensions .... 8
The S-percent rule 8
After you recover cost 8
Employer' s contributions . ... 8
Part-year annuities 8
Joint and survivorship annu-
ities 9
Rents and royalties 9
If you rent part of a house,
etc 9
Estates and trusts 9
Other income 9
Page
How to figure depreciation . 9
What is "useful life"? 9
Figuring the deduction 9
Cash or accrual accounting . 9
Information reports 10
Declarations of estimated
tax 10
How To Claim Nonbusi-
ness Deductions:
Contributions ".0
Interest 10
Taxes 10
Casualty losses and thefts . . 11
Medical and dental ex-
penses 11
Limitations 11
Miscellaneous 11
How To Figure Your Tax:
Using the tax table 12
Making a long-form com-
putation 12
1952 tax rate schedule .... 12
Adjustment for partially tax-
exempt interest 12
Your tax due or refund. . . 12
Credit for withholding tax . . 12
Credit for F. /. C. A. tax. . 12
Credit for estimated tax pay-
ments 12
Balarue of tax or refund 12
WHERE TO FILE YOUR RETURN
Niail your return fo fhe "Direcfor of Internal Revenue" for the district in which you live
ALABAMA Blrmlnghom 3, Ala.
ALASKA Tacoma 2, Woth.
AtlZONA Phoanix, Ariz.
ARKANSAS LiHl* Rock, Ark.
CALIFORNIA:
Counties of looperial, Kern, Los An-
ftlei. Orange, Riverside, San Berna-
ino, San Diego, San Luis Obispo.
Santa Barbara, and Ventura Los An-
gela! 12, Calif.
All other counties San Frontlieo
7, Calif.
CANAL 70NE Jacksonvilla, Fla.
COLORADO Oanver 2, Colo.
CONNECTICUT Hartford, Conn.
DELAWARE Wllmlnglon 99, Del.
DISTRICT OF COLUMBIA Balllmora 2,
Md.
FLORIDA Jackionvlile 1, Fla.
GEOR6IA Atlpnla 3, Ga.
HAWAII Honolulu 9, T. H.
IDAHO BoUa, Idoho
lUINOIS:
G>unties of Boone. Bureau. Carroll,
Cook, De Kalb, Du Page, Grundy,
Henry, Jo Daviess, Kane, Kankakee,
Kendall, Lake, La Salle, Lee, McHenry,
Marshail, Mercer, Ogle, Putnam, Rock
Island, Stark, Stephenson, Whiteside,
Will, and Winnebago Chicago, III.
All other counties — Sprlngflsid, III,
INDIANA—.lndlanapolit 6, Ind.
IOWA De< Molnet 8, Iowa
KANSAS. ..Wichita I, Kana.
KENTUCKY...loultvllla I, Ky.
LOUISIANA-. .New Orlaant 16, La.
MAINE— Augutia, Maine
MARYLAND... Baltimore 2, Md.
MASSACHUSETTS.. .Boilon 15, Mats,
MICHIGAN. ..Detroit 31, Mich.
MINNESOTA SI. Paul 1, Minn.
MISSISSIPPI Jockton 5, Miii.
MISSOURI!
Counties of Adair, Audrain, Bol-
linger, Boone, Butler, Callaway, Cape
Girardeau, Carter, Clark, Crawford,
Dent, Dunklin, Franklin, Gasconade,
Howard, Iron, Jefferson, Knox, Lewis,
Lincoln, Linn, Macon, Madison,
Maries, Marion, Mississippi, Monroe,
Montgomery, New Madrid, Oregon,
Osage, Pemiscot, Perry, Phelps, Pike,
Pulaski, Ralls, Randolph, Reynolds,
Ripley, St. Charles, St. Francois, Ste.
Genevieve, St. Louis, Schuyler, Scot-
land, Scott, Shannon, Shelby, Stod-
dard, Warren, Washington, ^nd
Wayne St. Louli 1, Mo.
All other counties — Kansas City 6,
Mo.
MONTANA Helena, Monl.
NEBRASKA.. .Omaha 2, Nebr.
NEVADA...Reno, Nev.
NEW HAMPSHIRE. ..Portsmouth, N. H.
NEW JERSEY:
Counties of Bergen, Essex. Hudson,
Hunterdon, Middlesex, Morris, Pas-
saic, Somerset, Sussex, Union and
Warren.. .Newark, N. J.
All other counties — Camden 1, N. J.
NEW MEXICO Albuquerque, N. Mex.
NEW YORK:
Brooklyn: Counties of Kings, Nas-
sau, Queens, and Suffolk — Brooklyn
2, N. Y.
Lower Manhattan: All that part of
Manhattan Island south of 34th Street
(this includes both sides of 34th
Street) and Richmond County Cus-
tomhouse BIdg., New York 4, N. Y.
Upper Manhattan: That part of
Manhattan Island north of 34th Street.
(This includes Blackwell's Island, Ran.
dall's Island, and Ward's Island.)
110 East 4Slh St., New York 17, N. Y.
Eastern New York State: Counties
of Albany, Bronx (formerly the 23d
and 24th wards of New York City),
Clinton, Columbia, Dutchess. Essex,
Fulton, Greene, Hamilton, Montgom-
ery, Orange, Putnam, Rensselaer,
Rockland, Saratoga, Schenectady,
Schoharie, Sullivan, Ulster, Warren,
Washington, and Westchester Al-
bany 1 , N. Y.
Central New York State: Counties
of Broome, Cayuga, Chenango, Cort-
land, Delaware, Franklin, Herkimer,
Jefferson, Lewis, Madison, Oneida,
Onondaga, Oswego, Otsego, St. Law.
rence, Schuyler, Seneca, Tioga, Tomp-
kins, and Wayne Syracuse, N. Y.
Western New York State: Counties
of Allegany, Cattaraugus, Chautauqua,
Chemung, Erie. Genesee, Livingston,
Monroe, Niagara, Ontario, Orleans,
Steuben, Wyoming, and Yates — Buf-
falo 2, N. Y.
NORTH CAROLINA...Greensboro, N. C.
NORTH DAKOTA Fargo, N. Dak.
OHIO:
Northeastern: Counties of Ash-
land, Ashtabula, Belmont, Carroll,
Columbiana, Cuyahoga, Geauga, Har-
rison, Holmes, Jefferson, Lake, Lo-
rain, Mahoning, Medina, Monroe,
Portage, Richland, Stark, Summit,
Trumoull, Tuscarawas, and Wayne
Cleveland, Ohio
Southeastern: Countiej of -Adams,
Athens, Coshocton, Delaware, Fair-
field, Franklin, Gallia, Guernsey,
Hocking, Jackson, Knox, Lawrence,
Licking, Madison, Marion, Meigs,
Morgan, Morrow, Muskingum, Noble,
Perry, Pickaway, Pike, Ross, Scioto,
Union. Vinton, and Washington
Columbus 16, Ohio
Northwestern: Counties of Allen,
Auglaize, Champaign, Cr'awford,
Darke, Defiance, Erie, Fulton, Han-
cock, Hardin, Henry, Huron, Logan,
Lucas, Mercer, Ottawa, Paulding, Put-
nam, Sandusky, Seneca, Shelby, Van
Wert, Williams, Wood, and Wyan-
dot Toledo 1, Ohio
Southwestern: Counties of Brown,
Butler, Clark, Clermont, Clinton. Fay-
ette, Greene, Hamilton, Highland,
Miami. Montgomery, Preble, and War-
ren Cincinnati 1, Ohio
OKlAHOMA-..Oklahoma City 1, Okla.
OREGON. ..Portland 9, Oreg.
PENNSYLVANIA:
Southeastern: Counties of Adams,
Bedford, Berks, Blair Bucks, Chester,
Cumberland, Dauphin, Delaware,
Franklin, Fulton, Huntingdon, Juriiata,
Lancaster, Lebanon, Lehigh, Mifflin,
Montgomery, Perry, Philadelphia,
Schuvlkill, Snyder, and York...Phila-
delphia 7, Pa.
Northeastern: Counties of Brad-
ford, Carbon, Centre, Clinton, Colum-
bia, Lackawanna, Luzerne, Lycoming,
Monroe, Montour, Northampton, Nor-
thumberland, Pike, Potter, Sullivan,
Susquehanna, Tioga, Union, Wayne,
and Wyoming Scranton 14, Pa.
Western: Counties of Allegheny*
Armstrong, Beaver, Butler, Cambria.
Cameron, Clarion, Clearfield, Craw-
ford, Elk, Erie, Fayette, Forest, Greene,
Indiana, Jefferson, Lawrence, McKeaa,
Mercer, Somerset, Venango, Warrea,
Washington, and Westmoreland-
Pittsburgh 30, Pa.
PUERTO RICO Baltimore 2, Md.
RHODE ISLAND. ..Providence, R. I.
SOUTH CAROLINA.. .Columbia 1, S. C
SOUTH DAKOTA-. .Aberdeen, S. Dak.
TENNESSEE Nashville 3, Tenn.
TEXAS:
Southern: Counties of Aransas,
Atascosa. Austin, Bandera, Bastrop.
Bee, Bell, Bexar, Blanco, Bosque, Bra-
zoria, Brazos, Brewster, Brooks. Bur-
leson, Barnet, Caldwell, Calhoun,
Cameron, Chambers, Colorado, Comal,
Coryell, Culberson, De Witt, Dimmit,
Duval, Edwards, El Paso, Falls, Fay-
ette, Fort Bend, Freestone, Frio, Gal-
veston, Gillespie, Goliad. Gonzales,
Grimes. Guadalupe, Hamilton, Har-
din, Harris, Hays, Hidalgo. Hill,
Hudspeth, Jackson, Jasper, Jen Davis,
Jefferson, Jim Hogg, Jim Wells,
Karnes, Kendall, Kenedy, Kerr, Kim-
ble Kinney, Kleberg, Lampasas, L4
Salle, Lavaca, Lee, Leon, Liberty,
Limestone, Live Oak, Llano, McCul-
loch, McLennan, McMullen, Madison,
Mason, Matagorda. Maverick. Medina,
Milam, Montgomery, Newton, Nue-
ces, Orange, Pecos, Polk. Presidio,
Real, Reeves, Refugio, Robertson, San
Jacinto, San Patricio, San Saba, Som-
ervell, Starr. Terrell, Travis, Trinity,
Tyler, Uvalde, Val Verde, Victoria,
Walker, Waller, Washington, Webb,
Wharton, Willacy, Williamson, Wil-
son, Zapata, and Zavala Austin S,
Tex.
Northern: All other counties — _
Dallas 1, Tex.
UTAH— -Solt Lake City 1, Utah
VERMONT.. .Burlington, Vt.
VIRGINIA Richmond 17, Va.
VIRGIN ISLANDS---Balllmore 2, Md.
WASHINGTON—.Tacoma 2, Wash.
WEST VIRGINIA.. .Parkertburg, W. Va.
WISCONSIN Milwaukee I, Wit.
WYOMING— .Cheyenne, Wyo.
Taxpayers with legal residence in foreign countries Baltimore 2, Md., U. S. A.
FACSIMILES OF TAX EETURNS FOR 1952
HOW TO FILE YOUR RETURN
101
Who Must Pile
Everyone — adult or child — who had $600 or more gross
income in 1952 must file. For requirements respecting
self-employment tax, see page 7.
Why You Must File a Return
Most of your tax is withheld from your wages every
payday or paid on Declarations of Estimated Tax every
quarter. However, the law requires you to file an annual
return to determine whether you owe more or you should
get a refund.
When To File
Between January 1 and March 15, 1953. Try to avoid
the last-minute rush. Those few individuals who keep
books on a fiscal year basis must file by the fifteenth day
of the third-month after the close of their years.
How To Pay
Any balance of tax shown to be due in item 7, page 1,
of your return on Form 1040 must be. paid in full with
your return. You may pay cash, or by check or money
order. Checks or money orders should be made payable
to "Director of Internal JRevenue."
Hou> To Sign
You have not filed a legal return unless you sign it. If
you and your wife are filing a joint return, both of you
must sign, You do not need to have your return notarized,
since your signatm-e has the same legal effect as swearing
to the truthfulness of your return.
Where To Get Forms
As far as practical, the Director mails forms directly to
taxpayers. If you need additional forms you can get them
from any director's office, and also at most banks and post
offices. Many employers also keep forms for the convenience
of employees.
Where To Get Help
After reading these instructions you should be able to
prepare your own return, unless you had complicated
problems. If you do need help, you can get it at any
director's office. For example, you may need advice in
connection with filing a return for a decedent.
Your Rights of Appeal
If you believe there is an error in any bill, statement, or
refund in connection with your tax, you are entitled to
present your reasons to the Director and have the matter
reconsidered. Also, if any audit or investigation causes
proposed changes in your tax, to which you do not agree,
you are entitled to have the matter reconsidered by the
Director. If agreement is not reached, the Director will
advise you of further appeal rights.
HOW TO CHOOSE YOUR RETURN FOR
SIMPLICITY AND LOWEST TAX
The Three Types of Returns
In an effort to fit the tax returns to the differing needs
of the more than 50,000,000 persons who must file them,
three types of returns have been provided — Form 1040A,
Short-Form 1040, and Long-Form 1040.
'!: The law expects you to pay your correct tax — no more —
no less. It will pay you to think for a moment which of
these three types of returns is the best and easiest form in
your case. To do this you need to consider the size of
your income, the sources of your income, your eligibility
to deduct travel and reimbursed expenses from wages (see
page 5 ) , and the size of your nonbusiness deductions, such
as contributions, medical expenses, etc. (listed in detail on
pages 10 and 11). The tax table used in computing the
tax on Form 1040A and Short-Form 1040 automatically
allows you approximately 10 percent of your income to
cover your nonbusiness deductions.
Income Less Than $5,000
1. Form 1040 A. — This is the simplest return of the three.
If you file this form, you do not need to figure your own
tax. From your answers to the questions, the Director will
figure your tax for you, and send you a bill or a refund.
If your total income was less than $5,000 and consisted
entirely of wages reported on Withholding Statements
(.Fprms W-2), or of such wages and not more than $100
total of other wages, dividends, and interest, you may use
Employee's Optional Income Tax Return (Form 1040A).
If ( 1 ) you had any income from other sources, such as annui-
ties, rents, royalties, a business or profession, farming, trans-
actions in securities or other property, partnerships, estates,
and trusts, or (2) if you claim the status of head of a house-
hold, you may not use Form 1040A but must file your re-
turn on Form 1040. You cannot deduct travel or reim-
bursed expenses from your wages if you file Form 1040A.
2. Short-Form 1040. — Form 1040 may be used either as
a short form or as a long form. The short form is simpler
than the long form. It differs from Form 1040A in that
(a) you must find your own tax; (b) you may include in-
come from sources not eligible for Form 1040 A; and (c)
you may deduct travel and reimbursed expenses from your
wages. Therefore, if your income was less than $5,000 and
you do not desire to itemize nonbusiness deductions (con-
tributions, interest, etc.), find your tax from the table on
the back of the form, tear off the first sheet and file it as
a short form.
3. Long-Form 1040. — If your nonbusiness deductions are
more than 10 percent of your income, you will ordinarily
save money by itemizing your deductions on Long-Form
1040. You will then figure your tax according to the com-
putation on page 3, and file the entire form, which is called
a long-form return. If your nonbusiness deductions are
so close to 10 percent that you are in doubt which is the
better form, try both the short form and the long form to
make sure.
Income of $5,000 or More
If your income was $5,000 or more, you must use Long-
Form 1040. However, in that case, you can either take a
standard deduction or itemize and claim your actual de-
ductions. You should compare your actual deductions with
102
FACSIMILES OF TAX RETURNS FOR 1952
the amount the standard deduction allows you. If actual
deductions exceed the standard deductions, you will save
tax by electing to itemize them. If you are single, or if
you are married and file a joint return, the standard deduc-
tion is 10 percent of your income but not more than $1,000.
If husband and wife file separate returns and each had in-
come of $5,000 or more, the standard deduction is a flat
$500 for each.
Married Persons — -Joint or Separate Return
Are you married? — If you were a married person on Dec.
31, 1952, you are considered married for the entire year
1952. If you were divorced or legally separated on or be-
fore December 31, you are considered single for the entire
year. If your wife or husband died during the year, you are
considered married for the entire year, and may file a
joint return.
Separate or Joint Returns. — If husband and wife have
separate income (for example, if both work), they may
file separate returns or a joint return. A separate return
accounts only for the exemptions, income, and deductions
of one person. If married persons living in community
property States file separate returns, each must report half
of any commimity income. A joint return accounts for
the exemptions, income, and deductions of both husband
and wife. A husband and wife may file a joint return
even though one of them had no income. A joint return
may not be filed if either husband or wife was a nonresi-
dent alien at any time during the taxable year.
How To Make a Separate Return. — To file separate returns,
husband and wife must each have income under the laws
of their State and they must fill out separate forms. The
"split income" provisions of the Federal tax law do not
apply to separate returns. When filing separate returns,
the husband and wife should each claim the deductions
for those allowable expenses paid with his or her own funds.
(In community property States, deductions resulting from
payments made out of funds belonging jointly to husband
and wife may be divided half and half.) If one itemizes
and claims actual deductions, instead of using the tax table
or the "standard deduction", then both must itemize and
claim actual deductions on Long-Form 1040 returns.
How To Make a Joint Return.— You can make a joint re-
turn by including all exemptions, income, and deductions
of both husband and wife. In the heading of the return,
list both names (for example: "John H. and Mary D.
Doe") . Both must sign the return.
Advantages of a Joint Return. — The present law usually
makes it advantageous for married couples to file joint re-
turns. The law provides a "split income" method of figuring
the tax on a joint return which often results in a lower tax
than would result from separate returns. If you make a joint
return on Form 1040A, the Director will figure your tax
both on the separate and the joint basis, and give you the
benefit of the lower figure. If you file Form 1040-— eithef
the short or long form — a joint return usually will result
in as low as or a lower tax than separate returns. There are
some cases, when husband and wife both have income, where
separate returns result in a lower total tax than joint returns.
Joint Tax or Refund. — When husband and wife sign a joint
return, each assumes full legal responsibility for the entire
tax, and if one fails to pay, the other must pay it. If they are
entitled to a refund, the check will be made out to them
jointly.
Unmarried persons — Heads of Household
The law provides a special tax treatment for any indi-
vidual who qualifies as a "Head of a Household."
If you are not married (or legally separated) at the end
of your taxable year, you qualify as a "Head of a House-
hold" provided you furnish over half the maintenance of
a home which is your principal residence and which, except
for temporary absences, you share during the entire taxable
year with —
(a) Any person for whom you are entitled to an exemp-
tion, or
(b) Your unmarried child, grandchild, or stepchild, even
though such child is not a dependent.
If you are married to a nonresident alien at any time
during your taxable year but otherwise meet the foregoing
tests, you are considered a "Head of a Household" since
you are not permitted to file a joint return.
If your wife or husband (not a nonresident alien) dies
during the taxable year, you do not qualify as a "Head of
a Household" since in such case you are generally entitled
to file a joint return.
If you claim the status of "Head of a Household," you
are required to fill in Schedule J on page 2 of your retvim.
The cost of maintaining a household includes expendi-
tures for such items as:
1. Maintenance of the dwelling and premises. For
example, rent (or if the taxpayer owns his home, real estat€
taxes and interest on a mortgage on the home) , insurance ofi
the dwelling and premises, repairs, upkeep, and domestic
help.
2. Utilities. For example, gas, telephone, electricity,
water, and fuel.
3. Food consumed in the home.
The cost of maintaining a household shall be computed
without regard to the value of personal services rendered by
a member of the household, including the taxpayer.
HOW TO CLAIM YOUR EXEMPTIONS
Exemptions for You and Wife
For You. — ^You, as the taxpayer, are always entitled to at
least one exemption for yourself. If, at the end of your tax-
able year, you were blind or were 65 or older, you get two
exemptions for yourself. If you were both blind and 65 or
over, you get three exemptions.
For Your Wife. — You get exemptions for your wife (or hus-
band) if you and she are filing a joint return. If you file
a separate return, you may claim her exemptions only if
she had no income and was not claimed as a dependent on
another taxpayer's return for 1952. Otherwise, your wife's
exemptions are like your own — one if she was neither blind
nor 65 ; two if she was either blind or 65 ; three if she was
both blind and 65.
In Case of Death. — If wife or husband died during 1952,
the exemption for age or blindness is determined as of the
date of death.
Proof of Blindness. — If totally blind, attach a statement
of such fact to the return. If partially blind, attach a state-
ment from a qualified physician or a registered optometrist
that ( 1 ) central visual acuity did not exceed 20/200 in the
I
FACSIMILES OF TAX RETURNS FOR 1952
103
better eye with correcting lenses, or (2) thav the widest di-
ameter of the visual field subtends an angle no greater
than 20°.
Exemptions for Your Children
You get only one exemption for each child (the addi-
tional exemption for age or blindness applies only to you
and your wife but not to dependents) . The law puts very
exact limitations on who is a dependent. Each child rnust
meet all four of the following tests for the taxable year:
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 wdfe if this is a joint return) ,
and
3. Is not claimed as an exemption on the return of her
husband (or his wdfe), and
4. Was either a citizen of the United States or a resident
of the United States, Canada, or Mexico.
Exemptions for Your Relatives
You get one exemption for each dependent close relative.
The law puts very exact limitations on who may be claimed
as a dependent close relative. Each must meet all five of
the following tests for the taxable year:
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
husband (or his wife), and
4. Was either a citizen of the United States or a resident
of the United States, Canada, or Mexico, and
5. Is related to you (or to husband or wife if this is a
joint return) in one of the follovmig ways:
Mother
Stepbrother
Son-in-law
Father
Stepsister
Daughter-in-law
Grandmother
Stepmother
Uncle-
Grandfather
Stepfather
Aunt —
Brother
Mother-in-law
Nephew —
Sister
Father-in-law
Niece —
Grandson
Brother-in-law
(but only if related
Granddaughter
Sister-in-law
by blood)
HOW TO REPORT YOUR INCOME
What Income Is Taxed
The law says all kinds of income are subject to tax with
specific exceptions. This means that all income which is
not specifically exempt must be included in your retiun,
even though it may be offset by expenses and other
deductions. On the other hand, exempt income should
be Omitted from your return altogether.
Examples of Income Which Must Be Reported
Wages, salaries, bonuses, commissions
Tips and gratuities for services rendered
Dividends and other earnings from investments
Interest from bonds, loans
Industrial, civil service and other pensions, annuities,
endowments
Rents, and royalties from property, patents, copyrights
Profits from business or profession
Profit from sale of real estate, securities, autos
Your share of partnership profits
Your share of estate or trust income
Contest prizes
Gambling winnings
Examples of Income Which Should Not Be Reported
Armed forces pay due to active service in a combat zone or
while hospitalized from such service after June 24, 1950—
enlisted men's entire service pay for each month; officers'
service pay up to $200 for each month. Your service with-
holding statement (Form W— 2) does not include this non-
taxable service pay but shows only the pay you need report
All Government payments and benefits made to veterans
and their families, except nondisability retirement pay
and interest on terminal leave bonds
Dividends on veterans' Grovermnent insurance
Federal and State social security benefits
Railroad Retirement Act benefits
Gifts, inheritances, bequests
Workmen's compensation, insurance, damages, etc., for
bodily injury or sickness
Interest on State and municipal bonds; certain Federal bonds
issued before March 1, 1941
Life insurance proceeds upon death
Wages, Salaries, Etc.
Even though tax has been withheld by your employer,
the law requires you to report all your wages, salaries,
fees, commissions, bonuses, and all other payments for
your personal services.
Report Total Wages Before Pay-Roll Deductions. — When
your employer deducts taxes, insurance, union dues, savings
bond subscriptions, social security, pension fund contri-
butions, community chest, or- other items from your pay,
these amounts are still part of your wages. The law
requires you to report your total wages in the amount that
would have been paid if your employer had not made any
deductions.
Tips and Gratuities. — The law requires you to include in
your wages all tips, gratuities, bonuses, and similar pay-
ments whether you get them from a customer or from your
employer. Legally, these are not "gifts," even though people
sometimes mistakenly call them by that name.
Payment in Merchandise, etc. — If your employer pays part
or all of your wages in merchandise, services, stock, or other
things of value, you must determine the fair market value
of such items and include it in your wages.
Meals and Living Quarters. — If solely for the convenience
of your employer, you are required to live or eat on his
premises and the living quarters and meals are not furnished
as compensation, they are not to be reported in your return.
For example, a maidservant who is required to live in her
employer's home is not taxable on the value of the meals
and lodging furnished her. A special provision of law also
exempts a clergyman from paying tax on the value of a
parsonage furnished for his use by his church.
Travel Expenses of Employees. — The law provides special
104
FACSIMILES OF TAX RETURNS FOR 1952
deductions for the expenses of tra\el, meals, and lodging
while away from home in connection with your employer's
business. Traveling "away from home" means going away
from the city or town where you normally work and remain-
ing away at least overnight. If you choose to live away
from the city where you regularly work, or do not transfer
your home when your employer transfers your work to a
different city, the law does not allow any "travel deduction"
resulting from your choice of residence.
"Travel expenses" means the cost of transportation fares,
meals, and lodging while away from home on your em-
ployer's business. It also includes porters' tips, hire of public
stenographers, baggage charges, and similar expenses nec-
essary to travel. Entertainment expenses cannot be included
in "travel expenses." You cannot deduct laundry and other
personal expenses. Any amount paid to you to cover "travel
expenses" must be included in your wages. You can deduct
your full "travel expenses" from your wages before writing
the balance of your wages in item 2, page 1, Form 1040.
You must attach a statement to your return explaining in
detail the expenses you deducted.
Reimbursed Expenses Other Than Travel. — If your em-
ployer pays you an "expense account" or otherwise reim-
burses you for money spent for him (other than "travel ex-
penses"), you should add these payments to your wages,
and then subtract your actual expenses but not more than
the reimbursements. Enter the balance in item 2, page 1,
Form 1040, and attach a detailed statement in explanation.
Any allowable expense in excess of the reimbursed amount
must be treated as "Other Expenses" discussed below.
Other Expenses of Employees. — On page 1 of Form 1040,
the law allows only "travel" and "reimbursed" expenses to
be deducted from wages, as explained in the two preceding
paragraphs. If you file Form 1040 A or a Short-Form 1040,
or if you take the standard deduction on a Long-Form 1040,
you receive an allowance for deductions which takes the
place of all other employment expenses and nonbusiness
deductions. On the other hand, if you itemize your deduc-
tions on a Long-Form 1040, you can deduct the cost of
tools, materials, dues to unions and professional societies,
entertaining customers, and other expenses which are ordi-
nary and necessary in connection with your employment.
These items may be itemized and deducted on page 3 under
the heading "Miscellaneous."
Going to and From Work. — The law regards the cost of
going to and from work as your personal expense, and never
allows you to deduct such costs, no matter how far you live
from work, or how expensive the transportation may be.
Dividends
If you own stock in a corporation or association, the pay-
ments you receive on your stock out of earnings and profits
are called dividends and must be reported in your tax return.
Usually dividends are paid in cash, but' if paid in merchan-
dise or other property, they are taxable at their fair market
value.
If, however, a distribution is not paid from earnings and
profits, it is not taxable as a dividend. Such distributions
are treated as reductions of the cost or other basis of your
stock. These distributions are not taxable until they exceed
your cost or other basis. After you have received full repay-
ment of your cost or other basis, you must include any addi-
tional receipts as gains from the sale or exchange of property
for which special tax treatment is provided.
In some cases a corporation distributes both a dividend
and a repayment of capital at the same time. When these
mixed distributions are made, the check or notice will usu-
ally show the dividend and the capital repayment separately.
In any case, you must report the dividend portion as income.
A distribution in the form of shares of stock in the same
corporation is not taxable if it does not change your pro-
portionate interest in the corporation ; as, for example, where
each holder of common stock receives one additional share
of the same class of common stock for each share he owtis.
A stock distribution is taxable if it changes the stockholder's
proportionate interest in the corporation. If so, the fair
market value of the new stock must be reported as dividend
income.
Dividends on shares of stock issued before March 28, 1942,
by Federal land banks, national farm loan associations, and
Federal Reserve banks are not taxable. If the shares were
issued on or after that date, the dividends are taxable.
If you own shares in a Federal savings and loan associa-
tion, see next section.
You sh6uld itemize in Schedule A dividends received
unless you are engaged in the trade or business of buying
and selling stock to customers. In such case, you should
report dividends received from such stock in separate
Schedule C.
Interest
You must include in your return any interest you receive
or is credited to your account and which can be withdravkTi
by you. All interest from bonds, debentures, notes, savings
accounts, or loans is taxable, except for certain governmental
issues as described below.
State and Municipal Bonds and Securities. — The interest on
these obligations is completely exempt from tax.
U. S. Government Bonds and Securities. — The interest on
obligations issued on or after March 1, 1941, is fully taxable.
If you own United States Savings or War bonds (Series
A to F, inclusive), the gradual increase in value of each
bond (as shown in the table on its back) is considered
"interest," but you need not report it in your tax return
until you cash the bond. Matured Series E bonds continue
to earn interest until cashed. However, you may at any
time elect to report each year the annual increase in value,
but if you do so you must report in the first year the entird
increase to date and must continue to report the annual
increase each year.
If you own U. S. Savings bonds or Treasury bonds issued
prior to March 1, 1941, you can exclude from your tax
return the interest on any $5,000 principal value of such
bonds (valuing Savings bonds at cost and Treasury bonds
at face value).
On certain United States securities the interest is subject
to surtax rates but is exempt from nonnal tax rates. The
entire interest from such securities should be included on
page 2 of the return. If you file Form 1040A or Short-
Form 1040, the standard deduction of approximately 10
percent includes this normal tax exemption. If you file a
Long-Form 1040 and itemize deductions, you may make an
adjustment for these securities in line 6, 7, or 8 {c) , page 3.
This adjustment is allowed only on the following securities :
(A) U. S. Savings bonds and Treasury bonds in excess of
$5,000 issued before March 1, 1941;
(B) Obligations of instrumentalities of the U. S. (except
Federal land banks, intermediate credit banks, and joint
stock land banks) issued before March 1, 1941;
(C) Dividends on shares of Federal savings and loan
associations if the shares were issued before March 28, 1942.
You should itemize in Schedule B interest received, unless
you are engaged in the business of buying and selling securi-
FACSIMILES OF TAX RETURNS FOR 1952
105
ties. In such case, you should report interest received in
separate Schedule C.
Business or Profession
The law taxes a business or profession on its profits — not
its total receipts. Therefore, separate Schedule C is provided
to help you subtract your costs from your receipts.
Generally, the costs you can deduct are the ordinary and
necessary expenses of doing business — cost of merchandise,
salaries, interest, taxes, rent, repairs, and incidental supplies.
In the case of capital investments and improvements in
depreciable property, such as buildings, machines, fixtures,
and similar items having a useful life of more than one year,
the law provides an annual depreciation allowance as the
method of recovering the original capital cost tax-free. For
further information on depreciation, see page 9.
In the case of capital investments and improvements in
nondepreciable property, such as land, the law does not pro-
vide for any annual depreciation allowance.
If some of your expenses are part business and part per-
sonal, you can deduct the business portion but not the per-
sonal portion. For instance, a doctor who uses his car half
for business can deduct only half the operating expenses of
the car.
If in your business, you suffer a loss from the loan of cash
or property, you can deduct the "bad debt" in the year in
which it became worthless, but not in any other year. If a
business debt becomes partially worthless, you can deduct
the portion actually charged off on your books. Uncollected
bills for services, like doctors' bills, cannot be deducted unless
the anticipated income was reported in your current or
previous "tax return.
Farming
For the assistance of farmers, a separate schedule, Form
1040F, is provided and must be used by all farmers who
report on a cash basis. This form is optional with farmers
who keep books on an accrual basis.
Farmers should report as business income all Government
payments, such as milk subsidy and conservation payments
and amounts received under the Soil Conservation and
Domestic Allotment Act, as amended, the Price Adjustment
Act of 1938, section 303 of the Agricultural Adjustment Act,
as amended, and the Sugar Act of 1937. Farmers who in-
clude in their income loans from the Commodity Credit
Corporation should attach a statement explaining the
details.
Farmers who market produce through a cooperative
should add to the sales price of the produce, or to ordinary
income, any patronage dividends received in the taxable
year as a result of such transactions. Farmers who buy,
through a cooperative, implements, gasoline, seed, fertilizer,
or other items for use in their business should either reduce
their deductions for such items by the amount of patronage
dividends received or add patronage dividends to income.
Patronage dividends received as rebates for purchases of
items not used in your business should be omitted from your
tax return. Patronage dividends are considered paid to you
when remitted in cash, merchandise, stock certificates, or
when credited to your account.
For further information relating to farm income and
expense, see instructions on page 4 of Form 1040F.
Partnerships
A partnership or similar business firm (not a corporation)
does not pay income tax in the firm's name. Therefore, each
partner must report in his personal tax return his share of
his partnership's income and pay tax on it.
Include in Schedule C Summary, page 2 of Form 1040,
your share of the net profit (whether actually received by
you or not) or the net loss of a partnership, joint venture,
or the like, whose taxable year ends within the year covered
by your return. In computing the amount of the net income
or loss of the partnership or other organization, do not
include :
(a) Interest on obligations of the United States or its in-
strumentalities which is exempt from normal tax (see
Interest). Youi^ share of this interest should be reported in
Schedule B, page 2, of your return.
(b) Deductions and credits for contributions, income
taxes paid to a foreign government, and income taxes paid
at the source on tax-free covenant bond interest. If you
itemize your deductions on Long-Form 1040, your share of
these items should be entered on page 3.
(c) Capital gains or losses. Your share of these should be
reported by you in separate Schedule D.
Your share of partnership gains and losses from trans-
actions described in subsections (j) and (k) of section 117 of
the. Internal Revenue Code should be aggregated with your
gains and losses from like transactions to determine whether
you are entitled to the benefits of such subsections.
If the partnership is engaged in a trade or business, the
individual partner may be subject to the self-employment
tax on his share of the partnership's self-employment in-
come. In such a case the partner's share of partnership self-
employment net earnings (or loss) should be entered on
line 29, separate Schedule C.
Net Operating Loss Deduction
If, in 1952, your business or profession lost money instead
of making a profit or you had a casualty loss, you can apply
these losses against your other 1952 income. If these losses
exceed your other income, the excess or "net operating loss"
may be carried backward to offset your income for 1951,
and any remaining excess may be carried over to the years
1953-1957, inclusive. If a carry-back entitles you to a
refund of 1951 taxes, ask the Director for Form 1045 to
claim quick adjustment. For further information, see
section 122 of the Internal Revenue Code.
If you claim a net operating loss deduction on line 5 of
Schedule C Summary, page 2, of Form 1040, you should
file a concise statement setting forth the amount of the net
operating loss deduction claimed and all material and per-
tinent facts relative thereto, including a detailed statement
shovking the computation of the net operating loss deduction.
Self-employment Tax
Every self-employed individual will have to file an annual
return of his self-employment income on Form 1040 if he
has at least $400 of net earnings from self-employment in a
taxable year, even though he may not have sufficient in-
come to otherwise require the filing of an income tax return.
If your income is derived solely from salary or wages, or
from dividends and interest on investments, capital gains,
annuities, or pensions, you will have no self-employment
income and, therefore, will have no self-employment tax
to pay.
Generally, if you carry 'on a business as a sole proprietor,
or if you render service as an independent contractor, or as
a member of a partnership or similar organization, you will
have self-employment income.
The computation of your self-employment tax is made on
separate Schedule C which, with attached Schedule C-a,
should be filed with your income tax return on Form 1040.
The self-employment tax is a part of your income tax and
any balance of tax shown to be due in item 7, page 1 of your
106
FACSIMILES OF TAX RETURNS FOR 1952
return on Form 1040 must be paid in full with your return.
Any declaration of estimated tax required to be filed need
not include estimated tax on self-employment income.
For further information relating to the self -employment
tax, see instructions on page 4 of separate Schedule C.
Sale and Exchange of Property
If you sell your house, car, furniture, securities, real
estate, or any other kind of property, the law requires you
to report any profit in your tax return. Because of the many
special rules for taxing the profit and deducting the loss
from such transactions, a special form. Schedule D, is pro-
vided for your convenience. The results computed from this
form must be shown on page 2 of Form 1040 and the sep-
arate schedule attached.
What Are Capital Gains? — In general, capital gains are
profits from selling or exchanging any kind of property
except certain kinds when they are used or held in your
trade or business. For more specific information regarding
capital gains and losses and gains and losses from the sale
or exchange of other property, see instructions on the back
of Schedule D.
Sale of Homes, Etc. — General Rule — The law requires
you to report any gains from the sale or exchange of your
residence or other nonbusiness property, but does not allow
you to claim any loss from the sale of a home or other asset
which was not held for the purpose of producing income.
However, your gain from the sale of such property is the
difference between the sales price and your original cost
plus the cost of permanent improvements without reduction
of such costs by depreciation.
Special Rule for Sale of Residence at a Gain. — If you
sold or exchanged your residence during 1952 at a gain
and within one year after (or before) the sale you pur-
chased and occupied another residence, none of the gain
is taxable if the cost of the new residence equals or exceeds
the sale price of the old residence. See, however, instruc-
tions below for information to be furnished. If instead of
purchasing another residence you begin construction of a
new residence either before the sale of your old residence
or withm one year after the sale and occupy it not later
than 18 months after the sale, none of the gain upon the
sale is taxable if your cost of construction actually taking
place and land actually acquired within the period begin-
ning one year before the sale and ending 18 months after the
sale equals or exceeds the sale price of the old residence.
If the sale price of your old residence exceeds the cost of
your new residence, the gain on the sale is taxable to the
extent of such excess. For example, if you sell for $15,000
a residence which cost you $10,000 and purchase a new
residence for $14,000, $1,000 of the $5,000 gain on the sale
of your old residence is taxable.
To determine the gain on the sale of your new residence,
reduce its cost by the gain from the sale of your old resi-
dence which was not taxable. For example, if you sell your
new residence which cost $14,000 for $16,000 and the non-
taxable gain on your old residence was $4,000, your gain
on the sale of the new residence is $6,000, since the cost of
$14,000 is reduced by $4,000.
Specific rules apply where (a) a part of your old or new
residence is used for rental or business purposes, (b) you
sell within one year more than one property used as your
principal residence, (c) the ownership by husband and wife
of the old and new residence is not identical, (d) you own
more than one residence at the same time, or (e) the acqui-
sition of the new residence occurred because of a casualty
such as fire, or of condemnation proceedings which affected
your old home.
If you sold or exchanged your residence during 1952,
report the details of the sale in separate Schedule D. If
you do not intend to replace, or the period for replace-
ment has passed, report the gain in the regular manner. If
you have acquired and occupied your new residence, enter
in column 8 of Schedule D only the amount of taxable gain,
if any, and attach statement showing the purchase price,
date of purchase, and date of occupancy.
If you are undecided or have decided to replace, you
should enter "none" in column 8 of Schedule D. When you
do replace within the required period, you should advise
the director, giving full details. When you decide not to
replace, or the period has passed, you should file an amended
return.
The running of the 1-year period or the 18-month
period will be suspended during the time, if any, in which
you serve on active duty in the Armed Forces after the date
of sale of the old residence and before January 1, 1954, pur-
suant to a call or order for an indefinite period or for more
than 90 days. This suspension applies only where your
service begins before the end of the 1-year period or the
18-month period, and cannot extend the period beyond a
date which falls 4 years after the date of sale.
Nonbusiness Bad Debts. — If you fail to collect a personal
loan, you can list the bad debt as a "short-term capital loss"
provided the loan was made with a true expectation of col-
lecting. So-called loans to close relatives, which are really
in the nature of gifts, must not be listed as deductible losses.
Annuities and Pensions
If you paid part or all the cost of an annuity, pension,
endowment, or similar contract, you are entitled to recover
your cost tax-free, but must report a certain amount of
your annual receipts as income. For your convenience in
figuring the capital and income portions of your annuity or
pension, Schedule E has been provided on page 2 of Form
1040. If you are receiving payments on more than one
pension or annuity, you should fill out a similar schedule for
each one.
The 3-Percent Rule. — In general, each payment to you is
partly repayment of your cost and partly interest on your
money. You must report as income each year an amount
at least equal to 3 percent of all the money you paid toward
your pension or annuity.
The difference between the total payments you received
during the year and 3 percent of your cost is the amount of
your capital recovery which you exclude from income undl
your full cost has been recovered tax-free. However, if the
3-percent figure is larger than the actual amounts you re-
ceived during the year, then report the actual amount
received.
After You Recover Cost. — As soon as you have recovered
your cost tax-free (usually within the first few years), then
everything you receive must be reported as income. From
then on, you can report your full pension or annuity receipts
in line 6 of Schedule E without filling out the other lines
of the schedule.
Employer's Contributions. — Many employers contribute
part or all of the cost of pensions for their employees. Usu-
ally, these contributions are not taxed as current wages, and
such contributions are not considered part of the cost to
employees. Therefore, in figuring the exempt or taxable
portion of your pension, count only costs which you paid
personally or through deductions from your pay. ,
Part-Tear Annuities. — If your payments started after Jan- ^
FACSIMILES OF TAX RETURNS FOR 1952
107
uary 1952, instead of reporting 3 percent, take yx2 of this
3% of cost and multiply it by the number of months for
which you received payments in 1952.
Joint and Survivorship Annuities. — If, after the death of
one annuitant, another person continues to receive the an-
nuity payments, the new recipient must continue to report
income in the same manner as the deceased annuitant. If,
however, the death occurred after Dec. 31, 1950, the value
of the annuity on the date of death, if includible in the
estate, will be considered the cost to the survivor.
Rents and Royalties
If you are not engaged in the trade or business of selling
real estate to customers and receive rent from property
owned or controlled by you, or if you receive royalties from
inventions, copyrights, mineral leases, and similar rights,
you must report in Schedule F on page 2 of Form 1040 the
total amount received. If crops or other property, instead of
cash, were received as rent, their fair market value should
be reported. Crops received as rent under a crop-sharing
arrangement should be reported as income in the year of
disposal.
You are entitled to various deductions which are indi-
cated in the schedule. In the case of buildings you can
deduct depreciation, as explained on this page. You can also
deduct depreciation on a patent or copyright. In the case of
mineral, oil, gas, or timber properties, you can deduct a
special allowance called "depletion." For details of deple-
tion allowance, see sections 23 (m) and 114 of the Internal
Revenue Code.
You can also deduct all ordinary and necessary expenses
on the property such as taxes, interest, repairs, insurance,
agent's commissions, maintenance, and similar items. How-
ever, you cannot deduct any capital investments or improve-
ments. For example, if you are a landlord, you can deduct
the cost of minor repairs but not the cost of major improve-
ments such as a new roof or remodeling.
Expenses, depreciation, and depletion should be listed in
total in the columns provided in Schedule F.
// You Rent Part of Your House, Etc. — If you rent out only
part of your property, you deduct only a similar portion of
the expenses. For example, if you rent out one-half of your
home, and live in the other half yourself, you can deduct
only one-half of the depreciation and other expenses.
Room rent and other space rentals should be reported as
business income in separate Schedule C if services are ren-
dered to the occupant.
If you are engaged in the trade or business of selling real
estate to customers, you should also report rentals received
in separate Schedule C.
Estates and Trusts
If you receive or are entitled to receive income from an
estate or trust, you must report in your personal tax return
any of its income which you have received or are entitled
to receive. The administrator, executor, or trustee should
advise you what to report.
Include in Schedule G of your return your share of the
distributable income (whether actually received by you or
not) of an estate or trust whose taxable year ends within
the year covered by your return. In computing the amount
of the net income of the estate or trust for this purpose, do
not include :
(a) Interest on obligations of the United States or its
instrumentalities which is exempt from normal tax (see
Interest). Your share of this interest should be reported in
Schedule B, page 2, of your return.
(b) Income taxes paid to a foreign government and in-
come taxes paid a.t the source on- tax-free covenant bond
interest. If you itemize your deductions on Long-Form 1040,
your share of these items should be entered on page 3.
Other Income
If you cannot find any specific place on your tax return
to list some type of income, you should put it in Schedule
G, page 2. For example, this is the proper place to report
amounts received as alimony or separate maintenance under
a court decree; rewards or prizes; recoveries of bad debts,
taxes, losses, etc., which reduced your tax in a prior year,
and health and accident insurance benefit payments re-
ceived by you as reimbursements for medical expenses which
reduced your tax In a prior year.
How To Figure Depreciation
As already indicated, in figuring your profit from rents,
royalties, businesses and professions, the law does not allow
you to deduct the full cost of your capital investments or
improvements in the year made. In the case of capital invest-
ments and improvements in depreciable property, such as
buildings, machines, fixtures, and similar items having a
useful life of more than one year, the law provides an annual
depreciation allowance as the method of recovering the
original capital cost tax-free. This means that you can
spread the cost over as many years as it is expected to be
useful. These rules apply to a profession the same as to a
business. For instance, a lawyer can deduct the cost of his
law books and a doctor can deduct the cost of his instru-
ments only through the depreciation allowance.
What Is "Useful Life".'— The useful life of a building, ma-
chine, or similar property depends on how soon it will be-
come obsolete, on the quality of materials and construction,
climate, hard usage, and other factors. Past engineering
experience provide reasonable estimates for figuring depre-
ciation. Comprehensive tables of "average useful lives" of
various kinds of buildings, machines, and equipment in many
industries and businesses have been published in an official
booklet called Bulletin F which you can buy for 30 cents
from the Superintendent of Documents, Government Print-
ing Office, Washington, D. C. The bases of the depreciation
allowance are explained in section 1 14 of the Internal Reve-
nue Code.
Figuring the Deduction. — Once you make a reasonable esti-
mate of the useful life of your property, you may divide its
cost less salvage value, if any, by the number of years of
such useful life, and that<is the amount you can deduct
during each of these years. For example, suppose you own
a house which has an estimated useful life of 40 years. If
you rent the house to someone else, you can deduct from
your rental income 2^4 percent of its cost (excluding the
land cost) each year for 40 years.
Cash or Accrual Accounting
Your return must be on the "cash basis" unless you keep
accounts on the "accrual basis." "Cash basis" means that
all items of taxable income actually or constructively re-
ceived during the year (whether in cash or property or
services) and only those amounts actually paid during the
year for deductible expenses are shown. Income is "con-
structively" received when the amount is credited to your
account, or set aside for you, and may be drawn upon by
you at any time. Thus, constructive receipts include un-
cashed salary or dividend checks, bank interest credited to
your account, matured bond coupons, and similar items
which you can immediately turn into cash. The "accrual
basis" means that you report income when earned, even
though not received, and deductible expenses when incurred,
even though not paid within the taxable period.
371897 O - 56 -8
108
FACSIMILP:S of tax returns for 1952
Information Repdrts
Every person who made payments of salary, wages, com-
missions, interest, rents, alimony, or other fixed or determin-
able income of $600 or more during the calendar year 1952
to an individual, partnership, or fiduciary, must make a
return on Forms 1096 and 1099. If a portion of such salary
or wage payments was reported on a Withholding State-
ment (Form W-2) , only the remainder must be reported on
Form 1099.
Declarations of Estimated Tax
Because the withholding tax on wages is not sufficient to
keep many taxpayers — particularly business owners, pro-
fessional persons, investors, and landlords — paid up on their
income tax, the law requires them to file Declarations of
Estimated Tax and to make quarterly payments in advance
of the annual income tax return. Such persons, therefore,
must not only file their 1952 income tax returns, but also
declarations for 1953 on Form 1040-ES by March 15.
Specifically, the declaration is required of anyone who ex-
pects to receive (a) 1953 wages exceeding $4,500 plus $600
multiplied by the number of his exemptions (for example,
$5,100 for a single person with no dependents, or $5,700 for
a married man, with no dependents, whose wife has no
income) ; or (b) 1953 income of more than $100 from all
sources other than wages subject to withholding, provided
his total income is expected to be $600 or more.
Farmers who are required to file declarations may post-
pone filing until next January 15; furthermore, if they file
their final return and pay the tax due by January 31, they
may omit the declaration.
The Director will mail Form 1040-ES to persons who
filed taxable declarations last year. Others needing this form
may obtain it upon request.
HOW TO CLAIM NONBUSINESS DEDUCTIONS
Contributions
If you itemize deductions on a Long-Form 1040, you
can deduct gifts to religious, charitable, educational, scien-
tific, or literary organizations, and organizations for the
prevention of cruelty to children and animals, except when
the organization is operated for personal profit, or to con-
duct propaganda or otherwise attempt to influence legisla-
tion. You can deduct gifts to fraternal organizations if they
are to be used for charitable, religious, etc., purposes. You
can also deduct gifts to veterans' organizations, or to a
governmental agency which will use the gifts for public
purposes. A contribution may be made in money or prop-
erty (not services), but if in property, then the amount of
the contribution is measured by the fair market value of
the property at the time of the contribution.
However, deductions for contributions may not exceed
20 percent of your adjusted gross income (item 4, page 1).
The law does not allow deductions for gifts to individuals,
or to other types of organizations, however worthy.
While you can deduct gifts to the kind of organizations
listed above, you cannot deduct dues or other payments to
them for which you receive personal benefits. For example,
you can deduct gifts to a YMCA but not dues.
Some examples of the treatment of contributions are :
You CAN Deduct Gifts To:
Churches, including assessments Boy Scouts, Girl Scouts
Red Cross, Salvation Army Tuberculosis societies (Christ-
American Legion, VFW, DAV mas seals)
Nonprofit schools and hospitals American Cancer Society
Community chests
You CANNOT Deduct Gifts to:
Relatives, friends, other indi- Social clubs
viduals Labor unions
Propaganda organizations Chambers of commerce
Political organizations or candi-
dates
Interest
If you itemize deductions on a Long-Form 1040, you can
deduct interest you paid on your personal debts, such as
bank loans or home mortgages. Interest paid on business
debts should be reported in separate Schedule C or Sched-
ule F, page 2, of Form 1040. Do not deduct interest paid
on money borrowed to buy tax-exempt securities, single-
premium life insurance or endowment contracts, or interest
paid on behalf of another person unless you were legally
10
liable to pay it. In figuring the interest paid on a mortgage
or an installment contract, be careful to distinguish between
the amount specifically charged as interest and other items
such as carrying charges, taxes, or insurance. Following are
examples of the treatment of interest paid :
You CAN Deduct Interest On:
Your personal note to a bank Delinquent taxes
or an individual Installment contract if interest
A mortgage on your house is specifically charged
A life insurance loan, if you pay
the interest in cash
You CANNOT Deduct Interest On:
A life insurance loan, if interest
is added to the loan and you
report on the cash basis
Indebtedness of another person,
when you are not legally lia-
ble for payment of the interest
A gambling debt or other non-
enforceable obligation
Taxes
If you itemize deductions on a Long-Form 1040, you
can deduct most non-Federal taxes paid by you. You can
deduct State income taxes, personal property taxes, and
real estate taxes (except those assessed for pavements or
other local improvements which tend to increase the value
of your property). You can deduct State or local retail
sales taxes if under the laws of your State they are imposed
directly upon the consumer, or if they are imposed on the
retailer (or wholesaler in case of gasoline taxes) and the
amount of the tax is separately stated by the retailer to the
consumer.
Do not deduct on page 3 any nonbusiness Federal taxes,
or any taxes paid in connection with a business or profession
which are deductible in separate Schedule C or Schedule F,
page 2, of Form 1040. Following are examples of the treat-
ment of some common taxes :
Auto license fees
State capitation or poll taxes
State gasoline taxes
You CAN Deduct:
Personal property taxes
Real estate taxes
State income taxes
State or local retail sales taxes
You CANNOT Deduct:
Any Federal excise taxes on your Hunting licenses, dog licenses
personal expenditures, such as Auto inspection fees
taxes on theater admissions, Water taxes
furs, jewelry, cosmetics, rail- Taxes paid by you for another
road tickets, telephone, etc. person
Federal social security taxes
FACSIMILES OF TAX RP^TURNS FOR 1952
109
Casualty Losses and Thefts
If you itemize deductions on a Long-Form 1040, you
can deduct your net loss from the destruction of your prop-
erty in a fire, storm, automobile accident, shipwreck, or
other losses caused by natural forces. Damage to your car
by collision or accident can be deducted if due merely to
faulty driving but cannot be deducted if due to a willful
act or negligence for which you are responsible. You can
also deduct losses due to theft, but not losses due to mislaying
or losing articles.
You should determine the amount of any casualty loss by
comparing the fair market value of the property just before
and just after the casualty. This loss, or the original cost of
the property less depreciation, whichever is lower, should
then be reduced by any insurance or other reimbursement
to arrive at your deductible loss. Attach a statement explain-
ing your computation.
If your 1952 casualty losses exceed your 1952 income, the
excess may be carried back as a "net operating loss" to offset
your income for 1951, and any remaining excess may be
carried over to the years 1953-1957, inclusive. "
Following are examples of the treatment of losses arising
from some causes:
You CAN Deduct Losses On:
Property sucli as your home, Property, including cash, which
clothing, or automobile de- is stolen from you
stroyed or damaged by fire Damage to your auto by acci-
Loss or damage of property by dent, if not due to your will-
flood, lightning, storm, explo- ful negligence
sion, or freezing
You CANNOT Deduct Losses On:
Personal injury to yourself or Damage by insects, rust, or grad-
another person ual erosion
Accidental loss by you of cash Animals or plants damaged or
or other personal property destroyed by disease
Property lost in storage or in
transit
Medical and Dental Expenses
If you itemize deductions on a Long-Form 1040 you can
deduct, within the limits described below, the net amount
you paid for medical or dental expenses for yourself, your
wife, or any dependent who received over one-half of his
support from you. If you pay medical expenses for one of
your children who gets over half of his support from you,
you can deduct the payments even though the child earned
$600 or more and therefore you cannot claim an exemption
for him in item 1, page 1, of your return.
You can deduct payments to doctors, dentists, nurses,
hospitals, etc., provided the payments are for the preven-
tion, cure, correction, or alleviation of a bodily condition.
If you pay someone to perform both nursing and domestic
duties, you can deduct only that part of the cost which is
for nursing.
You can deduct the cost of eyeglasses, artificial teeth,
crutches, braces, hearing aids. X-rays, ambulance service,
medicine, and similar items.
You can deduct the cost of necessary travel in connection
with medical treatment, but you cannot deduct any other
travel even if it benefits your health.
Limitations. — The law allows you to deduct only those
medical and dental expenses which exceed 5 percent of
your adjusted gross income (item 4, page 1 ) . (If either you
or your wife were 65 or over, you may claim the entire
amount of your medical expenses for you and your wife, plus
that portion of your medical expenses for dependents which
exceeds 5 percent of your adjusted gross income.) Your
deduction must be reduced by any insurance, compensation,
or other reimbursement you receive for these expenses.
Furthermore, the law limits the deduction to a maximum
of (a) $1,250 if you claim only one exemption (item 1,
page 1) ; (b) if you are a single person or a married person
filing a separate return and claim more than one exemption,
$2,500; (c) if you are a married couple filing a joint return,
$2,500 if two exemptions are claimed, $3,750 if three exemp-
tions are claimed, and $5,000 if four or more exemptions are
claimed. (Do not count exemptions for age or blindness.)
You CAN Deduct Cost Of:
Payments to doctors, dentists,
nurses, and hospitals
Drugs, medical or surgical ap-
pliances, braces, etc.
Travel necessary to get medical
care
Eyeglasses and artificial teeth
X-ray examinations or treat-
ment
Premiums on health and acci-
dent insurance, and hospital
or medical insurance
You CANNOT Deduct Cost Of:
Travel ordered or suggested by
your doctor for rest or change
Premiums on life insurance
Funeral expenses
Cemetery plot
Illegal operations or drugs
Miscellaneous
If you itemize deductions on a Long-Form 1040, you
can deduct several other types of expenses under the head-
ing "miscellaneous."
If you work for wages or a salary, you can deduct the
ordinary and necessary expenses which you incur for your
employer's benefit. For example, if your job requires you
to furnish small tools, you can deduct their cost. Do not
deduct on page 3 expenses for travel, meals, and lodging
away from home, or reimbursed expenses, which should
be deducted in item 2, page 1, Form 1040. You cannot
deduct any expenses which are for your own convenience
or benefit.
If you have investments (such as income-producing
securities or real estate) which are not part of your business
or profession, you can deduct the cost of protecting, or
managing your investments. For example, you can deduct
the rental cost of a safety-deposit box in which you keep
securities, but not the cost of a box used merely for jewelry,
insurance policies, and other valuables.
If you are divorced or legally separated and are making
periodic payments of alimony or separate maintenance
under a court decree, you can deduct these amounts. How-
ever, you cannot deduct lump-sum settlements, or any vol-
untary payments not under a court order.
You may not deduct gambling losses in excess of gam-
bling winnings.
If you have bought bonds for more than their face value,
you can deduct an amortized portion of the premium. See
section 125 of the Internal Revenue Code for details.
If you are a tenant-stockholder in a cooperative apart-
ment corporation, you can deduct your share of its payments
for interest and real-estate taxes.
Examples of the treatment of expenses in connection with
your job are :
You CAN Deduct Cost Of:
Safety equipment
Dues to union or professional
societies
Entertaining customers
Tools and supplies
Fees to employment agencies
You CANNOT Deduct Cost Of:
Travel to and from work Nursemaid, even if she enables
Entertaining friends parent to work
Bribes and illegal payments Educational expenses
11
no
FACSIMILES OF TAX KETURNS FOR 1952
HOW TO FIGURE YOUR TAX
Using the Tax Table
To save arithmetic for the average taxpayer, the law
provides a table which shows the correct tax for any income
up to $5,000. If you file Form 1040 A, the Director uses
this table to determine your tax for you. If you file a
Short-Form 1040 you will find the table on the back of
the form (page 4), and determine your tax yourself.
The table is based on the same rates used in a Long-Form
1040 computation. The table makes allowance for your
exemptions, for any split-income benefits due married
couples filing joint returns, for benefits due heads of house-
hold, and also for an allowance of about 10 percent of your
income for nonbusiness deductions on account of contribu-
tions, interest, taxes, medical expenses, etc. If your actual
deductions are larger than 10 percent of your income, you
have the right to file a Long-Form 1040 and claim them.
To find your tax in the table, read down the shaded
columns until you find the line that covers your income.
For example, if your income was $3,275, you should use
1952 Tax Rate Schedule
the line which is for incomes of at least $3,250 but less
than $3,300. When you find the proper income line, read
across to the column which is headed by a number which
equals the number of your exemptions. Remember, you
listed your exemptions in item 1, page 1, of Form 1040.
Using the same example, suppose you had 4 exemptions.
Reading across the $3,25O-$3,300 income line to column
No. 4, you find the tax is $122.
Making a Long-Form Computation
To make a long-form computation of tax on page 3 of
Form 1040—
1. Start with your adjusted gross income.
2. Subtract your itemized nonbusiness deductions or the
standard deduction.
3. Subtract your exemptions ($600 each).
4. If the remainder is $2,000 or less, compute your tax
on line 6; otherwise, use the tax rate schedule below to
compute your tax on line 7 or 8.
Use this schedule to compute your tax to be entered on either line 7 or line 8 (b) , page
3, of the return:
I. FOR ALL TAXPAYERS
EXCEPT HEAD OF HOUSEHOLD
If the amount in line 5 or 8 (a) is:
Not over $2,000
Over $2,000 but not over $4,000 . . .
Over $4,000 but not over $6,000 .. . .
Over $6,000 but not over $8,000, . . .
Over $8,000 but not over $10,000 . . .
Over $10,000 but not over $12,000
Over $12,000 but not over $14,000
Over $14,000 but not over $16,000
Over $16,000 but not over $18,000
Over $18,000 but not over $20,000 .
Over $20,000 but not over $22,000 .
Over $22,000 but not over $26,000 .
Over $26,000 but not over $32,000 .
Over $32,000 but not over $38,000 .
Over $38,000 but not over $44,000 .
Over $44,000 but not over $50,000 .
Over $50,000 but not over $60,000.
Over $60,000 but not over $70,000 .
Over $70,000 but not over $80,000.
Over $80,000 but not over $90,000
Over $90,000 but not over $100,000
Over $100,000 but not over $150,000
Over $150,000 but not over $200,000
Over $200,000
Enter in line 7 or 8 {b):
11.1% of the amount on line 5 or 8 (j)
$444, plus 24.6% of excess over $2,000
.$936, plus 29% of excess over $4,000
. $1 ,516, plus 34%, of excess over $6,000
.$2,196, plus 38% of excess over $8,000
. $2,956, plus 42% of excess over $10,000
. $3,796, plus 48% of excess over $12,000
. $4,756, plus 53% of excess over $14,000
. $5,816, plus 56% of excess over $16,000
, $6,936, plus 59% of excess over $18,000
. $8,116, plus 62% of excess over $20,000
. $9,356, plus 667o of excess over $22,000
.$11,996, plus 67% of excess over $26,000
. $16,016, plus 68% of excess over $32,000
. $20,096, plus 72% of excess over $38,000
. $24,416, plus 75% of excess oirer $44,000
. $28,916, plus 77% of excess over $50,000
. $36,616, plus 80% of excess over $60,000
. $44,616, plus 83% of excess over $70,000
$52,916, plus 85% of excess over $80,000
$61,416, plus 88% of excess over $90,000
$70,216, plus 90%of excess over $100,000
$115, 216, plus 91%ofexccssover $150,000
$160,716, plus 92% of excess over $200,000
II. FOR HEAD OF HOUSEHOLD ONLY
If the amount in line 5 is:
Not over $2,000
Over $2,000 but not over $4,000
Over $4,000 but not over $6,000
Over $6,000 but not over $8,000
Over $8,000 but not over $10,000 . . .
Over $10,000 but not over $12,000 . . ,
Over $12,000 but not over $14,000. .
Over $14,000 but not over $16,000. . ,
Over $16,000 but not over $18,000. . .
Over $18,000 but not over $20,000. .
Over $20,000 but not over $22,000. .
Over $22,000 but not over $24,000 . .
Over $24,000 but not over $28,000 . .
Over $28,000 but not over $32,000 . .
Over $32,000 but not over $38,000 . .
Over $38,000 but not over $44,000 . .
Over $44,000 but not over $50,000 . .
Over $50,000 but not over $60,000 .
Over $60,000 but not over $70,000 . .
Over $70,000 but not over $80,000 . .
Over $80,000 but not over $90,000 . .
Over $90,000 but not over $100,000 .
Over $100,000 but not over $150,000
Over $150,000 but not over $200,000
Over $200,000 but not over $300,000
Over $300,000
Enter in line 7:
22.2% of the amount on line 5
$444, plus 23.4% of excess over $2,000
$912, plus 27% of excess over $4,000
$1 ,452, plus 29% of excess over $6,000
$2,032, plus 34% of excess over $8,000
$2,712, plus 35% of excess over $10,000
$3,412, plus 41% of excess over $12,000
$4,232, plus 44% of excess over $14,000
$5,112, plus 47% of excess over $16,000
$6,052, plus 48% of excess over $18,000
$7,012, plus 52% of excess over $20,000
$8,052, plus 54% of excess over $22,000
$9,132, plus 57% of excess pver $24,000
$11,412, plus 60% of excess over $28,000
$13,812, plus 63% of excess over $32,000
$17,592, plus 66% of excess over $38,000
. $21 ,552, plus 71% of excess over $44,000
$25,812, plus 72% of excess over $50,000
$33,012, plus 73%of excess over $60,000
, $40,312, plus 77%, of excess over $70,000
, $48,012, plus 79% of excess over $80,000
$55,912, plus 81% of excess over $90,000
. $64,012, plus 85% of excess over $100,000
.$106,512, plus 88% of excessover$150,000
.$150,512, plus 91%ofexcessover$200,000
.$241,512, plus 92% of excessover$300,000
Adjustment for Pariially Tax-Exempt Interest. — If you itemize
your deductions, tfie tax to be entered on line 6, 7, or 8 (c), page
3, should be reduced by 3% of any partially tax-exempt interest
included in line 3, or 3% of line 5, whichever amount is the lesser.
If you so reduce your tax, attach a statement. Items to be considered
in the adjustment on either line 6, 7, or 8 (c) are (a) interest on
the excess over $5,000 of United States Savings bonds (at cost)
and Treasury bonds (at face value) issued prior to March 1, 1941 ;
(b) interest on obligations of instrumentalities of the United States
issued prior to March 1, 1941 (other than Federal land banks.
Federal intermediate credit bants, and joint-stock land banks) ; and
(c) dividends on share accounts in Federal savings and loan associa-
tions if the shares were issued prior to March 28, 1942.
Your Tax Due or Refund
Credit for Withholding Tax. — To assure credit for any tax withheld
from your wages, itemize the taxes withheld as item 2, page 1, and
report the total amount as item 6 (A), and be sure to attach all
Original Withholding Statements (Form 'W-2) received from your
employers for the year. If you have lost any Withholding Statements,
ask your employer for a copy. If you cannot, for any reason, furnish
12
Withholding Statements for all taxes withheld from you, attach an
explanation.
Credit for F. I.C.A. Tax. — If more than $54 of F. I. C. A. employee
tax was withheld during 1952 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 the "Income
Tax Withheld" column of item 2, page 1, and write "F. I. C. A. tax"
in the "Where Employed" column. Compute the credit separately
for husband and wife, if this is a joint return.
Credit for Estimated Tax Payments. — If you paid any estimated tax
on a Declaration of Estimated Tax (Form 1040-ES) for 1952,
report the total of such payments as item 6 (B) on page 1. If on
your 1951 return you had an overpayment which you chose to apply
on your 1952 tax include this in item 6 (B).
Balance of Tax or Refund. — After figuring your tax either from the
tax table or from the long-form computation, enter the amount as
item 5 (A), page 1. Enter as item 5 (B) the amount of your self-
employment tax shown on line 35, separate Schedule C. Show as
item 7 any balance you owe, or as item 8 the amount of any over-
payment due you after taking credit for the amounts entered as
item 6. If you have overpaid, you can choose, by showing below item
8, the amount you wish to receive as a refund, or the amount of
overpayment you wish credited to your 1953 estimated tax.
onr-16 — 67200-1 u. S government PRrNTINC OFFICE
FACSIMILES OF TAX RETURNS FOR 1952 111
PROFIT (OR LOSS) FROM BUSINESS OR PROFESSION 1 952
(For Computation of Self-Employment Tax, see Page 3)
For Calendar Year 1952 or taxable year beginning , 1952, and ending , 195.„.
SCHEDULE C (Form IIMO>
U. S. Treasury Department
Internal Revenue Service
Name and Address (from Form 1040)
(Partnerships and joint ventures should file on Form 1065)
(I) Principal business activity (sec instructions) _ __ __
(Retail trade, wholesale trade, lawyer, etc.) (Principal product or service)
(III) FICA employer identification number,
(II) Business name if any (see instructions)
(IV) Business address (sec instructions) __
(Street and number or rural route) (City, town, post office) (County) (State)
(V) Were you the sole proprietor of this business in 1951? Yes D No Q- U "No," check whether this business in 1952 became a successor to
a corporation □, a partnership D. another sole proprietorship □, or started as an entirely new business □. Where applicable, give name of such
predecessor _
I Do NOT include cost of goods withdrawn foi- personal use or deductions not connected with your business or profession ~|
1. Total receipts from business or profession
COST OF GOODS SOLD
2. Inventory at beginning of year
3. Merchandise bought for manufacture or sale
4. Cost of labor
5. Material and supplies
6. Other costs (explain in Schedule C-2)
7. Total of lines 2 to 6
8. Less inventory at end of year
9. Net cost of goods sold (line 7 less line 8)
10. Gross profit (line 1 less line 9)
OTHER BUSINESS DEDUCTIONS
11. Salaries and wages not included in line 4
12. Rent on business property
13- Interest on business indebtedness
14. Taxes on business and business property
15. Losses of business property (attach statement)
16. Bad debts arising from sales or services
17. Depreciation and obsolescence (explain in Schedule C-1)
18. Repairs (explain in Schedule C-2)
19. Depletion of mines, oil and gas wells, timber, etc. (submit schedule). . . .
20. Amortization of emergency facilities (attach statement)
21. Other business expenses (explain in Schedule C-2)
22. Total of lines 11 to 21
$ -
23. Enter net profit (or loss) (line 10 less line 22). Also enter on line 24, page 3, and on line 1,
Schedule C Summary, Form 1040
$-
Schedule C-1. EXPLANATION OF DEDUCTION FOR DEPRECIATION CLAIMED ON LINE 17
1. Kind of property (if buildinis, state material of
■bicli nnsfeucledX Eiclude land and otiier
nondepreciable property
2. Date
acquired
3. Cost or other basis
4. Depreciation al-
lowed (or allowable)
in prior years
Si Rcmainini cost or
other basis lo be
recovered
6. Life used in
atcumulatini
depreciation
7. Estimated life
from betinning
of rear
8. Depreciatioi
allowable tbis ytar
$
.«
$
$
Schedule C-2. EXPLANATION OF LINES 6, 18, AND 21
liM«
Cduu H*.
E>|ilanatioii
Amount
Line or
bkimn No.
Eipl3n3tion
Amount
$....
$
112
FACSIMILES OF TAX RETURNS FOR 1952
INSTRUCTIONS
Page 2
If you owned a business, or practiced a profession, you should
fill in separate Schedule G on other side and enter the net profit
(or loss) on line 1, Schedule C Summary, page 2, Form 1040.
•
Separate Schedule C should include income from ( 1 ) sale of
merchandise, or products of manufacturing, mining, and con-
struction; (2) business service; and (3) professional service. In
general, you should report any income in the earning of which
you have incurred expenses for material, labor, supplies, and the
like. A farmer keeping his books of account on the accrual basis
may include the income in such schedule from the sale of products
of agriculture in lieu of including such income in Form 1040F.
Principal Business Activity. — The principal business activity is
the one which accounts for the largest percentage of your total
receipts. State the general classification of such activity, as well
as the principal product or service. For example, "Wholesale
food," "Retail apparel," "Manufacturing furniture," "Transporta-
tion by truck," "Real estate agent," "Doctor," etc.
Employer Identification Number. — This is the number given on
line 10, Form 941, Employer's Quarterly Tax Return under Fed-
eral Insurance Contributions Act (F. I. C. A.), which you file as
an employer.
Business Address. — Do not use home address as business address
unless business is actually conducted from home.
Total Receipts. — You should include all income derived from
your trade or business. In determining the amount to be entered
as total receipts, you should subtract from your total income such
items as cost of returned goods, rebates, and allowances from the
sale price or service charge.
Cost of Goods Sold. — If you are engaged in a trade or business in
which the production, purchase, or sale of merchandise is an
income-producing factor, you should, in order to reflect the gross
profits correctly, take an inventory of merchandise on hand at the
beginning and end of the taxable year. Generally, the bases of
valuation most commonly used by business concerns and which
meet the requirements of the applicable law and regulations are
(a) cost and (6) cost or market, whichever is lower. The basis
properly adopted for the first year is controlling, and a change can
be made only after permission is secured from the Commissioner.
Application for permission to change the basis of valuing inven-
tories must 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. You should enter the letters "C" or
"C or M" immediately before the amount column, if inventories
are valued at either cost, or cost or market, whichever is lower.
Other bases of valuing or methods of inventorying material or
merchandise are provided in the cases of dealers in securities,
farmers, miners, and manufacturers who by a single process pro-
duce more than one product, and retail merchants using the "retail
method."
Another special method based on cost is the elective method
which is allowable only if you file an application on Form 970
with your return for the first year of election. The requirements
with respect to the adoption and use of the elective inventory
method are set forth on such form. Thereafter, you should
attach a separate schedule showing: (a) A summary of all inven-
tories; (&) with respect to inventories computed under the elective
method, if any, the computation of quantities and cost by acquisi-
tion levels.
Installment Sales. — If you use the installment method of report-
ing income from sales, you should attach to your return a schedule
showing separately for the years 1949, 1950, 1951, and 1952 the
following: (a) Gross sales; (b) cost of goods sold; (c) gross
profits; (d) percentage of profits to gross sales; (e) amounts col-
lected; and (/) gross profits on amount collected.
Salaries and Wages. — You should enter all salaries and wages
not included as "Cost of Labor" under "Cost of Goods Sold."
Do not deduct any salary or wages for your own services or services
of others not performed in connection with your business.
Rent on Business Property. — Rents paid or accrued on business
property in which you have no equity are deductible. Do not in-
clude rent for a building, or any part, which you occupy solely
for residential purposes.
Interest on Business Indebtedness. — Interest on business indebt-
edness to others is deductible. Do not include interest to yourself
on capital invested in or advanced to the business.
Taxes on Business and Business Property. — Include taxes paid or
accrued on business property or incurred for carrying on your
business. Federal import duties and Federal excise and stamp taxes
are deductible if paid or incurred in carrying on a trade or busi-
ness. Do not include taxes assessed against local benefits of a kind
tending to increase the value of the property assessed, as for pav-
ing, sewers, etc.
Losses of Business Property. — You may deduct losses of business
property by fire, storm, or other casualty, or theft, not compen-
sated by insurance or otherwise and not made good by repairs
claimed as a deduction. Attach a statement showing a description
of the property, date acquired, cost, subsequent improvements, de-
preciation allowable since acquisition, insurance, salvage value, and
deductible loss.
Bad Debts Arising From Sates or Services. — Include debts, or
portions thereof, arising from sales or professional services that
have been reflected in income, which have been definitely ascer-
tained to be worthless, or such reasonable amount as has been
added to a reserve for bad debts within the taxable year. A debt
previously deducted as bad which reduced your tax in a prior year,
if subsequently collected, must be returned as income for the year
in which collected.
Depreciation and Obsolescence. — You may deduct a reasonable
allowance for exhaustion, wear and tear, and obsolescence of prop-
erty used in the trade or business. 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 re-
placement cost) of the property, and the probable number of years
remaining of its expected useful life. In case the property was pur-
chased 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. The
capital sum to be recovered should be charged off ratably over the
useful life of the property.
If a deduction is claimed on account of depreciation you should
fill in Schedule C-1. In case obsolescence is included, state sepa-
rately amount claimed and basis upon which it is computed. Land
values or cost must not be included in this schedule, and where
land and buildings were 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
your books.
Repairs. — You may deduct the cost of incidental repairs, includ-
ing labor, supplies, and other items, which do not add to the value
or appreciably prolong the life of the property. Expenditures for
new buildings, machinery, equipment, or for permanent improve-
ments or betterments which increase the value of the property are
chargeable to capital accounts. Expenditures for restoring or re-
placing property are not deductible, since such expenditures are
chargeable to capital accounts or to depreciation reserve depend-
ing on how depreciation is charged on your books.
Depletion of Mines, Oil and Gas Wells, Timber, Etc. — If a de-
duction is claimed on account of depletion, you should procure
from the director 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 question-
naire in previous years, then file with your return information nec-
essary to bring depletion schedule up to date, setting forth, in full,
statement of all transactions bearing on deductions from or addi-
tions to value of physical assets during the taxable year with ex-
planation of how depletion deduction for the taxable year has been
determined.
Amortization. — You are entitled, at your election, to a deduction
with respect to the amortization of the adjusted basis of any emer-
gency facility the construction, reconstruction, erection, or instal-
lation 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 neces-
sity. A statement of the pertinent facts should be filed with the
taxpayer's election to take amortization deduction with respect to
such facility. (See section 124A of the Internal Revenue Code and
the regulations issued thereunder.)
Other Business Deductions. — You should include all ordinary
and necessary business expenses for which no space is provided in
the schedule. Any deduction claimed should be explained in Sched-
ule C-2. Do not include cost of business equipment or furniture,
expenditures for replacements, or for permanent improvements to
property, nor personal living and family expenses.
Net Operating Loss Deduction. — Any net operating loss deduc-
tion should be entered in Schedule C Summary, Form 1040, in-
stead of in this schedule.
18—62533-2
FAC^SIMILES OF TAX RP^TURNS FOR 1952
113
COMPUTATION OF SELF-EMPLOYMENT TAX
CFor old-age and survivors Insurance)
Pafst
Name of self-employed person —
State nature of business, if any, subject to self-employment tax
24. Net profit (or loss) shown on line 23, page 1
25. Losses of business property shown on line 15, page 1.
26. Total of lines 24 and 25
$-
27. Less: Net income (or loss) from excluded services or sources included in line 26.
Specify excluded services or sources
28. Net earnings from self-employment (line 26 less line 27).
29. Net earnings (or loss) from self-employment from partnerships, joint ventures, etc. (from column
10, Schedule K, Form 1065)
30. Total net earnings (or loss) from self-employment (line 28 plus line 29).
(If total of net earnings is under $400, do not make any entries below)
31. Maximum amount subject to self-employment tax.
32. Less: Wages paid to you during the taxable year which were subject to with-
holding for old-age and survivors insurance. (If such wages exceed $3,600,
enter $3,600)
33. Maximum amount subject to self-employment tax after adjustment for wages. .
$ 3, 600
00
34. Self-employment income subject to tax — Line 30 or 33, whichever is smaller.
35. Self-employment tax — 2>4 percent of amount on line 34. Enter here and as item 5 (B), page 1,
Form 1040
$
$.„..
$
16—62633-2
Fill IN ITEMS BEIOW BUT DO NOT DETACH
Scliedule C-a (Form 1040)
V. 8. TREASURY DEPARTMENT
Internal Revenue Service
U. S. REPORT OF SELF-EMPLOYMENT INCOME
(For Federal Old-Age and Survivors Insurance)
For calendar year 1952 or fiscal year beginning
State nature of business subject
to self-employment tax
1952
, 1952, and ending .., 195....
000
00
0000
ENTEB HERE THE SOCIAL SECURITY ACCOUNT
NUMBER OF THE PERSON NAMED BELOW
ENTER BELOW. NAME OF SELF-EMPLOYED PERSON AND BUSINESS ADDRESS
(Name)
ADDRESS (Street and number, or rural roHte)
(City or town, postal zone number) (State)
Enter total net earnings
from self-employment
shown on line 30 above.. $.
Enter wages shown on
line 32 above $.
Enter self-employment
income shown on line 34
above $-
lU
FACSIMILES OF TAX EETURNS FOR 1952
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.
Page 4
PURPOSE OF THIS FORM
Schedule C-a (Form 1040). — The lower portion of page 3,
Schedule C, which is designated as Schedule C-a (Form 1040), is
designed to provide the Social Security Administration with the
information on self-employment income necessary for old-age and
survivors insurance purposes.
INSTRUCTIONS
SELF-EMPLOYMENT TAX
In general, every individual deriving income during the taxable
year from a trade or business carried on by him or from a partner-
ship of which he is a member is subject to the self-employment tax,
the computation of which is made on lines 24 through 35.
"Net earnings from self-employment" (line 30) is the gross in-
come 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-employ-
ment report on line 27 income from the following sources or de-
ductions attributable thereto:
1. Certain professions.— Income from the performance of serv-
ice as a physician, lawyer, dentist, osteopath, veterinarian, chiro-
practor, naturopath, optometrist. Christian Science practitioner,
architect, certified public accountant, accountant registered or
licensed as an accountant under State or municipal law, full-time
practicing public accountant, funeral director, or professional engi-
neer; or income from the performance of such service by a part-
nership;
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 business
in which, if the business were carried on exclusively by employees,
the major portion of the services would constitute agricultural
labor;
4. Employees and public officials. — Income from the perform-
ance of service as:
(a) a public official, including a notary public;
(6) an employee or employee representative under the rail-
road 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 prod-
ucts, beverages (other than milk), or laundry or
dry-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 (except 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 con-
sumer 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, tour-
ist camps, tourist homes, or space in parking lots, warehouses, or
storage garages do not constitute rentals from real estate and there-
fore are included in determining net earnings from self-employ-
ment;
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 there-
of, 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 appli-
cable, or (C) from the sale, exchange, involuntary conversion, or
other disposition of property if such property is neither (a) stock
in trade or other property of a kind which would properly be in-
cludible in inventory if on hand at the close of the taxable year,
nor (6) property held primarily for sale to customers in the ordi-
nary 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 business,
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 or business will
operate to reduce the income derived from another trade or
business.
JOINT RETURNS
Where husband and wife file a joint return, page 3 of Schedule C
(Form 1040) should show the name of the one with self-employ-
ment income. 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 23 of each separate sched-
ule should be entered on line 1, Schedule C Summary, page 2,
Form 1040, and the aggregate self-employment tax (line 35)
should be entered as item 5(B), page 1, Form 1040.
COMMUNITY INCOME
For the purpose of computing net earnings from self-employ-
ment, 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 com-
plete 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 between the two returns (on
line 1, Schedule C Summary, page 2, Form 1040) on the basis of
the community property laws.
In computing his aggregate net earnings from self-employment,
a partner should include his entire share of such earnings from a
partnership. No part of that share may be attributed to the part-
ner'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 in time to enable you to file your return on or before the due
date. These account numbers are obtainable from any of the ap-
proximately 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 re-
turn 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.
oar-lO — 02A33-2 U. s. government PRINTINft OFrlcc
FACSIMILES OF TAX RETURNS FOR 1952
GAINS AND LOSSES FRO.M SALES OR EXCNAHSES OF PROPERTY
For Calendar Year 1952 or taxable year beginning , 1S52, and endtng
115
SCHEDULE D (Form 1M3)
U. S. Trastury DtpmrUnmnt
Inltrnal R«ir«nut Stnric*
195._
Name and address
(1) CAPITAL ASSETS
I. KM If K***!} ('I iticdunr. >(l>cli stalimtiit gl
iosuiglid dalills not stmn btltv)
2. Dalaiqulrui 1 DstauK
Mo. Day VearjMo. Cay Vaari
4. BroH sales jiriu
(cor.lrstpfite)
i. DairKlatlaii Hind
(or aCoti'abl?) lirce ac-
C'Jisiiicn or Msrcli 1,
1SI3(3tUichschedula)
1 Cast n other basis and
cr>tof SL^uer.tlm-
prev;?icrt$
(II M{ pur:^Jseli, 3Ua:li
1. Expense of sale
I I. Sain or loss
(»lumn 4 plus
ctumn 5 less sum of
columns S anil 7)
SHilRT-TERin CAPITAL GAINS AND LOSSES— A3SrrS HELD N9T MOStE THAjN 6 MOMTHS
2. Enter your share of net short-term gain or loss from partnerships and common trust funds
3. Enter unused capital loss carry-over from 5 preceding taxable years (attach statement)
4. Enter sum of short-term gains or losses or difference between short-term gains and losses shown above.
LONG-TERM CAPITAL CAIMS AND LOSSES— ASSETS HELD FOR MOnE THAN t MONTIES
5.
.._. $..
- $- - $-
$
6. Enter the full amount of your share of net long-term gain or loss from partnerships and common trust funds
7. Enter sum of long-term gains or losses or difference bctweea long-term gains and losses shown above . .
8. Enter net short-term gain or loss from line 4
9. Enter net long-term gain or loss from line 7
Use lines 10 through 13 only if gains exceed losses in lines 8 and 9-
10. Enter short-term gam (line 8, col. a) reduced by any long-term loss (line 9, col. b) . . .
U. Enter long-term gain (line 9, col. a) reduced by any short-term loss (line 8, col. b) . . .
12. Enter 50 percent of line 11
13- Enter here and on line 1, Schedule D, page 2, Form 1040, the sum of lines 10 and 12 . . .
Use lines 14 and 15 only if losses exceed gains in lines 8 and 9-
14. Enter the excess of losses over gains on lines 8 and 9
15- Enter here and on line 1, Schedule D, page 2, Form 1040, the smallest of the following:
(a) the amount on line 14; (b) net income computed without regard to capital gains
and losses; or (c) $1,000
Gain or loss to be Ul sg iiti
(a) Gala
(ti)Lois
$
■i:
$
1=
$
X X X X
X X X X
X X X X
X X X X
X
$
X
$
X
$
X
X X X X
X
X
X X x x
$
COMPUTATION OF ALTERNATIVE TAX
lh< only if you had a net l«n(-term capital i»\n or an excess of net long-terin capital gain over net short-term capital loss, and line 5 or 1(a), pe^e 3, Ftrm 1049, eiceeds SK.SM
16. Enter from page 3, Form 1040, the income from line 5 if separate return or line 8 (a) if joint return
17- Enter amount from line 12, col. a, if separate return or half of such amount if joint return
18. Balance (line 16 less line 17)
19. Enter tax on amount on line 18 (use appropriate Tax Rate Schedule in Form 1040 Instructions) .
20. If joint return, multiply amount on line 19 by two
21. Enter 52 percent of amount on line 17
22. If joint return, multiply amount on line 21 by two
23- Alternative tax (line 19 plus line 21 if separate return; line 20 plus line 22 if joint return)
24. Enter tax from page 3, Form 1040 (either line 7, or line 8 (c), whichever is applicable)
25- Tax liability (line 23 or 24, whichever is smaller). Enter here .-ind also on line 9, page 3, Form 1040 .
(2)
PROPERTY OTHER THAN CAPITAL
ASSETS
1. KM il pfopcrty
2. Date acoulieO
Mo. Day Veal
3. Dale sold
Mo. Day rear
i Gross sales price
(tcnlracl pr'ce)
5. Deprecialian allowed
(or allowable) since ac
ouisilron or M:jrcli 1,
I9l3(allaclischeilule)
6. CosI 01 oiner bisis init
coslol subsequent Im-
proKements
(II not purchase! ittacb
oiplanation)
;. Eipaist 01 SIM
L Gain or lots
(column 4 pUii
caLmn S less sun 4
columns S anil 7)
I
$
$
$ .
$ . .
$
2. Enter here the sum of ^
enter on line 2, Schcdi
'ains or lo
iJe D, rag^
5ses or difi
: 2, Form
erence b
1040 . . , .
:t\vc£
:u gains i
md 1
osscs sho
wn a
30VC. A
Iso
$
116
FACSIMILES OF TAX RETURNS FOR 1952
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
property held by the taxpayer (whether or not connected with his
trade or business) but does NOT include —
(a) stock in trade or other property of a kind properly includ-
ible in his 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 his trade or business ;
(c) property used in the trade or business of a character which
is subject to the allowance for depreciation provided in sec-
tion 23 (1);
(d) real property used in the trade or business of the taxpayer;
(e) 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 requirements of section 165 (a) is received by the
employee in one taxable year, on account of the employee's sepa-
ration from the service, the aggregate 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 between husband and wife
or between a shareholder and a "controlled corporation" shall be
treated as ordinary gain. See section 117 (o).
Section 117 (j), in effect, provides that gains and losses from
transactions covered by that section shall be treated as gains and
losses from the sale or exchange of capital assets held for more than
six months if the aggregate of such gains exceeds the aggregate of
such losses. If 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.
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 D on the other side. In the event of a net loss, all these
transactions should be entered in the "property other than capital
assets" portion of Schedule D, or in other applicable schedules on
Form 1040.
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 de-
preciable property used in the trade or business and held for more
than 6 months,
(b) sale, exchange, or involuntary conversion of livestock held
for draft, breeding, or dairy purposes (but not including poultry)
and held for i year or more,
(c) the cutting of timber or the disposal of timber or coal to
which section 117 (k) applies, and
{d) the involuntary conversion of capital assets held more 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 de-
scription of land and improvements; (b) for bonds or other evi-
dences of indebtedness, name of issuing corporation, particular
issue, denomination, and amount; and (c) 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 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 the case of sales and exchanges of automobiles and
other such non-income-producing properties, the basis for deter-
mining gain is the original cost plus the cost of permanent im-
provements 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 provided in section 113 (b), whichever
is greater, but in determining LOSS use cost so adjusted.
Sale of home, etc. — See page 8 of Form 1040 instructions for
special rules applicable to sale or exchange of your residence.
Losses on securities becoming worthless. — If (a) shares of stock
become worthless during the year or (6) corporate securities with
interest coupons or in registered form become worthless during
the year, and are capital assets, the loss therefrom shall be con-
sidered 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 ( fa ) 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.
Treatment of capital gains and losses. — Short-term capital gains
and losses will be merged to obtain the net short-term capital gain
or loss. Long-term capital gains and losses (taken into account
at 100 percent) will be merged to obtain the net long-term capital
gain or loss. If the net short-term capital gain exceeds the net
long-term capital loss, 100 percent of such excess shall be included
in income. If the net long-term capital gain exceeds the net
short-term capital loss, 50 percent of such excess shall be included
in income.
Limitation on allowable capital losses.- — If the sum of all the
capital losses exceeds the sum of all the capital gains (all such
gains and losses to be taken into account at 100 percent), then
such capital losses shall be allowed as a deduction only to the
extent of ( 1 ) current year capital gains plus (2) the smaller of
either the net income of the current year (or adjusted gross income
if tax table is used) computed without regard to capital gains or
losses, or $1,000. The excess of such allowable losses over the
sum of items ( 1 ) and (2) above is called "capital loss carry-over."
It may be carried forward and treated as a short-term capital loss
in 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 1952 by prior year loss carry-
overs, use any capital loss carry-over remaining from 1947 before
using any such carry-over from 1948 or subsequent years. Any
1947 carry-over which cannot be used in 1952 must be excluded
in determining total loss carry-over to 1953 and subsequent years.
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 con-
nection 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 indirectly between (a) members of a family, (b) 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.
ALTERNATIVE TAX. — If the net long-term capital gain ex-
ceeds the net short-term capital loss, or in the case of only a long-
term capital gain, taxpayers (a) filing separate returns with sur-
tax net income exceeding $l4,000, (b) filing joint returns with
surtax net income exceeding $28,000, or (c) filing as a head of
household with surtax net income exceeding $20,000 should
compute the alternative tax (see computation of alternative tax
on other side). The alternative tax, if less than the tax computed
on page 3 of Form 1040, shall be the tax liability.
U. S GOVERNMENT PRINTmC OFCICE Onr-liV- ^67 19fi-l
FACSIMILES OF TAX RETURNS FOR 1952
117
FORM 1040 A
U. S. Treasury Oepartment
Internal Revenue Service
1952
BE SURE TO
ATTACH ALL YOUR
ORIGINAL 1952
WITHHOLDING
STATEMENTS
(Forms W-2)
EMPLOYEE'S OPTIONAL
U. S. INDIVIDUAL INCOME TAX RETURN calendar year
IF YOU USE THIS FORM. THE DIRECTOR OF INTERNAL REVENUE WILL COMPUTE YOUR TAX Do not write in this space
Serial
No.
Name
(PLEAS£ PRINT. If this is 2 joint return of husband and wife, use fiust names of both)
HOME ADDRESS
(PLEASE PRINT. Street and number or rural route)
(City, town, or post office) (Postal 2one number)
Social Security No — Occupa
(State)
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.
(Your name)
Check below II on Dec. 31, 1952,
you or your wile were —
65 or over □ Blind Q
Blind n
On lines A and B below —
it 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 .
Hamt— and adlrtss II dllleieni Irom yours
B 65 or over □
(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 1952 gross incomes of
less than $600 who received more
than one-half of their support from
you in 1952. See Instruction IC. / Enter number 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
-2. Fill in below the information from each of your 1952 Withholding Statements (Forms
joint return, enter information from withholding statements of both husband and wife
w-2). If this is a
■^
Print Employet's Name
Where Employed (City and State)
Total Waies
Incone Tai Withheld
O
Si
$
$
-§ Your
1 '"■
^ come
Enter totals
3. Enter total of interest, dividends, and any wages not shown on Forms W-2.
If a joint return enter total of such income of both husband and wife. .
$
$
1
1
1
If item 3 is over $100, or you had any ot
4. Add items 2 and 3. // total is $5,000 oi
If item 4 includes income of both hu
husband's income $ ..-
her income {rent, etc.) use Form 1040.
' 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 1952? (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 declare under the penalties of perjury that the foregoing statements are true to the best of my knowledge and belief;
and that all 1952 income is reported hereon.
(Signature of person, other than taxpayer, preparing this return)
(Date)
(Signature of taxpayer)
(Date)
(Address) (Signature of taxpayer's wife oi husband if this is a joint return) (Date)
To assure any benefits of split-income provisions, husband and wife must include all theii income and, even though only one has income, BOTH MUST SIGN,
THIS SPACE FOR DIRECTOR'S USE ONLY
TAX DUE OR REFUND WILL BE COMPUTED BY DIRECTOR
Credits
Tax
Balance due or refund
118
FACSIMILES OF TAX RETURNS FOR 1952
SCHEDULE A— EXEMPTIONS FOR CLOSE RELATIVES— (See Instruclien 1 D)
2. Relationship
3. Did dependent during 1952 —
4. If answer to either 3(b) or 3(c) is
"No," enter amount spent for
dependent's suppon in 1952 by —
1. Name of dependent relative. Also give
address if difiereot from yours
(a)
Have gross income
of $600 or more?
(b)
Reside in your
home?
Receive entire
support from
you?
You (and your
wife if this is a
joint return)
Others, and by
dependent from
own funds
$- ---
$.
Enter here and as item 1 D on other side the number of close relatives claimed above
INSTRUCTIONS FOR FILING
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 1952 must file a Federal income tax return
on Form 1040A 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 (1) in making a separate return of a
married person domiciled in a community property State, (2)
YOUR INCOME TAX RETURN
where husband or wife itemizes deductions, or (3) if taxpayer
claims the status of head of a household.
If you use Form 1040A, the Director 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 Director 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
he to your advantage to use Form 1040 arid 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 104oA never results in more tax
than separate returns because the tax is computed by the Director
on the combined incomes or on the 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 return
with the Director (formerly Collector) of Internal Revenue for
your district, between January 1 and March 15, 1953.
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, 1952.
However, if the husband or wife died during 1952, the exemp-
tions of the 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 1952:
1 . Did not have $600 or more gross income, and
2. Received more than one-half of his or her supf>ort 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 Grandson Mother-in-law Uncle —
Father Granddaughter Father-in-law Aunt —
Grandmother Stepbrother Brother-in-law Nephew —
Grandfather Stepsister Sister-in-law Niece —
Brother Stepmother Son-in-hw hut only if
Sister Stepfather Daughter-in-law related by blood
U. S. GOVCRNMCHT PRINTING OFFICE
2 and 3. Your Income. — Enter in item 2 on other side wages
shown on all your 1952 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 this 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 1952.
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.— \1 in 1952 you served as a member of the
Armed Forces in a coinbat zone or were hospitalized from com-
bat zone service after June 24, 1950, part of 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. /. C. A. Tax Credit.— li more than $54 of F. I. C. A.
employee tax was withheld during 1952 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 to the
Director and have the matter reconsidered. If agreement on
audit adjustments is not reached, the Director will advise you of
further appeal rights.
FORM 1041
U.S.Treatury Dapartment
Intamal Revcnaa Service
FACSIMILES OF TAX RETURNS FOR 1952
U. S. FIDUCIARY INCOME TAX RETURN
(FOR ESTATES AND TRUSTS)
For Calendar Year 1952
or taxable year beginning _, 1952, and ending , 195.
119
1952
(PRINT NAMES AND ADDRESS PLAINLT lElOW)
Name of
Estate or Trust ._.
CHECK (V) WHETHER ESTATB D, OR TRUSt'd"
f
Name and
Address of ■
Fiduciary
Item and
Instnictioa No.
1. Dividends.
Do not wrHt hi thest qxctt
Serial
No.
(Cashier's Stamp)
INCOME
2. Interest on bank deposits, notes, corporation bonds, etc. (except interest
to be reported in item 3)
3. Interest on tax-free covenant bonds upon which a Federal income tax
was paid at source
4. Interest on Government obligations, etc., unless wholly exempt from tax. .
5. Income from partnerships, and other fiduciaries (from Schedule A)
6. Rents and royalties (from Schedule B)
7. (<») Net gain (or loss) from sale or exchange of capital assets (from
Schedule C)
(i) Net gain (or loss) from sale or exchange of property other than cap-
ital assets (from Schedule D)
8. Profit (or loss) from trade or business. (Attach statement)
9- Other income. (State nature of income)
10. Total income in items 1 to 9
DEDUCTIONS
11. Interest. (Explain in Schedule F)
12. Taxes. (Explain in Schedule F)
13. Other deductions authorized by law. (Explain in Schedule F)
14. 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) I
17- Net income taxable to fiduciary (item 15 less item 16) 1$
COMPUTATION OF TAX
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. Tax on amount in item 20. See Tax Rate Schedule in Instruction 21. (If item 18 includes
partially tax-exempt interest, see Instruction 21)
22. If alternative tax computation is made, enter tix from line 23, Schedule C
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).
120
FACSIMILES OF TAX RETURNS FOR 1952
SclMdule A.-INCOINE FROM PARTNERSHIPS, AND OTHER FIDUCIARIES.
(Sm Instruotlan ()
PanZ
Name and address of partnership, joint venture, etc „ _
$
Name and address of fiduciary -
Total Enter here and as item 5. Dace 1
$
Sclwdulc B.— INCOME FROM RENTS AND ROYALTIES. <Sm Instruction 6)
1. Kill •! ftfrtl
2. Amsunt e( rtnt u rtrilty
3. DeiireclatJoii or dtnletico
(eiplsin In Schadule E)
4. Ruairs (eiplain in
Schedule F)
S. Otliereifuse>(ll
in Schedule F)
$...
1. Totals !$-
$-
$-
2. Net profit (or loss) (column 2 less sum of columns 3. 4, and 5). Enter here and as item 6, page 1.'$
Schedule C— GAINS AND LOSSES FROM SALES OR EXCHANGES OF CAPITAL ASSETS. (See Instruction 7)
I.Kind el prepeft) (llneceuaiy, attach itatement el
dearifljf e delillt net shown below)
2. Data acquired
Me. Day Year
Mo. Day Tear
4. Gross sales price
(contract price)
i Depreciation allowed
(or aJowahle) since
aaiultitlen v Marcli
I. 1913 (o>pl9in in
Schedule E)
G. Cost or othex basis
and cost of subse-
Quent improiemenls.
(If not purchssed,
attach eiplanation)
I. Eipense II tale
S. Gain Of loss (colunu 4 plus
column S less the sum el
columns i and 7)
SHORT-TERM CAPITAL GAINS AND LOSSES— ASSETS HELD NOT MORE THAN 6 MONTHS
1.
I
2. Share of net short-term gain or loss from partnerships and common trust funds
3. Unused capital loss carry-over from 5 preceding years (attach statement)
4. 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 « MONTHS
5.
$
$
$ _
..^. $ _..
....!$...
1
1
6. Full amount of share of r
7. Sura of long-term gains or
ft lr)nP"-rf^rm train or InQS from narrnrr^ihins antl rnmmon rriisf fund"?
losses or
— & — -
difference
between
Ion
r
g-tcrm gai
c
ns :
md losses
>ll0'
vn above.
$
Gain or lots to be taken into account
(a) Gain
$-
8. Net short-term gain or loss from line 4
9. Net long-term gain or loss from line 7
Use lines 10 through 13 only if gains exceed losses in lines 8 and 9.
10. Short-term gain (line 8, col. «) reduced by any long-term loss (line 9, col. b')
11. Long-term gain (line 9, col. a) reduced by any short-term loss (line 8, col. A).j$.
12. 50 percent of line 11 !$■
(b) Loss
13. Enter here and as item 7 (<»), page 1, the sum of lines 10 and 12
Use lines 14 and 15 only if losses exceed gains in lines 8 and 9-
14. Excess of losses over gains on lines 8 and 9
15. Enter here and asitem7(«), page 1, the smallest of the following: (a) the amount
on line 14; (i) net income computed without regard to capital gains and
X X X X X X
X X X X X X
X X X X X X
X X X X X X
X X X X X X
X X $
losses; or TQ $1.000 ' x x x x x x I x x $
X X
X X
X X
X X
COMPUTATION OF ALTERNATIVE TAX
Use only il you had a net long-term capital gain or an excess ot net long-term capital gain over net short-term capital loss, and item 20, page 1, exceeds 514,000
$-
16. Income from item 20, page 1
17. Amount from line 12, col. a, above
18. Balance (line 16 less line 17;
19. Tax on amount on line 18. (See Tax Rate Schedule in Instruction 21)
20. 52 percent of amount on line 17, above
21. Alternative tax (line 19 plus line 20)
22. Tax from item 21 , page 1 |S
23. Tax liability Tline 21 or line 22, whichever is smaller). Enter here and also as item 22, page 1. . .i$
FACSIMILES OF TAX RETURNS FOR 1952
121
PigiS
tchadul* D.-GAINS AND LOSSES FROM SALES OR EXCHANGES OF PROPERTY OTHER THAN CAPITAL ASSETS. (Sm Inttructlan 7)
1. Kli<lt|rM«tr
1, Dati ac<iiir(d
Mo. Day Yea
3. Dati tM
Wo. Day Year
4. Sroit ulo piJce
(coiilract price)
i Depreciation allowed
(or aUowabJe) since
acQuIsitien or March
1, 1913 (eiptaiir In
Schedule E)
$._...
E. Cost or othef liasit
and cost of tulito-
quent Improvements
(It not purchased, at-
tach explanation)
7. Eipene ol lalo
L Bilri or lets (col-
umn 4 pint ntamn S
less ttu sum of col-
umns t and 7)
2. Sum of gains or losses or difference between gains and losses shown above. Enter as item 7 (}'), page 1 . . $
SchcduU E.— EXPLANATION OF DEDUCTION FOR DEPRECIATION CLAIMED IN SCHEDULES B, C, AND D. (Se« General Instruction M)
t. Kind of proporly. (II buildinii. state material ol which
canstructod.) Euludo land or other nondspiecialila property.
2. Date ac|ulred
]. Cost or other basis
4. Depreciation allowed
(or allowable) in prior
years
5. Ramalnint ceit «r
•th«r basis to be
rec«ef»il
6. Life used in
accumulating
depieclatiOR
7. Estimated
lile from
besinnini
tlyear
1. Depreciation allow-
able this year
$ _
$...._
$
1
- -i$
1
1
' j
SchaduU F.-EXPLANATION OF DEDUCTIONS CLAIMED IN COLUMNS 4 AND S, SCHEDULE B, AND ITEMS 11, 12. AND 13, Page 1
(See Instructions U, 12, and 13)
1, Coimn or
Hob Ho.
2. Eiplanation
3. Amount
1. Column or Item
No. (continued)
2. Eiplanation (continued)
3. Amount (continued)
$
1
- -- !$
NOTE. — In the case of estates, certain administrative expenses of the type allowable under section 812(b) as deductions in computing
the net estate of a decedent (such as executors' commissions, attorneys' fees, etc.) may be deducted on this return only if
Statement and waiver prescribed in Instruction 13 are attached hereto. lo— c7.mi7 i
12-2
FACSIMILES OF TAX RETURNS FOR 1952
I>l|i4
SchwIuU C.-BENEF1CIARIES' SHARES OF INCOME AND CREDITS, (includ* « lMn«nclarln panam to ohom amatitrti vara MM or aal aalda far
rallglous, charitable, ate, purposes.) (See Instructions 4 and 1€>
I. Nima Kt address ol exli beneflclir?
(Dnipiite chzriblile orprJiaOon, n
Miuesiduliliiiu.llUT)
2. If return it tir a trust state
relationship ol [rantir t« oacb
indifidual bonellclaa
3. Taiable Income less my
•arilallytaieiempl interest
Included Is Item 4, Miet
4. Paitlallytiieiemptlnlefeil
included la Hem 4, mil
5. Fodirilincene III paid il
aeono(2%elltem3,p>|el,
Ins Ilea H pete 1)
L Incnm esd profits t»oi
paidteelerelticeinliTSf
United StitnpMsaniM
C/»)
$
$
$
$
a)
(c)
(d)
(e)
Cf)
Ct)
(l>)
CO
Totals
X X X X X X X X
$
$
$
$
QUESTIONS
1. Was an income tax return filed for the preceding year?
If so, to which director's (formerly collector's)
office was it sent?
2. Date estate or trust was created
3. If copy of will or trust instrument and statement required
under General Instruction I have been previously
furnished, state when and where filed
4. Check whether this return was prepared on the cash Q
or accrual Q 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
7. 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" □ "Uncertain" □ (Check which.)
DECLARATION (See 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.
(Sigoature of person (ntiicr tiun taxpayer or agent)
preparing return)
(Date)
(Signature of liiluciary or officer representing fiduciarr)
(Date)
(Name of firm or employer, if any)
(AdJres9 of fiduciary or ofliccr)
■j*? u. f. »ovieM«iMT PiiNTiM* orfice 1ft— fl7307-l
FAC"SIMILES OF TAX RETURNS FOR 1952
12.3
HOW TO PREPARE YOUR
(References are to die Internal Reve-
nue Code, unless otherwise noted)
PAGE 1
1952
U. S. Fiduciary Income
Tax l^eturn on form khi
It 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. Wbo must use Form 1041. — Every fiduciary, or at least one
of joint ^duciaries (except a receiver appointed by authority of
law in possession of only a part of the property of an individual),
must make an income tax return on Form 104.1 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 (6) 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 [b) the gross
income is $600 or over regardless of the amount of net income,
or (c) any bfneficiary 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 fiduciar>', including the guardian of a minor and the
guardian or committee of an insane person, who has charge of the
mcome 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
shall make a return on Form 1040B for such nonresident alien
and pay any tax shown thereon to be due.
(2) No United Stales business. — A citizen or resident fiduciary
having the distribution of the income of an estate or trust is re-
quired to make a return on Form 1040NB (and to pay any tax
shown to be due thereon) for any beneficiary who is a nonresident
alien not engaged in trade or business within the United States
at any time within the taxable year if (a) such beneficiary has
for the taxable year not more than $15,400 gross income the tax
on which is not limited by tax convention, and/or gross income
(regardless of amount) the tax on which is limited by tax con-
vention, and if (i) tlie entire amount of the tax on the income
payable to such beneficiary has not been withheld at the source.
Such fiduciary' is also required to make a return on Form i04oNB-a
for any such beneficiary who has for the taxable year more than
$13,400 gross income the tax on which is not limited by tax
convention, and to pay any tax shown thereon to be due.
(3) Duty 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 ca;:e 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 payment
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 1952 or other taxable years beginning in 1952.
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 1 5th day of the fourth month following the
close of the taxable year of the estate or trust with the director
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 Director of Internal Revenue,
Baltimore a, Md.
371897 O - 56 - 9
F. Declarations. — The return must be signed by the individual
fiduciary, or by the authorized ofiicer 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 at
fiduciaries, the return may be signed by any one of them.
Where the return is actually prepared by some person or per-
»ns 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 mouth 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 director.
The tax may be paid in cash or by check or money order drawn
to the order of "Director 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
instnmaent 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 tlie 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, rejKirt 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. In<5ome in respert 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 is 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
23 (w) and 126.)
L. Items exempt from tax. — As to items of income exempt from
tax other than those listed below, see sections 22 (b) and 116.
( I ) Interest on governmental obligations :
(a) Entirely exempt. — The interest on (1) obligations of a
State, Territory, or political subdivinon thereof, or the District
124
FACSIMILES OF TAX RETURNS FOR 1952
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, 1917; and (4) Treasury notes issued
prior to December i , 1 940, 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 liie United States. ,
(6) 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) ;
(fc) 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
injuries or sickness, and amounts received as a pension, annuity,
or similar allowance for personal injury or sickness resulting from
active service in the armed forces of any country;
PAGE 2
(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 amorti2ation 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, tgiS- 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, commissions, interest, rents, or other
fixed or determinable income of $600 or more during the calendar
year 1952, to an individual, a partnership, or a fidupiary must
make a return on Forms 1096 and 1099. If a portion of such
salary or 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,
1 94 1, is exempt from surtax. However, when the income of a
trust b taxable 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 owTier 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
any 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 form,
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 vAth 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 adjustment 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: ( i ) 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 ovmed 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 fas 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.
5. Income from partnerships and other fiduciaries. — Enter the
estate's or trust's 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(a), 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,
should 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.
16—67288-1
FACSIMILES OF TAX RETURNS FOR 1952
125
If the taxable year on the basis of which the estate's or trust's
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 s^es 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
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 X)f 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 (1) ;
{d) real property used in the trade or business of the taxpayer;
(e) certam 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 requirements of section 165 (a) is received by the
employee in one taxable year, on acdount 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 362 (relating to
tax on regulated investment companies), shall be treated by the
shareholder as gains from the sale or exchange of capital assets
held for more than 6 months.
Section 117 ( j ) , in effect, provides that gains and losses from
transactions covered by that section shall be treated 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 the aggregate of such gains does not exceed
the aggregate of such losses, suclj gains and losses shall not be
treated as gains and losses from the sale or exchange of capital
assets. Thus, in the event of a net gain, all these transactions
should be entered in the "long-term capital gains and losses" por-
tion of Schedule C. In the event of a net loss, all these trans-
actions 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 used in the trade or business and held for
more than 6 months,
(6) sale, exchange, or involuntary conversion of livestock held
for draft, breeding, or dairy purposes (but not including poultry)
and held for i year or more,
(c) the cutting of timber or the disposal of timfcer or coal to
which section 117 (k) applies, and
(d) the involuntary conversion of capital assets held more than
6 months.
See section 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 (c) for
stocks, name of corporation, class of stock, number of shares, and
capital changes affectingbasis (including nontaxable distributions).
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
PAGE 3
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 8 (describe in column i )
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-term"
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)
deals with redemption of stock iilcluded in an estate. List and
identify such stock in the appropriate section on Schedule C, and
state the name of the decedent and the director's oflSce 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
tajq)ayer 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 indirectly between (a) members of a family, (6) a corporation
and arf 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.
Treatment of capital gains and losses. — Short-term capital gains
and losses will be merged to obtain the net short-term capital gain
or loss. Long-term capital gains and losses (taken into account
at 100 percent) will be merged to obtain the net long-term capital
gain or loss. If the net short-term capital gain exceeds the net
long-term capital loss, 100 percent of such excess shall be included
in mcome. If the net long-term capital gain exceeds the net
short-term capital loss, 50 percent of such excess shall be included
in income.
Limitation on allowable capital losses. — If the sum of all the
capital losses exceeds the sum of all the capital gains (all such
gains and losses to be taken into account at 100 percent), then
such capital losses shall be allowed as a deduction only to the
extent of (l) current year capital gains plus (2) the smaller of
either the net income of the current year computed without regard
to capital gains or losses, or $ i ,000. The excess of such allowable
losses over the sum of items ( i ) and ( 2 ) above is called "capital
loss carry-over." It may be carried forward and treated as a
short-term capital loss in 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 capital gain and income of 1952 by prior
year loss carry-overs, use any capital loss carry-over remaining
from 1947 before using any such carry-over from 1948 or sub-
sequent years. Any 1947 carry-over which cannot be used in
1952 must be excluded in determining the total loss carry-over
to '953 ^ntl 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, taxpayers with surtax net income exceed-
ing $14,000 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 sutement
showing the nature of the trade or business, total receipts, cost
l»-«738()-J
126
FACSIMILES OF TAX RETURNS FOR 1952
of merchandise bought for sale, inveatories of merchandise on
hand at the beginning and end of the taxable year, ocher items
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
income-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 con-
trolling and a change can be made only after permission is
secured from the Commissioner. Application for permission to
change the basis of valuing inventories shall be made in vmting
and filed with the Comnussioner 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 the Commissioner.
Installment sales. — If the installment method is used, attach
to the return a schedule showing separately for the years 1949,
1950, 1951, and 1952 the following: (a) Gross sales; (&) cost of
goods sold; (t) gross profits; (d) percentage of gross profits to gross
sales; (e) amount collected; and (/) gross profit on amoujit 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 single 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 piirchased.
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 are
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 11 1
for rule relating to deduction for estate tax attributable to income
in respect of decedent.)
13. Other deductions" authorized by law. — Enter any other
authorized deductions for which no space is provided on page i,
including net operating loss deduction allowed by section 93 (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 29.122-1 of Regulations 1 11.
Include nontrade or nonbusiness expense incurred either (a)
for the production or collection of taxable income or (6) for the
manaifement, 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.
•{r U. S. OOVnNMIHT PRINTINO
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 iii.
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 ubless there is filed in duplicate
with the return in which the item is claimed as a deduction a
statement to the effect that the item has not been claimed or
allowed as a deduction 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).
Clearly identify any such item in the statement and waiver and in
Schedule F.
16. Amoimt 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 section 162 (a).
A trust claiming a charitable, etc., deduction under section 16a
(a) for the taxable year should file information return required
under section 153 (b). Obtain copy of Form 1041A from the
director.
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 Rate Schedule. — The schedule below shows the normal
tax and surtax for the taxable year. 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:
Not over $2,000 M.2% of the amount tn Item 20.
Over t2,000 but not over $4,900 UHt plus 24.6% of eicesa over J2,000.
Over S4,000 but not over $6,000 $936, plus 29% of excess over $4,000.
Over $6,000 but not over $8,000 $l,51fi, plus 34% of excess over $6,000.
Over $S,000 but not over $10,000 $2,196, plus 38% of excess over $8,000.
Over $10,000 but not over $I2,000._- $2,956, plus 42% of excess over $10,000.
Over $12,000 but not over $14,000... $3,796, plus 48% of excess over $12,000.
Over $14,000 but not over $16,000... $4,766, plus 63% of excess over $14,000.
Over $16,000 but not over $18,000... $6,816, plus 56% of excess over $16,000.
Over $18,000 but not over $20,000... $6,936, plus 69% of excess over $18,000.
Over $20,000 but not over $22,000... $8,116, plus 62% of excess over $20,000,
Over $22,000 but not over $26,000... $9,356, plus 66% of excess over $22,000.
Over $26,000 but not over $32,000... $11,996, plus 67% of excess over $26,000.
Over $32,000 but not over $38,000... $16,016, plus 68% of excess over $32,000.
Over $38,000 but not over $44,000... $20,096, plus 72% of excess over $38,000.
Over $44,000 but not over $50,000... $24,416, plus 75% of excess over $44,000.
Over $60,000 but not over $60,000... $28,918, plus 77% of excess over $50,000.
Over $60,000 but not over $70,000... $36,616, plus 80% Of excess over $60,000.
Over $70,000 but not over $80,000. _ $44,616, plus 83% of excess over $70,000.
Over $80,000 but not over $90,000... $62,916, plus 85% of excess over $80,000.
Over $90,000 but not over $100,000.. $61,416, plus 88% of excess over $00,000.
Over $100,000 but not over $160,000. $70,216, plus 90% of excess over $100,000.
Over $160,000 but not over $200,000. $115,216, plus 91% of excess over $150,000.
Over $200,000 $160,716, plus 92% of excess over $200,000.
23. Income and profits taxes paid to a foreign country 01
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 1.16 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 a percent Federal income tax on bond interest
which was paid at the source by the debtor corporation.
orrict 19— «7Ma-l
INDEX
(Subjects generally pertain to Individual income tax returns. For items relating to Fiduciary income tax returns,
see alphabetical arrangement under that subject.)
Page
Accoxmting period 6
Adjusted gross deficit 5-6, 8,
13, 18-20, 23-24, 33-35, -VO-^a, 53, 55
Adjusted gross income:
Amoimt 5-6, 8,
18-20, 23-24, 33-35, 40-42, 45-49, 53-55,
59-60
By marital status and sex 8, 34-35
By States and Territories 45-49, 59-60
Classes 8-9, 18, 20-44, 46-49, 54-57
Cumulated 18
Congjosition 7, 10-12
Defined 13, 90 (note 4(b))
For returns with alternative tax.
33
For returns with itemized deductions.. 7, 19, 20, 24
For returns with normal tax and surtax 33
For returns with only self-employment tax... 33
Percentage distribution 18
Aggregated and simple distributions of number of
returns, adjusted gross income, and tax lia-
bility 18
Aliens 6, 89 (note 5 )
Alimony 12
Alternative tax 9, 14, 33
Average 33
Amended returns 6
Annuities and pensions 10, 19-21, 27, 53, 55
Armed forces 10, 89
(notes 3(a), (b) and 4(f)), 92 (note 3)
Audit revisions not tabulated 5
Average income tax 33, 54
B
Back pay 89 (note 3(c))
Business or profession, profit or loss 5-7,
11, 19-21, 28, 53, 55, 57
Page
Changes in Internal Revenue Code 6
Charts, graphic 5, 7, 63
Citizens and resident aliens. 6,89 (notes 4(a), 5 and 8)
Classification of individual returns 8-10
Comparative data, summary, 1951 and 1952 6
Compensation excluded from gross income. 10, 89 (note 3)
Compensation for prior years 89 (note 3(c))
Computation of tax 6, 13-14
Contributions 6, 12, 19-20, 24, 58
Credits against net income 90 (notes 5 and 6)
Credit for:
Exemptions 13, 89
Foreign tax paid and tax paid at source... 13-14, 33
Income taxes paid at soxirce 13-14
Overpayment of prior year ' s tax 14
Credit on 1953 estimated tax 14
D
Declaration of estimated tax 14, 23
Deductions:
Itemized 6-9, 12, 19-20, 24-25, 53, 58
Medical 8, 12, 19-20, 24, 58
Miscellaneous 12, 19-20, 24, 58
Net operating loss 11,
19-20, 22, 29, 53, 55, 90 (note 4(a))
Standard 6, 7, 9, 19, 53, 90 (note 4(a))
Total 19-20, 25, 58
Deficit, net 13, 19-20, 25
Adjusted gross 5-6, 8,
13, 18-20, 23-24, 33-35, 40-42, 53, 55
Dependents :
Credit for 6, 13, 89
Defined 13
Description of sample and limitations of data... 15
Dividends received 6, 7,
10, 19-21, 26, 40-42, 45, 53, 55-56
Duplication of exemption 13
Capital assets, description 91
Capital gains and losses:
Capital loss carryover 12, 43-44
Description 11-12
Excess of net long-term capital gain over
net short-term capital loss 11, 44
Long-term, definition 11
Net gain or loss from sales of capital
assets 11-12, 19-20, 22, 43-44, 55
Net long-term capital gain or loss 11-12, 43-44
Net short-term capital gain or loss.... 11-12, 43-44
Returns with alternative tax 9, 14, 33, 44
Returns with net gain from sales of capital
assets 22, .29, 43-44, 53
Returns with net loss from sales of capital
assets 22, 29, 43, 53
Returns with normal tax and surtax 44
Short-term, definition 11
Synopsis of Federal tax laws affecting 91
Taxation of 91
Effective income tax rate 33, 55
Estates and trusts (fiduciaries). Income from... 12,
19-20, 22', 30, 53, 55
Estimated tax, payments on declaration of 14, 23
Excess net long-term capital gain over net
short-term capital loss 11, 44
Exclusion for military and naval personnel 10, 89
(notes 3(a), (b) and 4(f))
Exclusions from gross income 89 (note 3)
Exemptions :
Age and blindness 13, 36-39,
Amount of 13, 23, 25, 33-35, 40-42,
Marital status 34-42,
Number 6, 36-42
Other than age or blindness 6, 10, 13, 36-39, 89
Per capita 6, 10, 13
Explanation of classifications emd terms 8-14
89
89
89
127
128
INDEX
F Page
Facsimiles of returns 93-126
Federal tax laws, synopsis of 87-92
Fiduciaries, income from 53, 55
Fiduciary income tax returns, taxable and non-
taxable : "^
Aggregated and simple distributions of
number of returns, total income, and tax
liability 70
Alternative tax 63-64, 67, 78
Amended returns 6<+
Amount distributable to beneficiaries 63,
66-67, 73, 75, 81, 85
Audit revisions not tabulated 64
Average tax 78
Balance deficit 66, 73, 75
Balance income 66, 73, 75
Beneficiaries, amount distributable to 63,
66-67, 73, 75, 81, 85
Business or trade, profit or loss from 65, 71,
74, 85
Capital gains and losses 63,
65-66, 72, 74, 79-80, 85
Capital loss carryover 65-66, 79-80
Chart, graphic 63
Contributions 64
Credit for foreign tax paid and tax paid at
source 64, 67
Credits against net income 64
Deductions 64, 66, 72-73, 75, 85
Miscellaneous 66, 73, 75, 85
Total 73, 75, 85
Description of aampi p and limitations of
data 67-68
Dividends received 65, 71, 74, 82, 85
Effective tax rate 78, 84
Estates, returns for 64-65, 81
Excess net long-term capital gain over net
short-term capital loss 65, 80
Exemption 64, 67, 73, 75, 78, 81, 89
Explanation of classifications and terms.... 64—67
Federal tax laws, synopsis of 87-91
Fiduciaries:
Income from other 66, 72, 75, 85
Net income taxable to 63, 66,
73, 75, 78, 81-82, 85, 89 (note 4(d))
Filing requirements 63-64, 89
Fiscal year retxirns 64, 89 (note 4(e)), 90
Foreign country, income tax paid to 64, 67
Form, facsimile of return 119-126
Government obligations, taxable and par-
tially tax-exempt interest received 65
Historical tables, 1944-1952 84-85
Income tax provisions with respect to fidu-
ciary income 63-64, 89-91
Interest on tax-free covenant bonds 64
Interest paid 66, 72, 75, 85
Interest received 65, 71, 74, 82, 85
Long-term capital gain or loss 65, 79-80
Losses (negative income) 85
Major characteristics 63
Miscellaneous deductions 66, 73, 75, 85
Miscellaneous income 66, 72, 75, 85
Net deficit 66, 73, 81-82
Net gain or loss from sales of capital
assets 63, 65-66, 72, 74, 79-80, 85
Net gain or loss from sales of property
other than capital assets 66, 72, 74, 85
Net income classes 64, 74-77
Net Income taxable to fiduciary 63, 66,
73, 75, 78, 81-82, 85, 89 (note 4(d))
Net operating loss deduction 66
Net profit or loss from trade or business... 65, 71,
74, 85
Net profit or loss from partnership.. 65, 71, 74, 85
Net profit or loss from rents and royalties. 65, 71,
74, 85
Fiduciary income tax returns — Continued Page
Nonresident alien beneficiary 63-64
Nontaxable returns 64, 71-77, 79, 81
Normal tax and surtax 63-64, 78, 90
Number of returns. (See specific classifi-
cations. )
Operating loss deduction, net 66
Partnership profit or loss 65, 71, 74, 85
Part year returns 64
Percentage distributions of number of
ret\ams, total income, and tax liability.. 70
Positive income 85
Rate, effective tax 78, 84
Rents and royalties 65, 71, 74, 85
Returns included 64
Sale of property other than capital assets.. 72, 74,
85
Sample, description of, and limitations of
data 67-68
Self-enployment Income, tax on, not appli-
cable 64
Short-term capital gain or loss 65, 79-80
Simple and aggregated distributions of
niimber of ret\ims, total Income, and tax
liability 70
Sources of income and deductions 65-66, 85
States and Territories : 65, 82
Tax credits 64, 67
Taxes paid 66, 72, 75, 85
Tax liability.. 63-64, 67, 70, 73, 75, 78, 81-82, 84
Tax paid at source 64, 67
Tax rates 90
Taxable returns 64, 71-81, 84-85 J
Taxable and nontaxable returns 64, 70, 82 ^
Tentative returns 64
Total deductions 73, 75, 85
Total deficit 65, 66, 75 J
Total income... 65, 66, 70, 72, 75, 78, 81-82, 84-85 1
Total income classes 64, 70-73, 76-81, 84
Cumulated 70
Trade or business, profit or loss.... 65, 71, 74, 85
Trusts, returns for 64-65, 81
Types of tax liability 64, 78
Filing requirements 6, 89
Fiscal year returns 6, 89 (note 4(e) ), 90
Foreign country, income tax paid to 13-14
Forms, facsimile's of:
1040 — Individual income tax return 95-116
1040A — Employee ' s optional income tax return 117-118
Forms (1040 and 1040A), number filed 7
G
Gains, capital. (See Capital gains and losses.)
Gambling losses and profits 12
Geographic divisions. States and Territories.... 10,
45-49, 59-60
Gift tax returns. (See "Statistics of Income
for 1951, Part 1.")
Government obligations. (See Interest received.)
Gross deficit, adjusted 5-6, 8,
13, 18-20, 23-24, 33-35, 40-42, 53, 55
Gross income. (See also Adjusted gross income.):
Exclusions from 89 (note 3)
Requirement for filing 89
H
Heads of household 7-10, 35, 38, 42, 89 (note 6), 90
Historical data, 1913-1943. (See "Statistics of
Income for 1949, Part 1.")
Historical data, 1944-1952:
Adjusted gross deficit 53, 55
Adjusted gross income 53-55, 59-60
Adjusted gross Income classes 54-55, 56-57
Average Income tax per taxable return 54
INDEX
129
Historical data, 19^4-1952— Continued
Deductions:
Itemized 53, 58
Standard 53
Effective income tax rate 55
Laws, synopsis of Federal tax 87-92
Losses (negative income) 53, 55
Nontaxable returns 53
Number of returns 53-54, 59
Positive income 53, 55
Sources of income 53, 55-57
States and Territories 59-60
Tax liability (income and self -employment
tax combined) 53-54-
Income tax 53-54, 60
Self-en5)loyment tax 53
Tax rates 90
Taxable retiirns 53-55
Husbands, returns of 7-10, 34
N
Page
Income. (See Adjusted gross, Fiduciaries,
Gross, Miscellaneous, Net, Sources of.)
Income taxes paid to foreign countries or
possessions of the United States 13-14
Income exenpt from tax 10, 89 (note 3)
Income from estates and trusts (fiduciaries).... 12,
19-20, 22, 30, 53, 55
Income tax laws 6, 87-91
Income tax liability 6,
13-14, 23, 25, 33, 40-42, 45-49, 53-54,
60, 90
13-14
24, 58
Interest from tax-free covenant bonds
Interest paid 12, 19-20,
Interest received... 10, 19-21, 26, 40-42, 45, 53, 55-56
6
1
Internal Revenue Code, changes.
Introduction
Itemized nonbusiness deductions:
Amount 19-20, 24-25,
Returns with 6-9, 12, 19-20, 24-25, 31-32,
58
53
Net capital gain or loss. (See Capital gains and
losses. )
Net deficit 13, 19-20, 25
Net gain or loss from sales of property other
than capital assets 12, 19-20, 22, 29, 53, 55
Net income 13, 19-20, 25, 90 (note 4)
Classes 9, 31-32
Returns with itemized deductions... 19-20, 25, 31-32
Subject to surtax 90 (note 6)
Net operating loss deduction 11,
19-20, 22, 29, 53, 55, 90 (note 4(a))
Net profit or loss from business or profession. . 5-7,
11, 19-21, 28, 53, 55, 57
Net profit or loss from partnerships 5-7,
11, 19-20, 22, 28, 53, 55, 57
Net profit or loss from rents and royalties.... 10-11,
19-21, 27, 53, 55, 57
No adjusted gross income (deficit), returns
with 6, 13, 18, 20-43, 53, 55-58
Nontaxable and taxable returns combined 5-6,
18-20, 26-30, 45-49, 53
Nontaxable returns 6, 7, 9, 21-25, 31-32, 34-43, 53
Normal tax 90
Normal tax and surtax 14, 33, 90
Number of exemptions 6, 36-42
Number of exemptions classes 36-39
Number of retiirns. (See specific classifica-
tions . )
Number of returns filed 5-6
Operating loss deduction, net 11,
19-20, 22, 29, 53, 55, 90 (note 4(a))
Optional return. Form 1040A 6-7
Optional standard deduction. (See also standard
deduction.) 6, 90 (note 4(a))
Optional tax 6, 14, 89 (note 4(a)), 90 (note 4(d))
Other income. (See Miscellaneous income.)
Overpayment (refund or credit on 1953 esti-
mated tax) 14, 23
Joint returns of husbands and wives.
7-10,
34, 36-37, 41-42
L
Laws, synopsis of Federal tax 87-92
Long-form returns 6-7
Long-term capital gain or loss, net 11-12, 43-44
Losses from fire, storm, etc 12, 19-20, 24, 58
Partnership profit or loss.
5-7,
11, 19-20, 22, 28, 53, 55, 57
Part year returns 6
Payments on declaration of estimated tax 14, 23
Pensions, annuities and 10, 19-21, 27, 53, 55
Percentage distributions of number of returns,
adjusted gross income, and tax liability 18
Prior years, compensation for 89 (note 3(c))
Prizes 12
Property other than capital assets, sale of 12,
19-20, 22, 29, 53, 55
M
Major characteristics of 1952 5-6
Marital status 7-10, 34-42, 89
Maximum rate limitation 90
Married persons, retiirns of 7-10, 34, 36-38, 42
Medical, dental, etc., expenses.... 8, 12, 19-20, 24, 58
Men, returns of 7-10, 34-35
Military personnel. (See Armed Forces.)
Miscellaneous deductions 12, 19-20, 24, 58
Miscellaneous income 12, 19-20, 23, 30, 53, 55
R
Receipts, total, from business. (See Business
or profession, profit or loss,)
Recovery of bad debts 12
Refund 14
Rents and royalties 10-11, 19-21, 27, 53, 55, 57
Resident aliens 6, 89 (notes 4(a), 5 and 8)
Returns included, individual 6-7
Revenue Acts amending Code 6, 89-91
Rewards 12
Royalties, rents and 10-11, 19-21, 27, 53, 55, 57
130
INDEX
Salaries and wages.
S Page
5, 7,
10, 19-21, 26, 'i0-i2, ^5, 53, 55-56
Rendered for a period of three years or more
89 (note 3(c))
Sales or exchanges of property other than
capital assets 12, 19-20, 22, 29, 53, 55
Sample, description of, and limitations of data 15
Self-employment tax 5-6,
9, 13-1-4, 23, 25, 33, ^0-A2, ^5, 53, 92
Separate returns of husbands and wives 7-10,
3<i, 37-38, K2
Sex and marital status 7-10, 34-42
Short-form returns 6-7
Short-term capital gain or loss, net 11-12, 43-44
Simple and aggregated distributions of number
of retxirns, adjusted gross income, and tax
liability 18
Sing].e persons, returns of 7-10, 35, 39, 42
Size of specific source of income or loss 9, 26-30
Sole proprietorships. (See also Business or
profession, profit or loss.)
Soxirces of income or loss comprising adjusted
gross income 7,
10-12, 19-23, 26-30, 40-42, 45, 53, 55-57
Standard deduction 6, 7, 9, 19, 53, 90 (note 4(a))
States and Territories 10, 45-49, 59-60
Summary, general. (See major characteristics.)
Surtax, rates 14, 90
Surtax net income 90 (note 6)
Sweepstake winnings 12
Synopsis of Federal tax laws 87-92
Tax due at time of filing
Tax liability, total 5-6, 13, 18, 34-
Income tax
13-14, 23, 25, 33,
45-49, 53-54,
Self-employment tax
9, 13-14, 23, 25, 33,
Tax limitation
Tax overpayment
Tax paid at soxirce
Taxpayments 13'
Tax rates
Effective
Tax refund
Tax withheld 13
Taxable and nontaxable ret\irns, classification.
Taxable and nontaxable returns combined
18-20,
45.
Taxable returns 6, 7, 9, 21-25, 31-44
Taxes paid 12, 19-20,
Taxes paid to a foreign country or possession
of the United States
Tax-free covenant bonds, interest from
Tentative returns _•
Total deductions 19-20,
Trusts, income from estates and. 12,19-20, 22, 30,
Types of tax liability
Types of taxpayment 33
Page
u,
23
-35,
53
6,
40-42,
60,
90
5-
-6,
40-42,
53,
92
90
13
-14
13
-14
-14,
23
6,
90
33,
55
13
-14
-14,
23
9
5
-6,
26-
30,
-49,
53
. 53
-55
24,
58
13
-14
13
-14
6
25,
58
53,
55
9
J, 36
-39
T
Tabulated data 15-16
Tax. (See Alternative, Average, Effective
rate, Normal, Optional, Tax rates, and
Surtax. )
Tax computation 6, 13-14
Tax credits 13-14, 90 (note 10)
W
Wages, salaries and 5, 7,
10, 19-21, 26, 40-42, 45, 53, 55-56
Withheld tax 13-14, 23
Wives, returns of 7-10, 34
Women, returns of 7-10, 34-35
Worthless stocks and bonds 91
U. S. GOVERNMENT PRINTING OFFICE : 1956 O - 371897
?05IT0RY
Statistics
^
? ^5(^.SLil3^o:.
y
of Income
for 1952
. v\V\\\llll.///,/// .
MZi
i«^^
*<cii^^^
<§*■
^
U. S. TREASURY DEPARTMENT
Internal Revenue Service
Part 2
Corporation Income
Tax Returns and
Personal Holding
Company Returns
Statistics
of Income
for 1952
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
U. S. TREASURY DEPARTMENT
Internal Revenue Service
PUBLICATION NO. 16
Part 2
Corporation Income
Tax Returns and
Personal Holding
Company Returns
UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON : 1955
For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C. - Price $1.2.'> (paper cover)
Boston Public LiV.rary
Cuner!"+"-^'''"it of nncuments
fVlAR 1 - 1956
I
LETTER OF TRANSMITTAL
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington, D. C, October 25, 1955.
Sir: In accordance with the provisions of section 63 of the Internal Reve-
nue Code of 1939 requiring the publication annually of statistics with respect
to the operation of the Federal income and profits tax laws, I have the honor
to transmit herewith a report entitled Statistics of Income for 1952, Part 2,
presenting data relative to income, deductions, assets, liabilities, credits, tax
liability, and dividends paid as reported on corporation income tax returns and
personal holding company returns for 1952 filed during 1953. There is also
included a historical presentation of the income and of the tax liability reported
by corporations for the years 1944 through 1952, and a synopsis of corporation
income and profits tax rates and other provisions of the Federal tax laws
affecting comparability of the historical data.
Respectfully,
T. Coleman Andrews,
Commissioner oj Internal Revenue.
Hon. G. M. Humphrey,
Secretary oj the Treasury.
m
CONTENTS
Page
Introduction _ ,
CORPORATION INCOME TAX RETURNS
Major characteristics of 1952 _ r
Changes in the Internal Revenue Code of 1939 g
Presentation of data tabulated 7
Returns included -j
Description of tables o
Summary data for each classification _ g
Returns with net income and with no net income g
Returns with balance sheets _ _ __ s
Industrial classifications in
Total assets classes jj
Net income and deficit classes _ jj
Consolidated returns .o
Type of tax liability j2
Excess profits net income and methods of credit computation 12
Fiscal year returns --_____ 22
Part year returns ______ 22
Life insurance companies 22
Description of the sample and limitations of data __ 23
Explanation of terms 24
Tables for Corporation Income Tax Returns, 1952
1. Number of returns, net income or deficit, taxes, and dividends paid— all returns.
by States and Territories (not prepared for 1952) 30
2. Number of returns, total compiled receipts, net income or deficit, taxes, and
dividends paid — all returns, by major and minor industrial groups 31
2a. Number of returns, net income, selected excess profits data, and taxes — returns
with excess profits net income over $25,000, by major and minor industrial
groups 3,5
3. Receipts and deductions — all returns, by major industrial groups 42
4. Assets and liabilities, receipts and deductions — returns with balance sheets, by
major industrial groups 54
4a. As.sets and liabilities, receipts and deductions — consolidated returns with
balance sheets, by industrial divisions 70
5. Assets and liabilities, receipts and deductions— returns with balance sheets, by
total assets classes _ __ _ 72
5a. Assets and liabilities, receipts and deductions — con.solidated returns with
balance sheets, by total assets classes 74
6. Selected assets, liabilities, and receipts — returns with balance sheets, by total
a.ssets classes and major industrial groups 7(5
7. Number of returns, net income or deficit, taxes, and dividends paid — all returns,
by net income and deficit classes and industrial divisions 102
8. Type of tax liability — all returns, by net income and deficit clas.ses 104
8a. Number of returns, net income, selected excess profits data, and taxes — returns
with excess profits net income over $25,000, by method of excess profits
credit computation and net income classes 105
9. Dividends received and interest received on Government obligations— all
returns, by net income and deficit classes 108
10. Dividends paid — all returns, by net income and deficit classes 109
1951 Errata
Text J 12
Revision of Table 5 II3
Revision of Table 6 H^
V
VI CONTENTS
PERSONAL HOLDING COMPANY RETURNS ^ase
General charact erist ics 116
Explanation of terms 116
Table A. — Number of personal holding company returns with subchapter A net in-
come, by classes 118
Table B. — Income, deductions, credits, and taxes — personal holding company returns,
by type of income 118
HISTORICAL DATA, CORPORATION INCOME TAX RETURNS, 1944-52
Introduction 121
Description of tables 121
Comparability of historical data 121
Tables for Historical Data, 1944-52
11. Number of returns, by income and deficit status, and by net income, deficit, and
total assets classes 125
12. Number of returns, total compiled receipts, net income or deficit, taxes, dividends
paid, and total assets, by income and deficit status 127
13. Receipts and deductions — all returns 129
14. Assets and liabilities, receipts and deductions — returns with balance sheets 131
15. Number of returns, total compiled receipts, net income or deficit, and taxes — all
returns, by major industrial groups and by income and deficit status 133
16. Number of returns and subsidiaries, total compiled receipts, net income or deficit,
net operating loss deduction, and taxes, by income and deficit status — con-
soUdated returns 148
SYNOPSIS OF FEDERAL TAX LAWS AFFECTING COMPARABILITY OF
HISTORICAL DATA IN STATISTICS OF INCOME
CORPORATION INCOME AND PROFITS TAXES, 1944-52
A. Tax rates 151
B. Capital gain and loss provisions 153
C. Con.solidated returns — provisions for filing and tax rates 154
FACSIMILES OF CORPORATION RETURN FORMS, 1952
Form 1120, Corporation income tax return 161
Form 1120L, Life insurance company income tax return 205
Form 1120M, Mutual insurance company income tax return 209
Form 1120H, Return of personal holding company 215
Index 219
INTRODUCTION
Annual returns filed in compliance with Federal income tax laws offer a
unique source of financial information. The Statistics of Income, Part 2,
contains tabulations prepared from returns of corporations. All domestic and
resident foreign corporations, except certain nonprofit organizations, are re-
quired to file income tax returns which show income by source, deductions,
credits, and Federal income and profits taxes. Other items of importance,
particularly assets and liabilities, and dividends paid, are also reported.
The first section of this report presents data on income, deductions, assets,
liabilities, tax, and dividends paid classified by type of industry, size of total
assets, and other pertinent classifications. The balance sheet data are shown
in separate tables with related items of income, deductions, and tax. An ex-
planation of terms is provided to show specific meaning or metliods of tabulating
certain items. These corporate data are reported on Forms 1120, 1120L (filed
by life insurance companies), and 1120M (filed by mutual insurance companies).
Although computation of insurance company tax requires special forms, items
of income and deductions reported are comparable to similar items for other
corporations and data from the three forms are combined in preparing the
tabulations. Amounts of special adjustments to life insurance company net
income are stated in the text.
The second section of the report presents data from Form 1120H, filed by
a small number of personal holding companies with limited ownership which
are subject to a surtax on certain undistributed net income. The tabulations
show items used in development of the surtax base from net income and the
additional tax liability. Personal holding companies also file the corporation
income tax return. Form 1120, and their basic financial data are included
in the tabulations in the first section of this report.
The third section contains historical data selected from the tabulations
compiled from the corporation income tax returns, Forms 1120, 1120L, and
1120M, for the years 1944-52. Comparability of historical data is discussed
in the accompanying text.
The fourth section of tlie report contains a synopsis of Federal tax laws
affecting corporations. The synopsis tables show tax bases, rates, and other
provisions useful in studying the statistics.
Facsimiles of the 1952 return forms on which corporate data are reported
are inserted at the end of the report.
Selected 1952 corporation data from income tax returns. Forms 1120,
1120L, and 1120M, by 65 major industry groups, were published in a Prelimi-
nary Report, Statistics of Income, Part 2, in February 1955. In preparing
this more detailed complete report for 1952, revisions in the preliminary data
have not been found necessarj'.
1
Corporation
Income Tax
Returns
CORPORATION INCOME TAX RETURNS FOR 1952
MAJOR CHARACTERISTICS OF 1952
Although the number of corporation income tax re-
turns filed for the income year 1952 is at its highest
level in income tax history, there is a reduction in cor-
porate net income of $5.1 billion, as compared with 1951.
Corporate receipts are higher by 2.8 percent than for
1951, but deductible corporate expenditures are up 4.1
percent, reducing substantially the net income tax base
in 1952.
Corporate income and expense data on tax returns
indicate that despite an advance of gross sales and re-
ceipts for 1952, profit margins are being reduced by more
rapidly advancing costs. The relative size of annual
expenses and deductions, Federal income and profits tax
liability, and compiled net profit after taxes is illustrated
for 1952 in the accompanying chart.
FOUR PERCENT OF COMPILED RECEIPTS WAS PAID
AS INCOME AND PROFITS TAXES, 1952
1952 COMPILED RECEIPTS
COMPILED NET PROFIT
AFTER TAXES
FEDERAL INCOME AHO
EXCESS PROFITS TAXES
Expenses and deductions for 1952 are $493 billion, or
92.7 percent of compiled receipts. The remaining 7.3
percent of compiled receipts is about equally divided
between $19.6 billion of compiled net profit after taxes
and $19.1 billion paid to the Federal Government in the
form of income and profits taxes. Income taxes account
for $17.6 billion of the total tax, the excess profits tax
being only $1.6 billion. Compiled net profit after taxes
is $279.2 million greater than net income after taxes
because it includes tax-exempt interest received.
The total number of corporation income tax returns
filed for 1952 is 705 thousand. Returns filed by active
corporations total 672 thousand, of which more than
one-third report net deficits, aggregating $2 billion. The
net income reported by 443 thousand active corporations
is $4.9 billion, or 11 percent, less than the amount for
1951. The decline in net income represents in effect a
reduction in the 1952 tax base; the deficit level in 1952
represents, through loss carryback and carryover provi-
sions, reductions in past and future year tax bases. Net
income is defined as current-year net income before the
deduction of net operating loss for certain other years
and before certain credits allowable against net income.
The 1952 total tax liability of corporation returns
with net income is $19.1 biUion as compared with $22.1
billion for 1951. As shown in the accompanying table,
income tax liability of $17.6 billion is reported on 404
thousand of the 443 thousand returns with net income.
These 404 thousand returns may or may not have an
excess profits tax. The remaining 39 thousand returns
with net mcome have no income tax because of (1) the
. deduction from current-year net income of the net oper-
ating loss for certain other years, (2) three special credits
against current-year net income relating to dividends
received from corporations that are themselves subject
to tax, dividends paid on certain preferred stock of pub-
lic utilities, and a portion of the income of Western
Hemisphere trade corporations, and (3) credit against
net income for partially tax-exempt interest received on
certain United States obligations issued prior to March 1,
1941. The income tax liability for 1952 is 10 percent
less than for 1951.
NUMBER OF RETURNS, NET INCOME OR DEFICIT,
AND TAXES, CORPORATION RETURNS, 1952 AND 1951
Total number of returns
Active corporations;
Number ot returns..
Returns with net Income:
Number of returns
Net income thousand dollars.
Income tax:
Number of returns
Amount thousand dollars.
Excess profits tax:
Number of returns
Amount thousand dollars.
Returns with no net income:
Number of returns
Deficit thousand dollars .
Number ot returns of inactive corpora-
tions -
1952
705, 497
672.071
442, 577
40,431,697
403,544
17,596,969
30,991
1,550,725
229,494
1,975,518
33,426
687, 310
652, 376
439,047
45,333,173
403,409
19, 623, 441
40,746
2, 458, 676
213, 329
1,787,583
34,934
Increase or
decrease (— )
Number or
amount
18, 187
19, 695
3.530
-4,901,476
135
-2,026,472
-9, 755
-907, 961
16,165
187,935
-1,508
Per-
cent
-10
-24
-37
See p. 24 for "Explanation of Terms" and p. 23 tor "Description of the Sample and
Limitations of Data."
The excess profits tax liability of $1.6 billion for 1952
is reported on 31 tliousand returns. Compared with
1951, there was a decrease of 24 percent in the number
with excess profits tax liability and a decrease of 37 per-
cent in the amount of the excess profits tax. The major
reasons for these decreases are: (1) a 10 percent decrease
5
6
CORPOEATION INCOME TAX RETURNS FOR 1952
in returns with net income over $25,000, and (2) a higher
ratio of excess profits credit to excess profits net income
for 1952. Returns with net income under $25,000,
which increased about 4 percent, are not generally
subject to the excess profits tax. Excess profits credit
determined by use of a base period net income remains
constant despite decreases in current-year net income,
and excess profits credit based on invested capital
reflects increases in aggregate total assets. All returns
with excess profits tax also have income tax liability.
Corporation returns filed for 1952 include 33.4 thou-
sand returns of inactive (nonoperating) corporations
which were in existence in 1952 and which were therefore
required to file. Approximately 33 to 36 thousand in-
active corporations have filed annually since 1944.
Compiled receipts of all corporations for 1952 are
$531.3 billion, of which a small portion, $279.2 million,
is tax-exempt interest income on corporate holdings of
Government obligations. Compiled receipts is a gross
measure of corporate income from all sources. Included
are both net short-term and long-term capital gains
reduced respectively by net long-term and short-term
capital losses, and corporate net gains from sale of
property other than capital assets.
Compiled deductions totaling $492.6 billion is a
measure of deductible corporate expenditure during 1952.
Corporations paid out over $5 billion as interest pay-
ments on debt outstanding. Deductions of over $11
billion represent corporate taxes paid to State and local
governments, and certain taxes, other than income and
excess profits taxes, paid to the Federal Government.
Depreciation and depletion allowances account for $9.6
billion and $2.1 billion, respectively. Advertising ex-
penditures deductible for tax purposes total over $5
billion during 1952.
The manufacturing industry plays an important role
in the corporate income and tax changes in the United
States, since it accounts for about 50 percent of compiled
receipts and net income, and about 60 percent of the
total tax liability for all corporations. For 1952, the
manufacturing net income drops 17 percent below that
of 1951 and the current year manufacturing deficits
increase by 21 percent. Total tax liability for manu-
facturing for 1952 is almost 20 percent less than for
1951, a decrease which alone accounts for more than 93
percent of the total tax loss for all corporations.
Yearly changes for manufacturing, compared with
those for the seven other industry groups, are presented
in the following chart which relates to compiled receipts
and net income. All industries obtained larger total
receipts for 1952 than for 1951. However, 5 of the
industry divisions, manufacturing, trade, mining, agri-
culture, and services, reported lower net earnings for 1952
than for 1951. Gains in 1952 net income are reported
by construction, public utility, and financial corporations.
The comparison of 1952 with 5 years ago appears in
the lower half of the chart. For all industries, the 1952
compiled receipts show greater increases over 1948 than
over 1951. The 1952 net income is lower than the 1948
net income for trade, mining, agriculture, and services.
Also, for two of these industries, trade and mining, the
1952 net income shows a greater decrease over 1948 than
over 1951. Manufacturing is the only industry division
with 1952 net income higher than 1948 net income but
lower than 1951 net income.
PERCENl CHANGE IN 1952 COMPILED RECEIPIS AND NEl INCDME
FRDM 1951 AND 1948 LEVELS
1952 COMPARED WITH 1951
1951 Level ^ lOOjE
0 50
100
150
Percent
200
'
1
1
ALL INDUSTRIES
HP^TOHPILED RECEIPTS^
»ET jHCOHE
AGRICULTURE,
ETC.
F
MINING AND
pUARRriNG
CONSTRUCTION
^^^
^^
MANUFACTURING
PUBLIC
UTILITIES
^^^
TRADE
■
FINANCE, ETC.
^^^p
^^
SERVICES
^^P
1
1
1952 COMPARED WITH 1 9i|8
1948 Level - 100^
ALL INDUSTRIES
AGRICULTURE,
ETC.
MINING AND
QUARRYING
CONSTRUCTION
MANUFACTURING
PUBLIC
UTILITIES
TRADE
FINANCE, ETC.
SERVICES
COMPILED RECEIPTS
NET INCOME
200
Percent
CHANGES IN THE INTERNAL REVENUE CODE
OF 1939
TAX RATES
The returns are filed under the provisions of the In-
ternal Revenue Code of 1939 as amended. The latest
revenue act amending the Code is that of 1951 which
increased the normal-tax rate to 30 percent and the
maximum tax rate on long-term capital gains to 26 per-
cent, and established an 18-percent ceiling rate for the
excess profits tax. These rates became effective April 1,
1951, for taxable years other than the calendar year
COEPORATION INCOME TAX RETURNS FOR 1952
1951 (for which intermediate rates were provided) and
thus did not become fully effective until 1952. A com-
parison of the tax rates in effect for returns tabulated
for this report and those tabulated for the 1951 report
are shown in the foUowing table.
TAX RATES, 1952 AND 1951
Tax rates applicable to returns. Form
1120, tabulated for—
1952
Statistics
ot Income
(all
returns)
1951 Statistics of Income
Tax
Calendar
year
returns
Fiscal year returns
with months in
following periods
(prorated tax)
Apr. 1.
1951
through
June 30,
1952
July 1,
1950
through
Mar. 31,
1951
(Percent)
70
30
22
2
30
18
(Percent)
68
28M
22
2
30
17M
(Perctnl)
70
30
22
2
30
18
(Percent)
62
Normal tax
25
Surtax on surtax net income in excess
of $25,000-
22
Consolidated return tax (comput-
ed on entire amount of surtax net
income)
2
Excess profits tax (computed on the
adjusted excess profits net income)...
Ceiling tax (computed on the excess
profits net income):
Excess profits tax and consolidated
30
Total normal tax, surtax, and ex-
cess profits tax
62
26
25
Taxable year
beginning-
After
Mar. 31,
1951
Before
April 1,
1951
Maximum tax on long-term capital gains...
(Percent)
26
(Percent)
26
•The rates shown may vary slightly with respect to consolidated returns as a result
of the method of determining the excess profits tax ceiling when a consolidated return
is filed.
MUTUAL SAVINGS BANKS, BUILDING AND LOAN
ASSOCIATIONS
The tax-exempt status of certain mutual savings banks,
building and loan associations, savings and loan associa-
tions, and cooperative banks is rescinded with respect
to the income tax by section 313 of the Revenue Act of
1951, effective for taxable years beginning on or after
January 1, 1952. The organizations affected are mutual
savings banks not having a capital stock represented by
shares, domestic building and loan associations and sav-
ings and loan associations substantially all the business
of which is confined to making loans to members, and
cooperative banks without capital stock organized and
operated for mutual purposes and without profit. These
organizations were formerly exempt from income and
profits taxes under sections 101 (2), (4), and (15) of the
Internal Revenue Code (1939). The exemption from
the excess profits tax is continued under section 454 as
amended by the 1951 act.
Certain mutual, nonprofit corporations or associations
without capital stock organized prior to September 1,
1951, to provide insurance and reserve funds for the
above organizations, and certain credit unions retain
tax-exempt status under section 101 (4) as amended by
the Revenue Act of 1951.
Mutual savings banks conducting separate life insur-
ance departments, with separate accounts, are required
to compute for such departments a separate net income
and tax, using the provisions and tax rates provided
for life insurance companies (page 22). This partial tax
is added to and reported with the tax computed for the
banking business. Mutual savings banks with a net
deficit may, under this tax provision, report income tax
based on income from the life insurance department.
In tabulating data for this report the life insurance
department accounts are combined with those of the
banking department.
Data from returns, Form 1120, filed by mutual savings
banks are included in the major group "Finance: Banks
and trust companies," and a new minor group, "Mutual
savings banks," is provided for presentation of selected
items. Data for building and loan associations, savings
and loan associations, and cooperative banks are in-
cluded in the major group "Finance: Credit agencies
other than banks," and selected data are shown sepa-
rately in a new minor group, "Savings and loan, building
and loan associations."
The data tabulated for these new minor industrial
groups are from returns filed for taxable years beginning
on or after January 1, 1952, by the corporations formerly
exempt from income taxation under section 101 of the
1939 Code and all other returns filed by similar corpo-
rations which never met the tax-exemption requirements.
Selected items for minor industrial groups appear in
table 2.
Since the tabulations in this report cover returns
ending in the period July 1952 through June 1953, and
the tax exemption of mutual savings banks, building
and loan associations, etc., is rescinded only for taxable
years beginning on or after January 1, 1952, the data
for 1952 do not represent a complete coverage of such
organizations. Returns for these organizations for fiscal
years ending during 1952, to which provisions of section
101 apply, are filed on Form 990 (returns used by tax-
exempt organizations) and are not tabulated in this
report.
PRESENTATION OF DATA TABULATED
RETURNS INCLUDED
The returns included in this report are the corporation
income tax returns filed for the calendar year ending
December 31, 1952, fiscal years ending within the period
July 1952 through June 1953, and part years with the
greater portion of the accounting period in 1952.
The data are from corporation income tax returns,
Form 1120; life insurance company income tax returns,
Form 1120L; and mutual insurance company income
tax returns. Form 1120M. Returns of foreign corpora-
tions engaged in trade or business within the United
States are included.
The statistics are compiled from income tax returns
as filed, pj-ior to revisions that may be made as a result
of audit by the Internal Revenue Service and prior to
CORPOKATION INCOME TAX RETURNS FOR 1952
changes which may result from carrybacks after the
returns are filed.
Tentative returns are excluded from all tabulations
and amended returns are used only if the original returns
are excluded. Returns of inactive corporations are ex-
cluded from all tables, except the first text table on
page 5, the table for fiscal year returns on page 22,
and the second table for personal holding companies
presented in a separate section of the report.
Returns of income taxable under section 101 (12) (B)
and Supplement U, filed on Forms 990-C and 990-T,
by organizations exempt from corporate taxation under
section 101 of the 1939 Code, are excluded from this
report.
DESCRIPTION OF TABLES
The general-purpose tables presented in each Sta-
tistics of Income, Part 2, cover financial data reported
annually on corporation income tax returns. The de-
tailed tabulations of items and classifications are pre-
sented in 14 basic tables, 13 of which are published each
year. Basic table 1, in which number of returns, net
income or deficit, tax, and dividends paid are classified
by States, now is prepared biennially and does not
appear in this report. Also, summary tables and charts
are presented throughout the text of each volume.
Major trends, for the years 1944-52, can be obtained
from the historical tables on pages 125 to 148.
Basic tables 2-10 include many items of assets, lia-
bilities, income and deductions, as well as profits, statu-
tory net income, tax liability, and dividends paid. The
data are classified by 9 industrial divisions, 65 major
industry groups, 205 minor industry groups, 10 size
classes of total assets, 13 size classes of net income or
deficit, and type of tax liability.
Additional data from returns with excess profits net
income in excess of $25,000 are tabulated in basic tables
2a and 8a. Number of returns, net income, selected
excess profits data, and tax are given by major and
minor industrial groups in table 2a, and by method of
excess profits credit computation and by size of net
income in table 8a.
Data from consolidated returns, filed for affiliated
groups of corporations, are tabulated separately in table
4a, by industrial divisions, and in table 5a, by size of
total assets.
Information reported on fiscal year and part year
returns are included in all tabulations, and also separate
tabulations of selected items from these returns appear
as text tables. In all tables, values in thousand dollars
are rounded and, therefore, may not add to the totals.
The amounts tabulated for income tax and excess
profits tax are before any deduction for credit claimed
for income and profits taxes paid to foreign countries or
United States possessions.
NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY INDUSTRIAL
DIVISIONS, 1952
Total
number
of
returns
Ret
Returns with net income
Returns with no net income
Industrial divisions
arns
Total
compiled
receipts
Net
income
Taxes
Returns
Total
compiled
receipts
Number
Percent
of
division
total
Total
tax
Income
tax
Excess .
profits tax
Number
Percent
of
division
total
Deficit
All industrial divisions
672,071
8.869
9,055
31, 817
119,399
28,460
221, 314
185, 855
61,647
5,655
442, ,577
4,988
4,839
20,946
80,795
18,082
148, 365
128, 491
35,084
987
65.9
66.2
53.4
65.8
67.7
63.5
67.0
69.1
56.9
17.5
(Thousand
dollars)
486,441,344
2, 090, 020
8, 047, 731
13, 494, 727
244, 424, 014
36, 459, 420
150,826,391
21, 329, 647
9, 680, 232
89, 162
( Thousand
dollars)
40, 431, 697
194, 358
1,101,093
683, 685
21,081,015
6, 032, 841
4, 8.58, 728
6, 707, 560
761,988
10,429
( Thousand
dollars)
19, 147, 694
77, 436
507, 389
306, 633
11,419, 132
2, 479, 760
2, 265, 861
1, 765, 557
331,965
3,961
( Thousand
dollars)
17, 596, 969
75. 637
493. 188
280, 343
10, 125, 517
2, 439. 108
2, 146, 545
1, 723, 260
309, 6,52
3,719
(Thousand
dollars)
1, 550, 725
1,799
14, 201
26, 290
1, 293, 615
40, 652
109, 316
42. 297
22, 313
242
229,494
3,881
4,216
10. 871
38, 604
10, 378
72, 949
57,364
26, 563
4,668
34.1
43.8
46.6
34.2
32.3
36.5
33.0
30.9
43.1
82.5
(Thousand
dollars)
44, 865, 954
470, 427
1, 668, 791
1, 802, 325
16, 671, 142
2, 14S, 244
17, 830, 729
2, 339, 926
1, 920, 334
14,036
( Thousand
dollars)
1, 975, 518
Agriculture, forestry, and fishery
55, 396
120, 234
Construction
84,927
Manufacturing _
762, 895
122, 432
Trade
439, 907
Finance, insurance, real estate, and
248. 619
Services
132, 233
Nature of business not allocable
8,875
See p. 24 for "Explanation of Terms" and p. 23 for ''Description of the Sample and Limitations of Data
SUMMARY DATA FOR EACH CLASSIFICATION
RETURNS WITH NET INCOME AND WITH NO NET
INCOME
An important classification of the returns in this vol-
ume is the distinction between returns with net income
and returns with no net income. The basis for this clas-
sification is the current year net income or deficit, i. e.,
the difference between the total income and total deduc-
tions as reported on the return, exclusive of the net oper-
ating loss deduction. Returns with total deductions
(exclusive of the net operating loss deduction) equal to
or exceeding total income are classified as returns with
no net income.
The number and percent of returns with net income
and with no net income in each of the nine industrial
divisions are given in the preceding table. For 1952,
about 66 percent of all returns report net income. The
finance division has the largest percentage of returns
with net income, and the mining and quarrying division
the lowest. The "Nature of business not allocable"
group, whicli* contains corporations which cannot be
classified in any of the other eight specified groups, does
not contain a representative distribution of the returns.
RETURNS WITH BALANCE SHEETS
Returns with apparently complete balance sheet data
number 615,698, or 92 percent of all returns filed by
active corporations. The high ratio of the number of
returns with balance sheets, for each industrial division,
CORPORATION INCOME TAX RETURNS FOR 1952
is portrayed in the chart below. Manufacturing corpo-
rations lead with 95 percent of the number of returns
showing balance sheets. In three other industrial divi-
sions, construction, trade, and finance, 90 percent or
more of the returns have balance sheets.
An unusually high portion of compiled receipts also
occurs on returns with balance sheets. As the following
chart shows, over 98 percent of compiled receipts for five
industrial groups, public utilities, manufacturing, finance,
trade, and construction, is reported on returns with bal-
ance sheets. This record is an unusually good one, since
these five groups combined account for over 95 percent
of the compiled receipts and the net income for all re-
turns for 1952.
Total assets, reported as of December 31, 1952, or
close of fiscal year nearest "thereto, amount to almost
$722 billion. Assets of less than $50,000 are reported
by 253,029 corporations, while assets of $100 million or
more are reported by 854 corporations.
Balance sheets are available for 95 percent of returns
with net income and 86 percent of returns with deficit.
As shown in the first following table, this percentage is
somewhat lower for returns with net income or deficit
imder $5,000, but it is 100 percent for 512 returns with
net income or deficit of $10 million or more.
Returns with balance sheets have other outstanding
characteristics. In addition to the high percentages of
number of returns, compiled receipts, and net income
mentioned above, these returns also account for 99 per-
cent of compiled net profit or net loss, and the total tax
liability for 1952. The amounts of each item of receipts
and deductions, as well as total tax liability and dividends
paid, are given in the second following table.
The 56,373 returns for which the balance sheet data
are entirely lacking or are fragmentary are classified as
returns with no balance sheets. Income, deduction,
and tax data from these returns are excluded when such
data are shown in association with balance sheet items.
PERCENT OF RETURNS SHOWING BALANCE SHEETS AND COMPILED RECEIPTS
REPORTED THEREON, BY INDUSTRIAL GROUPS, 1952
^NUMBER OF RETURNS ■COMPILED RECEIPTS
-J o t—
3 — O
X =9 — >
NUMBER OF RETURNS WITH BALANCE SHEETS, BY
NET INCOME AND DEFICIT CLASSES, 1952
Returns with
net income
Returns with no
net income
Net income and deficit classes
Num-
ber of
returns
Num-
ber of
balance
sheets
Percent
of
returns
with
balance
sheets
Num-
ber of
returns
Num-
ber of
balance
sheets
Percent
of
returns
with
balance
sheets
Under $6,000
207,201
61,780
37, 136
27,752
26,357
33,470
20,623
15,064
6,968
3,243
3,020
455
508
189,029
69,253
36,909
27,078
25,801
32, 895
20,319
14, 878
5,886
3,182
2,990
446
508
91.2
95.9
96.7
97.6
97.9
98.3
98.6
98.8
98.6
98.1
99.0
98.0
100.0
170,947
24,844
11,014
5,680
3,612
7,628
3,231
1,867
389
184
84
10
4
143, 599
22,705
10,024
5,176
3,338
7,179
3,081
1,774
381
171
82
10
*
84 0
$5,000 under $10,000
$10,000 under $15,000
$16,000 under $20,000 .
91.0
91 1
$20,000 under $25,000
$25,000 under $50,000 . .
94 1
$50,000 under $100,000
$100,000 under $260,000
$250,000 under $600,000
95.0
97 9
$600,000 under $1,000,000
92 9
$1,000,000 under $6,000,000.
97 6
$6,000,000 under $10,000,000
$10,000,000 or more
100.0
100 0
Total
442, 577
418, 174
94.5
229,494
197, 624
86 1
See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and
Limitations of Data."
RECEIPTS AND DEDUCTIONS, BY RETURNS WITH OR
WITHOUT BALANCE SHEETS, 1952
Items
Number of returns.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations
Oess amorlizable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced
by any net long-term capital loss.
Net long-term capital gain reduced
by any net short-term capital loss.
Net gain, sales other than capital
assets.
Dividends, domestic corporations
Dividends, foreign corporations _.
other receipts
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... _
.\dvertising __
.^mounts contributed under pension
plans.
Amounts contributed under other
employee benefit plans.
Net loss, sales other than capital
assets
other deductions
Total compiled deductions...
Compiled net profit or net loss (16 less 34) .
Net income or deficit (35 less 6)
Net operating loss deduct ion
Income tax
Excess profits tax...
Total tax.
Compiled net profit less total tax (35
less 40).
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
Aggregate
672, 071
Returns
with
balance
sheets
615, 698
Returns
with no
balance
sheets
56, 373
(Thotuand dollars)
429, 513, 705
79, 804, 962
1,931,648
115, 303
279,196
7, 156, 214
4, 137, 173
538,158
25,306
1, 353, 58S
486, 261
2, 360, 246
547, 695
3, 068, 843
531, 307, 298
330,821,084
45, 365, 688
8,430,011
4, 486, 249
5, 067, 860
940,537
5, 013, 243
11, 696, 794
398, 679
9, 604, 404
2, 126, 452
831, 310
5, 026, 771
2, 5S1, S40
630,420
329,443
59, 252, 238
492, 571, 923
38, 735, 375
38, 456, 179
396, 748
17, 596, 969
1, 550, 725
19, 147, 694
19, 587, 681
11,262,757
1, 363, 620
424, 669, 963
78, 694, 733
1, 917, 749
115, 007
278, 361
7, 097, 239
4,008,531
626,660
24,. 528
1,311,692
466,690
2, 325, 478
544,420
3, 030, 198
625,011,139
326, 886, 742
44. 710, 198
8, 282, 246
4, 406, 438
5,017,116
928,879
4, 948, 830
11,572,804
396,085
9, 492, 670
2,112,882
827,309
4, 976, 661
2, 538, 428
627, 675
314, 102
58, 465, 344
486, 604, 408
38, 506, 731
38, 228, 380
381,057
17, 464, 824
1, 537, 527
19, 002, 351
19, 504, 380
11,196,079
1, 360, 145
4, 843, 742
1, 110, 229
13,899
296
845
57, 975
128,642
11,498
778
41,896
19, 671
24,768
3,275
38,645
6, 296, 159
3, 934, 342
655,490
147, 766
78,811
50,745
11,658
64,413
123,990
2,494
111,734
13, 570
4,001
50,110
13, 412
2,745
16,341
786,894
6, 067, 615
228,644
227,799
14, 691
132, 145
13,198
146,343
83,301
66,678
3,475
See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and
Limitations of Data."
10
CORPORATION INCOME TAX RETURNS FOR 1951!
INDUSTRIAL CLASSIFICATION
The iiuiustrial classification consists of 9 divisions, 65
major groups, and 205 minor groups, based, in general,
on the Standard Industrial Classification issued by tlie
Division of Statistical Standards, Bureau of the Budget,
Executive Office of the President. Since the Standard
Industrial Classification is designed on an establishment
basis, it was necessary to reduce greatly the number
of groups and to make changes in the contents of the
groups in order to adapt the Standard Classification to
the corporation income tax retin-ns which are filed on an
ownerehip basis. A change in the industrial classifica-
tion between 1951 and 1952 is made to provide minor
group segregation of (1) banks and trust companies
other than mutual savings banks, (2) mutual savings
banks, and (3) savings and loan, building and loan
associations. Included in the last two groups are returns
for taxable yeai-s beginning on or after January 1, 1952,
of corporations whose tax-exempt status was abolished
by the Revenue Act of 1951. See page 6, "Changes in
the Internal Revenue Code."
The industrial classification is based on the business
activity reported on tiie return. When multiple busi-
nesses are reported, the classification is determined by
the business activity wiiich accounts for the largest
percentage of total receipts. Therefore, the industi'ial
groups do not reflect pure industry classifications.
In analyzing ilata compileil from returns classified
under the major group "Insurance carriers and agents,"
the special provisions of law afl'ecting life insurance com-
panies, described on page 22 should be noted.
Tile relative importance of the nine industrial divisions
in these corporation statistics is given for 1944-52 in the
following chart. Net income (less deficit) is used as the
basis of comparison.
Corporate net income of $38.5 bilhon for 1952 is almost
12 percent less tlian the $43.5 billion level reached in
1951, but represents a gain of about 12 percent over the
1948 net income. The 1949 net income of $28 billion
represented a decrease of 18 percent below the $34
billion reported for the previous yeai- 1948. However,
an immediate recovery was made, since for 1950 the
aggregate net income of $43 billion was 51 percent above
tliat for 1949. All industry divisions revealed increased
NET INCOME. BY INDUSTRIAL DIVISIONS. 19441952
ei I lion dol lars
50
U5
35
30
25
20
0 L
Bi llioii dollars
1 50
AGRICULTURE. ETC.
19146
I9U7
1951
1952
CORPORATION INCOMP: TAX RETURNS FOR 1952
11
net income for 1950, while only finance made a gain for
1949. The 1952 net inromc of $:i8 billion is 36 percent
above the $28 billion reported for 1949.
For 1944-52, the net income for manufacturing corn-
prises over one-half of the aggregate net income for all
corporations, except for the years 1945 and 1946. For
1952, the four industrial divisions manufacturing, trade,
finance, and public utilities account for 94 percent of the
aggregate net income.
Net income of .SI 39 million reported by the agiiculture
industry for 1952 is a decrease of 46 percent over the
1951 net income of .$259 million and a drop of 53 per-
cent from the agricultural peak of $294 million for 1950.
In the 9-year period 1944-52 agricultural net income rose
83 percent through 1948, and, in spite of a 19 percent
slump for 1949, had gained 146 percent by 1950. The
1951-52 drop brings the 1952 net income down to within
16 percent of the 1944 amount.
Compared with 1944, the 1952 net income for the con-
struction and mining industries show large increases of
330 percent and 209 percent, respectively. A compara-
ble figure for manufacturing shows that net income for
19-52 was 37 percent higher than for 1944. The mining
and quarrying industry reached its highest point in 1948
with net income equal to over three-and-one-half times
the 1944 net income. The $599 million net income for
the construction industry for 1952 is the highest reported
to date.
TOTAL ASSETS CLASSES
The returns for which balance sheets are available are
segregated into 10 classes by size of total assets as of
December 31 , 1952, 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.
Of the returns for 1952 with balance sheets, 485,000,
or 79 percent, show total assets under $250,000. The
total assets for these corporations are only 5 percent of
the $722 billion of total assets reported for all corpora-
tions. In contrast to this group of the smallest corpora-
tions, the companies with total assets of $100 million or
more number only 8-54, but they account for 52 percent
of the total assets ior all corporations in the United
States (see basic table 5, pages 72—73).
The number of returns in each assets size class has
increased substantially since 1944. Probably the most
outstanding increase relates to the returns with total
assets between $50,000 and $500,000 (see historical
table 11, pages 125-126). This group more than doubled
in number from 140,000 in 1944 to 285,000 in 1952.
Evidently a great many corporations of this size were
either incorporated for the first time or increased their
total assets to more than $50,000.
For corporations of all sizes, the postwar growth of
the size of total assets has been steady and remarkable.
The following chart depicts the growth since 1944 for
each of the years 1948, 1951, and 19.52. For the two
lowest classes "under $250,000" and "$250,000 under
$.500,000," total assets about doubled between 1944 and
GROWTH OF CORPORATIONS
Total Assets, 19441952
0i I lion 401 lars
MOO
rllion dol lar«
1K»
260 MO 1.000 i.OOO O.OOO 50.000 lOO.'.M
unoEB uao^e g,(|£|p uapEe u.-jf* ,,,-j^> uhoeb on
2^ SOO 1,000 5,000 10.000 50,000 100.000 MOte
TOT«L ASSETS CUSSES r thmtand *;/.r«>
1952. For the largest class, with total assets of $100
million or more, the assets increased from $219 billion
for 1944 to $379 billion for 1952.
NET INCOME AND DEFICIT CLASSES
The returns are segregated into 13 classes by size of
net income or deficit. This classification is based on
the net income or deficit for the current year before any
net operating loss deduction.
Many corporations have a small current-year net
income. As given in the table on page 9, 207,000,. or
47 percent of all 19.52 active corporations with net
J66266 O - 55 - 2
12
CORPORATION INCOME TAX RETURNS FOR 1952
income have a net income of less than $5,000. How-
ever, there are 28,000 returns with net income of
$100,000 or more, of which 508 returns show net income
of $10 million or more.
Returns with a current year deficit number 229,000
for 1952. Most of these, 74 percent, have a deficit under
$5,000. Deficits of over $100,000 occur on 2,500 returns,
of which four returns have a deficit of $10 miUion or more.
CONSOLIDATED RETURNS
A consohdated return, which may be filed for a group
of affiUated corporations, is based on the principle of
levying the tax on the combined net income of two or
more integrated concerns.
Corporations included in an affiliated group for income
and profits tax purposes must be connected through
stock ownership with a common parent corporation
which owns stock of at least one member of the group
equal to (a) at least 95 percent of the voting power of
all classes of stock, and (b) at least 95 percent of each
class of nonvoting stock (except stock which is limited
and preferred as to dividends). In addition, these same
proportions of the stock of each other member of the
group must be owned by one or more of the corporations
within the group. An additional tax, equal to 2 percent
of the surtax net income, is imposed on corporations
electing to file consolidated returns.
A synopsis of the Federal tax laws under which con-
sohdated returns were elected to be filed for the years
1944 through 1952 appears on page 154.
Consolidated returns were filed for 2,169 affihated
groups. The data cover 9,019 subsidiary corporations
in addition to the conamon parent corporations. These
returns show compiled receipts of $54 billion, net income
less deficit of $4 billion, and total assets of $73 billion.
Income and profits taxes on the 1952 consohdated re-
turns, including the additional 2 percent surtax, amount
to $1.7 billion. About 72 percent of the 1952 consoh-
dated returns have a predominant business activity
classified as manufacturing, trade or finance.
The number of corporations filing consolidated returns
for 1952 increased by 12 percent over 1951 (see following
table). Likewise, the number of subsidiaries included
therein increased by 19 percent between the 2 years.
Similar data for manufacturing, the industrial group
with the largest number of consohdated returns, show in-
creases of 24 percent in number of consolidated returns and
24 percent in the number of subsidiaries included therein.
NUMBER OF CONSOLIDATED RETURNS AND SUB-
SIDIARIES, BY INDUSTRIAL DIVISIONS, 1952 AND 1951
Industrial divisions
All industrial divisions
Agriculture, forestry, and fishery
Mlnini! and quarrying
Construction
Manufacturing ■
Public utilities
Trade -
Finance, insurance, real estate, and lessors
of real property
Services
Nature of business not allocable
Nxunber of con-
solidated returns
1962
2,169
17
91
98
66S
189
479
■423
204
3
1961
18
87
96
535
173
426
412
184
9
Number of sub-
sidiaries
1962
9,019
69
346
272
2,402
1,076
1,807
1,606
1,436
7
1951
7,551
55
253
265
1,932
1,068
1,379
1,423
1,176
12
See p. 24 for "Explanation of Terms." Data not subject to sampling variability since
all these returns were tabulated.
TYPE OF TAX LIABILITY
Taxable returns are classified in basic table 8, page
104, according to those with income tax liability and
those with both income tax and excess profits tax lia-
bility. A corporation with net income is not subject
to the excess profits tax if (1) the adjustments under
section 433 result in excess profits net income of $25,000
or less, (2) the credits allowed under section 431 are
greater than the excess profits net income, or (3) it is
exempt under section 454 of the 1939 Code.
A secondary classification is also used in basic table 8
to permit segregation of returns showing the alternative
income tax. This tax is available to corporations with
a net capital gain which results from the excess of "net
long-term capital gain" over "net short-term capital
loss." The alternative tax results in a somewhat lower
income tax than would otherwise be imposed, since it
consists of a tax at the regular income tax rates on the
amount of income in excess of the net capital gain plus
a tax of 26 percent on net capital gain.
Of the 404,000 taxable 1952 returns, 373,000 returns
have income tax only, while a much smaller number,
31,000, have both income and excess profits tax. Since
more of the latter group have higher incomes, $8,395
million, or 48 percent, of the total income tax liability
of $17,597 million is reported on these 31,000 returns.
The total income tax of $17,597 million contains an
alternative income tax of $11,138 million. If the
alternative tax had not been in effect, the income tax
liability would have been increased by $223 million, or
1 percent, to $17,820 million.
EXCESS PROFITS NET INCOME AND METHODS OF
CREDIT COMPUTATION
The excess profits net income is derived from the net
income by making certain adjustments consisting prin-
cipally 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 175). An excess profits
credit based on net income of the base period or on
invested capital, and an adjustment for unused excess
profits credit from prior years are allowed in arriving a^
the adjusted excess profits net income on which the excess
profits tax is imposed. A minimum credit of $25,000
makes the excess profits tax ineffective for returns on
which the excess profits net income is $25,000 or less.
Methods of computing the excess profits credit follow,
and data are tabulated for these returns separately in
basic tables 2a and 8a on pages 36-41 and 105-107.
Income method
The excess profits credit determined under the in-
come method is based on the average excess profits net
income for the base period years 1946-49. It is, in gen-
eral, the sum of (a) 83 percent of the average base
period net income, plus (b) 12 percent of the base period
capital addition, plus (c) 12 percent of the capital addi-
CORPORATION INCOME TAX RETURNS FOR 1952
13
tion (or minus 12 percent of the net capital reduction) for
the taxable year. Three principal rules are provided
for determining the average base period net income.
They are:
(a) General average. — The general average base
period net income is the average excess profits net
income for the 3 years of the base period, selected
under prescribed rules, which produce the highest
base period net income.
(b) Alternative based on growth. — The alternative
average base period net income is determined from
the income experience of the last 12 or 24 months of
the base period, or the 12 months beginning July 1,
1949, and ending June 30, 1950, whichever is high-
est. In certain cases the last 6 months of 1948 may
be substituted for the last 6 months of 1949. This
alternative method is restricted to companies meet-
ing prescribed tests with respect to size of total
assets and increases in gross receipts, payroll, or
sales of a product not generally available before
January 1, 1946. Under this method credit for base
period capital addition is disallowed.
(c) Industry rate of return. — The average base
period net income may be determined by use of an
industry rate of return, in lieu of the taxpayer's
own experience, for all or part of the base period, by
certain corporations with abnormalities or changes
in product, services, or capacity during the base
period, new corporations, and those belonging to a
depressed industry subgroup. The industry rates
of return and the adjusted rates for depressed in-
dustry subgroups are shown on pages 204 and 202-
203, respectively, facsimile of Instructions for Sched-
ule EP, Form 1120. Special rules are provided for
credit for capital additions.
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 invested
capital. An alternative method is provided for certain
regulated public utilities.
(a) Assets. — Invested capital determined by the
"assets" method consists generally of the sum of (1)
the excess of total assets over total liabilities at the
beginning of the taxable year, (2) 75 percent of the
average borrowed capital for the year, and (3) the
recent loss adjustment. This amount is increased
by certain new capital acquired during the year and
decreased by certain capital distributions during the
year. Credit for capital added since the beginning
of the first taxable year ending after June 30, 1950,
by corporations with invested capital over $5 mil-
lion, is computed at 12 percent.
(b) Historical. — The historical invested capital
consists, in general, of money and property pre-
viously paid in for stock, or as paid-in surplus, or as
a contribution to capital, plus the accumulated earn-
ings and profits of the corporation as of the begin-
ning of the taxable year, plus 75 percent of the aver-
age daily borrowed capital.
(c) Alternative excess profits credit of regulated
public utilities. — This credit, in general, consists of
the amount of the corporation's normal tax and sur-
tax plus 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, reduced by interest on borrowed capi-
tal for the taxable year. An adjustment is made
for inadmissible assets.
Minimum credit
The 1939 Code provides a minimum excess profits
credit of $25,000. When the amount of the credit com-
puted 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.
Table A.— NUMBER OF RETURNS, NET mCOME OR DEFICIT, AND TAXES— FISCAL VEAR RETURNS, BY MONTH IN WHICH FISCAL YEAR ENDED
Total
number
of
returns
Returns with net income
Returns with no
net income
Fiscal year ending
Number
of
returns
Net
income
(Thousand
dollars}
Income
tax
C TTiousand
dollBra)
Excess
profits
tax
C Thotiaand
dallars)
Number
of
returns
Deficit
(Ttmuaand
dollart)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
18,726
20,463
27,922
20,853
15,481
19,575
17,134
29,894
22,866
20,647
43,166
12,609
13,196
18,943
13,985
10,707
13,380
11,161
19,649
15,026
13,454
29,491
553,231
590,615
990,803
968,520
787,886
1,071,303
407,625
712,232
528,353
495,542
1,395,374
247,744
264,384
430,693
433,506
356,569
509,260
175,637
303,224
222,157
224,257
613,331
26,325
21,016
43,306
32,482
42,^62
23,747
11,567
25,638
18,005
17,353
57,405
6,117
7,267
3,979
6,868
4,774
6,195
5,973
10,245
7,840
7,193
13,675
August 1952
September 1952
94 132
October 1952
November 1952
62 367
January 1953
56 425
March 1953
April 1953
56,658
May 1953
June 1953
133,323
Total
256,727
171,601
3,501,939
3,730,762
330,256
35,126
818,392
NOTE: See p. 24 for "E)Cplanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
14 CORPORATION INCOME TAX RETURNS FOR 1952
Table B.— NUMBER OF RETURNS AND NET INCOME OR DEFICIT— FISCAL YEAR RETURNS, BY MAJOR INDUSTRIAL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED
PART I.— RETURNS WITH NET INCCME
Major industrial groups
Number
of
returns
Net Income
( Thousand
dollars)
Fiscal year ending —
July 1952
Number
of
returns
(Thousand
dollars}
A»JgUSt 1952
Number
of
returns
( Thousand
dollars)
September 1952
Number
of
returns
dollars
October 1952
Number
of
returns
(Thousand
dollars)
November 1952
Number
of
returns
( Thousand
dollars)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
All industrial groups
Agriculture, forestry, 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
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, ma-
chinery, and transportation equipment.
Machinery, except transportation eqmpment 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
Commission 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, Insurunce, real estate, and lessors of
real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other Investment companies
Security and connodity-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 propei-ty, except buildings
Services
Ikitels 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
2,330
2,224
39
67
1,726
20
31
216
985
474
8,475
35,214
771
3,095
33
1,821
4,705
1,753
1,569
782
3,518
1,877
155
209
1,054
940
791
3,377
3,463
1,123
425
317
18
536
2,882
4,617
3,958
459
51
149
65,479
23,533
2,677
20,856
36,806
2,581
2,265
7,147
3,554
5,155
1,600
3,071
4,187
7,246
5,140
38,959
6,047
558
3,990
1,158
341
1,754
55
1,699
30,576
582
14,389
1,533
2,805
3,639
1,419
793
1,501
1,372
1,327
412
8,501,989
68,660
65,047
2,720
893
128,034
2,274
735
15,565
87,898
21,512
238,233
4,663,658
150,142
515,853
23,190
287,427
121,505
109,728
88,967
239,322
138,732
428,919
65,873
105,673
89,122
79,179
248,514
316,708
805,464
213,871
249,007
168,152
6,197
53,310
158,803
158,227
106,470
16,452
32,177
3,128
2,239,796
773,163
66,973
706,190
1,384,456
183,783
743,693
120,546
48,114
90,453
26,267
28,968
63,623
79,009
82,177
713,917
360,215
27,317
109,488
210,899
12,511
16,531
1,681
14,850
327,548
9,623
285,562
46,231
30,883
55,549
18,425
8,762
60,736
45,497
19,479
5,852
12,609
167
166
1
211
12
29
143
27
342
2,500
39
207
1
141
420
142
67
44
278
156
4
31
58
80
97
178
512
476
22
1
13
5,327
1,490
227
1,263
3,450
195
172
1,330
325
313
132
173
229
531
387
2,597
231
68
10
135
21
114
2,097
52
932
80
154
289
110
47
79
86
87
4,129
4,043
86
9,775
134
1,984
7,203
454
8,241
347,492
55,651
68,538
135
8,765
14,730
6,339
2,954
9,683
9,352
10,968
232
2,929
4,169
1,675
16,378
32,655
45,701
15,126
13,158
9,868
1,315
7,618
9,553
13,440
9,123
2,355
1,461
501
126,524
49,633
4,933
44,705
72,003
2,652
25,847
19,558
4,382
5,771
695
4,310
2,722
6,071
4,873
29,985
10,176
87
2,817
6,480
792
929
25
904
779
13,035
3,274
1,716
2,343
640
758
1,266
1,630
1,408
610
296
283
2
2,481
36
180
168
238
147
49
87
304
142
11
28
26
40
63
238
268
228
14
8
18
5,243
1,892
212
1,580
2,856
166
103
511
346
532
140
315
239
504
495
2,960
404
42
257
99
6
171
1
170
2,322
63
1,240
104
199
247
96
79
197
120
198
5,720
5,550
127
43
20,762
139
72
799
19,582
170
11,695
345,643
29,176
27,683
45,852
5,283
4,911
2,643
16,287
11,573
39,624
4,946
4,468
2,291
3,575
20,224
13,417
45,360
10,438
5,199
44,574
3,158
4,961
19,625
2,994
700
15,423
508
98,455
57,321
5,192
52,129
36,880
4,450
1,488
4,282
5,506
7,071
1,205
2,667
3,671
6,540
4,254
40,530
18,676
741
4,751
13,058
126
1,046
66
980
20,127
681
47,891
2,470
6,311
4,321
1,947
1,251
27,082
3,323
1,186
294
18,943
143
141
149
2
4,225
261
420
5
265
354
171
169
104
468
228
26
27
106
83
148
353
104
50
544
447
55
18
23
6,636
2,400
275
2,125
3,748
314
61
317
343
916
211
299
499
788
488
4,322
913
69
610
172
62
191
1
190
56
1,907
243
319
525
208
98
186
142
186
4,166
4,133
6,965
121
1,271
4,259
1,314
22,665
617,124
14,156
68,113
260
42,520
6,474
7,570
6,224
13,822
24,328
30,483
15,567
13,579
2,208
8,296
25,017
38,119
97,537
30,816
102,016
45,855
16,719
20,308
6,955
1,519
10,930
904
150,393
87,511
13,968
73,543
.56,837
7,231
974
1,522
3,984
14,389
12,104
5,072
5,165
5,396
6,545
133,585
87,937
1,744
34,723
49,067
2,403
1,547
11
1,536
43,231
870
34,691
6,943
4,455
8,448
3,806
739
3,631
3,994
2,675
406
13,985
143
130
2
128
5
71
616
2,339
72
287
8
104
327
187
99
47
362
137
55
328
358
280
72
5
1
4,939
1,885
256
1,629
2,691
147
45
257
273
538
135
257
756
233
413
3,567
559
25
391
128
15
130
2
128
48
1,312
120
344
342
87
113
118
63
120
5,494
5,275
111
108
5,900
166
2,812
2,914
38,184
658,413
4,163
30,386
337
32,723
12,089
10,910
4,992
47,077
5,505
34,121
3,457
60,918
25,113
8,589
19,936
30,145
276,048
23,798
6,950
5,630
463
1,115
7,942
10,463
7,888
790
1,769
16
130,668
85,323
4,022
81,301
39,945
6,719
586
2,576
2,161
10,605
515
1,726
13,025
2,029
5,400
90,248
59,621
1,780
17,019
40,381
441
1,461
165
1,296
1,328
28,654
3,784
2,391
5,054
1,451
1,405
10,514
2,830
1,225
496
125
123
1
2,689
103
182
14i
411
119
155
71
157
215
7
13
193
93
37
200
106
30
26
228
135
66
5
21
3,867
1,490
149
1,341
1,917
150
48
159
93
281
61
245
613
267
460
2,499
377
17
206
110
193
11
182
1,897
32
788
113
238
184
51
33
87
44
38
2
787, 8i
2,436
2,253
51
132
14,826
957
12
663
9,981
3,213
8,725
562,313
20,607
17,878
52,966
25,107
11,110
24,597
23,493
5,400
41,548
3,809
5,652
31,644
6,961
35,960
51,149
104,835
17,192
55,635
8,673
798
3,491
13,703
9,650
3,734
4,457
1,376
83
106,297
70,938
9,324
61,614
26,544
2,707
902
1,328
541
3,723
154
1,757
12,313
3,219
8,715
54,551
41,275
5,102
5,952
29,360
852
1,386
490
896
21,088
801
16,308
1,470
1,416
2,778
394
257
1,756
7,407
820
2,780
See footnote at end of table. See p. 24 for "Explanation of Terras" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
15
Table B.— NUMBER OF RETURNS AND NET INCOME OR DEFICIT-FISCAL YEAR RETURNS, BY MAJOR INDUSTRIAL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED— ContiQued
PART I.— RETURtlS WITH NET INCCME— Cont inued
Major industrial groups
Number
of
returns
Fiscal year ending — Continue
January 1953
( Thousand
rial tars)
Number
of
returns
February 1953
f Thousand
dollars)
Number
of
returns
( Thousand
dollars)
Number
of
returns
April 1953
(Thousand
dollars)
Number
of
returns
May 1953
f Thousand
dollars)
Number
of
returns
Net income
( Thousand
dollars)
(13)
(14)
115)
(16)
(17)
(18)
(19)
(20)
(21)
122)
(23)
(24)
All industrial groups.
Agriculture, forestry, 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
Food and kindred products
Tobacco manufactures
Te3rtlle-raill 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, ma-
chinery, 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, cloc'^s.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Commission 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 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
Automotive repair services and garages
Miscellaneous repair services, hand trades....
Ktotion pictures
Amusement, except motion pictur.es
Other services, including schools
13,380
85
1,919
26
83
1
108
400
86
112
33
109
98
14
5
58
53
10
154
"^7 Nature of business not allocable.
193
178
12
3
7,392
1,476
160
1,316
5,623
179
1,203
2,386
50O
263
137
70
315
570
293
2,361
293
13
186
90
41
2,003
765
65
102
275
122
1,071,303
3,032
2,300
732
2,243
9
82
1,814
338
19,576
115,234
829
7,216
26
7,232
10,441
3,939
3,735
1,384
6,673
3,051
2,050
825
1,456
8,369
1,155
11,979
15,246
3,922
553
1,131
5,855
3,622
2,980
262
872,581
50,352
1,772
48,580
814,956
5,154
705,347
70,924
9,593
8,192
2,159
1,061
4,408
7,118
7,273
42,283
13,953
262
5,085
7,942
664
528
26,499
1,303
12,259
2,011
1,246
3,695
1,714
474
1,079
1,566
474
473
11,161
124
113
11
2,176
38
194
110
243
132
98
49
158
79
(M
(M
63
110
35
202
133
29
29
1
295
235
44
(')
4,522
1,685
169
1,516
2,516
160
53
467
264
294
124
233
337
584
321
2,436
313
14
237
22
81
2,026
803
59
193
220
73
407,625
2,788
2,707
81
3,351
24
70
2,063
1,194
15,637
167,161
2,028
40,094
4,226
2,183
8,469
1,676
3,534
9,945
5,411
(M
(M
1,670
3,278
2,590
10,156
28,364
11,489
3,023
2,285
1,519
1,173
16,640
8,605
8,020
540
45
(M
156,041
42,546
4,346
38,200
109,093
82,497
1,813
4,029
4,249
4,529
749
1,442
4,607
5,178
4,402
38,626
16,308
1C2
2,147
13,907
152
749
20,865
6S4
15,271
1,510
1,452
3,479
911
736
1,339
2,536
3,308
19,649
214
198
6
(')
262
2
11
38
172
39
3,989
80
445
11
178
471
178
213
37
420
133
23
112
63
478
122
23
497
482
12
2,639
279
2,360
3,520
348
147
402
353
574
125
423
286
862
505
4,288
424
111
145
138
1
137
1,988
130
47"
431
137
136
289
217
170
712,232
6,664
5,744
880
(')
19,407
208
229
3,428
11,137
4,405
50,198
377,853
5,862
88,003
21,951
18,200
6,922
16,798
7,583
24,722
16,294
6,413
10,664
946
4,541
7,929
6,549
16,137
50,478
30,402
3,009
4,381
149
14,279
15,136
9,838
8,694
782
308
54
73,750
4,749
69,001
71,769
32,638
1,208
3,958
4,247
9,549
2,273
2,222
4,191
11,483
9,841
60,038
25,483
2,641
7,685
14,120
1,037
1,387
23
1,364
31,470
1,698
32,766
3,510
3,688
7,433
1,9C6
1,093
5,297
7,912
1,922
108
15,026
202
202
2,832
47
309
2
148
390
132
133
43
367
100
9
383
342
24
5,151
1,825
258
1,567
2,883
274
55
272
243
433
137
312
232
875
443
4,142
585
28
423
118
16
134
3,374
49
1,299
161
291
286
107
(')
113
208
93
56
528,358
6,184
6,184
6,407
87
18
3,058
1,987
1,257
20,241
281,841
12,531
23,092
122
6,732
7,159
14,072
8,595
69,223
11,504
7,329
2,521
2,493
2,747
11,331
9,171
14,660
31,342
12,274
22,856
1,931
6,76?
11,659
10,330
463
510
356
102,506
50,566
4,156
46,410
41,904
14,642
411
1,065
1,134
6,620
1,578
2,393
3,510
10,546
10,036
69,476
25,129
1,194
7,863
15,523
544
1,274
42,532
541
29,730
11,348
3,522
3,801
1,683
(')
1,090
5,973
1,457
314
13,454
290
272
5
13
86
2
1
532
2,689
9
263
2
138
530
102
92
41
241
191
3
58
103
70
255
223
437
376
50
1
(M
4,666
2,142
303
1,839
2,089
251
89
187
204
263
122
263
177
533
435
3,560
393
15
313
35
30
126
2,998
43
1,184
188
168
270
59
113
150
155
81
495,542
7,080
6,541
396
143
9,311
406
64
572
6,353
1,416
11,815
304,639
1,253
64,484
72
11,185
7,725
3,120
4,987
11,499
9,937
97,354
742
476
3,790
3,676
17,663
11,359
20,886
22,779
1,719
2,439
207
1,185
6,102
14,780
13,883
856
20
94,231
59,592
4,460
55,132
27,446
3,498
1,202
763
2,743
6,107
1,193
2,394
3,585
5,861
7,193
37,340
8,346
592
2,712
4,853
189
1,190
1,190
27,282
522
16,337
3,743
2,168
3,682
500
783
2,282
2,515
564
29,491
541
522
1
18
419
1
3
51
253
111
1,265
6,875
60
525
3
317
911
357
382
176
654
397
11
33
2C4
160
166
748
237
80
9
102
902
779
96
2
25
11,022
4,6C9
339
4,220
5,513
397
289
859
510
698
276
481
504
1,399
90C
6,22"
1,242
275
712
2C5
414
18
396
112
2,171
240
319
570
369
61
130
217
265
1,395,874
20,967
20,317
342
303
29,087
339
232
3,472
20,207
4,337
31,306
885,945
3,886
30,366
287
57,021
23,392
22,49C
20,976
18,598
27,221
152,517
16,139
6,675
9,493
15,5CC
93,871
36,932
89,157
35,635
34,389
40,385
1,'^45
5,101
43,108
36,237
31,869
3,723
335
305
246,240
145,626
1C,C51
135,575
S5,974
20,595
• 3,915
10,541
9,574
13,896
3,641
3,919
6,325
14,558
13,640
107,255
53,310
13,072
18,734
16,2C3
5,301
5,034
901
4,133
416
38,620
6,168
2,518
10,515
3,373
405
5,390
5,811
4,440
;i~
See footnote at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
16
CORPORATION INCOME TAX RETURNS FOR 1952
Table B.— NUMBER OF RETURNS AND NET INCOME OR DEFICIT— FISCAL YEAR RETURNS, BY MAJOR INDUSTRIAL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED— Continued
PART II.— RETURNS WITH NO NET INCCME
Major industrial groups
Total
Number
of
returns
( Thousand
dollars)
Fiscal year ending-
July 1952
( Thottaand
dollars)
August 1952
Number
of
returns
( Thousand
dollars)
September 1952
Number
of
returns
( Thousand
dollars)
October 1952
Number
of
returns
(Thousand
dollars)
November 1952
Number
of
returns
(Thousand
dollars)
(1)
(2)
(3)
(i)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
All industrial groups
Apiculture, forestry, 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
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture
Furniture and f ixtures
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, ma-
chinery, and transportation equipment.
Machinery, except transportation equipment and
electrical.
Electrical machinery and equipment
Jransportation 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
Commission 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
Itolding and other investment companies
Security and commodity-exchange brokers and
dealers .
Insurance carriers and agents
Instirance 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
Ifotion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
85,126
1,530
1,416
1
113
1,379
88
i3
281
733
234
4,374
16,233
389
1,393
887
3,368
910
732
304
1,122
1,052
66
67
372
378
212
961
1,093
571
183
159
26
286
1,702
2,411
2,045
208
21
137
30,950
9,989
1,487
8,502
18;364
1,424
918
3,428
1,853
2,413
603
3,289
1,297
3,139
2,597
16,765
2,906
83
2,097
469
257
542
6
536
12,885
432
9,851
1,223
1,825
1,941
797
468
1,076
1,434
1,087
1,633
818,392
30,577
29,097
21
1,459
41,187
2,976
967
5,881
29,299
2,064
41,828
335,115
13,756
52,975
37,369
33,769
22,106
10,637
6,564
8,660
30,858
3,893
2,250
6,518
6,886
4,892
13,303
20,689
16,902
9,248
6,948
246
3,466
18,180
23,894
21,175
1,223
631
865
211,980
84, 343
8,162
76,181
113,895
7,909
9,713
19,230
15,000
16,219
4,518
13,453
8,790
19,063
13,742
78,120
11,833
481
6,992
1,035
3,325
1,049
101
948
63,098
2,140
53,802
8,933
6,755
8,965
2,392
1,824
8,764
8,703
7,466
1,889
6,117
138
113
.24
42
(M
308
1,186
(M
108
(1) '
290
57
85
21
85
78
2
2
26
22
21
55
22
12
1
23
163
152
120
21
1
(')
2,493
730
83
647
1,597
50
118
472
27
325
60
266
<')
239
166
110
(M
(M
30
824
22
626
38
126
203
(M
{')
23
91
95
2,565
2,346
2,868
513
429
1,551
(')
21,628
(M
1,010
(M
1,798
2,475
787
89
807
707
109
368
134
143
361
987
4,081
18
237
1,839
1,456
1,299
130
26
(M
17,552
6,842
236
6,606
9,471
301
813
3,630
331
1,954
152
1,004
1,243
1,239
4,707
(')
(M
31
3,939
29
3,678
474
155
1,271
(')
(1)
325
398
915
53
7,267
69
59
(') '
122
(M
45
46
21
1,569
22
153
81
256
91
41
32
121
117
(')
50
114
(M
(M
(1)
161
147
11
2
1
2,563
829
105
724
1,532
162
45
330
128
191
70
218
90
298
202
1,345
215
134
41
(')
32
32
1,077
21
1,036
64
230
152
115
60
161
132
122
68,561
1,378
1,310
(M '
6,907
(')
807
5,598
305
27,325
1,185
1,844
3,342
2,995
1,720
519
306
334
2,790
34
1,081
(M
606
1,642
1,813
(M
(M
51
(M
955
906
673
200
26
7
16,517
7,207
889
6,318
8,372
577
142
1,097
1,348
268
1,198
511
2,243
938
7,150
400
309
89
(')
33
33
6,225
492
6,587
1,335
643
889
264
55
1,830
448
1,123
190
8,979
135
114
1
(M
98
2
1
21
54
(1)
369
1,768
91
155
101
263
95
93
39
194
120
2
240
186
32
3,175
951
108
843
2,031
216
60
264
192
245
50
434
156
414
193
1,743
192
11
120
36
25
42
1,451
58
1,300
204
304
202
103
50
175
119
143
94,182
2,365
2,277
21
(M
2,961
391
198
223
2,050
(M
4,809
45,670
3,087
3,142
6,892
4,438
3,101
1,706
1,246
1,34S
2,617
552
570
820
1,567
909
2,382
3,702
178
934
1,504
1,982
1,495
179
245
62
18,590
7,493
674
6,819
■ 10,116
1,265
357
1,481
1,508
1,555
535
1,170
726
1,519
1,081
10,106
2,632
35
676
36
1,885
78
6,948
448
7,060
1,411
1,120
790
377
182
1,448
1,006
726
539
1,265
59
137
64
226
84
52
(M
90
53
2
1
59
42
22
69
205
172
11
2,435
597
132
565
1,540
186
51
142
128
165
70
370
97
331
166
(')
108
46
2
(')
(1) "
1,017
31
1,047
199
160
212
91
60
131
112
82
80,543
2,575
2,575
2,636
200
686
1,701
49
4,026
37,490
3,124
15,276
2,254
3,044
1,746
827
(■')
1,175
517
363
151
1,554
1,087
647
452
1,841
912
158
423
23
1,225
2,440
2,085
1
19,215
7,843
79
7,764
10,447
1,441
68
543
899
1,201
1,155
1,415
1,094
2,631
925
5,952
1,023
(M
897
95
20
(M
(')
4,816
75
6,157
1,132
255
429
273
210
2,003
1,487
367
152
127
7
(')
6
98
5
156
965
17
62
(')
(')
104
102
608
79
529
906
126
41
80
51
145
(M
193
119
121
177
1,044
101
37
28
(')
834
499
75
115
82
41
(M
51
22
73
62,867
2,954
2,634
270
2,707
570
(M
261
1,855
U
953
32,743
785
1,298
9,935
7,040
2,200
1,8
541
461
3,879
70
1,524
115
(')
377
890
143
124
352
(M
619
349
13,535
7,258
237
7,021
5,380
465
179
210
710
534
(M
587
1,564
659
1,047
5,380
334
79
222
81
81
(M
4,411
253
3,613
604
588
295
98
(M
151
366
1,123
See footnote at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
17
T«ble B.— NUMBER OF RETURNS AND NET INCOME OR DEFICIT— FISCAL YEAR RETURNS, BY MAJOR INDUSTRUL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED— Continued
PART II.— RETURNS *ITH NO NET INCCME— Continued
Major industrial groups
Fiscal year ending — Continuei
January 1953
Number
cf
returns
( Thousand
dollars)
February 1953
( Thousand
dollars)
( Thousand
dollars)
April 1953
( Thousand
dollars)
yay 1953
Number
of
returns
(Thousand
dollars)
Number
of
returns
(Thousand
dollars)
(13)
fli)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
All industrial groups.
Agriculture, forestry, 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
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, ma-
chinery, 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
Transportat ion
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Commission 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
real estate, and lessors of
Trade not allocable.
Finance, insurance,
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
Automotive repair services and garages
Miscellaneous repair services, hand trades.,..
Motion pictures
Amusement, except motion pictures
Other services, including schools
108
103
40
l-i
(')
242
1,038
3
47
(') '
396
56
(')
(')
162
142
597
106
491
2,191
(M
271
1,053
20O
100
(M
140
187
170
175
1,077
219
(')
152
36
21
31
796
449
33
116
(')
(M
(')
56,425
2,944
2,755
189
1,135
868
263
(M
2,053
14,633
401
1,409
3,541
(M
598
545
114
185
196
763
821
706
(M
2,454
2,453
(M
4,033
441
3,592
21,221
(1)
6,194
7,710
1,780
897
(M
772
1,887
1,412
916
4,306
(M
157
129
113
196
3,704
2,510
233
134
405
(')
(1)
(')
758
728
5,973
157
147
(') "
49
2
(1)
932
28
110
45
157
83
35
1
67
54
(')
(')
(M
(»)
173
142
(^)
702
71
631
1,277
101
47
264
167
202
31
236
101
128
223
1,276
77 Nature of business not allocable.
217
51
31
50
385
42
594
63
85
133
(M
(')
32
111
110
150
1,075
1,053
(M
1,683
3
(1)
1,135
22
14,776
358
2,347
1,114
1,968
1,252
408
22
695
502
(')
(')
131
14
1,181
397
2,901
(1)
30
561
384
(M
136
13,902
5,579
242
5,337
7,468
312
285
914
1,854
1,844
96
658
866
639
855
6,799
759
229
163
63
5,546
39
3,901
183
1,146
564
(M
(')
212
566
166
165
239
16
(')
91
81
2,073
40
202
114
364
163
117
34
146
148
22
23
43
28
146
243
252
210
(')
1
21
3,378
1,140
216
924
1,913
141
82
221
253
228
90
340
173
385
325
1,957
299
21
27
71
1,492
43
1,210
124
242
190
101
31
164
267
91
93,441
5,108
5,096
12
5,020
316
52
3,035
189
7,679
37,877
1,021
5,692
3,351
4,134
4,539
869
708
727
1,743
1,191
355
529
333
1,395
1,321
2,667
3,449
522
2,271
3,363
3,234
(M
6
70
21,013
8,055
2,290
5,765
11,041
656
413
705
1,486
1,330
233
1,914
377
3,377
1,917
7,194
1,420
148
964
144
5,508
122
6,037
453
760
1,329
443
148
616
1,597
691
150
7,840
190
190
127
6
1
(')
96
(M
417
1,324
25
104
91
230
" 68
93
5
62
106
(»)
33
2
(M
159
291
248
1
2
(')
2,627
1,005
171
334
1,396
103
66
150
134
200
(1)
341
82
250
226
1,704
413
9
321
69
14
44
1,014
157
162
148
96
60
84
231
76
56,658
4,047
4,047
1,303
13
184
(')
854
(M
2,291
20,504
829
4,019
2,763
2,654
1,376
554
376
1,526
1,052
92
(M
407
793
1,234
712
18
(M
340
1,235
1,772
1,633
18
(')
13,709
5,062
467
4,595
7,762
920
483
636
1,136
393
(')
1,933
280
1,402
885
7,849
908
235
439
78
156
108
6,362
471
5,102
1,113
792
1,653
249
159
387
517
232
7,193
137
117
(M
110
2
347
,308
32
90
35
313
24
36
(M
206
183
21
1
1,001
113
333
1,353
57
(1)
161
169
132
21
332
81
310
214
1,658
270
1
206
43
CM
60
1,295
33
712
123
90
220
(M
(1)
77
96
68,581
1,941
1,393
(')
7,600
142
7,331
4,967
25,008
416
10,284
246
2,688
946
508
550
234
1,537
191
449
140
561
397
695
620
2,040
(M
714
1,532
1,414
90
21
16,356
7,597
470
7,127
7,406
415
(M
688
1,502
1,333
836
783
454
1,313
1,353
8,321
790
7
408
157
(')
28
7,453
50
2,720
784
333
505
(')
(M
419
434
201
136
298
277
243
37
54
100
52
2,805
52
225
208
602
98
132
74
155
191
19
11
32
45
25
162
79
23
11
13
42
391
465
393
41
1
(M
4,805
1,729
303
1,426
2,628
242
97
291
354
430
131
419
171
493
448
2,721
505
18
365
78
125
5
120
2,017
74
1,364
138
270
283
120
77
109
163
204
(24)
133,823
3,625
3,561
64
6,367
773
979
3,376
739
57,461
2,183
6,654
2,985
4,419
1,636
2,590
1,393
755
14,914
1,361
296
309
1,373
446
2,126
4,914
1,935
457
161
154
1,041
4,354
6,809
6,101
578
18
(M
35,171
17,374
2,137
15,237
15,211
1,423
752
1,566
2,806
3,130
407
2,014
438
2,625
2,586
10,356
1,766
43
l,4i3
141
139
249
20
229
155
6,437
1,211
828
835
470
184
615
1,156
1,138
^Sample variability of this item is too large to warrant showing it separately. However, this value is included in each total.
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
18
CORPORATION INCOME TAX RETURNS FOR 1952
Table C— NUMBER OF RETURNS AND TOTAL ASSETS— FISCAL YEAR RETURNS WITH BALANCE SHEETS, BV MAJOR INDUSTRIAL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED
PARI I.— RETDHNS WITH NET INCtME
Major industrial groups
Number
of
returns
Total
assets
( Thousand
dol lars)
Fiscal year ending—
July 1952
Number
of
returns
Total
assets
(Thousand
dollars)
August 1952
Number
of
returns
Total
assets
(Thousand
dollars]
September 1952
Number
of
returns
Total
assets
( Thousand
dollars)
October 1952
Number
of
returns
Total
assets
f Thousand
dollars)
November 1952
Number
of
returns
Total
assets
( Thousand
dollars)
(1)
(2)
(3)
M
(5)
(6)
(7)
(8)
(10)
(11)
(12)
All industrial groups
AgriculturCj forestry, 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
NonnKtallic 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, ma-
chinery, and transportation equipment.
Machinery, except transportation equipment and
electrical.
Electrical machinery and equipment
Transportation equipment, except motor vehicles.
MDtor 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
Commission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and house furnishings
Autoiaotive 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
Banlis and trust companies
Credit agencies other than banks
Holding and other Investment coii;)anles
Security and comncdity-exchange brokers and
dealers.
Insurojice 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
Autonotive repair services and garages
Miscellaneous repair services, hand trades
Motion pictures
Ajnusement, except motion pictures
Other services, including schools
Nature of business not allocable
2,256
2,150
39
67
1,699
20
31
214
961
473
8,357
34,810
750
3,055
33
1,817
4,656
1,718
1,566
775
3,492
1,822
142
198
1,054
939
731
3,316
3,434
1,122
421
316
18
536
2,349
4,389
3,791
399
50
149
63,656
22,934
2,615
20,369
35,972
2,494
2,224
7,064
3,477
5,047
1,516
2,923
4,152
7,075
4,700
33,092
5,806
542
3,848
1,076
340
1,618
34
1,534
30,037
581
13,986
1,509
2,768
3,567
1,398
783
1,474
1,252
1,235
365
88,051,517
722,459
683,676
18,747
15,036
1,267,463
47,411
9,630
246, 530
758,257
205,635
2,361,137
37,972,140
1,338,981
5,101,980
255,168
3,322,756
1,497,361
932,345
644,293
1,636,349
1,076,299
3,580,112
577,679
885,057
918,079
554,748
1,827,973
1,972,807
5,342,051
1,223,114
1,946,587
1,133,772
43,343
362,736
1,198,550
1,551,977
963,181
79,768
470,338
38,690
23,305,351
9,301,449
753,437
8,548,012
13,057,194
1,472,676
6,147,094
1,511,889
734,920
958,495
267,467
239,823
728,612
996,218
946,708
17,908,661
10,701,677
4,249,321
3,311,550
2,761,463
379,343
184,616
19,075
165,541
108,528
2,909,132
636,206
271,377
442,332
175,504
51,210
943,559
258,677
130,267
53,197
12,202
166
165
1
211
12
29
143
27
342
2,460
39
207
1
140
420
142
67
44
278
156
4
23
58
80
87
168
512
476
22
1
13
5,108
1,469
226
1,243
3,349
185
161
1,330
315
300
111
153
227
567
2,492
275
4
203
53
(M
104
1
103
890
69
152
278
110
47
61
86
37
21
5,435,755
43,269
47,692
577
84,643
1,579
30,330
45,216
7,518
95,793
2,183,390
438,221
343,611
1,928
93,345
134,286
33,736
25,414
39,623
54,839
86,811
3,307
11,247
25,447
13,840
67,295
257,253
210,242
97,293
30,026
43,166
7,145
40,198
60,567
137,546
95,095
10,194
25,039
7,213
1,742,635
300,720
44,467
756,253
397,054
23,935
364,492
261,982
55,311
52,781
7,530
32,067
28,615
65,341
44,361
1,013,388
601,967
417,348
77,971
35,156
(')
10,147
1,100
9,047
12,662
122,492
44,558
13,649
23,150
6,833
3,916
13,029
10,171
7,186
1,599
296
233
2
11
78
1
1
16
54
2,464
36
180
163
237
147
49
85
303
142
(1)
28
26
(M
63
238
349
91
31
26
252
213
14
5,085
1,828
212
1,616
2,794
166
91
511
336
531
129
305
234
491
463
2,935
391
42
246
97
159
1
158
63
1,209
104
193
236
87
79
197
120
188
59,575
58,140
971
464
129,260
2,835
978
17,826
105,604
2,017
113,096
2,842,301
453,316
321,460
387,384
60,956
69,929
20,608
141,983
82,344
346,439
26,679
17,912
(1)
107,628
94,211
220,702
66, 656
24,265
299,897
22,561
39,527
291,401
23,496
4,353
254,019
9,533
987, 567
81,821
905,746
413,127
33,416
12,776
54,354
69,176
84,466
22,844
22,128
40,452
73,515
51,754
885,109
374, 506
68,168
140,709
161,934
3,695
11,590
1,737
9,853
5,883
749,849
42,502
38,931
34,534
14,202
5,345
579,552
23,053
11,680
1,225
131
129
149
2
49
73
25
.,158
261
407
5
265
354
170
169
104
463
196
25
27
106
83
14S
353
104
49
46
513
416
56
13
23
2,390
265
2,125
3,665
310
60
317
342
916
199
279
496
746
4,293
390
69
591
169
61
190
1
189
56
1,364
242
309
525
203
93
185
131
166
41,405
40,827
91,019
1,549
13,010
66,160
10,300
220,594
5,059,648
143,161
519,427
2,225
689,449
34,014
72,325
46,644
100,527
195,954
260,323
173,354
84,736
29,265
73,976
166,655
196,673
535,605
191,135
876,039
406,192
124,602
226,816
65,156
9,045
143,666
3,949
1,490,616
327,539
129,901
697,688
599,369
73,546
9,751
25,127
50,115
157,595
105,569
40,836
63,321
73,509
63,653
2,612,906
1,686,211
166,887
794,105
686, 066
39,153
20,539
505
20,034
894,893
11,263
325,681
95,738
44,240
54,965
38,748
4,276
38,421
31,027
13,266
7,002
143
130
2
11
126
5
2
49
70
2,782
61
279
8
102
327
47
361
128
17
3
133
49
55
318
306
268
32
5
1,766
246
1,520
2,576
147
44
226
263
511
135
247
752
251
513
381
97
15
119
1
118
48
1,291
120
343
342
37
113
118
58
110
10,035,328
55,282
53,415
857
1,010
94,538
2,265
830
65,166
26,327
322,193
6,313,912
36,450
305,547
3,604
441,096
149,410
89,993
35,539
315,989
49,340
253,639
73,963
535,700
243,133
83,336
140,537
206,090
2,541,024
120,147
52,042
34,154
1,281
15,648
76,100
123,133
92,108
3,175
27,206
644
1,182,125
695,464
37,639
657,825
433,055
49,295
10,760
32,188
39,473
100,800
9,447
14,205
144,933
31,904
53,606
1,669,313
1,111,758
(')
377,946
516, 577
44,103
17,064
5,077
11,987
530,810
9,631
271,763
61,209
23,632
37,265
10,345
7,680
94,239
24,956
11,937
3,019
125
123
1
1
(1)
2,665
103
166
144
410
116
154
71
157
216
7
13
193
93
37
199
106
(')
26
2
39
217
124
66
6
21
1,490
149
1,341
1,836
130
42
159
93
260
51
234
613
254
352
16
186
106
173
11
162
756
102
238
174
51
33
87
44
27
27,657
25,384
784
989
142,733
13,727
(M
22,032
70,007
36,669
92,450
,331,930
95,609
187,098
536,446
294,382
79,606
175,333
191,513
37,078
386,647
22,423
94,351
362,406
50,964
152,932
262,664
689,140
66,020
(M
36,523
5,171
26,315
99,921
63,045
35,291
15,184
9,903
2,667
857,686
112,057
745,629
280,174
20,437
8,086
22,962
9,748
35,263
2,626
17,826
133,211
30,010
90,152
1,363,013
1,414,999
789,341
179,514
^.05,912
39,732
17,304
3,560
13,744
8,643
151,868
36,644
17,848
19,140
3,949
2,621
31,528
36,520
3,613
14,334
See footnote at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data
CORPORATION INCOME TAX RETURNS FOR 1952
19
Table C— NUMBER OF RETURNS AND TOTAL ASSETS— FISCAL YEAR RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED— Continued
PART I.— RETURNS WITH NET INCCME— Continued
Major industrial groups
Fiscal year ending — Continued
January 1953
Number
of
returns
Total
assets
( Thousand
dollars)
February 1953
Total
assets
( Thousand
dollars)
Number
of
returns
Total
assets
( Thousand
dollars)
Number
of
returns
Total
assets
(Thousand
dollars >
May 1953
Number
of
returns
Total
assets
( Thousand
dollars)
Number
of
returns
Total
assets
f Thousand
dollars)
(13)
(I'i)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
All industrial groups.
(24)
Agriculture, forestry, and fishery.
Farms and agricultural services. .
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite raining
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
Prijnary metal industries
Fabricated metal products, except ordnance, ma-
chinery, 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
Commission 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 conpanies
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
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
13,077
73
11
(M
1
50
12
538
1,887
26
83
1
108
400
85
112
33
99
88
U
5
53
52
(')
154
198
171
156
12
1,445
160
1,285
5,581
158
1,194
2,384
500
263
127
70
315
570
232
2,238
252
3
166
79
41
1,921
735
65
102
265
122
39
65
36
41
10,046,035
32,632
30,423
2,209
16,399
(M
1,571
12,619
2,132
162,232
952,610
7,245
74,707
349
81,627
125,520
28,948
30,885
17,307
59,814
33,146
15,948
8,480
18,012
44,023
(1)
75,185
108,530
19,827
3,498
4,509
26,941
22,726
1,594
2,621
7,784,915
648,172
40,112
603,060
7,033,253
55,227
5,642,903
366,432
179,716
73, 174
25,781
4,778
61,790
123,402
103,490
936,409
375,590
23,507
196,761
149,294
6,028
5,444
5,444
544,660
10,715
124,309
31,997
12,773
49,277
12,437
4,106
5,715
5,447
2,557
9,538
123
112
11
{')
2,163
38
193
110
243
132
98
49
157
79
(M
20
63
110
35
202
143
133
29
29
1
79
200
275
225
34
6
(1)
4,418
1,671
169
1,502
2,446
160
53
467
244
274
114
233
337
564
301
2,405
313
14
237
22
(1)
81
1,997
791
89
192
220
73
34
87
4S
48
30,860
30,172
688
34,307
602
20,471
12,783
168,450
1,446,009
11,264
465,896
64,549
48,413
30,945
16,948
27,072
62,938
50,661
(M
65,822
15,342
22,794
19,24i
67,231
193,472
57,970
27,297
15,446
2,481
8,633
116,296
49,742
41,725
4,930
2,959
(1)
481,858
42,238
439,620
974,209
621,553
20,464
75,910
60,489
45,229
8,019
14,170
52,923
75,452
60,511
566,074
141, 671
12,549
75,553
52,537
(1)
8,726
3,726
394,024
21,653
104,963
18, 196
15,102
29,006
11,155
2,600
12,952
9,538
6,414
1,938
204
138
6
(')
252
2
11
33
162
39
1,726
3,973
80
443
11
178
461
176
213
37
420
133
23
15
67
112
63
477
121
23
57
2
73
484
469
12
2
1
6,458
2,576
269
2,307
3,413
347
147
392
343
574
115
347
286
862
469
4,238
635
56
41A
101
64
128
(M
127
89
1,955
129
476
431
137
136
289
207
150
7,264,325
80,549
67,756
10,876
(')
168,918
4,339
1,678
52,168
64,207
46,476
456,193
3,079,131
52,770
703,651
240,244
264,346
90,972
115,435
58,251
189,655
149,243
50,017
84,434
7,127
25,824
65,682
48,068
129,202
417,694
125,881
16,135
27,419
1,337
110,095
309 105,644
38,905
80,627
5,206
2,521
551
1,704,382
854,382
46,813
308,064
726,572
271,261
13,595
42,661
64,288
115,362
21,821
15,060
47,091
130,433
122,928
1,417,195
732,675
303,608
200,378
207,200
21,489
16,474
(M
16,333
655,261
12,785
267,235
42,407
34,309
61,091
22,864
3,982
38,105
40,726
18,751
2,312
180
180
155
2
1
18
90
309
2
148
390
lis
U3
43
361
100
9
57
47
243
372
331
15
1,767
247
1,520
2,824
274
55
252
243
475
137
311
232
845
426
4,089
531
28
423
114
16
123
3,336
49
1,250
161
291
286
106
40
105
178
83
56,213
56,213
107,282
1,156
514
61,115
34,066
10,431
233,624
2,187,004
101,310
272,660
2,603
95,399
105,700
140,666
54,855
467,940
119,343
36,345
23,387
12,090
34,218
54,704
34,799
93,117
197,279
75,107
169,000
10,025
62,753
111,196
102,307
3,279
2,820
2,790
572,573
55,179
517,399
445,375
119,452
5,447
12,355
26,132
79,980
15,349
23,973
34,819
127,868
117,101
1,865,383
968,265
161, 549
443,939
197,552
160,225
12,107
379,396
5,615
256,234
127,607
31,248
30,161
19,539
2,833
9,501
22,217
U,128
3,950
273
255
5
13
86
2
1
532
2,664
9
263
2
138
523
102
92
41
234
190
2
9
58
103
223
419
368
40
(1)
(1)
4,459
2,045
283
1,762
2,046
241
89
187
183
256
122
263
167
533
368
3,513
333
15
303
35
126
126
2,961
43
1,176
138
168
270
59
113
150
147
31
See footnote at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
5,671,856
78,102
74,266
1,479
2,357
96,689
13,950
360
6,770
53,153
12,456
127,746
2,860,225
4,929
653,016
1,635
99,553
107,759
27,905
44,522
83,386
62,751
871,630
12,344
2,600
40,853
29,205
348,794
90,107
108,500
172,549
8,879
19,915
933
9,233
53,677
131,745
125,263
6,116
(')
(')
1,118,628
738,724
44,220
694,504
315,573
33,234
11,208
15,713
44,397
60,871
12,015
18,861
48,717
70,557
64,331
1,114,113
431,733
232,154
133,714
56,385
(')
22,468
22,468
657,224
2,683
144,608
44,085
16,679
23,153
4,913
5,691
25,700
17,835
6,497
28,857
531
512
18
409
1
3
50
244
111
1,254
6,782
50
525
3
316
891
346
380
171
654
394
11
33
204
160
166
709
237
SO
45
9
102
368
745
96
2
25
4,537
389
4,148
5,442
376
288
839
610
687
276
431
493
1,392
868
6,038
1,221
275
693
203
50
374
18
356
112
2,069
240
299
540
358
51
130
197
254
211,915
203,888
7,144
301, 620
2,463
3,767
40,276
216,588
38,526
363,711
6,710,430
44,706
754,907
2,580
554,062
295,949
187,307
134,789
110,849
202,650
1,193,954
133,956
36,175
105,617
97,603
733,576
501,074
569,863
230,529
210,523
231,526
24,995
36,203
307,037
301,507
279,382
16,692
2,003
3,430
2,944,958
1,836,209
113,985
1,717,224
934,433
161,320
42,612
102,155
136,075
152,969
36,466
35,919
72,690
194,227
174,316
3,960,253
2,862,302
1,900,578
685,960
242,350
32,914
42,753
6,955
35,793
1,043,253
6,940
390,130
91,263
22,966
80,535
30,019
3,160
94,817
37,137
30,233
20
CORPORATION INCOME TAX RETURNS FOR 1952
Table C— NUMBER OF RETURNS AND TOTAL ASSETS— FISCAL YEAR RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED— Conlmued
PART II.— RETURNS WITH NO NET INCCME
J&jor Industrial groups
Number
of
returns
Total
assets
( Th<3usaftd
dollars)
Fiscal year ending —
July 1952
Number
of
returns
Total
assets
( Thousand
dollars)
August 1952
Number
of
returns
Total
assets
( Thousand
dot lars)
September 1952
Number
of
returns
Total
assets
f Thousand
dollars)
October 1952
Number
of
returns
Total
assets
(Thousand
dol tars )
November 1952
Number
or
returns
Total
assets
(Thousand
dollars)
(1)
(2)
(3)
W
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
All industrial groL^js
Agriculture, forestry, 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
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, ma-
chinery, and transportation equipment.
Machinery, except transportation equipment and
electrical.
Electrical machinery and equipment
Transportation equipment, except motor vehicles,
Ifctor 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
Connnission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and house furnishings
AutonjDtive 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 cojnpani.es
Security and commodity-exchange brokers and
dealers.
Insin-ance carriers and agents
Insurance carriers
Insurance agents and brokers
Real eatate, except lessors of real property
other than buildings.
Lessors of real property, except buildings
Services
Hotels and other lodging places
Peraonal services
Business services
Automotive repair services and garages
lliscellaneous repair services, hand trades
notion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
79,972
1,402
1,298
1
103
1,301
78
43
266
711
203
4,164
15,649
388
1,338
848
3,253
895
702
303
1,080
1,011
55
57
372
340
192
941
566
158
139
26
276
1,642
2,251
1,965
138
21
127
29,013
9,485
1,395
8,090
17', 119
1,331
858
3,229
1,743
2,241
583
2,933
1,197
2,999
2,409
15,727
2,769
83
2,015
419
252
512
6
506
402
9,062
1,104
1,675
1,832
727
408
1,015
1,314
937
1,403
266,615
246,260
7,121
13,234
730,431
37,475
6,332
142,307
523,838
20,429
482,989
3,561,608
198,079
649,990
520,321
331,660
194,253
86,962
114,500
91,180
197,939
174,154
30,089
103,000
51,945
49,526
140,773
184,263
104,554
76,567
50,842
6,486
28,294
176,226
379,733
299,699
17,103
41,153
21,778
2,802,744
1,324,946
188,421
1,136,525
1,273,051
77,030
152,479
243,778
139,341
169,614
22,724
106,675
92,021
224,339
199,747
5,455,276
2,265,224
349,539
1,494,645
193,110
227,930
22,315
2,130
20,185
57,533
650,768
200,749
70,885
85,477
26,756
10,916
140,066
72,538
43,381
45,141
128
103
1,150
(M
103
40
290
57
80
(')
75
78
2
(1)
(1)
142
110
21
1
10
695
73
622
1,517
50
118
472
27
305
60
226
(1)
219
166
110
(^)
74
11
5
(M
(1) '
757
12
566
28
106
203
(')
(1)
17,244
14,804
2,440
34,175
2,287
6,250
23,924
1,714
168,033
(')
9,978
21,853
18,433
17,031
4,767
(')
6,903
8,733
5,617
2,247
3,063
(')
952
15,199
7,378
6,953
2,356
16,601
685
(-)
10,139
40,646
37,668
1,404
1,212
362
216,849
85,793
4,264
31,529
114,966
1,441
17,876
39,540
8,713
18,890
2,342
8,166
(')
17,144
16,090
14,306
(1)
11,481
1,107
1,303
(')
(»)
170,646
3,779
36,556
12,040
4,319
5,708
(1)
(1)
4,144
2,578
6,421
322
6,894
122
10
21
249
1,530
22
150
80
256
32
121
107
1
38
(1)
(1)
114
124
77
15
(M
1
(M
161
U7
11
2
789
105
684
1,460
141
35
320
128
131
70
207
80
293
167
1,237
124
41
(')
(')
(') "
989
(')
997
64
200
143
115
60
161
132
122
113
1,051,551
16,216
16,029
158,685
977
6,682
143,605
2,421
232,255
3,875
28,808
32,739
26,295
16,851
5,170
2,513
3,962
11,715
916
6,823
(1)
21,503
13,539
9,390
20,073
(')
741
(1)
11,782
14,818
9,161
4,241
893
523
187,541
38,325
10,912
77,413
39,992
7,325
956
16,496
10,434
16,309
2,320
7,473
4,446
24,233
9,224
307,737
17,382
3,552
7,835
(1)
(')
(1)
286,903
(')
39,125
20,201
8,648
9,504
3,721
1,023
33,823
8,049
4,156
5,791
8,511
135
114
1
20
2
1
21
63
(M
339
1,734
91
152
101
253
95
93
39
194
120
2
21
42
78
(')
240
186
32
11
11
2,982
899
107
792
1,890
195
60
254
172
225
50
404
136
394
193
1,643
132
(1)
110
36
25
(1)
(1) "
1,371
58
1,210
174
284
192
93
50
155
119
143
1,568,578
39,360
31,545
7,121
694
60,297
2,492
1,858
1,983
53,766
(')
43,897
478,956
42,545
46,910
112,167
17, 533
22,914
10,100
17,532
5,560
21,153
24,614
5,414
17,245
10,973
9,519
11,762
44,333
12,664
5,561
16,103
(M
20,144
43,674
15,777
4,386
22,724
787
251,035
148,332
43,855
99,477
90,543
10,250
1,398
12,927
8,627
20,316
2,447
10,562
6,703
16,308
12,160
553,661
169,433
(M
21,848
14,226
129,541
(1)
(')
376,922
5,515
90,313
27,345
10,708
11,332
5,380
2,069
13,571
9,547
5,361
6,385
102
6
25
70
1
1,198
59
123
54
206
84
42
(1)
90
53
2
1
59
34
22
69
37
5
31
(')
195
162
11
2,231
615
102
513
1,379
186
41
132
108
134
60
340
97
281
237
1,164
156
(M
103
36
2
(M
937
. 948
190
150
182
81
(')
131
102
82
71
1,093,382
21,861
21,861
23,676
2,963
4,065
15,358
1,290
421,323
41,001
169,870
23,741
29,915
12,415
6,581
(1)
12, 215
7,751
4,263
679
37,916
1,764
5,953
8,482
14,836
5,500
2,142
3,693
(M
26,547
14,942
1,288
109,978
3,213
106,765
80,357
10,107
1,007
5,517
9,136
10,624
1,915
12,517
11,753
13,231
10,603
274,961
64,137
(')
12,444
49,593
1,860
(M
(M
205,633
4,566
91,983
38,452
4,687
10, 505
2,451
(')
21,322
11,133
2,904
2,864
36
85
1
117
7
10
6
88
6
126
900
17
47
88
231
74
52
(')
(')
(')
(1)
(')
(M
(')
(')
(M
1,581
578
846
116
41
70
51
135
(M
183
119
111
157
92
37
28
(')
1
(1)
796
429
55
95
72
41
{')
51
22
63
29,362
25,928
3,434
51,775
2,753
161
2,635
43,428
2,743
8,936
435,712
20,850
23,444
179,693
59,674
24,304
23,564
(')
6,343
19,987
9,771
20,039
(1)
(M
4,935
(1)
(M
(1)
(')
(^)
(')
22,553
11,566
10,937
174,069
115,157
7,742
107,415
47,665
6,602
2,347
2,285
2,247
6,229
(')
7,044
15,427
4,322
11,247
253,213
36,059
13,281
15,517
7,261
(')
5
(1)
203,580
7,983
34,249
9,331
6,347
3,618
4,566
(')
1,906
4,066
3,172
1,213
See footnote at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
21
Table C— NUMBER OF RETURNS AND TOTAL ASSETS— FISCAL YEAR RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS AND BY MONTH IN WHICH FISCAL YEAR ENDED— ConUnued
PART II.— RETURNS WITH NO NET INCCME— Continued
Major industrial groups
Fiscal year ending — Continued
January 1953
Number
of
returns
Total
assets
f Thousand
-ioUars)
February 1953
Number
of
returns
Total
assets
(Thousand
dollars)
Number
of
returns
Total
assets
( Thousand
dollars)
Number
of
returns
Total
assets
( Thousand
dollars)
May 1953
Number
of
returns
Total
assets
( Thousand
dollar %)
Number
of
returns
Total
assets
( Thousand
dollars)
(13)
(U)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(2<t)
All industrial groups.
Agriculture, forestry, 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 raining 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
Petroleujn and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance, ma-
chinery, and transportation equipment.
Machinery, except transportation equipment and
electrical.
Electrical machinery and equipment
Transportation equipment, except motor vehicles,
(totor vehicles and equipment, except electrical.
Ordnance and accessories
Scientific instruments; photographic equipment;
watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gaa utilities.
Other public utilities
Trade
Wholesale
Comaiasion 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 truat companies
Credit agencies other than banks
Holding and other investment conpanies
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
Automotive repair services and garages
Miscellaneous repair services, hand trades....
ttotion pictures
Amusement, except notion pictures
Other services, including schools
Nature of business not allocable
5,825
98
93
5
64
(') "
U
(')
222
988
3
20
386
(')
59
51
1
21
1
1
63
45
17
(M
142
142
2,793
596
106
490
2,032
(^)
261
984
180
100
(')
120
157
160
165
1,007
219
(')
152
36
21
21
736
31
419
33
(')
106
(M
(')
69
80
(1)
997,645
15,909
13,523
2,386
6,212
(1)
4,366
(')
21,301
152,014
9,919
16,204
10,083
35,553
(M
3,909
3,032
5,960
1,546
569
1,407
8,084
5,198
4,956
21,665
(')
4,105
10,134
8,706
8,706
408,862
82,271
4,710
77,561
311,785
(')
84,213
122,436
57,164
7,629
(1)
4,351
14,014
19,254
14,806
355,326
169,234
(1)
49,839
56,687
61,571
2,450
180,314
3,328
26,310
4,695
(')
5,962
(')
(')
10,745
2,363
(')
3,005
5,613
117
117
49
2
(')
26
1
420
911
45
157
83
35
1
57
54
(')
(^)
8
(»)
(1)
143
132
(1)
1
2,040
680
70
610
1,157
101
37
244
157
182
(»)
186
91
128
203
1,239
217
42
31
50
857
564
53
85
133
(')
(!)
32
101
100
12,213
12,213
24,440
9,816
(1)
13,170
650
186,863
5,831
53,919
12,753
19,608
3,681
2,705
710
12,622
20,468
(')
(')
3,600
(')
6,907
5,263
14,691
1,049
544
(')
5,867
4,056
(M
1,529
170,913
73,087
1,500
71,537
85,010
3,207
12,354
14,586
15,462
11,343
(^)
7,244
5,225
13,928
12,816
338,791
89,371
2,876
1,756
1,756
239,290
3,596
35,284
6,319
6,462
8,102
(')
(')
4,990
5,209
2,980
6,491
146
145
207
16
11
40
80
50
799
1,992
(1)
202
104
344
163
117
34
125
138
22
(')
43
23
146
(1)
232
210
(')
1
11
3,178
1,U0
206
924
1,783
121
72
191
233
218
90
340
153
365
265
1,817
294
21
22
71
1,372
33
1,149
124
242
190
91
(')
143
257
81
1,786,905
33,179
32,531
648
97,953
3,957
727
42,401
47,470
3,398
102,041
360,314
(')
84,306
37,696
28,760
26,602
7,518
6,367
10,855
28, 573
36,351
(')
3,354
5,229
12,722
11,711
17,037
9,157
(1)
17,103
31,278
27,678
(M
1,705
1,329
258,459
120,329
12,164
108,165
118,987
3,734
3,691
6,730
16,436
20,443
3,086
13,574
9,443
31,745
19,143
831,692
438,000
248,887
179,925
5,633
3,504
5,201
5,201
383,215
5,276
69,151
13,487
10,186
10,375
2,405
(')
18,215
12,715
1,368
2,838
130
180
127
6
1
(M
417
1,286
25
104
83
220
58
93
5
62
96
15
(')
83
2
(1)
(') "
159
291
248
(M
2
40
2,473
944
161
783
1,304
102
66
140
184
189
)
271
82
250
225
1,624
403
9
311
69
14
(')
50
1,127
914
157
162
138
86
50
74
181
66
25,026
25,026
89,962
2,898
2,782
54,580
27,239
(M
35,883
246,947
13,256
57,450
38,115
16,097
21,390
7,456
12,483
11,870
9,561
4,106
6,731
7,662
10,141
9,136
6,126
1,923
(')
(')
11,735
25,585
21,640
(')
1,542
2,049
200,248
95,623
5,614
90,009
90,742
3,902
9,575
3,617
13,407
16,659
(')
10,214
9,425
23,677
13,333
946,425
611,365
48,500
547,475
3,918
5,472
S90
325,059
9,111
67,202
32,695
7,816
8,613
3,209
912
3,801
7,035
3,120
3,852
137
117
1,261
32
90
35
313
41
27
4
96
90
1
5
(1)
47
13
63
24
35
(')
(1) "
169
186
173
1
1
2,421
924
103
821
1,283
57
40
141
159
182
21
292
81
310
241
1
187
33
(M
60
1,225
632
103
80
220
30
(.'■)
1,003,761
15,470
13,304
(')
87,558
3,543
82,831
1,184
244,800
8,259
82,561
7,577
26,575
13,400
2,294
5,269
8,132
14,881
655
1,983
(')
10,385
2,871
15,300
10,441
9,060
7,093
(1)
(.')
11,957
23,977
20,769
(M
1,586
381
210,551
111,004
5,369
105,635
76,959
7,067
1,157
6,679
11,522
13,549
1,792
11,438
3,973
19,632
22,688
340,329
80,166
6,551
67,966
4,462
(M
240
256,705
3,218
46,056
19,433
1,490
4,622
1,671
(')
10,874
4,772
3,162
4,934
12,847
267
246
228
27
49
100
52
2,699
52
210
198
602
93
122
74
155
180
9
1
(')
45
25
142
215
74
23
(')
(')
(')
381
425
353
31
1
(')
4,520
1,535
283
1,352
2,458
222
87
281
344
390
131
369
161
483
465
18
346
57
44
115
(')
110
74
1,234
lis
240
253
100
77
109
163
174
40,775
39,496
(')
95,698
9,332
18,541
53,731
4,094
120,955
633,886
34,256
76,540
43,903
53,217
24,531
15,807
49,062
8,809
52,085
97,527
2,219
(')
U,252
9,026
25,743
15,940
2,392
(M
(1)
(1)
41,633
135,032
127,736
4,341
504
(')
522,679
295,047
84,078
210,969
170,545
17,073
■ 11,905
12,965
36,143
27,018
5,331
14,042
10,753
35,315
57,087
1,063,923
570,993
39,991
492,462
26,205
12,334
5,791
(')
4,184
475,937
10,202
54,039
15,750
9,598
7,136
2,221
2,499
11,575
4,570
9,590
^Sample variability of this item ts too large to warrant showing It separately. However, this value is included In each total.
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
22
CORPORATION INCOME TAX RETURNS FOR 1952
Table D.— NUMBER OF RETURNS, NET INCOME OR DEFICIT, AND TAXES— FISCAL YEAR RETURNS, BY NET INCOME AND DEFICIT CLASSES
Net income and deficit classes
Returns with net income
Number
of
returns
Net
income
(Thousand
dollars)
Income
tax
t Thousand
dollars)
Excess
profits
tax
(Thousand
dollars)
Returns with no
net income
(Thousand
dollars)
(1)
(2)
(3)
M
(5)
(6)
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
73,248
25,730
15,354
11,937
11,238
12,281
7,378
5,333
1,992
1,015
809
116
70
134,905
137,399
189,649
207,963
254,806
423,209
516,515
822,914
688,905
705,151
1,674,579
782,222
1,913,772
36,260
49,421
51,971
58,723
73,255
137,892
208,165
376,859
325,335
335,509
305,122
367,512
954,238
31
29
173
3,479
16,374
30,269
29,969
31,795
82,710
39,712
90,711
53,621
11,049
4,321
2,579
1,794
3,656
1,500
830
162
83
28
2
1
75,695
78,322
53,630
45,242
40,136
125,777
103,024
120,436
55,372
54,768
45,787
14,642
11
Total
No income data (inactive corporations).
8,501,939
330,256
35,126
318,392
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
FISCAL YEAR RETURNS
Fiscal year returns, which number 257,000, are segre-
gated for the tabulation of the preceding tables A-D.
The number of returns, net income or deficit, and tax, by
month in which fiscal year ended, are shown in table A.
Returns with net income and with no net income are
classified by major industrial groups and by month in
which fiscal year ended in tables B and C. Table B
contains number of returns and net income or deficit, and
table C, for returns with balance sheets, shows number of
returns and total assets. Table D classifies these re-
turns by size of net income or deficit and shows number
of returns, net income or deficit, and tax.
Fiscal year returns in this report are those ending in
the period July 1952 through June 1953. Data from
these returns are included in all tabulations except the
table for part year returns below.
PART YEAR RETURNS
Part year return data are summarized below. These
33,000 returns are filed for a period of less than 12 months
and represent reorganizations, newly organized busi-
nesses, liquidations, and changes from calendar year to
fiscal year basis, or vice versa. Part year returns with
the greater part of the income period in 1 952 are included
in all tabulations in this volume, except those for fiscal
year returns, A through D, above.
PART YEAR RETURNS OF CORPORATIONS, 1952
Total number of returns 32, 981
Returns with net income:
Number of returns 15, 232
Net income thousand dollars.. 335, 695
Income tax thousand dollars.. 131, 433
Excess profits tax thousand dollars.. 12, 855
Total tax thousand dollars. . 1 44, 288
Returns with no net income:
Number of returns 17, 749
Deficit thousand dollars^. 107, 039
See p. 24 for "Explanation of Terms" and p. 23 for "Description
of the Sample and Limitations of Data."
LIFE INSURANCE COMPANIES
The amendments introduced by the Revenue Act of
1951 with respect to taxation of life insurance companies,
applicable only to the tax year 1951, are extended to
cover the 1952 tax year by Public Law 468, 82d Congress.
Life insurance companies are required to report only
their investment income, i. e., interest, dividends, and
rents, and may deduct only expenses incident thereto and
wholly tax-exempt interest in arriving at net income.
The deductions reported are taxes and depreciation,
tabulated under their respective titles, and investment
and real estate expenses, tabulated as "Other deduc-
tions." Companies deriving a portion of their income
from contracts other than life insurance, annuities, or
noncancelable health and accident insurance make an
adjustment to the normal-tax net income for certain non-
life insurance reserves. Companies earning less than 105
percent of their required interest are allowed a reserve
interest credit (computed under the provisions of section
203A (b) of the 1939 Code) against the net income for
income tax purposes. In lieu of the regular normal tax
and surtax rates, the 1952 adjusted normal-tax net in-
come is taxed at 3% percent on the first $200,000 and Qji
percent on the amount in excess of $200,000. For the
excess profits tax, a deduction based on a reserve and
other policy liability credit, adjusted for nonlife insurance
reserves, is allowed, and the regular corporate excess
profits tax is imposed.
Returns of 882 life insurance companies show net in-
vestment income of $2,204,091,000. When reduced by
the net deficit of $240,000 reported on 38 returns, the net
investment income of the life insurance group as a whole
is $2,203,851,000.
The adjustment for nonlife insurance reserves, repre-
senting additional taxable income derived from nonlife
insurance business, is $21,644,000 (before multiplication
required by law as an offset to the life insurance company
tax rate). Of this amount $21,532,000 is reported on
returns with balance sheets.
CORPORATION INCOME TAX RETURNS FOR 1952 23
Companies reporting net income but earning less than Washington from the total population sent to the Na-
105 percent of their required interest claimed a reserve tional Office. Sampling in the National Office per-
interest credit against net income of $36,019,000, with mitted extensive stratification and close, immediate
$30,923,000 of this amount appearing on returns with sample selection control. The 1952 sample, however,
balance sheets. Income tax of $144,098,000 and excess was selected in the District Directors' offices. Field
profits tax of $34,000 is reported. sample selection required a change in the sample design.
The 1952 figures, as compared with those for 1951, sampling procedures, and sample controls in order to
show an increase of 11 percent in net investment income make selection administratively feasible,
for the gi'oup, a 20-percent increase in taxable income Since there was no stratification by industry group, the
from nonlife insurance business, and a total tax increase number of returns in each industry group is now subject
of 13 percent. Claims for reserve interest credit declined to sampling error. In the 1951 sample, 100 percent
21.8 percent from the $46,036,000 claimed in 1951. coverage of returns in 141 of these groups eliminated
sampling errors in the number of returns in those groups.
DESCRIPTION OF THE SAMPLE AND ^^ ^ ^.^^^^^ of ^j^p inclusion of a large number of returns
LIMITATIONS OF DATA ^^^^ classes of returns in the 100-percent area, there is
A probability sample was used as the basis of data little sampling variation in the number of returns and
tabulated from 1952 corporation tax returns. More than dollar amounts derived primarily from these returns.
170,000 returns were selected in 64 District Directors' The 100-percent coverage of returns m 1952 accounts for
offices. These represented approximately one-fourth of about 90 percent of both total assets and total net in-
the 705,500 corporate returns in the population. come of the entire population and 40 percent of total
deficit income.
fsATURE OF SAMPLE j^^ie maximum sampling variabilities in the basic
Returns were selected at three sampling rates: 100 statistical totals for all industrial groups combined are as
percent, 20 percent, and 10 percent. The 100 percent follows:
area, which accounted for 106,957 returns and which Percent
reflects a reduction of 133,000 returns from 1951, con- ;E°!i "'™.''*''' °^ '■^*"'""^ ±°- \l
. , J , ^, . ,, . „ . ^ Total net income ±0.10
sisted of the followmg five groups of returns: Total deficit income ±0. 70
1. Taxable returns with total income of $200,000 Total assets ±0.20
and over. These limits would, in the long run, be exceeded in about
2. Returns with total assets of $500,000 and over: 5 ^^^ ^f ^00 ^-^^^^ ^^^^pl^^ ^f ^j^^ ^952 corporation
a. Taxable returns with total income under retm-ns
^ ' Sampling variabilities for selected items within an
b. Nontaxable returns. illustrative minor industry group, "Special industrv
3. Taxable and nontaxable consolidated returns. machinery manufacturing," are shown below as plus or
4. Returns of life insurance companies (Form ^-^^^ percentages of the actual values.
1120L). f B
' Percentage
5. Returns of mutual insurance companies (Form variatim
-I -. r»rt-\ r\ Returns
1120M). PrturM with no
In addition, personal holding company returns. Form item income come
1120H, were included 100 percent. The data for these Number of returns ±4 ±8
returns were not included in the preliminary tabulations Gross sales ±3 ± 15
but appear in this report. "i'"'' ^^'=7*^---- ±^ ±|°°
_,, 1 1 f 1 • Compensation of officers ±7 ±25
1 he 20 percent sample was selected from a population Net income or deficit _ _ _ ±2 ±12
of 38,830 returns, and was stratified as follows: Tax liability ±2
Returns with total assets between $250,000 and Total assets ±2 ±10
$500,000:
a. Taxable returns with total income under OTHER LIMITATIONS OF DATA
$200,000. In addition to sampling variation, the data are subject
b. Nontaxable returns. to errors resulting from underreporting and nonreporting.
The 10 percent area with a population of 559,710 population coverage, sample selection, and data process-
returns was stratified as follows: ing. Reportmg biases and undercoverage are more
Returns with total assets under $250,000: serious errors than those associated with selection of
a. Taxable returns with total income under sample and processing operations; the latter are more
$200,000. easily controlled. There is no simple method for con-
b. Nontaxable returns. trolling nonsampling bias comparable to that for con-
A major change in the 1952 sample design was that the trolling random variabilit}^
industry stratification used in the 1951 sample design A very substantial number of corporations, particu-
could no longer be used because of decentralization of larly large and medium sized, engage extensively in
sample selection. The 1951 sample was selected in activities generally recognized to be in two or more
24
CORPORATION INCOME TAX RETURNS FOR 1952
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 total receipts. 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 affect year-to-year comparability
and historical trend analysis.
EXPLANATION OF TERMS
The following definitions apply particularly to current
year data, but in most instances are also applicable to
items shown in the historical tables 11-16. When used
with historical data, the "Comparability of Historical
Data," pages 121-124 and "Synopsis of Federal Tax
Laws," pages 151-157, should also be consulted.
Accounts and notes payable, shown in table 6, con-
sists of bonds, notes, and mortgages payable with original
maturity of less than 1 year and accounts payable.
Adjusted excess profits net income. See "Excess
profits income and credits."
Alternative tax consists of a tax of 26 percent of net
long-term capital gain reduced by any net short-term
capital loss, plus normal tax and surtax at the usual
rates on the balance of normal-tax and surtax net
incomes, and is reported only if it is less than the regular
normal tax and surtax. Alternative tax is tabulated
in "Income Tax." (See Synopsis of Federal Tax Laws,
1944.-52, Table A, for maximum tax rate on long-term
gain prior to 1952.)
Amortization of emergency facilities for 1952 is the
deduction provided by section 124 A of the Internal
Revenue Code (1939) with respect to the amortization
over a 60-month period of emergency facilities con-
structed or acriuired after December 31, 1949, and certi-
fied as necessary in the national defense.
Assets and liabilities are tabulated as of December 31,
of the tax year or close of fiscal year nearest thereto.
Adjustments are made in tabulating the data as follows:
(1) reserves for depreciation, depletion, bad debts, etc.,
reported under liabilities, are transferred to the appro-
priate asset reserve accounts, and (2) deficit in surplus,
reported under assets, is transferred to liabilities as a
negative amount. "Total assets" and "Total Habil-
ities" are decreased by the amounts of such adjustments.
Bonds and mortgages payable shown in table 6 are
those with original maturity of 1 year or more.
Capital assets, reported on the balance sheet and
tabulated as "Gross capital assets," consists of (1) depre-
ciable tangible assets such as buildings, manufacturing
and 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. In table 6 the
amounts tabulated as "Capital assets less reserves" also
include land.
Treatment of gain or loss from the sale or exchange
of these properties is shown under "Capital gain or loss"
and "Net gain or loss from sales other than capital
assets."
Capital gain or loss is the gain or loss from sale or
exchange of "Capital assets" as defined by section 117
of the 1939 Code, and the aggregate net gain from sale
or exchange of certain "property used in the trade or
business" and from involuntary conversion of such
property and of "Capital assets" held for more than
6 months.
An alternative tax may be computed for returns with
a net long-term capital gain in excess of net short-term
capital loss.
Losses from sale or exchange of capital assets are
allowed only to the extent of capital gains, but a net
capital loss, reduced by capital gains in intervening
years, may be carried over to the five succeeding taxable
years. An aggregate net loss from sale or exchange of
"property used in the trade or business" and from in-
voluntary conversion of such property and of "capital
assets" is treated as an ordinary loss.
In computing capital gains and losses —
"Capital assets" (as defined by section 117) consists
of all property held by taxpayer except: (1) property
properly includible in inventory, or property held
primarily for sale in the ordinary course of trade or
business; (2) depreciable property and real property
used in trade or business; (3) Government obligations
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 date of issue; and (4) certain
copyrights, literary, musical, or artistic compositions or
similar properties.
"Property used in the trade or business" means real
property and depreciable property, used in the business
and held for more than 6 months (but not certain copy-
rights, etc.), and certain timber, coal, unharvested crops,
and livestock.
"Short-term" pertains to gains or losses from property
held 6 months or less; "long-term" to property held
over 6 months.
Capital gains and losses are treated historically in I
Table B, of the Synopsis of Federal Tax Laws.
Capital stock shown in table 6 consists of both pre-
ferred and common stock.
Compiled receipts. See "Total compiled receipts."
Consolidated returns are defined in text, page 12.
See also Synopsis of Federal Tax Laws 1944.-52, Table C,
page 154.
Contributions or gifts. This deduction is limited bj'^
law to 5 percent of net income as computed without the
benefit of this deduction.
Cost of goods sold and cost of operations. Identifiable
amounts of taxes, depreciation, depletion, amortization,
advertising, pension and other benefit plan contributions
reported in these costs are transferred to their specific
headings. For years prior to 1951 only amortization and
pension plan contributions were so treated.
COKPORATION INCOME TAX RETURNS FOR 1952
25
"Cost of goods sold" is reported for transactions in
which inventories are an income-determining factor;
"Cost of operations" is reported for all other transactions.
Deficit. See "Net income or deficit."
Dividends paid in cash and assets other than own
stock exclude liquidating dividends.
Dividends received. "Dividends, domestic corpora-
tions" consists of dividends received from domestic
corporations subject to income taxation under chapter 1
of the Internal Revenue Code (1939) reported in columns
2 and 3, schedule C, page 2, Form 1120 for 1952. "Divi-
dends, foreign corporations" is the amount reported in
column 4 of schedule C.
Credits against the net income are allowed with respect
to dividends from these domestic corporations and certain
dividends from foreign corporations doing a substantial
volimie of business within the United States. (No
credit was allowed for dividends from foreign corpora-
tions prior to 1951.)
Dividends from other corporations, reported in column
5 of schedule C, are included in "Other receipts." Such
dividends include those from China Trade Act corpora-
tions, and corporations deriving a large percentage of
their gross income from sources within a possession of
the United States, and dividends on share accounts in
Federal savings and loan associations issued after March
28, 1942.
Employee benefit plans other than those within the
purview of section 23 (p) of the 1939 Code include
insurance plans, noninsured death benefits, health, acci-
dent, and other welfare benefits deductible under section
23 (a). Such amounts were formerly tabulated in
"Other deductions."
Excess profits income and credits. 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 amount of adjusted excess profits net income has
been placed on an annual basis.
The excess profits credit is the current year credit
against the excess profits net income. Methods of com-
puting the credit are shown on pages 12-13.
The excess profits net income is obtained from the
net income by eliminating or adjusting certain 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. For part year returns, the amount of
excess profit net income has been placed on an annual
basis.
The unused excess profits credit adjustment is the
carryover of unused excess profits credit from preceding
taxable years as reported on the return and does not take
into account revisions that may subsequently be made as
a result of a carryback from the succeeding year. Un-
used excess profits credit accrues when the allowable
credit for a tax year exceeds the excess profits net income
for such year computed without regard to the net oper-
ating loss deduction. Unused credit is first carried back
as an offset to the excess profits net income of the first
preceding year and the remainder is carried forward to
succeeding taxable years. The carryforward period is
5 years.
Excess profits tax for 1952 is the tax imposed by section
430 of the Internal Revenue Code (1939) upon the ad-
justed excess profits net income. The excess profits tax
tabulated for 1952 is after the limitations provided by
sections 430 (a) (1) (C) and 430 (e), and after adjust-
ments provided by sections 430 (d), 450, 456, and 457,
but before adjustments under section 452 and before
credit for taxes paid to a foreign country. For excess
profits tax imposed in prior years, see Historical Section.
Gross receipts from operations consists of amounts
received from transactions in which inventories are not
an income-determining factor. Cost of operations is
shown as a deduction.
Gross sales consists of amounts received for goods, less
returns and allowances, in transactions where inventories
are an income-determining factor. Cost of goods sold is
shown as a deduction.
Inactive corporations are those reporting no item of
income or deduction. 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 file a
return. Returns of inactive corporations are not in-
cluded in the various tabulations, but the number filed is
shown in the summary data, page 5.
Income tax consists of normal tax, surtax, and alter-
native tax. 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 income tax tabulated is before credit for foreign
taxes paid.
Industrial divisions and groups. See description of
this classification, pages 10-11.
Interest on Government obligations. Interest on
obligations of the United States issued after September 1,
1917 (other than postal savings certificates for deposits
made before March 1, 1941), and on obligations of cor-
porations organized under act of Congress is exempt from
taxation only to the extent provided by the act authoriz-
ing issuance of the obhgation.
Interest reported on obligations described on lines 10
(a) and (b), page 1, Form 1120 for 1952, is subject to
surtax only. That reported on obligations described on
line 10 (c) is wholly taxable.
Wholly tax-exempt interest, received on obligations of
States, Territories, or political subdivisions thereof, the
District of Columbia, or United States possessions, and
from certain obligations of the United States or its instru-
mentalities is reported as item 19, schedule M, page 4,
26
COKPOKATION INCOME TAX RETUKNS FOR 1952
Form 1120 for 1952. The amounts tabulated are less
amortizable bond premium.
Investments. "Investments, Government obligations"
consists of obligations of all governmental units within
the United States, its possessions and Territories. Where
investments are not segregated as between "Government"
and "Other" the entire amount is included in "Other
investments." In table 6, "Investments" is the total
amount of investments, both Government and non-
Government.
Liabilities. See "Assets and liabilities."
Net gain or loss, sales other than capital assets is the
net gain or loss from the sale or exchange of (1) depreci-
able and real property used in trade or business, (2)
short-term noninterest-bearing Government obligations
issued on or after March 1, 1941, on a discount basis,
(3) certain copyrights, literary, musical, or artistic
compositions, or similar properties, and (4) securities by
dealers. (See "Capital gain or loss" for treatment of
certain depreciable and real property used in trade or
business and held over 6 months.)
Net income or deficit is the difference between the
total income and the total deductions reported, exclusive
of the net operating loss deduction.
Net operating loss deduction consists of the net operat-
ing loss carryover reported on the return and does not
take into account a carryback of net operating loss from
a succeeding tax year which may subsequently be made.
The net operating loss is the excess of the deductions
allowed by chapter 1 of the 1939 Code over the gross
income after certain adjustments. A loss 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.
A net operating loss sustained in a taxable year
beginning in 1948 or 1949 could be carried back 2 years,
and carried forward 3 years. For taxable years begin-
ning after December 31, 1949, the carryback period is
1 year and the carryover 5 years.
Number of returns excludes returns of inactive cor-
porations, except in the text table, page 5, and Historical
Table 11 where "Total number of returns" includes
returns of inactive corporations.
Number of subsidiaries consists of the number of
affiliated corporations other than the common parent
corporations which are included in consolidated income
tax returns.
Other assets are those not reported separately on the
return and include sinking funds; other funds; deferred
charges; organization expenses; prepaid and suspense
items; interest, discount, coupons, and dividends receiv-
able; and guaranty deposits. "Other assets" of life
insurance companies includes market value of real
estate and bonds and stocks in excess of book value;
interest, rents, and premiums due; and agents' balances.
Other deductions includes (1) negative amounts re-
ported uniler income, (2) losses by abandonment, fire,
storm, sliipwreck, 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 assess-
ments reported by banks.
Other liabilities includes deferred and suspense items;
accrued expenses; dividends payable; funds held in trust;
borrowed securities; outstanding coupons and certifi-
cates; and overdrafts. "Other liabilities" of life insur-
ance companies includes the net value of outstanding
policies and annuities, and borrowed money. "Other
liabilities" of banks includes deposits (time, savings,
demand, etc.) and bank notes in circulation.
Other receipts includes amounts not elsewhere re-
ported on the return such as: Profit from sales of com-
modities other than the principal commodity in which
the corporation deals; income from minor operations;
bad debts recovered; cash discounts; income from claims,
license rights, judgments, and joint ventures; net
amount under operating agreements; net profit from
commissaries; profit on dealing in futures; profit on
prior years' collections (installment basis) ; profit on
purchase of corporation's 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.
Part year returns are described in text, page 22.
Pension plans include pension, annuity, stock bonus,
profit-sharing, or other deferred compensation plans,
contributions to which are deductible by the employer
under section 23 (p) of the 1939 Code.
Rents received consist of gross amounts. Deprecia-
tion, repairs, interest, taxes, and other expenses, which
are deductible from gross rents, are included in the l
respective deduction items. 1
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.
Returns with no net income are those returns with
total deductions (exclusive of the net operating loss
deduction) equal to or exceeding total income.
Royalties consists of gross amounts received. Deple-
tion based on royalties is reported in deductions.
Surplus and undivided profits consists of paid-in or
capital surplus and earned surplus and undivided
profits. In table 6 the amounts tabulated for this item
CORPORATION INCOME TAX RETI^RNS FOR 1952 27
also include surplus reserves. "Deficit" consists of covenant bonds, and (6) unidentifiable amounts of
negative amounts of earned surplus and undivided taxes reported in "Cost of goods sold" and "Cost of
profits. operations."
Taxes paid excludes (1) Federal income and excess Total compiled receipts excludes nontaxable income
profits taxes, (2) estate, inheritance, legacy, succession, other than tax-exempt interest on certain Government
and gift taxes, (3) income and profits taxes paid to a obligations. For items included, see table 3 or His-
foreign country or possession of the United States if torical Table 13.
any portion is claimed as a tax credit, (4) taxes assessed Unused excess profits credit adjustment. See "Excess
against local benefits, (5) Federal taxes paid on tax-free profits income and credits."
366266 O - 55
TABLES FOR CORPORATION INCOME TAX
RETURNS, 1952
Page
1 . Number of returns, net income or deficit, taxes, and dividends paid —
all returns, by States and Territories (not prepared for 1 952) .... 30
2. Number of returns, total compiled receipts, net income or deficit,
taxes, and dividends paid — all returns, by major and minor in-
dustrial groups 31
2a. Number of returns, net income, selected excess profits data, and
taxes — returns with excess profits net income over $25,000, by
major and minor industrial groups 36
3. Receipts and deductions — all returns, by major industrial groups . . 42
4. Assets and liabilities, receipts and deductions — returns with
balance sheets, by major industrial groups 54
4a. Assets and liabilities, receipts and deductions — consolidated returns
with balance sheets, by industrial divisions 70
5. Assets and liabilities, receipts and deductions — returns with bal-
ance sheets, by total assets classes 72
5a. Assets and liabilities, receipts and deductions — consolidated re-
turns with balance sheets by total assets classes 74
6. Selected assets, liabilities, and receipts — returns with balance
sheets, by total assets classes and major industrial groups 76
7. Number of returns, net income or deficit, taxes, and dividends paid —
all returns, by net income and deficit classes and industrial
divisions 102
8. Type of tax liability — all returns, by net income and deficit classes. 1 04
8a. Number of returns, net income, selected excess profits data, and
taxes — returns with excess profits net income over $25,000, by
method of excess profits credit computation and net income
classes 105
9. Dividends received and interest received on Government obliga-
tions— all returns, by net income and deficit classes 108
1 0. Dividends paid — all returns, by net income and deficit classes .... 1 09
29
30
CORPORATION INCOME TAX RETURNS FOR 1952
Table 1.— NUMBER OF RETURNS, NET INCOME OR DEFICIT, TAX, AND DIVIDENDS PAID— ALL RETURNS BY STATES AND TERRITORIES
This table is not prepared for 1952- Table was published in
Statistics ol Income lor 1951. Part 2, and will also be published
in Statistics ol Income lor 1953, Pari 2.
CORPORATION INCOME TAX RETURNS FOR 1952
31
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32
CORPORATION INCOME TAX RETURNS FOR 1952
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54
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4.-ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS
PART I. -ALL RETURNS fflTH BALANCE SHEETS
RETURNS, ASSETS, LtABILITIES, RECEIPTS, DEDUCTIONS. COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT. TAXES. AND DtVIDENDS PAID
Major Industrial groups
All
Industrial
groups
Agriculture, forestry, and fishery
Total
agriculture,
forestry,
and
fishery
Farms and
agricul-
tural
services
Forestry
Fishery
Mining and quarrying
Total
mining and
quarrying
Metal
mining
Anthra-
cite
mining
Bituminous
coal and
lignite
mining
Crude petro-
leum and
natural gas
production
Nonmetallic
mining and
quarrying
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations ( less amor-
tlzable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other Interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 55)....
Net Income or deficit (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 6l).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(1)
(2)
(3)
U)
(5)
(6)
(7)
(8)
(9)
(10)
3,904
(ThotisBtid dollara)
79,597,257
142,776,720
1,875,458
64,520,152
120,302,617
132,511,693
243,859,223
84,283,341
9,970,099
14,485,302
721,864,264
35,327,181
20,996,125
30,628,003
330,406,468
15,831,0961
85,365,302
13,471,933
146,463,517
7,125,366
721,864,264
424,669,963
73,694,733
1,917,749
115,007
278,351
7,097,239
4,008,531
526,660
24,528
1,311,692
466,590
2,325,478
54^,420
3,030,198
525,011,139
326,886,742
44,710,198
8,282,246
4,406,438
5,017,115
928,879
4,948,830
11,572,804
396,085
9,492,670
2,112,882
827,309
4,976,661
2,538,428
627,675
314,102
58,465,344
486,504,408
38,506,731
38,228,380
381,057
17,464,824
1,537,527
19,002,351
19,504,330
11,196,079
1,360,145
190,547
259,613
2,569
331,783
95,883
222,004
1,350,549
528,783
364,710
71,235
2,355,072
196,990
137,500
331,369
128,889
45,087
781,856
110,362
709,366
136,847
2,355,072
1,938,096
455,701
2,150
65
271
4,584
16,988
8,626
626
37,049
2,680
6,641
3,435
23,162
2,500,074
1,458,599
236,067
56,001
41,990
44,088
2,888
19,384
42,494
1,131
82,399
4,719
124
13,083
3,523
657
1,262
351,747
139,413
139, U2
7,022
74,967
1,791
76,758
58,122
3,792
176,608
240,601
2,436
323,027
85,357
204,905
1,247,302
495,233
346,712
67,741
2,194,534
175,714
175,532
301,905
114,985
41,869
715,234
108,864
660,604
100,223
2,194,534
1,873,579
419,687
1,983
65
263
4,313
16,362
8,287
589
27,787
1,393
6,485
3,434
22,129
2,391,366
1,408,797
215,733
53,058
41,578
42,353
2,822
18,259
39,807
1,095
79,683
2,737
124
12,890
3,492
647
1,245
337,516
129,525
129,257
6,522
70,913
1,728
55,712
3,792
9,227
10,707
(3)
5,549
5,887
13,731
64,415
20,969
14,500
1,116
104,100
12,665
7,101
19,729
12,018
1,871
45,601
1,040
32,726
28,651
104,100
29,032
12,442
105
186
477
339
37
1,278
114
24,999
8,356
1,205
50
98
21
536
1,491
18
609
1,831
99
29
(=)
(')
3,342
10,767
10,767
231
3,438
50
3,488
7,279
2,120
4,812
3,305
70
3,207
4,639
3,368
38,332
12,531
3,498
2,378
56,438
3,611
4,867
10,235
1,886
1,347
20,971
458
16,036
7,973
56,438
30,485
23,572
(=)
42
1
467
24,303
11,973
1,733
362
1,637
45
589
1,196
18
2,607
101
I')
{')
10,889
'879
*882
269
616
13
'1,503
290
970,259
1,437,743
14,593
802,778
899,832
1,449,383
U, 316,189
5,238,786
130,845
280,367
12,034,027
968,116
353,080
1,332,506
948,748
309,723
2,267,546
341,703
5,472,525
459,920
12,034,027
7,641,933
1,457,163
14,635
126
344
15,161
29,034
50,412
1,542
75,256
9,111
85,762
8,515
55,892
4,846,738
970,596
103,621
49,075
135,395
9,537
68,122
268,915
4,480
433,334
702,607
10,207
12,867
103,814
13,972
4,506
763,998
973,102
972,753
9,018
439,616
14,096
469,390
613,420
41,373
181,396
261,721
522
183,346
396,482
330,103
1,866,510
945,819
23,918
82,783
2,379,918
208,050
24,693
282,672
251,282
50,019
432,925
46,957
1,157,104
83,784
2,379,918
1,241,331
37,652
5,804
(')
111
2,609
2,723
3,660
(')
7,793
136
27,431
5,115
5,712
1,340,135
764,664
26,159
5,905
4,195
13,895
37
4,046
44,614
264
34,295
105,374
5,057
151
7,731
790
390
93,598
1,117,236
222,899
222,788
512
100,795
2,471
139,928
3,229
27,473
58,514
2,124
43,539
22,496
116,301
470,338
265,954
6,437
20,327
497,847
52,031
13,515
53,134
31,992
19,276
137,735
12,671
189,937
17,544
497,847
334,221
104,029
454
14
4
555
5,697
3,422
(5)
U,388
2
1,909
464,189
288,830
77,972
4,477
2,811
8,394
140
1,957
11,581
129
11,518
5,337
354
1,917
7,247
1,524
45
30,262
7,983
7,979
501
3,136
3
4,844
13,257
175,235
305,100
2,362
120,475
177,545
220,138
1,959,442
397,115
16,853
53,267
2,129,578
162,134
42,532
281,855
128,415
67,719
379,581
78,123
1,015,067
25,858
2,129,578
1,945,414
262,858
2,863
17
160
3,243
9,580
2,592
20, 506
574
8,063
180
13,667
2,269,730
1,487,237
197,646
20,879
9,432
47,534
1,751
11,416
43,201
350
33,291
57,410
1,515
2,593
65,549
7,941
813
155,941
2,200,299
59,431
69,271
1,504
35,206
257
35,473
51,537
4,021
469,043
555,183
6,634
370,449
245,937
705,050
6,128,292
2,716,057
56,899
96, 560
6,014,722
481,054
229,387
1,134,965
467,390
142,153
1,071,105
145,293
2,653,392
310,028
5,014,722
3,152,584
976,203
4,557
90
24
8,057
3,383
39,058
1,464
40,188
8,066
37,583
3,217
28,140
4,317,514
1,721,862
602,152
45,293
27,400
25,752
5,703
45,729
138,715
1,852
252,349
476,755
2,058
4,754
20,637
2,780
2,554
373,200
558,059
558,035
5,617
293,438
8,703
260,918
359,678
31,625
(11)
117,112
145,230
2,951
84,959
57,372
77,796
891,607
413,841
26,733
25,930
1,011,962
64,797
42,953
74,870
59,669
30,546
246,199
58,559
446,975
22,706
958,333
106,421
1,007
3
45
697
2,651
1,680
69
4,314
291
1,292
1
6,454
584,095
66,657
27,067
5,236
34,820
1,856
4,954
25,804
1,375
51,931
55,131
1,113
3,342
2,550
337
703
110,997
976,538
104,730
104,685
884
52,041
2,652
49,020
2,498
See footnotes at end of table. See p. 24 for "Explanation of Terras" and p. 23 for "Description of the Sample and Lijnltatlons of CBta."
CORPORATION INCOME TAX RETURNS FOR 1952
55
Table 4.-ASSETS AND UABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROU PS-Continued
PART I^ALL RETURNS WITH BALANCE SHEETS-Continued
RETURNS, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME. OR DEFICIT, TAXES. AND DIVIDENDS PAID
jonatmctlon
Major industrial groups-Continued
Manufacturing
Total
manufacturing
Beverages
Food and
kindred
products
Tobacco
manufactures
Textile^nill
products
Apparel and
products
made frcm
fabrics
Lumber
and wood
products,
except
furniture
Furniture
and
fixtures
Paper and
allied
products
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
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, coniroon^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts;
Gross sales
Gross receipts from operations
Interest on Government obligations (less aroor-
tlzable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Otiier receipts
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 pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 55)....
Net income or deficit (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 6l).
Dividends paid:
Cash and assets ot.her than own stock
Corporation's own stock
(12)
(13)
(U)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
29,433
113,711
5,543
(Thtmaand dollars)
917,708
3,388,764
16,333
793, 379
169,024
503,700
2,188,875
956,861
104,148
214,745
7,307,149
1,382,234
522,146
713,243
1,707,716
95,135
940,235
148,038
1,938,688
140,286
7,307,149
1,039,347
13,765,107
2,567
39
369
6,105
39,901
1,526
901
42,203
4,255
12,923
1,922
130,182
15,047,347
839,848
11,499,594
467,867
53,157
76,255
18,458
47,761
156,861
10,517
233,933
4,770
749
33,846
22,304
8,530
2,741
974,585
14,748,241
27,414,309
507,063
41,800,500
11,880,827
14,040,762 265,983
98,378,201 2,070,335
42,838,887 726,211
348,059
479,308
11,666
1,262,579
153,452
2,133,325
3,131,922
170,282,137
16,210,035
6,572,880
19,372,109
18,630,854
6,846,163
31,883, 4B8
6,402,843
65,648,932
1,285,167
170,282,137
250,576,102
4,643,537
208,333
1,943
4,281
196,964
335,297
201,257
4,078
470,577
11,063
920,325
393,671
1,001,854
258,969,287
14,451,731
595,566
595,197
26,234
277,702
25,993
303,695
291,871
74,713
29,745
187,213,498
2,661,194
2,988,255
1,072,211
3,969,148
179,002
991,454
6,150,381
241, 325
4,159,670
1,274,750
518,101
2,855,612
1,653,019
432,593
84,931
22,296,433
238,741,577
20,227,710
20,223,429
151,322
10,063,373
1,284,192
77,386
115,354
383,375
162,929
599,203
349,329
194,848
503,826
89,019
1,805,291
53,741
4,034,579
7,169,434
37,452
2,103
9
155
6,028
5,233
2,207
66
4,600
707
2,732
2,179
31,083
7,263,9
4,537,056
14,371
56,419
16,223
46,895
3,726
30,235
1,078,019
7,217
113, 159
356
1,096
242,631
19,768
6,74*
3,756
660,393
6,843,064
420,924
420,769
5,510
1,127,889
1,8W,796
37,005
3,436,084
527,007
364,577
7,130,558
2,977,887
300,075
237,955
12,570,049
1,046,627
909,613
1,451,094
916,175
771,701
2,530,838
504,943
4,585,293
146,235
124,394
525,664
2,783
1,327,537
11,145
67,610
323,942
142,342
10,417
22,012
12,570,049
35,437,424
114,603
7,254
75
510
19,046
25,813
6,260
217
21,745
846
18,799
26,609
92 ,405
35,771,606
29,557,615
30,507
219,099
98,472
297,662
23,342
106,413
336,919
12,920
367,190
959
836
557,991
33,875
19,762
4,793
2,918,056
1,134,640
1,134,130
11,504
5,664,736
906,829
222,397
15,542
182,985
118, 576
5,094
597,331
31,332
346,587
15,362
62,294
394,829
635,363
201,396
223,397
505,032
44,142
702,384
741
2,768,096
3,631,273
2,456
182
13
41
594
3,223
148
1
1,855
12
4,521
730
9,529
2,130,121
220
9,275
2,283
5,152
243
28,335
979,259
1,022
13,686
124,216
7,418
1,776
94
118, 519
3,421,619
718,810
1,345,220
25,759
2,404,735
356,425
551,957
4,964,991
2,040,636
71,889
136,668
8,484,300
636,492
426,134
723,656
515,976
464, 195
1,613,656
301,206
3,359,767
56,782
8,484,300
12,673,073
216,205
6,068
40
704
8,719
17,053
4,133
281
18,220
1,124
13,666
2,071
62,736
13,024,098
401,724
910,764
19,244
1,283,791
72,331
183,582
669,193
276,134
22,055
67,166
3,315,223
645,335
280,
217,
285,
162,
702,
52,
1,064,
96,
8,652,840
314,241
1,102
500
84
1,853
7,607
5,817
16
3,452
477
3,119
136
25, 698
9,016,942
308,231
544,360
11,217
374,073
203,999
266,395
2,206,326
826,601
74,035
109,412
3,754,563
233,787
212,321
300,617
284,206
76,660
876,901
33,721
1,695,490
59,140
3,754,563
5,296,202
95,262
99
3,986
9,579
3,499
441
171,353
1,658
6,024
(')
35,752
5,628,537
10,563,786
146,338
168,623
43,742
128,287
6,269
54,571
185,463
12,456
215,234
274
1,351
75,443
38,364
18,082
12,546
339,258
12,510,142
282,964
282,923
160
144,409
15,304
123,251
97,101
513,956
513,252
7,876
305,143
11,114
316,257
197,699
185,817
18,934
7,030,279
252,733
255,723
77,782
16,069
7,972
24,051
99,990
6,369
47,229
53
144
76,133
19,187
9,447
1,945
920,902
170,934
170,850
9,287
97,566
3,297
35,197
8,425
4,162,045
66,750
103,323
16,091
44,941
7,835
21,356
83,153
4,256
118,664
160,005
2,140
18,889
9,020
3,193
1,732
431,059
5,260,462
368,125
368,026
2,952
157,303
4,989
162,297
176,295
332,897
10,679
506,384
78,949
60,747
668,993
234,727
23,962
31,465
1,634,786
190,015
79,313
106,986
179,356
51,964
356,549
36,016
663,230
29,143
1,634,786
3,324,352
19,765
1,137
(4
15
1,262
2,621
546
2,035
127
1,227
1,051
13,624
3,367,765
2,491,473
5,788
98,770
24,350
20,646
4,437
9,186
47,994
3,971
37,516
252
230
37,733
10, 143
4,065
274
376,722
3,173,655
194,110
194,095
4,485
100,046
11,556
560,933
695,695
17,919
965,577
604,909
659,603
4,322,038
1,667,852
96,119
176,017
6,395,120
339,411
94,463
876,900
597,615
336,653
1,153,632
230,439
2,732,443
16,486
6,395,120
7,654,147
19,435
12,821
93
130
7,298
7,864
3,802
72
37,663
308
10,486
12,272
35,590
7,802,036
5,338,385
8,552
105,444
30,426
186,644
4,213
32,320
126,226
15,555
169,390
9,730
13,373
39,376
48,830
11,259
1,763
712,243
943,252
943,122
917
477, 519
53,324
205,828
91,140
82,503
32,303
15,097
412,409
200,386
37,008
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
56
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4.-ASSETS AND UABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS-Conlinued
PART I .-ALL RETtlRNS WITH BALANCE SHZETS-Continued
RETURNS. ASSETS. LIABILmES. RECEIPTS, DEDUCTIONS, COMPILXD NET PROFIT OR NET LOSS, fJET INCOME OR DEFlCfT, TAXES. AND DIVIDENDS PAID
Major industrial groups-Continued
Manufacturing-Continued
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 prod-
ucts, except
ordnance,
machinery,
and trans-
portation
equipment
Machinery,
except
transpor-
tation
equipment
and
electrical
Electrical
machinery
and
equipment
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or iDore
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations ( less ajDOr-
tizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts
Deductions:
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
TaxeB paid
Contributions or gifts
Depreciation
Depletion
Amortization
Advertising
Amounts contributed under pension plans
Ajmunts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 leas 55)
Net Income or deficit (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 61).
Dividends paid:
Cash and asseta other than own stock
Corporation's own atock
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
2,836
10,519
10,500
(Thouaand dollars)
6<7,315
1,038,212
37,962
634,468
327,603
653,873
2,733,267
995,147
133,204
176,516
5,411,349
528,661
170,955
472,542
722,809
293,575
887,830
195,089
2,247,489
107,601
5,411,349
7,122,796
672,861
6,118
189
383
4,949
18,376
12,547
(=)
9,538
1,136
19,555
4,530
52,012
7,925,020
4,873,335
374,773
261,544
81,673
39,208
23,760
25,445
112,118
11,607
121,673
262
195
50, 319
43,264
8,113
3,878
1,280,724
7,311,891
613,129
612,746
8,134
298,509
24,957
132,570
33,090
1,355,681
1,917,135
48,944
2,938,440
1,499,942
1,772,167
9,822,178
3,997,464
178,896
294,660
15,732,691
1,050,738
481,217
2,181,005
1,680,613
915,137
2,586,129
467,166
6,471,127
100,441
15,732,691
17,463,987
74,537
26,710
67
529
21,508
15,436
31,503
357
27,538
208
117,938
38,573
61,614
11,339,519
24,187
182,886
62,745
337,141
12,496
91,240
240,560
27,726
447,831
43,689
84,100
508,551
136,523
30,714
5,236
2,070,181
15,645,325
2,235,180
2,234,651
6,694
1,110,636
158,169
706,629
96,486
1,413,866
2,853,633
33,997
2,530,331
1,729,173
3,599,588
20,584,422
9,924,380
336,766
231,573
23,326,025
1,891,520
208,592
3,270,908
886,361
306,055
6,861,461
1,111,397
8,322,785
33,054
23,326,025
22,939,676
805,655
30,073
12
120
21,639
121,902
44,042
1,294
40,370
231
534,167
123,320
144,335
24,806,336
17,271,634
424,224
41,638
184,938
407,927
9,075
91,623
540,807
10,011
645,603
910,374
40,900
111,151
208,241
47,293
1,606
2,102,817
23,049,862
1,756,974
1,756,854
4,310
648,286
11,443
1,166,332
264,839
229,776
710,133
13,678
828,448
178,726
155,137
1,470,458
738,197
23,203
23,925
2,867,936
263,611
33,940
593,829
340,905
168,179
340,116
151,508
980,665
4,817
4,773,451
9,587
4,102
3,519
3,334
3,644
25
2,856
25
16,462
33,713
11,384
4,862,612
3,528,677
(')
28,289
18,574
82,429
4,096
18,773
120,464
5,858
68,602
63
4,006
57,125
29,683
2,317
2,938
510,716
4,483,111
379,501
379,497
823
189,885
27,951
33,000
10,419
165,139
374,613
8,274
543,962
46,227
123,011
431,516
210,720
14,369
27,112
1,506,955
187,801
89,809
128,222
116,355
69,321
305,366
63,997
567,876
21,792
3,235,061
26,618
10
1,043
1,978
370
18
1,306
28
1,159
23
13,374
3,281,653
2,622,272
22,240
68,520
21,201
19,825
2,429
9,968
44,636
2,903
24,679
383
35
35,918
9,022
3,341
1,580
274,605
3,163,557
113,096
118,036
5,549
61,276
4,032
31,369
3,115
433,224
606,676
13,239
766,763
406,699
251,379
3,037,647
1,306,885
75,318
77,507
4,390,089
313,853
99,340
393,893
439,454
136,967
1,012,657
164,232
1,857,863
33,170
4,390,089
5,485,789
21,191
6,848
54
348
2,658
5,568
5,191
107
12,336
124
9,098
10,648
26,380
5,586,840
3,667,700
10,122
95,874
20,694
133,509
5,331
18,335
93,617
6,741
142,211
40,135
21,941
43,331
35,615
8,296
2,120
594,219
4,939,841
646,999
646,651
2,787
328,387
43,754
274,858
164,983
13,896
1,424,015
1,863,095
38,621
3,067,311
1,167,011
1,237,733
14,853,857
7,065,456
175,674
285,150
16,969,774
1,514,403
371,168
2,875,475
1,585,227
889,050
3,181,308
481,881
6,092,589
21,327
16,969,774
19,574,206
573,622
29,436
123
177
28,894
22,847
6,475
79
23,933
194
50,388
16,326
43,019
20,374,719
14,637,654
334,060
138,184
65,763
981,200
6,706
137,955
345,928
21,693
436,133
98,533
184,795
53,306
244,197
51,418
22,690
916,307
1,698,147
1,697,970
3,054
859,256
94,541
953,797
744,350
478,389
57,638
816,061
1,351,648
37,354
2,243,274
358,960
375,164
3,640,003
1,496,792
126,062
162,081
7,539,107
708,898
309,142
599,199
807,501
281,302
1,461,487
239,540
3,194,694
62,656
7,539,107
12,314,236
91,448
5,997
143
129
4,252
14,851
5,358
120
21,654
798
13,750
15,854
78,667
12,567,257
9,051,935
55,820
304,449
55,892
183,069
11,266
37,736
181,415
13,704
190,390
230
15,021
125,619
78,238
21,460
3,339
1,228,388
1,009,286
1,009,157
12,431
503,329
53,776
557,605
451,681
211,425
85,196
1,571,517
2,999,065
63,919
5,222,619
1,029,493
799,914
6,241,207
2,642,456
162,065
263,026
15,582,531
1,533,614
636,345
1,666,466
2,031,566
537,658
2,797,306
733,487
5,694,582
98,493
15,582,531
21,470,171
424,527
12,955
159
447
18,453
18,545
29,711
214
19,570
1,839
20,772
25,393
99,655
15,005,806
65,626
360,986
84,580
335,580
15,317
88,238
350,786
30,322
355,957
1,919
41,745
200,440
177,364
47,047
6,282
2,571,731
2,402,185
2,401,738
20,265
1,218,767
209,347
1,428,114
974,071
437,997
83,541
747,229
2,127,315
25,582
3,121,784
902,646
836,250
3,059,482
1,164,923
75,450
151,093
9,830,744
1,388,318
363,590
913,125
1,891,078
215,755
1,455,750
398,726
3,306,503
102,101
9,330,744
14,669,529
72,707
10,848
46
75
11,742
10,237
17,567
579
13,860
240
24,530
17,567
52,087
10,647,635
20,957
138,547
52,371
172,136
8,691
51,017
320,917
16,265
190,440
1,793
22,652
220,098
168,882
44,706
3,025
1,252,197
13,332,329
1,569,285
1,569,210
16,101
801,087
163,652
964,739
314,544
30,805
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
57
Table 4.-ASSETS AND LUBILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRUL GRO UPS-Continued
PART I. -ALL RETURNS WITH BALANCE SHEETS-Continued
RETURNS, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OH DEFICIT, TAXE:S, AND DIVIDEINDS PAID
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other Investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
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, coramon^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign t:orporations
Other receipts
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 pension plans
Anounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 55).,.,
Net income or deficit (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 6l).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Major Industrial groups— Continued
Manufacturing-Continued
Transpor-
tation
equipment,
except
motor
vehicles
(32)
Motor
vehicles and
equipment,
except
electrical
(33)
Ordnance
and
accessories
(3-i)
Scientific
instruments;
photographic
equipment ;
watches ,
clocks
(35)
Other
manufac-
turing
(36)
Public utilities
Total public
utilities
(37)
Transpor-
tation
(38)
Communi-
cation
(39)
Electric
and gas
utilities
(■iO)
Other
public
utilities
(41)
(Thtxiaand dollar*)
531,165
1,610,793
5,687
2,i25,240
104,898
174,626
1,694,824
833,219
44,890
143,684
5,891,214
910,0X
490,371
311,475
1,895,605
114,898
569,042
144,921
1,514,007
59,139
5,891,214
8,550,394
935,559
155
4,719
3,664
7,672
(3)
4,435
112
7,096
2,403
33,956
7,180,577
751,845
48,986
29,859
140,813
2,422
34,221
135,790
5,585
71,016
35
27,224
17,744
46,797
19,605
2,524
444,142
592,716
592,561
11,796
1,068,649
1,893,128
12,634
2,856,006
1,803,879
782,863
5,897,858
2,469,833
89,155
272,521
12,186,592
1,729,068
312,191
460,464
2,101,499
412,617
1,075,480
740,635
5,427,677
73,039
12,186,592
19,708,022
33,310
33,410
284
101
18,901
7,508
4,615
9,979
85
37,379
51,415
34,327
15,019,131
18,548
63,307
22,388
273,872
2,733
39,970
542,838
11,594
241,859
2,264
38,494
99,619
177,744
48,327
723
910,542
37,445
43,224
924
101,030
26,739
43,768
169,267
84,153
4,052
6,466
346,914
35,428
7,638
65,120
48,398
14,558
30,274
17,876
135,362
7,740
346,914
435,624
10,881
13
272
1,836
317
(')
1,204
11
527
2,227
453,404
2,425,472
2,425,371
3,625
312,786
67,519
103,539
33,627
1,246,490
221,453
1,467,943
564,143
17,017
322,621
417
4,670
1,275
11,499
98
2,819
9,051
905
7,736
1,339
251
2,625
6,120
448
58
26,695
398,627
54,777
54,764
1,126
196,380
587,533
10,148
829,831
182,295
121,934
1,020,170
447,806
24,691
42 ,951
2,547,836
216,683
164,763
247,103
407,869
86,905
445,993
82,113
911,962
15,555
2,547,836
3,518,919
12,017
2,680
22
24
2,880
3,219
3,421
28
4,556
22
3,066
6,093
17,236
3,574,183
2,331,857
4,800
59,730
18,550
51 ,939
3,246
15,843
81,364
7,381
55,698
112
8,055
70,076
35,537
16,514
106
430,755
338,894
683,342
19,328
1,029,733
103,319
192,396
1,265,669
519,066
43,592
77,608
3,195,659
344,069
223,509
281,762
345,641
122,601
629,956
68,635
1,265,129
85,643
3,195,659
5,425,491
54,548
1,513
32
28
2,749
6,503
2,407
34
15,469
751
3,864
2,739
25,164
5,541,297
3,191,568
27,466
5,894
21,417
13,882
267
382,615
382,591
3,485
194,082
33,670
81,316
49,980
3,902,380
23,265
173,469
42,339
52,705
7,744
21,299
38,062
4,764
77,724
1,990
4,417
87,223
19,137
8,161
1,918
705,257
3,502,941
3,741,292
38,713
2,352,247
2,829,535
7,707,254
83,510,794
21,654,354
660,991
2,429,243
90,041,235
3,097,728
1,013,677
33,061,641
6,835,425
4,786,965
22,371,847
1,242,521
13,532,424
950,993
90,041,235
339,170
36,871,837
48,177
236
952
106,456
431,064
12,430
933
103,351
5,812
243,880
18,311
164,630
38,347,839
237,338
22,827,269
318,716
369,059
60,035
43,060
1,138,041
2,225,558
21,545
2,369,040
49,205
287,181
128,929
347,324
89,615
23,760
2,412,627
2,225,388
2,101,639
9,755
1,097,398
1,565,643
4,279,911
38,621,162
10,655,499
248,254
1,534,045
41,003,241
2,142,349
369,753
12,963,371
3,519,648
1,404,205
8,949,440
600,478
11,882,252
823,255
41,008,241
167,147
21,883,625
28,317
223
457
61 ,280
371,819
7,494
818
90,083
2,769
93,194
3,161
135,837
241,457
632 ,465
5,521
215,809
750,530
1,526,496
14,419,405
3,961,707
27,382
213,572
14,059,888
203,213
90,512
4,539,414
1,301,541
250,479
5,544,413
60,453
2,093,315
23,457
14,059,888
22,851,224
33,448,302
314,443
314,415
3,451
160,912
17,526
178,438
62,561
13,105
4,899,537
4,898,585
36,113
2,431,978
40,064
2,472,042
1,903,577
50,380
118,913
15,196,673
241,031
733,027
43,879
13,693
435,947
1,094,947
7,332
1,032,074
18,521
259,606
77,371
60,433
23,023
7,012
1,511,532
1,915,600
1,915,143
19,491
956,673
26,747
476,037
26,930
37,117
5,560,244
9,239
6
52
9,850
33,237
1,764
87
5,811
2,530
98,745
1,607
7,377
5,767,666
28,713
2,963,927
29,880
33,304
6,129
16,132
153,090
383,445
4,027
468,650
5
391
29,709
170,447
41,349
716
392,804
997,986
968,756
22,619
1,016,790
494,242
1,851,461
34,289,321
6,801,540
367,479
656,884
33,818,760
719,516
497,891
15,065,669
1,981,129
3,040,774
7,629,893
570,053
4,390,802
76,967
33,318,760
132,536
9,196,263
10,274
6
369
34,846
24,866
2,661
27
6,075
396
45,452
13,543
18,409
9,485,723
4,772,718
994,948
994,896
2,711
478,227
4,012
445,033
1,995
87,831
4,561,722
42,307
49,743
3,194
8,037
480,371
724,822
9,463
846,095
30,505
27,161
21,650
115,318
24,862
15,704
486,571
38,110
38,382
318
22,250
19,115
49,386
1,130,906
235,608
17,876
24,747
1,154,346
32,650
55,521
493,187
83,107
91,507
248,096
11,537
166,055
27,314
2,370
231,755
347
1
74
480
1,142
561
(3)
1,882
117
1,439
7,535,361
1,950,362
1,949,993
13,610
979,106
9,115
988,221
967,483
20,390
1,876
104,947
5,498
2,980
1,833
198
13,633
22,344
173
22,221
174
23
199
1,071
381
328
21,720
204,599
38,627
38,553
301
17,972
190
20,024
1,065
See footnotes at end of table. See p. 24 for "EScplanation of Terms" and p. 23 for "Description of the Sample and Limitations of Ebta."
58
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4.-ASSETS AND UABIUTIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS-Contiuued
PAST I. -ALL RETURNS WITH BiOJUICE SHEETS-Continued
RETURNS. ASSErre, LIABILITIES, RECEIPTS. DEDUCTIONS. COMPILED NET PROFIT OR NET LOSS. NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Major industrial groups-Continued
Trade
Total trade
Total
wholesale
Commission
merchants
Other
wholesalers
Total
retail
General
merchandise
Apparel
and
iccessories
Furniture
and house
furnishings
Automotive
dealers and
filling
stations
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
"Kjtal 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^
Surplus reserves
Surplus and undivided profits
Less: Def ici t
Total liabilities
Receipts:
Cross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts
Deductions:
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on business properly
Repairs
Bad debts
Interest paid
Taxea paid
Contributions or gifts
Depreciation
Depletion
Amorllzallon
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total complied deductions
Compiled net profit or net loss (37 less 55)
Net Income or deficit (56 less 27)
Net operating loss deduction
Income tax
Excess prof I ts tax
Total tax
Complied net profit leaa total tax (56 leas 61),
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(42)
(13)
(«)
(45)
(i6)
(■47)
(18)
(19)
(50)
(51)
10,937
22,590
(Thousand doltara)
6,023,122
15,829,709
165, 110
17,802,037
1,369,670
3,799,050
11,176,570
5,642,222
1,311,089
1,287,556
55,791,711
,226,172
,571,902
,651,158
,737,681
,730,108
,171,571
,716,612
863,631
55,791,711
161,383,853
2,713,111
21,186
101
1,873
136,335
266,995
19,150
6,039
116,023
12,066
83,559
55,762
1,213,181
166,063,131
131,201,759
1,203,737
2,700,021
1,610,107
393,865
253,117
382,757
1,119,213
68,073
1,012,519
23,175
7,368
1,554,571
218,361
13,763
21,136
19,193,761
161,675,911
1,387,520
1,385,647
64,207
2,118,773
107,131
2,225,907
2,161,613
989,257
162,113
2,625,935
8,516,773
175,792
8,171,636
603,988
2,171,538
1,623,178
1,769,889
325,856
182,837
25,579,360
5,631,171
2,531,116
1,932,112
1,859,911
665,978
1,596,182
189,038
8,232,119
362,203
25,579,360
80,699,121
1,822,259
10,032
175
311
56,711
68,592
11,411
2,441
46,746
3,765
46,637
45,056
459,519
83,276,172
70,617,069
798,318
1,183,716
299,002
122,525
91,160
185,339
561,000
26,991
310,281
18,528
5,408
390,070
79,122
17,880
6,369
6,665,979
81,111,760
1,864,412
1,864,098
27,109
889,986
.46,677
936,663
387,921
92,116
338,127
861,120
15,829
171,366
77,174
306,031
207,881
66,091
13,781
12,837
560,512
154,641
131,525
115,991
15,656
307,811
31,298
600,607
11,077
3,793,716
720,181
1,279
6
15
9,761
5,562
1,552
169
5,981
210
8,269
1,069
13,382
3,539,682
180,113
139,336
25,211
3,159
5,917
12,136
19,875
1,906
15,292
513
337
25,778
7,965
1,111
109
481,197
1,160,810
130,688
130,643
3,021
58,620
3,272
61,892
23,635
7,368
2,287,508
7,655,353
159,963
8,003,270
526,811
1,865,507
4,115,597
1,703,798
312,075
110,000
23,642,363
5,070,962
2,379,772
1,800,587
1,713,923
620, 322
1,288,611
157,710
7,631,512
321,126
23,612,363
76,905,678
1,101,775-
8,753
169
269
16,980
63,030
12,879
2,272
10,762
3,555
38,363
13,987
116,167
67,077,387
613,205
1,011,380
273,788
119,066
85,213
173,203
541,125
25,085
321,992
18,015
5,071
361,292
71,157
16,169
5,960
6,181,182
1,733,721
1,733,155
21,085
831,366
43,405
364,286
84,748
3,100,772
6,367,966
262,112
8,598,626
732,347
1,425,759
8,873,520
3,462,329
888,097
713,916
27,011,562
3,608,504
1,137,951
2,363,310
2,539,998
971,771
5,131,109
623,101
10,424,714
439,199
27,011,562
72,662,197
705,934
13,788
183
379
74,536
178,138
3,354
3,305
60, 187
7,727
33,050
10,251
715,505
51,191,319
316,173
1,336,588
1,261,880
217,833
115,737
175,913
763,568
38,157
630,832
3,131
1,611
1,078,912
130,812
23,809
13,955
11,751,318
72,141,971
2,323,866
2,323,187
32,218
1,139,133
55,156
559,169
63,012
525,727
312,161
6,189
978,573
47,890
146,077
1,560,781
591,187
87,662
110,833
3,202,031
626,961
91,170
312,883
275,233
193,952
538,823
71,115
1,103,266
17,672
3,202,031
17,530,898
32,561
782
9
93
4,862
12,752
675
221
8,393
164
2,938
3,811
31,672
11,316,721
15,161
100,799
156,037
55,691
8,515
19,180
120,988
6,317
123,782
189
11
95,091
31,621
9,711
1,799
2,216,779
321,376
321,283
2,707
161,861
9,681
119,323
78,083
8,152
901,792
2,137,005
110,738
2,551,174
453,128
176,875
2,739,757
1,061,851
310,721
225,833
8,623,696
946,576
203,101
656,162
827,410
112,576
1,519,515
330,875
3,721,685
27,837
8,623,696
16,557,918
67,358
8,007
88
65
23,203
71,536
298
42
10,179
221
12,918
5,931
171,695
10,923,199
15,363
113,558
320,750
65,960
29,717
12,127
212,838
13,332
113,191
595
37
111,293
75,791
1,191
3,590
3,503,923
15,910,138
1,025,021
1,021,959
3,041
520,890
30,031
299,111
12,160
301,181
569,458
16,715
937,269
59,152
161,036
693,716
297,015
33,457
67, 388
2,508,927
157,773
108,173
220,117
207,552
109,239
198,328
25,396
913,213
60,899
2,508,927
5,502,066
55,314
1,567
6
35
2,390
25,137
87
51
1,706
272
1,470
173
92,139
5,686,046
3,633,965
21,062
153,003
279,875
15,090
17,010
12,176
62,586
3,630
51,939
21
188
117,388
5,501
1,671
965
1,121,923
5,512,379
113,667
113,632
3,917
68,225
1,623
31,131
3,627
121,610
819,953
30,192
515,735
24,163
87,718
268,334
112,411
28,583
42,582
1,829,160
245,352
173,539
116,077
263,778
51,077
399,292
10,914
559,308
50,177
1,829,160
2,952,259
62,362
7,530
5,329
18
39
2,314
413
1,167
1
134,617
3,166,716
1,922,801
23,610
126,970
76,912
9,135
22,344
14,149
37,326
1,922
23,552
9
202
102,709
1,709
669
713
730,902
3,096,467
70,279
70,263
2,837
14,167
966
45,133
15,878
6,013
630,176
922,329
25,313
1,501,257
70,283
218,063
1,300,032
131,111
223,373
144,513
4,553,904
112,637
153,588
360,168
396,902
56,835
885,893
63,280
1,957,168
12,617
1,553,901
16,297,705
253,727
1,291
39
36
21,715
21,086
393
1,062
15,697
2,759
1,007
130
113,978
15,733,629
13,616,151
110,015
355,021
131,917
35,917
25,703
11,959
108,917
5,923
102,962
222
555
169,072
5,039
3,379
2,140
1,600,393
16,349,348
383,781
383,715
1,217
169,623
4,511
209,647
53,193
14,431
See footnotes at end of table. See p. 21 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data,"
CORPORATION INCOME TAX RETURNS FOR 1952
59
Table 4.-ASSETS AND UABIUTIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS. BY MAJOR INDUSTRUL GROU PS-Continued
PART I. -ALL RETURNS WITH BALANCE SHEETS-Continued
RETURNS, ASSETS, LlABrUTlES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS. NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Major industrial groups-Continued
Tra de-Cont i nue d
Retail— Continued
Drug
stores
Eating and
drinJdng
places
Building
materials
and
hardware
Other
retail
trade
Trade not
allocable
Finance, insurance, real estate, and lessors
of real property
Total finance,
insurance,^
real estate,
and lessors of
real property
Total finance
Banlcs and
trust
companies
Credit
agencies
other than
ban]cs
63
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
fcJaturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tlzable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts
Deductions:
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on business property
Repairs
Bad deb ts
Interest paid
Taxes paid
Contributions or gifts
Depreciation
Depletion
Amortization
Advertising
Amounts contributed under pension plans
Amounts contributed under other en^loyee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 55)....
Net income or deficit (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 6l) .
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(52)
5,299
52,797
1,099
278,719
9,320
33,913
256,179
107,723
6,880
16,409
626,288
102,441
18,149
81,026
49,030
20,796
125,164
12,495
227,880
10,693
626,288
1,734,801
10,4^2
140
3
(=)
7,065
134
967
143
1,615
84
13,312
1,769,402
1,194,958
1,059
47,014
56,374
7,304
685
4,356
23,184
925
18,921
167
11
24,008
2,079
377
377
340,633
46,970
46,967
1,475
21,327
1,227
22,554
11,591
3,132
(53)
(54)
(55)
(56)
(57)
(58)
(59)
13,861
166,749
39, 7U
(JTtouaand dollara)
112,667
59,460
347
83,079
12,227
51,475
700,706
286,751
44,690
43,117
820,323
126,858
51,823
154,359
90,436
24,514
217,660
7,490
230,869
83,666
820,323
2,289,668
69,870
9
379
8,647
300
1,291
3,638
951
1,075
14,728
2,390,790
190,808
684,522
19,039
967,640
24,492
102,871
563,221
240,674
67,711
33,913
292,042
206,131
158,272
141,930
36,857
648,086
26,890
399,227
33,970
2,375,465
4,776,385
38,355
409
15
98
6,627
8,914
1,301
221
9,627
1,553
2,299
55,957
1,250,739
35,337
90,070
113,574
25,728
895
6,380
51,948
1,071
53,290
81
36
18,578
2,093
1,411
2,9U
697,660
2,351,802
38,988
38,979
4,384
25,863
1,716
27,579
10,683
107
3,715,916
23,994
162,031
31,483
14,734
17,181
17,381
51,570
2,388
45,136
1,700
68
34,601
2,448
951
674
611,844
229,593
750,278
22,510
755,130
31,692
U7,726
795,794
330,303
55,015
59,353
2,471,768
397,814
178,672
243,946
287,697
65,925
568,648
41,646
769,068
81,648
2,471,768
5,020,797
115,915
774
13
24
7,136
14,372
118
372
7,636
918
2,561
100
81,107
167,682
167,584
2,543
69,408
2,880
95,394
30,156
8,916
3,586,590
67,509
182,122
94,958
17,944
23,097
17,635
64,211
2,549
65,056
147
470
76,202
4,558
1,149
786
923,761
5,128,744
296,715
944,970
27,206
1,028,775
33,335
201,753
974,572
410,004
97,136
60,773
3,200,819
577,160
203,802
276,480
251,246
99,932
702,217
62,432
1,089,779
62,229
3,200,819
8,021,932
185,218
666
43
1,180
5,058
20,265
1,355
293
9,090
574
3,872
452
68,427
8,318,425
6,396,341
63,946
179,720
76,525
23,507
16,520
21,475
91,645
2,925
71,403
1,513
349
85,559
8,400
2,079
812
1,076,464
8,119,183
52,173,940
89,350,247
806,220
^6,926
102,819,824
103,656,226
21,334,028
4,811,332
4,447,137
6,699,998
374,890,824
3,231,064
7,537,252
13,778,776
296,513,158
1,753,6631
14,665,697
3,825,076
31,316,163
2,790,030
374,890,824
194,627
9,564,963
1,610,400
112,048
269,365
6,618,641
2,621,966
208,446
9,585
416,834
415,898
949,666
54,904
295,211
141,362
35,275
1,122,862
317,338
193,629
400,123
2,206,294
1,026,079
39,875
740,053
53,007
1,750
185,927
146,143
26,942
169,330
9,874,297
123,099
123,075
7,097
55,066
2,468
24,310
6,171
199,242
198,062
4,850
89,354
5,301
104,587
42,167
7,255
257,047,986
1,549,506
6,172,363
5,525,968
213,310,947
1,203,065
8,487,470
3,508,338
18,003,416
1,213,587
257,047,986
114,152
2,030,571
1,203,861
105,561
196,519
4,595,701
164,121
60,044
5,541
274,534
77,139
623,500
51,140
155,248
89,316
31,567
696,307
112,622
40,700
382,213
1,676,117
264,561
26,965
139,064
20,609
554
129,267
113,781
14,136
141,787
2,761,537
45,490,602
73,480,296
597,424
79,704,225
9,481,364
1,715,505
229,665
129,941
1,238,973
210,413,821
77
7,950
194,476,101
50,282
3,926,103
1,508,361
10,467,991
23,060
210,413,821
1,142,951
104,542
192,337
3,236,772
131,980
2,303
1,857
26,676
3,278
23,132
1,489
48,653
6,562,268
5,392,903
56,373
1,702,736
41,953
1,744,689
4,917,579
1,711,534
156,499
3,036,109
2,839,590
12,479
1,013,361
23,281
1,041,642
1,292,232
131,176
499,887
65,396
33,023
159,584
882,703
193, 577
20,373
104,602
245
3
72,122
94,197
11,697
137,410
1,743,070
1,656,290
1,463,953
5,159
668,009
16,463
666,477
969,813
444,169
96,530
(M)
2,011,325
12,167,330
170,629
13,601
1,875,393
15,975,491
438,254
101,838
45,008
253,056
32,505,791
817,113
5,320,091
3,854,410
13,157,303
399,462
1,343,903
1,124,515
1,772,939
237,940
32,506,791
109,302
1,073,693
38,087
277
565
1,255,152
15,789
336
1,029
37,950
2,357
13,644
6,073
51,586
2,605,845
86,894
124,926
35,243
5,065
219,608
733,165
49,634
3,964
23,860
27
481
51,418
14,192
1,443
3,045
763,865
487,774
437,209
4,564
230,569
2,731
233,320
152,766
6,968
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
365266 O - 55 - 5
60
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4. -ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS-Continued
PAKT I^AIL RETOHNS WITH BALANCE SHEEIS-Contlnued
RETURNS, ASSETS, LiABlUTIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OH NET LCSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Major industrial groups-Continued
Finance, insurance, real estate, and lessors of real property-Continued
Finance-Continued
Holding and
other
investment
conipanies
Security and
commodity-
exchange brokers
and dealers
Insurance carriers and agents
Total insurance
carriers^ and
agents
Insurance
carriers^
Insurance
agents and
Real estate,
except lessors
of real
property other
than buildings
Lessors of
real property,
except
buildings
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Govemiaent obligations
Other investments
Gross capital assets (except land)
Less; Reserves
Land
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, KOrtgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, comiiK>n^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations ( less amor-
tizable bond premium):
Wholly taxable
Sub Jec t to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-terra capital loss.
Net long-term capital gain reduced by any net
short-terra capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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
DeprecIa tion
Depletion
Amortization
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 55)
Net Income or deficit (56 less 21)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit leas toUl tax (56 less 61).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(61)
527,646
732,136
17,365
1,626
758,668
9,617,518
447,716
138,262
45,725
150,064
12,125,522
339,512
185,707
1,465,030
782,589
716,193
3,110,345
856,796
5,519,655
850,305
12,125,522
4,773
67,215
15,043
165
1,624
98,033
14,213
76,936
2,036
195,281
3,232
579,481
43,450
41,373
2,866
31,567
22,017
3,673
937
2,122
46,679
13,817
2,167
8,029
20,175
70
1,453
2,189
612
1,204
128,740
288,317
854,538
852,914
2,073
105,444
1,516
106,960
687,342
26,331
(62)
(63)
(64)
(65)
(66)
10,241
8,065
112,256
(Thctiaand dotlmrai
126,884
260,939
2,033
187
815,617
553,492
55,022
28,801
14,034
206, 511
2,001,852
392,865
666,988
198,578
394,954
37,128
102,119
18,665
242,831
52,276
2,001,852
7,780
577
1,993
5,744
2,139
469
619
14,677
68,322
7,243
128
13,636
254,853
56
49,477
8,310
654
699
13,570
7,553
441
2,573
162
4,274
3,203
384
128
125,862
37,507
35,514
653
14,319
566
7,955
1,347
2,787,920
752,361
6,697
9,961
19,227,953
63,596,372
824,182
51,148
21,246
4,168,050
91,330,200
469,679
52,915
52,746
81,207,561
37,152
1,266,013
43,378
8,398,606
197,350
91,330,200
41,571
6,187,644
333,525
5,188
71,868
1,963,593
197,583
3,907
392
15,649
1,147
290,782
2,647
31,113
9,196,609
31,438
642
136,581
67, 566
3,390
7,204
12,353
199,752
4,334
67,769
203
11
19,439
27,701
10,735
2,798
5,807,927
6,399,843
2,796,766
2,724,898
10,330
342,159
8,218
2,446,389
199,689
12,923
2,578,118
310,186
2,884
9,958
19,212,657
63,485,760
716,514
27,131
14,034
4,126,732
90,423,944
12,587
30,483
26,828
81,116,121
19,140
1,160,524
18,993
8,222,279
183,011
90,423,944
41, 571
5,640,865
383,040
5,160
71,845
1,961,932
194,980
3,897
361
14,643
941
285,033
1,772
21,633
8,627,678
31,438
21,959
47,673
2,249
2,597
10,073
190,029
2,942
60,544
187
11,619
23,833
9,669
2,025
5,480,866
5,897,703
2,729,975
2,658,130
8,783
316,905
6,567
323,472
2,406,503
183,267
11,591
209,802
442,175
3,813
3
15,296
110,612
107,668
24,017
7,212
41,318
906,256
457,092
22,432
25,918
91,440
18,012
105,489
24,385
176,327
14,839
906,256
546
779
485
28
23
1
661
2
603
10
1,006
206
5,744
875
9,480
642
114,622
19,893
1,141
4,607
2,280
9,723
1,392
7,225
(')
(=)
7,820
3,853
1,066
773
327,061
66,791
66,768
1,547
25,254
1,651
39,886
16,422
1,332
1,143,891
1,853,915
11,747
1,144
354,081
4,208,140
14,641,395
3,842,570
4,001,566
562,514
22,912,329
1,116,303
1,333,441
11,776,459
1,324,753
387,375
3,591,069
241,065
4,177,155
1,035,291
22,912,329
37,211
1,346,735
21,119
1,203
823
57,455
2,112,689
2,894
3,613
110,319
336,386
31,838
1,002
101,598
4,164,835
19,180
3,060
283,331
131,974
147,468
10,259
480,128
529,318
8,156
518,420
1,059
915
37,126
4,142
1,960
22,485
1,269,262
696,642
695,819
31,482
278,273
7,081
411,283
142,738
11,931
(67)
85,672
103,220
125
407
83,887
223,849
3,211,954
419,047
189,667
120,825
3,600,309
95,576
28,033
1,423,603
174,897
131,071
1,321,145
32,295
736,991
343,302
3,600,309
(5)
1,895
96
155
1,892
147,573
121,601
39
16,282
1,176
3,546
115
7,252
928
6
6,643
5,176
2,071
447
37,696
32,428
420
14,300
31,136
270
95
519
111
2,260
35,571
170,577
132,751
132,596
2,082
63,938
3,373
67,311
76,875
469
See footnotes at end of table. See p. 24 for "Explanation of Tenns" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
61
Table 4.- ASSETS AND UABIUTIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRUL GROUPS-Continued
PART I— ALL RETURNS WITH BALANCE SHEETS-Continued
RETTUHNS, ASSETS, LtAsrUTlES. RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NCT INCOME OR DEFICIT, TAXES, AND DrVlDENDS PAID
Major industrial groups-Continued
Total
services
Hotels and
other
lodging
places
Personal
services
Business
services
Autanotive
repair
services
and garages
Miscel-
laneous
repair
services,
hand trades
Uotlon
pictures
Amusement ,
except
motion
pictures
Other
services,
including
schools
Nature of
business
not
allocable
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less; Reserve for bad debts
Inventories
Investments, Government obligations
Other Investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
Total assets
Liabilities:
Accounts payable
BondSj notes, mortgages payable:
Maturity less than 1 year
Mati^ity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tlzable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other Interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 55)....
Net income or deficit (56 less 27)
Net operating loss deduction
Income tax
Excess prof I ta tax
Total tax
Compiled net profit less total tax (56 less 61).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(68)
(69)
(70)
(71)
(72)
(73)
(74)
(75)
(76)
54,690
5,193
5,623
5,407
5,500
(Thauaand dot Imra)
1,043,371
1,283,707
23,416
601.713
235,237
1,068,819
6,243,693
2,596,977
751,062
308,500
8,915,709
890,341
519,473
1,925,404
916,250
242,121
1,615,487
221,201
3,023,188
437,756
8,915,709
1,501,706
9,160,271
6,927
143
892
12,432
263,918
24,052
678
48,199
5,659
22,428
7,898
112,933
11,168,186
902,406
5,253,981
518,894
361,115
143,976
21,729
93,300
280,395
9,082
428,365
434
1,827
191,431
43,742
11,591
5,484
2,280,718
10,548,470
619,716
618,824
29,836
302,170
22,136
174,244
9,085
142,076
116, 198
4,994
44,561
27,387
142,130
1,981,252
811,358
304,260
65,563
2,007,075
112,567
103,806
755,689
137,077
52,761
335,162
23,259
576,876
90,122
2,007,075
524,470
941,236
2,325
145,914
1,576
171
7,788
1,847
3,640
13
15,208
290,126
353,944
35,828
70,992
59,714
3,360
34,791
74,150
1,806
93,923
155
(=)
26,122
1,858
3,940
565
494,459
1,545,740
101,352
101,335
3,848
48,961
1,629
28,962
618
105,062
131,064
2,904
68,364
16,352
65,177
828,187
375,247
45,985
39,236
921,276
82,878
54,883
137,912
83,307
34,072
238,589
9,977
331,654
51,996
921,276
270,929
1,363,145
290
5
651
656
3,590
993
49
5,016
564
899
6
10,341
146,429
775,319
100,081
51,685
20,096
3,758
8,439
39,055
1,259
61,449
41
50
25,621
1,627
2,277
669
355,838
1,593,693
63,441
62,790
3,908
28,360
1,828
33,253
12,927
1,057
315,480
539,070
7,488
66,916
66,924
311,249
931,212
348,829
27,477
68,354
325,611
89,618
269,346
285,836
58,788
350,118
60,553
639,394
108,899
1,970,365
221,112
2,924,409
1,074
105
156
3,761
35,246
9,089
174
9,734
326
10,206
1,623
22,961
152,211
1,784,118
190,863
56,532
17,872
5,694
12,359
40,016
2,044
92,240
23
151
32,897
24,950
2,126
1,886
641,724
3,057,711
182,765
182,609
7,726
85,996
7,560
43,947
3,969
46, 348
66,340
876
24,644
2,989
23,190
426,740
155,605
55,021
19,389
508,180
50,273
61,814
141,751
38,389
17,030
76,250
5,169
140,585
23,081
508,180
120,102
417,726
228
1
6
1,439
24,798
70
104
822
491
5,857
81,495
213,088
30,643
38,761
7,506
1,476
8,100
15,674
397
58,142
(')
{=)
5,229
294
310
241
83,556
37,718
37,712
1,540
14,319
689
3,130
1,187
23,386
49,650
596
39,049
689
6,166
71,228
23,261
4,423
7,938
183,672
33, §75
14,018
11,787
25,659
984
36,292
3,089
64,631
6,363
183,672
120,412
292,551
1,204
11
74
1,758
69
80,835
200,131
25,123
8,627
3,101
934
1,139
7,441
99
6,207
^')
(=)
4,295
736
1,045
73
62,422
402,298
15,651
15,651
1,562
7,047
631
1,721
209,355
207,453
2,200
319,959
50,362
433,875
1,240,600
602,754
215.955
64,917
2,137,522
169,591
133,029
430,994
185,989
44,577
296,260
77,687
875,860
76,465
81,997
1,680,471
1,162
I')
{')
3,143
33,513
8,109
32
9,906
391
5,434
6,165
34,195
1,869,526
46,344
1,127,903
41,527
74,302
15,773
3,321
19,722
46,514
816
68,424
I')
1,408
62,290
6,255
651
1,185
254,456
98,632
98,632
6,096
51,908
2,537
44,187
56,730
832
107, 146
42,704
698
10,001
34,676
47,271
495,251
185,652
73,497
25,541
649,737
43,921
34,742
125,575
69,236
23,234
174,931
13,304
215,671
51,377
649,737
65,307
689,202
10, 214
2,985
60
2,203
790
765
63
11,417
784,242
35,264
349,703
29,750
35,729
13,981
852
5,462
39,727
1,968
32,080
108
I')
19,188
991
394
468
153,303
65,274
65,264
3,215
36,129
2,407
33,536
16,689
837
89,518
131,228
3,660
28,219
35,858
39,761
269,223
94,271
24,444
17,562
537,882
71,925
27,563
52,350
90,757
10,675
107,885
27,663
178,517
29,453
537,882
97,377
851,531
52
508
4,434
1,219
14
733
350
993
(')
11,196
969,112
69,702
449,775
65,079
24,487
5,933
2,334
3,288
17,818
693
15,900
49
146
15,789
7,031
843
397
234,960
54,883
54,831
1,941
29,450
4,855
34,305
10,138
559
(77)
4,392
26,728
71,331
1,411
3,789
2,735
64,490
60,324
15,139
16,742
11,731
246,370
13,945
40,558
19,270
9,558
109,038
5,618
75,584
60,736
246,370
55,129
32,693
(3)
(')
3,363
711
146
294
2,853
42,194
17,485
6,006
2,086
724
665
1,717
2,908
57
2,802
215
2
390
195
952
17,173
1,899
1,895
932
3,509
168
'1,778
1,426
29
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
62
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4.-ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRUL OROUPS-ConUnued
PART II.-RETURNS WITH MET INCCME
RETURhtS, ASSETS, LCABILITIEZS, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Major industrial groups
All
Industrial
groups
Agriculture, forestrjj and fishery
Total
agriculture,
forestry,
and
fishery
Farms and
agricul-
tural
services
Fishery
Mining and quarrying
Total
mining and
quarrying
Metal
mining
Anthra-
cite
mining
Bituminous
coal and
lignite
raining
Crude petro-
leum and
natural gas
production
Nonmetallic
mining and
quarrying
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investioents
Gross capital assets (except lemd)
Less: Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabl 11 ties
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other Interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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
Anortlzatlon
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Conpiled net profit (37 less 55)
Net income ( 56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax. . . /.
Compiled net profit less total tax (56 leas 61).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(2)
(31
(4)
(5)
(6)
(7)
(8)
(10)
A, 191
(Thousand dollars)
76,115,929
132,843,24i
1,724,093
59,307,233
114,694,212
114,753,720
222,952,871
77,605,942
8,408,932
13,060,228
662,806,334
31,264,914
17,649,357
69,085,904
304,836,948
14,603,530
77,126,918
12,130,672
138,765,398
2,662,307
662,806,334
390,319,825
71,819,076
1,794,782
114,074
272,927
6,260,536
3,414,964
437,030
19,674
1,247,061
399,295
2,305,104
542,913
2,673,568
431,670,829
298,138,335
40,330,920
7,101,830
3,771,336
4,720,732
675,200
3,927,740
10,734,037
393,474
8,556,534
1,980,944
814,498
4,547,546
2,468,359
597,214
201,234
52,351,951
441,312,484
40,353,345
40,085,418
381,057
17,464,824
1,537,527
19,002,351
21,355,994
11,077,193
1,338,850
165,504
204,783
2,101
234,299
91,491
178, 390
1,047,088
432,499
254,171
53,701
1,794,832
137,547
96, 102
171,631
102,730
34,906
596,357
106,520
597,976
48,937
1,794,832
1,596,287
364,777
270
3,516
13,220
8,100
169
33,449
2,042
6,328
3,432
17, 509
1,152,154
168,682
41,950
35,224
36,785
1,974
10,827
34, 369
1,104
62,512
4,350
118
11,665
3,323
605
705
293,596
1,359,943
191,160
190,390
7,022
74,967
1,791
76,758
56,863
3,725
153,543
133,403
2,066
227,443
82,492
170,424
978,095
407,755
243,000
51,673
124,431
83,940
154,936
90,660
32,723
549,100
105,232
564,236
25,061
1,685,252
1,551,766
339,664
1,800
65
267
3,295
12,633
7,812
140
24,324
823
6,183
3,431
16,702
1,115,769
153,623
39,834
34,997
35,802
1,925
10,137
32,465
1,069
60, 597
2,612
118
11,508
3,299
595
691
285,676
1,790,722
173,238
177,971
6,522
70,913
1,728
72,641
54,523
3,725
8,244
9,687
(h
5,415
5,663
5,299
43,253
17,442
9,520
706
75,320
9,932
3,521
14,305
10,549
1,871
36,315
995
20,781
22,949
75,320
27,702
10,664
101
(^)
186
434
288
29
1,219
100
24,183
6,832
929
20
72
11
413
1,196
13
468
1,714
98
29
(=)
(')
2,908
U,050
11,050
231
3,433
50
3,483
7,562
2,032
3,717
6,693
(^)
1,441
3,336
2,667
20,735
7,302
1,651
1,322
34,260
3,184
3,641
2,340
1,521
307
10,942
293
12,959
927
34,260
16,819
14,449
(=)
40
1
360
32,154
12,202
3,172
1,187
207
911
38
277
703
17
1,447
24
(=)
(')
(3)
5,012
30,282
1,372
1,369
269
616
13
263
805,225
1,198,561
10,046
670,136
783,418
1,215,606
3,551,397
4,101,636
89,919
192,092
9,394,722
689,325
216,808
1,071,210
801,449
239,431
1,647,113
257,430
4,645,540
173,634
9,394,722
6,503,920
1,131,355
13,706
99
327
13,289
24,174
39,805
709
68,100
3,455
84,230
3,514
33,738
,015,766
737,699
79,644
31,256
107,768
5,211
47,224
221,135
4,302
348,521
598,237
7,954
10,776
84,931
10,813
1,805
576,635
6,339,777
1,090,644
1,090,317
9,018
489,616
14,096
586,932
595,188
36,272
151,304
242,233
521
165,200
322,109
237,650
1,392,217
730,587
8,082
63,088
1,800,730
165,833
12,795
82,272
137,874
43,753
272,245
39,704
1,026,909
30,660
1,300,730
1,155,346
31,907
5,663
(3)
103
2,532
2,546
3,494
(=)
7,586
66
27,348
5,114
5,287
1,247,050
705,448
21,269
4,876
3,980
15,452
86
3,100
37,999
263
29,563
102,495
3,242
153
7,325
671
16
74,142
236,970
236,862
512
100,795
2,471
103,266
139,059
3,169
15,965
29,255
696
13,369
13, 599
107,155
142,632
61,547
4,101
10,940
274,773
29,094
1,623
45,535
17,915
8,400
70,317
5,760
101,262
5,633
274,773
111,960
44,974
224
13
1
283
4,711
185
(^)
580
6
11,355
2
563
174,857
95,617
27,891
2,012
1,998
1,596
12
1,259
3,428
127
4,996
1,244
354
720
1,341
608
12
14,996
16,646
16,645
501
3,136
3
3,139
13,507
9,920
143,657
251,068
1,956
99,746
153,541
194,777
1,543,699
704,393
9,783
40,019
1,735,041
112,302
31,981
214,276
105,183
47,864
294,396
53,377
872,231
6,574
1,735,041
1,541,031
171, 592
2,451
11
154
2,901
7,397
2,343
6
13,534
437
7,432
180
3,646
1,150,496
117,060
14,920
7,013
35,338
1,094
3,400
36,970
719
53, 553
51,969
1,215
2,368
55,061
5,445
596
121,635
1,675,502
87,718
87,564
1,504
35,206
267
52,245
43,356
3,826
374,414
533,431
4,043
312,736
237,235
603,256
4,659,712
2,170,555
46,273
56,131
4,653,590
327,469
138,649
671,949
424,336
111,921
796,065
92,988
2,212,546
122,333
4,553,590
2,773,320
843,515
4,369
70
22
6,873
6,911
32,101
633
37,240
2,529
35,805
3,217
18,267
1,510,751
517,689
32,375
13,562
22,011
2,303
30,391
118,203
1,818
202,311
387,567
2,049
4,332
18,745
2,278
931
265,446
538,060
633,033
5,617
293,438
3,703
330,919
348,366
26,779
(11)
114,335
137,569
2,330
79,135
56,834
72,768
813,137
384,554
21,630
21,914
930,533
54, 572
31,760
57,128
66,136
27,543
213,590
55,601
432,592
8,334
930,538
917,263
39,367
999
3
42
550
2,609
1,677
69
4,110
267
1,290
1
5,975
1,024,322
553,454
53,790
25,461
4,703
32,371
1,716
4,074
24,535
1,375
47,993
54,862
1,094
3,153
2,509
811
250
100,366
111,250
111,208
884
52,041
2,652
48,977
2,498
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
63
Table 4.-ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GRO UPS-Continued
PART II.-RETURNS WITH NET INCCSffi-Continued
RETURNS, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, TAXES, AIJD DIVIDENDS PAID
Major Industrial groigjs-Continued
Construction
Manufacturing
Total
manufacturing
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
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land}
Less: Reserves
Land
Other assets
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, coraroor^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less araor-
tizable bond premium):
Wholly taxable
Sub Jec t to surtax only
Wholly tax-exempt
Other Interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net ga£n, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit (37 less 55)
Net income (56 ^,ess 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 61).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(12)
(13)
(U)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
78,757
2,014
6,638
(Thouaend doltari)
838,307
2,907,643
13,463
679,260
160,420
433,967
1,779,615
809,892
82,864
174,706
6,233,427
1,124,030
403,284
459,672
1,483,998
82,269
774,037
141,334
1,302,874
38,071
6,233,427
844,140
12,258,216
2,341
39
345
5,331
30,560
1,430
690
37,912
2,752
12,790
1,852
118,163
13,316,561
671,882
10,187,872
397,866
44,385
66,567
14,009
35,734
135,418
10,281
195,711
4,741
746
28,641
21,820
7,920
1,171
815,694
676,103
675,758
26,234
277,702
25,993
14,099,571
25,812,813
461,552
39,170,231
11,744,074
13,517,054
93,359,815
40,797,897
2,017,504
2,821,874
161,283,487
14,927,472
5,457,326
17,871,436
17,941,856
6,370,127
29,721,397
6,215,201
63,161,756
383,084
161,283,487
234,689,764
4,321,197
205,416
1,910
4,197
183,559
312,533
192,066
3,402
450,007
7,206
915,8U
392,855
922,330
173,690,743
2,448,013
2,635,241
949,762
3,837,557
149,274
885,069
5,828,995
240,737
3,895,271
1,255,728
513,101
2,706,846
1,627,367
415,782
38,807
20,535,159
20,953,798
20,949,601
151,322
10,063,373
1,284,192
11,347,565
326,666
436,250
10,558
1,183,134
147,486
247,252
1,789,466
615,938
66,208
97,936
3,667,902
352,300
107,255
532,741
325,008
184,620
405,209
85,416
1,689,081
13,728
3,667,902
6,690,043
33,571
1,905
8
148
5,546
4,531
2,104
(M
4,035
358
2,719
2,179
27,378
6,774,635
4,280,212
13,149
46,953
U,933
41,755
7,787
26,025
962,713
7,185
96,814
356
1,080
219,555
17,336
6,293
1,644
584,476
6,327,266
447,369
447,221
5,510
222,397
15,542
73,145
26,781
9,606,233
5,618,065
899,577
U7,699
5,094
1,042,940
1,646,118
31,931
3,095,400
517,632
800,033
6,305,340
2,600,764
257,631
244,877
11,277,276
885,368
669,008
1,256,566
852,876
675,688
2,225,702
483,013
4,275,485
51,930
11,277,276
30,963,871
98,209
7,067
75
503
13,178
22,169
5,898
113
19,060
560
18,200
26,421
81,372
31,261,701
25,510,336
27,176
139,262
36,336
269,255
20,643
87,921
306,507
12,885
324,733
951
762
534,496
80,787
18,178
3,124
2,564,631
1,223,668
1,223,160
11,504
597,331
31,332
595,005
339,342
15,189
123,275
523,123
2,754
1,812,564
10,555
53,053
317,340
133,951
10,067
20,834
2,739,156
61,687
390,715
635,136
200,602
221,197
499,401
44,078
586,433
98
3,658,796
1,612
166
13
41
588
3,103
144
1
1,769
12
4,470
730
9,424
2,114,464
220
8,790
2,181
5,070
233
23,198
976,331
1,022
13,314
122,735
7,388
1,760
94
115,102
233,412
283,371
160
144,409
15,3(X
159,713
123,699
96,683
619,318
1,089,559
17,215
1,908,575
314,768
447,002
4,075,627
1,661,516
55,560
100,822
6,932,500
430,463
253,680
560,229
460,738
344,619
1,257,372
263,753
3,320,745
14,155
6,932,500
10,555,784
184,479
5,548
32
675
7,091
13,903
3,601
150
15,576
432
13,009
2,058
51,440
10,853,733
8,543,533
124,926
135,504
30,011
105,088
4,316
39,416
152,661
12,428
175,075
274
1,235
63,486
X,276
14,390
3,158
681,170
10,221,147
632,541
631,966
7,876
305,143
11, lU
174,158
16,898
341,728
750,012
15,939
1,036,573
56,941
146,224
505,108
212,851
17,537
47,520
512,055
204,748
152,887
236,507
121,685
512,694
42,496
912,540
22,710
2,572,903
7,091,220
223,910
377
492
83
1,541
5,584
5,661
9
2,604
123
2,300
69
20,338
7,354,811
5,717,549
178,199
198,155
55,222
13,030
5,374
17,483
78,167
6,199
35,807
43
123
65,144
16,219
8,494
1,151
729,287
7,125,651
229,160
229,077
9,287
97,566
3,297
290,094
478,823
9,810
768,294
205,361
232,233
1,960,739
726,489
65,050
88,679
3,352,974
214,533
150,972
220,694
255,376
53,436
773,322
82,080
1,608,105
16,545
3,352,974
4,650,923
79,831
4,095
55
98
3,717
8,704
3,064
338
155,283
1,251
5,898
31,722
4,965,990
3,598,420
58,031
39,655
13,368
39,722
6,022
15,824
78,292
4,218
100,952
152,654
1,354
17,444
8,835
3,011
991
370,521
4,559,364
406,125
406,023
2,952
157,308
4,989
162,297
128,297
31,919
8,425
243,829
88,375
3,879
165,888
338,963
9,293
435,443
75,960
53,730
580,943
248,552
19,722
25,820
147,945
57,069
80,453
165,800
44,779
299,332
34,362
614,408
5,034
1,439,614
2,948,406
19,230
1,121
('!
15
1,032
1,970
534
(=)
1,699
50
1,212
1,051
11,528
2,937,351
2,134,717
5,655
83,883
18,958
18,631
3,687
6,801
41,865
3,933
32,333
251
226
33,950
9,825
3,520
224
326,143
213,143
213,128
4,485
100,046
11,556
32,013
15,097
542,270
559,034
16,963
909,042
602,054
644,545
4,034,243
1,588,879
89,409
166,535
5,091,290
288,291
74,050
813,217
589,027
328,708
1,069,554
227,095
2,709,296
7,948
5,091,290
7,323,328
18,229
128
7,183
7,293
3,733
37,320
104
10,437
12,270
32,680
5,065,326
8,492
94,737
27,126
181,789
3,614
29,965
121,277
15,552
161,373
9,612
18,300
36,553
48,110
10,976
1,185
669,923
961,735
961,607
917
477,519
53,324
530,343
430,892
199,625
37,008
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
64
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4.-ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS. BY MAJOR INDUSTRIAL 0 BO UPS-Continued
PART II. -RETURNS WITH NET INCOKE-Contlnued
BETUHNS, ASSETS, LlABILiTlES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OH NET LOSS, NET INCOME OB DEIFICIT. TAXES, AND DIVIDENDS PAID
Major industrial groups— Continued
Manufacturing— Continued
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 prod-
ucts, except
ordnance,
machinery,
and trans-
portation
equipment
Machinery,
except
transpor-
tation
equipment
and
electrical
Electrical
machinery
and
equipment
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except lEUui]
Less; Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Leas: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tlzable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other Interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets...:.
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 pension plana
Amounts contributed under other employee bene-
fit plana.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compi led ne I prof 1 1 ( 37 less 55)
Net income ( 56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 6l).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
2,880
(Thousand dollars)
615,956
924,033
29,179
625,924
324,504
622,650
2,514,386
891,892
121,986
152,514
4,930,882
465,059
125,837
385,727
629,264
277,195
800,721
181,326
2,145,468
29,715
4,980,382
6,499,233
605,128
5,857
187
372
4,771
16,817
11,219
(=)
9,216
1,067
19,237
4,530
46,172
7,223,831
4,416,283
340,693
233,088
71,110
35,409
17,369
21,190
102,274
11,563
111,053
163
195
45,101
42,473
7,620
3,642
1,118,974
6,578,200
645,631
645,259
8,134
298,509
24,957
323,466
131,277
29,597
1,317,419
1,843,361
46,684
2,826,117
1,486,175
1,738,317
9,481,994
3,897,756
168,785
235,368
15,153,096
986,980
434,377
1,971,883
1,652,413
381,577
2,462,430
451,690
6,338,074
26,833
15,153,096
16,866,606
66,531
26,105
67
513
21,080
13,153
31,198
201
26,932
63
117,612
38,556
56,945
10,865,620
20,535
163,854
56,661
332,057
11,194
84,387
233,283
27,705
432,405
43,438
83,198
490,700
135,259
30,337
4,057
1,967,036
14,981,726
2,283,841
2,283,323
6,694
1,110,636
158,169
1,268,805
1,015,036
703,993
96,427
1,391,596
2,321,502
33,195
2,483,060
1,721,592
3,573,724
20,277,318
9,793,295
333,151
224,297
22,994,750
1,851,244
183,813
3,207,726
870,658
293,118
6,823,280
1,103,305
8,670,142
8,536
22,994,750
22,494,930
773,751
30,007
12
114
21,364
121,480
39,573
1,292
39,476
161
534,083
123,320
Ul,329
16,875,944
403,696
37,546
131,353
405,173
8,815
37,954
536,947
9,951
633,392
901,151
40,270
110,043
207,707
47,026
1,595
2,072,370
22,560,933
1,765,004
1,764,890
4,310
648,286
11,4^3
659,729
1,105,275
1,163,545
264,589
224,924
697,656
13,303
310,371
177,414
152,586
1,433,122
724,446
22,331
22,422
2,803,077
252,595
27,500
579,838
337,882
165,149
326,990
151,042
964,000
1,919
4,651,479
9,553
4,083
6
4
3,512
3,328
3,641
25
2,551
17
16,454
33,708
11,050
3,426,906
24,679
17,539
31,339
3,947
18,011
118,458
5,857
66,056
63
4,006
56,132
29,493
2,646
2,875
496,512
4,354,525
384,891
384,887
823
189,885
27,951
167,055
82,397
10,419
151,901
320,095
6,957
464,845
42,175
108,946
358,287
172,033
12,233
22,679
156,318
60,458
113,244
103,680
54,864
246,316
60,527
514,350
7,53f
1,302,221
2,365,462
24, 3U
602
7
1,507
300
18
5
1,097
2,308,408
20,124
57,178
17,600
17,826
1,347
7,483
39,324
2,894
20,635
371
35
32,731
8,844
3,027
844
234,436
2,773,607
U3,192
133,183
5,549
61,276
4,082
67,834
31,012
3,114
421,008
575,233
12,395
720,007
401,584
236,121
2,922,233
1,237,717
68,792
69,733
4,164,604
289,783
76,081
357,652
424,869
124,321
941,418
159,227
1,796,520
5,267
4,164,604
5,195,890
19,737
6,733
54
347
2,525
5,096
5,121
56
12,077
113
9,068
10,643
24,811
5,292,276
3,439,318
8,635
86,634
17,958
128,062
4,607
16,092
87,609
6,726
132,436
38,436
21,427
39,934
34,860
8,081
1,223
554,573
4,627,111
665,165
664,318
2,787
328,387
43,754
372,141
293,024
163,950
13,711
1,397,695
1,818,809
37,188
3,027,787
1,160,305
1,215,405
14,734,060
7,026,570
170,355
276,341
16,736,999
1,486,434
350,225
2,836,314
1,573,061
887,993
3,099,720
479,604
6,030,202
6,554
16,736,999
19,196,247
575,832
29,315
123
176
28,826
22,473
6,414
76
23,504
175
49,663
16,326
41,839
14,315,451
332,029
131,629
64,920
974,713
5,106
136,132
340,368
21,685
429,476
98,388
183,955
52,499
243,420
51,092
2,212
885,890
1,722,024
1,721,848
3,054
859,256
94,541
953,797
476,488
57,516
786,772
1,278,179
35,568
2,099,964
355,367
358,247
3,387,638
1,388,516
113,217
146,601
7,106,951
647,564
263,921
533,336
777,697
259,054
1,339,875
234,707
3,063,577
22,780
7,106,951
11,679,723
84,231
5,904
143
124
4,043
14,110
5,111
UO
20,739
650
13,691
15,740
74,208
8,533,972
50,688
278,189
49,237
177,037
10,057
33,265
170,329
13,658
174,837
195
14,728
119,010
77,160
20,471
2,314
1,135,295
1,053,135
1,053,011
12,431
503,829
53,776
557,605
209,816
85,186
1,548,836
2,924,691
62,260
5,093,504
1,026,637
737,553
6,051,580
2,571,142
156,663
250,596
15,206,668
1,460,788
640,559
1,595,777
1,996,941
521,802
2,698,717
729,467
5,594,035
31,418
15,206,668
21,024,778
419,726
12,887
159
447
18,035
17,423
29,237
133
18,502
1,170
20,704
25,228
95,826
14,654,201
62,225
339,263
79,184
331,753
13,944
84,044
342,172
30,307
344,410
1,907
41,372
194,213
176,201
46,598
3,607
2,495,632
2,442,778
2,442,331
20,265
1,218,767
209,347
1,428,114
436,623
83,359
731,744
2,082,263
24,318
3,032,567
901,706
825,680
2,970,183
1,134,415
73,680
148,813
9,607,908
327
869
1,862
207
1,390
395
3,257
47
9,607,908
14,355,267
71,187
10,807
45
75
11,494
9,910
17,516
576
U,403
237
24,498
17,567
43,773
10,390,313
19,741
128,078
48,323
169,856
6,693
48,052
313,726
16,259
184,746
1,793
22,561
215,994
168,667
44,331
2,843
1,202,033
1,596,846
1,596,771
16,101
801,087
163,652
632,107
313,206
30,282
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Ujnltatlons of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
65
Table 4.-ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROU PS-Continued
PART ir. -RETURNS WITH MET INCOME-Contlnued
RETUHNS. ASSETS. LIABILrrlE^S, RECEIPTS, DEDUCTIONS, COMPILED NETT PROFIT OR NETT LOSS, NET INCOME OR DEFICIT, TAXEIS, AND DrVIDE:NDS PAID
ajor industrial groups-Continued
Manufacturing-Continued
Transpor-
tation
equipment,
except
motor
vehicles
Motor
vehicles and
equipment,
except
electrical
Ordnance
and
accessories
Scientific
instruments;
photographic
equipment;
watches,
clocks
Other
manufac-
turing
Public utilities
Total public
utilities
Transpor-
tation
Comimini-
cation
Electric
and gas
utilities
Other
public
utilities
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less; Reserve for bad debts
Inventories
Investments, Govemnient obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tlzable bond premium):
IWiolly taxable
Subject to surtajt only
Wholly tax-exempt
Other Interest
Rents
Royal ties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 glf ta
Depreciation
Depletion
Amortization
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit (37 less 55)
Net income (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 6l).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(TTtauaMttd dollar*)
514,519
1,556,736
5,535
2,286,044
104,403
171,928
1,638,251
309,848
41,788
137,965
5,636,256
372,053
466,876
279,259
1,789,445
109,058
545,366
134,772
1,479,858
40,431
5,636,256
8,223,642
921,537
1,643
5
155
4,697
3,163
7,510
(=)
4,356
106
7,085
2,403
31,113
9,207,415
6,862,915
740,412
43,333
27,974
135,674
2,023
30,763
130,510
5,584
67,245
35
26,907
17,281
45,953
18,874
361
425,400
8,581,244
626,171
626,016
11,796
312,786
67,519
330,305
245,866
108,423
33,627
1,008,695
1,359,943
12,190
2,763,846
1,303,084
765,635
5,743,666
2,402,514
83,791
236,442
11,850,403
1,657,152
256,398
396,603
2,076,340
407,492
1,039,673
702,214
5,316,111
2,580
11,350,403
19,133,307
26,948
33,396
284
101
16,698
6,766
4,556
94
9,241
27
37,058
51,397
32,334
19,352,207
14,529,018
13,135
59,431
19,774
263,641
2,490
32,759
532,584
11,594
230,332
2,255
38,453
94 ,299
175,321
45,289
701
359,531
16,910,707
2,441,500
2,441,399
3,625
1,246,490
221,453
973,557
563,840
17,017
37,073
41,822
839
96,874
26,739
42,976
164,295
82,177
3,800
6,240
336,803
33,640
7,145
62,461
47,299
13,156
25,183
17,868
131,248
1,197
336,803
419,723
10,867
13
270
1,785
317
(^)
1,141
497
2,176
437,287
308,512
409
4,310
1,174
11,372
89
2,737
3,332
905
7,533
1,339
226
2,352
6,118
44S
49
25,559
381,969
55,318
55,305
1,126
27,466
5,894
33,360
21,958
13,877
267
188,328
546,655
9,737
792,263
182,292
119,752
973,789
425,774
23,323
39,540
200,626
152,888
209,519
399,484
73,116
427,128
80,400
886,055
3,285
2,430,931
3,342,793
10,305
2,680
22
24
2,849
2,990
3,420
23
4,532
19
3,064
6,093
16,539
2,195,114
3,544
54,699
16,421
49,522
2,380
13,874
77,941
7,378
53,119
112
7,742
63,325
35,401
15,526
104
404,773
3,006,480
388,873
388,349
3,485
194,082
33,670
79,873
49,771
310,926
599,943
17,741
897,033
99,335
163,457
1,090,157
440,852
36,820
59,245
2,793,323
278,816
170,033
216,118
313,050
105,138
511,294
65,959
1,153,278
15,413
2,798,323
4,348,263
37,479
1,397
32
22
2,456
5,270
2,144
32
14,888
500
3,757
2,521
21,369
4,940,630
3,448,011
16,303
146,391
33,399
49,773
6,532
16,683
76,274
4,744
67,140
1,941
4,396
74,359
17,659
7,694
809
615,837
4,588,455
352,175
352,153
8,451
160,912
17,526
173,737
59,931
13,105
3,327,345
3,438,948
35,685
2,262,172
2 ,780,044
7,591,726
84,644,510
20,548,333
624,144
2,266,798
36,401,169
2,767,701
390,726
31,293,446
6,419,021
4,637,493
21,405,052
1,200,455
18,093,258
305,983
86,401,169
235,422
34,895,392
46,969
231
904
104,595
408,065
12,074
610
98,670
4,534
242,279
13,299
146,205
195,374
21,392,685
273,495
793,784
48,036
30,546
1,074,937
2,132,335
21,465
2,232,056
48,602
283,949
119,624
342,391
36,103
19,905
2,151,340
31,247,632
5,016,617
5,015,713
36,113
2,431,978
40,064
2,544,575
1,899,352
49,863
2,068,928
1,387,648
7,194
1,024,423
1,520,573
4,175,265
35,259,725
9,664,210
222,319
1,399,735
37,887,262
1,854,813
283,420
11,475,844
3,083,942
1,264,233
8,111,787
562,898
11,494,440
244,120
37,887,262
126,787
20,033,772
27,204
218
409
59,686
349,796
7,368
495
85,203
1,521
96,727
3,149
119,318
20,911,653
88,400
13,834,437
200,551
659,955
39,213
6,796
429,494
1,007,369
7,804
906,230
18,228
256,489
68,966
56,442
19,684
3,452
1,286,757
18,890,267
2,021,386
2,020,977
19,491
955,673
26,747
467,218
26,413
235,107
621 ,064
5,236
211,790
749,798
1,523,673
14,354,829
3,942,130
23,881
209,744
13,932,470
195,690
76,014
4,518,525
1,295,513
247,593
5,516,763
59,163
2,080,532
7,328
13,982,470
29,541
5,513,714
9,225
6
52
9,743
32 ,820
1,764
87
5,636
2,529
93,742
1,607
6,774
5,712,240
22,174
2,941,753
26,965
81,667
5,308
15,651
152,313
381,626
4,025
464,681
5
391
29,013
170,427
41,323
571
375,054
999,288
999,236
2,711
478,227
4,012
482,239
444,847
1,995
988,237
948,227
22,435
1,006,434
491,624
1,845,704
33,933,743
6,734,903
365,214
633,763
33,455,563
691,781
479,674
14,829,994
1,961,712
3,036,520
7,568,318
568,106
4,370,505
51,047
33,455,563
127,472
9,135,822
10,221
6
369
34,740
24,733
2,507
27
5,026
384
45,325
13,543
17,263
9,418,493
84,054
4,524,317
41,384
49,454
2,182
7,909
475,373
722,034
9,463
841,293
30,245
27,047
21,462
114,985
24,781
15,555
472,212
1,954,742
1,954,373
13,610
979,106
9,115
988,221
966,521
967,282
20,390
35,073
32,009
720
19,525
18,049
47,084
1,096,213
207,590
12,730
23,501
1,075,874
25,417
51,618
469,083
77,854
89,142
208,184
10,283
147,781
3,438
1,075,874
1,622
212,084
319
1
. 666
435
(')
1,805
100
1,485
2,845
1,245
92,173
4,595
2,703
1,333
190
17,752
21,306
173
19,852
123
22
183
1,037
320
327
17,317
41 ,201
41,127
301
17,972
190
20,005
1,065
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
66
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4.-ASSETS AND UABIUTIES, RECEIPTS AND DEDUCTIONS— RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GROUPS -Continued
PART II.-RETURNS WITH MET INCOME-Continued
BEr^UR^4S, assets. LWBILITIES, receipts, deductions, compiled NETT PHOFIT OB NET LOSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Major industrial groups— Continued
Total trade
Total
wholesale
Commission
merchants
Other
wholesalers
Total
retail
General
merchandise
Apparel
and
iccessories
Furniture
and house
furnishings
Automotive
dealers and
filling
stations
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets {except land)
Less: Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable bond premium) :
Wholly taxable
Subjiict to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts
Deductions:
Cost of goods sold
Cost of operations
Con5)ensation of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
Taxes paid
Contributions or gifts
Depreciation
Depletion
Amortization
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
CoBUpiled net profit (37 leas 55)
Net income (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 61).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(«)
(43)
(4i)
(i5)
Ut)
(i7)
(48)
(49)
(50)
(51)
141,866
48,856
5,848
(Thouaend dollars)
5,557,446
14,196,246
417,275
15,747,877
1,316,835
3,425,954
12,710,100
4,942,587
1,190,805
1,086,316
49,871,717
8,424,623
3,436,202
3,737,417
4,215,960
1,551,199
9,081,122
1,114,835
18,564,819
254,460
49,871,717
144,921,020
2,276,808
23,314
373
1,870
124,505
237,267
18,091
5,371
105,090
8,796
81,524
55,405
,081,674
148,941,108
117,492,476
930,446
2,275,641
1,379,147
350,875
213,240
314,889
1,280,824
67,326
904,347
22,717
6,804
1,380,868
213,088
41,201
11,002
17,265,700
144,150,591
4,790,517
4,788,647
64,207
2,118,773
107,134
2,564,610
970,550
157,715
2,372,254
7,609,373
155,646
7,257,009
573,581
1,965,001
4,047,360
1,559,059
295,311
406,403
22,811,587
4,854,604
2,154,280
1,580,206
1,699,142
585,719
3,901,692
462,911
7,698,716
125,683
22,811,587
72,061,070
1,531,921
9,440
156
311
51,882
60,688
U,929
2,073
41,810
2,733
45,291
44,957
406,476
62,854,592
610,471
1,013,630
249,460
109,142
73,947
152,651
517,569
26,737
296,589
18,265
5,232
349,494
75,599
16, 536
3,813
5,863,177
2,035,833
2,035,522
27,109
889,986
46,677
375,968
89,821
293,296
718,767
13,108
136,518
74,237
249,727
172,949
53,709
11,845
32,127
438,480
117,521
98,834
126,874
40,014
254,039
29,464
533,408
16,035
1,622,649
3,185,553
596,135
1,214
6
42
9,222
4,957
1,536
150
5,591
193
8,161
1,037
36,031
2,962,492
121,462
112,693
19,514
2,776
4,639
9,511
16,837
1,861
12,095
487
337
22,668
7,352
1,260
192
405,865
147,787
147,745
3,024
58,620
3,272
61,892
20,676
6,848
2,078,958
6,890,606
U2,538
7,120,491
499,344
1,715,274
3,874,411
1,505,350
283,466
374,276
21,133,938
4,416,124
2,036,759
1,481,372
1,572,268
545,705
3,647,603
433,447
7,165,308
109,648
21,188,938
68,875,517
935,786
8,226
150
269
42,660
55,731
12,393
1,923
36,219
2,540
37,130
43,920
370,445
59,892,100
489,009
900,937
229,946
106,366
69,308
143,140
500,732
24,876
284,494
17,778
4,395
326,826
68,247
15,276
3,621
5,457,312
1,888,046
1,837,777
24,035
831,356
43,405
874,771
1,013,275
355,292
82,973
2,913,089
5,742,581
236,814
7,592,065
712,045
1,300,653
7,817,810
3,026,874
809,329
631,695
24,255,579
3,073,442
1,122,101
1,937,501
2,291,777
876,898
4,604,746
600,160
9,856,599
107,645
24,255,579
65,748,487
581,748
13,257
174
379
67,853
158,120
3,016
3,015
55,119
5,675
32,474
10,079
614,070
48,999,036
271,773
1,107,408
1,065,615
220,736
124,660
144,463
679,471
37,699
545,506
2,946
1,239
955,740
129,230
22,693
6,689
10,448,547
2,530,015
2,529,636
32,243
1,139,433
55,156
1,194,589
1,335,426
553,704
60,639
508,435
313,879
5,568
931,349
46,636
132,552
1,399,243
527,319
80,346
103,081
2,982,634
574,075
72,070
301,095
262,109
185,666
464,466
73,153
1,064,921
14,926
2,982,634
16,590,290
23,229
628
5
93
4,765
11,075
537
220
7,689
111
2,849
3,814
31,743
13,579,821
9,531
84,067
140,041
51,791
7,623
17,025
112,978
6,289
111,754
167
44
88,734
31,370
9,450
1,155
2,083,468
341,770
341,677
2,707
164,364
9,634
174,548
167,222
77,814
3,452
884,847
2,065,772
137,067
2,463,495
450,423
462,833
2,663,829
1,032,862
332,632
219,215
8,373,168
907,742
177,352
618,647
808,615
397,767
1,478,701
325,309
3,565,345
6,311
8,373,168
16,101,990
62,551
7,954
86
72,165
146
41
9,903
103
12,360
5,931
157,562
10,612,383
13,313
102,216
308,062
64,207
27,181
40,024
235,054
13,343
138,218
595
37
390,209
75,440
4,430
3,379
3,387,617
15,415,708
1,033,448
1,038,383
3,041
520,890
30,031
297,717
12,160
269,509
502,369
14,531
754,753
53,824
147,167
580,184
247,285
28,401
45,599
2,130,000
360,585
76,453
174,538
181,395
86,170
381,441
23,837
856,928
11,452
4,723,327
43,157
1,432
4
35
2,202
21,979
85
3
1,324
92
4,429
3
80,753
3,107,905
20,764
127,657
229,234
12,333
14,997
10,070
53,065
3,639
45,175
24
169
124,704
5,183
1,531
277
954,781
171,750
171,725
3,947
53,225
1,623
30,387
3,627
108,264
684,769
22,815
417,553
21,718
67,546
211,590
87,644
23,895
28,710
1,453,505
178,620
115,554
94,325
203,536
36,051
310,315
36,159
492,483
13,452
2,342,985
51,577
5,34*
4,353
48
39
262
1,069
1,516,615
20,140
100,128
56,052
7,779
17,652
9,125
30,059
1,880
17,765
6
145
76,409
1,593
591
170
560,173
99,470
99,454
2,837
44,167
966
15,134
4,136
592,258
837,094
20,14S
1,265,524
68,567
196,539
1,137,745
374,439
201,340
119,810
347,962
338,082
285,597
361,532
49,022
755,746
59,576
1,834,483
7,710
4,024,290
14,301,409
233,652
1,249
39
36
19,942
17,886
369
980
14,231
2,450
3,907
130
99,110
11,899,299
129,975
309,573
109,299
31,950
21,171
32,080
95,714
5,849
89,959
217
359
148,659
4,866
3,230
782
1,392,246
420,162
420,126
4,217
169,623
4,511
174,134
246,028
57,629
14,013
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS FOR 1952
67
Table 4.-ASSETS AND LUBILTTIES. RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BY MAJOR INDUSTRIAL GRO UPS-Continued
PART II ^RETURNS WITH NET INCCME-Continued
RETURNS, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Major industrial groups-Continued
Trade-Continued
Reta it-Cont inued
Drug
stores
Eating and
drinking
places
Building
matert.als
and
hardware
Other
retail
trade
Trade not
allocable
Finance, insurance, real estate, and lessors
of real property
Total finance,
insurance,^
real estate,
and lessors of
real property
Total finance
Banks and
trust
companies
Credit
agencies
other than
banks
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
Total asse ts
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or loore
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tlzable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other Interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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
AiDounts 'contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Complied net profit (37 less 55)
Net income (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (56 less 61).
Dividends paid:
Cash and assets other than own stock
Corporation's o»m stock
(52)
77,851
49,952
1,085
254,526
8,988
32,685
233,298
98,825
6,783
15,036
579,209
89,991
13,262
74,157
44,934
18,931
106,948
12,393
221,566
2,973
579,209
1,611,255
9,845
(')
133
3
6,598
134
954
142
1,604
84
12,278
1,643,715
1,106,840
683
39,740
50,992
6,866
653
3,986
21,100
921
17,155
163
11
23,114
2,063
361
134
316,574
1,591,356
52,359
52,356
1,475
21,327
1,227
11,547
3,132
(53)
(54)
(55)
(56)
(57)
(58)
(59)
6,704
118,390
f77ioo.*nd dollars)
98,242
46,254
174
57,156
10,261
45,179
463,777
191,280
36,295
25,648
591,358
74,788
25,085
81,115
60,889
17,170
136,520
6,231
202,836
13,276
591,358
1,642,677
45,286
210
4
9
325
5,475
300
1,291
3,301
759
1,063
9,552
912,412
21, U3
59,003
74,559
18,116
576
4,121
34,623
955
34,693
1
23
12,373
2,028
1,240
129
468,319
1,644,284
65,968
65,959
4,384
25,863
1,716
10,392
107
176,831
622,446
17,357
845,829
23,387
90,986
493,339
210,079
58,963
28,889
2,113,234
244,609
172,522
126,470
132,018
32,584
553,746
26,328
837,395
12,438
4,284,696
33,184
379
15
98
5,981
7,578
1,251
197
8,629
1,348
2,225
( = )
49,971
4,395,573
3,326,675
20,277
139,738
24,364
12,667
15,650
14,507
45,693
2,324
39,131
1,631
10
29,425
2,388
869
274
533,848
186,102
186,004
2,543
69,408
2,880
72,288
29,590
8,916
196,832
620,046
18,069
591,870
28,241
125,116
634,805
257,141
40,674
45,706
2,008,080
295,070
131,706
181,457
236,743
53,537
416,863
37,169
680,637
25,107
4,149,858
74,157
716
12
24
5,923
11,011
96
244
7,032
408
2,468
96
65,659
4,317,704
2,937,085
35,977
145,286
72,962
14,522
19,157
13,524
51,185
2,499
51,645
142
441
62,113
4,299
991
379
751,521
153,976
153,952
7,097
55,066
2,468
23,494
6,091
272,103
844,292
24,815
898,803
31,209
160,300
844,930
356,654
86,165
48,218
2,804,551
496,577
159,821
219,710
225,041
88,582
574,684
51,764
1,009,504
21,132
2,804,551
7,111,463
163,139
617
43
1,180
4,770
18,459
1,U6
283
8,161
388
3,759
369
61,128
7,374,905
5,638,848
48,202
154,603
64,072
20,997
14,633
17,775
83,784
2,890
62,252
1,506
333
75,634
8,259
1,972
500
953,976
7,150,236
224,669
223,489
4,850
89,354
5,301
40,878
7,255
50,384,313
83,922,718
765,963
26,533
97,612,575
87,415,767
15, 924, XI
3,873,245
3,509,718
6,226,873
340,383,635
2,513,939
6,810,896
13,032,053
273,142,112
1,491,624
12,671,927
2,903,134
29,141,708
1,323,758
340,383,635
187,442
8,804,051
1,494,801
111,243
264,163
5,809,166
2,175,450
193,890
8,123
407,111
366,397
939,771
54,785
255,258
136,671
34,499
976,628
262,722
156,069
245,027
1,437,150
874,816
39,383
572,761
45,983
1,407
146,993
138,536
25,048
125,650
8,916,139
6,886,169
6,622,006
56,373
1,702,736
41,953
5,141,480
1,690,550
155,934
46,664,815
81,658,350
748,904
15,374
78,277,297
20,740,328
2,165,538
390,916
189,763
1,716,794
230,288,939
1,268,460
5,827,415
4,316,962
191,535,275
1,037,210
7,683,707
2,636,526
16,618,708
635,324
230,288,939
114,075
1,923,461
1,095,942
104,940
192,627
3,795,305
147,084
71,060
4,695
272,371
66,353
618,761
51,060
139,088
8,596,822
89,760
31,536
620,950
100,967
37,448
234,562
1,122,026
241,083
26,800
125,280
15,965
437
103,306
107,086
12,970
121,425
2,508,930
3,096,291
2,903,664
12,479
1,018,361
23,281
1,041,642
2,054,649
1,277,272
130,772
45,031,882
70,105,557
577,946
76,286,796
8,209,681
1,655,998
220,267
120,106
1,196,384
201,808,191
16
77
7,950
186,685,996
47,244
3,893,316
1,379,779
9,309,617
15,804
201,808,191
1,063,660
104,138
189,254
3,070,385
125,586
2,297
1,659
26,329
3,263
21,764
1,489
47,757
5,406,105
486,774
63,189
32,132
U2,236
717,529
186,472
20,361
101,214
245
3
68,551
90,984
10,960
119,743
1,690,024
3,730,417
1,675,688
1,486,434
5,169
668,009
18,468
442,082
96,418
(60)
10,369
1,038,962
10,725,026
155,692
13,601
593,957
3,003,557
165,271
40,657
16,351
175,490
15,535,866
645,481
5,U1,521
3,045,1X7
3,825,284
340,534
910,144
421,077
1,286,413
79,635
15,535,866
109,302
1,010,242
11,813
69
395
627, 323
6,240
66
451
36,688
1,590
13,201
6,058
40,429
1,863,867
86,894
76,466
29,008
3,882
90,982
356,735
35,379
3,880
15,712
13
421
30,246
10,948
1,048
1,024
611,412
1,354,050
509,817
509,422
4,584
230,589
2,731
276,497
143,627
6,676
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data
68
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4. -ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WITH BALANCE SHEETS, BV MAJOR INDUSTRIAL GROUPS-ConUnued
PART II. -RETURNS WITH NET INCOME-Continued
RETURNS. ASSETS. LIABILITIES, RECEIPTS. DEDUCTIONS. COMPILED NET PROFIT OR NET LOSS. NET INCOME OB DEFICIT. TAXES. AND DIVIDENDS PAID
Major industrial groups-Continued
Finance, insurance, real estate, ani lessors of real property-Continued
Finance— Continued
Holding and
other
investment
companies
Security and
commodity-
exchange brokers
and dealers
Insurance carriers ani agents
Total insurance
carriers^ and
agents
carriers
Insurance
agents and
brokers
Real estate,
except lessors
of real
property other
than buildings
Lessors of
real property,
except
buildings
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations ( less amor-
tlzable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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
Asounta contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total coii5)lled deductions
Compiled net profit (37 leaa 55)
Net Income (56 less 27)
Net operating loas deduction
Income tax.
Excess profits tax
Total tax
Compiled net profit leas total tax (56 leaa 61).
Dlvldenda paid:
Cash and assets other than own stock
Corporation's own stock
(61)
490,067
626,539
15,061
1,626
696,994
9,182,688
301,729
106,402
41,281
141,678
11,361,139
262,472
155,377
1,189,790
695,985
618,406
2,811,055
823,408
5,309,855
505,209
11,361,139
4,773
67,093
13,838
163
1,455
94,736
13,775
68,231
1,977
194,947
2,544
576,857
43,387
39,804
1,123,580
2,866
31,536
19,983
3,J44
857
1,066
37,457
13,031
2,120
6,365
15,546
13
1,391
2,121
611
653
119,045
865,575
864,120
2,073
105,4.44
1,516
106,960
683,734
26,331
(62)
(63)
(64)
(65)
(66)
78,128
(Thousand dollara)
103,904
201,728
205
147
699,550
344,402
42,540
23,590
12,025
203,242
360,491
530,440
74,175
328,010
30,976
69,192
12,262
212,823
34,626
1,583,743
97,602
6,631
570
1,523
2,861
1,483
466
608
14,407
58,956
6,939
126
11,098
203,270
37,727
5,426
577
278
10,305
6,201
439
1,989
161
3,118
3,033
351
5
1,449
45,211
43,688
653
14,319
566
14,885
30,326
7,829
1,347
2,683,320
706,388
6,547
9,916
18,938,205
63,403,556
796,750
47,688
20,055
4,069,069
90,573,024
422,027
44,995
48,238
80,554,146
32,879
1,195,982
42,252
8,251,263
18,758
90,573,024
41,515
5,777,267
378,534
5,035
70,587
1,961,080
195,336
3,907
366
14,792
1,128
286,556
2,611
27,861
8,766,575
31,355
642
119,348
61,132
3,161
5,642
11,335
190,597
4,273
64,744
203
11
17,757
27,225
10,363
1,262
5,395,471
2,822,054
2,751,467
10,330
342,159
8,218
350,377
197,263
12,866
2,490,721
310,097
2,884
9,913
18,923,795
63,306,267
702,943
26,202
13,069
4,040,168
89,767,887
12,572
28,478
26,535
80,486,197
16,902
1,107,021
18,993
8,084,208
13,019
89,767,887
41,515
5,298,778
378,108
5,012
70,573
1,959,597
192,907
3,897
339
13,861
925
280,958
1,736
19,515
31,355
20,422
44,385
2,143
1,995
9,477
181,996
2,897
58,437
187
11,102
23,484
9,378
1,090
5,118,286
2,751,087
2,680,514
8,783
316,905
6,567
323,472
180,909
11,574
192,599
396,291
3,663
3
14,410
97,289
93,807
21,486
6,986
28,901
805,137
409,455
16,517
21,703
67,949
15,977
88,961
23,259
167,055
5,739
805,137
426
23
14
1,483
2,429
10
27
931
203
5,598
875
8,346
498,854
(')
(')
642
98,926
16,747
1,018
3,647
1,858
8,601
1,376
6,307
6,655
3,741
985
172
277,185
427,887
70,967
70,953
1,547
25,254
1,651
16,354
1,292
962,548
1,476,890
10,463
842
313,919
3,083,268
10,551,602
3,091,632
3,172,467
381,838
16,841,279
791,917
924,183
7,765,201
936,995
312,572
2,725,718
196,526
3,662,227
474,060
16,841,279
30,209
1,103,310
18,449
1,194
794
51,115
1,707,519
2,556
3,047
104,572
297,873
30,926
999
81,668
3,434,231
14,680
2,315
230,774
97,222
113,652
4,455
329,829
417,067
7,903
371,609
921
689
25,841
3,706
1,604
2,856
982,417
2,607,540
826,691
825,897
31,482
276,278
7,081
285,359
139,970
11,827
(67)
73,635
80,590
49
401
83,154
188,615
2,410,451
343,009
127,433
59,172
2,680,393
31,535
14
303
901
652
115
696
108
963
1
,066
520
27,830
609
51C
195
616
2
,680
393
(^)
1,643
155
1,666
125,511
116,367
15
15,376
1,043
3,528
115
6,641
876
6
5,556
3,401
1,808
368
23,960
26,069
407
11,128
28,894
270
519
111
107
29,321
132,890,
141,133
140,978
2,082
63,938
3,373
67,311
73,822
76,045
469
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS FOR 1952
69
Table 4.-ASSETS AND UABILITIES, RECEIPTS AND DEDUCTIONS-RETURNS WTTH BALANCE SHEETS, BY MAJOR INDUSTRIAL aROUPS-CoiHinued
PART II.-RETORMS WITH NET INCdffi-Contlnued
RETURNS, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OB NET LOSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Item
MaJ
or industrial
groups-Continued
Services
Nature of
business
not
allocable
Total
services
Ifotels and
other
lodging
places
Personal
services
Business
services
Automotive
repair
services
and garages
Miscel-
laneous
repair
services,
hand trades
Motion
pictures
Ajousement,
except
motion
pictures
Other
services,
including
schools
Number of returns with balance sheets
(63)
(69)
(70)
(71)
(72)
(73)
(74)
(75)
(76)
(77)
1
32,601
3,654
6,799
8,487
3,414
1,705
3,074
2,597
2,871
753
1
Assets:
(Thousand dollars)
2
3
4
5
6
7
8
9
10
926, 307
1,080,683
17,742
509,334
203,907
954,205
4,912,341
2,090,717
633,816
235,037
127,208
96,470
1,719
38,146
25,692
125,307
1,596,259
696,746
254,170
47,759
94,290
106,373
2,528
57,052
15,320
55,442
618,967
275,085
33,433
30,921
281,481
477,010
6,963
57,603
52,127
278,498
773,812
293,631
23,610
54,571
42,765
58,364
773
13,361
2,964
21,235
377,757
141,016
49,816
16,255
24,854
37,471
503
31,415
587
5,605
48,723
17,344
3,354
3,298
185,346
160,780
1,691
275,946
48,929
398,757
956,685
466,043
195,732
51,017
96,631
32,633
453
6,614
32,153
37,593
344,351
129,745
54,512
18,968
73,732
111,577
3,107
24,197
26,130
31,768
195,737
71,107
19,189
12,248
11,906
30,344
266
7,341
1,448
21,051
23,664
8,636
5,991
2,831
2
3
4
5
Investments, Government obligations
6
7
Gross capital assets {except land)
8
9
12
Total assets
7,347,171
1,612,546
734,185
1,698,118
445,728
137,460
1,805,458
493,262
420,414
96,174
12
13
U
Liabilities:
673,095
330,815
1,438,290
721,089
200,749
1,204,406
188,314
2,721,387
130,974
81,398
59,374
534,165
111,122
46,514
268,771
21,494
527,785
38,077
57,234
35,230
88,028
66,620
27,871
166,905
9,548
295,762
13,013
271,696
63,958
227,731
222,160
49,813
250,989
47,156
590,371
25,756
39,154
50,257
121,399
33,597
14,084
58,156
5,008
134,038
9,965
24,499
8,594
7,107
21,722
648
24,350
2,024
49,281
765
120,133
79,950
349,174
143,710
36,334
238,254
74,403
789,807
26,307
24,178
15,275
75,299
57,676
16,345
120,405
11,467
182,741
10,124
54,803
18,177
35,387
64,482
8,640
76,576
17,214
151,602
6,467
7,182
7-193
10,749
8,733
682
25,507
3,449
36,080
3,406
13
Bonds, notes, mortgages payable:
14
15
Other liabilities
16
17
17
18
19
20
21
19
20
Less: Deficit
21
22
Total liabilities
7,347,171
1,612,546
734,185
1,698,118
445,728
137,460
1,805,453
493,262
420,414
96,174
22
Receipts:
1,240,371
7,693,201
6,282
113
847
11,149
210,878
20,869
498
45,053
4,113
22,076
7,769
91,343
448,099
797,248
2,682
(')
2,040
108,235
1,330
161
7,363
1,689
3,589
13
12,597
222,573
1,079,836
241
5
618
552
2,797
895
4
4,409
271
871
6
8,811
190,741
2,558,893
916
102
146
3,417
30,860
6,664
100
8,581
731
10,096
1,623
20,418
95,996
363,490
228
1
6
1,436
22,867
65
81
10,773
770
488
5,199
84,486
223,316
41
62
1,104
11
69
1,714
69
1,220
67,430
1,405,500
1,123
(=)
(5)
2,715
33,285
8,066
9
9,632
63
5,310
6,036
27,585
43,520
548,725
593
(=)
i')
483
8,328
2,655
60
1,987
143
746
63
7,705
82,526
716,193
458
52
444
3,402
1,183
14
594
322
976
(^)
7,808
51,459
24,079
9
(')
(')
426
2,817
705
102
1,669
293
2,348
23
24
25
26
27
28
Interest on Government obligations {less amor-
Wholly taxable
Subject to surtax only
Wholly tax-exempt
25
26
27
28
29
29
30
31
32
33
34
Royalties
Net short-term capital gain reduced by any net
long-term capital loss.
Net long-term capital gain reduced by any net
short-term capital loss.
Net gain, sales other than capital assets
dividends, domestic corporations
30
31
32
33
34
35
36
Other receipts
Total compiled receipts
Deductions:
Cost of operations
Compensation of officers
Rent paid on business property
Repairs
Bad debts
36
37
9,354,562
1,385,061
1,321,889
2,833,338
501,400
312,092
1,566,762
620,018
814,002
•83,914
37
38
39
40
41
42
43
742,575
4,416,633
417,601
274 ,266
116,581
15,672
71,384
224,905
8,820
343,965
381
417
141,911
36,153
9,730
2,051
1,787,823
248,189
299,618
28,407
53,030
49,085
2,358
25,824
60,408
1,733
73,002
103
(^)
21,021
1,762
3,544
89
399,765
121,754
612,234
77,245
39,828
16,077
3,173
5,639
29,319
1,229
46,157
41
4
20,714
1,596
1,816
364
266,277
130,573
1,551,012
161,406
47,205
15,723
4,496
10,417
34,713
2,017
80,091
28
131
19,055
18,633
1,452
626
543,176
64,834
180,433
25,157
32 ,832
6,211
1,262
6,953
13,711
395
53,312
{')
(^)
4,562
293
256
179
67,934
55,279
146,429
18,333
6,693
2,378
752
703
5,007
77
4,820
(')
3,046
721
911
60
47,247
37,375
969,216
33,233
55,024
12,998
1,122
15,682
37,871
808
53,068
(=)
92
48,686
5,736
561
440
172,099
25,138
282,668
22,407
20,894
9,472
676
3,646
30,101
1,932
21,612
108
(3)
14,867
605
362
148
104,888
59,433
375,023
51,413
18,760
4,637
1,833
2,520
13,775
629
11,903
49
121
9,960
6,807
828
145
186,437
40,194
14,386
3,764
1,290
494
247
526
1,240
56
1,440
205
2
222
195
7
138
9,865
38
39
40
41
42
43
44
Interest paid
44
45
46
Contributions or gifts
46
47
48
49
50
51
52
53
54
Amortization
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
49
50
51
52
53
54
55
Total compiled deductions
8,610,868
1,267,945
1,243,467
2,620,754
453,349
292,543
1,444,013
539,524
744,273
74,271
55
56
57
58
Compiled net profit (37 less 55)
Net income (56 less 27)
Net operating loss deduction
743,694
742,847
29,836
117,116
117,101
3,848
78,422
77,804
3,908
212,584
212,438
7,726
43,051
43,045
1,540
19,549
19,549
1,562
122,749
122,749
6,096
80,494
30,484
3,215
69,729
69,677
1,941
9,643
9,639
932
56
57
58
302,170
22,136
48,961
1,629
28,360
1,828
85,996
7,560
14,319
689
7,047
631
51,908
2,537
36,129
2,407
29,450
4,855
3,509
168
59
60
Excess profits tax
60
61
Total tax
Compiled net profit leas total tax (56 less 61).
Dividends paid:
Cash and assets other than o«n stock
Corporation' s own stock
324,306
50,590
30,188
93,556
15,008
7,678
54,445
38,536
34,305
3,677
61
62
63
64
419,388
172,235
8,983
66,526
28,749
618
48,234
12,702
956
119,028
43,536
3,969
28,043
3,130
1,187
11,871
1,710
68,304
56,331
332
41,953
16,152
836
35,424
9,925
559
5,966
1,240
62
63
64
^For treatment of life insurance companies, see text? p. 22.
^Capital stock which is not definitely designated as either common or preferred Is tabulated under common stock.
^Sample variability of this Item is too large to warrant showing it separately. However, this value is included in each total.
*Loss or deficit.
'Loss after total tax payment.
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
70
CORPORATION INCOME TAX RETURNS FOR 1952
Table 4a.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— CONSOLIDATED RETURNS WITH BALANCE SHEETS, BY INDUSTRIAL DIVISIONS
PART I.— ALL CONSOLIDAXED RCTURMS
RETURNS, SUBSIDIARIES, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED WET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
All
returns
Returns
with no
balance
sheets
Returns with balance sheets, by industrial divisions
All
industrial
divisions
Agricul-
ture,
forestry,
and
fishery
Mining
and
quarrying
Construc-
tion
Manufac-
turing
Public
utilities
Finance,
insurance,
real estate,
and lessors
of real
property
Nature
of
business
not
allocable
Number of returns
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less : Reserves
Land
Other assets
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, coinmonl
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less
araortizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by
any net long-term capital loss.
Net long-term capital gain reduced by any
net short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts
Deductions:
Cost of goods sold
Cost of operat ions
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 pension plans..
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (38 less 56)
Net Income or deficit (57 less 26)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit leas total tax (57 less
62).
Dividends paid:
Cosh and assets other than own stock
Corporation's own stock
(1)
(2)
(3)
U)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
2,169
9,019
2,123
8,624
90
3AA
97
271
649
2,365
186
1,072
472
1,795
414
1,529
197
1,176
(Thousand dollers)
4,335,308
9,213,191
118, 679
5,672,645
6,159,540
11,429,793
50,471,195
17,265,010
737,957
1,752,156
72,883,096
3,566,987
2,623,247
17,330,077
10,545,473
1,837,545
16,336,113
2,863,990
18,292,845
513,181
72,888,096
36,365,815
15,482,314
106, 191
3,013
12,654
267,525
362,816
69,630
2,342
132,437
25,459
739,273
175,100
217,953
53,962,527
28,773,183
3,209,978
211,333
623,271
807,591
74,699
756,173
1,457,997
25,501
1,470,716
472,766
143,362
377,215
506,738
116,143
30,150
6,152,686
50,214,507
3,748,020
3,735,366
31,234
1,684,081
17, 147
1,701,223
2,046,792
1,891,042
240,097
52,355
171,862
6,644
3,778
1
2,121
877
1,4^8
735
1,669
42,431
123,062
2,743
10,034
2,311
325
5,157
7,021
131
5,675
4
9
5,955
1,788
57
611
27,398
234,762
7,912
7,912
346
4,517
3,395
4,297
4,835,308
9,213,191
118, 679
5,672,645
6,159,540
11,429,793
50,471,195
17,265,010
737,957
1,752,156
72,883,096
3,566,987
2,628,247
17,330,077
10,545,473
1,837,545
16,336,113
2,863,990
18,292,845
513,181
72,838,096
36,313,460
15,310,452
106,023
3,018
12,654
266,504
356,172
65,852
2,341
130,316
24,582
737,825
174,365
216,234
28,730,707
8,086,916
208, 590
613,237
805,230
74,374
751,016
1,450,976
25,370
1,465,041
472,762
148,353
371,260
504,950
116,086
29,539
6,125,283
49,979,745
3,740,108
3,727,454
30,333
1,679,564
17,147
1,696,711
2,043,397
1,886,745
240,097
23,317
37,900
920
50,236
44,243
58,453
326,599
151,209
2,904
20,746
419,274
17,863
2,202
5,767
19,850
2,822
207,001
88,030
76,528
789
419,274
426,867
98,964
1,173
65
179
543
,513
49
180
120
2,420
3,337
397
259,338
1,660
466
19,548
15,218
102
424
9,495
16
15,289
39
1,306
954
29
39
143,861
68,024
67,845
42
30,864
37,160
110,303
161,219
4,&47
101,420
53,046
206,096
1,681,486
345,810
16,841
46,271
1,525,225
82,043
55,705
291,022
62,812
78,795
353,592
82,989
547,957
28,690
1,526,225
947,631
162,396
955
18
11
2,547
8,464
8,121
17
12,191
1,660
3,403
1,708
7,619
1,156,741
720,160
96,134
7,105
11,801
23,378
800
13,016
36,182
203
43,197
56,302
956
2,875
15,701
1,138
562
95,618
31,563
31,552
994
17,589
32
13,942
37,356
11,281
38,622
152,934
204
7,723
5,199
55,563
177,564
24,932
9,374
13,596
435,939
66,998
14,377
190,430
68, 163
3,957
21,732
10,072
69,440
9,730
435,939
23,298
362,630
21
502
6,192
122
2,976
247
1,261
506
2,762
400,700
18,409
301,005
7,045
1,417
1,459
1,793
7,342
4,357
150
10,696
176
696
2,177
243
71
27,292
15,370
15,349
1,370
9,001
344
1,636,667
2,940,426
67,472
3,705,715
1,752,174
3,563,940
18,158,279
8,328,972
286,872
398,623
23,546,252
1,946,814
496, 169
3,702,007
1,358,957
652,620
6,310,321
1,141,707
3,077,194
139,537
23,546,252
25,187,980
1,246,484
32,709
54
243
59,554
102,137
31,035
1,337
50,036
243
479,281
124,891
85,766
19,603,337
740,583
88,765
171,993
723,143
21,547
167,084
520,507
12,877
586,236
394,986
76,372
211,938
233,561
65,460
10,833
2,024,274
1,693,239
1,697,991
11,257
706,076
13,419
719,495
973,744
858,941
215,269
906, 167
958,344
9,748
638,268
1,024,194
3,638,898
27,754,283
6, 539, 171
96,331
645,683
29,064,249
643,713
183,207
10,783,162
2,279,144
677,152
8,211,135
637, 580
5,750,644
106,493
29,064,249
114, 540
9,844,427
19,473
36
230
48,467
146,922
5,788
139
23,062
2,906
155,288
15,155
14,038
10,390,521
90,922
5,973,361
21,452
243,483
2,332
12,885
384,248
686,819
5,382
680,137
18,494
69,669
31,348
158,977
37,277
12,327
627,949
1,321,409
1,321,129
4,333
638,414
663
692,379
1,940
337,699
644,398
16,413
863,919
93,010
359,844
9«,082
350,193
72,616
101,438
3,080,400
493,943
239,932
389,495
237,019
210,304
421,CK4
87,300
1,039,705
38,347
3,080,400
,378,018
238,245
1,425
19
27
12,754
30,920
895
539
10,768
1,036
13,349
21,569
43, 662
9,758,726
7,863,755
143,468
37,293
91,319
20,445
8,436
26,871
79,958
3,182
57,158
739
937
78,063
20,399
7,379
561
1,114,260
204,003
203,976
3,530
106,315
1,564
96,124
67,390
4,412
1,613,876
4,170,621
17,210
26,926
3,136,202
3,068,285
718,593
127,032
76,734
479,816
13,146,816
206,977
1,564,708
1,666,898
6,396,336
173,338
606,318
734,110
1,946,008
147,927
13,146,816
155,048
2,199,425
49,271
2,822
11,836
139,216
29,336
12,126
257
22,141
17,925
74,916
1,097
37,890
2,753,406
121,055
4,871
27,371
27,332
9,149
27,499
137,526
82,532
2,543
40,803
2,005
415
9,987
14,350
3,754
4,453
1,901,369
335,392
323,506
7,110
136,907
413
193,067
134,421
6,926
161,028
141,552
2,065
271,216
46,318
478,090
682,744
345,294
174,333
45,782
108,067
65,135
301,200
122,479
33,324
201,867
80,251
778,549
41,668
61,099
1,157,713
2
2,865
30, 633
7,697
3,839
445
7,407
6,102
13,766
1,302,567
39,946
320,279
18,803
41,319
9,601
1,312
14,423
30,183
507
31,102
21
2
34,953
7,674
806
151
188,650
1,239,737
62,830
62,828
2,202
32,923
707
53,334
269
(12)
2,629
5,297
2,222
149
624
5,560
2,397
452
201
559
1,312
96
713
183
3,103
1,951
6,820
14,737
18,979
113
5
19
19,629
290
20
77
443
10
423
94
157
37
1,515
16,851
2,778
2,773
1,475
See footnote at end of table. See p. 24 for "Explanation of 'Terms." Data not subject to sampling variability since all these retul'ns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1952
71
Table 4a.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— CONSOLIDATED RETURNS WITH BALANCE SHEETS, BY INDUSTRIAL DIVISIONS— Continued
PART II.— CONSOLIDATED RETURNS WITH NET INCCWE
RETUHNS, SUBSIDtABIES, ASSETTS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OB NET LOSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
All
returns
Returns
with no
balance
sheets
Returns with balance sheets, by industrial divisions
All
industrial
divisions
Agricul-
ture,
forestry
and
fishery
Mining
and
quarrying
Construc-
tion
Manufac-
turing
Public
utilities
Finance,
insurance,
real estate
and lessors
of real
property
Nature
of
business
not
allocable
Number of returns
Number of subsidiaries.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations.
Other investments
Gross capital assets (except land).
Less: Reserves
Land
Other assets
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, ccanmon^
Surplus reserves
Surplus and undivided profits.
Less: Deficit
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less
amortizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by
any net long-term capital loss.
Net long-term capital gain reduced by ary
net short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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
Deprec iation
Depletion
Amortization
Advertising
Amounts contributed under pension plans.
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets
Other deduct ions
Total compiled deductions
Compiled net profit (38 less 56)
Net income (57 less 28)
Net operating loss deduction
Income tax
Excess profits tax.
Total tax...
Compiled net profit less total tax (57 less
62).
Dividends paid:
Cash and assets other than own stock
Corporation ' s own stock
(1)
(2)
(3)
U)
(5)
(6)
(8)
(10)
(11)
1,351
6,599
26
360
1,325
6,239
50
161
68
173
412
1,787
Ul
910
279
1,185
243
,056
124
911
(Thousend dallara)
4,645,072
8,781,024
103,589
5,218,283
6,120,420
10,938,870
48,285,379
16,442,293
676,136
1,611,494
69,780,796
3,282,905
2,371,252
16,241,858
10,316,848
1,669,066
15,822,412
2,781,246
17,531,215
236,006
69,780,796
33,013,296
14,914,505
105,332
2,981
12,595
264,012
338,652
61,681
2,168
125,233
19,139
737,424
174,394
192,737
25,965,384
7,852,212
178,702
576,919
760,012
63,848
700,350
1,373,087
25,442
1,377,720
443,032
147,604
336,368
490,973
109,249
22,185
5,659,005
46,088,092
3,376,057
3,863,462
31,234
1,684,081
17,147
1,701,228
2,174,629
1,873,200
239,773
41,585
169, 163
1,020
6,620
3,773
1,392
751
1,443
735
1,428
32,492
121,405
2,532
9,860
2,139
314
4,910
6,731
131
5,278
5,837
1,755
40
271
25,540
219,248
9,330
9,330
346
4,517
4,297
4,645,072
3,781,024
103,589
5,218,283
6,120,420
10,988,870
48,285,379
16,442,293
676, 136
1,611,494
69,780,796
3,282,905
2,371,252
16,241,858
10,316,848
1,669,066
15,822,412
2,781,246
17,531,215
236,006
69,780,796
32,971,711
14,745,342
105,169
2,981
12,595
262,992
332,032
57,903
2,168
123,341
18,383
735,981
173,659
191,309
49,735,571
25,932,892
7,730,807
176,170
567,059
757,373
63,534
695,940
1,371,356
25,311
1,372,442
443,023
147,595
331,031
489,218
109,209
21,914
5,633,465
45,868,844
3,866,727
3,854,132
30,883
1,679,564
17,147
1,868,903
239,773
27,432
36,485
915
49,656
44,248
55,788
322,319
149,583
2,145
20,543
408,118
17,285
1,654
3,769
19,342
2,731
203,800
37,979
71,745
237
408,118
422,431
96,749
1,146
65
179
511
1,323
14
1
100
109
2,377
3,337
360
528,707
255,723
50
365
19,388
15,097
33
353
9,336
16
14,915
39
1,287
945
29
460,436
68,271
68,092
42
30,864
37,407
70,226
103,747
1,413
56,012
41,095
174,017
1,027,413
509,697
10,976
29,974
1,002,350
47,520
44,397
215,840
45,093
49,667
232,813
57,252
324,750
14,982
1,002,350
577,097
144,154
7
2,030
6,582
3,503
7
9,755
616
3,129
1,708
5,579
754,787
435,432
85,357
4,280
8,355
11,436
731
9,593
23,303
190
28,947
28,156
956
1,470
7,452
862
491
66,067
713,078
41,709
41,702
994
17,589
32
29,530
11,010
35,492
93,246
154
7,243
5,133
43,341
75,951
20,221
6,492
6,686
253,214
36,919
6,875
70,899
41,028
3,405
20,071
9,974
65,914
1,871
253,214
23,256
274,291
21
402
1,559
122
47
2,890
46
1,259
487
2,44.0
306,905
18,384
218,933
6,294
1,314
1,251
1,724
3,455
3,525
137
7,057
176
2
520
2,138
223
67
20,890
286,095
20,810
20,789
1,370
9,001
344
1,556,499
2,764,225
60,064
3,410,549
1,744,989
3,524,529
17,543,820
8,580,071
270,485
338,413
22,513,374
1,343,421
351,128
3,474,920
1,296,309
567,467
6,147,640
1,121,353
7,754,840
43,704
22,513,374
23,096,543
1,215,989
32,584
54
241
58,554
99,373
27,962
1,234
46,908
144
478,515
124,589
76,303
25,259,493
17,850,057
718,458
73,382
153,699
694, 552
15,357
143,878
482,273
12,357
550,593
393,658
75,616
187,469
279,278
60,043
5,737
1,790,480
23,497,387
1,762,111
1,761,870
11,257
706,076
13,419
1,042,616
853,791
215,216
893,945
943,279
8,532
627,013
1,017,619
3,633,466
27,351,993
6,443,359
95,732
623,635
23,734,746
624,246
163,696
10,646,758
2,240,904
653,677
3,118,253
629,740
5,703,097
45,625
28,734,746
110,705
9,650,813
19,406
32
280
48,264
145,821
5,716
139
22,909
2,380
155,155
15,153
12,377
10,190,150
87,964
5,837,613
19,673
242,967
2,868
11,885
377,080
677,000
5,382
666,228
13,394
69,668
30,850
157,864
36,320
12,633
601,984
,857,373
1,332,772
1,332,492
4,333
638,414
663
639,077
693,695
690,725
1,940
317,298
575,114
14,194
786,973
95,743
323,014
867,700
311,195
63,101
93,562
2,797,116
446,549
200,117
339,116
212,357
190,036
374,116
78,345
978,723
22,243
8,523,075
226,973
1,388
3
27
11,860
27,741
816
536
10,412
849
13,706
21,316
40,624
3,879,326
7,119,158
139,423
30,696
80,399
17,699
5,780
22,372
73,655
3,173
50,735
586
937
70,042
20,017
6,904
269
1,019,002
218,479
218,452
3,580
106,315
1,564
107,879
110,600
65, 179
4,412
1,593,614
4,140,503
16,754
26,533
3,129,252
2,768,010
485,649
108,880
62,553
454, 161
12,534,641
178,275
1,551,046
1,217,406
6,352,544
166, 172
534,024
722,300
1,899,239
86,365
12,534,641
154,242
2,139,368
49,111
2,822
11,838
138,538
20,977
12,058
200
21,606
13,734
74,515
1,096
36,430
2,676,585
120,398
4,126
24,948
23,014
7,431
27,035
121,276
75,535
2,539
27,608
1,998
414
9,385
14,755
3,724
2,669
1,363,346
2,330,801
345,784
333,946
7,110
136,907
413
137,325
208,459
U3,540
6,926
147,937
119,435
1,513
252,077
42,192
466, 178
604,969
311,890
164,200
39,321
1,522,906
88, 142
51,029
273,054
108,621
35,361
188,706
72,352
726, 120
20,979
45,506
996,892
833
1
2
2,727
28,646
7,688
8,688
10
7,325
5,973
15,813
1,120,113
32,079
726,847
16,242
32,903
7,439
989
12,857
26,237
507
25,937
21
29,914
6,612
599
43
126,824
1,046,102
74,011
74,009
2,202
32,923
707
33,630
53,738
269
'Capital stock which is not definitely designated as either conroon or preferred is tabulated under comiDon stock.
NOTE: See p. 24 for "Explanation of Terms." Data not subject to sampling variability since all these returns were tabulated.
(12)
2,629
4,990
2,222
149
527
5,560
2,397
452
199
14,331
1,310
96
650
2,989
1,951
6,787
14,331
18,851
113
19,500
290
20
442
10
422
1,512
2,780
2,780
1,475
1,305
72
CORPORATION INCOME TAX RETURNS FOR 1952
Table 5.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— RETURNS WITH BALANCE SHEETS, BV TOTAL ASSETS CLASSES
PART I ALL RETURNS WITH BALANCE SHEETS
RETURNS, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OH NET LCSS, NET INCOME OR DEFICIT, TAXES, AND DIVTOENDS PAID
Total assets classes
Under
JSCOOO
$50,000
m]der
$100,000
J100,000
under
8250,000
S250,000
under
9500,000
$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
4100,000,000
$100,000,000
or more
Number of returns with balance sheets.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligationa
Other investments
Gross capital assets (except land). .
Less: Reserves
Land
Other assets
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, coimuDni
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Govemment obligations
(less amortizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced
by any net long-term capital loss.
Net long-term capital gain reduced
by any net short-term capital loss.
Net gain, sales other than capital
assets.
Dividends, domestic corporations. . .
Dividends, foreign corporations..,.
Other receipts
Total conpiled 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 pension
plans.
Amounts contributed under other em-
ployee benefit plans.
Net loss, sales other than capital
assets.
Other deductions
Total compiled deductions
Congjiled net profit or net loss (37
less 55).
Net income or deficit (56 leas 27)...
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Conpiled net profit less total tax
(56 less 61).
Dividends paid:
Cash and assets other than own stock. .
Corporation ' s own stock
(1)
(2)
(3)
(5)
(6)
(S)
(9)
(10)
(11)
6,139
(Thouaaitd dollars)
79,597,257
142,776,720
1,875,458
64,520,152
120,302,617
132,511,693
243,859,223
84,283,341
9,970,099
14,485,302
721,864,264
35,827,181
20,996,125
80,628,008
330,406,468
15,831,096
85,365,302
13,471,933
146,463,517
7,125,366
721,864,264
424,669,963
78,694,733
1,917,749
115,007
278,351
7,097,239
4,008,531
526,660
24,528
1,311,692
466,590
2,325,478
544,420
3,030,198
525,011,139
326,886,742
44,710,198
8,282,246
4,406,438
5,017,115
928,879
4,948,830
11,572,804
396,085
9,492,670
2,112,882
827,309
4,976,661
2,538,428
627,675
314,102
58,465,344
486,504,408
38,506,731
38,228,380
381,057
17,464,824
1,537,527
11,196,079
1,360,145
752,474
1,106,858
17,510
970,806
25,812
306,885
2,944,722
1,208,366
313,551
228,815
5,429,047
539,358
936,377
609,935
107,429
2,354,085
37,347
1,172,586
1,348,768
5,429,047
9,906,306
3,527,446
3,127
1,002
241,186
11,448
3,486
35,353
54,006
4,230
40
107,579
7,395,072
1,987,666
983,450
415,956
80,999
27,701
58,010
228,684
4,196
248,336
3,088
482
134,535
2,108
2,244
17,029
2,269,223
13,858,779
46,441
46,392
56,120
96,731
328
'50,668
56,528
2,956
941,390
1,717,742
28,396
1,518,314
74,247
525,028
3,872,900
1,434,569
513,853
238,183
7,938,692
642,995
1,347,085
649,075
143,205
2,397,619
56,215
2,055,560
556,413
7,938,692
13,022,133
3,137,644
3,649
22
717
18,408
301,592
11,925
1,289
29,281
60, 547
4,291
167
119,194
16,710,859
10,073,871
1,890,450
859,337
294,035
83,690
38,469
85,152
252,495
5,407
276,028
5,204
773
149,556
3,769
3,528
7,837
2,291,265
16,321,163
388,979
36,441
163,451
2,634
67,604
9,285
2,069,803
4,460,523
85,504
3,697,770
252,726
1,460,828
9,089,316
3,366,531
1,261,657
521,824
19,362,412
2,683,704
1,486,675
3,534,358
1,643,038
337,658
4,825,691
172,816
5,537,477
914,005
19,362,412
32,524,184
5,706,221
12,363
152
1,318
63,099
654,029
20,246
3.431
81,045
95,096
19,671
219
303,118
25,866.131
3,634,314
1,543,649
458,995
190,615
84,494
217,964
529,832
14,881
608,538
13,532
1,954
324,449
16,692
11,538
13,378
4,857,512
38,388,468
1,100,774
1,099,456
65,740
423,485
27,034
650,255
174,724
44,274
1,884,363
4,436,715
94,023
3,438,432
424,563
1,647,209
8,278,091
3,063,457
1,088,186
480,803
18,570,832
2,442,623
1,484,078
3,292,495
1,916,123
421,820
3,816,980
247,562
5,608,589
659,388
18,570,882
31,053,964
4,562,135
8,193
280
654
83,735
482,612
27,714
2,517
74,602
69,204
23,378
1,349
238,346
25,038,561
2,975,322
1,083,907
320,926
173,571
70,170
204,496
474,407
19,065
526,415
21,177
3,804
287,869
29,923
16,494
12,326
4,276,269
35,534,702
1,142,981
1,142,327
37,470
496,046
48,710
544,756
598,225
202,023
49,493
2,374,872
5,259,217
97,672
3,346,557
1,003,049
2,226,569
9,080,745
3,474,670
1,091,324
536,563
21,846,554
2,432,363
1,595,054
3,417,662
3,314,854
611,068
3,951,258
346,779
6,771,236
643,725
21,846,554
31,379,962
4,952,343
21,745
479
2,258
128,047
408,574
22,466
2,566
34,231
48,394
38,057
1,316
305,658
25,536,459
3,341,174
906,935
233,371
188,256
71,190
220,251
538,477
23,615
553,896
35,062
5,269
313,871
53,918
24,018
13,837
4,318,777
36,433,926
1,462,220
1,459,962
36,130
695,308
66,935
762,243
699,977
257,645
68,712
9,286,284
17,399,590
263,408
9,492,927
10,119,649
9,130,549
22,494,469
3,462,103
2,026,079
1,319,667
72,533,703
5,421,685
3,854,547
8,164,235
25,653,858
1,646,605
9,036,934
1,385,203
18,563,693
1,183,057
72,538,703
63,285,512
10,078,381
159,978
4,321
24,743
710,600
625,230
89,122
3,356
226,350
66,070
186,480
9,672
680,537
54,020,221
6,507,908
1,391,963
516,507
502,140
163,119
606,284
1,295,081
67,070
1,202,996
150,262
27,140
764,057
204,198
73,679
32,571
9,214,108
76,739,304
4,386,305
63,276
2,142,384
208,659
2,351,043
2,060,005
360,912
192,018
5,635,257
9,418,227
138,205
4,195,171
8,747,439
7,009,727
10,547,962
3,936,715
686,438
651,400
42,816,751
104,753,261
2,064,377
1,554,642
3,256,591
21,288,081
752,419
3,945,876
965,251
9,378,536
339,022
42,816,751
104,753,261
27,727,439
3,776,633
130,732
4,449
23,742
511,468
117,234
45,214
877
124,293
13,577
104,565
3,624
128,968
21,456,705
2,229,957
379,667
200,534
277,078
75,353
330,167
705,544
30,522
495,926
85,717
26,954
377,209
138,670
41,537
20,308
3,640,703
30,512,551
2,205,264
2,181,522
26,313
1,078,714
109,640
500,711
32,042
13,040,425
21,460,780
331,905
9,325,139
21,999,397
17,083,883
29,158,651
10,699,413
1,130,766
2,085,538
4,517,464
2,963,666
9,054,203
51,371,967
2,410,240
9,451,425
2,382,306
23,427,991
826,001
59,990,040
8,656,629
336,541
15,185
54,015
,124,223
230,453
151,571
1,896
290,332
40,213
336,600
59,173
437,348
45,423,535
4,719,224
560,920
411,310
784,585
161,764
748,653
1,687,670
74,369
1,142,613
297,697
92,901
831,969
418,487
101,706
62,334
8,252,241
65,771,978
5,952,791
5,898,776
33,695
2,840,661
281,726
2,330,404
1,659,749
202,590
5,550,536
9,125,514
130,200
4,224,438
9,912,393
8,550,562
16,802,048
5,596,992
337,291
1,210,466
49,986,056
2,030,860
1,148,658
5,441,607
23,555,090
1,240,995
4,770,559
1,033,092
10,827,312
162,117
49,986,056
24,131,516
4,918,315
159,973
7,535
19,913
453,422
127,173
33,347
1,075
100,394
214,870
62,343
128,927
13,224,384
2,355,507
144,774
211,921
368,643
44,143
339,026
698,234
25,824
529,120
131,150
56 , 366
310,198
181,825
33,096
19,728
27,605,843
2,755,236
2,735,323
8,101
1,269,932
112,333
1,382,265
925,747
96,911
38,061,853
63,391,554
683,635
23,260,593
67,743,292
84,570,453
131,590,319
43,040,525
1,515,954
7,212,043
378,621,906
11,905,051
5,726,452
42,133,395
200,404,447
8,109,657
40,814,875
6,795,362
63,120,537
437,870
373,621,906
126,148,907
29,378,986
1,081,443
81,582
150,942
3,989,277
820,448
113,607
3,985
265,211
18,205
1,393,336
401,517
530,523
164,377,969
93,351,803
15,068,676
427,644
1,287,383
2,367,533
192,476
2,138,327
5,162,380
130,839
3,903,302
1,369,993
611,666
1,432,948
1,488,833
314,835
114,704
15,418,342
145,337,689
19,040,280
18,889,338
17,771
8,258,062
679,528
10,102,690
6,490,436
611,864
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.'
CORPORATION INCOME TAX RETURNS FOR 1952
73
Table 5.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— RETURNS WITH BALANCE SHEETS, BY TOTAL ASSETS CLASSES— Continued
PART II.— RETURNS WITH NET INCCME
RETURNS, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS. COMPILED NET PROFIT OR NET LOSS. NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
Number of returns with balance sheets . .
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations.
Other Investments
Gross capital assets (except land) . .
Less: Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations
(less aroortizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-terra capital gain reduced
by any net long-term capital loss.
Net long-terra capital gain reduced
by any net short-term capital loss.
Net gain, sales other than capital
assets.
Dividends, domestic corporations,,.
Dividends, foreign corporations, . . .
Other receipts
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 pension
plans.
AiDounts contributed under other em-
ployee benefit plans.
Net loss, sales other than capital
assets.
Other deductions
Total compiled deductions
Con?)iled net profit (37 less 55)
Net income (56 less 27)
Net operating loss deduction
Income tax
Excess profits tax
Total tGix
Compiled net profit less total tax
(56 less 61),
Dividends paid:
Cash and assets other than ownstock. .
Corporation ' s own stock
Total assets classes
(1)
Under
$50,000
(2)
131,791
$50,000
under
$100,000
(3)
»100,000
under
4250,000
(4)
5250,000
under
$500,000
(5)
i3,535
$500,000
under
$1,000,000
(6)
26,120
$1,000,000
under
$5,000,000
(7)
28,542
$5,000,000
under
$10,000,000
(8)
5,174
{10,000,000
under
$50,000,000
(9)
$50,000,000
under
8100,000,000
(10)
$100,000,000
or more
(11)
(Thousand dallai
76,115,929
132,843,244
1,724,093
59,307,233
114,694,212
114,753,720
222,952,871
77,605,942
8,408,932
13,060,228
662,806,334
31,264,914
17,649,357
69,085,904
304,836,948
14,608,530
77,126,913
12,130,672
133,765,398
2,662,307
662, i
6,334
390,319,325
71,819,076
1,794,782
114,074
272,927
6,260,536
3,414,964
487,030
19,674
1,247,061
399,295
2,305,104
542,913
2,673,568
431,670,929
298,138,335
40,330,920
7,101,830
3,771,836
4,720,732
675,200
3,927,740
10,734,037
393,474
8,556,584
1,980,944
814,498
4,547,546
2,468,359
201,234
52,351,951
40,358,345
40,085,418
381,057
17,464,824
1,537,527
19,002,351
21,355,994
11,077,193
1,333,350
517,913
688,729
9,924
552,475
17,599
186,657
1,636,027
663,387
188,742
114,047
3,223,383
486,113
239,341
423,281
307,897
51,775
1,151,038
24,625
859,463
314,650
3,223,383
6,126,521
2,198,173
2,241
977
14
7,576
163,509
3,370
2,637
29,307
44,142
3,977
30
65,295
4,497,321
1,188,992
619,231
227,915
45,399
14,033
30,435
133,918
3,375
137,285
2,643
318
71,198
1,210
1,476
1,504
1,294,501
8,270,804
382,465
382,451
56,120
96,731
328
97,109
43,635
2,638
734,142
1,312,505
20,734
1,101,910
53,496
364,797
2,700,748
1,003,520
376,238
157,705
5,827,287
739,532
399,796
842,727
478,654
36, 394
1,609,940
45,067
1,737,134
162,007
5,827,287
10,094,308
2,460,283
2,775
12
697
14,685
239,840
10,391
1,189
24,226
54,162
3,452
161
90,577
12,997,263
7,722,578
1,443,093
683,144
211,493
62,437
26,719
56,243
191,900
5,492
198,171
4,686
552
110,266
3,077
2,641
1,794
1,696,002
576,975
576,278
36,441
163,451
2,634
166,085
65,003
8,700
1,811,243
3,661,205
63,493
2,947,975
209,757
1,110,628
7,029,790
2,623,236
1,000,959
334,437
15,464,265
2,017,309
1,036,143
2,507,266
1,298,470
283,881
3,637,457
147,608
4,869,008
332,377
15,464,265
27,053,581
4,769,644
10,522
134
1,290
56,132
561,330
17,134
2,700
71,777
83,206
18,398
199
248,903
32,895,005
21,331,326
3,010,013
1,313,067
359,991
156,991
66,786
153,430
431,698
14,515
478,403
11,216
1,539
252,796
14,729
4,636
3,913,023
1,364,927
1,363,637
65,740
423,485
27,034
450,519
914,408
170,343
43,206
1,694,513
3,780,258
80,364
2,919,631
368,683
1,264,938
6,585,533
2,486,558
S70;047
365,067
15,231,793
1,958,335
1,091,232
2,349,182
1,530,012
311,921
3,039,343
209,696
5,013,028
226,001
15,281,798
27,287,161
3,960,770
7,211
257
614
70,920
413,763
25,354
2,028
63,605
59,051
22,439
1,311
252,158
21,888,159
2,547,634
964,582
268,719
147,842
58,001
151,846
400,917
18,853
432,666
17,483
2,405
247,137
26,743
14,674
5,374
3,643,048
30,836,138
1,336,004
1,335,390
37,470
496,046
43,710
544,756
791,248
197,254
46,212
2,159,907
4,583,294
83,971
3,313,633
923,700
1,653,972
7,240,663
2,327,717
376,382
403,970
13,249,333
2,002,311
1,237,989
2,403,424
2,781,748
459,552
3,204,503
296,096
6,078,301
215,091
18,249,333
28,391,723
4,377,272
20,312
443
2,084
106,856
333,023
19,973
1,604
76,563
42,156
36,396
1,236
259,749
33,669,395
22,575,477
2,932,101
819,057
249,805
164,443
56,954
161,593
456,709
23,401
457,875
27,382
4,866
275,485
50,010
6,557
3,741,274
32,024,659
1,644,736
1,642,652
36,130
695,308
66,935
762,243
248,741
t.7,706
8,628,177
15,696,634
234,653
8,431,529
9,657,507
5,940,670
13,211,287
7,144,945
1,645,722
1,043,494
61,875,422
4,490,178
3,136,659
5,527,439
22,133,827
1,385,860
7,672,513
1,113,051
16,931,446
565,551
61,375,422
61,910,840
9,096,262
151,257
4,172
23,953
561,076
477,518
81,930
2,570
211,281
55,757
183,346
9,233
601,459
48,539,987
5,884,800
1,279,164
451,681
448,143
116,139
421,860
1,130,582
66,636
1,014,631
129,194
25,113
685,469
193,024
16,995
8,184,150
68,654,214
4,716,440
4,692,487
63,276
2,142,384
203,659
2,351,043
2,365,397
833,004
185,178
5,213,398
8,779,534
128,649
3,759,300
8,230,243
3,624,400
8,803,337
3,386,396
593,177
551,149
36,089,493
1,303,051
1,282,749
2,259,995
17,562,675
638,697
3,450,709
721,636
3,531,505
166,524
36,039,493
25,326,791
3,344,311
121,282
4,330
23,088
368,859
102,546
35,366
113,268
9,591
100,699
8,567
103,252
29,667,638
19,428,728
1,971,289
344,914
174,862
250,038
42,179
205,733
624,628
30,419
426,606
64,567
25,729
342,259
128,366
15,329
3,235,596
27,348,560
2,319,078
2,295,990
26,313
1,078,714
109,640
1,13?, 354
487,106
81,820
12,303,549
20,022,636
310,187
9,270,380
20,651,687
10,696,382
25,732,791
9,656,836
1,031,752
1,847,421
91,589,575
4,004,691
2,651,619
7,003,971
43,522,620
2,241,110
8,555,034
1,963,362
21,958,561
321,393
91,539,575
56,967,153
7,923,658
309,007
14,665
52,370
847,564
203,033
143,850
1,542
233,593
34,446
330,637
53,424
401,023
67,570,965
42,859,277
4,327,950
523,035
376,911
752,871
96,444
508,183
1,534,187
74,145
1,045,293
250,385
89,333
792,921
395,658
35,406
7,657,688
61,465,271
6,105,694
6,053,324
33,695
2,340,661
231,726
1,625,937
193,320
5,232,334
8,381,686
118,854
3,984,615
9,186,269
6,349,095
15,253,742
5,264,497
324,151
1,102,534
44,931,075
1,931,404
1,062,121
4,537,096
20,696,570
1,129,786
4,420,889
943,102
10,337,069
76,962
44,981,075
22,575,704
4,710,364
144,838
7,509
19,739
363,207
113,996
30,400
823
213,725
62,328
124,890
28,467,035
16,374,409
2,251,842
135,942
197,024
343,256
28,565
254,231
669,120
25,806
502,982
122,353
55,489
297,620
176,143
36,717
14,550
3,674,460
25,660,509
2,806,526
2,786,737
3,101
1,269,932
112,333
1,424,261
912,806
93,206
37,720,748
65,936,763
668,264
23,025,785
65,340,271
33,062,181
129,758,903
42,543,800
1,501,262
7,090,354
370,219,203
11,776,440
5,511,658
41,226,523
194,524,475
8,019,554
40,385,492
6,660,929
62,394,883
280,751
370,219,203
124,586,043
28,978,334
1,025,337
81 , 575
149,078
3,863,661
806,356
112,757
3,893
,392,035
401,424
526,257
162,207,463
92,420,573
14,773,156
419,644
1,253,435
2,349,312
169,330
1,979,136
5,110,428
130,832
3,362,617
1,350,530
609,154
1,472,395
1,479,399
310,774
99,039
15,312,209
143,101,963
19,105,500
18,956,422
17,771
3,258,062
679,528
8,937,590
10,167,910
6,483,284
611,364
iCspltal stock which Is not definitely designated as either conmon or preferred is tabulated under common stock.
^Loss after total tax payment.
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
74
CORPORATION INCOME TAX RETURNS FOR 1952
Table 5«.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— CONSOLIDATED RETURNS WITH BALANCE SHEETS, BY TOTAL ASSETS CLASSES
PART I.— AIL CONSOLIDATED RETUMS WITH BALANCE SHEETS
RErrURNS, SUBSIDIARIES, ASSETS, LIASIUTIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID
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
Number of returns with balance sheets.
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations.
Other investments
Gross capital assets (except land).
Less; Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits.
Less: Deficit
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less
amortlzable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by
any net long-term capital loss.
Net long-terra capital gain reduced by
any net short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 pension plans.
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions.
Compiled net profit or net loss (38 leBs56)
Net income or deficit (57 less 28)
Net operating loss deduction
Income tax
Excess profita tax.
Total tax
Con^iiled net profit less total tax (57
less 62).
Dividends paid:
Cash and assets other than own stock....
Corporation's own stock
(1)
2,123
8,624
4,835,308
9,213,191
118,679
5,672,645
6,159,540
11,429,793
50,471,195
17,265,010
737,957
1,752,156
72,888,096
3,566,987
2,628,247
17,330,077
10,545,473
1,837,545
16,336,113
2,863,990
18,292,845
513,181
72,888,096
36,313,460
15,310,452
106,028
3,018
12,554
266,504
356,172
65,852
2,341
130,316
24,582
737,825
174 , 365
216,284
28,730,707
8,086,916
208,590
613,237
805,280
74,374
751,016
1,450,976
25,370
1,465,041
472,762
148,353
371,260
504,950
116,086
29,539
6,125,288
49,979,745
3,740,108
3,727,454
30,888
1,679,564
17,147
1,696,711
1,886,745
240,097
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
91
123
222
304
274
441
281
548
640
1,998
201
1,037
202
1,619
52
482
1,996
(Thousand dollars)
349
348
52
259
23
197
1,182
611
67
97
1,859
528
296
399
1,038
149
1,065
10
1,210
2,836
1,859
3,987
3,736
7,878
2,809
2,610
407
357
26
36
28
147
2
133
145
39
17
58
,649
^588
= 588
48
849
1,563
45
1,047
53
822
3,533
1,403
256
332
7,007
1,683
745
1,241
670
291
1,596
31
1,850
1,100
7,007
13,543
6,574
5
189
9,925
3,148
1,016
835
95
51
77
327
3
348
243
14
12
4
,614
20,712
■^136
=136
96
4,538
10,027
252
7,207
235
3,659
18,979
7,911
1,203
1,323
39,008
8,401
6,199
7,975
5,955
2,938
10,470
336
9,171
12,437
39,008
81,233
23,314
135
692
8
11
296
106,577
64,092
13,825
3,515
2,719
446
530
606
1,566
9
1,800
29
7
1,272
117
90
195
15,863
■^104
=104
364
554
25
17l.
16
8,854
24,685
661
17,431
877
11,872
48,030
20,273
4,251
4,510
99,571
19,100
11,277
21,055
10,518
3,374
34,721
1,160
25,419
27,053
99,571
159,171
47, 174
1,382
844
24
1,106
56
212,396
125,066
30,488
6,402
4,906
898
525
1,429
2,988
41
3,859
55
2,395
251
156
246
33,301
=610
=610
887
1,311
68
1,379
'1,989
534
435
15,324
46,078
1,193
36,465
3,127
24,633
104,924
45,185
8,260
7,891
200,324
28,125
21,501
47,101
18,127
11,661
44,870
2,734
60,293
34,088
200,324
279,352
69,166
2,903
509
1,113
866
260
26
2,992
358,027
216,268
45,324
8,645
6,118
1,698
1,048
2,983
5,730
104
7,013
425
3,684
634
345
1,474
58,737
360,230
=2,203
=2,205
1,679
1,940
'4,143
1,159
246
132,375
278,645
7,777
233,398
34,853
288,725
720,282
261,975
46,184
52,084
166,877
125,272
467,671
136,652
70,022
223,033
25,347
405,772
103,852
1,629,571
451,125
549
31
67
4,405
17,355
7,203
295
14,968
3,619
2,614
860
17,484
,275,219
301,061
35,912
29,250
15,293
8,398
23,793
38,909
733
49,050
4,207
507
27,765
5,084
2,401
3,594
304,831
2,126,007
24,140
24,073
5,675
24,037
1,124
■"1,021
12,602
848
115,104
211,000
5,724
213,327
33,990
248,445
877,911
345,634
44,363
45,550
1,434,332
131,527
92,623
424,303
119,479
58,862
215,098
30,593
444,112
79,255
1,438,332
,552,482
336,021
22
2,515
8,540
2,943
171
10,719
3,457
1,915
591
14,128
1,934,297
1,209,709
198,307
22,699
23,319
18,185
3,282
21,186
47,739
645
45,449
6,535
28,411
7,247
2,393
3,148
248,136
46,819
46,797
9,149
23,917
1,135
25,052
12,046
742
406,294
788,915
11,729
583,595
200,015
704,305
2,572,152
976,473
128,737
146,288
4,542,099
399,210
249,343
1,099,014
446,290
169,943
623,233
230,835
1,480,887
156,655
4,542,099
3,181,820
1,112,483
3,514
31
488
18,577
33,328
14,916
540
43,658
11,615
19,616
7,528
29,488
2,566,409
514,777
37,966
46,643
34,996
9,409
58,598
111,841
2,182
99,377
36,300
3,474
42,763
23,759
7,159
2,400
559,000
190, 549
190,061
101,249
3,645
85,655
82,428
1,555
307, 502
445,174
13,694
494,010
193,661
519,571
2,384,176
938,770
83,279
135,413
3,510,322
207,884
154,768
744,051
492,322
188,724
551,146
124,712
,180,369
33,654
3,610,322
3,419,277
938,606
2,843
63
701
7,452
28,900
4,890
47
13,426
1,036
16,622
5,657
13,988
4,453,508
2,683,719
479,739
19,002
42,102
53,917
2,600
35,768
97,738
1,551
74,555
16,940
2,029
43,887
18,036
2,648
3,094
703,347
4,280,672
172,836
172,135
606
90,878
3,100
79,711
11,769
See footnotes at end of table. See p. 24 for "Explanation of Terms." Data not subject to sampling variability since all these returns were tabulated
3,844,119
7,406,756
77,552
4,085,906
5,692,706
9,627,564
43,740,026
14,666,770
421,357
1,358,668
61,432,780
2,603,652
1,966,223
14,517,267
9,314,422
1,331,581
14,629,881
2,448,232'
14,683,762
62,240
61,432,780
25,993,024
12,322,252
98,257
2,886
11,374
232,438
252,833
34,538
1,239
45,354
2,702
696,729
159,703
135,516
39,998,845
20,577,491
6,367,637
73,026
456,988
679,726
48,495
606,548
1,143,991
20,100
1,183,457
408,170
141,346
220,695
449,769
100,865
15,325
4,195,810
3,309,405
3,298,031
5,972
1,435,657
7,953
1,443,610
1,865,795
1,698,016
224,466
CORPORATION INCOME TAX RETURNS FOR 1952
75
Table 5a.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— CONSOLIDATED RETURNS WITH BALANCE SHEETS, BY TOTAL ASSETS CLASSES— Continued
PART II.— CONSOLIDATED RETURNS WITH NET INCOME
RETURNS, SUBSIDIARIES, ASSETS, LIABILITIES, RECEIPTS, DEDUCTIONS, COMPILED NET PROFIT OR NET LCSS, NET INCOME OR DEFICIT. TAXES, AND DtVIDENDS PAID
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
Number of returns with balance sheets
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other Investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
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^
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less
amortizable bond premium) ;
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by
any net long-term capital loss.
Net long-term capital gain reduced by
any net short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 pension plans..
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit (38 less 56)
Net income (57 less 28)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
CanpUed net profit lea total tax (57 less 62)
Dividends paid:
Cash and assets other than own stock....
Corporation's own stock
(1)
1,325
6,239
4,645,072
8,781,024
103,539
5,218,283
6,120,420
10,988,870
43,285,379
16,442,293
676,136
1,611,494
69,780,796
3,232,905
2,371,252
16,241,858
10,316,348
1,669,066
15,822,412
2,781,246
17,531,215
236,006
69,780,796
32,971,711
14,745,342
105,169
2,981
12,595
262,992
332,032
57,903
2,168
123,341
18,388
735,981
173,659
191,309
49,735,571
25,932,892
7,730,807
176,170
567,059
757,873
63,534
695,940
1,371,356
25,311
1,372,442
443,028
147,595
331,031
489,218
109,209
21,914
5,633,465
3,866,727
3,854,132
30,888
1,679,5.^4
17,147
1,868,903
239,773
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
119
155
159
222
396
,205
129
694
148
1,253
93
1,928
(Thousand dollars )
183
186
28
155
21
106
479
223
33
33
73
128
96
393
9
321
238
2,211
1,345
1,346
712
235
159
9
17
9
70
2
52
1
2
77
15
146
146
43
115
29
573
913
27
450
564
,854
775
177
172
276
650
376
102
1,111
425
3,955
9,015
4,637
13,907
6,778
1,757
703
455
49
19
40
173
1
175
150
13
370
370
96
2,756
5,905
166
3,301
119
1,724
10,403
4,263
539
561
21,429
4,482
2,004
3,091
2,530
686
4,116
272
5,557
1,309
21,429
41,565
19,354
419
3
210
22
32,292
11,666
2,218
1,432
267
217
331
998
9
8,750
60,265
1,366
1,866
364
554
25
lS2
16
5,516
14,957
336
10,937
213
6,462
26,250
9,930
2,094
2,091
58,254
10,370
6,053
8,901
5,648
1,469
12,107
580
17,490
4,369
58,254
96,352
28,320
826
78
2
73,979
15,585
4,250
2,854
621
171
802
1,637
40
2,303
24
1,597
122
112
36
19,829
4,111
4,111
387
1,311
68
1,379
2,732
445
433
9,939
26,753
626
19,424
2,137
13,149
59,444
25,450
4,559
4,043
113,372
15,203
10,630
23,329
10,013
7,368
25,907
1,979
37,546
18,653
113,372
161,623
47,575
1,231
450
10
886
511
189
1
1,840
214,965
123,573
30,965
5,100
3,520
1,091
547
1,447
3,172
101
3,738
346
1,793
441
189
51
32,646
6,180
6,178
1,679
1,843
97
724
246
98,689
181,639
3,553
145,981
27,426
167,436
416,373
157,631
23,202
26,558
931,575
96,396
71,605
229,376
89,328
36,797
139,426
14,492
287,661
34,006
931,575
1,019,648
339,344
420
5
7,923
7,090
281
13,721
2,597
2,354
686
8,424
1,406,020
782,567
233,762
25,461
15,075
9,222
3,353
11,712
23,241
716
29,333
3,290
482
18,175
3,852
1,584
1,123
183,414
59,653
59,631
5,675
24,037
1,124
9,709
848
33,936
148,905
2,974
151,010
24,819
140,160
565,032
232,776
27,257
29,352
934,721
85,823
54,158
223,314
94,564
29,375
153,286
14,243
319,235
45,277
934,721
1,104,000
223,636
553
2
5,178
1,261
86
10,114
1,568
1,438
584
9,258
855,823
124,933
16,534
14,066
12,764
2,025
12,509
29,363
630
29,272
4,741
804
17,699
4,155
1,505
2,938
170,157
59,739
59,722
9,149
23,917
1,135
10,953
742
338,931
649,748
9,924
449,393
186,213
527,491
1,809,384
693,653
115,033
97,898
3,470,519
310,380
135,871
708,982
342,107
131,004
451,153
209,130
1,218,936
87,094
3,470,519
2,462,421
900,401
3,250
30
474
17,206
27,171
12,932
500
40,382
10,219
13,633
7,044
23,416
1,932,792
519,775
33,117
33,963
27,715
6,405
41,311
94,717
2,162
71,435
17,212
3,217
36,534
19,623
5,895
1,620
442,478
3,294,977
229,202
228,728
5,412
101,249
3,645
77,104
1,233
279,679
383,552
3,700
409,740
189,152
507,029
1,392,954
775,246
80,266
122,915
3,086,341
130,053
121,346
598,193
475,955
134,861
453,450
97,043
1,049,089
33,654
3,036,341
2,557,775
858,525
2,689
58
701
7,070
26,393
1,983
47
12,536
34
16,510
5,557
12,514
1,942,212
424,038
16,759
35,722
35,337
2,424
26,941
85,325
1,551
61,235
12,145
2,029
38,201
15,501
2,577
794
608,835
3,312,677
190,321
139,620
606
90,878
3,100
93,973
73,164
11,769
3,824,865
7,363,461
77,255
4,027,392
5,690,271
9,624,749
43,502,701
14,542,296
417,926
1,327,871
61,159,685
2,573,609
1,919,181
14,440,389
9,296,231
1,326,393
14,571,670
2,443,424
14,594,259
10,981
61,159,585
25,517,101
12,322,204
11,374
232,404
262,145
34,056
1,239
44,983
2,702
696,719
159,637
134,157
20,131,525
5,357,609
71,793
454,758
670,298
48,356
600,338
1,132,155
20,100
1,173,635
405,239
141,059
216,112
445,431
97,162
15,326
4,163,341
36,204,737
3,315,134
3,303,760
5,972
1,435,657
7,953
1,696,535
224,466
^Capital slock which is not definitely desigiistei as either coDimon or preferred is tabulated under conunon stoc'^.
^Loss or deficit.
'Loss after total tax payment.
NOTE: See p. 2i for "Explanation of Terms." Data not subject to sampling variability since all these returns were tabulated.
366266 O - 55
76
CORPORATION INCOME TAX RETURNS FOR 1952
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1,513
599
2,952
7,933
1,846
1,347
2,540
1,555
6,159
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389
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166
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CORPORATION INCOME TAX RETURNS FOR 1952
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102
CORPORATION INCOME TAX RETURNS FOR 1952
Table 7.— NUMBER OF RETURNS, NET INCOME OR DEFICIT, TAXES, AND DIVIDENDS PAID— ALL RETURNS, BY NET INCOME AND DEFICIT CLASSES AND INDUSTRIAL DIVISIONS
Industrial divisions ajid net income
and deficit classes
Retu2'us \iizh net income
Returns
witli no net i
come
Net
income
Dividends
paid in cash
Dividfids
paid in cash
Nuir.ber of
returns
Total
tax
Income
tax
Excess
profits
and assets
otiler tliaii
Nujnber of
returns
Deficit
and assets
other than
own stock
o.vn stc;:-
( Thousand
(Thousand
( Thousand
(Thousand
(Thousand
(Thousand
(Thousand
dollars)
dollars)
dollars)
dollars)
dollars)
dollars)
dollars)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(E)
(9)
207,201
340,250
85 ,477
85,457
20
63,676
170, 94^
193,231
26,811
61,780
447,571
119,934
119,909
25
59,663
24,344
176,218
13,682
37,136
458,022
126,819
126,748
71
62,218
11,014
133,808
5,013
27,752
483,872
137,508
137,321
187
61,722
5,680
98,639
3,457
26,357
594,566
171,805
171,104
701
71,896
3,612
80,535
1,987
33,470
1,162,855
411,624
338,666
22,958
204,994
7,628
261,722
8,784
20,623
1,443,968
624,309
532,342
41,967
255,506
3,231
223,620
11,338
15,064
2,335,476
1,124,356
1,043,674
80,682
425,082
1,867
276,433
20,574
5,963
2,080,026
1,045,759
961,361
33,393
405,764
389
134,651
10,639
3,243
2,260,864
1,148,555
1,052,863
95,692
486,367
184
125,083
10,328
3,020
6,351,075
3,215,791
2,933,343
282,443
1,676,866
84
155,246
13,241
455
3,129,000
1,584,255
1,453,751
130,504
952,787
10
66,354
1,489
508
19,344,152
9,351,365
8,539,788
811,577
6,406,552
4
44,978
2,316
442,577
40,431,697
'19,147,694
'17,596,969
1,550,725
11,133,098
229,494
1,975,518
129,659
2,176
3,894
943
943
773
2,313
3,714
128
774
5,653
1,457
1,457
_
777
567
4,047
53
462
5,437
1,282
1,282
_
592
332
3,938
17
406
7,181
1,751
1,751
_
1,244
174
3,021
63
318
7,118
1,948
1,940
8
666
72
1,666
36
368
12,777
4,134
3,835
249
2,329
203
7,196
95
230
16,130
5,661
5,433
228
2,874
115
7,343
131
173
25,456
10,485
9,924
561
5,020
82
13,064
50
58
19,955
8,333
7,990
343
2,249
IS
6,453
4
13
8,122
3,950
3,635
315
2,444
4
2,946
100
9
15,320
6,928
6,833
95
2,903
1
1,508
577
1
67,265
30,564
30,564
-
35,100
-
-
-
4,988
194,358
77,436
75,637
1,799
56,971
3,881
55,396
1,254
1,590
2,848
634
634
2,820
2,294
2,537
1,583
533
3,906
968
963
_
1,111
520
3,667
288
483
5,887
1,433
1,432
1
1,570
269
3,413
1,243
355
6,341
1,785
1,731
4
777
201
3,497
673
276
6,099
1,735
1,723
12
1,359
143
3,183
221
490
17,463
5,966
5,708
258
7,224
345
12,453
1,000
408
28,415
11,794
11,253
536
11,545
217
15,340
3,091
363
56,465
25,586
24,369
1,217
13,352
163
24,993
3,034
149
51,024
23,852
22,838
1,014
19,326
34
11,010
2,294
33
56,723
25,998
24,881
1,117
27,598
9
6,084
4,600
85
198,777
93,051
89,162
3,889
117,972
15
23,419
352
4
29,305
13,686
13,686
-
12,145
1
5,588
_
15
637,840
300,901
294,748
6,153
373,540
-
-
-
4,839
1,101,093
507,389
493,188
14,201
595,339
4,216
120,234
18,384
8,369
14 ,905
3,549
3,546
3
6,342
7,746
9,949
690
3,039
22,209
5,823
5,823
_
1,226
1,349
9,363
111
1,902
23,387
6,466
6,465
1
1,926
529
6,400
90
1,542
27,290
7,714
7,696
18
1,800
290
4,904
24
1,600
36,223
10,498
10,404
94
1,113
210
4,656
_
1,846
62,393
21,516
19,874
1,642
4,290
467
15,671
349
1,071
74,031
32,432
29,416
3,016
5,259
197
13,837
62
679
103,260
50,252
45,569
4,683
8,452
60
8,771
63
240
33,380
44,789
40,733
4,056
9,426
14
4,919
315
98
67,050
35,251
31,950
3,301
8,440
3
5,381
_
50
102,074
54,235
48,312
5,923
17,006
1
1,076
_
5
30,661
14,437
12,677
1,760
6,006
-
_
_
3
35,772
19,671
17,878
1,793
7,564
-
-
-
20,946
683,685
306,633
280,343
26,290
78,350
10,871
34,927
1,704
25,510
44,518
10,084
10,084
5,870
22,381
32,238
2,482
9,896
73,326
18,116
18,107
9
7,006
5,333
38,412
1,447
6,500
80,429
21,244
21,239
5
9,612
2,835
35,157
1,147
5,252
91,703
25,760
25,758
2
8,027
1,602
28,279
1,595
6,179
139,463
39,631
39,521
110
13,308
1,127
24,981
1,034
8,111
287,004
102,997
95,793
7,204
39,927
2,680
92,100
4,632
6,370
455,151
207,517
189,201
18,316
66,403
1,377
95,358
3,795
6,089
965,516
493,825
446,582
47,243
143,969
858
127,024
11,869
2,859
1,001,608
544,629
488,426
56,203
162,716
211
73,343
4,829
1,737
1,212,421
665,217
595,935
69,282
207,140
102
67,649
3,395
1,753
3,687,160
2,079,923
1,845,617
234,306
778,430
40
72,118
7,845
264
1,804,431
1,021,327
908,592
112,735
437,712
5
31,269
1,489
275
11,238,280
6,188,862
5,440,662
748,200
3,752,869
3
44,967
2,316
80,795
21,081,015
11,419,132
10,125,517
1,293,615
5,632,939
38,604
762,895
47,875
ALL INDUSTRIAL DIVISIONS
Under $5,Q00
$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
ACRICULTDRE, FORESTRY, AND FISHERY
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 S1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
Total
MINBIQ AND QUARRYING
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
CONSTRUCTION
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
MANUFACTURING
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 ui«der $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
Total
See footnote at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS FOR 1952
103
Table 7.-NIIMBEB OF RETURNS, NET INCOME OR DEFICIT. TAXES, AND DIVIDENDS PAID-ALL RETURNS, BY NET INCOME AND DEFICIT CLASSES AND INDUSTRIAL DIVISIONS— Continued
Industrial divisions and net income
and deficit classes
PUBLIC UTILITIES
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 810,000,000.
$10,000,000 or more
Total.
Under 85,000
$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 u.nder $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.
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.
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.
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.
FINANCE, INSURANCE, REAL ESTATE,
AND LESSORS OF REAL PROPERTY
Returns witi^. net inco.T.e
Number of
returns
(1)
8,i98
2,211
1,379
1,146
880
1,339
859
738
388
205
268
71,597
22,015
13,460
9,545
9,003
10,720
5,237
3,769
1,L21
524
308
37
29
148,365
NATURE OF BUSINESS NOT ALLOCABLE
68,464
18,417
9,951
7,561
6,290
8,595
4,450
2,703
969
459
486
70
76
Net
income
f Thouaand
dollars}
19,721
4,827
2,967
1,922
1,772
1,972
983
544
179
124
60
II
2
776
63
32
23
39
27
(2)
13,932
15,789
16,815
19,856
19,819
47,006
61,302
117,919
136,814
143,911
597,981
466,343
3,375,354
5,032,841
121,736
158,447
166,638
166,323
202,754
370,848
431,190
571,559
383,993
363,452
606,808
254,093
1,060,887
4,858,728
108,286
132,955
122,312
131,316
142,203
296,356
307,959
408,263
337,896
322,798
1,022,747
476,257
2,898,212
Total
tax
( Thousand
dollars)
(3)
3,315
3,924
4,662
5,710
5,595
16,922
26,233
57,515
69,003
72,064
301,148
236,527
,677,142
2,479,760
31, U2
43,728
47,620
48,107
59,596
134,898
191,291
286,033
195,997
187,437
313,011
127,086
589,945
Income
tax
( Thousand
dollars)
(4)
3,315
3,922
4,662
5,708
5,588
15,828
24,334
53,596
64,411
67,895
290,917
232,546
,666,386
31,100
43,714
47,586
48,068
59,422
128,473
181,455
272,304
185,171
177,082
297,214
124,424
550,532
6,707,560
29,313
34,793
36,660
33,439
39,998
67,658
68,710
85,993
63,157
86,387
117,428
67,910
30,542
761,988
818
493
407
418
889
850
1,030
1,045
1,699
28,770
36,625
34,132
36,970
41,188
101,412
119,019
160,568
li7,063
112,959
304,532
132,706
529,426
'1,765,557
6,882
9,192
9,895
9,593
11,349
23,583
30,043
39,686
31,285
45,679
61,438
38,486
14,854
331,965
188
101
85
118
265
196
319
406
808
3,961
28,767
36,625
34,102
36,880
40,933
96,972
113,163
154,239
122,859
109,772
297,565
127,082
524,164
Excess
profits
tax
f Thousand
dollars)
(5)
1,034
1,899
3,919
4,592
4,169
10,231
3,981
10,756
40,652
12
14
34
39
174
6,425
9,836
13,729
10,826
10,355
15,797
2,662
39,413
109,316
'1,723,260
6,880
9,192
9,895
9,561
11,308
21,994
27,783
36,716
28,759
41,713
56,253
34,744
14,854
309,652
188
101
85
118
265
139
299
375
674
3,719
30
90
255
4,440
5,856
6,329
4,204
3,187
7,017
5,624
5,262
Dividends
paid in cash
and assets
other t.han
own stock
(Thousand
dollars)
(b)
2,671
2,193
2,565
2,530
1,598
8,447
9,911
28,767
26,605
37,172
207,551
181,351
,391,889
18,328
18,586
19,241
19,356
21,654
56,517
64,003
84,835
65,627
68,233
139,001
94,001
310,451
Returns v/ith no net income
Number of
returns
(7)
7,904
957
516
226
205
269
145
99
31
14
10
2
10,378
(Thousand
dollars)
979,833
42,297
32
41
1,589
2,260
2,970
2,526
3,966
5,185
3,742
22,313
20
31
134
23,799
23,321
23,310
23,232
26,956
74,371
82,668
122,373
107,790
116,057
374,186
192,615
516,685
1,707,363
2,968
5,397
3,391
4,748
5,242
11,889
12,509
13,049
11,756
19,283
39,616
28,957
18,454
177,259
105
51
334
265
269
52,663
9,886
4,tB4
2,038
1,166
2,133
623
284
37
20
50,084
3,159
1,388
69S
462
906
361
241
29
23
13
21,212
2,924
969
440
177
584
159
69
13
,350
149
32
11
50
41
27
6
2
4,668
(8)
9,029
6,513
6,434
3,950
4,605
9,197
10,207
15,229
10,753
11,388
20,128
14,999
74,039
70,278
49,261
35,233
25,987
72,289
42,354
39,567
12,947
13,119
4,722
11
Dividends
paid in cash
and assets
other than
own stock
(Thousand
dollars)
39,168
22,309
16,972
12,064
10,363
31,952
24,958
37,020
10,470
16,068
27,275
248,619
25,809
20,565
11,883
7,478
4,007
19,634
11,767
9,940
4,204
2,448
U,498
1,698
1,064
350
213
1,087
1,230
1,956
725
552
'Included in the total, but not in the detail, is $137,000 of tax reported on returns »ith no net Income. See Explanation of Terms - "Income Tax," p. 25.
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
104
CORPORATION INCOME TAX RETURNS FOR 1952
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164
157
219
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as
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5,000
10,000
15,000
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50,000
100,00
250,00
500,00
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5,000,
=
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c ft
CORPORATION INCOME TAX RETURNS FOR 1952
105
T.bie 8.._NUMBER OF RET^NS. NET INCOME, SELECTED EXCESS PROFITS »"A, AND^TAMjS-RETl^S mTH^^|XCESS TOOFITS NET INCOME. OVER S25,000, BV METHOD OF EXCESS PROFITS CREDn
PABT I.— HETUHHS WITH EXCESS PROFITS Ttt LIABILITY
Method of excess profits credit computation
and net income classes
AOGREGAIE^
Under $5,000
85,000 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
INCOffi METHOD— AGOREOAIE
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
INCOkC METHOD— GENEHAl AVERAGE
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 $500,030
$500,000 under il.O'M.OOO
$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 GROrfH
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
INCaffi METHOD— INDUSTRY RATE OF RETURN
Under $5,000
$5,000 under $10,000...
$10,000 under $15,000.,
$15,000 under $29,000..
$20,000 under $25,000. ,
$25,000 under $50,000.
$50,000 under $100,000
$100,000 under $250,030
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000..
$5,000,000 under $13,000,000.
$13,000,000 or more
Number of
returns
56
45
81
22i
994
11,488
6,918
5,580
2,453
1,382
i,356
196
218
30,991
1
11
13
48
2,811
4,194
4,151
2,031
1,205
1,173
175
192
(Thotiaand
dollars)
(2)
131
320
974
4,066
23,170
395,082
483,331
874,859
856,902
969,683
2,908,572
1,349,989
8,945,523
16,812,602
16,013
(2)
(') '
3
33
2,075
3,042
2,847
1,429
846
345
132
149
11,413
Total.
(2)
2
524
325
1,002
492
297
259
34
17
3,468
9
134
212
1,117
108,564
298,391
661,996
710,921
343,592
2,540,799
1,202,690
8,289,756
Excess
profits
net income
(Thousand
dollars)
14,658,214
55
777
80,706
215,197
453,956
500,253
590,783
1,862,735
908,405
7,167,179
11,780,178
73
44
19,661
59,731
159,770
172,718
209,332
530,356
230,037
253,041
2,179
1,801
3,654
3,425
31,237
409,072
491,790
876,443
851,739
971,324
2,865,154
1,324,489
8,536,808
16,374,165
13
212
327
302
110
62
69
9
26
1,132
296
1,197
23,463
48,270
37,950
43,477
147,658
64,188
869,536
35
1,063
1,136
2,167
113,872
303,721
663,251
705,186
848,425
2,507,666
1,178,904
7,894,220
Excess
profits
(Thousand
dollars)
(4)
1,588
1,131
2,548
6,052
24,618
312,812
306,522
525,217
509,909
599,032
1,811,279
853,962
5,746,166
10,700,836
14,220,377
173
1,467
84,446
218,399
452,260
497,229
592,893
1,836,045
887,838
6,786,175
11,358,034
615
95
20,406
60,112
161,213
170,744
210,878
524,714
223,227
247,303
1,625,270
31
824
744
1,632
92,435
216,719
434,253
446,464
531,723
1,603,614
745,559
5,183,760
Unused
excess
profits
credit
adjustment
( Thousand
dollars)
C5)
6
204
2,792
7,522
13,425
12,762
11,487
28,384
8,247
20,690
105,542
9,258,146
(^)
136
1,249
69,438
159,451
306,649
325,052
382,859
1,195,708
536,294
4,505,600
7,533,123
455
73
16,392
42,524
103,397
104,746
123,920
338,781
131,958
167,881
(^)
109
1,256
5,757
10,773
10,687
9,790
21,626
7,698
19,154
Adjusted
excess
profits
net income
( Thousand
dollars)
591
670
1,035
2,367
5,192
88,652
168,403
321,693
314,516
352,221
1,011,737
462,280
2,753,477
5,482,934
86,850
6
932
4,274
8,110
7,683
6,341
13,091
617
15,360
56,919
223
813
1,559
2,134
2,732
5,324
3,115
2,750
18,650
4
239
391
423
20,177
81,243
218,224
243,033
306,910
882,423
425,647
2,691,306
(Thousand
dollars)
(7)
58
117
359
1,406
7,675
163,734
252,065
498,034
510,440
585,589
1,766,711
820,491
5,338,614
9,945,293
4,875,368
41
212
14,074
54,672
137,499
164,487
203,192
627,247
300,927
2,265,215
3,767,983
161
21
3,789
16,775
56,263
63,864
79,224
180,610
93,154
76,672
570,883
(0
4
70
87
411
46,153
153,514
377, X3
422,327
510,025
1,545,395
735,022
4,984,649
Income tax
( Thousand
dollars)
(8)
38
92
288
1,219
6,974
140,776
210,098
417,352
426,542
489,897
1,484,263
689,937
4,527,037
8,394,568
8,775,519
(')
I.')
23
270
34,247
109,903
256,845
295,689
354,555
1,128,656
549,208
4,288,672
7,018,124
17
8,376
31,266
92,108
103,808
127,456
321,910
145, 2U
152,251
(.')
66
359
40,689
130,618
317,897
354,357
427,082
1,298,641
614,802
4,194,510
Excess
profits tax
( Thousand
dollars)
7,379,1
I')
{')
19
235
30,299
94,021
218,005
249,439
298,746
951,432
463,912
3,620,243
5,926,427
982,497
35
75
605
9,020
25,210
49,773
37,213
44,654
146,907
62,839
860,742
31
70
310
6,605
14,744
24,207
16,666
19,944
69,125
27,307
510,279
689,283
103
101
670
1,104
865
217
3,211
3,966
l.OU.
11,281
190
2,314
9,796
24,462
19,682
24,494
74,571
31,566
349,419
536,502
124
3,530
12,345
28,390
23,330
28,014
94,829
40,600
543,726
774,8^8
24
15
7,315
26,318
76,710
86,162
106,200
271,314
118,100
129,250
821,455
3
6
109
3,075
10,279
23,132
18,706
22,136
75,895
32,790
445,017
631,198
(9)
20
25
71
137
701
22,953
41,967
80,682
83,898
95,692
282,443
130,504
811,577
1
25
21
52
5,464
22,396
59,446
68,470
82,943
246,754
120,220
790,139
(')
(^)
4
35
3,948
15,882
38,840
46,200
55,809
177,224
85,296
663,429
1,091,697
3
2
1,061
4,948
15,398
17,646
21,256
50,596
27,114
23,001
161,042
15
455
2
066
5
208
4
624
5
878
18
934
7
810
98
7CB
See footnote, at end of tatle. See p. 24 for "Explanation of Terns" and p. 23 for "Description of the Sample and Limitations of teta."
106
CORPORATION INCOME TAX RETURNS FOR 1952
Table 8a.— NUMBER OF RETURNS, NET INCOME, SELECTED EXCESS PROFITS DATA, AND TAXES— RETURNS WITH EXCESS PROFITS NET INCOME OVER 525,000, BV METHOD OF EXCESS PROFITS CREDIT
COMPUTATION AND NET INCOME CLASSES— Continusd
PARI I.— RETURNS WITH EXCESS PROFITS TAX LIABILITY— Continued
Method of excess profits credit congjutation
and net income classes
Number of
returns
f Thousand
dollars)
Excess
profits
net income
( Thousand
dollars)
Excess
profits
(Thousand
dollars)
Unused
excess
profits
credit
adjustment
f Thousand
dollars)
Adjusted
excess
profits
net income
(Thousand
dollars)
Total tax
(Thousand
dollars)
( Thousand
dollars)
Excess
profits tax
INVESTED CAPITAL METHOD— AOGREGATE
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
INVESTED CAPITAL METHOD— ASSETS
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
INVESTED CAPITAL METHOD— HISTORICAL
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
INVESTED CAPITAL METHOD— REGULATED PUBLIC UTILITIES
Under J5,000
$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 $5,000
$5, OX 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,(XXI under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
110,000,000 or nxjre
Total
70
924
932
726
293
146
165
21
25
6
66
795
787
598
227
106
116
11
(2)
44
57
200
826
7,579
1,625
574
78
12
11,047
(2)
(4)
(5)
(8)
70
106
1,631
35,149
64,842
112, ■'20
102,723
104,818
332,562
147,299
639,249
242
192
2,475
38,881
67,713
116,036
103,436
104,458
325,907
145,585
626,113
158
174
2,052
30,280
48,379
76,250
60,655
66,476
205,688
108,403
562,406
3
6
72
1,(»0
1,391
2,561
2,060
1,697
6,758
549
1,536
81
13
352
7,507
17,944
37,207
40,721
36,287
113,461
36,633
62,171
35
540
14,887
32,807
62,059
60,782
61,783
197,531
85,469
X2,4A5
21
33
439
12,983
27,877
52,728
50,707
52,206
167,531
75,185
323,973
1,531,038
17,743
352,377
853,363
763,733
55
106
1,539
30,216
54,782
91,560
79,839
76,572
232,829
69,648
158,547
214
192
2,303
33,871
57,424
95,329
81,200
76,538
229,196
68,298
153,658
133
174
1,917
26,618
40,917
62,596
45,718
46,261
130,575
41,881
123,633
72
745
1,169
2,072
1,739
927
5,885
524
1,536
81
13
315
6,507
15,338
30,662
33,743
29,351
92,736
25,393
23,489
21
35
501
12,812
27,766
50,433
47,655
45,590
141,024
42,348
33,210
33
461
11,187
23,596
42,350
39,497
37,970
117,001
35,285
79,841
795,693
303,223
525,423
14,675
263,128
456,392
337,738
4,025
6,750
10,411
10,253
9,200
29,266
16,742
4
103
7
034
10
152
9
760
Q
110
26
352
3,027
5,253
5,970
5,790
6,277
18,091
13,846
(^)
211
445
312
437
423
(2)
739
1,570
3,737
3,658
2,396
7,838
3,041
1,655
3,301
5,616
5,832
5,224
16,478
9,942
(2
1
454
2
348
4
704
4
887
4
628
14
320
2,166
23,016
903
3,310
10,749
12,631
19,046
70,467
77,651
463,960
907
3,255
10,555
12,476
13,810
70,359
77,287
450,563
635
2,209
7,684
9,147
13,938
57,022
66,522
419,927
9
333
450
25
261
1,036
2,808
3,320
4,540
12,887
10,740
30,641
420
1,740
6,013
7,295
10,969
40,029
43,121
244,293
342
1,433
5,174
6,323
9,608
36,210
39,900
235,102
653,722
644,217
577,084
66,233
353,8
334,092
98
311
695
3,668
19,299
245,298
108,083
80,161
25,793
8,234
5,997
1,448
1,766
2,185
6,935
24,937
249,655
108,406
78,520
25,560
8,090
6,089
1,200
1,100
1,425
5,000
20,650
189,475
40,625
14,350
1,950
300
100
145
374
248
666
760
1,935
4,334
60,035
67,407
64,099
23,610
7,790
5,989
39
113
233
1,252
6,300
100,161
59,538
47,358
16,266
5,384
4,099
27
89
198
1,096
5,786
84,966
46,301
37,241
12,751
4,051
3,042
497,637
513,641
276,175
236,873
240,743
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Lijnitations of Data."
CORPORATION INCOME TAX RETURNS FOR 1952
107
Table 8a.— NUMBER OK RETURNS, NET INCOME, SELECTED EXCESS PROFITS DATA, AND TAXES— RETURNS WITH EXCESS PROFITS NET INCOME OVER $25,000, BY METHOD OF EXCESS PROFITS CREDIT
COMPUTATION AND NET INCOME CLASSES— Continued
PART II.— RETURNS WITH NO EXCESS PROFITS IM LIABILITY
Method of excess profits credit
computation and net income
classes
Number
of
returns
Excess
profits
net income
(Thousand
dot tars)
Excess
profits
credit
(Thousand
dollars J
UnuL-ed
excess
profits
credit
adjust-
ment
f Thousand
dollars)
Method of excess profits credit
computation and net income
classes
Number
of
returns
Excess
profits
net income
(Thousand
dollars)
Excess
profits
credit
(Thousand
dollars)
Unused
excess
profits
credit
adjust-
ment
(Thousand
dol lars)
(1)
(2)
(3)
(4)
INVESTED CAPITAL METHOD— AIKKEGATE
Under $5,000
(1)
(i)
(3)
(4)
AGOIEGATE^
297
382
501
807
2,009
16,638
11,798
8,381
3,113
1,661
1,467
236
264
15,003
18,901
19,519
60,663
71,283
641,014
848,050
1,279,422
1,039,805
1,108,841
2,731,765
1,426,217
7,428,523
50,435
50,172
52,632
117,221
147,329
1,240,657
1,539,335
2,212,596
1,734,684
2,430,420
4,363,382
2,270,355
10,915,731
18
590
130
269
763
7,097
14,164
23,464
18,620
21,247
43,679
13,378
23,730
260
307
411
638
1,136
4,406
2,674
1,842
791
456
485
90
141
13,686
15,990
16,533
54,488
46,350
191,304
206,405
292,880
263,070
282,711
397,258
502,672
4,379,444
42,379
42,008
42,838
99,429
87,062
347,183
368,370
540,750
484,260
473,898
1,513,505
786,669
6,655,109
17
577
filO 000 under $15 000
39
104
$20,000 under S25,000
435
1,942
$50 000 under $100,000
S50 000 under SlOO 000
3,666
4,679
$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
3,826
$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
11,990
1,378
8,877
Total
47,554
16,689,006
27,125,449
167,149
Total
13,637
■7,162,791
11,4B3,46C
42,307
INCOtE METHOD— AGGREGATE
36
63
75
162
797
12,152
9,080
6,515
2,315
1,202
979
145
123
1,291
2,547
2,414
5,895
24,213
446,487
633,507
982,840
774,615
824,964
1,828,797
922,936
3,049,079
8,031
7,224
8,783
17,489
59,287
837,207
1,163,166
1,663,910
1,248,463
1,953,728
2,839,815
1,481,186
4,260,622
13
64
119
302
4,919
10,445
18,732
14,336
16,470
31,635
12,000
14,853
INVESTED CAPITAL METHOD— ASSETS
214
256
337
520
1,040
3,828
2,245
1,491
603
330
323
42
57
11,024
12,621
13,236
49,791
40,522
165,592
173,452
232,156
197,456
199,763
562,109
211,112
1,729,063
32,132
32,089
31,878
85,289
74,293
238,265
302,335
426,100
367,542
332,980
1,042,374
372,120
3,238,288
17
$5 000 under $10 000
577
39
104
$20,000 under $25,000
427
1,707
2,971
$100,000 under $250,000
3,665
3,149
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
2,376
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10 000 000 or more
8,491
1,316
8,747
Total
IflVESTED CAPITAL METHOD— HISTORICAL
Under $5,000
$5 000 under $10 000
33,644
9,504,585
15,598,911
123,933
11,291
3,597,397
6,626,685
33,586
INCOME METHOD— GENERAL AVERAGE
18
47
54
120
598
9,926
7,385
5,340
1,868
966
751
114
111
732
1,921
1,787
4,363
18,226
361,305
517,464
803,925
623,977
663,684
1,337,071
734,272
2,598,172
5,830
5,556
7,584
11,930
46,954
727,803
957,126
1,377,205
1,036,239
1,714,694
2,160,838
1,189,797
3,559,630
13
85
286
3,805
8,143
14,021
10,507
11,669
22,320
7,726
13,194
46
51
74
117
144
553
403
299
145
93
56
10
12
2,662
3,369
3,297
4,668
5,769
24,699
31,064
51,203
50,119
61,513
105,188
47,958
310,617
10,247
9,919
10,960
14,037
12,693
56,828
62,614
102,313
96,813
110, 301
155,147
103,098
457,148
*5 000 under $10 000
_
$10,000 under $15,000
_
_
fi?0 000 under $25 000
$20,000 under $25,000
8
235
$50 000 under $100,000
$50,000 under $100,000
640
$100 000 under S250 000.
737
$250,000 under $500,000
469
2,125
$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
2,304
27,298
7,716,899
12,801,186
91,769
2,004
702,126
1,202,118
6,513
INVESTED CAPITAL METHOD— REGULATED
PUBLIC UTILITIES
Under $5,000
INCCME METHOD— ALTERNATIVE BASED
ON GROWTH
7
15
8
11
105
1,586
1,348
963
391
206
173
11
6
281
588
246
338
3,104
61,021
96,813
150,631
131,516
141,113
316,603
72,265
148,653
1,890
1,535
750
2,090
7,473
117,466
166,191
236,861
184,304
205,909
448,402
83,802
163,476
1
604
1,7C^
3,967
3,287
3,602
8,400
2,224
1,659
1
2
25
26
52
42
33
101
38
72
29
59
1,013
1,389
9,521
15,495
21,435
229,961
243,602
2,339,764
103
76
2,090
2,921
12,337
19,905
30,617
315,484
311,451
2,959,673
_
$10 000 under $15 000
-
_
_
-
55
$100,000 under $250,000
277
208
$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
276
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
1,195
62
130
4,850
1,123,177
1,620,149
25,453
Total
MINIMUM CREDIT METHOD
Under $5 , 000
392
2,862,768
3,654,657
2,203
INCOME METHOD— INDUSTRY RATE OF
RETURN
1
13
31
94
640
347
192
56
30
55
20
6
38
381
1,194
2,883
24,161
24,230
28,284
19,122
20,162
125,123
116,399
302,254
(2)
133
449
3,469
4,360
41,938
39,849
49,844
27,920
33,125
230,575
207,587
537,516
64
34
15
510
593
744
592
1,199
915
2,050
1
2
1
17
32
1
2
1
26
67
71
451
1,019
50
94
433
25
50
25
425
800
25
50
25
1
$5,000 under $10,000
_
$10,000 under $15,000
17
46
$20,000 under $25,000
24
219
$50,000 undpr $100,000
25
44
$250,000 under $500,000
403
_
$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
~
1,496
664,509
1,177,576
6,7l3
57
2,211
1,425
734
^Data from incomplete returns showing (1) excess profits tax liability but no excess profits schedule, or (2) an excess profits credit in excess of $25,000 with credit method
not shown are included in aeer'et'ate only.
^Sample variability of this item is too large to warrant showing it separately. However, this value is included in each total.
NOTE: Zi'9 p. ^-i for "E:<plnnation of Terms" and p. 23 for "Description of the Sample und Limitations of Cut's."
366266 O - 55 - 8
108
CORPORATION INCOME TAX RETURNS FOR 1952
Table 9.— DIVIDENDS RECEIVED AND INTEREST RECEIVED ON GOVERNMENT OBLIGATIONS— ALL RETURNS, BY NET INCOME AND DEFICIT CLASSES
Net income classes
Returns with net income
Total
number
of
returns
Dividends received from —
Domestic corporations Foreign corporations
Number of
returns
(Thousand
dollars)
Number of
returns
( Thousand
dollars)
Interest received on Government obligations
(less amortizable bond premium)
Wholly taxable
Number of
returns
(Thousand
dollars)
Subject to surtax only Wholly tax-exempt
Number of
returns
( Thousand
dollars)
Number of
returns
(Thousand
dollars)
(1)
(2)
(3)
(i)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
Under $5,000
15,000 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
207,201
61,780
37,136
27,752
26,357
33,470
20,623
15,06-;
5,968
3,243
3,020
455
508
6,704
3,942
2,859
2,339
2,075
4,986
4,021
3,694
1,973
1,193
1,414
283
384
6,050
7,191
7,362
7,802
5,707
34,693
50,061
90,280
94,688
110,501
344,920
134,193
1,381,579
183
93
83
71
66
265
202
249
203
148
339
101
187
320
218
140
100
213
2,097
1,575
5,344
5,234
11,949
56,959
52,091
409,938
6,162
4,275
3,357
3,082
3,065
6,501
5,187
4,803
2,473
1,613
1,851
338
414
17,633
26,186
32,832
33,467
37,018
129,390
133,078
164,194
121,498
111,907
303,510
81,918
614,943
365
400
421
356
451
1,432
1,137
861
368
246
297
47
94
591
692
476
542
1,696
3,355
6,014
7,700
6,174
7,664
32,190
8,622
38,539
912
1,389
1,467
1,467
1,620
3,625
2,300
1,655
746
468
592
98
183
1,817
4,783
4,030
5,364
6,275
20,424
22,065
26,313
16,424
18,736
50,541
21,333
75,649
442,577
35,867
2,325,027
546,178
43,121
;,074
6,525
114,255
16,522
273,759
Returns with no net income
Deficit classes
Total
number
of
returns
Dividends received from —
Domestic corporations
Number of
returns
(Thousand
dollars)
Foreign coiporations
Number of
returns
f Thousand
dollars)
Interest received on Government obligations
( less amortizable bond premium)
Wholly taxable
Number of
returns
( Thousand
dollars)
Subject to surtax only Wholly tax-exempt
Number of
returns
(Thousand
dollars)
Number of
returns
(Thousand
dollars)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
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
170,947
24,344
11,014
5,680
3,612
7,628
3,231
1,367
389
184
84
10
2,345
620
295
187
121
369
213
206
73
40
32
3
1
4,436
965
1,116
345
865
2,035
2,124
7,396
1,450
1,254
1,962
117
654
70
220
110
253
311
230
168
129
2,532
264
145
108
93
256
226
232
78
54
29
60,444
2,815
1,754
903
1,113
5,516
2,669
12,073
8,293
10,508
16,936
491
59
(')
(M
(M
(M
(M
(»)
(')
2,175
123
51
100
403
110
631
241
931
547
Total.
25,219
4,025
123,574
^Sample variability of this item is too large to warrant showing it separately. However, this value is included in each total.
NOTE: See p. 24 for "Explanation of Terras" and p. 23 for "Description of the Sample and Limitations of Data."
I
I
CORPORATION INCOME TAX RETURNS FOR 1952
109
Table 10.— DIVIDRNDS PAID— ALL RETURNS. BY NFT INCOME AND DEFICIT CLASSES
Net Incoioe classes
Returns with net income
Total
number
of
returns
Dividends paid
Only cash and assets
other than own stock
Number of
returns
Only corporation's
own stock
Number of
returns
(Thousand dollai
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 dot lairs)
Amount of
corporation's
own stock
(Thousand dollars
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Under $5,000
15,000 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
207,201
61,780
37,136
27,752
26,357
33,i70
20,623
15,064
5,968
3,243
3,020
455
508
18,429
12,730
9,791
8,080
7,877
14,873
10,796
8,999
3,961
2,357
2,403
384
413
63,032
58,924
61,001
60,832
69,548
200,402
248,284
412,678
390,227
468,994
1,577,685
901,279
6,007,427
416
239
272
311
385
420
217
165
71
21
15
8,271
5,842
6,482
8,900
12,799
19,050
21,436
29,287
20,288
10,313
15,325
4,632
14,400
243
194
258
180
289
519
416
361
213
122
165
30
51
644
744
1,217
890
2,348
4,592
7,222
12,404
15,537
17,373
99,181
51,508
399, 125
3,139
5,032
5,930
4,856
8,587
26,369
42,254
64,776
61,878
55,474
194,306
61,323
630,972
442,577
101,093
10,520,313
177,025
3,041
612,785
1,164,896
Deficit classes
Returns with no net income
Total
number of
returns
Dividends paid
Only cash and assets
other than own stock
Number of
returns
Amount
(Thousand dotle.
Only corporation's
own stock
Number of
returns
Amount
(Thouaend dollars)
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 dollars)
Amount of
corporation's
own stock
(Thousand dollars)
(9)
(10)
(U)
(12)
(13)
(14)
(IS)
(16)
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
170,947
24,844
11,014
5,680
3,612
7,628
3,231
1,867
389
184
84
10
3,673
1,006
521
278
144
419
297
201
84
39
27
3
2
26,700
13, 670
5,013
3,380
1,881
8,754
10,440
19,239
10,553
10,173
13,212
1,489
2,316
126
41
32
21
18
26
7
12
1
1,569
386
761
157
796
721
1,673
1,963
146
lU
12
77
106
30
1,335
86
155
29
601
119
15
62
2,316
4,256
2,811
136
1,197
2,014
229,494
6,694
126,820
13,527
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
i
ERRATA IN STATISTICS OF INCOME, PART 2
FOR 1951
REVISION OF TABLE 5
REVISION OF TABLE 6
111
1951 ERRATA
A review of the complete report, Statistics of Income for 1951, Part 2,
following publication revealed an error in the classification of one return by
size of total assets. The total assets classes affected are the $50,000 under
$100,000 class from which data for this one return are removed, and the
$50 million under $100 million class to which the data are added. The return
is classified industrially in the major industrial group "Finance: Banks and
trust companies."
The two tables which follow give revised data for tables 5 and 6 of the 1951
Statistics of Income, Part 2. These are the only tables affected by the change
in classification. Both the originally published data and the revisions are
given for each of the assets classes $50,000 under $100,000 and $50 million
under $100 million. For convenience, all items contained in the stubs of the
two tables are shown whether the item is affected by the revision or not. Table
5 shows aggregate data for the two assets classes for all returns with balance
sheets and for all returns with net income with balance sheets. Since data are
merely shifted from one class to another, the total for all assets classes is not
changed.
In table 6 data are presented by major industrial groups. Revised figures
are provided for the two total assets classes for the major industrial group
"Finance: Banks and trust companies" and for three industrial group totals,
"All industrial groups," "Total finance, insurance, real estate, and lessors of
real property," and "Total finance."
These corrections have also been made in the detailed 1951 data shown in
the Source Book of Statistics of Income, which is on file for public use in the
Statistics Division of the Internal Revenue Service, Washington, D. C.
112
1951 ERRATA
113
Revision of Table 6.— STATISTICS OF INCOME FOR 1951, PART 2, FOR TOTAL ASSETS CLASSES S60,000 UNDER 1100,000, AND 560,000,000 UNDER $100,000,000, FOB ALL RETURNS WITH BALANCE SHEETS
AND FOR RETURNS WITH NET mCCWE
art I. — All returns with balance sheets
Total assets classes
$50,000 under
$100,000 (col. 3)
Original
figures
Revised
figures
$50,000,000 under
$100,000,000 (col. 10)
Original
figures
Revised
figures
Part II. — Returns with net Income
Total assets classes
$50,000 under
$100,000 (col. 3)
Original
figures
Revised
figures
$50,000,000 under
$100,000,000 (col. 10)
Original
figures
Revised
figures
Number of retui-ns with balance sheets.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations.
Other investments
Gross capital assets (except land)..
Less: Reserves
Land
Other assets
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
Surplus reserves
Surplus and undivided profits...
Less: Deficit
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amortizable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalt ies
Excess of net short-terra 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 corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts.
(eductions:
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
Amort ization
Advertising
Amounts contributed under pension plans, etc.
Net loss, sales other than capital assets....
Other deductions
Total compiled deductions.
Compiled net profit or net loss (37 less 5i).
Net income or deficit (55 less 27)
Net operating loss deduction
Income tax
Excess profits tax.
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
106,268
( rhautand dollars)
861,246
,630,859
35,937
,557,113
93,293
390,573
,311,878
351,413
543,488
223,628
1,202,394
589,353
1,363,273
629,591
146,934
2,364,070
55,772
1,975,094
606,753
7,724,733
,050,620
,974,810
4,744
193
165
16,610
310,800
3,400
1,337
33,432
48,383
5,199
104
137,525
1,179,393
,780,523
817,232
266,444
86,882
34,975
83,048
235,668
5,292
263,179
3,669
929
129,102
4,439
8,509
1,269,819
16,169,103
423,724
423,559
39,819
164,371
3,830
168,201
255,523
77, 9M
11,713
844,121
1,608,059
35,462
1,557,118
69,277
338,448
3,311,335
1,351,413
543,246
223,377
7,653,106
589,353
,363,273
567,719
146,934
,362,870
55,292
,972,019
606,753
7,658,106
13,050,620
2,974,683
4,439
162
70
15,450
310,742
8,400
1,337
33,432
43,833
5,197
104
137,469
10,179,393
1,780,523
317,053
266,434
86,870
34,765
82,895
235,612
5,234
263,123
3,669
929
129,061
4,409
8,370
2,269,074
16,167,464
423,529
423,459
39,319
164,335
3,830
168,165
255,364
77,812
11,713
5,431,125
7,416,155
138,137
4,157,847
8,607,920
6,203,753
16,473,738
5,464,340
375,603
1,044,892
44,108,561
,124,666
,931,862
,981,097
,442,174
,859,403
,157,412
,142,301
321,690
44,108,561
22,980,668
4,583,608
114,432
10,296
18,941
309,149
124,224
33,566
2,060
109,190
1,740
209,939
71,418
140,502
16,960,099
2,076,996
134,366
201,596
401,691
29,137
223,680
659,859
23,135
518,307
120,823
16,616
232,920
182,337
9,705
3,538,548
25,429,315
3,279,918
3,260,977
5,794
1,504,077
216,512
1,720,589
1,559,329
933,862
l'jl,688
5,448,250
7,438,955
138,612
4,157,847
8,631,936
6,205,878
16,474,281
5,464,340
375,850
1,045,143
44,175,138
1,791,336
,124,666
,931,362
,042,969
,442,174
,860,603
,157,892
,145,376
321,690
44,175,183
22,980,668
4,533,735
114,737
10,327
19,036
310, 3t»
124,282
33,566
2,060
109,190
1,740
209,941
71,418
140,558
16,960,099
2,076,996
134,545
201,606
401,703
29,347
223,833
659,915
23,143
518,363
120,823
16,616
282,961
182,367
9,344
3,589,293
25,431,454
3,280,113
3,261,077
5,794
1,504,113
216,512
1,559,48
933,932
101,683
723,145
1,259,191
29,254
1,171,300
77,864
277,333
2,674,022
958,976
395,273
147,525
5,742,423
785,992
369,463
843,283
436,771
83,964
,606,563
45,798
,682,252
166,663
10,134,843
2,361,597
4,000
187
151
13,116
248,405
7,462
1,196
29,697
44,332
4,869
104
107,723
12,957,687
7,842,046
1,379,343
649,133
191,873
62,999
24,733
55,877
178,951
5,101
133,329
3,038
491
96,632
3,476
2,167
1,671,632
12,356,371
601,316
601,165
39,819
164,371
3,330
168,201
74,542
10,463
711,020
1,236,391
23,779
1,171,300
53,348
275,203
2,673,479
953,976
395,031
147,274
5,675,796
735,992
369,468
848,283
424,899
33,964
,605,363
45,318
,679,177
166,663
10,134,848
2,361,470
3,695
156
56
11,956
248,347
7,462
1,196
29,697
44,332
. 4,867
104
107,667
7,842,046
1,379,843
649,004
191,363
62,987
24,523
55,724
178,895
5,093
138,273
3,038
491
96,591
3,446
2,028
l,e70,3!>7
12,354,732
601,121
601,065
39,619
164,335
3,830
103,165
432,956
74,422
10,468
5,325,
7,234,
132,
3,940,
3,265,
5,936,
15,099,
5,139,
352,
933,
1,703,457
919,
4,338,
13,352,
1,381,
4,478,
1,141,
9,775,
229,
22,150,539
4,151,993
108,714
10,061
18,148
303,434
99,554
27,980
1,880
104,113
625
205,334
70,973
136,496
16,259,637
1,979,781
130,606
183,822
383,441
23,429
198,321
627,731
23,080
495,462
111,330
16,365
269,226
174,695
9,648
3,135,704
,77,273
3,312,566
3,294,413
5,794
1,504,077
216,512
915,863
81,347
5,342,642
7,306,333
133,041
3,940,512
8,289,572
5,939,096
15,100,409
5,139,412
352,500
933,780
41,932,891
1,708,457
919,524
4,338,115
18,414,630
1,331,935
4,479,810
1,142,022
9,778,328
229,930
41,932,391
22,150,539
4,152,120
109,019
10,092
18,243
304,594
99,612
27,980
1,880
104,113
625
205,336
70,973
136,552
16,259,
1,979,
130,
183,
383,
23,
■ 198
627,
23
495,
111,
16,
269,
174,
9,
3,186,
24,078,917
3,312,761
3,294,518
5,794
1,504,113
216,512
1,720,625
915,988
81,347
NOTE: See p. 24 for "Explanation of Terras" and p. 3, "Statistics of Income for 1951, Part 2," for "Description of the Sample and Limitations of Data.
114
1951 ERRATA
. of Table 6-STATlSTlCS OF INCOME FOR 1951, PART 2. FOR BANKS AND TRUST COMPANIES AND FOR TOTAL ASSETS CLASSES S50.000 UNDER $100.000 AND 850,000.000 UNDER SlOO, 000.000
Major industrial groups, selected items
ALL INDUSTRIAL GROUPS
Number of returns with balance sheets.
Cash
Notes and accounts receivable less reserve.
Inventories.
Investments.
Capital assets less reserves
Total assets— Total liabilities
Accounts and notes payable
Bonds and mortgages payable
Capital stock
Surplus and undivided profits less deficit
Gross sales and gross receipts from operations.
Total compiled receipts
Compiled net profit or net loss
N'^t income or deficit
Total tax
Dividends paid
TOTAL FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY
Number of returns with balance sheets
Cash
Notes and accounts receivable less reserve.
Inventories
Investments
Capital assets less reserves
ToTal assets — Total liabilities
Accounts and notes payable
Bonds and mortgages payable
Capital stock
Surplus and undivided profits less deficit
Gross sales and gross receipts from operations.
Total compiled receipts
Compiled net profit or net loss
Net income or def ic it
Total tax.
Dividends paid.
TOTAL FINANCE
Number of returns with balance sheets.
Cash
Notes and accounts receivable less reserve
Inventories ■
Investment s
Capital assets less reserves
Total assets — Total liabilities
Accounts and notes payable
Bopds and mortgages payable
Capital stock
Surplus and undivided profits less deficit
Cross sales and gross receipts from operations.
Total compiled receipts
Compiled net profit or net loss
Net income or deficit ■.
Total tax
Dividends paid
FINANCE: BANKS AND TRUST CCMPANIES
Number of returns with balance sheets.
Cash
Hotes and accounts receivable less reserve
Inventories
Investments
Capital assets less reserves
Total assets — Tital liabilities
Accounts and notes payable
Bonds and mortgages payable
Capital stock
Surplus and undivided profits less deficit
Gross sales and gross receipts from operations.
Total compiled receipts
Compiled net profit or net loss
tiet Income or deficit
Total tax
Divid'-nds paid
Total assets classes
$50,000 unaer
$100,000 (col. 3 J
Original
figures
Revised
figures
$50,000,000 under
$100,000,000 {col. 10)
Original
figures
Revised
figures
(Thousand dol lara )
861,246
,594,922
,557,118
433,866
,003,953
,724,733
,791,747
,368,278
,511,004
,424,113
,025,430
,592,327
423,724
423,559
168,201
77,932
27,410
844,121
1,572,597
1,557,113
457,725
3,003,168
7,658,106
1,791,747
1,368,278
2,509,804
1,420,558
16,025,303
16,590,993
423,529
423,459
168,165
77,812
27, 4M
5,431,125
7,278,018
4,157,847
14,811,673
11,385,006
44,108,561
2,916,002
4,931,862
6,301,577
10,978,023
27,564,276
23,709,733
3,279,913
3,260,977
1,720,589
933,862
5,448,
7,300,
4,157,
14,837,
11,385,
44,175,
2,916,
4,931,
6,302
10,981,
27,564,
28,711
3,280
3,261
1,720
933
(Thousand tlol lai
134,305
288,209
243,577
,266,528
,037,431
333,129
703, 803
572,959
253,137
129,093
484,714
93,346
93,225
30,116
21,455
167,180
265,834
217,436
1,265,743
1,970,804
338,129
703,303
571,759
249,532
128,966
482,880
93,151
93,125
30,080
21,335
3,611,451
4,385,507
45
11,445,257
1,053,231
21,025,428
450,934
591,294
929,333
2,502,169
1,086,522
1,775,877
422,377
403,969
100,666
207,093
3,628,
4,407,
11,471,
1,054,
21,092,
450,
591,
930,
2,505,
1,086,
1,777,
422,
404,
100,
207,
(Thousand dollars)
20,
263,
41,
26,
95,
25,
16
39,
,,973
.,663
1,462
,860
,352
,326
,885
,116
,125
,181
,144
.122
,013
,316
,713
23,848
72,343
66,321
20,075
197,225
41,326
26,885
93,916
21,570
16,054
37,310
7,927
7,913
2,230
4,593
3,380,488
4,374,810
7,299,803
129,875
15,253,975
254,054
168,143
597,922
1,535,851
74,130
566,569
274,267
262,503
64,020
163,543
3,397,
4,397,
7,325
130
15,325,
254,
163,
599,
1,589
74
563
274
262
tA
163
613
,135
,944
,660
,602
,054
,148
,122
,406
,257
,403
,462
,603
056
b63
(Thouasnd rial lai
13,752
22,602
26,603
1,763
70,093
3,161
3,850
595
2,561
311
216
71
211
1,627
277
462
978
3,466
1,961
295
468
727
116
116
35
91
3,267,691
4,003,331
5,867,770
126,026
13,330,135
2,257
257,456
633,789
53,952
342,769
100,055
88,540
41,834
24.249
3,284,316
4,025,656
5,893,911
126,811
13,396,762
2,257
258,656
637,344
54,079
344,603
100,250
3S,fiO
41,870
24,369
IIOIE:
See p. 24 for "Explanation of Tcrma" and p. 3, "Statistics of Income for 1951, Part
2," for'"De:icription of the Sajnple and Limitations of Data.''
Personal
Holding
Company
Returns
PERSONAL HOLDING COMPANY RETURNS FOR 1952
GENERAL CHARACTERISTICS
The 4,956 corporations meeting personal holding com-
pany tests report subchapter A net income of $242,083,000,
and subchapter A deficit of $6,529,000. Although divi-
dend distributions and other allowable deductions of
$238,153,000 are reported, 868 corporations show un-
distributed subchapter A net income of $35,431,000.
Tax liability of $1,684,000 is reported by 382 companies,
143 of which use the alternative tax computed when the
maximum tax on long-term capital gain is beneficial.
For 486 companies, which have $30,901,000, or 87 per-
cent, of the undistributed subchapter A net income, the
alternative tax provisions extinguish all subchapter A
tax liability. A tax credit of $10,281,000 is claimed by
the 623 companies using the alternative tax provisions
and represents that portion of the maximum tax on long-
term capital gain reported as income tax on the corpora-
tion income tax return. Form 1120.
Returns with subchapter A net income number 3,439,
and 1,517 have subchapter A deficit or show no data.
There are 2,571 corporations reporting subchapter A net
income completely distributed.
These data are from the personal holding company
returns, Form 1120H, filed for the calendar year 1952,
fiscal years ending in the period July 1952 through June
1953, and part years with the greater part of the ac-
counting period in 1952. Form 1120H is used for the
computation of a surtax imposed on personal holding
companies in addition to the regular normal tax and sur-
tax computed and reported on Form 1 120. This surtax,
imposed by chapter 2, subchapter A, of the Internal
Revenue Code (1939), is 75 percent of the first $2,000 of
undistributed subchapter A net income, plus 85 percent
of the excess over $2,000. (See also "Alternative tax"
under "Explanation of terms.") Foreign corporations
subject to surtax under subchapter A are described in
paragraph (A), General Instructions, Form 1120H,
facsimile on page 217.
Additional data from personal holding company re-
turns. Form 1120H, are shown in the two tables below.
The first table is a frequency distribution of returns with
subchapter A net income by size of subchapter A net
income and by returns with undistributed subchapter A
net income and returns with no undistributed subchapter
A net income. The second shows the principal items re-
ported for the computation of the surtax and the surtax
liability reported by type of net income.
An important factor in the analysis of the data is the
increase in income tax rates under provisions of the
Revenue Acts of 1950 and 1951. (See "Synopsis of
Federal Tax Laws," pages 151-152.) Since the normal
tax rate is now higher at all income levels than the maxi-
mum rate on long-term capital gains provided by the
alternative tax provisions, tlie maximum tax on any
sucli gain will be reported as income tax by a greater
number of pei'sonal holding corporations having chapter
1 net income. Thus, the rate cliangc will tend to increase
the proportion of subchapter A tax liability offset by the
credit allowed for income tax imposed by chapter 1.
The amount of the income tax credit will also be affected
by the increase in the maximum tax rate on long-term
capital gain from 25 to 26 percent, effective for taxable
years beginning after March 31, 1951.
The personal holding company data are based on the
returns as filed, prior to revisions that may be made as a
result of audit by the Internal Revenue Service. Data
from the corporation income tax returns, Form 112(J,
filed by these personal holding companies are included
in the tabulations pertaining to Forms 1120 in the first
section of this report.
Data from personal holding company returns, Form
1120H, are tabulated biennially. For years prior to
1950 the tabulations were prepared annually.
EXPLANATION OF TERMS
(See also facsimile of return, Form 1120H, pages 215-218)
Alternative tax. The alternative tax available to
corporations reporting net capital gain composed of net
long-term capital gain reduced by any net short-term
capital loss is applicable to the personal holding company
surtax under section 117 of the 1939 Code. The alter-
native tax computed in lieu of the surtax by personal
holding companies consists of the maximum tax of 26
percent on net capital gain as defined above, plus tax
at the 75- and 85-percent surtax rates on undistributed
subchapter A net income in excess of the net capital
gain, less a credit for income tax under chapter 1 attrib-
utable to such net capital gain. Capital gain and loss
provisions of the Internal Revenue Code (1939) are
shown in the Synopsis of Laws, Table B, page 153.
Chapter 1 net income is the net income of the corpora-
tion reported under the provisions of chapter 1 of the
Internal Revenue Code (1939). It is the gross income
subject to income taxation less the allowable deductions,
including the net operating loss deduction, and is reported
as item 34, page 1, of the corporation income tax return.
Form 1120. This net income is used as the base in
computing the subchapter A net income and is entered
as item 1, page 1, of the personal holding company
return, Form 1120H.
Credit for income tax under chapter 1 is allowed with
respect to income tax paid on certain net capital gain
under the provisions of section 117 which provides a
maximum tax of 26 percent on such gains. See alter-
native tax.
Personal holding company. Corporations meeting
the following tests with respect to gross income and stock
ownersliip are classed as personal holding companies:
(1) Gross income test —
(a) At least 80 percent of the gross income is
personal holding company income, or
(b) At least 70 percent of the gross income is
personal liolding company income, and the
116
PEESONAL HOLDING COMPANY EETURNS FOR 1952
117
company was classed as a personal holding
company in a prior taxable year (but sub-
sequent to 1936), unless (i) the company did
not meet the stock ownership test for one inter-
vening year, or (ii) less than 70 percent of the
gross income was personal holding company
income for three consecutive years.
(2) Stock ownership test — more than 50 percent in
value of the outstanding stock is owned, directly or
indirectly, by or for not more than five individuals
at some time during the last half of the taxable
year.
The following types of corporations are specifically
excluded from classification as personal holding com-
panies by section 501 (b) of the 1939 Code: (1) corpo-
rations exempt from taxation under section 101; (2)
banks, as defined in section 104; (3) life insurance com-
panies; (4) surety companies; (5) foreign personal hold-
ing companies as defined in section 331; and (6) certain
finance companies, personal finance and small loan
companies, and loan and investment companies.
Personal holding company income is, in general, that
portion of the gross income which consists of (1) divi-
dends, interest (otlier than interest constituting rent
under (7)), royalties (other than mineral, oil, or gas
royalties), and annuities; (2) gains from stock and
security transactions, except in the case of regular
dealers; (3) gains from futures transactions in commodi-
ties; (4) income from estates and trusts; (5) income from
personal service contracts; (6) amounts received as com-
pensation for a shareholder's use of corporation property;
(7) rents, unless constituting 50 percent or more of the
gross income; and (8) mineral, oil, or gas royalties,
unless such royalties constitute 50 percent or mofe of
the gross income, and unless the deductions allowable for
expenses under section 23 (a) (other than compensation
for personal services rendered by shareholders) consti-
tute 15 percent or more of the gross income.
Subchapter A net income is derived from the chapter 1
net income by making adjustments for:
(1) Deductions not allowed —
(a) Expenses and depreciation attributable
to property owned or operated by the corpora-
tion to the extent that they exceed income from
such property. This adjustment is not re-
quired if the propriety of the deduction can be
established under section 505.
(b) Contributions or gifts deducted under sec-
tion 23 (q). (This adjustment is made to facil-
itate computation of the more liberal deduction
allowed in computing the subchapter A net
income (see 2 (c) below).)
(c) Net operating loss deduction.
(2) Additional deductions —
(a) Federal income and profits taxes to tlie
extent not allowed in computing chapter 1 net
income (but not surtax on corporations im-
properly accumulating surplus and surtax on
personal holding companies).
(b) Income and profits taxes paid to a
foreign country or United States possession
and not deducted in computing chapter 1 net
income.
(c) Contributions or gifts of the kind allow-
able in computing net income, but not in excess
of 15 percent of the net income after adjust-
ments shown in 2 (a) and (b) and before this
deduction. This deduction is not allowable
if a deduction is made under 2 (d).
(d) Amounts paid in licjuidation of liability
of corporation based on liability of a decedent
to make contributions or gifts. This deduction
is limited to certain corporations organized
prior to January 1, 1936, and to liability in-
curred by decedent prior to January 1, 1934.
Undistributed subchapter A net income is derived
from the subchapter A net income by deducting (I) the
amount of dividends paid credit provided in section 27
(a) (1) and (2), computed without the benefit of the
credit for interest on certain Government obligations;
(2) amounts used or irrevocably set aside to pay or to re-
tire indebtedness of any kind incurred prior to Januar3'l,
1934, if such amounts are reasonable with reference
to the size and terms of such indebtedness; and (3)
certain dividends paid after the close of the taxable year
and before the 15th of the third month following the
close of the taxable year. Amounts deductible under
(1) and (3) are computed as provided in section 504 (a)
and (c).
118
PERSONAL HOLDING COMPANY RETURNS FOR 1952
Tsble A.— NUMBUR OF PERSONAL HOLDING COMPANY RETURNS WITH SUBCHAPTEK A NET INCOME, BY CLASSES
Subchapter A net income classes
Number of returns with subchapter A
net income
With
UTiUistributed
subchapter A
net income
With no
undistributed
subchapter A
net income
Under $5,000
$5,000 under $10,003
$10,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $500,000
$500,000 under $1,003,0X1
$1,000,000 under $5,003,003
$5,000,000 or more
Toial
NOTE: See p. 2K for "Explanation of rerms." D^ta not subject to sampling Vi.ri3bility since ^11 these returns were Labulsted,
(1)
a)
1,625
368
483
356
240
303
33
20
5
78
115
117
53
156
16
13
1
(3)
,346
290
368
239
147
153
17
2,571
Table B.— INCOME, DEDUCTIONS, CREDITS, AND TAX— PERSONAL HOLDING COMPANY RETURNS, BY TYPE OK INCOME
All
returns
Returns with chapter 1 net income
With subchapter A
net income
With un-
distributed
subchapter
A net
income
With no un-
distributed
subchapter
A net
income
With no
subchapter
A net
income
Returns with no chapter 1 net income
With subchapter A
net income
With un-
distributed
subchapter
A net
income
With no un-
distributed
subchapter
A net
income
With no
subchapter
A net
income
Total nuirber of returns
Returns with surtax computed at regular rates.
Returns with alternative tax
Returns with no tax
All returns:
Chapter 1 net income or deficit
Subchapter A net income or deficit
Deductions:
Dividends paid credit
Amounts paid or irrevocably set aside to pay or retire
indebtedness of any kind incurred prior to
Jan. 1, 1934.
Dividends paid after close of taxable year
Total deductions.
Undistributed subchapter A net income or deficit.
Credit for income tax under chapter 1
Tax liability
Returns with surtax computed at regular rates:
Undistributed subchapter A net income
Surtax
Returns with alternative tax:
Undistributed subchapter A net income.
Credit for income tax under chapter 1.
Alternative tax
Retvnms with no tax:
Undistributed subchapter A net income or deficit.
Credit for income tax under chapter 1
w
'4,956
239
143
» ^4,574
266,844
235,554
233,032
2,542
238,153
^2,599
10,281
1,634
506
420
4,024
567
1,264
'7,129
9,714
(2)
(3)
(4)
(5)
(6)
(7)
3,315
214
138
837
214
138
^485
'1,641
25
(Thousand dollai
279,125
240,746
229,334
2,085
2,568
233,987
6,759
10,281
1,647
486
404
3,958
567
1,243
^2,315
9,714
110,795
94,290
56,921
762
1,263
53,946
35,344
10,281
1,64"
486
404
3,958
567
1,243
^30,900
9,714
167,737
146,825
171,593
1,322
1,303
174,218
'27,393
593
'369
820
1
2
823
'1,192
'1,192
'12,281
'5,192
3,598
457
11
4,166
'9,358
37
'326
14d
(8)
;,458
822
996
193
1,195
'373
(9)
'9,072
^9,497
5
'6,160
6
2,643
7
264
a
-
9
2,^12
10
'9,072
11
-
12
-
13
^Inclades 331 returns with no data.
^Returns which are nontaxable as a result of the alternative tax coniputation are not included under "Returns with alternative tax" but are shown under "Returns with no tax.'
^Deficit.
NOTE: See p. 2i for "Explanation of Terms." Data not subject to sampling variability since all these returns were tabulated.
Historical Data
Corporation Income
Tax Returns
J 944-52
CORPORATION INCOME TAX RETURNS
FOR 1944-52
HISTORICAL DATA
Page
Introduction 121
Description of tables 121
Comparability of historical data 121
Tables:
1 1 . Number of returns, by income and deficit status, and by net in-
come, deficit, and total assets classes 1 25
12. Number of returns, total compiled receipts, net income or deficit,
taxes, dividends paid, and total assets, by income and deficit
status 1 27
1 3. Receipts and deductions — all returns 1 29
14. Assets and liabilities, receipts and deductions — returns with
balance sheets 131
1 5. Number of returns, total compiled receipts, net income or deficit,
and taxes — all returns, by major industrial groups and by
income and deficit status 1 33
1 6. Number of returns and subsidiaries, total compiled receipts, net
income or deficit, net operating loss deduction, and taxes, by
income and deficit status — consolidated returns 148
120
CORPORATION INCOME TAX RETURNS, 1944-52
INTRODUCTION
The historical data presented in this volume are se-
lected from the tabulations prepared from corporation
income tax returns for the years 1944 through 1952 and
published in Statistics of Income, Part 2, for those years.
The tables are preceded by a discussion of the compara-
bility of the statistics during that period. This discussion
is supplemented by the material presented in the "Sj'nop-
sis of Federal Tax Laws, 1944-52," pages 150-157 of
this volume.
Data with respect to income and tax of corporations
first became available in 1909 when an excise tax meas-
ured by the income of corporations was imposed by the
Tariff Act of 1909. Selected data were published in the
annual reports of the Commissioner of Internal Revenue
for the years 1909 through 1915.
Following adoption of the 16th amendment to the Con-
stitution a direct income tax was imposed, and 3 years
later the Revenue Act of 1916 directed that statistics
concerning the operation of the income tax laws were to
be published annually. The first volume of Statistics of
Income was published for the income year 1916.
In the 44 years that a tax based on corporate income
has been in effect, corporations have reported income and
profits tax liability of $190 billion. The annual tax lia-
bility, which in 1909 was not quite $21 million, had risen
to $19 billion by 1952. During this period the number
of reporting corporations rose from 262,490 to 705,497,
and the annual reported net income rose from $3,590
million to $38,456 million. Selected historical data for
each of the years 1909 through 1949 were published in
Statistics of Income for 1949, Part 2.
DESCRIPTION OF TABLES
The historical tabulations are presented in tables 1 1
through 16, pages 125-148, Table 11 shows tiie number
of returns, by income or deficit status, and by net in-
come, deficit, and total assets classes. Table 12 gives
the number of returns, total compiled receipts, net in-
come 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 defi-
cit, 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 table 14 for all returns
and for returns with net income.
Data by major industrial groups are presented in table
15. Items shown are the number of returns, total com-
piled receipts, net income or deficit, and taxes. Data for
returns with net income and returns with no net income
are given separately.
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.
COMPARABILITY OF HISTORICAL DATA
The comparability of corporate statistics derived from
income tax returns over a period of years is affected by
a number of factors. Changes in income tax law affect-
ing the data can be traced through a historical period
and the effect estimated, but the effects resulting from a
change in method of filing or in the classification of a
return because of changed status of a company are more
difficult to identify and appraise. Some of the factors
affecting comparability are discussed in the following
paragraphs. This discussion covers both broad areas of
data and specific items.
Advertising
This deduction, shown in historical tables 13 and 14,
was included in "Other deductions" for 1944.
Amendments to the Internal Revenue Code (1939)
During the period 1944-52 tlie 1939 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 150-157, shows a
comparison of tax rates and bases, provisions pertaining
to capital gains and losses and provisions pertaining to
consolidated returns for the years 1944-52.
Other specific items affected by these amendments to
the 1939 Code are listed as separate paragraphs in this
discussion.
Amortization
In historical tables 13 and 14 the amortization de-
duction for 1950-52 is provided by section 124A of the
1939 Code and is applicable to the cost of emergency
facilities necessary for national defense and acquired or
completed during the emergency period beginning Jan-
uary 1, 1950. For 1944-49 tliis deduction was autlior-
ized by section 124 of tlie Code (1939) and was appli-
cable to cost of emergency facilities acquired or completed
during tlie emergency period beginning January 1, 1940.
On September 29, 1945, the President proclaimed the
ending of the emergency period defined in section 124.
As a result, taxpayers holding certified emergency facili-
ties 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
tiie basis of the actual number of montlis in the shortened
period. Thus, the amortization deductions reported
on the 1945 returns are, in many instances, tiie in-
creased amounts based on tiie shortened period,
whereas the amounts reported on returns for 1944 are
based on a 60-month period.
Consolidated returns
Election to file, or to discontinue filing, a consolidated
return results in relocation, classification-wise, of data
121
122
CORPORATION INCOME TAX RETURNS, 1944-1952
for the companies ineluded in the affiliated group. For
example, industrial classification is based on the principal
source of the collective receipts reported on the return.
Thus, for a consolidated return, data for companies
whicli, if nonconsolidated returns were filed, would fall
in several industrial groups are contained in one industry
classification. Use of the consolidated return also elimi-
nates from tlie data reported profit or loss on inter-
company transactions. Table C of the "Synopsis of
Federal Ta.x Laws" shows the provisions of law governing
election and discontinuance of filing consolidated returns.
Cost of goods sold and Cost of operations
Beginning 1951 these items are reduced by any identi-
fiable amounts of taxes, depreciation, depletion, amorti-
zation, and pension plan contributions included therein.
Such items are transferred to their respective headings.
For years prior to 1951, only amortization and pension
plan contributions were so treated.
Depreciation and depletion
See "Cost of goods sold and C^ost of operations" above.
Employee benefit plans (other than pension plans, etc.)
The deduction in historical tables 13 and 14 for
"Amounts contributed under other employee benefit
plans" was tabulated with "Other deductions" prior to
1952.
Excess profits tax
The excess profits tax in efl"ect for 1950-52 is that im-
posed by section 430 wliicli was added to the 1939 Code
by the E.xcess Profits Tax Act of 1950, effective July 1,
1950. The amounts tabulated are after limitation and
certain adjustments and before credit for foreign taxes
paid.
The excess profits tax in effect 1944-46 is that imposed
by section 710 of the 1939 Code (added by the Second
Revenue Act of 1940) and is the tax shown in historical
tables 12 througli 16 for the year 1946. For 1944-45
the excess profits tax compiled for the historical tables
consists of the excess profits tax imposed by section 710
and the declared value excess-profits tax imposed by
section 600 of the 1939 Code under tiie tax provisions of
the National Industrial Recovery Act of 1933. The
amounts of declared value excess-profits tax included in
the data are shown in footnotes to tlie historical tables.
The excess profits tax tabulated for 1945-46 is the
amount reported on the corporation excess profits tax
return less the 10 percent credit. For 1944 it is tlie
amount reported on the excess profits tax return less the
credit for debt retirement and tlie net postwar refund
(see synopsis of laws note 5 (a), page 1 56). The amounts
tabuhited for each of the 3 years 1944 46 are also before
the amount deferred under section 710(a)(5) (relating to
al)normalities under section 722) and before credit for
foreign taxes paid, but are afin- ariy adjustments reported
on the returns under other relief ])rovisions.
Effective January 1, 1946, tlie corporate excess profits
tax under section 710 was 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 liability is reported for the portion of the ac-
counting period in 1945. The declared value excess-
profits tax imposed by section 600 was repealed, effective
with respect to income-tax taxable years ending after
June 30, 1946.
Industrial classification
The Industrial Classification used in classifying income
tax returns was revised in 1948 to conform, in general, to
recent revisions in the Standard Industrial Classification.
A comparison of the industrial classifications used for
Statistics of Income for 1947 and 1948 is shown on pages
425-450, Statistics of Income for 1948, Part 2.
The changes in comparability of data caused by shifts
of single industrial activities from one group to another
cannot be adequately measured due to the broad group-
ings used in tabulating tlic data and due to the commin-
gling on one return of data from various activities which
results from the filing of income tax returns on an owner-
ship basis.
Where transfer of entire minor industrial groups or
combination of two or more major groups made possible
the improvement of comparability between the 1948-52
data and the 1944-47 data, adjustments were made in
compiling the historical data by major industrial groups
in table 15. These adjustments are as follows:
Mining and Quarryinci
Nonmetallic mining and quarrying. — For
1944-47 data, two major groups "Nonmetallic
mining and quarrying" and "Mining and quar-
rying not allocable" are combined.
Manufacturinc;
Textile-mi/I products. — For 1944-47 the two
majoi- groups "Cotton manufactures" and
"Textile-mill products, except cotton" are
combiiunl.
Lumber and wood products, except furniture;
Furniture and fixtures. — Adjustments have been
made in the 1948-52 data by transferring data
for "Other wood products" from "Lumber and
wood products, except furniture" to the major
group "P^urniture and fixtures." Ailjustments
have been made for 1944-47 by transferring
"Wooden containers" from "Furniture and
finislied lumber products" to "Lumber and tim-
ber basic products" and liv transferring
"Matches" from "Furniture and finislied lum-
ber products" to "Other manufacturing."
Primary metal industries and Fabricated metal
jirodiicts {except ordnance, machinery, and trans-
portation equipment). — For 1948-52 data the two
major groups "Primary metal industries" and
"Fabricated metal products, except ordnance,
machinery, and transportation eejuipment" are
combined. The 1944-47 data are obtained by
combining the two major groups "Iron, steel.
CORPORATION INCOME TAX RETURNS, 1944-1952
123
and products" and "Nonferrous metals and
their products," the former group having been
adjusted to exclude the five minor groups com-
prising "Ordnance and accessories" for 1948-52,
and the latter group having been adjusted to
exclude "Clocks and watches" and "Jewelry
(except costume), silverware, plated ware."
Ordnance and accessories. — Ordnance and ac-
cessories became a major group in 1948. The
data shown for 1944-47 have been extracted
from the major group "Iron, steel, and prod-
ucts," where data for "Ordnance and acces-
sories" were tabulated as five minor groups.
Scientific instruments; photographic equip-
ment; watches, clocks; and other. — For 1948-52
data the two major groups "Scientific instru-
ments; photographic equipment; watches,
clocks" and "Other manufacturing" are com-
bined. The 1944-47 data are obtained by (1)
combining the two major groups "Other manu-
facturing" and "Manufacturing not allocable"
and (2) by adding thereto "Clocks and watches"
and "Jewelrj- (except costume), silverware,
plated ware" (transferred from "Nonferrous
metals and their products") and "Matches"
(transferred from "Furniture and finished
lumber products").
Public Utilities
Electric and gas utilities and Other public
utilities. — For 1944-47 "Electric and gas utili-
ties," which appears as a major group for the
first time in 1948, has been extracted from
"Other public utilities."
Trade: Retail
Automotive dealers- and filling stations. — For
1944-47 the two major groups "Automotive
dealers" and "Filling stations" are combined.
Building materials and hardware. — For 1944-
47 the two major groups "Hardware" and
"Building materials, fuel, and ice" are combined.
Other retail trade. — For 1944-47 data the
three major industrial groups "Other retail
trade," "Package liquor stores," and "Retail
trade not allocable" are combined.
Finance
Credit agencies other than banks. — For 1944-47
data the three major industrial groups "Long-
term credit agencies, mortgage companies, ex-
cept banks," "Short-term credit agencies, ex-
cept banks" and "Finance not allocable" are
combined.
Holding and other investment companies. — For
1944 47 data the three major industrial groups
"Investment trusts and investment companies,"
"Other investment companies, including hold-
ing companies," and "Other finance companies"
are combined.
Services
Other services, including schools. — For 1944-47
data the two major industrial groups "Other
service, including schools," and "Service not
allocable" are combined.
Comparability of industrial data may also be affected
by shifts in the industrial classification of an individual
corporation whose major source of income has changed,
and by a change from filing a consolidated return to
filing separate returns, or vice versa, by a group of affili-
ated corporations. For provisions controlling the filing
of consolidated returns see "Synopsis of Federal Tax
Laws," table C, page 154.
Insurance carriers
The Revenue Act of 1951 amended the 1939 Code
with respect to credits and tax rates applicable to income
of life insurance companies. Provisions of law affecting
life insurance companies are shown in the "Synopsis of
Federal Tax Laws," footnotes 4 (g) and 5 (b), page 156.
Interest received on Government obligations, subject
to surtax only
This interest 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 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. 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. The
amounts of such interest reported for 1945 and 1944 are
shown in footnotes to the iiistorical tables. The interest
tabulated is less amortizable bond premium.
Net income or deficit
Net income or deficit for 1946-52 is the difference
between the total income and the total deductions
reported, exclusive of tlie net operating loss deduction;
for 1944-45 is the amount reported 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. These
adjustments make the amounts tabulated during the
two periods comparable.
Net operating loss deduction
This deduction in Iiistorical tables 1.3 and 14 is tlie
net operating loss carryover as defined in section 122
of the 1939 Code, and does not take into account what-
ever revisions may subsequently be made as the result
of any carryback of net operating loss from the succeed-
ing tax year. The net operating loss deduction in any
366266 O - 55 - 9
124
(X)RPORATION IN(X)ME TAX RETURNS, 1944-1952
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 1950-52 may be carried back
for 1 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 1 944-47 , the carryback is for 2
years and the carryover for 2 years, however, for corpora-
tions 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 in Statistics of
Income.
Other deductions
For 1944-51 this item, in historical tables 13 and 14,
includes "Amounts contributed under other employee
benefit plans" which is tabulated separately for 1952.
For 1944 "Other deductions" also included "Advertising"
and "Amounts contributed under pension plans, etc."
which are tabulated separately for 1945-52.
Pension plans, amounts contributed under
This item, shown in historical tables 13 and 14, was
included in "Other deductions" for 1944.
Sampling of returns
Beginning 1951 corporate data are based on a probabil-
ity sample of the returns filed. A description of the
sample and the sampling variability to be expected for
any year may be found in the volume of Statistics of
Income, Part 2, for that year. For the period 1944-50,
data were tabulated from all returns filed.
Taxes paid
See "Cost of goods sold and Cost of operations" above.
CORPORATION INCOME TAX RETURNS, 1944-1952
125
Tible 11.— NUMBBK OF RETURNS, BY INCOME AND DEFICIT STATUS, AND BY NET INCOME, DEFICIT. AND TOTAL ASSETS CLASSES
Net income, deficit, and total assets classes
Total number of returns
Active corporations. .
Inactive corporations
Number of returns of active corporations with net income
All returns —
By net income classes:
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
Returns with balance sheets —
By net income classes:
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,OM 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
Number of returns of active corporations with no net income:
All returns —
By deficit classes;
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
705,497
687,310
672,071
33,426
652,376
34,934
629,314
36,678
614,842
35,115
594,243
36,427
551,807
35,876
491,152
35,211
421,125
33,335
91,323
43,958
30,341
22,399
19,180
61,780
37,136
27,752
26,357
33,470
20,623
15,064
5,968
3,243
3,020
455
508
85,579
41,319
29,651
22,388
13,433
60,292
35,960
27,533
26,120
36,933
22,785
17,183
6,656
3,693
3,435
536
551
80,317
40,176
28,287
21,878
17,820
58,142
34,241
25,215
24,713
37,151
24,181
18,527
7,215
3,989
3,437
472
522
80,876
39,414
27,301
21,057
17,259
53,215
30,737
21,036
18,444
30,670
19,344
14,324
5,173
2,766
2,441
354
361
74,248
37,465
26,349
20,389
17,257
54,533
31,987
22,489
20,221
35,284
23,291
17,930
6,815
3,612
3,149
422
419
66,516
34,355
24,265
19,537
16,110
52,897
31,874
22,098
20,445
36,696
23,390
18,688
7,286
3,306
3,323
392
353
60,207
32,005
23,055
18,218
15,815
50,942
30,621
20,971
13,119
35,645
22,736
17,308
6,734
3,533
2,306
316
279
59,737
30,532
21, 542
16,393
14,346
43,479
26,983
15,597
10,429
23,090
14,432
11,011
4,571
2,535
2,278
296
263
384,772
382,531
59,253
35,909
27,078
25,801
32,895
20,319
14,878
5,886
3,182
2,990
446
508
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
3,334
533
547
69,576
36,598
26,292
20,622
16,874
55,652
33,115
24,509
24,078
36,291
23,728
13,193
7,098
3,913
3,383
466
521
69,898
35,829
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
30,382
21,809
19,583
34,477
22,334
17,584
6,685
3,541
3,093
419
415
56,269
30,305
22,269
18,2U
15,100
50, 302
30,712
21,399
19,731
35,766
23,415
18,235
7,1VL
3,717
3,253
387
351
50,137
28,403
21,021
16,825
14,769
48,301
29,493
20,341
17,596
34,719
22,224
16,869
6,551
3,457
2,746
314
276
49,647
27,085
19,607
15,735
13,503
46,338
26,271
15,275
10,228
22,679
W,214
10,344
4,504
2,501
2,251
294
263
414,356
400,914
281,244
131,791
80,035
96,984
43,535
26,120
23,542
5,174
4,544
640
131,625
78,197
95,667
44,065
26,149
23,620
4,944
4,261
595
733
126,047
76,225
92,103
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
520
606
125,582
71,897
80,853
36,479
21,358
24,843
4,454
3,507
497
586
125,454
69,185
75,243
33,941
20,429
24,137
4,235
3,327
460
530
127,609
62,601
65,285
29,861
18,375
22,392
3,944
3,066
422
487
114,813
49,254
50,370
23,608
15,490
20,108
3,684
3,002
403
512
418,174
414,856
400,914
360,243
370,056
357,041
334,042
281,244
102,811
29,104
17,715
12,272
9,045
24,344
11,014
5,680
3,612
7,623
3,231
1,867
339
184
84
10
94,671
23,165
16,510
11,697
3,512
22,849
10,355
5,230
3,171
6,743
3,224
1,549
394
172
82
3
2
92,073
26,440
16,221
11,190
8,236
21,697
9,231
4,970
2,894
5,706
2,650
1,193
273
127
64
1
5
93,950
28,436
18,296
13, OX
10,051
27,237
12,340
6,394
4,283
3,635
3,996
1,953
544
226
129
11
5
86,967
24,470
15,416
10,923
3,043
22,119
9,644
5,361
3,255
6,715
3,174
1,577
444
167
92
78,547
20,856
12,613
8,692
6,627
17, 2U
7,694
4,097
2,631
5,432
2,646
1,418
432
227
124
17
9
69,146
15,819
3,378
5,940
4,248
10,976
4,779
2,597
1,732
3,536
1,985
1,291
469
218
192
18
13
69,755
13,790
7,383
4,612
3,185
7,767
3,272
1,890
1,221
2,552
1,366
809
276
123
83
412,467
34,329
60,378
29,574
20,853
16,091
U,761
43,619
23,286
13,854
9,392
21,505
14,138
11,342
4,919
2,817
2,670
343
357
49,765
26,221
19,005
14,941
12,350
41,568
22,574
13,423
9,157
21,020
13,922
11,132
4,861
2,777
2,649
344
356
111,537
44,216
46,387
22,513
15,358
19,552
3,376
2,769
394
508
266,615
75,011
14,607
7,547
4,645
3,162
7,961
3,218
1,754
1,082
2,362
1,168
693
206
93
50
2
2
203,031
NOTE: See p. 24 for "Explanation of Terras" and p. 23 for "Description of the Sample and Limitations of Data.
366266 O - 55 - 10
126
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 11.— NUMBER OF RETURNS, BY INCOME AND DEFICIT STATUS, AND BY NET INCOME, DEFICIT, AND TOTAL ASSETS CLASSES— Continued
Net income, deficit, and total assets classes
Number of returns of active corporations with no net income — Continued
Returns with balance sheets —
By deficit classes:
Under $1,000
$1,000 linder $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
By total assets classes:
Under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$503,000 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
22,705
10,024
5,176
3,338
7,179
3,081
1,774
381
171
82
10
197,524
121,238
29,745
25,139
9,441
5,170
5,037
965
676
68
45
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
71,788
22,324
13,961
9,758
7,239
19,337
8,321
4,498
2,657
5,208
2,427
1,092
246
117
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
500
212
122
11
5
67,676
20,756
13,325
9,602
7,170
19,959
8,875
4,971
3,013
6,299
2,988
1,485
411
153
84
60,021
17,473
10,808
7,575
5,853
15,409
6,956
3,742
2,421
5,007
2,463
1,320
395
201
113
15
52,136
13,086
7,641
5,140
3,725
9,676
4,311
2,349
1,561
3,227
1,820
1,193
436
197
174
13
18
181,529
169,047
166,777
114,178
28,070
22,699
8,330
4,206
3,421
359
220
32
14
110,807
25,420
19,395
6,755
3,531
2,650
268
187
19
15
122,664
30,174
24,371
8,582
4,527
3,356
361
242
36
17
109,008
24,350
19 ,488
6,887
3,445
2,571
279
202
32
15
93,169
19,817
15,466
5,630
2,829
2,260
291
238
49
31
71,467
14,220
11,307
4,403
2,428
2,226
297
275
41
44
106,708
51,954
11,458
6,282
3,969
2,795
6,885
2,895
1,695
1,097
2,299
1,212
720
246
112
75
93,706
62,975
12,177
9,938
3,975
2,179
1,949
264
195
24
30
93,706
55,317
11,917
6,353
3,953
2,739
6,907
2,811
1,539
967
2,034
1,008
596
178
78
41
96,441
64,675
12,615
10,395
3,978
2,267
2,038
270
173
21
9
96,441
NOTE: See p. 24 for "Explanation of Terras" and p. 23 for "Description of the Sample and Limitations of
CORPORATION INCOME TAX RETURNS, 1944-1952
127
Table 12.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, TAXES, DIVIDENDS PAID, AND TOTAL ASSETS, BY INCOME AND DEFICIT STATUS
Net income, deficit, and total assets classes, selected items
Returns with net income:
All returns —
Number of returns
Total compiled receipts
Net income —
By net income classes:
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
Tax liability:
Income tax
Excess profits taxes
Total tax
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
442,577
439,047
382,531
359,310
303,019
288,904
{Thousand dollars)
486,441,344 479,243,451 430,687,780 350,168,722 379,309,471 343,273,851 265,597,448 239,045,611
36,612
64,153
74,980
77,925
36,580
447,571
458,022
483,872
594,566
1,162,855
1,443,968
2,335,476
2,080,026
2,260,864
6,351,075
3,129,000
19,344,152
40,431,697
17,596,969
1,550,725
19,147,694
11,133,098
1,341,921
34,786
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
21,326,557
45,333,173
19,623,441
2,458,676
22,082,117
11,180,692
1,395,303
33,050
53,772
69,361
75,957
79,918
419,384
421,169
437,797
555,877
1,293,307
1,689,930
2,872,620
2,496,355
2,775,318
7,135,473
3,275,777
20,443,676
44,140,741
15,929,483
1,337,444
17,316,932
11,454,755
1,278,908
32,759
57,617
67,668
73,254
77,462
383,819
378,268
365,754
415,460
1,064,615
1,359,347
2,218,039
1,312,221
1,933,252
5,054,234
2,432,857
12,799,841
30,576,517
9,817,308
9,317,303
9,409,065
659,043
30,419
54,773
65,297
70,983
77,514
394,052
393,774
391,366
455,811
1,227,329
1,638,322
2,733,257
2,371,364
2,512,794
6,494,787
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
1,283,695
1,684,769
2,397,136
2,530,132
2,642,213
6,683,179
2,747,218
11,012,370
33,381,291
10,981,432
10,981,432
8,222,121
692,434
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
2,180,113
7,269,430
27,134,592
1,606,695
268,145
3,374,840
7,241,416
520,618
24,628
44,742
53,316
58,813
64,457
354,661
330,635
269 ,914
233,393
810,206
1,013,553
1,725,564
1,597,154
1,756,507
4,608,699
2,046,643
7,172,315
22,155,206
4,182,705
l6, 612, 045
10,794,750
5,917,615
329,241
252,962,944
24,693
43,451
51,719
56,067
61,821
317,576
285,580
239,654
210,052
757,985
1,000,470
1,772,033
1,725,329
1,967,350
5,454,440
2,395,334
10,753,631
27,123,741
4,353,620
'10,530,430
14,884,050
5,963,526
242,058
Returns with balance sheets —
Number of returns
Total compiled receipts
Net income —
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
Tax liability:
Income tax
Excess profits taxes
Total tax
Dividends paid :
Cash and assets other than own stock.
Corporation' s own stock
Total assets —
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
418,174
414,356
400,914
360,243
334,042
281,244
266,615
(Thoosand dollars)
481,670,829 475,330,776 426,278,631 345,759,287 374,954,342 338,032,949 261,331,634 236,749,921
382,451
576,278
1,363,637
1,335,390
1,642,652
4,692,437
2,295,990
6,053,324
2,786,787
13,956,422
40,085,418
17,464,824
1,537,527
11,077,193
1,333,350
3,228,883
5,827,287
15,464,265
15,281,798
18,249,333
61,875,422
36,089,493
91,589,575
44,981,075
370,219,203
412,103
601,065
1,503,926
1,587,620
1,956,225
5,551,271
2,596,164
7,245,933
3,294,513
20,153,793
44,902,623
19,460,465
2,441,544
21,902,009
11,120,765
1,392,530
3,237,239
5,675,796
15,213,500
15,431,732
18,291,764
61,921,178
34,330,700
86,284,224
41,932,891
334,056,977
377,926
597,873
1,583,591
1,743,870
2,110,460
5,775,137
2,667,721
6,947,211
3,216,452
18,684,058
43,704,379
15,789,124
1,378,526
17,167,650
11,334,344
1,275,934
3,109,279
5,523,800
14,690,700
15,018,543
17,335,753
60,305,769
32,950,356
81,047,128
40,200,668
301,160,832
Total 662,806,334 616,581,001 571,392,878 509,762,359 498,256,655 462,222,930 416,844,058 415,860,443
328,092
512,544
1,265,963
1,323,712
1,504,933
3,986,167
1,382,745
4,627,127
2,321,943
12,404,332
30,157,553
9,314,299
653,255
2,928,563
5,045,969
12,659,891
12,588,840
14,763,629
52,682,371
29,911,144
71,122,007
36,321,304
271,738,641
414,137
656,231
1,648,632
1,756,020
2,013,802
5,217,992
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
5,193,215
12,816,227
12,759,629
14,991,515
53,810,178
31,118,756
70,953,071
34,941,583
253,590,416
469,177
738,923
1,780,196
1,854,660
2,158,571
5,576,262
2,597,143
5,388,913
2,256,804
9,959,064
32,789,713
8,153,493
687,556
3,061,604
4,978,386
11,914,529
11,876,304
14,332,473
52,676,053
29,907,737
67,090,243
32,348,093
234,037,453
550,914
741,773
1,634,257
1,699,506
1,955,014
4,893,536
2,230,283
4,340,505
1,699,622
6,934,206
26,630,535
,447,187
253,245
7,134,624
515,824
3,019,387
4,489,292
10,340,778
10,462,740
12,894,875
48,810,390
27,531,276
62,333,534
29,660,167
207,296,119
402,439
440,054
932,367
994,833
1,265,952
3,592,722
1,761,587
3,949,629
1,540,037
7,064,743
21,944,924
4,139,898
^6,561,786
5,851,849
326,544
2,629,990
3,520,096
7,980,522
8,279,378
10,917,242
43,928,294
25,749,563
61,373,517
28,131,256
223,300,079
335,997
409,192
933,921
1,053,493
1,364,665
4,113,464
2,111,793
4,790,348
1,994,339
9,717,197
25,879,959
4,312,460
^10,456,519
5,382,664
230,038
2,485,147
3,159,992
7,348,260
7,943,272
10,825,554
41,951,149
23,416,715
56,851,552
27,505,771
218,175,348
399,673,368
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Lijnitations of Data
128
CORPORATION INCOME TAX RETURNS, 1944-1952
T«b[e 12.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, TAXES, DIVIDENDS PAID, AND TOTAL ASSETS, BY INCOME AND DEFICIT STATUS— Conlinued
Net income, deficit, and total assets classes, selected items
Returns with no net income;
All returns —
Number of returns
Total compiled receipts
Deficit —
By deficit classes:
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
Dividends paid:
Cash and assets other than own stock.
Corporation' s own stock
229,494
213,329
203,031
230,070
169,276
(Thousand dolleta)
44,865,954
29,065
41,909
43,603
42,615
41,039
176,218
133,808
98,639
80,535
261,722
223,620
276,433
134,651
125,083
155,246
66,354
44,978
1,975,518
129,659
21,699
28,075
40,779
40,472
40,605
37,973
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
85,599
64,547
196,476
181,533
178,154
92,736
88,902
117,572
5,003
69,458
1,527,437
98,208
13,552
43,280,970 31,656,177 24,471,727
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
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
118,864
175,283
49,666
51,107
1,848,226
107,639
15,676
22,651
30,222
31,108
30,237
29,630
121,918
94,023
70,682
53,709
133,234
181,375
216,576
143,083
155,639
239,797
112,153
226,926
142,925
8,333
13,322
22,348
21,876
20,648
19,060
77,606
58,399
44,737
38,571
123,661
137,131
197,493
162,760
151,709
368,590
123,965
403,775
1,991,706
255,317
6,827
16,402,141
18,377
19,778
18,164
16,000
14,283
54,951
39,833
32,606
27,296
33,812
95,165
123,023
97,148
90,118
155,962
46,823
87,904
1,026,250
163,152
5,194
9,237,587
19,992
20,945
13,447
16,116
14,123
56,191
39,235
30,215
24,175
81,831
81,263
106,471
69,660
63,745
102,426
12,106
62,315
819,260
88,517
5,139
Returns with balance sheets^
Number of returns
Total compiled receipts
Deficit—
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
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
Total assets —
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
181,529
139,780
106,708
(Thousand dollars)
43,340,310 36,518,659
336,059
187,299
264,131
193,063
182,690
306,182
114,468
154,548
51,464
67,084
1,857,033
118,886
21,295
2,200,164
2,111,405
3,898,147
3,239,034
3,597,221
10,663,281
6,727,258
13,163,686
5,004,981
8,402,703
59,057,930
327,053
177,606
261,009
177,032
161,635
281,519
94,459
98,234
33,441
47,892
1,659,330
98,121
32,815
2,061,621
1,982,310
3,495,660
2,398,432
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
58,348
78,555
27,760
39,150
1,385,324
86,385
13,131
1,972,202
1,793,535
2,995,874
2,346,292
2,452,006
5,149,497
1,817,102
3,629,095
1,354,430
2,966,337
26,476,370
41,876,293 30,475,248 23,487,813
409,209
224,887
327,966
217,954
212,475
352,485
129,996
178,224
106,633
56,622
2,216,451
150,193
24,676
2,230,873
2,130,605
3,775,977
2,978,121
3,139,678
6,615,688
2,472,245
4,689,745
2,635,198
3,131,182
33,799,312
360,668
185,084
261,093
179,259
155,297
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
126,474
7,988
1,599,237
1,397,736
2,391,796
1,955,319
1,960,221
4,490,676
2,042,326
4,698,654
3,391,344
8,454,304
32,392,113
22,585,770
138,036
92,552
139,421
115,933
118,661
288,512
111,734
256,239
124,798
424,297
242,983
6,722
1,176,053
1,001,530
1,752,773
1,534,678
1,589,778
4,564,263
2,095,972
5,557,075
2,796,836
15,692,107
37,861,115
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
853,750
1,545,819
1,386,628
1,519,614
3,979,107
1,841,811
3,961,333
1,653,026
7,837,065
25,600,826
96,441
129,063
58,882
86,550
65,156
64,083
121,234
54,650
59,853
25,494
2,204
667,168
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
1,286,907
18,650,219
'Includes declared value excess-profits tax of .$98,668,000 for 1944, and $55,039,000 for 1945.
^Includes declared value excesa-profits tax of $97,001,000 for 1944, and $53,740,000 for 1945.
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, 1944-1952
129
Table 13.— RECEIPTS AND DEDUCTIONS— ALL RETURNS
Items
1952
1951
1950
1949
1948
1947
1946
1945
1944 .
1
ALL RETURNS OF ACTIVE CORPORATIONS
672,071
652,376
629,314
614,842
594,243
551,807
491,152
421,125
412,467
1
Receipts:
f*
li/ion dollars
2
3
429,514
79,805
1,932
115
279
7,155
4,137
538
25
1,354
486
2,350
548
3,069
421,922
75,281
1,549
149
254
5,272
4,038
501
32
1,390
467
2,377
629
3,178
374,406
65,475
1,554
176
218
4,557
3,562
468
32
1,097
539
2,460
644
2,942
320,598
56,859
1,493
211
192
4,021
3,147
473
25
698
389
2,162
452
2,729
339,031
56,484
1,477
230
163
3,557
3,057
452
22
827
365
2,194
332
2,675
30i,296
49,498
1,567
254
192
2,945
2,841
373
24
901
323
1,882
341
2,308
234,924
40,763
1,740
266
206
2,494
2,535
290
39
1,173
298
1,713
254
2,210
203,575
40,455
1,502
'307
207
2,225
2,358
254
44
879
183
1,413
134
1,907
209,536
42,696
1,100
I35I
242
2,187
2,115
247
25
403
140
1,429
145
1,584
2
3
Interest on Government obligations (less amortizable
bond premium) :
4
5
6
7
8
5
6
7
8
9
10
11
12
13
14
15
Excess of net short-term capital gain over net long-term
capital loss.
Excess of net long-term capital gaii. :ver net short-term
capital loss.
10
11
1?
13
14
15
531,307
517,039
458,130
393,450
410,966
367,746
288,954
255,448
262,201
15
Deductions:
17
18
19
20
21
22
330,821
45,366
8,430
4,485
5,068
941
5,013
11,697
399
9,6CK
2,126
831
5,027
2,552
630
329
59,252
323,441
43,110
8,122
4,222
4,731
757
3,701
11,031
343
8,329
2,085
292
4,553
2,327
2a;
55,413
234,699
36,558
7,607
3,366
3,750
755
3,212
9,013
252
7,858
1,709
43
4,097
1,661
223
49,994
247,311
32,236
6,743
3,641
3,533
325
3,045
8,361
223
7,191
1,476
31
3,773
1,216
227
45,233
261, 4(K
32,820
6,733
3,525
3,826
712
2,759
7,482
239
6,299
1,711
39
3,466
1,153
239
43,970
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
179,769
23,273
5,143
2,823
2,716
352
2,251
5,831
214
4,202
799
64
2,403
335
240
32,635
157,377
22,666
4,113
2,558
2,624
277
2,308
5,585
266
3,977
693
1,951
1,923
766
464
26,550
161,198
24,312
3,759
2,487
2,575
336
2,288
5,965
2X
3,950
712
981
504
26,353
17
18
19
20
21
??
23
24
25
26
?5
26
27
27
28
29
29
30
31
32
31
32
33
492,572
473,240
415,299
365,063
376,378
336,130
263,555
234,102
235,654
34
35
38,735
38,456
396
43,300
43,546
402
42,831
42,613
345
23,387
28,195
196
34,588
34,425
204
31,615
31,423
184
25,399
25,193
140
21,345
21,139
114
26,547
26,304
149
35
36
37
Net operating loss deduction
37
38
17,597
1,551
19,623
2,459
15,929
1,387
9,817
11,920
10,931
8,607
268
4,183
^6,612
4,354
'10,531
38
39
39
40
19,148
22,082
17,317
9,817
11,920
10,931
8,875
10,795
14,884
40
19,588
11,263
1,364
21,717
11,299
1,429
25,514
11,553
1,292
18,569
9,569
684
22,668
9,386
1,025
20,634
8,365
701
16,524
7,497
527
10,551
6,081
334
11,663
6,057
247
41
42
Dividends paid:
42
43
RETURNS Wira NET INCOME
1
442,577
439,047
426,283
384,772
395,360
382,531
359, 310
303,019
288, 9(K
1
(■
Hillioo dollar
•;
393,937
72,652
1,808
114
274
6,308
3,505
498
20
1,286
415
2,325
546
2,702
392,788
67,901
1,518
147
248
5,204
3,385
471
29
1,320
404
2,347
628
2,854
354,254
59,154
1,530
175
215
4,491
3,098
437
29
1,056
483
2,440
640
2,686
284,631
50,659
1,473
210
189
3,927
2,712
445
22
6i5
334
2,139
445
2,336
313,505
51,363
1,454
228
157
3,470
2,650
429
19
787
300
2,173
379
2,395
287,632
42,685
1,526
246
187
2,350
2,448
342
22
847
269
1,838
335
2,047
220,456
32,853
1,702
259
200
2,412
2,159
259
34
1,118
260
1,631
251
2,002
193,042
35,300
1,476
=302
202
2,160
1,999
234
39
844
163
1,388
132
1,763
203,556
40,060
1,079
'344
233
2,122
1,784
229
22
388
118
1,407
145
1,474
2
3
Gross receipts from operations
Interest on Government obligations (less amortizable
bond premiurn) ;
3
4
5
6
\Vholly tax-exempt
6
7
H
Rents
n
9
9
10
11
Excess of net long-term capital gain over net short-term
capital loss.
10
11
12
13
13
V,
14
15
Other receipts
Total compiled receipts
15
16
486,441
479,243
430,688
350,169
379,309
343,274
265,597
239,046
252,953
16
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
130
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 13.— RECEIPTS AND DEDUCTIONS— ALL RETURNS— Continued
RETURNS «IIH NET INCOME— Continued
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 pension plans
Amounts contributed under other employee benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions.
Compiled net profit Cl6 less 33).
Net income (34 less 6)
Net operating loss deduction
Income tax
Excess profits taxes.
Compiled net profit less total tax (34 less 39).
Dividends paid:
Cash and assets other than own stoch
Corporation ' s own stoclj
301,067
40,835
7,201
3,822
4,758
6S1
3,966
10,822
396
8,635
1,993
818
4,587
2,480
599
204
52,872
40,705
40,432
396
17,597
1,551
19,148
11,133
1,342
299,193
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
268,174
32,628
6,741
3,377
3,524
658
2,809
8,405
250
7,146
1,650
41
3,810
1,623
95
45,402
217,267
28,156
5,522
2,980
3,218
681
2,568
7,602
220
6,244
1,386
27
3,292
1,171
82
38,988
239,640
29,425
5,338
3,060
3,596
604
2,374
6,912
236
5,666
1,666
34
3,171
1,121
105
39,433
220,467
24, 123
5,338
2,761
3,206
558
2,076
6,245
238
4,622
1,164
50
2,773
976
90
35,018
167,565
17,837
4,634
2,268
2,371
280
1,747
5,098
211
3,660
753
39
2,220
764
95
28,672
148,747
19,407
3,732
2,237
2,361
220
1,949
5,065
263
3,531
610
1,649
1,826
744
215
24,122
216,679
45,581
45,333
402
44,356
44,141
345
30,766
30, 577
196
36,430
36,273
204
33,568
33,381
184
27,385
27,185
140
22,367
22,165
114
19,623
2,459
15,929
1,337
9,817
3,607
268
4,183
=6,612
9,817
11,920
3,875
10,795
11,130
1,396
27,039
11,455
1,279
20,943
9,409
659
24,510
9,279
1,0C9
,222
692
7,241
521
5,918
329
156,284
22,311
3,416
2,306
2,456
256
2,020
5,648
233
3,671
661
959
250
24,636
225,606
27,357
27,124
149
4,354
=10,531
5,969
242
^Includes "Interest on Goverenment obligations subject to declared value excess-profits tax and surtax" of $331,598,000 for 1944, and $301,280,000 for 1945.
^Includes declared value excess-profits tax of $98,663,000 for 1944, and $55,039,000 for 1945.
^Includes "Interest on Government obligations subject to declared value excess-profits tax and surtax" of $326,366,000 for 1944, and $296,366,000 for 1945.
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, 1944-1952
131
Table 14.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— RETURNS WITH BALANCE SHEETS
ALL REIUHNS OF ACTIVE CORPORATIONS
Nu-Tiber of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less : Reserves
Land
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other 1 iabil it ies
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits
Less; Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amortizable
bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Excess of net short-terra 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 corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts
Deductions:
Cost of goods sold
Cost of operat ions
Compensation of officers
Rent paid on business property
Repairs
Bad debts
Int,erest paid
Taxes paid
Contributions or gifts
Depreciation
Depletion
Amortization
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (37 less 5i)
Net income or deficit (55 less 27)
Net operating loss deduction
Income tax
Excess profits taxes
Total tax
Compiled net profit less total tax (55 less 60)
Dividends paid:
Cash and assets other than own stock
Corporat ion ' s own stock
79,597
li2,777
1,875
64,520
120,303
132,512
243,859
84,283
9,970
14,485
721,864
35,827
20,996
80,628
330,406
15,831
85,365
13,472
146,464
7,125
721,864
424,670
78,695
1,918
115
278
7,097
4,009
527
25
467
2,325
544
3,030
326,887
44,710
8,282
4,406
5,017
929
4,949
11,573
396
9,493
2,113
827
4,977
2,538
628
314
58,465
486,504
38,507
38,228
381
17,465
1,538
11,196
1,360
569,961
554,573
536,833 496,821
(Million dollara)
76,853
121,054
1,740
63,776
108,939
104,883
227,882
78,787
10,230
14,434
647,524
33,352
19,240
72,835
283,058
15,595
82,804
12,739
135,310
7,411
647,524
418,056
74,317
1,535
148
253
5,229
3,911
481
31
1,331
446
2,351
623
3,132
320,462
42,584
7,979
4,161
4,683
744
3,646
10,904
341
8,733
2,066
291
4,513
2,319
258
54,670
43,495
43,243
388
19,460
2,442
11,219
1,425
71,018
110,527
1,618
54,496
1C9,822
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
598,369
370,249
£4,417
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
3,899
250
7,754
1,692
43
4,042
1,655
191
49,229
42,535
42,319
332
15,739
1,379
17,168
11,471
1,239
63,864
86,966
1,440
44,726
110,969
91,152
195,024
68,988
9,581
11,709
543,562
24,896
11,801
61,851
236,716
15,365
73,944
11,178
111,078
3,269
543,562
316,257
55,748
1,476
210
189
3,987
3,025
461
24
665
360
2,126
443
2,658
244,008
31,577
6,604
3,561
3,496
310
2,985
8,236
220
7,064
1,427
30
3,711
1,196
190
44,391
359,505
28,130
27,941
187
9,688
18,442
9,464
678
65,737
85,396
1,299
43,293
104,819
84,202
180,562
64,225
9,313
11,838
525,136
26,302
12,225
57,326
232,064
14,957
76,774
11,345
102,262
8,118
525,136
334,983
55,394
1,465
230
162
3,529
2,937
438
21
731
339
2,149
375
2,623
405,430
258,169
32,236
6,594
3,462
3,786
700
2,697
7,363
237
6,201
1,699
39
3,429
1,143
203
43,214
34,248
34,086
195
9,305
1,022
64,369
76,863
904
44,009
108,774
73,363
163,744
60,664
9,115
10,946
494,615
25,537
11,239
50,108
227,114
15,007
72,463
11,303
90,101
8,307
494,615
299,771
48,175
1,556
253
192
2,920
2,690
364
23
818
300
1,860
340
2,259
230,769
27,377
5,893
3,127
3,341
675
2,429
6,742
233
5,124
1,201
58
2,988
1,031
264
39,054
31,207
31,015
176
8,235
696
53,502
62,143
773
36,965
1CB,910
77,089
148,968
57,421
3,782
10,541
454,705
21,336
9,504
44,968
214,283
14,857
68,334
11,004
78,836
8,416
454,705
231,044
39,940
1,723
263
204
2,462
2,469
283
36
1,105
278
1,691
252
2,167
176,770
22,782
5,033
2,765
2,670
344
2,193
5,734
211
4,131
773
63
2,355
827
200
32,033
25,025
24,820
132
8,447
263
3,710
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
3,571
441,461
201,546
39,910
1,491
'305
206
2,206
2,257
248
42
336
175
1,401
134
1,879
155,828
22,359
4,034
2,515
2,597
269
2,258
5,514
264
3,921
679
1,931
1,907
764
415
26,161
21,220
21,014
109
4,140
^6,562
10,702
6,009
332
363,056
52,733
48,567
672
26,476
111,219
74,392
137,020
50,223
8,331
10,431
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
'348
241
2,165
2,017
240
24
385
132
1,407
145
1,554
159,193
23,986
.3,667
2,444
2,542
326
2,236
5,885
232
3,891
698
974
435
25,919
232,426
26,454
26,213
142
4,312
^10,457
14,769
11,685
5,957
235
See footnotes at end of table. See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
132
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 14.— ASSETS AND LIABILITIES, RECEIPTS AND DEDUCTIONS— KETUKNS WITH BALANCE SHEETS— Continued
RETURNS WITH NET INCCME
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less ; Reserve for bad debts
Inventories
Investments, Government obligations
Other investments
Gross capital assets (except land)
Less: Reserves
Land
Other assets
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
Surplus reserves
Surplus and undivided profits
Less: Deficit
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
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, sales other than capital assets.
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
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 pension plans
Amounts contributed under other employee benefit plans.
Net loss, sales other than capital assets
Other deductions
Total corpiled deductions.
Compiled net profit (37 leas S-i)
Net income (55 less 27)
Net operating loss deduction....
Income tax
Excess profits taxes.
Compiled net profit less total tax (55 less 60).
Dividends paid;
Cash and assets other than own stock
Corporation's own stock
76,116
132,843
1,724
59,307
114,694
114,754
222,953
77,606
8,409
13,060
662,806
31,265
17,649
69,086
304,837
14,609
77,127
12,131
138,765
2,662
662,806
390,320
71,819
1,795
114
273
6,261
3,415
487
20
1,247
399
2,305
543
2,674
298,138
40,331
7,102
3,772
4,721
675
3,928
10,734
393
8,557
1,931
814
4,548
2,468
597
201
52,352
441,312
40,353
40,085
381
17,465
1,538
21,356
11,077
1,339
414,856
400,914
(Hillion dollara)
74,893
116,505
1,641
59,280
107,249
101,946
209,985
73,369
8,659
13,075
616,581
29,315
16,396
63,157
278,336
U,51S
75,576
12,347
129,755
2,820
616,531
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
45,149
44,903
388
19,460
2,442
21,902
23,247
11,121
1,393
69,316
106,655
1,536
51,593
108,649
93,969
192,817
69,403
8,388
11,450
571,893
27,877
13,660
56,808
257,835
13,775
72,635
11,757
120,443
2,896
571,393
350,858
58,450
1,517
174
214
4,466
3,011
427
28
998
441
2,415
637
2,643
265,506
32,250
6,641
3,341
3,498
652
2,777
8,325
248
7,077
1,634
41
3,767
1,617
92
44,896
43,919
43,704
332
15,789
1,379
11,384
1,276
61,512
81,798
1,298
39,543
109,842
87,986
174,470
62,131
7,905
10,136
509,762
20,800
9,352
52,091
232,324
13,720
69,894
10,501
103,727
2,647
509,762
281,312
49,856
1,458
209
187
3,903
2,629
435
21
613
309
2,105
441
2,280
214,823
27,634
5,437
2,933
3,194
674
2,532
7,506
217
6,150
1,339
27
3,244
1,152
79
33,423
30,344
30,158
187
9,688
9,314
653
63,733
81,383
1,199
44,714
103,243
31,432
165,981
59,944
7,828
10,585
498,257
23,024
9,945
49,743
227,016-
13,661
69,603
10,766
97,411
2,916
498,257
310,249
50,538
1,444
228
157
3,452
2,573
417
18
743
231
2,130
372
2,354
237,119
28,997
5,743
3,022
3,569
598
2,337
6,326
234
5,593
1,655
34
3,144
1,112
103
33,920
35,948
35,791
195
9,208
1,007
61,983
73,114
831
40,783
106,091
73,760
145,931
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
2,335
2,338
335
20
249
1,813
334
2,009
217,464
23,478
5,244
2,667
3,152
553
2,030
6,126
235
4,550
1,156
50
2,740
971
89
34,552
32,976
32,790
176
,158
688
55,782
53,429
689
33,122
107,980
71,761
124,948
50,084
7,363
8,232
416,844
13,051
7,903
34,141
203,115
13,381
53,605
9,873
70,277
3,501
416,844
217,059
32,252
1,686
256
199
2,390
2,082
253
32
1,052
243
1,612
249
1,966
164,981
17,434
4,554
2,229
2,338
277
1,719
5,024
208
3,606
733
37
2,171
757
93
28,241
26,880
26,681
132
;,447
263
7,135
516
55,674
49,799
592
24,464
128,084
70,315
121,053
48,496
6,678
8,382
415,860
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
'300
201
2,149
1,938
229
38
803
157
1,371
132
1,743
147,423
19,212
3,673
2,209
2,342
216
1,923
5,015
261
3,489
598
1,630
1,813
741
210
23,848
214,604
22,146
21,945
109
4,140
^6,562
5,862
327
51,275
46,624
614
25,715
109,191
71,231
127,006
47,078
6,571
9,753
399,674
16,298
5,925
36,842
195,660
13,935
59,592
11,733
64,292
4,602
399,674
201,301
39,679
1,072
'343
232
2,109
1,734
224
21
371
112
1,336
144
1,450
250,180
154,505
22,606
3,352
2,278
2,431
253
1,994
5,591
230
3,628
648
952
247
24,352
223,068
27,112
26,880
142
4,312
^10,457
5,883
230
^Includes "Interest on Government obligations subject to declared value excess-profits tax and surtax" of $330,136,000 for 1944, and $300,078,000 for 1945.
^Includes declared value excess-profits tax of $97,001,000 for 1944, and $53,740,000 lor 1945.
'includes "Interest on Government obligations subject to declared value excess-profits tax and surtax" of $325,145,000 for 1944, and $295,228,000 for 1945.
NOTE: See p. 24 for "Explanation of Terms" and p. 2:i for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, 1944-1952
133
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR CEFICIT, AND TAXES— ALL RETURNS BV MAJOR INDUSTRIAL GROUPS AND BV INCOME AND DEFICIT STATUS
Major Industrial groups, selected items
ALL INDUSTRIAL GROUPS
Total number of returns of active corporations:
With net income
With no net income
Returns with net ijicome:
Total compiled receipts
Net income
Total tax
Income tax
Excess profits taxes
Returns with no net income:
Total compiled rece ipts
Deficit
TOTAL AGRICULTURE, FORESTRY, AND FISHERY
Total number of returns of active corporations:
With net Income
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
Def ic it
FARMS AND AGRICULTURAL SERVICES
Total number of returns of active corporations:
With net income
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
FORESTRY
Total number of returns of active corporations:
With net income
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
FISHERY
Total number of returns of active corporations:
With net income.
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
NOTE: See p. 24 for "Explanation of Terras" and p. 23 for "D;
442,577
229,494
439,047
213,329
426,283
203,031
384,772
230,070
395,360
198,383
382,531
169,276
359,310
131,842
303,019
118,106
(Thoaaand dollars)
486,441,344
40,431,697
17,596,969
1,550,725
44,865,954
1,975,518
479,243,451
45,333,173
19,623,441
2,458,676
37,795,732
1,787,583
2,090,020
194,358
75,637
1,799
470,427
55,396
4,598
3,557
2,006,986
181,044
71,482
1,736
440,319
51,927
216
96
50,528
11,435
3,539
50
4,843
593
174
228
32,506
1,879
616
13
25,265
2,876
5,389
3,345
430,687,780
44,140,741
15,929,438
1,387,444
27,442,289
1,527,437
5,039
3,261
350,168,722
30,576,517
9,317,308
9,317,308
43,280,970
2,381,680
4,312
3,694
379,309,471
36,273,250
11,920,260
11,920,260
31,656,177
1,848,226
4,553
3,U1
343,273,851
33,381,291
10,981,482
10,981,462
24,471,727
1,953,563
4,444
2,885
265,597,448
27,184,592
8,606,695
268,145
23,356,789
1,991,706
4,260
2,403
239,045,611
22,165,206
4,182,705
6,612,045
16,402,141
1,026,250
3,365
2,287
252,962,944
27,123,741
(Thousand dollara)
2,192,596
i88,619
102,372
4,786
274,787
29,702
5,022
3,006
1,907,678
320,571
102,779
97,462
5,317
223,287
26,074
4,648
2,913
1,616,005
209,591
66,637
66,637
286,205
32,249
4,010
3,326
1,642,670
245,694
79,060
79,060
219 ,272
26,148
4,213
2,808
1,486,572
239,190
76,778
76,778
183,940
23,843
4,103
2,557
1,138,035
205,244
65,511
2,444
136,560
21,669
3,914
2,127
393,856
149,892
32,848
30,880
99,516
16,079
3,568
2,069
(Thousand dollars)
2,120,960
276,046
98,748
4,714
245,928
26,846
148
87
1,336,004
305,025
93,168
5,283
205,791
21,391
196
98
1,563,378
202,056
64,619
64,619
269,754
29,538
139
128
1,582,246
233,092
75,559
75,559
198,577
23,319
157
102
1,424,561
227,600
73,577
73,577
167,299
21,439
189
107
1,078,783
194,311
62,436
2,421
128,700
19,837
200
121
847,807
142,890
31,473
29,306
93,951
13,481
145
116
(Thousartd dollars)
35,424
9,542
2,637
2,667
20
7,620
267
219
252
37,231
12,994
3,613
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
9,203
2,506
2,506
4,243
611
152
221
29,547
7,226
1,833
1,833
1,922
938
146
155
16,297
2,559
690
34
2,233
2,058
152
102
(Thousand dollars)
3,031
957
52
21,239
2,589
X,443
2,552
690
20
13,861
3,054
24,033
2,054
561
561
12,728
1,669
30,144
3,333
1,013
1,013
16,680
1,672
26,773
2,382
695
695
12,398
1,798
29,705
3,707
1,192
23
5,938
394
29,753
4,442
685
1,540
3,332
541
(Scriptlon of the Sample and Limitations of Data."
134
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUi-Continood
Major industrial groups, selected items
TOTAL MINING AND QUAHHYINO
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
MINING AND QUARRYING: METAL MINING
Total number of returns of active corporations:
With net income
Aith no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts.
MINING AND QUARRYING: ANTHRACITE MINING
Total number of returns of active corporations:
With net Income
With no net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
MINING AND QUARRYING: BITUMINOUS COAL AND LIGNITE MINING
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes..
Retxirns with no net income:
Total compiled receipts..
Deficit
MINING AND QUARKYIHG: CRUDE PETROLEUM AND NATURAL GAS
PRODUCTION
Total number of returns of active corporations:
With net Income
With no net income
Returns with net Income:
Total compiled receipts.
Net Income
Income tax
Excess profits taxes.
Returns with no net Income:
Total compiled receipts..
Deficit
<,839
4,216
8,047,731
1,101,093
493,188
14,201
1,668,791
120,234
188
654
1,251,404
237,507
103,357
100,836
2,471
250,270
14,122
75
144
174,857
16,645
3,139
3,136
3
289,332
8,666
789
876
1,776,265
88,263
35,445
268
512,123
19,069
2,514
1,858
3,806,625
645,897
310,028
301,221
8,807
553,591
71,488
4,966
4,070
5,032
4,024
4,766
4,385
5,503
3,582
4,954
3,340
4,137
3,538
3,694
3,602
(Thousand dollai
8,462,731
1,225,061
534,509
26,228
1,228,120
104,990
226
667
7,662,486
1,175,237
430,570
16,911
946,072
85,014
209
611
5,863,422
804,561
267,682
267,682
962,051
108,784
175
655
7,337,531
1,221,825
413,678
413,678
569,364
68,842
230
670
5,552,554
859,544
292,195
292,195
484,039
73,493
224
707
3,745,073
400,555
131,592
928
554,485
65,816
227
630
3,352,021
299,656
85,528
31,840
601,662
57,268
205
643
(Thousand dollars)
1,448,273
321,365
141,962
7,420
114,051
11,027
114
117
1,234,475
288,234
108,932
105,467
3,465
69,966
6,953
105
113
854,624
151,999
48,334
48, 3X
111,499
10,416
93
113
1,190,474
282,277
88,281
88,281
84,697
10,823
922,150
208,177
69,373
59,373
78,432
13,026
618,887
88,013
26,061
9
53,730
11,713
106
71
662,804
79,265
24,113
2,190
77,655
10,282
(Thousand dollars)
241,951
20,694
4,765
4,638
12-1
272,270
6,189
912
901
384,242
26,095
6,934
143
118,656
3,933
1,105
891
316,177
21,677
5,283
5,283
116,245
4,448
1,033
1,037
525,375
42,107
12,631
12,631
63,466
2,332
1,434
729
457,092
29,925
9,346
9,345
62,531
2,146
1,371
466
402,035
24,680
8,651
56,471
1,852
1,013
627
318,166
10,264
3,551
2,944
606
53,512
1,966
915
629
(Thousand dollars)
2,129,717
139,464
56,171
925
432,482
25,769
2,436
1,704
2,063,095
180,363
57,620
1,805
357,722
17,237
2,369
1,760
1,578,787
122,803
43,038
43,038
343,511
25,480
2,276
1,830
2,542,354
318,597
113,038
113,033
171,980
8,971
2,563
1,424
2,216,763
264,751
90,225
90,225
97,743
5,093
2,191
1,416
1,424,400
89,553
29,662
313
203,446
9,016
1,836
1,577
1,347,600
81,412
35,613
24,545
11,067
196,775
10,119
1,722
1,587
3,668,660
510,224
270,684
10,943
356,284
54,951
3,144,537
539,989
196,225
5,577
355,589
50,064
2,395,853
397,936
131,825
131,825
335,132
50,494
2,352,031
450,206
157,417
157,417
204,496
40,718
1,364,728
263,819
90,221
90,221
209,754
46,447
839,314
128,010
42,913
453
208,345
37,533
599,821
35,887
24,481
6,815
224,559
26,753
3,796
3,824
3,480,815
368,801
99,066
53,461
546,781
51,427
222
645
709,244
110,481
42,269
28,229
14,040
68,863
10,823
327, 128
15,682
6,092
4,908
1,185
66,589
1,797
932
652
1,425,746
101,000
28,368
20,557
177,377
8,253
1,894
1,629
695,335
97,974
26,904
11,001
173,237
22,608
See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, 1944-1952
135
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BY MAJOR INDUSTRWL GROUPS AND BY INCOME AND DEFICIT STATUS— Continued
Major industrial groups, selected items
MINING AND QUARRYING: NONMETALLIC MINING AND QUARRYING
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income.
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
CONSTRUCTION
Total number of returns of active corporations:
With -net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes
Returns with no net income:
Total compiled receipts..
Deficit
TOTAL MANUFACTURING
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
.Income tax
Excess profits taxes.
Returns with no net income;
Total compiled receipts..
Deficit
MANUFACTURING: BEVERAGES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
MANUFACTURING: FOOD AND KINDRED PRODUCTS
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
1,273
6S4
1,278
681
1,244
649
1,189
750
1,159
673
1,066
677
955
633
767
680
669
831
(Thousand dot lara)
1,038,580
112,781
52,500
2,652
63,475
6,889
20,946
10,871
974,130
133,314
61,054
6,313
53,033
7,054
19,764
9,329
836,137
140,556
54,324
4,921
44,139
6,827
17,368
9,826
717,976
110,156
39,202
39,202
50,664
7,946
16,290
9,456
717,397
118,638
42,311
42,311
44,725
5,993
16,155
7,325
591,331
92,372
33,030
33,030
35,564
5,731
14,353
5,934
460,436
70,299
24,462
86
32,493
5,587
11,161
4,633
323,630
42,823
10,445
11,162
49,060
8,149
7,311
4,023
323,311
43,665
22,334
10,657
11,578
55,714
7,935
7,160
4,354
(Thousand dollars)
13,494,727
683,685
306,633
280,343
26,290
1,802,325
84,927
80,795
38,604
12,360,392
652,506
263,796
28,649
1,879,701
93,128
30,877
39,319
9,963,007
651,035
228,683
13,028
1,598,772
89,018
79,186
36,686
,676,131
591,250
200,106
200,106
1,241,459
73,737
63,317
43,953
1,518,903
625,246
210,111
210,111
870,132
48,226
73,638
43,108
6,367,029
430,150
139,873
139,873
680,976
33,511
74,612
37,572
3,732,496
269,994
82,383
792
588,065
37,916
72,567
25,564
2,458,988
146,070
28,480
33,653
488,965
33,451
61,680
17,432
2,699,979
172,733
29,486
60,690
481,986
33,604
61,044
15,575
(Thousand dollars)
244,424,0L4
21,081,015
11,419,132
10,125,517
1,293,615
16,671,142
762,895
2,083
1,207
241,530,606
25,492,126
12,088,130
2,075,333
13,475,918
630,291
1,865
1,201
210,033,648
24,223,918
9,564,912
1,071,954
10,269,289
502,383
1,773
1,405
534,041
342,017
497,255
497,255
,812,782
,095,151
1,786
1,581
,981,909
,923,473
821,585
,821,585
,029,497
314,435
1,751
1,627
171,416,746
17,516,231
6,319,452
6,319,452
3,907,948
364,264
1,927
1,296
923,639
680,628
,,468,311
159,704
1,492,919
986,664
2,225
639
,402,830
576,548
,947,769
,164,458
,881,133
326,331
2,032
509
151,218,292
15,007,513
2,199,838
7,191,491
2,997,101
156,579
2,188
410
(Thousand dollars)
6,787,382
448,155
238,335
222,772
15,563
494,064
27,050
6,367
3,383
6,535,431
477,635
231,443
11,706
497,466
27,824
7,095
3,905
5,170,177
492,332
204,756
195,933
8,823
428,422
30,219
7,153
3,842
4,957,037
471,046
171,910
171,910
497,423
37,912
7,056
4,263
4,320,625
510,994
189,181
189,181
516,677
43,043
6,931
4,264
4,475,420
501,375
185,783
185,733
467,595
45,129
7,300
3,542
4,667,147
512,381
197,672
179,549
18,123
169,426
9,741
8,058
1,784
4,272,086
413,163
255,779
73,934
181,795
163,861
9,323
7,081
1,647
3,723,064
386,946
233,805
69,864
163,940
75,787
3,604
6,953
1,816
(Thousand dollai
31,595,734
1,229,982
600,303
31,840
4,591,467
92,187
32,401,394
1,247,020
537,066
36,419
3,503,175
74,752
28,058,709
1,443,626
611,149
573,938
37,211
4,001,496
55,416
23,644,861
1,181,536
428,965
428,965
6,266,668
107,360
26,177,784
1,222,361
443,412
443,412
5,408,370
114,355
29,005,471
1,479,709
537,898
537,898
1,636,532
80, 542
22,368,352
1,572,586
562,204
23,368
535,480
28,740
13,503,256
1,010,275
222,332
333,456
955,350
23,794
19,487,146
1,124,592
661,806
218,949
442,857
432,339
13,398
NOTE: See p. 24 for "Explanation of Tenns" and p. 23 for "Description of the Sample and Limitations of Data."
136
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 16.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETUKNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS— Conlirmed
Major industrial groups, selected items
MANUFACTURING: TOBACCO MANUFACTURES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts. .
Deficit
UANUFiSCTORDia: TEXTILE-MILL PRODUCTS
Total number of returns of active corporations;
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income :
Total compiled receipts..
Deficit
MANUFACTURING: APPAREL AND PRODUCTS MADE FROM FABRICS
Total number of returns of active corporations:
With net income ,
With no net income
Returns with net income:
Total compiled receipts.
Net income.
Income tax
Excess profits taxes
Returns with no net income:
Total compiled receipts.
Deficit
MANUFACTURING: LUMBER AND WOOD PRODUCTS, EXCEPT FURNITURE
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts. .
Deficit
MANUFACTURING: FURNITURE AND FIXTURES
Total number of returns of active corporations:
With net Income
With no net Income
Returns with net income:
Total compiled receipts.
Net Inconve
Income tax
Excess profits taxes.
Returna with no net Income:
Total compiled receipts..
Deficit
115
36
127
63
123
72
IW
83
123
102
129
103
178
32
(Thotisanri dollars)
3,717,661
287,366
146,438
15,310
23,842
454
3,547
1,948
3,391,809
296,701
147,935
18,326
21,342
797
3,849
2,181
3,204,630
291,635
131,419
120,400
11,019
4,381
1,413
3,200,423
260,259
97,599
97,599
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
64,584
64,530
54
16,293
1,717
4,764
778
2,224,005
140,351
60,181
49,317
10,863
3,734
206
3,907
496
(Thousand dollars)
10,977,710
644,892
311,618
12,343
2,228,li6
122,824
8,464
5,976
12,843,493
1,071,665
508,641
30,174
1,582,457
82,989
7,899
6,854
12,636,482
1,268,301
538,295
507,483
30,812
490,331
28,556
3,596
5,719
9,459,263
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
503,031
37,981
158,458
9,568
9,164
2,550
7,588,094
736,363
123,409
329,355
103,310
7,619
6,460
1,166
( Thousand dollars)
7,384,244
229,826
97,682
3,297
1,708,884
64,301
3,258
1,615
6,986,671
234,699
102,280
93,302
3,978
1,938,849
76,813
3,496
1,579
7,235,591
328,280
119,249
6,202
1,109,838
49,543
3,627
1,093
6,123,972
239,516
31,822
81,822
1,672,347
88,142
2,323
1,883
7,096,988
349,645
121,764
121,764
1,309,971
71,740
3,245
1,490
7,039,046
477,571
169,583
169,583
652,050
38,441
3,093
1,119
6,329,368
499,123
172,767
10,433
364,347
17,164
2,714
825
3,862,214
245,853
41,710
97,423
116,185
4,157
2,002
841
(Thousand dollars)
4,603,230
386,204
152,894
148,438
4,456
615,433
35,234
3,771
2,023
4,766,313
531,543
210,751
11,926
518,215
26,856
3,671
1,824
4,859,548
647,190
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
24,836
3,358
2,099
3,372,784
544,140
191,734
191,734
170,052
16,232
3,545
1,856
2,299,033
307,609
105,310
102,779
2,531
115,232
11,303
3,446
1,180
1,586,807
140,846
33,941
27,637
180,794
9,541
2,695
700
(Thousand dollars)
3,460,625
239,471
123,389
111,182
12,207
458,903
24,770
3,373,255
262,297
135,615
119, 6U
16,001
383,117
22,670
3,176,925
280,926
118,537
107,124
11,413
257,4U
16,850
2,182,450
170,037
60,020
60,020
444,141
31,277
2,477,280
222,281
79,602
79,602
368,345
26,654
2,703,412
261,470
93,275
93,275
245,195
21,363
2,178,106
218,611
76,053
2,226
183,851
14,518
1,528,231
116,363
61,152
24,726
36,426
107,031
6,184
170
37
2,130,376
166,400
79,855
50,910
28,945
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
3,323,425
256,976
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
725
1,536,159
134,676
23,869
54,300
81,421
4,772
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, 1944-1952
137
Table 15.-Nl)MBER OF RETURNS. TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS-Continued
Major industrial groups, selected items
1952
1951
1950
1949
1948
1947
1946
1945
1944
MANUFACTURING: PAPER AND ALLIED PRODUCTS
Total number of returns of active corporations:
2,025
784
2,271
481
2, US
460
1,693
388
1,898
658
2,087
446
2,CB9
262
1,848
239
1,860
202
(Thousand dolUra)
Returns with net income:
Total compiled receipts
7,523,728
967,088
534,073
480,242
53,831
347,653
20,969
8,269,421
1,344,338
800,360
657,400
142,960
160,319
10,337
6,883,425
1,014,336
452,144
411,101
41,043
84,865
6,940
5,002,330
533,745
214,666
214,666
465,226
23,307
5,737,079
798,787
295,838
295,838
268,652
14,789
5,617,782
928,005
343,388
343,388
95,642
6,532
4,3L4,669
576,522
213,122
207,684
5,433
66,401
6,636
3,510,239
345,350
197,707
69,596
123,110
74,019
3,073
3,432,114
416,711
259,316
69,494
190,322
Returns with no net income:
Total compiled receipts
Deficit
60,885
3,266
Total number of returns of active corporations:
9,672
3,783
9,127
4,168
8,939
4,031
8,547
4,239
8,978
3,519
8,789
3,120
8,518
2,478
8,021
2,036
7,904
2,065
("Thousand doltara)
Returns with net income:
Total compiled receipts
7,251,273
647,899
324,523
299,551
24,972
722,531
34,259
6,939,919
654,993
321,980
295,021
26,959
534,392
33,803
6,217,762
629,486
243,170
235,436
12, 7X
596,157
44,757
5,838,843
557,700
194,540
194,540
595,156
41,056
5,795,X7
616,198
215,974
215,974
434,338
38,385
5,317,103
665,430
232,370
232,370
415,738
35,at2
4,593,908
677,279
239,378
236,163
3,715
253,169
20,767
3,744,226
590,971
352,100
97,830
254,271
101,050
6,825
3,391,074
577,262
347,195
94,662
252,533
Returns with no net income:
Total compiled receipts
90,3L2
6,275
MANUFACTURING: CHUJICALS AND ALLIED PRODUCTS
Total number of returns of active corporations:
4,655
2,973
4,932
2,735
4,847
2,540
4,273
3,240
4,323
3,033
4,577
2,948
4,608
2,229
4,414
1,772
4,408
1,636
(Thovaand doUara
;
Total compiled receipts
17,451,511
2,297,826
1,276,566
1,117,635
153,931
616,639
55,594
17,699,542
2,953,169
1,720,532
1,412,072
308,460
704,064
32,701
16,217,543
2,793,959
1,258,309
1,108,061
150,748
250,070
21,990
12,491,853
1,715,658
606,108
606,108
343,313
61,134
13,696,104
1,723,534
609,526
609,526
558,499
46,566
13,224,339
1,332,298
653,199
653,199
370,891
41,016
10,558,939
1,524,699
549,315
538,262
11,053
270,387
27,311
9,359,557
1,059,701
563,268
225,502
337,766
550,655
23,736
9,795,876
1,302,047
745,069
239,640
505,430
Returns with no net income:
Total compiled receipts
156,741
10,864
Total number of returns of active corporations:
With net Income
476
221
524
166
516
146
428
238
453
181
407
147
346
139
'311
131
332
lU
(Thmiaand dollar
)
Returns with net income:
Total compiled receipts
24,432,556
1,768,903
661,333
650,285
11,548
483,694
3,329
24,278,326
2,327,353
1,019,472
957,732
61,740
178,651
2,954
19,973,951
1,826,031
616,713
603,308
13,405
126,226
4,427
17,523,579
1,169,222
344,484
344,484
663,574
30,929
19,733,277
2,000,130
660,044
660,044
223,900
17,142
14,963,960
1,309,630
421,901
421,901
111,496
6,463
10,630,769
742,103
230,669
230,216
453
189,072
7,070
9,617,216
370,575
108,896
98,260
10,636
767,502
19,193
9,835,765
652,071
254,870
187,635
67,235
Returns with no net income:
Total compiled receipts
196,350
2,948
MANUFACTURING: RUBBER PRODUCTS
Total number of returns of active corporations:
523
211
567
150
535
131
427
221
431
220
338
247
400
161
361
92
372
63
(Thouaand dollar
■;
Total compiled receipts
4,818,770
387,998
219,817
191,458
28,359
128,412
5,696
4,907,036
551,711
329,094
263,667
60,427
50,708
2,287
4,033,219
436,897
196,524
174,393
22,131
22,823
2,140
2,373,770
164,597
58,396
58,396
193,506
11,871
3,307,856
262,315
92,297
92,297
81,937
7,345
3,369,994
240,979
84,457
34,457
67,530
7,667
3,034,209
321,391
122,017
114,151
7,866
49,052
3,394
3,299,988
248,125
169,987
30,291
139,696
61,070
1,773
3,346,732
330,265
233,120
30,788
202,332
Returns with no net income:
9,375
339
MOTE: See p. 2^ for "Explanation of Terms" and p. 22 for "Description of the Sample and Limitations of Data."
138
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 15.— NUMBER OF RETURNS, TOT*L COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS— Conlinued
Major industrial groups, selected items
MANUFACTURING: LEATHER AND PRODUCTS
Total number" of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
MAHOFACTURING: STONE, CLAY, AND GLASS PRODUCTS
Total number of returns of active corporations:
With net income
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
MANUFACTURING: PRIMARY METAL INDUSTRIES AND FABRICATED
METAL PRODUCTS (EXCEPT ORDNANCE, MACHINERY, AND
raAHSPORIAIION EQUIPMENT)
Total number of returns of active corporations:
With net income
With no net income
Returns with net inccme:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts.
Deficit
MANUFACTURING: MACHINERY, EXCEPT TRANSPORTATION
EQUIPMENT AND ELECTRICAL
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Retiims with no net income:
Total -compiled receipts.
Deficit
MANUFACTURING: ELECTRICAL MACHINERY AND EQUIPMENT
Total number of returns of active corporations:
With net income
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
i,9oa
1,013
1,710
1,130
1,836
944
1,620
1,297
1,734
1,271
1,984
1,108
2,195
630
1,769
290
(Thousand dollars)
2,954,884
134,440
65,961
61,879
4,082
379,815
15,534
2,988
1,221
2,900,015
141,038
64,860
5,273
571,050
32,411
3,132
1,224
2,851,780
170,029
65,004
3,534
344,974
12,491
3,099
1,149
2,420,065
114,010
40,658
40,658
502,253
26,297
2,750
1,474
2,734,855
158,434
57,448
57,448
426,264
26,397
2,851
1,342
3,008,591
232,435
84,705
84,705
278,958
18,442
2,769
1,362
2,730,553
235,940
89,355
83,243
6,112
103,599
6,641
2,142,515
137,064
77,374
28,371
49,003
48,870
1,559
1,952
818
5,328,165
669,465
374,283
330,369
43,914
300,048
19 , 579
10,711
3,091
5,583,388
843,393
409,437
80,662
191,305
11,971
10,791
2,871
4,944,036
860,626
347,253
46,915
123,968
10,441
9,858
2,998
3,758,426
520,957
190,574
190,574
232,166
18,419
7,571
5,030
3,982,753
549,486
202,687
202,687
157,056
18,977
8,4S9
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
9,553
7,283
2,734
2,201,944
224,032
119,577
52,857
66,721
141,887
12,938
6,133
1,867
(Thousand dollars)
32,150,893
2,801,593
1,376,035
150,190
1,042,909
68,469
8,231
2,679
35,027,680
4,386,861
2,600,531
2,139,475
461,056
556,661
34,795
8,359
2,354
29,333,265
3,688,378
1,688,940
1,499,573
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
5,607
4,252
25,755,178
2,816,463
1,035,335
1,035,335
724,332
63,604
6,362
3,296
22,341,959
2,354,055
863,265
863,265
702,643
55,575
5,893
2,850
15,857,203
1,331,820
506,186
498,457
7,729
1,177,476
100,018
4,969
2,542
17,020,793
1,165,097
666,254
222,577
443,676
1,347,545
51,040
4,536
1,656
(Thousand dollars)
21,854,755
2,462,771
1,228,927
210,700
463,755
41,595
2,461
1,178
20,213,049
2,696,837
1,567,727
1,309,294
258,433
483,045
37,422
2,373
1,041
15,359,360
2,087,800
919,873
840,607
79,266
507,024
44,071
2,169
958
12,516,574
1,434,196
531,508
531,508
1,119,427
96,685
1,656
1,411
14,472,780
1,800,259
668,698
668,698
591,588
58,795
1,645
1,364
12,406,988
1,564,177
577,520
577,520
760,594
83,249
1,716
1,274
7,797,663
890,451
330,937
321,055
9,882
1,351,692
169,872
1,508
1,041
,297,767
966,618
599,375
158,430
440,945
583,081
33,384
1,345
526
(Thousand dot la
14,643,641
1,606,314
970,678
805,712
164,966
326,192
28,194
12,007,404
1,535,493
921,761
749,699
172,062
364,744
33,632
10,407,747
1,438,210
576,273
83,939
205,398
21,292
7,689,344
744,086
270,251
270,251
515,053
47,518
8,362,169
923,936
339,091
339,091
450,781
47,804
7,690,761
837,797
307,912
307,912
542,654
56,435
3,866,041
317,970
116,900
114,434
2,466
1,650,937
140,127
6,678,548
619,199
395,338
90,272
305,065
445,441
24,938
1,698
263
2,096,763
140,996
26,904
55,185
42,719
1,162
1,722
983
2,152,474
257,592
51,594
98,323
158,096
14,247
6,115
1,361
19,902,447
2,018,735
296,329
979,948
460,059
22,941
4,721
1,147
11,111,627
1,630,839
1,106,643
168,108
933,535
213,115
15,275
1,392
323
,051,196
986,711
672,326
93,435
578,391
74,919
4,029
NOTE: See p. 24 for "Bcplanatlon of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, 1944-1952
139
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT. AND TAXES-ALL RETURNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS-Conlinued
Major industrial groups, selected items
MANUFACTURING: TRANSPORTATION EQUIPMENT,
EXCEPT MCyrOR VEHICLES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts . .
Deficit
Total number of returns of active corporations:
With net income
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
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts . .
Deficit
TOTAL PUBLIC UTILITIES
Total number of returns of active corporations :
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
870
•.'il
760
385
569
il3
526
554
563
493
552
553
507
518
739
363
(Thousand dollars}
MANUFACTURING: MOTOR VEHICLES AND EQUIPMENT,
EXCEPT ELECTRICAL
9,230,493
627,407
313,455
67,551
344,914
33,687
902
292
5,841,433
454,423
215,802
35,355
165,869
19,009
932
354
3,845,479
386,451
149,114
13,126
214,011
16,411
882
394
3,368,648
231,747
83,873
83,873
485,946
37,018
693
651
3,345,171
270,965
96,628
96,628
441,310
38,532
867
486
2,236,531
176,254
63,850
63,850
791,269
178,032
820
338
1,864,928
174,774
62,363
59,521
.rl,842
1,034,459
187,663
650
250
16,734,426
1,051,356
650,499
161,874
488,625
501,662
34,766
501
119
(Thousand dollars)
MANUFACTURIM3: ORDNANCE AMD ACCESSORIES
19,372,613
2,441,986
1,468,197
1,246,725
221,472
587,278
16,164
19,195,325
2,578,235
1,541,630
1,280,316
261,314
451,173
22,777
18,350,482 14,406,603
3,319,924 2,112,098
1,624,712
1,373,182
251,530
383,007
24,090
790,077
790,077
540,449
73,500
13,533,798
1,708,263
628,472
628,472
214,470
25,186
11,214,901
1,256,840
462,649
462,649
255,672
14,867
4,621,558
210,438
72,706
877
1,959,569
94,112
1,955,981
184,623
22,232
100,846
1,133,334
14,470
227
61
(Thousand dotlai
MANUFACTURING: SCIENTIFIC INSTRUMENTS; PHOTOGRAPHIC
EQUIPMEWI; WATCHES, CLOCKS; AND OTHER
Total number of returns of active corporations :
With net income
With no net income
437,287
55,305
33,360
27,466
5,894
16,117
541
7,222
4,495
304,716
52,846
33,140
26,353
6,787
3,122
906
7,347
4,620
261,556
45,239
21,086
18,303
2,783
889
263
7,156
4,452
180,401
14,962
5,420
5,420
1,713
504
6,291
6,013
219,769
33,100
12,427
12,427
17,950
1,927
6,854
5,683
204,562
27,137
10,188
10,188
11,814
2,865
6,637
5,305
143,312
17,003
6,183
115
47,002
7,231
6,299
3,728
3,415,467
342,585
38,267
191,347
204,493
5,722
5,118
2,071
(Thousand dolloi
,391,809
746,119
357,345
51,684
790,396
47,465
18,082
10,378
,064,981
849,321
398,250
65,313
615,694
42,030
17,139
9,639
6,961,981
773,762
303,613
33,953
449,925
40,725
16,452
9,825
5,403,832
488,741
175,656
175,656
966,948
84,633
14,810
11,098
6,061,379
617,941
218,478
218,478
789,299
79,993
15,304
9,921
5,655,473
588,477
211,914
211,914
693,954
93,665
14,857
8,872
4,972,777
540,335
196,253
191,600
4,658
636,073
113,013
14,395
7,428
4,859,467
462,531
272,289
81,490
190,799
290,209
22,088
12,966
6,770
(Thousand dollars)
36,459,420
5,032,341
2,479,760
2,439,108
40,652
2,148,244
122,432
34,516,766
4,785,134
2,305,533
2,250,154
55,379
1,704,548
99,193
30,360,679
4,446,153
1,763,748
1,727,836
35,912
1,776,249
114,143
26,199,477
3,024,043
1,056,193
1,056,193
2,524,271
150,232
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
395,607
2,456
5,351,782
333,487
19,672,756
3,133,895
1,547,605
719,644
327,962
2,990,595
196,318
860
284
24,533,777
2,110,031
1,421,996
216,553
1,205,444
244,050
10,558
461
86
3,715,880
340,072
36,245
194,944
10,880
623
316
33
4,497,520
560,999
51,005
334,154
149,593
9,894
5,043
1,633
5,198,435
629,025
83,474
319,326
173,700
13,073
13,067
6,175
21,635,269
4,277,770
2,339,327
816,251
1,573,076
862,140
135,892
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
140
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 15.— NUMBER OF RETllBhB. TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RKrURNS a\ MAJOR INDUSTRIAL GROUPS AND BV INCOME AND DEFICIT STATUS— Coninuod
Major Industrial groups, selected items
PUBLIC UTILITIES: TRANSPORTATION
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income;
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
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
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net inccme:
Total compiled receipts..
Deficit
OTHER PUBUC UTIUTIES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TOTAL TRADE
Total number of returns of active corporations:
With net Income
With no net income
R«tums with net Income:
Total c<iq>lled receipts.
Net income
Incaoe tax
Excess profits taxes.
Returns with oo net income:
Total compiled receipts..
Deficit
13,124
7,730
12,237
7,117
11,621
7,270
10,274
8,306
10,995
7,ObO
10,673
6,207
10,027
5,115
8,610
4,583
(Thousand dotlarm)
PUBLIC UTILITIES: CCfcMUNICATION
21,058,766
2,030,065
987,154
959,952
27,202
1,997,077
110,371
2,901
1,498
PUBLIC UTILITIES: ELECTRIC AND GAS UTILITIES
5,720,214
999,961
482,550
478,510
4,040
60,206
4,669
779
172
9,454,933
1,961,278
991,720
982,516
9,204
67,648
4,413
1,278
976
225,507
41,537
18,336
18,130
206
23,313
2,979
148,365
72,949
20,555,406
2,091,739
1,005,941
963,741
42,200
1,550,834
83,467
2,752
1,498
18,047,239
2,169,928
862,261
835,834
26,427
1,471,385
98,873
2,655
1,572
15,714,956
1,296,100
447,853
447,853
2,092,880
125,981
2,413
1,768
17,105,238
1,846,225
649,661
649,661
1,946,229
126,596
2,265
1,819
14,599,521
1,445,721
509,281
509,281
2,802,877
256,308
2,118
1,834
9,416,514
967,153
333,705
332,291
1,414
4,961,039
357,498
2,235
1,526
11,984,273
1,459,866
799,426
320,058
479,368
2,621,876
147,324
2,260
1,334
(Thousand dollars^
5,133,917
898,921
423,335
419,728
3,607
74,065
8,348
966
260
4,542,509
740,037
280,818
1,955
62,254
8,018
1,000
261
3,424,906
372,006
136,452
136,452
327,078
17,334
968
276
3,776,284
539,006
135,611
135,611
107,629
12,472
969
306
2,734,834
429,517
111,066
111,066
625,522
18,958
985
270
2,920,553
575,766
155,851
599
239,322
15,682
995
282
2,719,948
703,925
315,776
131,917
183,360
224,457
U,812
998
291
(Thousand dollars)
8,604,059
1,749,717
858,586
849,168
9,418
64,371
5,035
1,234
764
7,583,716
1,503,114
607,550
600,102
7,448
226,189
5,201
1,176
722
6,897,649
1,324,234
461,774
461,774
73,202
4,070
1,155
748
6,430,644
1,177,202
409,692
409,692
124,907
5,486
1,075
736
5,587,267
1,110,079
383,484
383,484
234,369
20,139
1,081
561
5,122,601
1,157,471
398,920
421
123,560
6,798
1,138
505
4,350,911
946,526
260,294
162,683
134,154
32,757
1,098
562
(Thousand dollars)
223,384
17,517
154
15,278
2,293
150,670
65,639
187,215
33,074
11,164
11,082
82
16,421
2,051
143,655
60,684
161,966
31,703
10.119
10,119
31,111
2,897
129,320
74,705
164,789
31,799
9,340
9,840
14,700
1,653
138,304
58,444
132,812
28,355
9,446
9,446
23,852
2,160
133,192
44,105
114,996
25,779
8,567
8,545
22
27,861
3,509
122, r-2
29,379
117,623
23,577
7,374
2,051
10,108
1,925
97,550
23,398
(Thousand dollars)
150,826,391
4,858,728
2,255,861
2,146,545
109,316
17,830,729
439,907
152,849,291
5,919,667
2,775,747
2,577,553
198,194
15,416,451
426,233
145,424,883
6,619,727
2,618,569
2,430,707
187,862
9,677,861
305,019
116,457,145
4,337,406
1,492,595
1,492,595
15,834,124
547,048
126,237,227
6,128,574
2,127,933
2,127,938
U, 268, 073
370,213
115,730,631
6,368,344
2,221,121
2,221,121
7,601,462
287,417
,367,195
714,298
946,115
82,135
,866,349
132,262
016,723
439,123
628,993
,273,021
,623,717
76,211
8,693
4,042
14,113,400
2,571,867
1,591,319
422,830
1,168,989
705,799
115,549
2,299
1,261
2,695,741
731,259
343,251
131,754
211,493
30,973
2,099
1,005
320
4,717,128
943,895
253,911
189,630
118,451
18,127
1,070
552
108,999
25,747
10,717
7,756
2,960
6,917
1,117
93,166
24,197
59,074,935
3,318,799
1,910,157
565,179
1,344,978
2,648,827
65,^17
NOTE: See p. 24 for "Explunatton of Terms" und P. 23 for "Description of the Sample and Limitations of Data
CORPORATION INCOME TAX RETURNS, 1944-195'?
141
T.ble 15.-NUMBER OF BETUKNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES-ALL RETURNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS-Continuod
Major industrial groups, selected items
TRADE: TOTAL IIHOLESALK
Total number of returns of active oorporations:
With net income
With no net income
Returns with net Income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net Income:
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
With no net Income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
OTHER WHOLESALERS
Total number of returns of active corporations:
Wi th net income
With no net income
Returns with net income:
Total compiled receipts.
Net Income
Income tax
Excess profits taxes
Returns with no net income:
Total compiled receipts.
Deficit
TRADE: TOTAL RETAIL
Total number of returns of active corporations:
With net Income
With no net income
Returns with net income:
Total compiled receipts.
Net Income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts. .
Deficit
TRADE: RETAIL: FOOD
Total number of returns of active corporations:
With net income
With no net Income
Returns with net income:
Total compiled receipts.
Net Income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TRADE: WHOLESALE: CCMMISSION MERCHANTS
50,178
21,948
52,209
19,383
51,05i
17,803
42,346
25,581
44,144
20,696
41,380
14,659
38,416
9,241
28,838
6,843
(Thnutnnri tlollnra)
75,380,696
2,076,600
956,908
908,240
48,668
9,269,177
178,786
6,103
3,481
79,250,888
2,882,902
1,392,825
1,266,004
126,821
7,990,028
190,557
6,298
2,872
73,619,537
2,919,023
1,073,904
90,052
4,773,416
119,187
6,396
3,192
55,759,352
1,694,825
575,979
575,979
8,125,009
257,442
5,441
4,262
51,360,756
2,415,560
840,185
840,185
6,501,204
186,272
5,779
3,504
56,499,556
2,638,023
927,875
927,875
3,925,883
U7,433
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
675,842
232,796
443,046
1,277,514
33,274
3,851
1,457
(ThouaBntt doltnraj
3,878,704
149,769
59,411
3,314
780,047
17,704
44,075
18,467
4,062,132
200,582
86,859
79,482
7,377
380,119
14,497
45,911
16,511
3,747,060
197,007
71,778
66,352
5,426
383,775
14,564
44,658
14,611
2,988,920
140,744
44,112
44,112
615,305
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
64,015
338,119
14,313
35,968
11,908
2,274,809
156,178
52,742
49,906
2,836
188,086
7,004
33,554
7,303
1,598,788
95,542
17,641
29,081
133,321
4,247
24,977
5,385
( fhouaund dollara)
71,501,992
1,925,831
894,183
848,829
45,354
6,489,130
161,082
86,194
45,260
75,188,756
2,682,320
1,305,966
1,186,522
119,444
7,609,909
176,050
87,593
41,535
69,872,477
2,722,016
1,007,552
84,626
4,389,641
104,623
87,343
38,155
52,770,432
1,554,081
531,867
531,867
7,509,704
232,701
75,632
43,160
57,958,275
2,240,288
783,585
783,585
6,031,502
166,215
79,067
31,748
53,306,538
2,443,772
863,860
863,860
3,587,764
U3,120
75,157
23,879
43,233,722
2,173,555
741,588
49,109
1,875,853
54,171
58,343
16,415
29,412,392
1,153,566
629,120
215,155
413,955
1,144,193
29,026
57,682
13,527
(Thousand dollarm)
67,945,544
2,555,472
1,147,981
55,333
7,546,736
231,946
6,338
3,937
65,132,301
2,770,945
1,259,493
1,205,317
64,176
6,617,613
205,332
5,553
4,054
54,790,556
3,392,545
1,340,220
1,249,728
90,492
4,331,659
162,977
5,449
3,744
54,105,286
2,U9,197
838,773
838,773
6,553,323
247,296
5,257
3,808
55,563,939
3,246,540
1,132,177
1,132,177
3,870,917
149,241
5,005
3,504
49,854,715
3,182,265
1,109,272
1,109,272
2,890,588
106,551
4,522
2,848
39,698,040
2,905,584
1,023,157
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
(Thauatind rtollarm)
16,771,339
343,324
175,022
165,323
9,699
1,030,511
19,976
L4, 829, 198
299,322
142,488
5,504
1,047,738
21,918
12,953,945
336,996
142,940
133,273
9,667
675,913
14,962
11,820,095
312,969
113,290
113,290
666,244
16,555
11,426,585
271,382
97,900
97,900
592,206
15,562
10,019,503
259,267
97,556
97,556
490,792
11,933
7,946,405
275,960
99,962
99,049
913
184,167
4,083
5,883,869
161,626
8,4M
35,063
53,380
152,750
2,754
27,045
6,563
28,635,230
1,241,747
207,930
502,612
1,360,070
26,783
3,715
1,420
1,487,997
93,712
16,260
31,202
123,556
2,905
23,330
5,U3
27,U8,233
1,148,035
663,080
191,670
471,410
1,236,514
23,878
54,965
14,181
25,725,219
1,815,432
1,070,764
300,773
769,992
986,318
28,331
3,876
1,453
5,548,155
14B,007
33,186
47,502
178,196
2,540
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
366266 O - 55 - II
142
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 15.— NUMBIiR OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT. 4ND TAXES— ALL RETURNS BV MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS— Continued
Major industrial groups, selected items
TRADE: RETAIL: GENERAL MERCHANDISE
Total nuiDber of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TRADE: RETAIL: APPAREL AND ACCESSORIES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TRADE: RCTAIL: FURNITURE AND HOUSE FURNISHINGS
Total number of returns of active corporations:
With net income
With no net income
Returns with net iiicome:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TRADE: RETAIL: AOTCMOTIVE DEALERS AND FILLING STATIONS
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TRADE: RETAIL: DRUG STORES
Total number of returns of active corporations:
With net income
With no net Income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts.
Deficit
4,915
2,207
5,550
2,003
5,662
1,969
5,093
2,369
5,291
1,561
5,318
1,236
5,051
843
4,686
641
16,485,930
1,039,940
521,354
30,032
493,393
15,203
11,443
6,384
15,956,312
1,033,581
506,401
32,604
546,144
19,434
11,444
5,608
15,723,590
1,249,336
509,317
42,491
273,325
11,585
11,094
5,318
14,111,411
880,480
325,096
325,096
632,940
21,356
9,743
6,213
14,934,673
1,131,960
419,553
419,563
265,391
9,043
10,847
3,971
13,765,796
1,085,535
401,632
4C1,632
326,668
10,413
10,446
2,983
12,538,956
1,164,066
426,590
3,082
87,843
4,771
10,043
2,015
9,708,976
958,460
141,650
477,492
120,873
2,558
9,072
1,148
(Thousand rtcllars)
5,005,513
180,741
72,059
1,686
329,503
31,929
7,603
4,030
4,684,761
185,556
71,769
1,981
346,631
29,303
8,011
3,875
4,670,031
214,075
71,460
1,737
620,552
26,432
3,338
3,151
4,371,404
172,951
54,253
54,253
904,260
41,469
6,497
3,766
5,007,662
261,267
85,276
85,276
445,509
21,888
2,513
4,773,003
291,196
96,669
96,669
328,350
15,127
6,145
1,443
4,465,834
354,671
115,849
8,670
210,392
3,654
5,376
1,C22
3,428,077
273,324
156,678
42,330
114,349
67,370
2,594
3,926
926
(Thousand dot lars)
2,539,891
100,457
44,460
969
667,599
31,215
17,277
6,516
2,587,537
120,059
44,748
1,307
513,042
23,777
18,803
5,266
2,806,230
154,471
51,163
49,307
1,356
338,385
16,027
19,773
4,000
2,017,365
97,065
29,452
29,462
515,099
24,015
15,755
6,103
2,087,374
125,533
39,105
39,105
289,135
13,056
18,136
3,234
1,993,609
147,715
47,336
47,336
181,330
7,257
15,634
2,035
1,596,225
153,983
50,146
1,219
60,018
3,057
11,873
1,868
886,390
77,920
18,710
16,642
43,107
2.227
7,337
2,181
(Thousand dollars)
14,341,353
424,122
170,806
4,530
2,104,638
38,922
4,368
1,672
15,999,287
604,318
244,723
9,935
1,525,791
29,640
3,970
1,638
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
3,536
1,624
12,017,520
937,847
330,272
330,272
506,955
15,265
3,521
1,334
1,031,593
837,440
294,334
294,834
189,059
6,770
3,551
1,038
4,588,231
422,639
141,089
2,143
122,237
5,391
3,452
796
1,537,349
86,171
35,0«>
19,761
15,287
136,055
5,050
3,383
707
1,580,697
53,928
21,859
1,238
142,106
6,957
1,435,442
55,438
22,336
1,507
254,151
5,793
1,419,854
53,914
17,659
523
157,922
4,955
1,208,115
45,739
13,335
13,835
301,118
6,412
1,346,633
47,940
14,759
14,769
130,921
8,479
1,050,278
48,650
15,102
15,102
221,167
4,746
1,154,408
61,115
18,845
1,987
55,758
1,451
909,769
50,796
9,591
17,023
39,581
352
4,532
657
9,081,878
931,564
618,934
128,282
490,552
35,843
1,259
8,701
1,267
3,049,428
234,408
137,454
34,311
103,142
75,735
2,505
3,532
804
793,975
86,341
21,057
20,009
45,963
2,132
6,979
2,061
1,337,906
77,091
31,992
17,260
14,732
115,379
3,507
3,375
822
884,133
53,185
8,946
20,519
41,520
794
NOTE; See p. 24 for "Explanation of Terms" and p. 2^1 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, 1944-1952
143
Table 15.— WJMBEK OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BV MAJOR INDUSTRIAL GROUPS AND BV INCOME AND DEFICIT STATUS— Conllnued
Major industrial groups, selected items
TRADE: RETAIL: EATING AND DRINKING PLACES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TRADE: RETAIL: BUILDING MATERIALS AND HARDWARE
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income;
Total compiled receipts..
Deficit
OTHER RETAIL TRADE
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
TRADE NOT ALLOCABLE
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income;
Total compiled receipts.
8,023
8,901
1,780,401
68,351
26,452
1,727
757,907
30,071
11,397
3,854
4,430,448
187,762
72,S42
69,941
2,901
531,715
22,511
14,830
7,709
4,409,967
156,847
58,228
55,727
2,501
989,364
35,162
11,993
5,741
TOTAL FINANCE, INSURANCE, REAL ESTATE, AND LESSORS
OF REAL PROPERTY
7,500,151
226,656
95,639
90,324
5,315
1,014,816
29,175
128,491
57,364
7,544
9,087
6,919
8,581
6,612
8,335
6,563
7,442
6,306
6,287
7,098
4,236
6,719
3,031
(Thousand dollars)
1,606,198
62,132
22,207
1,6L4
755,592
33,105
12,060
2,759
1,439,681
59,210
18,636
17,963
673
685,616
31,130
11,729
2,509
1,359,135
57,148
17,102
17,102
699,799
31,917
8,960
2,913
1,406,114
t)0,B71
13,322
13,322
663,439
30,090
8,120
1,474
1,322,238
61,285
18,2C4
18,204
576,900
27,680
9,721
1,575
1,422,149
80,980
24,154
1,305
339,806
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 dollat
4,599,130
230,359
86,008
5,300
328,316
13,241
14,658
7,345
4,377,701
265,052
85,355
5,741
232,634
9,996
14,641
7,261
2,766,608
148,628
44,635
44,635
368,557
15,811
13,173
8,029
2,691,787
191,341
60,651
60,651
151,966
6,100
14,936
6,510
3,150,839
225,273
71,811
71,811
145,060
4,544
13,514
4,334
2,302,482
167,905
51,657
50,971
636
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
(Thousand dollars)
4,384,436
179,680
64,637
4,424
800,153
29,121
10,863
4,621
4,278,143
136,723
57,745
3,034
702,934
29,181
10,258
4,726
3,746,215
147,521
42,551
42,551
912,476
33,970
11,342
5,964
4,644,991
218,499
66,319
66,319
725,345
28,753
15,093
6,000
4,772,856
215,854
66,073
66,078
431,262
18,081
16,655
5,567
3,583,299
224,264
69,687
1,772
202,981
9,119
15,373
3,723
2,708,543
139,116
30,137
31,663
164,767
4,435
11,030
3,028
(Thousand dollars)
7,466,102
265,820
106,232
7,197
808,810
30,344
125,853
51,974
7,014,690
308,159
114,393
107,075
7,318
572,736
22,855
122,742
49,099
1,592,507
243,384
77,843
77,843
,155,792
42,310
116,537
49,690
9,312,532
466,374
155,576
155,576
895,952
34,700
112,033
48,605
9,376,360
548,056
183,974
183,974
784,991
33,433
105,918
45,125
7,660,624
478,981
158,241
3,413
427,024
14,744
102,278
42,095
5,021,909
267,794
126,466
61,528
64,938
315, 5CS
9,599
90,568
45,005
(Thousand dollars)
21,329,647
6,707,560
1,723,260
42,297
2,339,926
248,619
18,379,566
6,187,604
1,543,189
1,495,524
47,665
1,977,044
254,660
17,382,475
5,993,562
1,255,723
1,214,064
41,659
1,192,344
274,185
16,182,500
5,525,919
1,010,379
1,010,379
865,559
241,932
14,548,902
4,761,579
813,575
313,575
925,567
236,402
12,091,327
4,113,752
648,027
&i8,027
1,743,622
272,230
10,829,109
4,289,105
733,346
3,317
1,562,441
284,621
9,734,104
3,756,Q12
602,980
63,812
1,092,671
262,141
6,209
3,353
1,154,871
66,255
11,948
21,584
225,898
7,715
7,209
1,616
1,404,043
83,130
19,234
14,514
117,197
3,941
10,402
2,148
2,470,822
135,451
26,548
37,338
150,531
3,928
11,156
3,453
4,713,486
261,620
128,851
56,476
72,375
302,439
10,422
82,837
51,042
8,834,643
3,200,226
553,966
493,363
60,599
992,161
304,310
NOTE: See p. 24 for "Explanation of Terras" and p. 23 for "Description of the Sample and Limitations of I>it,n
144
CORPORATION INCOME TAX RETURNS, 1944-1952
T«Wb 15.— number of returns, total compiled receipts, net income or deficit, and taxes— all returns by major industrial groups and by income and deficit statu-— Conlinued
Major industrial groups, selected items
TOTAL FINANCE
Total number of returns of active corporations;
With net income
With no net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
FINANCE; BANKS AND TRUST COJPANIES
Total number of returns of active corporations;
With net income
With no net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
FINANCE; CREDIT AGENCIES OTHER THAN BANKS
Total number of returns of active corporations;
With net income
With no net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income;
Total compiled receipts..
Deficit
FINANCE; HOLDING AND OTHER INVESTMENT CCMPANIES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts.
Deficit
FINANCE; SECURITY AND COMODITY-EXCHANGE
BROKERS AND DEALERS
Total number of returns of active corporations:
With net income
With no net income
Returns with net Income:
Total compiled receipts.
Net income
Income tax
Excesa profits taxes.
Returns with no net Income;
Total compiled receipts.
Deficit
30,971
11,792
30,219
7,356
29,660
7,306
29,489
8,368
28,843
8,255
28,410
8,317
27,424
7,551
25,600
7,344
(Thotisand doUnrs)
8,670,158
2,933,666
1,049,069
1,025,623
23,446
1,091,457
69,023
13,989
817
7,493,782
2,763,875
882,162
25,029
112,239
47,215
14,180
477
6,763,677
2,578,413
690,009
668,105
21,904
106,628
91,584
14,262
548
6,303,245
2,282,930
494,973
494,973
136,617
91,087
14,235
611
5,419,035
1,902,977
424,743
424,743
181,870
89,074
14,212
660
4,879,902
1,683,230
348,655
348,655
200,079
96,252
14,222
689
4,835,715
2,018,645
446,103
1,856
108,707
69,857
14,298
613
4,145,138
1,753,569
406,514
385,726
20,789
91,291
67,584
14,038
818
(Thousand dttllai
5,440,404
1,495,330
690,255
671,660
18,595
269,046
23,523
11,151
8,007
4,553,334
1,316,984
555,576
19,211
25,155
4,681
9,668
4,208
4,111,439
1,215,171
408,817
14,799
25,531
4,526
8,856
4,258
3,766,917
1,031,341
310,677
310,677
42,235
13,297
9,128
4,910
3,514,051
931,498
272,283
272,283
67,883
10,134
3,577
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
328,611
62 =
28,118
12,685
7,205
4,527
2,820,124
1,008,291
284,099
11,861
40,449
12,734
5,872
4,362
1,880,017
515,052
232,407
2,756
746, 118
23,877
1,543,285
460,019
211,204
207,450
3,754
31,323
17,747
4,930 5,430
2,307 2,093
1,316,493
415,208
161,123
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
1,745
421,116
114,841
34,297
450
36,620
25,060
5,007
1,989
289,065
80,627
27,923
24,680
3,241
26,398
21,326
4,699
1,918
(Thouaend dollai
1,144,122
878,483
108,454
106,925
1,529
24,505
13,447
901
661
1,213,294
953,554
110,628
109,386
1,242
15,871
13,983
941
578
1,132,944
904,812
92,992
677
24,955
65,376
1,052
476
1,423,149
929,224
78,732
78,732
19,736
47,1C4
843
619
984,657
715,851
69,809
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
455
24,235
26,637
910
422
827,340
606,594
62,024
2,910
18,741
31,970
991
246
(Thousand dollara)
205,615
44,821
15,197
U,631
566
51,788
8,176
183,869
33,318
9,750
822
39,890
10,804
202,801
43,222
10,861
740
22,451
3,637
148,349
29,224
7,365
7,365
35,702
5,579
128,885
22,037
5,310
5,310
109,483
23,955
5,818
5,818
51,573
10,416
190,334
47,764
12,485
323
19,734
5,475
208,608
58,059
14,921
2,778
5,702
1,553
24,616
8,339
3,507,698
1,358,673
281,286
12,351
128,012
89,774
13,679
1,241
2,385,516
729,658
203,447
198,061
5,386
69,055
20,324
5,444
4,614
257,673
71,925
22,478
3,550
21,652
22,308
4,604
2,144
738,160
527,177
53,533
2,630
25,475
45,292
126,350
29,912
7,214
785
11,830
1,849
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, 1944-1952
145
T«hle 16.— NUMBER OF RETURNS. TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS— Cor..inued
Major industrial groups, selected items
TOTAL INSURANCE CARRIERS AND AGENTS
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
INSURANCE CARRIERS
Total number of returns of active corpoi^tions:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
INSURANCE AGENTS AND BROKERS
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
8,731
2,747
8,800,252
2,767,346
343,639
8,222
434,666
26,949
2,288
372
8,290,086
2,695,016
324,560
317,989
6,571
361,427
22,472
6,503
2,375
EXCEPT LESSORS OF REAL PROPERTY OTHER
THAN BUILDINGS
510,166
72,328
25,650
1,651
73,239
4,477
85,189
40,948
LESSORS OF REAL PROPERTY, EXCEPT BUILDINGS
3,577,145
860,978
295,444
288,231
7,213
784,002
143,915
3,540
1,877
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 liollaraj
7,183,775
2,411,079
266,421
8,278
1,122,391
53,043
2,211
434
7,071,700
2,380,233
239,435
7,885
458,549
33,050
2,278
408
6,709,986
2,353,770
261,418
261,418
175,299
17,761
2,158
337
6,086,930
1,970,356
133,035
133,035
210,989
18,541
2,097
355
4,483,872
1,616,356
1,052,786
49,742
1,840
415
3,385,006
1,478,953
67,504
52
1,012,448
70,236
1,679
447
3,523,849
1,476, (B7
75,659
10,497
505,009
29,363
1,626
376
(Thousand dollars)
6,699,672
2,339,363
241,646
6,587
1,072,480
46,636
6,122
2,098
6,665,125
2,314,548
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
5,135
1,746
4,093,208
1,552,551
47,835
47,835
1,011,961
45,630
4,876
1,512
3,090,427
1,434,072
55,103
981,749
68,225
4,452
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
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
330,548
72,408
21,586
21,586
37,501
3,018
72,099
36,002
390,664
63,805
18,778
18,778
40,825
4,112
67,047
31,934
294,579
44,881
12,453
12,402
51
30,699
2,011
65,248
30,043
213,151
29,813
7,270
3,000
36,453
2,254
55,955
32,796
(Thotiaand dollars)
3,423,831
860,492
290,258
280,484
9,774
704,542
146,115
3,512
1,720
3,267,234
884,629
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
183,321
183,821
452,478
112,109
3,745
2,947
2,366,514
668,693
177,364
1,378
403,929
126,105
3,475
2,662
1,859,364
423,177
108,465
23,178
464,073
144,556
3,484
2,300
(Thousand dollars)
232,092
145,550
65,767
3,416
29,301
8,732
278,178
152,153
71,041
66,457
4,584
37,572
3,287
279,864
150,287
55,930
1,477
33,220
9,073
272,285
U7,963
52,065
52,065
30,525
9,941
296,576
163,280
57,307
57,307
35,124
13,269
254,283
Ul,380
48,938
48,938
38,279
14,127
241,874
122,814
42,375
31
31,357
18,423
205,753
103,199
33,130
9,349
32,298
20,637
5,331
2,178
3,473,155
1,396,996
92,461
17,676
296,220
24,621
1,582
327
3,273,765
1,365,349
84,836
13,379
262,277
22,635
3,749
1,851
204,390
31,647
7,625
4,297
33,944
1,986
49,372
37,4U
1,617,801
334,830
35,139
18,043
533,423
163,105
3,518
3,111
230,983
1C«,723
34,483
12,529
34,505
27,310
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
146
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 15.— NUMBER OF RETURNS. TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS— Conlinued
Major industrial groups, selected items
TOTAL SERVICES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes
Returns with no net income:
Total compiled receipts.
Deficit
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net Income:
Total compiled receipts..
Deficit
SERVICES: PERSONAL SERVICES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
SERVICES: BUSINESS SERVICES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
With no net Income
Returns with net Income:
Total compiled receipts.
Net Income
Incone tax
Excess profits taxes.
Returns with no net Income:
Total compiled receipts..
Deficit
35,084
26,563
SERVICES: HOTELS AND OTHER LODGING PLACES
,680,232
761,988
309,652
22,313
1,920,334
132,233
3,912
2,915
1,<;08,594
118,985
49,644
1,651
280,039
16,934
7,156
5,093
1,346,741
78,664
28,607
1,831
350,604
15,816
9,065
5,329
SERVICES: AUTOIOTIVE REPAIR SERVICES AND GARAGES
2,862,526
215,342
94,482
86,861
7,621
419,083
30,985
3,593
2,036
509,395
43,926
14,574
689
87,534
5,821
33,265
25,003
30,164
25,069
29,468
24,510
29,412
21,Oi4
28,154
17,821
26,169
13,479
22,977
12,130
(Thousand dollai
1,862,184
768,450
306,806
22,268
1,809,810
135,793
3,784
2,864
7,855,853
693,381
230,868
9,662
1,737,435
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
245,907
1,557,925
124,931
3,667
2,160
7,401,951
815,255
263,
263,
1,034,352
91,681
3,547
1,809
6,600,362
874,592
276,818
16,251
773,183
72,068
3,469
1,336
5,374,674
648,697
131,970
184,548
597,319
47,002
3,129
1,105
(Thousand dollara)
1,325,004
119,839
48,286
1,750
315,454
20,861
7,278
4,785
1,274,887
117,892
39,990
1,344
265,126
19,528
6,597
5,031
1,267,249
115,486
37,904
37,904
264,255
13,944
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
46,693
45,071
1,627
132,701
11,496
6,165
2,703
1,004,424
111,990
53,262
25,533
27,729
91,747
8,859
5,679
2,274
(Thousand dollars)
1,324,683
79,183
27,680
1,978
384,308
16,401
7,671
4,954
1,205,99b
74,077
21,906
757
341,716
16,173
6,673
4,699
1,191,893
73,044
22,765
22,765
316,611
16,048
6,067
4,737
1,206,188
80,430
23,180
23,180
285,781
15,150
5,811
4,083
1,166,970
83,974
24,483
24,483
211,293
11,397
5,359
3,570
1,010,312
74,887
21,861
21,303
558
153,850
8,231
4,598
2,878
821,866
59,553
13,466
9,909
136,190
5,432
4,080
2,548
(Thousand dollars)
2,506,514
216,543
88,952
9,111
330,867
24,446
3,165
1,758
2,097,004
179,725
65,743
61,714
4,029
324,551
16,535
2,726
1,647
1,827,037
153,279
51,076
51,076
332,179
23,039
2,488
1,776
1,714,722
152,735
51,151
51,151
269,707
15,273
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
115,539
5,829
1,982
993
(Thousand dollars)
461,572
39,038
12,517
596
74,815
4,701
348,277
32,922
9,504
400
72,861
4,105
295,286
27,911
7,911
7,911
86,292
5,445
309,205
33,489
9,356
9,356
62,007
3,684
302,978
31,418
8,696
8,696
43,669
2,675
237,330
25,586
6,893
153
29,123
1,868
149,033
10,487
2,286
1,192
32,584
1,607
See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, 1944-1952
147
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES— ALL RETURNS BY MAJOR INDIBTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS— Continued
Major industrial groups^ selected items
SERVICES: MISCELLANEOUS REPAIR SERVICES, HAND TRADES
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
SERVICES: MOTION PICTURES
Total number of returns of active corporations;
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
SERVICES: AMUSEMENT, EXCEPT MOTION PICTURES
Total number of retinrns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts.
OTHER SERVICES, INCLUDING SCHOOLS
Total number of returns of active corporations:
With net income
With no net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income:
Total compiled receipts..
Deficit
NATURE OF BUSINESS NOT ALLOCABLE
Total number of returns of active corporations:
With net income
With no net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns with no net income;
Total compiled receipts..
Deficit
1,877
1,313
320,231
20,106
7,829
7,196
633
108,615
■1,174
3,225
2,865
1,754,733
131,331
55,974
2,540
312,372
25,941
3,012
3,691
633,279
81,416
36,426
2,430
175,448
16,353
3,244
3,321
844,733
72,218
35,288
30,370
4,918
186,589
16,209
987
4,668
89,162
10,429
3,719
242
14,036
8, 37:'
1,780
1,131
1,462
1,125
1,190
1,174
1,232
854
1,319
821
1,068
629
961
528
(Thousand dollars)
355,312
22,234
8,232
810
57,265
3,336
3,320
2,769
237,415
18,917
6,064
304
63,244
4,710
3,314
2,567
203,081
14,145
4,543
4,543
65,845
4,849
3,558
1,967
214,880
16,110
5,071
5,071
33,575
3,310
3,551
1,606
181,432
13,756
4,048
4,048
33,251
2,246
3,415
1,190
110,110
8,136
2,210
29
20,889
2,039
3,424
854
104,605
7,363
3,187
1,361
1,825
17,571
1,145
3,167
767
(Thousand dollars)
1,618,034
149,506
62,214
1,795
319,231
32,943
2,732
3,607
1,608,064
156,368
52,551
793
347,240
24,569
2,687
4,053
1,731,826
182,736
60,683
60,683
313,393
22,770
2,822
4,008
1,630,955
211,410
70,885
70,885
404,461
38,503
2,498
3,312
1,926,367
289,715
94,919
94,919
146,832
14,636
2,471
2,724
1,890,731
369,575
128,316
116,746
11,570
58,643
13,408
2,622
1,956
1,606,587
273,440
53,325
83,350
63,754
7,612
1,381
1,844
(Thousand dollars)
523,216
75,425
32,563
2,237
173,249
19,152
3,535
3,135
493,686
61,281
22,285
813
166,278
19,748
3,106
3,244
505,034
62,262
23,955
23,955
178,909
19,188
3,070
3,379
532,702
76,507
26,178
26,178
142,924
17,653
3,259
3,155
518,727
77,384
26,723
26,723
115,546
14,992
3,031
3,161
525,508
103,683
35,680
1,412
74,007
12,208
2,579
2,258
340,816
74,957
43,822
11,695
32,127
56,700
5,779
2,098
2,071
(Thousand dollars)
747,789
66,682
26,362
3,991
154,621
13,953
1,069
4,511
590,524
52,199
18,076
16,854
1,222
156,419
15,941
1,145
4,557
535,025
48,447
14,908
14,908
171,660
14,628
902
3,579
536,835
52,750
16,347
16,347
128,339
14,750
953
3,213
515,397
52,177
16,151
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
305,496
27,518
12,819
5,324
7,496
83,235
10,740
1,908
3,459
(Thousand dollars)
89,319
14,006
4,771
4,597
174
29,353
13,593
97,071
17,157
4,386
139
20,980
10,292
83,570
9,420
2,711
2,711
25,375
7,586
99,225
12,X5
3,602
3,602
22,882
12,767
172,597
25,153
6,959
6,959
33,268
9,554
181,875
24,007
6,412
118
31,005
7,203
139,661
15,283
3,492
1,870
26,563
10,949
NOTE: See p. 24 for "Explanation of Terms" and p. 23 for "Description of the Sample and Limitations of Data.
148
CORPORATION INCOME TAX RETURNS, 1944-1952
Table 16.— NUMBER OF RETURNS AND SUBSIDIARIES, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, AND TAXES, BY INCOME AND DEFICIT PrATUS-
CONSOLIDATED RETURNS
Items
1952
1951
1950
1949
1948
1947
1946
1945
1944
Number of consolidated returns;
1,351
818
9,019
1,180
76Q
7,551
998
613
6,692
936
743
6,825
878
540
6,373
767
443
5,349
763
385
5,037
1,080
329
6,033
1,009
289
5,780
')
Consolidated returns with net income:
Total compiled receipts
49,964,149
3,863,462
31,234
45,333,887
4,186,920
30,027
30,926,757
3,313,568
28,369
27,273,775
2,220,950
14,302
29,425,463
2,608,552
23,190
24,805,621
2,026,690
39,253
18,260,859
1,452,521
8,400
29,702,047
2,035,203
9,016
31,508,016
3,047,526
29,100
Total tax
1,701,228
1,955,174
1,250,111
733,637
880,543
674,522
476,885
984,846
1,688,325
1,684,081
17,147
1,853,271
101,903
1,217,534
32,577
733,637
880,543
674,522
474,164
2,721
485,060
'499,786
630,111
'1,058,214
Consolidated returns with no net income:
Total compiled receipts
Deficit
3,998,378
128,096
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
^Includes declared value excess-profits tax of $^, 723^000 for 19i4, and $2,201,000 for 194.5.
NOTE: See p. 2'^ for "Explanation of Terms." Data not subject to sampling variability since all these returns wei-e tabulated.
I
Synopsis of
Federal Tax Laws
1 944-52
SYNOPSIS OF
FEDERAL TAX LAWS
1944-52
AFFECTING THE COMPARABILITY OF HISTORICAL DATA IN
STATISTICS OF INCOME
Corporation income and profits tax returns: Page
A. Tax rates 151
B. Capital gain and loss provisions 1 53
C. Consolidated returns — provisions for filing and tax rates 1 54
150
SYNOPSIS OF LAWS, 1944-1952
Table A.— TAX RATES UNDER CORPORATION INCOME AND PROFITS TAX LAW, 1944-52 i
151
Federal tax law; 2
Revenue Acts amendine Code
(dale ofenaclment)
(1)
Income
year '
(2)
Tax base by type of tax •
(3)
Tax rate '
(percent)
(i)
1952
1961
1950
Calendar year returns and returns with fiscal year beginning in income year
Income tax:
Normal tax:
Normal tax net income, entire amount
30
Surtax:
Surtax net income:
$25,000 or less
Excess over .'i;25,000
22
Consolidated return (additional tax):
Surtax net income, entire amount
2
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
26
(Same as immediately
above.)
'30
Excess profits tax:
Adjusted excess profits net income, entire amount
Revenue Act of 19S1 (Oct. 20, 1951).
Calendar year returns
Income tax:
Normal tax:
Normal tax net income, entire amount --. .
2854
Surtax:
Surtax net income:
$25,000 or less
Excess over $25,000 -
22
Consolidated return (additional tax):
2
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
25
(Same as immediately
above).
'30
Excess profits tax:
Returns with fiscal year beginning in 1951 '
Period ending March SI, 1951:
Tax bases and rates same as income year 1950 fiscal vear period beginning Julv 1. 19.50, and ending
March 31. 1951.
Period hegiijviitg April I, 1951:
Income tax:
Normal tax:
30
Surtax:
Surtax net income:
.$25,000 or less .--
Excess over $25,000
22
Consolidated return (additional tax):
2
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss:
Taxable year brgiiming before April 1, 1951..
25
20
A]\ other normal-tax net income and surtax net income
(Same as' immediately
above.)
'30
Excess profits tax:
Adjusted excess profits net income, entire amount --
Revenue Act of 19S0 (Sept. 23. 1950).
Excess Profits Tax Act of 1950 (Jan.
Calendar year returns
3, 19.'il).
Revenue Act of 1951. excess profits
tax provisions only (Oct. 20, 1951).
Income tax;
Normal tax;
23
Surtax:
Surtax net income;
$25,000 or less _ - _
Excess over $25,000
■ 19
Consolidated return (additional tax);
2
Alternative tax;
Net long-term capital gain in excess of net short-term capital loss
25
AH other normal-tax net income and surtax net income
(Same as immediately
above).
■30
Excess profits tax (effective July 1. 19,50): •
Adjusted excess profits net income, entire amount .. -
For footnotes, see p. 155.
152
SYNOPSIS OF LAWS, 1944-1952
Table A.— TAX RATES UNDER CORPORATION INCOME AND PROFITS TAX LAW, 1944-52 '—Continued
Federal tax law: -
Revenue Acts aniendine Code
(.date of enactment)
(1)
Revenue Act of 1945 (Nov. 8, 194S).
Income
year >
(2)
1950— Con.
i» 1949
1948
1947
1946
Revenue Act of 1943 (Feb. 25, 1944).
" 1945
1944
Tax base by type of tax <
(3)
Tax rate '
(percent)
(4)
Returns with fiscal year beginning in 1950 '
Period endinti June SO. 1950:
Tax bases and rates same as income year 1949.
Period beginning July I, 1950, and ending March St. t95l:
Income tax;
Normal tax-
Normal tax net income, entire amount -
Surtax:
Surtax net income:
If25,000 or less- - -
Excess over $25,000:
Taxable year beginning before July 1, 1950
Taxable year beginning after .Tune 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 SI. 1961:
Tax bases and rates same as income year 1951 fiscal year period beginnmg April 1, 1951, except surtax
rate which is the same as that shown immediately above.
25
(Same as
above) .
•,30
immediately
Calendar year returns and returns with fiscal year beginning in income year
Income tax:
Normal tax:
Tax base and rates same as income year 1945.
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
All other normal-tax net income and surtax net income.
Income tax;
Normal tax;
Domestic corporations;
Normal-tax net incomein total amount:
Not over $.50,000—
First $5,01X1
Next $15,000
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.
All 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.
(Same as immediately
above).
15
17
19
31
24 of entire normal-tax
net income.
24
10
22
16 of entire surtax net
income.
(Same as immediately
above.)
6.6
13.2
For rootnot«s, sec p. 155.
SYNOPSIS OF LAWS, 1944-1952
153
Table B.— PROVISIONS PERTAINING TO CAPITAL GAINS AND LOSSES UNDER CORPORATION INCOME AND PROFITS
TAX LAW, 1944-52 »
Federal tax law:' Rev-
enue Acts amending
Code (date of enact-
ment)
(1)
Revenue Act of 1951
(Oct. 20, 1951).
Revenue Act of 1950
(Sept. 23. 1950).
Revenue Act of 1943
(Feb. 25, 1944).
Income
year '
(2)
1950-52
1944-49
Definition of capital assets
(3)
(1) All property, whether or not connected
with trade or business, ejcept
(a) Stock in trade or other property
which would properly be in-
cluded in inventory, or prop-
erty held primarily for sale to
customers in the ordinary
course of trade or business.
(b) Property used in trade or busi-
ness of a character which is
subject to allowance for depre-
ciation.
(c) Real property used in trade or
business.
(d) 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 date of issue.
(e) Certain copyrights, literary.
musical, or artistic composi-
tions, or similar properties
(but not a patent or inven-
tion)."*
(2) Gains and losses are considered as from
capital assets, under certain condi-
tions, with respect to: '*
(a) Retirement of 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."
(e) Securities held for investment
by security dealers.'^
(0 Worthless stocks and other
securities.
(3) Gains and losses are not considered as
from capital assets, under certain
conditions, with respect to: "
(a) Certain gain on property to
which amortization deduction
(sec. 124A) is applicable.
(b) Net loss from sales or exchanges
of certain bonds, etc.. by
banks,
fc) Involuntary conversion and sale
or exchange of certain business
property if a net loss is
realized.'*
(d) Certain sales or exchanges of
stock in a collapsible corpo-
ration.
(e) Certain sales or exchanges of
depreciable property of a con-
trolled corporation. 'S
(f) Wash sales of stock or securities.
Same as 1950-52, 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.
Period held >2
(4)
Short-term: 6 months
or less.
Long-term: More than
6 months.
Same as 1950-52
Treatment of net capital gain "
(5)
Included in net income and taxed at
regular rates unless the net long-
term capital gain exceeds the net
short-term capital loss in which
case the atternative fax may be
used if it is less than the regular
tax. The alternative tax is the
sum of (1) the regular tax on net
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 (taxable years beginning
after March 31, 1951. 26 percent of
such excess).
Excluded from the excess profits net
income for taxable years ending
after June 30, 1950.
Same as 1950-52, except that for 1944-
1945 the excess of net long-term
capital gain over net short-term
capital loss is excluded from net
income for declared value excess-
profits tax. The treatment for
Income tax purposes Is not afTccted
by this change.
Treatment of net capital loss "
(6)
Carried forward and treated as a
net short-term capital loss (de-
ductible against any capital
gains) for a period not to exceed
5 years.
Capital pains and losses are ex-
cluded in the computation of the
excess profits not income for tax-
able years ending after June 30,
1950.
Same as 1950-52.
For footnotes, sec p. 155.
154
SYNOPSIS OF LAWS, 1944-1952
Table C— CONSOLIDATED INCOME AND PROFITS TAX RETURNS— PROVISIONS FOR FILING AND TAX RATES,
Federal tax law:^ Rev-
enue Acts amendine
Code (.dale of enact-
ment)
(1)
Income
year 3
(2)
Revenue Act of 1951
(Oct. 20. 1961).
Excess Profits Tax Act
of 1950 (Jan. 3, 1951,
effective as otJulyl,
1950).
Revenue Act of 19.50
(Sept. 23. 1950).
Revenue Act of 1945
(Nov. 8, 1945).
Type of tax for which
a consolidated re-
turn was permitted
(3)
Income tax. and excess
profits tax imposed
by sec. 430 of the In-
ternal Revenue
Code (1939).
1946-49 Income tax.
Revenue Act of 1943
(Feb. 2.5. 1944J.
1944-15
Type of corporation permitted
to file a consolidated return
(4)
Income tax, and excess
profits tax under
sec. 710 of Code.
Any corporation except:
(1) Corporations exempt
under 1939 Code sec.
101.
(2) Life and mutual insur-
ance companies, but
they were considered
as includible corpor-
ations if two or more
such companies
alone filed a consoli-
dated return and
each was subject to
tax under the same
section of chapter 1
of the 1939 Code.
(3) Foreign corporations
other than certain
Canadian and Mex-
ican corporation?.'^
(4) Corporations subject
to section 251 (rela-
tive to income from
sources within pos-
sessions of the
United States).
(5) Corporations organ-
ized under the
China Trade Act,
1922.
(6) Regulated investment
companies (taxable
under supplement
Q of 1939 Code).
(7) Personal service corpo-
rations, personal
holding companies,
foreign trade corpo-
rations as defined in
1939 Code section
454(f). and certain
air mail carriers as
defined in 1939 Code
section 454(g); but
such a corporation
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 util-
ities which elect to
compute their excess
profits credit under
the alternative
method provided for
such companies in
sec. 448 of the In-
ternal Revenue Code
(1939). However,
two or more such
com pan ies alone
may file a consoli-
dated return.
Same as 1950-52, (1) through
(7). Substitute 1939 Code
sections 727(g) and (h) for
1939 Code sections 454(f)
and (g) in (7) above.
Criterion of affiliation
(5)
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 corpo-
rations (except the com-
mon parent corporation)
is owned directly by one
or more of the other in-
cludible corporations;
and (2) the common par-
ent 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 corpo-
rations. The term
"stock" does not include
nonvoting stock which
is limited and preferred
as to dividends.
Consolidated return required
or optional
(6)
Same as 1950-52.
Same as 1950-52.
Optional upon consent of all
members of affiliated group.
Election is binding for sub-
sequent taxable years of the
affiliated group unless (1) a
corporation (other than one
created directly or indirectly
by a member of the group)
becomes an affiliate during
a subsequent taxable year,
(2) the Commissioner, for
good cause, grants permis-
sion to change, or (3) amend-
ment to the Code or regula-
tions makes filing of consoli-
dated returns less advanta-
geous to affiliated groups as
a class. Because of such
amendments affiliated
groups tiling consolidated
returns for the preceding
taxable year were given new
option with respect to-
First return due to be filed
after July 16. 1953.
First taxable year ending
after March 31. 1951.
First taxable year ending
after June 30, 1950.
Tax rate
(7)
See 1950-52. New option
granted for the—
Fiscal years ending in
1949.
Calendar year or fiscal
years ending in 1948.
Calendar year or fiscal
yc;irs cii'ling in 1947.
CalcTidiir year or fiscal
ycLUS ending In 1946.
See 1950-52. New option
granted for t he-
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.
Same as nonconsolidated
returns plus 2 percent of
surtax net income. How-
ever, if Western Hemi-
sphere trade corporations
are included, the 2 per-
cent additional tax is ap-
plied on the amount by
which the consolidated
corporation surtax net
income of the affiliated
group exceeds the portion
of the consolidated cor-
poration surtax net in-
come attributable to the
Western Hemisphere
trade corporation. (See
table A, pp. 151-152.)
Same as nonconsolidated
returns plus an addi-
tional surtax equal to 2
percent of surtax net in-
come. However, an ad-
justment to the surtax is
necessary if the affiliated
group includes Western
Hemisphere trade corpo-
rations since such corpo-
rations are exempt from
surtax. (See table A ,
pp. 151-152.)
Same as 1946^9.
For footnotes, see p. 155.
SYNOPSIS OF LAWS, 1944-1952
155
Footnoirs for synopsis of laics lahlcs
' For income years 1909 through 1943, see Statistics of Income for
1950. Part 2. pp. 247-282.
= Returns for 1944-52 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 the 1939 Code.) Treatment of the
net operating loss deduction, derivation of the tax bases from net
income, and significant variations in the bases applicable to certain
classes of corporations are shown in (a) through (k) below.
(a) The net operating loss deduction is allowed as a deduction
against the gross income by sec. 23 (s) of the 1S39 Code. The net
income as tabulated in Statistics of Income is the net income for
the current year. i. e.. before deduction due to prior year loss. There-
fore, the net operating loss deduction must be taken into account
in relating the tabulated net income to the tax base. The net
operating loss of any i xable 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 1950-52 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 31, 1945, the carryover for 1947 Is 3 years. (For definitions
and computations, including certain exceptions, additions, and limi-
tations, see sec. 122.)
(b) Normal-tax net income and surtax net income result from
application of specific credits, shown in the following table, to the
net income. The credits used in deriving normal-tax net income
are identified by the symbol (N) in the table column and those
used in deriving surtax net income are identified by the symbol (S).
Percent of item deductible as a credit for—
1952
(1)
1951
1950
1946-19 « »
(9)
Calen-
dar year
(2)
Fiscal
year *
Calen-
dar year
(5)
Fiscal year »
Items for which credit is allowca
Part
prior to
April 1
(3)
Part
after
March
31
(4)
Begin-
ning
after
June 30 >>
(6)
Beginning before
July 1
1944-45
Part
prior to
July 1
(7)
Part
after
June 30 i>
(8)
(10)
1 Partiilly tix-exempt interest •*
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
2 Dividends received from a domestic corporation subject to the income
tax (other than dividends on certain preferred stock of a public
utility).'
85
(N)(S)
62
(N)(S)
85
(N)(S)
85
(N)(S)
85
CN)(S)
85
(N)(S)
85
(N)(S)
86
(N)(S)
85
(N)(S)
85
(N)(S)
85
(N)(S)
3 Dividends received on certain preferred stock of a public utility '
61
(N)(S)
59
(N)(.S)
62
(N){S)
.■57
(N)(S)
59
(N)(S)
85
(N)
eg
(N)(S)
85
(N)
85
(N)
4 Dividends received from certain foreign corporations doing a sub-
stantial 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)
85
(N)(S)
None
None
None
None
None
None
5 Dividends paid on certain preferred stock of a public utility or the net
income of the public utility minus the credits provided in 1 through
4 above, whichever is the lower.'
27
(N)(S)
28
(N)(S)
30
(N)(S)
27
(N)(S)
33
(N)(S)
30
(N)(S)
100
(S)
31
(N)(S)
100
(S)
100
(S)
0 Western Hemisphere trade corporation normal-tax net income com-
puted without regard to this credit.'
27
(N)(S)
28
(N)(S)
30
(N){S)
27
(N)(S)
33
(N)(S)
30
(N)(S)
None
31
(N)(S)
None
None
7 Adjusted excess profits net income as defined in .section 710 (b).' .
None
None
None
None
None
None
None
None
None
100
(N)(S)
» .See footnote 7 for proration of credits.
>> For credits after Mar. 31, 1951, see col. (4).
» For a fiscal year 1949 ending after June 30, 1950, see col. (8) for credits appli-
cable after that date.
' The net income less the credit for partially tax-exempt interest is designated
"Adjusted net income." (Sec. 13 (a) of 1939 Code.)
• The total credit claimed for dividends received (lines 2 through 4) may not exceed
for each base: 19.50-52. 85 percent of the net income adjusted by the credit for partially
tax-exempt inteicst (line 1) but before any allowance for net operating loss deduction:
1946-49, 85 percout of the net income adjusted by the credit for partially tav-exempt
interest and after the allowance of net operaliiifi loss deduclion: and Ut44-4,'i, .s.s percent
of the net income after net operating loss dediictinn adjusted by the creiilt for income
subject to the excess profits tax (line 7), plus, [or nurmal-laxnet income only, the credit
for partially tax-exempt interest.
(c) Net long-term capital gain in excess of net short-term capital
loss. — Capital gain and loss provisions are shown in table B of this
synopsis.
(d) Consolidated return tax, imposed on an affiliated group of
corporations electing to file a consolidated return as an addition
to the surtax, is not effective with respect to Western Hemisphere
trade corporations included in the affiliated group. Net income of
such corporations was exempt from surtax 1944-49 and beginning
1950 is exempt from the 2 percent addition to the surtax. (See
Regulations 129. sec. 24.30 (b) ) .
(e) The adjusted excess profits net income for 1950-52 is the
excess profits net income less the amounts of the excess profits credit
and the unused excess profits credit adjustment. A minimum
credit of $25,000 is provided. Excess profits net income and methods
of credit computation for the taxable year 1952 are discussed on
pages 12-13. The only change between 1950-51 and 1952 is a reduction
in the percentage of average base period net Income used in com-
puting the excess profits credit under the income credit method.
For the period July 1. 1950 through June 30, 1951, this percentage
is 85 percent. Beginning July 1, 1951 it is 83 percent. The credit
is prorated for fiscal years beginning before and ending after July 1,
' 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 (1939).
I 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 immediately preceding the close of the taxable year
(or for such part of that period as the carporation 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.
h For 1944-45, if the excess profits tax is computed under certain special provisions
of the 19:i9 Code (shown in section 26 (e)), the credit is 100/95 of such lax before the
application of the 80 percent limitation (footnote 6), before the credit (or foreign taxes
paid (footnote 5 (a)) and before any adjustment in case of position inconsistent with
prior income lax liabUity (sec. 734).
1951, and an 84 percent intermediate rate is provided for the calendar
year 1951 by the 1939 Code.
Special provisions applicable to computation of excess profits
credit of certain companies are shown in Statistics of Income for
1951. Part 2. pages 11-12.
For 1944-45 the adjusted excess profits net income is the excess
profits net income minus a specific exemption of $10,000 ($50 000 for
certain mutual Insurance companies) and minus the amounts of the
excess profits credit and the unused excess profits credit adjustment.
The excess profits net income is obtained from the normal-tax net
Income (computed without allowance of credit for income subject to
excess profits tax and without allowance of dividends received
credit! by making the following adjustments:
(1) Under the income credit method there are added the net
short-term capital gain and the adjustment to net operating loss
deduction and there is subtracted the sum of:
(a) Net gain from sale or exchange of capital assets.
(b) Income from retirement or discharge of bonds.
(c) Refunds and Interest on Agricultural Adjustment Act taxes.
(d) Recoveries of bad debts.
(e) Dividends received credit adjustment.
(/) Nontaxable Income of certain industries with depletabla
resources.
156
SYNOPSIS OF LAWS, 1944-1952
(2) Under the invested capital credit method, the excess profits net
income is computed as in (1) above plus (a) 50 percent of interest
on borrowed capital and (b) interest on Government obligations.
The excess profits credit provisions for the years 1944 and 1945
are alike and are discussed on pp. 64-65 of Statistics of Income /or
1945, Part 2, (pp. 44—45 of the 1944 volume) . Under these provisions
the excess profits credit based on income consists of 95 percent of
the average base period net income and 8 percent of the net capital
addition, reduced by 6 percent of the net capital reduction. The
excess profits credit based on invested capital is the sum of the
following percentages:
Percent
First $5,000,000 of invested capital 8
Next $5,000,000 of invested capital 6
Over $10,000,000 of invested capital 5
The unused excess profits credit, which is the excess of the excess
profits credit over the excess profits net Income for the taxable year,
is, for 1950-52, carried back as an unused excess profits credit adjust-
ment to the first preceding taxable year, and the remainder, if any,
may then be carried forward as an adjustment to succeeding years.
The carryforward period is 5 years. No carryback of unused excess
profits credit computed under the provisions of the Excess Profits
Tax Act of 1950 may be made to taxable years ending before July 1.
1950, and no portion of the minimum $25,000 credit may be con-
sidered as unused excess profits credit. For 1944—45 the carryback
period was 2 years and the carryforward period 2 years. For com-
putation of the unused excess profits credit adjustment for the years
1950-52, sec. 432 of the 1939 Code, and for the years 1944—45,
sec. 710 (c) of such Code. The unused excess profits credit adjust-
ment shown in Statistics of Income is the unused excess profits
credit carryforward applicable to the year for which it is reported.
(f) Declared value excess-profits tax. — The net income used for
the computation of this tax diflers from that used for income tax by
(i) the disallowance of the deduction for the declared value excess-
profits tax. and (ii| exclusion from gross income of the excess of net
long-term capital gain over net short-term capital loss. The 85
percent credit for dividends received is allowed against the net
income. This tax was imposed on corporations subject to the capital
stock tax under sec. 1200 of the 1939 Code. Insurance companies
were exempt. The declared value excess-profits tax was repealed,
effective for income-tax taxable years ending after June 30, 1946.
(g) Life insurance companies — For 1944-52 the net income re-
ported by a life insurance company is the net investment income
(the gross amount of Interest, dividends, and rents less investment
and real estate expenses, tax-free interest, and depreciation).
Normal-tax, surtax, and excess profits tax net incomes are derived
in the same manner as for other corporations, except that no deduc-
tion is allowed for a net operating loss. Before imposition of tax,
however, recognition is made of requirements for reserve earnings,
deferred dividends, and interest paid. In lieu of deductions for
these items, for 1951-52 special income tax rates and a reserve
interest credit for companies whose adjusted net income was less
than 105 percent of their required interest are used. For 1944-50,
a reserve and other policy liability credit based on representative
data for the preceding year was allowed. These provisions are offset.
In case of nonlife insurance business, by an adjustment for certain
nonlife Insurance reserves. In computing the excess profits net
income. 1950-52 and 1944-45, a deduction based on a reserve and
other policy liability credit is allowed. The regular excess profits
tax rates are imposed. (Income tax rates applicable to 1951-52 are
shown on p. 22 of this volume, and computation of credits and other
provisions are shown in sections 201-203A of the 1939 Code.)
(h) Mutual insurance companies. — See footnote 5 (c).
(1) Insurance companies other than life or mutual. — For income
and deductions, see sec. 204 of the Code (1939).
(J) Regulated investment companies as defined in sec. 361 of the
1939 Code may compute a tax under the provisions of Supplement Q
of such 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 1952, is shown
in the facsimile of Form 1120, p. 171. This computation and the tax
rates, which are similar to the regular rates, are shown in sec 362
of the 1939 Code.
(k) Mutual savings banks conducting separate life insurance de-
partments compute net income and tax for such departments under
the 1939 Code provisions applicable to life insurance companies (see
paragraph (g) above). In tabulating the data for Statistics of
Income, the life insurance department Income and tax are added
to those reported for the bank department. These banks were
exempt from taxation under section 101 prior to 1952 and are now
exempt from excess profits tax under section 454 of the 1939 Code.
■'•The tax rates shown are those applicable, in general, to all cor-
porations, domestic and foreign. Credits against the tax and certain
exceptions to the rates are shown in (a) through (1) below:
(a) Credits against the tax. — (1) Income and profits taxes paid
to foreign countries and possessions of the UnUed States may be
used as a credit against the income and excess profits taxes in the
manner and to the extent allowed by sec. 131 of the 1939 Code. The
allowance of this credit, and the limitations thereon, as applicable
for the year 1951, are discussed on p. 14 of Statistics of Income for
1951, Part 2.
(2) For 1944-45 a credit of 10 percent of the excess profits tax was
allowed against the excess profits tax due for any taxable year be-
ginning 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 accord-
ingly the data tabulated in Statistics of Income for 1944 reflect the
post-war refund and credit for debt retirement previously in effect.
(b) Life insurance companies. — Beginning 1951 special income tax
rates are provided. These rates, which are the same for 1951-52,
are shown on p. 22 of this volume. For 1944—45, the declared value
excess-profits tax is not applicable to life insurance companies.
(c) Mutual insurance companies, except life or marine, or fire
insurance companies issuing perpetual policies. — Sec. 101 (11) of the
1939 Code exempts 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 1939 Code pro-
vides income taxation based, in general, on the regular corporate
rates, but with certain alternative provisions and limitations (see
sec. 207 (a) of the 1939 Code). The excess profits tax rate is the
same as that for regular corporations with the exception of a limi-
tation for companies whose gross income from the sources shown
above is less than $125,000. See sec. 430 (d) of the 1939 Code.
Mutual insurance companies are not subject to the declared value
excess-profits tax, 1944-45.
(d) Nonresident foreign corporations , not engaged in trade or
business within the United States, are taxed, under sec. 231 (a) of
the 1939 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 taxes. The returns of nonresident foreign corporations
are not included in Statistics of Income.
Under the provisions of Supplement P of the 1939 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.
(e) Corporations exempt from taxation under sec, 101 of the 1939
Code, such as labor, agricultural or horicultural organizations,
certain types of cooperative and mutual organizations, corporations
organized and operated erclusively for religious, charitable, scientific,
literary, or educational purposes, nonprofit, civic, business, and social
organizations, and for 1944-51, certain mutual savings banks, build-
ing and loan associations, and cooperative banks. Beginning with
1951 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 1939 Code. The rates are similar to the regular
corporate income tax rates. However, the retm'ns filed by these
corporations are not included in Statistics of Income.
(f) Additional corporations exempt from the excess profits tax
(unless a member of an aflBliated group of corporations filing a
consolidated return). — (1) Regulated investment companies (defined
in sec. 361 of the 1939 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: (4) certain corporations subject to provisions
of Title IV of the Civil Aeronautics Act of 1938; and (5) beginning
1952, certain mutual savings banks, building and loan associations,
and cooperative banks formerly exempt from taxation under section
101. 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.
(g) Western Hemisphere trade corporations (defined in footnote
"g" of note 4 (b) above) are exempt from the surtax, 1944-49. For
exemption from the consolidated return tax, 1950-52, see table C
of this synopsis.
(h) Corporations subject to additional tax. — Personal holding
companies are subject to an additional surtax, imposed under ch. 2.
EUbch. A of the 1939 Code, and based on the undistributed subch. A
net income. For the years 1944-52 the tax is 75 percent of the un-
distributed subch. A net income not in excess of $2,000 plus 85
percent of such income in excess of $2,000. (See pp. 116-117 of this
volume for general definitions and discussion.)
Corporations (other than personal holding companies) improperly
accumulating surplus are subject to an additional surtax imposed
by sec. 102 of the 1939 Code. The effects of the provisions of this
section are not reflected in Statistics of Income.
(i) Mutual savings banks conducting separate life insurance
departments. See note 4 (k).
'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
under this act are shown on pp. 12-13 of Statistics of Income for 1951,
Part 2. For 1944-45 the excess profits tax imposed by sec. 710 of the
1939 Code is limited to the difference between the income tax (other
than that shown in footnote 5(h)) and 80 percent of the surtax net
Income (computed 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 1939 Code are
permitted to defer payment of 33 percent of the reduction claimed
in tax. The privilege is confined to corporations whose adjusted
e;:cess 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
Statistics of Income for 1951, Part 2 and the 1939 Code.
SYNOPSIS OF LA AYS, 1944-1952
157
' When a return is filed for a taxable year during which a change
In tax rate3 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 pro-
rated portions of the tentative taxes are then combined to determine
the actual liability which is the amount tabulated in Statistics of
Income. Since the computation of credits against net Income, used
in determining the normal-tax and surtax net incomes, Is Included
in the tax computation, changes in such adjustments during the
taxable year are reflected In the tentative taxes.
" A tentative surtax is computed at 19 percent of the surtax net
Income in excess of $25,000. The actual liability is then determined
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 num-
ber 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
ororatlon.
'= For specific instructions for determination of period held with
respect to certain items in parts (2) and (3) of coi. 3, see appropriate
subsection of sec. 117 of the 1939 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. Involun-
tary conversion, sale, or exchange of real property and property sub-
ject 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 may. at the option of the
domestic corporation, be treated as a domestic corporation.
Facsimiles of
Corporation
Return Forms
for 1 952
\
366256 O - 55 - 12
CORPORATION RETURN FORMS, 1952
Page
Form 1 120: Corporation income tax return 161
Form 1 120L: Life insurance company income tax return 205
Form 1 120M: Mutual insurance company income tax return 209
Form 1 120H: Return of personal holding company 215
160
FACSIMILES OF TAX RETURNS FOR 1952
161
FORM U20
U. S. CORPORATION INCOME TAX RETURN
FOR CALENDAR YEAR 19S2
or fiscal year beginning , 1952, and ending , 1953
1952
PMINT PLAINLY COftPO RATI ONI NAMK AMD ADDMEM
(Siieet iimI number)
(City or town, poiul lone nuinber)
Date incorponted .
State or country ..
Principal butincii activity (See lostructioa N) .
Business group code number
(from Instruction N)
Number of place*
of business
Flic
Code..
ScrUl
No. ._
(Cashier's sump)
Pint PayiDcat
NET INCOME COMPUTATION
JSSbStHt. GROSS INCOME
1. Gross sales (where inventories are Less: Returns and
an income-determining factor). $ ; allowances $.
2. I-css : Cost of goods sold. (From Schedule A)
3. Gross profit from sales
4. Gross receipts (where inventories arc not aa iacomc-dctenniniog
factor)
Less: Cost of operations. (From Schedule B)
Gross profit where inventories arc not an income-detcrraioing factor.
Dividends. (From Schedule C) ;
5-
6
7
8. Interest on loans, notes, mortgages, bonds, bank deposits, etc.
$-
9. Interest on corporation bonds, etc
in l«) Inietcil on United Stalei tavmgi bondi «nd Tretiury bondi owned in ea-
•LU. cei( of the pnncpil amount of fl.OOO ittued prior to Much 1. 1941. .
(i) InleresI on obligationi of certain insirumenialinei of the United Slatei
litued prior to March I, 1441
(f 1 Iniereit on Treasury noiei i«u«d on or after December I, 1940. and obll-
gallons luucd on or after March 1. 1941, by (he United Staiei or any
agcncji or inslrumenlality thereof i
11. Rents ,
12. Royalties ,
13. (d) Net short-term capital gain reduced by any net long-term capital loss. (From Schedule D),
(i) Net long-term capital gain reduced by any net short-term capital loss. (From Schedule D).
(0 Net gam (or loss) from sale or exchange of property other than capital assets. (From
Schedule D)
14- Other income. (State nature)
15. Total income in items 3, and 6 to 14, inclusive
DEDUCTIONS
16. Compensation of officers. (From Schedule E). ,
17. Salaries and wages (not deducted elsewhere)
18. Rent
19. Repairs (do not include cost of improvements or capital expenditures)
20. Bad debts. (From Schedule F)
21. Interest
22. Taxes. (From Schedule G)
25- Contributions or gifts paid. (From Schedule H)
24. Losses by fire, storm, shipwreck, or other casualty, or theft. (Submit schedule). . . .
25- Depreciation. (From Schedule I)
26. Depletion of mines, oil and gas wells, timber, etc. (Submit schedule)
27- Amortization of emergency facilities. (Submit schedule)
28. Advertising
29. ia) Amounts contributed under a pension, annuity, stock bonus, or profit-sharing plan .
(b) Amounts contributed under other employee benefit plans
30. Other deductions authorized by law. (From Schedule J)
31. Total deductions in items 16 to 30, inclusive
32. Net income before net operating loss deduction (item 15 less item 31)
33- Less: Net operating loss deduction. (Submit statement)
34- 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. Toal income and excess profits tax due (item 37 plus item 38) (For installment payments, see General InstruCTion D)
DECLARATION. (Se« Inttructlen E)
We, the undersigned, president (or vice president, or other principal officer) and treasurer (or aisiscanc treasurer, ot chief accounting officer) of the corporation for which thU
return is made, each for himself declares under the penalties of perjury that this return (including iay accompanying schedules and statements) has been eiamincd bv him and is, to
the best of his knowledge and belief, a true, correct, and complete return, made in good faith, for the laaable year stated, punuaot to the Internal Revenue Code ana the rcgulatiooi
issued thereunder.
(Preiideot at other priocipsl officer) (State title)
(Treiiurrr, Aiiistani Triaiurcr, or Chief Accouatinx Officer) (State titlel
COIWOIUTB
DECLARATION. (S** Instruction E)
I/we declare under the penalties of perjury that I/we prepared this return for the person named herein and that the return (including any accompanying Kbcdutes and statements}
U a true, correct, and complete statement of all the information respecting the lax lianility of the person for whom this return has been prepared of^which 1/we have any knowledge.
(Signature of pcnon pKparioc the r
(Sifnsture of pcnoa prtpatioi tbe returo)
(Name of firm w eaploret. if any)
162
FACSIMILES OF TAX RETUEJ^S FOR 1952
Schvdul* A.— COST OF GOODS SOLD. (Sm Inttructlon 2)
Schedule B.— COST OF OPERATIONS
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
Gast of goods sold (enter here and as item 2,
page 1)
Salaries and wages
Other costs (to be detailed):
« -
(*)
CO -
CO
w
Total (enter here and as it«n 5, page i)
Sehtdule C— INCOME FROM DIVIDENDS
1. nmtmutmiitniimo
Hwtm a«tt 1. Irinil RnMM
4. rMtieafnam
Totals - $
Total of columns 2, 3, 4, and 5- (Enter here and as item 7, page 1) $
* Eaccpt liividendi oo ceitno pnlnrti itoA ot pvblic gtilitin which should be catered in column }. ind dividendi received from China Trade Act cocporetioru. end from corporitioni cstttled
J the benefit) of lection ill of the Imemtl Reretroe Code, which ihould be enleied in column 5.
intj in FedertI tiTlnn end loin aitociitiont m caae of ihare iccoonti itiued prior to March 2S, 1941. should not be listed, but the amount should be included m Item
share iccounts issee^ on or alter March 28. 1942. should be reported m column t
SchMlult D. — Svparat* Sch«dul« D (Form 1120) ihouid b« utMl In rsportlng mIm or •xehsngM sf pr«ptrty and flUd wHh thit raturn.
(Saa Inairi-ctian U)
Ichadula E.— COMPENSATION OF OFFICEII*
Total compensation of officers. (Enter here and as item 16, page 1).
Schadula F.— BAD DEITt. (Saa Inatructian 20) (Saa nata)
$....
1949.
1950.
1951.
1952.
I MDiMsacawntalHa
Sccuriiiei which are capital tsieti and which became switthleaa
within the tsnble rear
ihould be reported in sepatite Schedule D.
Schadula C— TAXES. (Saa Initruction 22)
ftclwduUH.— CONTRIBUTIONS OR QIFTS PAID.
(Sm Instruction 23)
«-
iMiri
i^tmimm^onttctm
iMrt
$. ^,
$
^
■■■ "" ■ ■
Total. (Enter here and as item 22,
page 1)
$
Total. (Entcrhcre and asitem23, page )
1, subject to 5 percent limitation.) ]
(Sec Instruction 23) [$
Schadula I.— DKPRKCIATION. <Sm lfi«tructt*n 2S>
1. iMriPiqwirndi
Total. (Enter here and as item 23, page I) .
FACSIMILES OF TAX RETURNS FOR 1952
163
Schvdule J.— OTHER DEDUCTIONS. (Sm Instruction 30)
NOTE: In the ciic of atnountj expensed for development and cxploradOn of mine*, and oil and gas weMi. show separately (l) intangible drilling and development co«j of Oil
and gat wells; (2) development expense of mines; a.^d (3) cxplofation expense subject (o limitation Show separately deductions, if any, computed on ratable basis.
Schedul* K.— COMPUTATION TO DETERMINE NECESSITY FOR FILING EXCESS PROFITS TAX SCHEDULE
1. Net income before net operating loss deduction (item 32, page 1)
CTaxpaycrs which have elected under section 455 to accrue income from installment sales or long-term contracts, enter income so ad|uiicd}
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 rhis return. If line 8 is over $23,000,
Schedule EP (Form 1120) must be filed.
TAX COMPUTATION. (See Tax Computation lnstructlont>
1. Net income (item 34, page 1). .... .
2. Less: Dividends received credit:
Co) Enter 85 percent of column 2, Schedule C $.
(i) Enter 62 percent of column 3, Schedule C
(c) Enter 85 percent of dividends received from ceruin
foreign corporations
Total dividends received credit. Enter sum of (a), (i), and (c), above, but not
to exceed 85 percent of th. excess of item 32, page 1, over the sum of items
10 (<») and 10 Ch, 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
Enter
6. Combined normal tax and surtax. If amount of line 5 is:
Not over $25,000. enter 30 percent of line 5 (32 percent if a consolidated return) , ,
Over $25,000. Compute 52 percent of line 5 (54 percent if a consolidated return). Subtract $5,500.
difference
7. Less: Normal tax adjustment for partially tax-exempt interest; enter 30 percent of the sum of items 10 (a) and
10 (i), page 1, but not in excess of 30 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
QUESTIONS
1. If this is the corporation's first return, indicate whether (n) com-
pletely new business □, or (i) successor to previously existing
business, which was organized as (1) corporation Q, (2) partner-
ship Q, or (3) sole proprietorship □, or (4) other (indicate)
If successor to previously existing business, give name
cither answer is "yes," attach separate schedule showing: (1)
Name and address; (2) percentage of stock owned, (3) date stock
was acquired, and (4) the director's office in which the income
tax return of such corporation, individual, partnership, trust,
or association for the last taxable year was filed.)
and address of the previous business organization 9- Check whether this return was prepared on the cash basis Q or
accrual basis Q.
10
Check basis of valuing or method of inventorying material or mer-
chandise at the beginning and end of the taxable year — (a)
cost Q; (i) cost or market, whichever is lower Q, (c) elective
method provided in section 22 (d) □, (<0 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).
Located at U. Did the corporation make a return of information on Forms 1096
2. Director'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 1951 $
4. The corporation's books are in care of
3- Check if the corporation is a farmers' marketing or a fanners'
purchasing cooperative association □, a consumers' cooperative
association Q, or other cooperative association □■
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
director of internal revenue for your district Form 851, Affilia-
tions Schedule, which shall be filled in and filed as a part of this
return, each subsidiary should procure Form 1122 and file in
accordance wuh Instruction I.)
8. If this IS not a consolidated return : (<i) 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 corporauon, individual, partnership.
trust, or association at any time during the taxable year own 50
percent or more of the corporation's voting stock? (If
and 1099 or Form W-2a for the calendar year 1952? (see General
Instruction G— (1))
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
"no")
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-3-)
15. Did the corporation at any time during the taxable year own
directly or indirectly any stock of a foreign corporation?
(If so, attach statement as required by General Instruction K.)
I*— OlitJ-l
164
FACSIMILES OF TAX RETURNS FOR 1952
rw* SchaduU L.— BALANCE SHEETS.
(See Inttructlon L)
BtftnlmelTiuMtTuf |
Mi(TiuM«rMi
ASSETS
unl
JM t
IMHI
TtU
1. O'.l.
$
1
$
$
$
$
4- Investments in governmental obligations:
U> (lliliKJd.ioj -1 1 St»lc, Teniioiy. or polil.cal jubd.viiion thereof, or ihe
$
$
(H nbl.K»t.«rn ,«ueit on „r be/ore September 1, 1917; ill poilil iiv.ns)
hi.n.U, Tiii'urv nolei inued prior lo December 1. 1940; ind Treu-
|!) Unxfl Siiio iivingt bundi and Treiiury bandi iuucd pnoi lo Mirch
ft) rici>t<ir nmei iiiued on or after betember 1, 1940; and ill other
(■ ) <>l>lisat>on( •>( m]i>umcnial>iie) of Ihe United Staiei
(1) UhliDiliiini ul FeJeral land banki, loint itock land banki. and
1!) <)hliKii">n) iMucd by other iniirumenialitiei of ihe United State)
l\l nhl-Ki'inni iif ill initrurncnialitiei of the United Statei iisued on or
i
$
6. Capua) assets:
$
$
Total depreciable assets
$
$
$
$
$
$
7. Otlitr assets (itemize)
$
$
$
LIABILITIES
$
$
10. Bt)!Kls. notes, and mnrtgagcs payable;
f j> Wifh nf^inal maturity of less than 1 year
$
$
$
Id f~aniril crrirlf ' Enter number ai al end of yesr—
11. LapitJl Stock- (Sh.„>| (ShareholdeiO
$
(A) Comm<)n Stock , .( ) ( )
1
17. TnrAi, LrAiHLiriLS
$
1
$
Schedule IH.— RECONCILIATION OF NET INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS
Total distributions to stockholders charged
to earned surplus during the taxable year;
C<j (..ish
(i^ Stock of the corporation
(cj Other property
Contributions in excess of 5% limitation. .
Federal income and excess profits taxes
Income taxes of foreicn countries or United
States possessions if claimed as a credit in
whole or in part in item 36, page 1
Fcdtral taxes paid on tax-free covenant bonds.
SptcLiI improvement taxes tending to in-
crease the value of the ptoperty assessed . .
Capital expenditures charged to expenses
on the books
Insiir.iiicc premiums paid on the life of any
ollicer or employee where the corporation
IS ilirectly or indirectly a beneficiary
Unallowable interest incurred to purchase
oi tarry tax-exempt interest obligations. . .
Excess of capita] losses over capital gains. .
Adilirions to surplus reserves (list separately):
(."
C*,'
, Otitcr unallowable deductions:
Oi
Ail[iistmcnts for tax purposes not recorded
I'll books (itemize^:
14- Sundry debits to earned surplus (itemize):
(.h
15' Eaiiic-d surplus and undivided profits at
tl'isc of tfic taxable year (Schedule L). . .
16. Toi.il.if line I to 15
17. Earned surplus and undivided profits at end
of prccctfing taxable year (Schedule L), .
tion (item 32, page
Dper;
19. Nontaxable interest on:
(<*) Obligations of a State, Territory, or
political subdivision thereof, or the Dis-
trict of Columbia, or U, S, possessions..
(J>) 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
prior to March 1, 1941
(2) U. 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):
(-)
(A)
(0
21. Charges against surplus reserves deducted
from income in the return (itemize):
w
(*)
(0
22. Adjustments for tax purposes not recorded
on books (itemize):
w
(*)
CO ;■•■;•■•■
23. Sundry credits to earned surplus (itemize):
w .■■
(«
(0
24. Total of lines 17 to 23
\i % COVEFINMENr n
FACSIMILES OF TAX RETURNS FOR 1952
165
How To Prepare Your 1952 Corporation
Income Tax Return
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 domestic and every resident foreign corporation not ex-
pressly exempt from taxation under chapter 1 (see section 101),
whether or not having any net income, must file a return. The
term "corporation" is defined by the Code to include associations,
joint-stock companies, 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,
selling, disposing of its assets for purposes of liquidation.
Effective for taxable years beginning after December 31, 1951,
a mutual savings bank not having capital stock represented by
shares; a domestic building and loan association, a domestic sav-
ings and loan association, a Federal savings and loan association,
substantially all the business of which is confined to making loans
to members; and a cooperative bank without capital stock and
operated for mutual purposes and without profit are subject to
incon^ tax (except excess profits tax) and must file returns.
B. Period to be covered by return. — Returns shall be filed for
the calendar year 1952 or fiscal year beginning in 1952 and ending
in 1953. 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 part 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 are 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 (c). 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 is to be made, the amount thereof is not, unless
paid, includible in the gross income of such person for the taxable year
in which or with which the taxable 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 corpor;itions must be filed on or before the
15th day of the third month following the close of the taxable
year with the director (foiiiKrly collet tor) of internal revenue
for the district in which the corporation's principal place of business
or principal office or agt lu y is located.
The tax must be paid in full when the return is filed, or in four
installnuiits, as follows: 40 percent on or before the ir)th d.iy of
the tliird month; 40 percent on or before the 15th day of the sixth
month; 10 percent on or befoie the 15th day of the ninth month;
and 10 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 tax unpaid shall be paid upon notice and demand by the
director. The tax may be paid by sending or bringing with the
return a check or money order drawn to the order of "Director
of Internal Revenue." Do not send cash by mail, nor pay it in
person except at the director's office.
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 filing, and for filing a false or fraudulent return.
G-(l). Information 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
1952 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,
provided 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 amounting to $10 or more
during the calendar year 1952 to each shareholder who is an indi-
vidual (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 sav-
ings and loan association, or a corporation described in section
101 (10), (11 ), (12), 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 lOI (10) or (11)) patron-
age dividends, rebates, and refunds totaling $100 or more during
the calendar year 1952. 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 shall also make returns on
Forms 1096 and 1099L, as required by instructions on Form 1096,
for the calendar year 1952.
G-(3). Acquisition of interest in or control of a corporation
or property after October 8, 1940. — The transactions 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 acquisition, directly or indirectly, on or after October
8, 1940, by a corporation 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 icfcrcncc to the basis in the hands of the tiaus-
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 arc not
allowed or they may be reduced to a lesser figure. oio— 07j22-i
166
FACSIMILES OF TAX RETURNS FOR 1952
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 taxable 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 corporations
entitled to benefits of section 251.- — 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 (b) 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 rccciscd 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 I120XB with respect to such income only in the
event their tax liability has not been fully satisfied at the source.
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 ) and certain mutual savings banks
conducting life insurance business shall make returns on Form
1 120, and there should be filed with the return a copy of the 1952
annual statement approved by the National Convention of In-
surance Commissioners which contains the underwriting and
investment exhibit. A copy of such annual statement for 1951
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 for the taxable year an irrevocable
election to be a regulated investment company. If for any given
year the investment company satisfies the other reciuireinents of
section 3G1 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 "personal holding company"
as a corporation if at least 80 percent (see modifications in section
501 (a) (1)) of its gross income for the taxable \ear is personal
holding companv- 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. (Sec 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 provifions of section
141 and the regulations, an affiliated group of corporations may
make a consolidated income tax (including excess profits tax)
return in lieu of separate returns. The making of a consolidated
return shall be upon the condition that all corporations which at
any time during the taxable year have been members of the affili-
ated group making a consolidated return consent to all the con-
solidated returns regulations prescribed under section 141 (b)
prior to the last day prescribed by law for filing 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 1 122 consenting to
regulations and authorizing the making of the return on its behalf.
One such form shall be attached to the consolidated return as a
part thereof, and the other shall be filed, at or before the time
the consolidated return is filed, in the office of the director 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 for eliminations and adjustments
should be symbolized to identify contra items afi'ectcd, 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 of 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
38/2 percent of such net income in excess of $100,000.
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 stock
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.
olO— C71L'2-l
FACSIMILES OF TAX RETURNS FOR 1952
167
PAGE 3
N. PRINCIPAL BUSINESS ACTIVITY
In reporting the "Principal business activity," on page 1, give the one business activity that accounts for the largest percentage
of "total receipts." "Total receipts" means gross sales (line I), 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 as "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 rec eipts. Use the appropriate group under the heading "FINANCE"
if over 50 percent of "total receipts" consists of investment income.
Enter the "business group code number" on page 1 from the following list. Give the code for the specific industry group
from which the largest percentage of "total receipts" is derived.
AGRICULTURE, FORESTRY, AND
FISHERIES
Code
Oil F«rmi and ifiricuUural terTicei.
081 Forestry, excluding losging camps.
091 Fisheries.
MINING
Metal minini:
101 Iron ore.
102 Copper, lead, zinc, gold, silver ores.
109 Other metal mining.
C*al roininf :
111 Anthracite coal.
121 Bituminoo* coal and lignite.
Crude petroleum and natural gas extraction:
131 Crude pf'troleura, natural gas, and
natural gasoline.
138 Oil- and gas-field contract services,
Nenmetallic mineral mining:
141 Stone, sand, gravel.
149 Other nonmetallic minerals, ex-
cept fuels.
CONSTRUCTION
151 General contractors: buildings.
152 General contractors: other.
153 Special trade contractors.
159 Other construction.
MANUFACTURING
BcTerages:
191 Bottled soft drinks and carbonated
waters.
192 Miilt li'iuors and malt.
194 Wines.
195 Distillcd.rectified, blended liquors.
Food tnd kindred products:
201 Meat products.
202 Dairy prwJucts, except market
milk dealers.
203 Canning and preserving fruits,
vegetables, and sea foods.
204 Orain-niill products, except cereal
prc-paralions.
205 Bakery products.
206 Sugar, cane and beet.
207 Confectionery, related products.
208 Cereal prft)arations.
209 Other, including manufactured ice
and Uavoring sirups.
Tobacco manufacturers:
212 Cigars.
219 Other.
Textile-mill products:
221 Yarn and thread (cotton, wool,
silk, and synthetic fiber).
222 Broad-woven fabric (woolen and
worsted) .
223 Broad-woven fabric (cotton).
224 Narrow fabrics and other small
wares (cotton, wool, silk, and
synthetic hber).
225 Knitting mills.
226 Dyeing and finishing textiles
{except knit goods).
227 Carpets, rugs, and other Moor
coverings.
228 Hats, excei)t cloth and niillintTy.
229 Other, including rayon and silk
broad-woven fabric.
Apparel and other finished products made
Irom fabrics and similar materials:
231 Men's and hoys' clothing and
furnishings, except fur and
rubber.
233 Woiiicu's clothing, and children's
and iiifanii" wear, except fur and
rubber.
235 MiUmery.
237 Kur goods.
238 OihiT ipiniri'l and acces.sories
including gl<tves, robes, and
raincoal.s.
239 Other fabricated textile products
including curtanis, t>ags, and
awnings.
Lumber and wood products (eicepi fur*
niture):
241 Logging camps, logging contrac-
tors, sawmills, and pLunng mills.
243 Millwurk. plywood. ;iiid prtfiiKri-
catrd slruclural wood products.
244 Wooden containi-rs.
249 Other wood products.
Furniture and fiitures (wood or metal):
251 furniture— household, ollice. pub-
lic building, and prufessiun.il.
Code
2.'>4 Partitions, shelving, lockers; and
office and store fixtures.
256 Window and door screens, shades
and Venetian blinds.
259 Other, including restaurant fur-
niture.
Paper and allied products:
2fil Pulp, paper, and paperboard mills.
266 Paper hags and paperboard con-
tainers and boxes.
269 Pulp goods, and other converted
paper products.
Printing, publishing, and allied industries:
271 Newspapers.
272 Periodicals.
273 Books.
275 Commercial printing, including
lithographing.
279 Other publishing, bookbinding,
and service industries for the
printing trade.
Chemicals and allied products:
281 Industrial inorganic chemicals.
282 Industrial organic chemicals, in-
cluding plastic materials, syn-
thetic rubber, and synthetic
283 Drugs and medicines.
284 Soap and clycerine, cleaning and
polishing preparations, etc.
285 Paints, varnishes, lacQUccs, 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.
Products of petroleum and coal:
291 Petroleum refining.
299 Other.
Rubber products:
301 Tires and inner tubes.
309 Other rubber products.
Leather and leather products:
311 Leather: tanned, curried, etc.
314 Footwear (except rubber).
319 Other leather goods.
Stone, clay, and glass products:
321 Gla?s and glass products.
324 Cement (hydraulic).
325 Structural clay products.
326 Pottery and related products.
327 Concrete, gypsum, and plaster
products, including lime.
328 Cut-stone and stone products.
329 Abrasive, asbestos, ar^d other non-
metallic mineral products.
Primary metal industries:
331 Blast furnaces, steel works, and
rolling mills.
3.32 Iron and sle.-l foundries.
333 Primary and s.-condary smelting,
refining, rolling, drawing, and
alloying of nonferrous metals
anti alloys.
336 Nonferrous foundries.
339 Other. Iiieludini: iron and steel
fori:int,'s aa<l wire drawing.
Fabricated metal products (except ord-
nance, machinery, and transportation
equipment):
3-11 Tin cans and other tinwure.
342 CutUry, hand tools, and k-eneral
liardvs are.
343 Hiiiirii; ui)pai-atus (except I'lec-
11 iet ail I |ilunii>ers' su[ipliis.
344 FaSrie.il.-l virueltjral nitlal pmd-
uc!-. including bodt-r shop
pnxluets.
346 Metal stamping, co.iting, and en-
gra\ iMi;.
347 l,iv;hting lixlnies.
345 Kalincated u ire products.
349 Oih.r, iruluding sciuw machine
producrs.
Machinery (except electrical):
351 Entrniesaii't turbines, excei)t auto-
motive, aircraft, and railway.
3.'i2 AL'riiultnral mchy. aiul Irutors.
353 Consiiu. lion ami minitig macliin-
ciy and e'luipmenl.
3o4 Metalwiirking machinery iiu-lud-
mg niachuie tools.
355 Special-industry machinery.
350 General industry niachiiicry and
equipment.
Code
357 Office and store machines and
devices.
358 Service Industry and household
machines.
359 Other machinery parts, and
machine shops.
Electrical machinery, equipment, and sup-
plies:
361 Electrical generating, transmis-
sion, distribution and industrial
apparatus.
362 Electrical appliances.
363 Insulated wire and cable.
,364 Electrical equipment for motor
vehicles, aircraft, and railway
locomotives and cars.
365 Electric lamps.
366 Radio, radar, and television equip-
ment, and phonographs (except
radio tubes).
367 Other communication equipment
and related products.
369 Miscellaneous electrical products
Including batteries.
Transportation equipment (except electri-
cal and motor Tehicle equipment):
372 Aircraft and parts, including air-
craft engines.
373 Ship and boat building, repairing.
374 Railroad equipment, including
locomotives, and street cars.
375 Motorcycles, bicycles and parts.
379 Other transportation equipment.
Motor Tehicles and motor vehicle equip-
ment (except electrical equipment):
381 Motor vehicles, including bodies
and truck trailers.
384 Motor vehicle parts and accesso-
ries, including enuines, and trail-
ers for passenger cars.
OrdnacKe and accessoriet:
391 Guns, and related equipment In-
cluding small arms.
396 Small arms ammunition.
399 Other.
Professional, scientific, and controlling
instruments; photographic and opti-
cal goods:
401 Professional, scientific, and con-
trolling instruments, including
photographic and optical goods.
407 Watches, clocks, and clockwork-
operated devices.
Other manufacturing industries:
411 Jewelry (precious metal), silver-
ware and plated ware.
412 Costume jewelry (except precious
metal).
413 Fabricated plastic products, ex-
cept plastic materials.
419 Other, including niatches.
TRANSPORTATION.COMMUNICATION,
AND OTHER PUBLIC UTILITIES
Traniportation:
461 Hailroads, railway express.
402 Urban, ^uburbjiri, and interurban
railways (with and without
liu^sesj.
463 Trucki^^; :ind warehousing.
464 Other motor vehicle transporta-
tion, including taxicabs and
bus<es.
465 Petroleum pipelines.
466 Water transportation.
4f.7 Mr tiansportalion.
4t;h riervic'-s, NUpplenieiilary to trans-
portaiion.
469 Other iran.-spurtalion.
Communication:
471 Teleiilione (wire or radio).
47J 'i"rhL'rai)h (win- and radio) .
47:1 Kadio l.inadr.i^iinu arut television.
479 Ulhet conuiiunicalion.
Electric and gas utilities:
481 Kleclrie lieht and power.
4b2 (.ias produelion and distril>ution,
except Hal lit al ua> proilucliou.
Other public uttlttiei:
4'JI Water >UpI)ly-
499 Olh.r i-uMIc utilities.
WHOLESALE TRADE
501 Commission merchants.
Other wholesalers:
511 Kood, inehiding milk.
512 Ale.iholie bewiuk'cs.
513 Apparel and dry goods.
514 Chemicals, nainls, and drugs.
515 llarilware.eleetrieal goods, plumb-
ing and heating ciiuipmeut, etc.
Code
516 Lumber, millwork, and construc-
tion materials.
517 Machinery, equipment, supplies.
618 Farm products— raw materials:
cotton, grain, wool, leaf tobacco,
livestock, etc.
519 Other wholesalers.
RETAIL TRADE
521 Food, including milk.
General Merchandise:
531 Department stores.
532 Mail-order houses.
£33 Variety stores.
539 Other general merchandise.
541 Apparel and accessories.
551 Furniture, home furnishings, etc.
Automotive dealers, dealers in parts and
accessories, and filling stations:
561 Automobiles and trucks.
563 Parts, accessories, tires, batteries.
fiCA Filling stations.
571 Drug stores.
581 Eating and drinking places.
Lumber, building materials, and hardware:
591 Lumber and building materials.
595 Hardware and farm implements.
Other retail trade:
601 Liquor stops.
607 Jewelry sion-s.
009 Other retail stores.
FINANCE, INSURANCE, AND REAL
ESTATE
621 Banks and trust companies.
Credit agencies other than banks:
634 Personal credit acencies.
635 Business credit agencies.
639 Other credit agencies.
Holding and other investment companies:
641 Operating-holding companies
(companies which derived less
than 90 percent but more than
50 percent of "total receipts"
from investments).
642 Other investment and holding
companies (companies which de-
rived 90 percent or more of total
rea-ipts from investments).
651 Security and commodity brokers,
dealers, exchanges, and services.
InsurarKe carriers:
661 Life insurance.
662 Mutual, except life or marine, and
except mutual fire insurance com-
panies issuing perpetual policies.
669 Other.
671 InsurarKe agents, brokers, and service*
Real estate:
681 Heal estate owners and operators,
including le.>>sors of buildings
(excludes developers of real
proiuTty im'l lessors of real
property other than buildings).
683 Developers of real properly, in-
cluding traders on own account.
CiM Agents, brokirs. niatiagers, etc.
tW5 Title abstract companies.
(^89 Other real esl.ite.
Lessors ol real property, eicept buildings:
691 .\gricultural. (^Jle^t, and simitar
properties.
692 Mining, nil, an<l similar properties.
ti93 Railroad property.
t/J4 I'ublit-iitiliry piopi-rly.
699 Other real properly except build-
ings.
SERVICES
701 Hotels, rooming and boarding houses,
camp*.
Personal services:
721 I. innilius, cleaning and dynni:.
7J3 rtiologr.iphie studios including
i-omnii-rei.d phntoi.Taphy.
729 Other personal service.
Business services:
7;il .\dvertisin'/.
7;vj OihtT business services.
751 Aulumobile repair services and garages.
761 Other repair services.
Motion pictures:
7S1 .Motion pleliire production, dis-
tnbulion and service industries.
783 Motion pielure theaters.
791 Amusement and recreation services
eicrpi motion pictures,
801 Other services, including schools.
Oie— 07422-1
168
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 4
SPECIFIC INSTRUCTIONS (Numbered to correspond with item numbers oa page 1 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 in 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 inventories 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 JO (a) and (b), page 1, is
allowable as a credit against net income. The 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-inlerest-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
proprrty. 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 di du( lion is claimed for depletion, it should be reported as
item 26, page 1.
1 3- Gains and losses from sales or exchanges of capital assets
and other property. — The coiriputation of gains and losses from
sal's or fx( hangrs of capital assets and property other than capital
assets should be inade on separate .Schedule D. Every sale or
exchange of property, even though no gain or loss is indicated,
must be reported in detail. If for any taxable year the net long-
term r.'ipital gain exceeds the net short-term capital loss, or in
rase of only a net-long term capital gain, a computation of the
alternative tax should be made on separate Schedule D.
The results computed on separate Schedule D must be shown
in appropriate items and line, pages 1 and 3 of Form 1 120.
For further information relating to gains and losses from sales
or exchanges of property, see instructions on back of separate
Schedule D.
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) and the
applicable regulations.
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 buildmgs, 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 Commis-
sioner 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.
The deduction from income of a reasonable addition to a
reserve for bad debts determined under the general rules by a
mutual savings bank not having capital stock represented by
shares, a domestic building and loan association, and a cooperative
bank without capital stock organized and operated for mutual
purposes and profit cannot exceed either of the following:
(a) The amount of the taxpayer's net income computed with-
out making any deduction for the addition to the reserve.
(b) The amount by which 12 percent of the total deposits or
withdrawable accounts of depositors at the close of the taxable year
exceeds the sum of its surplus, undivided profits, and reserves at
the beginning of the taxable year.
In determining such deduction for a reasonable addition to a
reserve for bad debts and in determining the sum of the surplus,
undivided profits, and reserves there should be taken into account
surplus, undivided profits, and bad debt reserves accumulated
prior to the close of December 31, 1951.
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 gift*
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
ole— e7422-l
FACSIMILES OF TAX RETURNS FOR 1952
169
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, 1948, 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 organized 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, see section 1 14. The capital
sum to be recovered should be charged off ratably over the useful
life of the property. Whatever plan or method of apportionment
is adopted must be reasonable and must have due regard to 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. (See sections 23 (1)
and 114.)
For treatment of depreciation allowed (in excess of amount
allowable) which did not result in reduction of income or excess
profits taxes, see instructions on back of separate Schedule D.
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 depletion 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).) For any
taxable year ending after December 31, 1950, expenditures to be
PAGE 5
deferred and deducted ratably under the election provided in sec-
tions 23 (cc) (2) relating to certain expenditures in the develop-
ment of mines, and 23 (ff) (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 deduc-
tion for depletion under section 114. See note under Schedule J
for information to be submitted in the case of amounts expensed
for development ^nd exploration of mines, and oil and gas wells.
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 (a). Amounts contributed under a pension, annuity, stock
bonus, or profit-sharing plan. — Enter in item 29 (a) 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 concerning
such deduction, a statement with respect to each plan showing the
type of plan, i. e., pension, annuity, profit-sharing, stock bonus, or
other plan deferring the receipt of compensation, whether or not
the plan is qualified under section 165 (a), and the method of
funding, i. e., individual annuity or insurance contracts, group
annuity contract, group permanent contract, or self-insured trust.
If not funded, so indicate.
29 (b). Amounts contributed under other employee benefit
plans. — Enter in item 29 (b) deductions for contributions to em-
ployee benefit plans other than those claimed in item 29 (a), such
as insurance, health, or welfare plan. Submit with the return a
schedule for each plan showing ( 1 ) the nature of benefits, i. c.,
group term life insurance, group permanent life insurance, non-
insured death benefit, hospitalization, surgical, medical, sickness,
accident, major medical expense, or othir welfare benefits; (2)
method of financing, i. e., insured, industry or area wide fund, self-
insured fund, or direct benefit payments ; ( 3 ) the amount of deduc-
tion; (4) the amount of employee contributions; (5) the number
of employees covered; and (6) if a self-insured plan, the amount
of benefits paid during the taxable year. Also show the number
of employees employed by the corporation.
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-
ule J. See note under Schedule J for information to be sub-
mitted in case of amounts expensed for development and explora-
tion of mines, and oil and gas wells.
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 sh^l be allocated to such taxable income. If an item is
indirectly attributable both to taxable income and exempt income,
a reasonable proportion thereof determined in the light of all the
facts and circumstances in each case, shall be allocated to each.
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).
In the case of mutual savings banks, cooperative banks, and
domistic building and loan associations, any amounts paid to, or
credited to the accounts of depositors or holders of accounts as
dividends on their deposits or withdrawable accounts, if such
amounts may be withdrawn on demand subject only to customary
notice of intention to withdraw, are allowable deductions in com-
puting net income.
A special deduction in computing net income is allowed a mutual
savings bank not having capital stock represented by shares, a
ol»— e7<22-t
170
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 6
domestic building and loan association, or a cooperative bank
without capital stock organized and operated for mutual purposes
and without profit for repayment during the taxable year of loans
made before December 1, 1951, by the United States or its wholly
owned agencies, or by a mutual fund established under the
authority of State law. (See section 3797 (a) for definition of
the term "domestic building and loan association.")
33. Net operating loss deduaion. — 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 discovery
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) Tor 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)).
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 bc.'ore 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. The net operating loss is carried back
first to the earliest year to which it rnay 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. If the taxable year in which
the net operating loss is sustained begins on or after January I,
1950, the net operating loss is carried back first to the preceding
taxable year and to the extent that it exceeds the net income of
such year is carried over to the five succeeding taxable years.
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 operating 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-
tive 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 shalh 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, however, 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 received provided 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) 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 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, (1) for an uninterrupted period of not less than 36
months (or the entire period the foreign corporation Vcfas 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 rcrard 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. Hov/ever, 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
clO— 07422-1
FACSIMILES OF TAX RETURNS FOR 1952
171
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 the 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) is an amount equal to 27 percent 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 equal to 27 percent 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 of 30 percent upon the normal-tax net income of
every corporation (except (1) those expressly exempt from taxa-
tion; (2) insurance companies; (3) nonresident foreign corpora-
tions; and (4) regulated investment companies).
3. Surtax net income. — The term "corporation surtax net in-
come" means the net income minus the sum of the credits allow-
able against adjusted net income in computing the normal-tax
net income (see paragraph 1 (a), (fc), 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; (21
insurance companies; (3) nonresident foreign corporations; (4)
regulated investment companies).
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 no* income attributable 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 affiliated
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 of property was to
obtain such exemption and the $25,000 minimum excess profits
credit, sec 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).
PAGE 7
6. Life insurance departments of mutual savings banks. — A
mutual savings bank authorized under State law to conduct a
life insurance business and which conducts such business in a sepa-
rate department the accounts of which are maintained separately
from the other departments of the bank is taxable under section
110 provided the life insurance department would, if it were
treated as a separate corporation, qualify as a life insurance com-
pany under section 201 (b).
The tax consists of the sum of — ( 1 ) a partial tax computed
under sections 13 and 15 upon the net income of the bank deter-
mined without regard to any items of income "br deductions prop-
erly allocable to the life insurance department; and (2) a partial
tax upon the net income (computed as provided in section
201 (c) ) of the life insurance department determined without
regard to any items of income or deductions not properly
allocable to such department at the rates and in the manner pro-
vided in Supplement G with respect to life insurance companies.
Tax computation. — A mutual savings bank for the purpose of
computing the first partial tax should use form 1120 filling in
all applicable items (except items 38 and 39, page 1) and sched-
ules. The first partial tax should be computed by using the Tax
Computation schedule on page 3 of Form 1120. For the purpose
of computing the second partial tax Form 1120L should be used
as a schedule filling in all applicable items and schedules. The
tax so computed should be entered in item 38, page 1, Form 1120,
as the second partial tax striking out the present wording of that
item and inserting appropriate identification. The sum of items
37 and 38, page 1, Form 1120, will constitute the tax due. Form
1 1 20L properly filled in should be attached to and made a part
of Form 1120 and properly identified as an accompanying sched-
ule. However, any Form 1120L so used need not be executed
under the penalty of perjury.
7. 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 coniputed 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 the 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 exclud-
ing 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 in-
creased 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) (relat-
ing 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 sharcholdirs 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
010—07423-1
172
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 8
that proportion ot 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 stockholders.
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)
■ball, 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 T, less the sum
of items 10 (^), 10 (*), and 13 (A), Form 1120)
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 (30 percent of line 3)
5. Net income computed under section 362 (b) (2) (item 32, page 1, less item 13 (0, page
1, Form 1120)
6. Less: Dividends (other than capital gain dividends) paid, including consent dividends
credit
7. Supplement Q surtax net income
8. Sunax (22 percent of the excess of line 7 over $25,000)
9. Excess of net long-term capital gain over net shon-term capital loss (item 13 X0> 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. (Enter as item 35, page 1, Form 1120).
C19— 67422-1 U. I. COVEBNHMT niNTIMS orrici
FACSIMILES OF TAX KETURNS FOR 1952
173
SCHEDULE D (Form 1120)
1952
SCHEDULE OF GAINS AND LOSSES FROM SALES OR EXCHANGES OF PROPERTY
or taxaMe year befinnbii
For Calendar Year 19S2
. 1952. am) enilini
.I9S3
Name and address .
Cl> CAPITAL ASSETS
i OiftKUMa UnM (« | I Col « OBB Im art Q
' M«tlit,l}UIFBiia<«(aii) komibN « H«a I. ini
i*wl — n* — rtw—
• aril)
■HOm-.TERM CAFITAI. GAim iWD LOUO— ASHT» HELD FOU NOT MOIIC THAN • MONTHS
I
1
^
f
$
$
$
2. Unused net capital lo
3. Total of short-term c
apital gains or losses
or difference between short-term
capital gains and losses
f
UWO-TUM CAPfTAL OAIWS AND L<WK»-ASSCTS HELD POff MOKC THAN • MOMTHl
^
$
$
f--
f
$
_^
5. Total of long-term ca
piul gain
¥
_5 _
1
SUMMARY or CAPrTAL CAINS AND LOSSCS
6. Net sHort-tcrtn capital gain or loss from Hnc 3
7. Net long-term capital gain or loss from line 5
8. Net bhort-tcrm capital gam (line 6, col. (a)) reduced by any net long-term capital loss
(line 7, col. (b);. Enter here and as item 13 (<»), page 1, Form 1120
9. Net long-term capital gain (line 7, col. (a)) reduced by any net short-term capital
loss Oinc 6. col. (b)). Enter here and as item 13 (A), page 1, Form 1120
10. Excess of losses over gains in lines 6 and 7- This excess is not allowable
■^■iMTafcTi
X X X X X X X
X X X X X X X
X X X X X X X
COMniTATION OP ALTCRNATIVK TAX
11. Surtax net income (line 5, page 3, Form 1120) .
12. Less: Net long-term capital gain reduced by any net short-term capital loss (line 9 of summary)
13. Surtax net income for purpose of alternative tax
14. G)mbined normal tax and surtax
If amount of line 13 is:
Not over $25,000; enter 30 percent of line 13 (32 percent if a consolidated return)
Over $25,000. Compute 52 percent of line 13 (54 percent if a consolidated return). Subtract $3,300. Enter
difference
15. Less: Normal tax adjustment for partially tax-exempt interest, enter 30 percent of the sum of items 10(<i)and
10 (i), page 1, Form 1120, but not in excess of 30 percent of line 13
16. Partial tax
17 26 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
<2) PROPERTY OTHER THAM
CAPITAL ASSETS
LDBAHa anx,
1 MiK^rinri
Ml. Dll T«f
1 IM*mM
Hi. Oh iMt
(CMndptn)
1. OtfTKUM ammt {m
tlhwrtH) SMn imltilin m
Hattl. tl1l(T«MitMllil
1 C«l « OIW Ml Hi M
Amtunm m mmtk t, ini
).C«Mi«Wt
La«a«lJB(eahM4iM
1
$
»
$
$
J
9<: ir^m W Ce\. napr 1 Pnrin 112
0 ..
i
State with respect to each item of property reported in Schedule D (1) and (2): (1) how property was acquired
(2) whether ai time of >alc or exchange (d) 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 — -■_-..■._-
M«lM Uitns Thh Sch»<Mli
LTigcd in order lo obuin fundi (o r
I abacrmil laiuraou \oua, etc., ihftJI attach a
Companic* taxable under icciton 104 and having louci (rom capital asKts lold
icbcdulc corresponding (o Schedule D. Form 1 120M
For companies uiabie under icciion 204 or icciion 207 (a) (1) of CD, "n" capiial low" meani the amouni by
capital asset* exceed the lum of the gams from iuch ial« Of exchange* and the lesjer of (1) the tcw-poration surtax
mIci or cxchar>gc» of capital aiscis) or (2) louet from the lale iit exchange of capiiat asset* sold or exchanged to obt.
ibc payment nt^ividcndi and similar distributions to pulicvholdcrs
For companies taxable under icition 207 (a)(1) or ()), ill reference* to ' itcni" or line" numbers, Form 1120. thatl be considered as fcferenic* to the appropriate 'iicro"
or "line" in Form 1I20M. It will be nccnaary fur *ucb companic* io*ubs[ilute ItJr line* 14, l^.and 16 ol the above alicroaiivc tax nompuiaiion. a compuiauon coaformiog to thai
OD page 2 of Form 1I20M.
ich the losses fur the taxable year from sales of ctchangri ol
I income (computed without regard to gain* or tosses from
funds to meet abnormal loturancc lo«*cs and to provide lor
174
FACSIMILES OF TAX RETUENS FOR 1952
INSTRUCTIONS
<ft*f*r«nc«« ar* to tha Intarnal ll*v*nu« Cod*)
Gaim and losses from sale.« or exchanges of capital assets and
other propertv — Report talrs or rxchanitrs of rapilal assets and
sales or pxrhanRcs of proprrlv other than rapilal assris in Sched-
ule D on other side Every sale or exchanRr of property, even
though no gain or loss mai be indicated, must be reported in detail.
Losses from sales or exchanges of capital assets shall br allowed
only to the exti nt of Rains from such sales or exchanges. How-
ever, the amount of a net capital loss sustained in any taxable
vear mav be carried over lo each of the five succieding taxable
years and treated in each such hvv succeeding taxable years as
a short-trrm capital loss to the extent not allowed as a deduction
against anv net capital gains of any taxable year intervening be-
tween the taxable year in which the net capital loss was sustained
and the taxable %ear to which carried.
Definition of capital assets - The tirm "capital assets" means
property held by the taxpayer (whether or not connected with his
trade or business), but docs not inctudr la] stock in trade of the
taxpayer or other property of a kind which would properly bo
included in the inventory of the taxpayer if on hand at the close
of the taxable year, or property held by the laxpavcr primarily for
sale to customers in the ordinary course of his trnde or business, or
{b) property used in the trade or business, of a charjcter which is
subject to the allowancis for depreciation, provided in section 23
(1), 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 pos*;es5ions, or of a State or I erritory, or any political
subdivision ihrrcof, or of the District of Columbia issued on or aftei
March 1. 1941. on a discount basis and payable without interest at a
fixed maturity date not exceeding I \ear from the date of issue.
Claistfitation of capital gains and hues. — The phrase "short-
term" applies to the category ol Kams and losses arising Irum the
sale or exchange of capital assets held for 6 months or less, the
phrase "long-term" to the category ol gams 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 ex-
rhanged, even though no gam or loss may be indicated Such
description should include the following facts (a) For real estate,
location and description of land, description o( improvements,
details explaining depreciation (column 5 of Schedule D); (fc)
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 foi losses, if the propeitv was acquired before
March 1. 1913. If the property sold or exchanged was acquired
prior to March 1, 1913. the basis of deiermmmg CAIN is the
cost or the fair market value as of March 1, 1913. adiusted as
provided in section 113 (b) . whichever is greater, but in determin-
ing LOSS the basis is cost so adjusted If propertv was acquired
after February 26. 1913. ba^is for both gain and loss is the cost
of such property, except as otherwise provided b\ section 113.
The exceptions arise chieHy where property was acquired by gift,
bequest, tax-free exchange, involuntjry conversion, or wash sale of
stock; and in such cases section 113 provides the basis that shall
be used. If the amount shnwn as (he 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 depre-
ciation, exhaustion, wear and le.ir, ohMilescence, and depletion in
respect of the property. This amount shall be the sum of the
following;
(a) The amount of depreciation, exhaustion, wear and tear,
obsolescence, and depletion which has been allowed (but not less
than the amount allowable ) in respect of such property since dale
of acquisition, or since February 118, 1911, if the property was
acquired before thai date. For an% period after December 31, 1951,
the amount of depreciation, etc , allowed (and whirh is in excess
of the amount allowable) shall be disregarded to the extent that
such excess does not result in a reduction for any i.Txahle year of
the taxpayer's income or excess profits i.ixes In resprri of any
period after February 28, 1913, and before January 1, 1952. the
taxpayer may disregard depreciation, etc.. which was in excess
of the amount allowable and which did not result in reduction
of income or excess profits taxes only if an election is made in
accordance with regulations. See section 113(b)(1)(B)
[b] The amount of depreciation, exh.iusiion, wear and tear,
obsolescence, and depletion actually sustained prior to March I,
1913, if the property was acquired bifore 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 worlkless. — If any securities (as
defined below) become worthlrvs withm the i.m.ilile yrm and are
capital assets, the loss resulting therefrom shall, in the case of a
taxpayer other than a bank, as dehned in seition 1114, be consid-
ered as a loss from the sale or exchange, on the last day of such
taxable year, of capital assets (See section 23 (k) (J).)
Definition of securities — As used for the purpose of determin-
ing capital losses under section 23 (k), the term "securities'
meani bondi, deoentures, notes, or certificate), or other evidences
of indebtedness, issued by any corpoiation (including those issued
by a government or political subdivision thereof), with interest
coupons or in registered (orm However, securities issued by any
corporation affiliated wilh the taxpayer shall not be deemed capi-
tal assets (See section 23 (k) (3) and (5),)
Losses on stocks or stock riQktt becamtnc worthless. — If any
■hares of stock in a corporation (except <tock in a corporation
affiliated with the taxpayer), or rights to subscribe for oi 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 taxable
year, ol capital assets. (See section 23 (g) (2) and (4).)
Loises not allownble. — No loss shall be i:cogni?ed in any sale
or other disposition of shares of slock or securities where there
has been acquired substantially identical slock or securities or there
has been entered into a contr.u t or option lo inquire suhst,inti.illy
identical stock or securities within 30 days before or after the dale
of such sale or disposition, except in eases of dealers in stocks and
securities and with respect to transactions made in the ordinary
course of Such business
No deduction shall be allowed in respect o( losses from s.iles or
exchanges of property, directly or indirectly {except in the case
of disiributions in liquidation), between an individual and a cor-
poration in which such individu.il own^. directly or indirecth , more
than SO percent in value of the outstanding stock, or (except in
the case of distributions in liquidation) between two corporations
more than 50 percent in value of the outstanding slock of each
of which IS owned, directly or indirectly, by or for ihe same indi-
vidual, if either one of such corporations, with respect to the tax-
able year ol the corporation preceding the date of the sale 'or
exchange was, under the laws applicable to such taxable year,
( I ) a personal holding companv. as defined in section 501, or (2)
a foreign peisonal holding company, as defined in section 331.
(Sec paragraph (I ) (B) and (C) of section 24 (b).) (For the
purpose ol determining the ownership of stock, in applying this
paragraph, see section 24 (b) (2).)
Cain on sates by a "controlled" corporation. — If (1) properly
is sold or exchanged after May 3, 1951, by a corporation to one
or more of its shareholders, and (J) the propertv in the hands of
such shareholder', is depreciable properly, and (3) such share-
holders, their spouses, and their minor children and minor grand-
children own more than 80 percent in saluc of the outstanding
stock of Ihe 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 m section
117 (j).
Gains and losses jiom involuntary conversion and from the salt
or exchange of certain property used in the trade or business, —
The term "properly used in the trade or business" as used in sec-
tion 117 (j) means properly used in the trade or busir ss, of a
character which is vubject lo the allowance for depreciation pro-
vided in section 23 (1), held for more than 6 months, and real
property used in Ihe trade or business, held for more than 6
months, which is not [a) properly 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 (fc) property held by the taxpayer
primarily for sale to customers in the ordinary course of his trade
or business. Such term also includes limber or coal with respect
lo which section 117 (k) (I) i?r (2) is applicable as well as un-
harvested crops sold wilh 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 ij) provides special treatment for the gains and
losses upon the sale or exchange of depreciable property and ol
land, held for more than 6 months, and for ihe gams and losses
upon ihe compulsory or involuntary conversion of such depreci-
able pioperly and land and of capital assets held for more than 6
months.
The method presiribed in section 117 (j) (2) is to treat such
gains and Io^m^ during the taxable year as gains and tosses from
the sale or exi hange of capital assets held for more than 6 months,
if ihe 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 gams and looses 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 lo mclude the gains and losses to the extent that they
would he included if they were all ordinary gains and losses. 1 he
limilatinns of section 117 (d ) on the deduciibility of capital losses
do not operate lo exclude any such losses from the computation
as lo the excess uf grtins over losses, but all such losses arc included
in full.
For special treatment of gain or loss upon Ihe culling of timber,
or upon the disposal of limber or coal under a contract by which
the owner retains an economic interest in such limber or coal, ice
section 117 (k).
Alternative tax — II for any taxable year the net long-term capi-
tal gain exceeds the net shorl-lerm capital loss or in case of only a
net long-term capital gain, section 117 (c) imposes an alternative
lax in lieu of Ihe normal lax and surtax imposed upon net income,
if and only if such lax is less than (he lax imposed by sections 13
and 13 (rehilmg to normal tax and surtax on corporations), sec-
tions'iOt and Jll? (a) (l)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-
lion 101 organi/:ilions), and section 50(J (rel.tling to surtax on
personal holding companies). Ihe alternative lax is the sum ol
(11a partial tax, coiiipiiled at the normal tax and surtax rates on
ihe net incomi' decreased b\ the amount of the excess of the net
long-lrrm capital gain over the net short-term capital loss, and (2)
26 percent of such excess.
If the total dividends received credit (line 2, page 3, Form
1 I 20 ) IS limited to an amount not in excess of 85 percent of the
adjusted net incomi . such credit, for the purpose of the alternative
lax, should be recomputed by using an amount equal to 85 percent
of the adjusted net income computed without taking inio account
the excess of the net long-term capital gam over the nei shori-term
capital loss The surtax nei income lo be entered on line I 1 on
other side should reflect any change in the total dividends received
credit
Bonds, etc . losses of banks. — In the ea^e of a bank, as defined
in section 104. if ihe losses of ihe taxable vear from sales or ex-
changes of bonds, debentures, notes, or ciriifieates, or other evi-
df nee of ind< imdne^s, issued by any corpor.ition (iniluding one
issued hv a gosernmenl or political subdivision thereof] with m-
lereM rouponi or m registered form, exceed the gains Itom such
sales or exch.inees, such excess sh.ill be considered as an ordinary
loss and deduciilih- m full against other income.
Dealers in set urines Capital nains and ordinary losses. — Under
ihe provisions of \ection 1 17 (n), gain by a dealer in securities from
the s.ile or i-xch.ii>i!i of a security, as definid in section I l7 (n) (3)
sh.ilI in no I'veni he considered as gain from the sali or i xchangc of
a capital asset unless (a) the security is, prior to the expiration of
thi' ihirlieth dav after it; acquisition or after October 20, 1951,
whichever is Liter, clearly idenlifiid in the dealers records as a
security held for investment, and (b) the security is not, at any
lime after ihc erpir.ition of such thirtieth day, held by the dealer
primarily for sate to customers in the ordinary course of ihe 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 lime aftet the thiriielh day following the d.it> i>l i-n.ictmeni of
sui h act the sri urilv w,is clearly identified in ihi de.ili r s record as
a serunty held for investment,
Short salrt of rapilal assrti — For specific rules relating lo the
tax ( I'll*.! i|ue(ii r X nl certain l.-'it s.iles of sIm k or Other si curitiej,
iransactmns in stock or seciuiiiit on a "when issued" basis, and
transai lions in rommodilv fiiinres, sec section 117 (g) and (1)
and ihi n eul.iiKins isoii d iliercundir
Colliipiit'lr f"ifi'"iti-'ns — (iain Irom the sale or exchange of
stork of a collapsil)le corporation as defined in seilion 117 (m)
(2), which otherwise would be ireaii d as a long-lirm capital gain,
will he trraii d under the )ir<ivistoti\ nl s> ■ i II.' i iii i ,n gain
from the sale or exchange of property which is not a capital asscL
■TiNGorrici I9SV o
ISJe,:
IIT-l
FACSIMILES OF TAX EETUKNS FOR 1952
175
SCHEDULE EP (Form 1120)
ttlli^R^'C:' COMPUTATION OF U. S. CORPORATION EXCESS PROFITS TAX
1952
or fiscal year beginning .
FOR CALENDAR YEAR 1952
, 1952, and ending „ , 1953
PRINT PLAINLY CORPORATION'S NAME AND ADDRESS
I, paital Bon* numbsr)
Schedule EP-1.— EXCESS PROFITS NET INCOME AND TAX COMPUTATION
N.. EXCESS PROFITS NET INCOME
Npt income before not oprraliiig Ions dodiictioii (item '.i'2, pnR'' '. I'onn 1 120)
('I'aNpayerH on ii)H(Bllniciil or long-term contract buiniK, bi'O intttnictiuiiu for cloclion under soctiou ASH)
Atljiislmeiil for iiiliTrst on borrowed capital
DodiK'tiuns on ni-i-oiinl of retirement or dii*rhargc of bonds, etc
Deductions attrilnitahle to n grunt or loon by a KO^i^<'i<»<^nlal agency to encourage mnung of certain mlnoralB...
Dcdiii'lion> iiiiilrr reserve inelliod for bad debts, in case ol bniika
Federal income and exccH-i profits ta\ea paid by leasee under long-term lease ~
Dediiclinns all rilmtalile to leehiiical services rendered to related fiireien cortKiraliuuK
Adjiishnenl f<ir interest on certain GovcrnniDnt obligations (see itistrnclions for election under eootion 440 (o))..
Total of lines I lu 8, inclusive -
Partially t.i\ exempt inlcrctit (siini of items 10 {«) and 10 {h), page 1, Form 1120)
Di\ idcnds received (item 7, page I, Form 1 120) less (•>) adjust rncnt for dividends received in kind, (6) dividends received
from foreign personal liolding conipauirti, and (c) dividends received on stock which is not a capital asset
Net opcroling loss deduction for eNcess profits tax purposes (attach 6lalcnicnt.) -
Net gain from sale or cschongc of capital assets (sum of items 13 (a) and 13 (6), page 1, Form 1 120) -. _
Income from retirement or discharge of bonds, etc - -
Refunds and interest on Agricultural Adjnstnicnl Act taxes - -
Income from recovery of certain bad dcbt«
Nontaxable income of certain industries with duplelabic resources (attach statement) _-
Federal income and execs.'' profits taxes received by lessor under long-term lease -
Debts which actually became worthless during the year, in case of banks _
A<ljitslnicnt for blocked foreign income (attach statehienl) -
Ini'omc attributable to a grant or forgiveness of a loan by a governmental agency to encourage mining of certain minerals,..
Inronic attributable to technical services rendered to related foreign corporations
Total of Wnvs 10 to 22, inclusive ~ —
Excess profits net income computed without regard to deductn^ns upplicable to life insurance companies (line 9 minus line 23)
Deductions applicable to life insurance companies
Excess profits net income (line 24, or line 24 minus line 25 ui case of life insurance companies)..
(If return is for less than 12 months, see instructions.)
TAX COMPUTATION
Excess profits credit (line 56. Schedule EP-2; line 67, Schedule EP-4; or line 20. Schedule EP-3.
whichever is api>licable)
(If credit is determined by reference to section 434 (d), section 459. sections 461 through 465,
Part II, sections 470 through 472, Part III. or ecction 474. Part IV, substitute the amount bo
computed. Indicate section or sections , and attach statement.)
Unused excess profits credit adjustment (attach statomcntl..-
Enter total of lines 27 and 28, or $25,000. whichever is larger (see instructions)
Adjusted excess profits net income (line 26 minus line 29)
30 percent of line 30 ■
IS percent of line 26 (if a consolidated return, see mstructiona) _ ■
If return is for one of the first five taxable years, indicate which year , and sw instructions.
(a) Enter applicable percentage
(6) Line 26, not in excess of $300,000. multiplied by percentage on hne (a)
(r) Line 26. in excess of $300,000, multiplied by 18 percent
(d) Total of lines {b) and (c) -
Line 31, 32, or 33 (d), whichever is less ,
(If taxable vear ends after June 30, 1953. see instructions for proration of tax)
If excess profits tax is computed under section 430 (d) D; 460 D; 456 □; or 457(a) Q substitute amount of tax so computed,
check applicable section, ond attach statement -
, Credit for income taxes paid to a foreign country or United States posacasion {attach statement)
Line 34 or 35, whichever is applicable, minus line 36 _
Amount, if any, due to application of section 452 (adjustment in case of position inconsistent with prior income tax liability)-.
Excess profits tax due (line 37 plus line 38, or line 37 minus line 38. whichever is applicable). Enter as item 38, page 1,
Form 1120
Ift— OIlll-l
366266 O - 55 - 13
176
FACSIMILES OF TAX RETURNS FOR 1952
&1
«dule tP-2.— l.XCtSS PROl' ITS CREDIT
BASKD ON INCOME
P«C*2
■1 AXAIILK VKAllrt K.NUIN J ArfKR. MARCH 31, KV\. AND BSFORE DEOEMnPR 1, IBM
1. CALlLsriAH YXA.ll ItHfl
YwJl Kmikh
- lUW
1. CAl.tSnAR VK.Il 11M7
Y»*R Kmikp
HH7
3. CAi.R\nAJ( Vrin 1tM9
YiuR K.siisn
IIMS
Yiah KM'ku
r"
.V FI..UI Yn vn OK 8BOHT
Ykmi
IlfHiin. 1M1)
Kudwl IMO
tiMN*.
$
$
s
s
2. Net o|>iTu(iiiK ioM (leduclioii iiseil in
Coiii|iiiliriK lino 1
3. Not Im-^ ti. Wl.ich HTtinl. 117 (jl !•<
4. ])i'<lii('Ii<iiis uii arooiinl uf rdirtMiicrit or
B. DciliiciioiiM iiiirlfr n-nrrve method for
7. Rei»ayniCTit of proccHariiti tax lo veiid«ps..
8. Piviilctiil^i roroivcil crcilit
8. Alinnrniftl jiniuiin'iil (Icdiictioiis, ric.
(Rll:ioli ^im.'im-ml
10. Almorttiiil ."^xiinifliliiros for iiilatmil>lc
drillinn uti.l ci.'vclo|nnpiit cosIm (al-
tacli Ktftieriifiill
11. Abiioriiial ca-vnalty. deirmlilion, and
—
12. Otlicr aliiiormal dcdiictiutia (attarh
13. Adjustinpiit of atweffiint'iiirt paid by
banks to Federal Dt^posil IiLiuraiice
14. Capiiuli^talion of e\|>ciidtliires for ad-
vprlisitiK or promotion of ROod will
16. Deductions atlribut^iblo to technical
:::::::::::::::;:::::;
17. Ad)ii.>^Iincnt for iiase period losses from
18. AHjiKlnictit for deposits under Mer-
s
$
» -
s
s
20. Dividends received (excluilinR dividends
from forciKn pergonal holding com-
panies, and on stock which m not a
$
»
$
$
s
21. Net nain from sale or exclianRe of capital
22. Income from retirement or discharRe of
23. Federal income taxes received by lessor
24. Debts which actually became worthless
26. Adjnstmcnt for certain c<ml royalties
27 Total of linc.i 20 to 21). iiicliisivf
s
^^^-
$
.?
$ -
s
28. Excefls profits net iitcome (or deficit)
computed without regard to deduc-
tions applicable to life insurance com-
$
s
$
J
$
29. Deductions applicable to life insurance
30. Excess profits net income. Line 28, or
line 28 minus line 29 in case of life
insurance companies. (Substitute zero
for deficit in any year) „
J
$
I
$
s
LliM* 31 and 32 for um ONLY br taapar*" with four full caUndar y«>ra 1M« through 1»4B. or four full Bacal t
31, ApgrcKate of three hiKhe.it amounts on line 30 .._
32. Average base period net income — General average (line 31 divided by 3)
• th« iMt ot whleh anda Jan. 31. Fab. It. or Mar. 91, IfM.
Linaa 33 through 38 for uaa ONLY by tupayan with Iucj
Fiacal raar laipar*'* ahould chaek whalhar cradit !■ computMl (or (a) baa* parlndfjt or {b} altornatlva parlod of 48 months otidlng March 31.
r short taaabta iraara.
IBSOQ.
33. (a) Monthly averace iline 30 divided by .
number of months in ta\able year) ...| S^
(fc) Weighted monthly average (for use
onl> by fiscal year taxpayers using
alu'rnalive period)
34. K'lnil'er of months in each taxable >car
falling in cirhor (a) Imse |>ori(jd, nr ((>)
the aliernalive period
35. NuniU'f of luoi.lhs (a total of M) selected .
36. Line 33 iia'llii)lied by line 35 (liaea! year
taxpayers uning alternative period, see
iiuitriielionsj
37. Sum fif anioimts on line 36
xxzzzxxz
zxzxzxxx
xxxzzxxx
xxxxzzxx
38. A^e^a^;e base period net income — Crenerwl axerage famoiinl
1 line 37 divided by 3)..
Llnaa 3» ihrouch 4* for uaa ONLY by tampava'* claiming aYaraca baaa parlod nat incoma baaad on growth.
I A \ ailable only to a taxpayer which commenced businens prior to the end of it4 base period)
, Total OHfletR at beginning of base period
Fill in line 40 (a). (6). nnd (c) only if line 39 ia $20,000,000 or less.
40. (a) Lost half of base period
(6) First half of l)a.se p«Tiod
(c) percentage which hue (a) is of line (b)..
Fill in lines 41 th:ou(;h AH only if line 40 (r), column 1,
teat regarding prodii
1. Total Patboli
2. Gross RscKipra
: 130 percent or more, or column 2
i not generally axailahle prior to ll«4li is met (sec intilruciions).
41. Excess profits net income for luMt 24 months in base period
42. Line 41 divided by 2
43. Excefts profits net income for lout 12 months In base period
44. Weighted excess prohis net income for first 6 months of 19.10 ffec in.ttruetional
46. Excess profiu net income for last 6 months of 1949 (see instructiona)
46. Bum of lines 44 and 45 -
47. Average hone period net income— Alternative baited on growth (line 42, 43, or 46 whichever id largCKt)
48. 83 jM^rrent of line 47
150 percent or more, or if tbe
49. 83 percent of line 32 or 38, whichever in apphcalilc
50. 12 percent of base period capital addition (line 15, Schedule EP-2 (A))
61. Total of lineK 49 and 60
62. Line 48 or line 51, whichever is applicable
63. 12 iMjrcent of net capilol addition for the taxable year (line 20, Schedule EP-2 (B.)
64. Total of lines .12 and 53
65. 12 percent of net capital reduction for the taxable year (line 24. Schedule EP-2 (B»
66. Ezceaa profit* credit baaed on income (line 54 minus line 55). En^er^on^lfnc27 .Schedule EP-1..
FACSIMILES OF TAX RETURNS FOR 1952
177
P»I»3
inir In computing aacsas profila cr*dll ba»*d on In
contpulad undar Mellon 443. 444, 445,
Schedule EP-2 (A).— BASE PERIOD CAPITAL ADDITION
r.«. T>iU MtMdul. not to l>« u«d If •»»■• b.M p.rlod n.l Incom. U b.«d on r^owth l»-<tlon 435 (•» C
4U. For uaa of thl» Mh.duU In eonn«cllon with MCtlon. 441 and 459. m* In.lnjellon.
2 Total liabilities at boginniiiK of year -
3. Kcniily capitttt at IwgliuiitiR of year (line I miiiiw linn 2) - $
4. 75 percent of borrowed capital at begiiiiiiiig of year
ft Ti>tal of liricB 3 and 4., - -
a Adjustment for iiilorcjit on borrowed capital
7. 75 poroeiit of line 0 - -
8. 75 percent of loana to mcmbora of controlled groupa at b<'KiimiriK of year...
9. Inadniisaiblo aflSftft held at bcainninn of year reduced by 25 ncrcent of the excesa. if
any, of the inadmissible asscta over the amount on line 3 (sec instructions)
10. Total of lines 7, 8. and 9, but not more than amount Do line 5 $^
1 1. Yearly baac period capital (line 6 minus line 10) - | *-
12. Kxccss. if any. of column 1. line 11, over the higher of : (o) column 2. line 11; or (6) column 3, line II
13. 50 percent of excess, if any, of (a) column 1, line 11, or (6) column 2. line U, whichever 13 lower, over column 3, line 11.
14. HoM' period capital addition (sum of linos 12 and 13) ■
Ifi. 12 percent of line 14. Knteron line 50. Schedule I^P-2-v: .::■■■•,— _-:::i.-"---i-—.-.-r „.^-^^-^.....— — -.— -..^^
, First T*X»nLK Ykar
ENDiNn Amu
JUMI 3D. I«S0
Schedule EP-2 (B).— TAXABLE YEAR CAPITAL ADDITION OR REDUCTION
cr^lt ba.«] on Incom.. For compufllon In conn«:Uon wllh Mellon. 443. 443, and 45>, or In th. cm of a d*<
Aceompanlad by an Incraaia in oparatInK a>Mt* (Metlon 4iS Ci». "^ IfWtmetlon*
1. Equity capital at beginning of first taxable year ending after June 30, 1950;
(a) Total assets
(6) Less: Total liabilities
2. Equity capital at beginiiitiK of the taxable year:
(fl) Total assets
{b) Les3: Total liabilities -
3. Borrowed capital at beginning of firwt taxable year ending after June 30, 1950
4 Average daily amount of borrowed capital for the taxable year (attach statement)
5. Average daily amount of money and nroperty paid in during the taxable year for stock, or aji paid-in nurplufl, or as a contri-
bution to capital (attach statement)
G. Excess, if any, of line 2 over line 1
7. 75 percent of excess, if any, of line 4 over line 3
8. Average daily capital addition (sum of lines S, 6. and 7) -■::::■::
9. Average daily amount of distributions during the taxable year not out of earnings and profits of such year (attach statement)..
10, Excess, if any, of line 1 over line 2 ■
1 1. 75 percent of exceas, if any, of line 3 over line 4
12 Average daily amount of increase in certain inadmissible assets held by member of controlled group — ■
13. 75 percent of average daily amount of increase in loans to member of controlled group
14. Average daily capital reduction (sum of lines 9. 10. 11, 12. and 13) - ::
15. ToUl inadmissible assets at beginning of first taxable year ending after June 30. 1950..
16. Average daily amount of inadmissible assets for the taxable year (attach statement)....
17. Excess, if any, of line 8 over line 14
18. (o) Excess, if any, of line 16 over the Bum of lines 12 and 16 (sec inatructions)
(6) Line 17 minus line 7 —
(e) Excess, if any, of line la) over line (6) ~
(d) 25 percent of line (c)
(e) Line (a) minus line (d)..
19. Net capital addition for the taxable year (line 17 mlnuH line 18 (e))
20. 12 percent of line 19. Enter on line 63, Schedule EP-2 ■- -
21 Excess, if any, of line 14 over line 8.
22. (a) Excess, if any, of line 15 over line 16
(fc) Line 21 minus sum of lines 11 and 13
(c) Excess, if any. of line (a) over line (ft)., _
(d) 25 percent of line (c)
(e) Line (a) minus line (d) j —
23. Net capital reduction for the taxable year (line 21 minus line 22 (e)) |^
24. 12 i>ercent of line 23. Enter on line 55, Schedule EP-2 ■
Schedule EP-3^ALTERNAT1VE EXCESS PROFITS CREDIT OF REGULATED PUBLIC UTILITIES (Section 448)
1 Equity capital at beginning of the taxable year:
(a) Total assets
(6) Less: Total liabilities -
2. Average daily amount of money and property paid in during the taxable year for stock, or a=) paid-in surplus, or as a contri.
bution to capital (attach statement)
3. Recent loss adjustment (attach statement)
4 Total of lines 1, 2, and 3
5. Average daily amount of distributions during the taiable year not out of earnings and profits of such year (attach statement)....
8. Line 4 minus line 5 - - '
7 Adjusted invested capital based upon prescribed uniform system of accounts: •
(a) Average outstanding capital stock for the taxable year (attach statement)
(b) Add; Capital surplus and earned surplus at beginning of the Uxable year.
8. Average daily amount of borrowed capital for the taxable year (attach statement) — .
9. Sum of line 6 or line 7, whichever is applicable, and line 8 —
10. Applicable rate under section 448
11. Line 9 multiplied by percentage on line 10
12. Reduction for interest on borrowed capital for the taxable year (atUch aUtement) —
13. Line 11 minus line 12,
14. Average daily amount of inadmissible assets for the taxable year —
15 Average daily amount of total assets for the taxable year (attach statement)
16. Percentage which line 14 Is of line 15 - -
17. Line 13 multiplied by percentage on line 16„
18. Line 13 minus line 17
19. Federal income tax (item 35, page 1, Form 1120) _
20. Excess profits credit (line 18 plus line 19). Enter on line 27. Schedule EP-1
t.
178
FACSIMILES OF TAX RETURNS FOR 1952
ScheduJe EP-4.— EXCESS PROFITS CREDIT BASED ON INVESTED CAPITAL
Page 4
^"': . , , '-'?" * 'hrouth 27 lor t.v>r*" u*ln| ■*.«•»" mathod.
1. Lqiiily cai^ital at bc^innii)^ of tlie laxAlilu year:
$
(a) Total afscts
S... .
(b) Less: Total liflMlUips
2. AveraRB daily amount of money anrl property paid in during the tdxable year for stock, or aa paid-in surplus, or aa a contribu-
tion to capital (aitacli statement)
3. (a) Average daily air,r,unt of Iwrrowcd capital for the taxable year (attach Btatement)
(6) 75 perreiit of line 3 (a)
s 1
4. Ilccent loss adjustment (see iastructions)
5. Total of lines 1, 2, 3 (6). and 4
6. Average daily anioimt of distributions dtiring the taxable year not out of carriinga and profits of such year (attacli statcuw
7. Line 5 minus line 6
lit)
$
Un.. ■ throufh 27 for u.« onir U ainount on Iln. 7 !• OT.r «S.OM,O0g.
(a) Total assets
(b) Uss: Total liabilities
9. Excluded capital paid in after beginning of first taxable year ending after June 30, 1950, and prior to the taxable year
10. Borroned capital at beginning of first taxable year ending after June 30, 1050
s
$
11. Excluded borrowed capital at beginning of first taxable year ending after June 30, 1950 (see instru
12. Average daily amount of excluded borrowed capital for the taxable year (attach statement)
tions)
s
s
13. Averaiie daily amount of excluded capita] paid in during the taxable year (attach statement)
SL
14. Excess, if any, of line 2 over line 13
$
15, (o) Excess, if any, of line 1 over line 9 _
(b) Excess, if any, of line 15 (a) over line 8 _
s 1
16. (a) Excess, if any. of line 3 (a) over line 10
(b) Excess, if any. of line 12 over line 11
s
{(■) 75 percent of exccs.s, if any, of line 16 (a) over line 16 {(.)
17. Average daily new capital addition (sum of lines 14. 15 (b). and 16(c))
»
18. Average daily amount of di.itribution shown on line 6 above
$.
19. (a) Line 8 plus line 9 1$ 1
(b) Excess, if any, of line 19 (o) over line 1
20. 75 percent of exccps, if any. of line 10 over line 3 (a)..„
21. Average daily new capital reduction (sum of lines 18. 19 (b). and 20)
$
22. Total inadminHble assets at beginning of first taxable year ending after Juno 30, 1950
»
J.
23. Average daily amount of inadroisaible aswets for the taxable year tattach statement)
s
—
24. Excess, if any. of line 17 over lino 21 (see instructions)
25. (a) Excess, if any, of line 23 over line 22
s
ib) Excess, if any, of line 24 over line 16 (c)
s
(r) Sum of line 20 and line 24
(rf) 25 percent of excels, if any, of line (a) over line (b) or line (c), whichever is applicable
$
(e) Line (a) minus line (rf)
26. Net new capital addition (excess, if any, of line 24 over line 25 (e))
s
27. Line 7 niinns line 2f>
s _
Un*a 2» throuih SB for U>p«yar> «l*clln| th* "hiatoriul" mathod.
Equity InvcBted Capital at the Begijuiing of the Taxable Year
28. Money paid In for stock, or as paid-in surplus, or as a contribution to capital
$
29. Property paid in for stock, or as paid-in surplus, or as a contribution to capital
30. DiJ:itributions of earnings and profits in stock of the corporation...
31. (a) Accumulated earnings and profits
s
(b) Adjustment for transferor's deficit under Mction 458 (0 (4)
s
(c) Increase or decrease under section 472 (d) (1) on account of intercorporate liquidation
s
(d) Accumulated earnings and profits (Une 31 (o) as adjusted by line 31 (6) and (c))...
82. Increase on account of intercorporate liquidation under section 472 (d) (2).
83. Deficit in earnings and profits of another corporation under section 458 (d) (5)
84. Total of lines 28 to 33
85. I^'ss: Distributions made prior to the taxable year not out of accumulated earnlnKs acd profits
s
$
30. Earnings and profits of another corporation required to be deducted by section 4.')8 (e) (3)
37 Decrease on account of intercorporate bquidation under section 472 (d) (2)
38. Deficit included in invested capital of another corporation (section 458 (e) (4))
39. Total of lines 35 to 38...
40. Equity invested capital at beclnning of the taxable year (line 34 minus Ime 39)
■^- -,-
I
Average Ad<iition to Equity Invested Capital During the TaxaJjle Year
$
41. Money paid in for stock, or as paid-in surplus, or as a contribution to capital
s
42. I'roperty paid in for stock, or as paid-in surplus, or as a contribution to capital
43 Dirtribulionp of earnJiiEft and profits (other thau earnings and profits of the taxable year) in stock of
the coiporation (see line 49, below)
44, Increa«e on account of intercorporate liquidation under aectlon 472 (d) (2)
46. Deficit in carninKS and profitH of another corporation under section 458 (d) (5)
46. Total additions in lines 41 to 45
47. Total of lines 40 and 46 _,..^
: :.■:
s
Average Reduction in Equity Invested Capital During the Taxable Year
^""
48. Distributions not out of earnings and profits of the ta.vable vcar
s
49. Stock dictribulions from accuniulated earnings and profits at bcRinning of year (hoc line 43 above)
60. DecreBflc on account of intercorporate liquidation under suction 472 (d) (2)
61. Deficit in earnings and profits included in iuveKted capital of another cor[>oral ion (section 4.'*8 (e) (4)).
62. Total rcduttions in lines 48 to 61
.:;::;::::;;::;;: i
63, Equily invested capital (line 47 minus line 62)
s
54, 7.'i percent of average borrowed capital
fK.1 AveraKe inveytfd capital (line 63 plus line 541
$
Line 7 or line 27. wliichever Is applicable (or line 65 if tlic taxpayer elects the "bistorical" tnclltod)
Portion of lint- 50 not over M.OOO.OOO
Porlion of line 56 over $5,000,000 but not over »10,000,000
Portion of line 66 over $10,000.000 „
Total of lines 57, 58, and 59
Average diiily amount of ina^hniHiiblo a«selH for tlic taxable year I ;
Average dailj amount of total a-wti- for the taxable >ear (attach statement) I :
PcrcentaKC «hirh line 01 Ih of line 02
Reduction on aicount of inadmissible atiKCts (line 60 multiplied by percentage on line 63)
Line 60 minus line 04 _
If line 7 Ik more than S.'i.OOn.OOO, cnlcr 12 percent of line 20 (applicable only to "aHwt" method)
Eacews proIilH tredit ba^ed on Invented capilal (line ti.'i pli is line (iO). Enter on line 27. Schedule EP-
Enter
Enter
EnUT
12 iM-rcent..
10 iMTcent..
8 [M-'rcent...
FACSIMILES OF TAX RETURNS FOR 1952
179
!•„„ 5 .nJ t f b. d.uch«l „„U- .ppU..U.n I. b.l„, m.d. .<., .h. b.~6.. o< -cU." ««2. 44J. 444. «5. » «<k „^^ „ „
AVERAGE BASE PERIOD NET INCOME COMPUTED ON BASIS OF INDUSTRY RATE OF RETURN
Sch«lule EP-5 (A).-NEW CORPORATIONS (Stction MS)
P>(«S
Schedule EP-5 (A) m.y be used bv any taxpayer (other .h.n.n "ineligible corpor.ti^^^^ com
need business after April 1, 1946. For application
''S-s^:^i^^^^^^^-^^^^i^'i^^'--^-^^
(a) AlUch statement setting forth io detail all grounds upon
(b) On what date did taxpayer commence business?
(e) List each prior Uiable year for which required to Ble iDcomo tax return:
Year ended ■ 19 1 ' '
M Did the taxpayer o„ or after December 1 1950, and prior to the end of \^ ^^I'^X'^irZ.'^Z:,,/..- ..i^r^e...^ business in the current
described in sectiou 445 k ? Answer "yea" or "no ) k,, j^ ii^" i thrnii'ah 10 "-- '"*^'' ■ - - -. --• :' -"-H
taxable year or in one of the two immediately preceding taxable years fill in lines t»irough 10.
business before the beginning of the second preceding taxable year, fill .n lines 11 through 16.
y properties in any of the transactions
nmenced business in the current
If answer is "no." and if taxpayer commenced
nd of laat taxable year ending prior to July 1, 1950
2. Net capital addition for current taxable year (see instructions) - -
3. Total of lines 1 and 2 - - - - ""
4. Net capiUl reduction for current taxable year (see instructioDS)
5. Line 3 minus line 4 " -Ia J f
6. Taxpayer's industry classification (see instructions) • ase pen
7. Line 5 multiplied by the percentage on line 6
8. Reduction for interest (see instructions)
9. Average base period net income {line 7 minus line 8) -
10 S3 percent of line 9. Enter on line 56. Schedule EP-2 -,--■ :-^-.
n Total assets at end of last taxable year ending prior to July I. 1950. or at end of third taxable year, whichever la later
12. Taxpayer's industry classification (see instructions) = Base period rate of return.
13. Line 11 multiplied by the percentage on line 12
14. Reduction for intcrtst (see instructions) „
15. AveraKC base period net income (line 13 minus line 14).
IF.. 83 percent of line 15. Enter on line 51, SchpHule EP-2
SCHEDULE EP-5 (B).- ABNORMALITIES DURING BASE PERIOD (Section «2)
Jul. .hould b. UMKJ only by . t.»p«rT which comm.nc^l bu.lfi.^ or. or t«fcr. th« hr.l d.y ot O'—
Thl» BchMli -. . ■ .
W Attach .ta.en,ent setting forth ,n detail .11 grounds upon '>'«''"'» <''"f''^'*';',/Pf';Sttecur"'ce eX'Im^d'iSv'pMir 'to or durin. a base
6) If normal production, output, or operation was '"''""P''J °' '''",^:7'l«^,^f,'/^* °/,J™ statement a de.,iription of the events and
period taxable year, of events unu...ual and peculiar l^'hs "l«7'«"« »' " ' "'P?f//' ^^^^^ „,,,„„ or operation wasadversely affected; and
■■ "•<■ occurrence, md.catc the taxable >«l"J"_l\^'^t\\'^;'^lf„V'^h!ch w£ Tedu^^^^^^^ profits net income increased)
the time of their v^..^^ , — .-, - c. .--
indicate the taxable years in the base period the excess profits net i
by reason of such events,
(c) If the business of the taxpayer ^
the taxpayer, include in such stalemei .
i depressed in a ba..c period taxable year because of temporary economic frcuin!
.lement a description of such events and the time of their occurrence; indicate the t
which was reduced (or deficit in excess profits net income increased) by rea.son of
instances unusual in the case of
taxable years in the base period
" such events.
duction, or output, or operation, and indicate the lime of their occurrence
1 Excess profits net income or deficit (line
28, Schedule EP-2),-
2. Monthly averase (line 1 divided by
number of months in taxable year).
3 Number of months aft«r Dec. 31, 1945.
and before Jan. 1. 1950. in each taxable
year (fiscal yearsending Jan., Feb,,and
Mar., 1950, see instructions)
4, En lor from 3 above, the highest 36 consecu-
tive muntha or the 36 months remaining
after eliminating lowest 12 conse*:ulive
months (Bee instructions as to deficiu)— .
5 Number of months on line 4 in a tax-
able year the excess profitJi net income
of which was adversely affected by an
abnormality
6 If eliKibility la claimed under section
442 (h). enter 12 months subject to
adjustment.
TAXABLE YF.AR9 F.NniMO AFTRR MARCU 31. 1M8. AN'U BEFORE DECEMBER 1. 1950
I. Calkndab YiAB iMn
Oti
YlAR E.NDID
2. Calsndar YlAR IMT
OR
Ybar Rnded
. CALK.SDAR YXAR l»48
Y«ar Rnoid
4. CALBNDAB YKaR IMS
Ybab Endbd
IMB
, Fiscal YlAR OB Short
YtAB
Bboum _- 1MB
Endrd 19»
ir total nunib«r o( month* ant^r^ o
7. Total assets at end of each taxat'le year
for which an entry is made on line
5 or 6 (see inslructions)
8. Taxpayer's industry classification (see
instructions) .- --■-
Base period yearly rate of return for
each taxable year for which an entry
is made on line 7
0. Line 7 multiplied by the percenUge on
lines
10. Reduction for interest (see instructions).
• 10
a 7 throuih 17i If
than 12 moTith*~fiU In Un.. 22 through 3>. Rnd Una 30 W appllcabU. If •Uilbllltr U
442 (h). fill In llnM 7 throuih 12 «n<l 18 thtwifh 21
13.
1 1. Line 9 min
12. Line 11 divided by 12
110 percent of line 2 (substituting zero
for anv deficit) ■
14. If line 12 exceeds line 13, enter amount ot
substitute cxci-sh profiUn net income
(line 12 multiplied by line 5)
15. Line 2 (substitutint zero for any deficit)
multiplied by line 4 but where an
amount appears on line 14. enter such
amount... —
16. Aggregate of amounts on line 15 divided by 3
17. R3 percent of linejfl. Enter on line 49. Schedule KP-2.........
Line 12 multiplied by line 6 ----.-■
Line 2 (Bulistiluting zero for any deficit)
multiplied by the excess of line 4
hne "
Awregate of amounts on lines 18 and 19 divided by 3 but not in excesa of 50 percent of .Bg..B.te ot amount, on Une 19..
83 percent of line 20. Enter on line 40, Schedule EP-2..
20.
21.
22 Total as.sLl.s at end of each taxable year
cndinK b.'forc July 1. 10.10
23 fntercHt paid or accrued for each taxable
year for which an entry ih made on
line 22
t
$
24. AveraKe of amounts on line 22
25. Taxpayer's industry classification (sec inslructii
.^^. _ : Ita.w period rale of return..
2?: uZ':, X^'-'I.---" ir t! online i3 ;nui.J,if^;;^T2 .ni^;;d«i-by-ti.i-n„;;;i;.r or rnon.,^
which entries arc made on line 22)
28. Line 26 minus line 27 ; ;. ■.;
29. 110 percent of line 32. or li,.c 38, Schedule El'-2, whichever i> •PPl'«'>'>»-
30. K3 percent of line 28. Compute only if line 28 is larger than hne 29. »-
Enter on line 51. Scliedule El'-2 .
180
FACSIMILES OF TAX RETURNS FOR 1952
AVERAGE BASE PERIOD NET INCOME COMPUTED ON BASIS OF INDUSTRY RATE OF RETURN
Schadul** £P-5 (C> ihrouch (t) ihould t.* uted only br • laipayar whIcK conimancad bua(r>*(i on or baror* tiia Aril day of lla baH pariod
Pate 6
Schedule EP-S (C).— CHANCE IN PRODUCTS OR SERVICES (Section 443)
(a) Attach btatement scttioK forth in detail all grounds upon the ba-is of Hhtch Ihii ajijilicatioii for tht bcnt-fitH of section 443 ia made.
(b) Iijclndc JiJ such Ktat^mcnt full details coiiceriiin^ the nature and cfToct of the chanse or changes in the taxpayer's products or serviceH upon which this
application is based.
(c) Indicate tho date upon which the taxpayer's Rroas receipts first reflected such chance or chani^es
(d) List the three taxable years inutiediately preceding the yoar with respect to which taxjiaycr claims qualification under section 443, and check year
in which substantial chant^e in pruducta or services furnished by the taxpayer fir^it occurred:
BeRinnifig — - - Ending .
-a
-D
1. (a) DeAJK'iBte ths taxable year nith rr-;pect to which taxpayer claij
under section 413 (a):
lleKintiini{ and etidtni4
(fc) Gross income
(c) Net income
Fill in linea 2, 3, and 4 only if column 3, line 1 (b) is more than 40 percent, or if colnmn 3, line I (c) ia more than 33 percent.
1 .\MOVST
2. NL-MBiflor Mo.-'THS
3. Monthly AviKAna
2. Excess profits net income for taxable year dcM^natrd on line 1 (a). fSee instruction^) ...
3. AKereijate excess profits net income for deficit) for those taxable years ending within
the base period and prior to taxable year iu which firot change occurred. {From
liue 28. Schedule KP-2.) ,
$
$
4. 125 percent of colunm 3, line 3 -
$
Fill in lines 5 through 10 only if column 3, line 2. exceeds line 4.
6. Total assets at end of taxable year desinnated on line 1 (a) , or at end of last taxable year endiUK prior to July 1 , I O.'tO. whichever
is later -..-
6. Taxpayer's industry classification (see instructions) ; Base period rate of return .
7. Line 5 multiplied by percentage on line 6 ,
8. Reduction for interest (see instructions)
9. Average base period net income (line 7 minun line 8)
10. 83 percent of line 0. Entrr on line .51. Sehedulc KP-2 ■ - ..-
Schedule EP-5(D).— INCREASE IN CAPACITY FOR PRODUCTION OR OPERATION (Section 444)
(a) Attach statement setting forth in detail all trou'jds upon the basis yf which this application for the benefits of section 444 is made.
(b) It application is based upon increase in capacity for profluction or operation resulting from replacement of or addition to facilities (section 444 (b) (1)),
or upon such an increase in capacity in conjunction with an increase in the aKKreijate adjusted basis of total facilities of the taxpayer (section
444 (b) (2)), include in such ntatemeiil a detailed description of the method UBed in determinini{ capacity at the bei^iinilnK and end of the 36-
monlh period involved and a schedule showing the adjusted basis of facilities held at the beginning and the adjusted basis of facilities held at the
end of such period.
(c) If application in based upon inrrpAse in capacity for production or operati<jn evidenced by an increase in the accreeate unadjusted basis of total
facilities of the taxpayer (section 444 (b) (3j), inclmie in such stateim-nl a scliednle showing the unadjusted basis of facilities held at the beKinidng
and the unadjusted basis of facilities held at the end of the 36-ino)itti |)eriod invulved,
Capacity for production or operation. (Do not include in column 2 any increase
over column 1 not due to rejilaceiiients or additions to facilities.)
Indicate unit of measurement
Adjusted basis of total facilities —
Unadjusted basis of total facilities
Fill in lines 4 lhrout;h 9, only if fa) coli
, L*flT DaT or TwBLfTH
MONTFf IN Bask
I'tHlIX)
J..
, l,A8T 1>AT or FOJ
EinBTB Month i«
Basi I'xnioD
3 COLrMN I AB A
PtKCBMAOC or
Column 1
imm 3. line 1, is 200% or more; or (b) column 3, line 1, and column 3, line 2, arc both 150%
200% or more.
or more; or (c) column 3, lim
. To.taf assets at end of last taxable year endhiR prior to July 1, 19-^0
, Taxpayer's industry classification (see instructions) ; Itese period rate of retiin
. Line 4 niulliplied by purceiitaKe on line 5
. Reduction (or interest (sec instructiOFi-.)
. AveraKe base period net incurue (line 6 minus line 7)
. 83 i>crcent of line 8, l:r.l.-r on line .-.1. Seherluh- 1-.P-2
Schedule EP-S (E).— DEPRESSED INDUSTRY SUBGROUPS (Section 446)
<o) Attach statement xcttinn forth in detail all Rrounds upon the basis of which tU'n application for the benefits of section 446 is made.
(6) Include in Huch statement the ftmonnt of taxpay';r's ijross receiptfl for each of the taxable years bottinninj{ with or within the base period and the
amount of such receipts altributiiblc to the fleprcssed industry snli'.;roup of nliich the taxpayer is a member. Include a coniplete description
of the products or services the Kross ruceijits from which are attributed to a dcprcs-sed industry subgroup.
Veir ended
IB40
1047
1948
94»
ISSO
UmN*.
1. ToUl a^t*-tH ftt pud of eAch tavublp vcar
eiidlr.L. ntt.r 111.- I.i'i;i..i.ii.ir i.f the \m>':
pt-rio.! and Ijcfyrc .lulv 1. I't'-O
s
$
t
»
t
2. IntcTCNt |)ai<l or iiciTuod for /iicli Ihx-
alilc yoar for wliicli an entry i^ niado
$
{
»
S
»
3. AvcraKO of aninnntn on line 1
4. Taxpayf-T'M iridnntry niihuronp (m-i- inxtrii
6. Line 3 tniiltiplicd l.y n^^rcntaue on IJnp -1
6. liiterent adjiintiNcnt (aKt^icunte of anioiii
for wliicli I'lilrics arc made on line 1)
7. AveraKe Uum: period net ineuine flinc -j n
8. 83 rM:reiTil of line 7. linler on line.'.l. St
$ .. ._
Adjimted rate of return .
tit on line 2, mil
s
llplicit Ity 12 and divided by total nuinl>er of inoiitbn in uxahle ycara
s
hed.ile r;i'-2
s
FACSIMILES OF TAX RETURNS FOR 1952
COMPUTATION OF YOUR
References are to the Internal Reve>
cue Code, unless otherwise indicated.
1951
U. S. Corporation Excess
J^tOjlTS JL dX on Schedule EP (Form 1120)
181
PAGE 1
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 1120 provides a test by which a cor-
poration may determine whether it is required to file Schedule EP
(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 filled with, and as a part of, its return on Form 1 120.
B. CORPORATIONS WHICH MUST FILE SCHEDULE EP
(FORM' 1120). — (1) General rule. — Every corporation (c.icept
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 11^0) 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)
may be required even though the amount on line 8, Schedule K,
on Form 1 120 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, are exempt from the excess-profits tax:
(a) Corporations exempt from tax under section 101 (whether
or not subject to tax under Supplement U) ;
(6) Foreign personal holding companies as defined in section
331;
(c) Regulated investment companies as defined in section 361
without the application of section 361 (b) (4) ;
(d) Personal holding companies as defined in section 501;
(?) 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 (fc), (c), or («), above, shall file with its return
a statement setting forth the facts upon which it relics.
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 immidiatily prirrrling the close
of the taxable year (or for such part thereof during whirh 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 facts upon which the corporation relies to establish that
such trade or business was actively conducted by it, and (4) the
amount of its gross 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 corporation which claims exemption from excess profits tax
under paragraph {g) , above, shall attaA 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.
(A) Any mutual savings bank not having capital stock represent-
ed by shares; any domestic building and loan association, domestic
saving and loan association, or Federal savings and loan associa-
tion, substantially all the business of which is confined to making
loans to members; and any cooperative bank without capital
stock organized and operated for mutual purposes and without
profit.
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
1952 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 corr»«
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 profits credit under section 448 only.
D. PERSONAL SERVICE CORPORATIONS.— (1) Taxation
of personal service corporations. — A personal service corpoiatir.n
is subject to the excess profits tax the same as any other domestic
corporation unless it 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 gi'iiip
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 p,iid-in surplus or as a contribution to capital, and
the amount of acrumulated earnings and profits as of the close of
the year shall be correspondingly ridured if such amount or any
portion thereof is requind 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
clft— 87310-1
182
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 2
income of which is to be ascribed primarily to the activities of
shareholders who (a) are regularly engaged in the active conduct
of the affairs of the corporation and (fe) are the owners, through-
out the entire taxable year, of at least 70 percent in value of 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
8uch 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,
such corporation cannot be considered to be a personal service cor-
poration. As to corporations in which less than 50 percent of the
gross income is derived from trading as a principal, see instructions
for Schedule PS (Form 1 120).
(3) Returns. — A personal service corporation should obtain
Schedule PS (Form 1120) from the director and file it with, and
as a part of Form 1 1 20.
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 jtpplicable.
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 taxable 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; (6) 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; (b)
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.— (a) Credit based ori 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 thfe 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 average 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.
{by 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 an<^472.
SPECIFIC INSTRUCTIONS
The following instructions 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 1 120. 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 adjustment 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
an this line by a regulated public utility computing its excess profits
credit under section 448.
(a) Income credit. — In general, section 433 (a) (1) (O) 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) .
(fr) 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 m-
ol»— fl731CV-I
FACSIMILES OF TAX RETUKNS FOR 1952
183
dcbtcdncss, 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;
(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 deduct-
ible for such year solely because of such retirement or discharge.
In making this adjustment, 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-
mental 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 by 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 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) .
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 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 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 frorp 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 sum
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 tech-
nical assistance, engineering services, scientific assistance, or similar
services (such services or assistance being related to the production
or improvement of products of the tvpe manufactured by such do-
mestic 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 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 "related foreign corpora-
tion" if 10 percent or more of its outstanding stock is owned by
the domestic corporation.
PAGE 3
8. Adjustment for interest on certain Government obligations. —
Section 433 (a) (I) (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 obligations during the taxable year over the sum
of (a) the amount of interest paid or accrued during such year
which is not allowed 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 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 credit 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).
10. Partially tax-exempt interest. — Enter on this line the sum
of the amounts reported in items 10 (a) and 10 (b), 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.
n. Dividends received. — The purpose of this adjustment is to
exclude dividends, 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 the exceptions and limitations specified in
section 122 (d) (1), (2), (3), and (4), and computed without
regard to section 433 (a) (1) (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 operating 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 from 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 I, 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), shall be computed without regard to the net operat-
ing loss for anv taxable year ending before July 1, 1950, and the
net operating loss carrv-over specified in clause (c) shall not be
allowed as a net operating loss carrv-over to any taxable \ear for
which the excess profits credit is not computed under section 435
(relating to the excess profits credit based on income) and is not
018— e731(>-l
184
FACSIMILES OF TAX RETUKNS FOR 1952
PAGE 4
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. Accordingly, the amount
to be entered on line 13 is the sum of items 13 {a) and 13 (6),
page 1, Form 1120.
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 Act
taxes. — Section 433 (a) (1) (E) provides for the exclusion of
income attributable to 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 bat! 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 I, 1950, shall be reduced to an amount which
is the same fH-oportion 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 instruc»ion 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 (6) 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
paragraph 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. —
(a) 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^ 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 refjulations 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 release may be renewed or continued. See
section 434 (d).
(f) 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, (4) television broad-
casting companies, and (5) preserving defense capacity and in-
creasing capacity for manufacturing peacetime products from cer-
tain strategic and critical metals. There is no separate schedule
provided for computation of average base period net income under
section 459. A taxpayer computing average base period net in-
come 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 addi-
tions or reductions 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 section 459 is satisfied and all the facts upon which
the taxpayer relies. For definition of adjusted basis and unad-
justed 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 adjt-sted 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 for 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 44 through 48 and lines 52 through 56 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 45. If the aver-
ol»— «7310-l
FACSIMILES OF TAX RETURNS FOR 1952
185
PAGE 5
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
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 33
through 38 and lines 49 through 56 of Schedule EP-2, and should
enter on line 33 (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 hne 33 (a) for each month
XD 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 44
through 48 and lines 52 through 56 of Schedule EP-2 as a guide
but substituting on line 45 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-
tion was continued 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-
f)enses paid or incurred in connection with its mechanical, circu-
ation, 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 period net income by ascertaining the amount under
section 435 (d) (line 32 or line 38, 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 newspaper
operations during the two 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 anv 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 32 or 38 in determining the amount to be
entered on line 49 of Schedule EP-2. Lines 53 through 56 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 38) as a guide. In making this
determination, there should be excluded from each item on lines
1 through 30 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 multiplying 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 net
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 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 taxpa\er 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
oin — 07310-1
186
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 6
used for such acquisition. For this purpose, the excess profits net
income for any month shall be attributed to such assets on the 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.
For application of Part II in the computati(A of a credit under
section 459 (d), see regulations.
For definition of "assets" see instruction 7, Schedule EP-5.
(5) Companies preserving defense capacity and increasing ca-
pacity for manufacturing peacetime products from certain strategic
and critical metals. — Section 459 (f ) provides for the computa-
tion of an alternative average base period net income in the case
of certain taxpayers which commenced business on or before Jan-
uary 1, 1936, and since such date have been primarily engaged in
manufacturing. In general, a taxpayer must establish that —
(i) the percentage of its purchases of raw strategic and critical
metals was 80 percent or more for each of the taxable years begin-
ning with or within its base period ;
(ii) its average monthly excess profits net income, computed as
provided in section 443 (e), for the period comprising all taxable
years ending with or within the first 24 months of its base period
was 250 percent or more of its average monthly excess profits net
income, computed as provided. in section 443 (e), for the period
comprbing all taxable years ending with or within the last 24
months of its base period ;
(iii) the adjusted basis of its total facilities at the beginning of
its base period (including the facilities of all members of the tax-
payer's affiliated group) did not exceed $10,000,000; and
(iv) the adjusted basis of its total facilities on the last day of
its base period was 180 percent or more of the adjusted basis of its
total facilities on the first day of its base period.
For the purpose of section 459 (f), the term "strategic and
critical metals" means copper and zinc (including scrap containing
such metals).
If section 459 (f) is applicable, the Uxpayer may compute iu
average base period net income under section 435 (e) (2) (E) and
(F) using lines 44 through 48 and lines 52 through 56 of Schedule
EP-2 as a guide but substituting for the excess profits net income
for the last six months of 1949 (line 45) an amount computed by
multiplying the excess profits net income for the last six months
of 1946 by the percent determined by dividing the adjusted basis
of its total facilities on December 31, 1948, by the adjusted basis
of its total facilities on the first day of its base period. The aver-
age base period net income as so computed is limited, however, to
an amount which is not in excess of 80 percent of the excess profits
tax net income for its first taxable year ending after June 30, 1950.
If the average base period net income is computed under section
459 (f ), no base period capital addition is allowed.
(<0 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 income in
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 computa
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. If the taxable
year begins before July 1, 1953, and ends after June 30, 1953,
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 before
July 1, 1953, 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, ^r 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 excess 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 (6) 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, transfer 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).
el»— «T310-I
FACSIMILES OF TAX EETURNS FOR 1952
187
31 and 32. Computation — General rule. — Section 430 provides
that the excess profits tax shall be the lesser of the following:
(a) 30 percent of the adjusted excess profits net income, or
(6) 18 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.
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 b computed as
follows: (<2) 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 18 per-
cent of the excess over $300,000. For the first five taxable years
of the corporation, counting as the first year the year of com-
mencement 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 18 percent.
The alternative computation of the maximiun 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 year 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.
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).
34. Proration of tax. — In the case of a taxable year beginning
before July 1, 1953, and ending after June 30, 1953, the excess
profits tax will be an amount equal to that portion of a tentative
tax determined under section 430 (a) as the number of days in
such year prior to July 1, 1953, bears to the total number of day»_
in such year.
35. (a) 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.
(ft) Corporations engaged in mining of strategic minerals — Sec-
tion 450. — In the case 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.
(f) Abnormalities in income in taxable period — Section 456. —
The Act provides an adjustment for certain abnormalities in
PAGE 7
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, formula, or processes, or any
combination thereof, develoi>ed 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 >ear 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.
idy Contracts under Merchant Marine Act — Section 457 (a). —
The law provides for an alternative tax in the case of a corporation
which has been certified by the Federal Maritime Board to the
Secretary as having completed within the taxable year any con-
tracts 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 (computed as pro-
vided in section 457 (b) ) is the excess of (1) a tentative tax com-
puted under section 430 with the normal-tax net income increased
by the amount of any pa>inents made, or to be made, to the Board
with respect to contracts or subcontracts 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 the alternative tax pro-
vided under section 457 (a) shall attach to its return (1) a cer-
tificate 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).
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 Avhich 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. — Generallv, 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 years ending
before Julv 1, 1950; and (2) the treatment of such item in the
prior taxable year or years consistently with the determination
for the puiposes of the excess profits tax would cfTect an increase
or decrease in the amount of the income taxes determined for the
prior taxable vear 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
cl»— 67310-1
188
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 8
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 year 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 respect to whom the determina-
tion is made. However, cither position must be inconsistent with
the treatment accorded such item in the prior taxable year or
years which was not correct under the law applicable to such year,
(f) Method and e£Fect 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
attrib^itable 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 adopted.
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) 83 percent of the average base period net income;
lb) 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) 12 percent of the net capital addition for the taxable year, as defined in section 435 (g)(1)-
From the sura 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 caseis the average of the taxpayer'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) iftay 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 ^Iso 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. _ _ i- • • u u
In certain 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 (felating
to new corporations), or section 446 (relating to depressed industry subgroups. For compuUtion under these sections, see Schedule
EP-5. Section 459 contains miscellaneous provisions providing for computation of average base period net income applicable to certadn
classes of taxpayers. (See instruction 27 (c), Schedule EP-1.)
The base period is the period January I, 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.
Schedule EP-2 has, for convenience, been drawn up in columnar form and provides five columns. 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 taxable 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. ..,,,,>. j- u u l j
In the case of a corporation which has been a party to a transaction described in Section 461 (a), the credit should becomputed
with reference to sections 461 through 465. For rules applicable in the determination 6f the credit under section 435 (d) in the case
of certain taxable acquisitions, see section 474. • j •
In the case of a foreign corporation, the excess profits credit based on income is 83 percent of the average base period net income
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 1 120, for 1946 and 1947,
and on line 5, page 3, Form 1120, for 1948 and 1949, taking into
consideration any silbsequent 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
for 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 Tor 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 2 1 .
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 expense!
paid or incurred in connection with such relireraent or discharge;
(fc) 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 such year solely because of such retirement or discharge.
In making 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 line 24.
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 23 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
»!•— e781l>-l
FACSIMILES OF TAX EETURNS FOR 1952
189
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
railroad 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
deductible 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 20.
As indicated above in this paragraph, the dividends received do
not, for the purpose of the adjustment on line 20, include divi-
dends received on stock of a personal holding company or divi-
dends on stock which is not a capital asset and the amount is
subject to the limitation relating to dividends in kind.
9 through 12. Abnormal deductions. — In general, sections 433
(b) (9) and (10) provide that if for any taxable 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, th"? 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 deduc-
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 of deductions shall constitute a
class of deductions:
(a) Deductions attributable to claims, awards, judgments, and
decrees against the taxpayer, and interest on the foregoing.
(fc) 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 disallowed
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
(fe) 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 increase
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.
PAGE 9
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 any 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 taxabl'
years in its base period on account of advertising or the promotior
of good will, to the extent that such expenditures may be regarded
as capital investments. The election is applicable only with re-
spect to exfKjnditures to establish, maintain, or increase the circu-
lation of a newspaper, magazine, or other periodical.
15. Deductions attributable to technical services. — The adjuA-
ment on line 15 is the sura of any deductions described below
deducted in arriving at the amount on line 1. The adjustment
on line 25 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 year 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
mtcrest received or accrued during the taxable year on Govern-
ment obligations to which such section is applicable. For this
purpose the term "Government obligation" means obligations
described in section 22 (bj (4) any part of the interest from which
is excludible from gross mcome or allowable as a credit 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).
17. Adjustment for base period losses from branch operations. —
Section 433 (b) (18) provides that, in certain cases, the excess
profits net income, otherwise determined, for each year in the base
period may be increased with respect to losses sustained in the base
period arising from branch operations by the taxpayer. Such an
adjustment is authorized only if —
(a) the branch is located at a separate place from the taxpayer's
other business activities;
(b) the branch was operated at a loss during two or more tax-
able years in the base period;
(c) the character of the products or services produced by the
branch differs substantially from the other business of the tax-
payer, i. e., the branch is of a type classifiable by the Standard
Industrial Classification Manual in a different major industry
group or in a different subgroup of the taxpayer's major group ; and
(d) the aggregate net losses of the branch during the base
period exceed 15 percent of the aggregate excess profits net income
of the taxpayer during the base period. The term "aggregate
excess profits net income" means the sum of the excess profits net
income for all years in the base period, increased by the sum of the
net losses of such branch during the base period.
010—67310-1
190
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 10
If section 433 (b) (18) is applicable, the excess profits net in-
come for any taxable year beginning or ending in the base period
shall be increased by the amount of the excess of (i) the loss sus-
tained in the operation of the branch in such year over (ii) the
loss, if any, incurred by such branch during the taxable year for
which excess profits tax is being computed. If section 433 (b)
(18) is applicable, submit statement of pertinent facts and schedule
of computation.
18. Adjustment for deposits under Merchant Marine Act. — Sec-
tion 457 (c) provides that the excess profits net income for any base
period year shall be increased by an amount equal to the excess of
( 1 ) the tax deferred deposits of earnings, made in or accrued to
reserve funds under section 607 of the Merchant Marine Act, 1936,
with respect to such base period year, over (2) the amount of such
deposits of earnings for the taxable year for which excess profits tax
is being computed. Proper adjustment shall be made of deposits
made in or accrued to the reserve funds for any taxable year so as
to exclude therefrom any amounts payable for such year as reim-
bursement of operating-differential subsidy. If section 457 (c) is
applicable, submit statement of pertinent facts and schedule of
computation.
20. Dividends received. — See instruction 8.
21. Net gain from sale or exchange of capital assets. — See
instruction 3.
22. 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.
23. Federal income taxes received by lessor under long-term
lease. — See instruction 6.
24. Debts which actually became worthless during the year, in
the caSe of banks. — See instruction 5.
25. Income attributable to technical services. — See instruction
15.
26. Adjustment for certain coal royalties. — Section 433 (d) 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 depiction basis
thereof, over
(b) the excess of the allowance for percentage depletion pro-
vided for in section 114 (b) (4) with respect to such coal for such
year over the amount allowable for cost depletion.
29. 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 (a) 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 provided
in section 202 (c).
31 through 38. Average base period net income — General aver-
age.— (a) Lines 31 and 32 provide a computation which is ap-
plicable only to a taxpayer 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 30, is divided by 3 to
obtain the average base period net income.
(6) Lines 33 through 38 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 month*
ending March 31, 1950, whichever produces the lesser excess
profits tax. Lines 33 through 38 are adapted for computation of
average base period net income for either period. A taxpayer
with a taxable year beginning in 1949 and ending after March 31,
1950, should indicate immediately preceding line 33 which period
is used in the computation of the average base period net income.
33. (a). For purposes of line 33 (a) the amounts of excess
profits net income as shown on line 30 arc divided by the number
of full calendar months in the respective taxable years. If a tax-
payer was not in existence throughout the entire 48 months of its
base period, its excf 'is profits net income for any month during
no part of which it was in existence shall be zero.
33. (6). This line is to be used in computing an average base
period nef 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 33 (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.
34. Enter in each column of line 34 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.
35. The number of months to be entered on line 35 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 month? 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 36 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 34, will be the weighted monthly
average on line 33 (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 33 (a) .
36. Enter in each column of line 36 the respective products of
lines 33 (a) and 35 except that if the alternative period is used,
the amount on line 33 (b) should be substituted for the amount
on line 33 (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 35.
39 through 48. 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 relics.
(<j) 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 aflSliated group) did
not exceed $20,000,000, and either—
( 1 ) The total payroll for the last half of the base period is 1 30
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.
(6) Eligibility requirements — Products not generally available
prior to 1946. — A taxpayer is also entitled to use as its average
base period net income 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 1 946 and 1 947 ; 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 not 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
•10— 47310-I
FACSIMILES OF TAX RETURNS FOR 1952
191
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.
39. Total assets as of first day of base period. — Enter on this
line total assets of the taxpayer 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.
40. Total payroll and gross receipts. — For the purpose of de-
termining the amount to be entered on lines 40 (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 far 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.
41 and 43. 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 41 and 43 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.
PAGE 11
44. 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 year, 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 I,
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 excess 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, 1 95 1 .
The aggregate of the weighted excess profits net income for eaci:
of the 6 months, January through June 1950, should be entered
on line 44.
45. 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 45.
If the taxpayer 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 December 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 45 and the substitution
indicated.
50. Base period capital addition. — If the average base period
net income is the general average (line 32 or line 38) 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).
53 and 55. 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 ihe
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 determinea 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 39 through 48, 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 taxpayers and taxpayers with income from long-term contracts electing under section 455, sec gen-
eral instructions E ( 1 ) and ( 2 ) .
The base period capital addition is, in general, the sum 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 percent 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 bv the taxpayer in good faith
for the i)urposcs of the business, at the beginning of the first day
of each t.ixable year. Projicrtv shall be iiicluilid in an amount
equal to its adjusted basis for diterniining gain upon sale or ex-
chanp,o, except that the adjusted basis of secret processes and
formulas, good will. Irade-marks, trade brands, franchises, and
other like property shall be deteiniined without legaifi 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
366266 O - 55 - 14
year ending after June 30, 1950) as does not e.xcccd the accumu-
lated earnings and profits at the beginning (hereof 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 lequired by law jothi i than rescr\es used in computing
borrowed capital under section 439 (b) (2) ), as well as its organ-
iration expenses, .shall be included in assets. For special rule in
the case of improvements by a lessee to propel tics 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.
olO— 07310-1
192
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 12
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 (a)
reduce assets, or (b) 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) multiphing 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
(fc) multiplying the total of the amounts so ascertained by J 00
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
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. , . , . , ■ . . • • j -u j •
A net capital addition may be allowed, or the amount otherwise determmed may be mcreased, m certam cases described in section
435 (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 taxpayer'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 taxpayer, 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 the amount by which (i) the excess of line 14 over line 8 (disregarding for this purpose the 75-pcrcent 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)
(b) 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 vcar ending after June 30, 1950. For this purpose the adjusted basis of operating assets shall be used.
(f) Recompute the amount on line 19, disregarding for this purjjose the 75-percent limitation appearing on lines 7, II, and 13.
{d) Add to the tentative net capital addition, if anv, whichever of the following amounts is the lesser: (i) the amount computed
under (n), or (ii) the excess of the amount computed under (6) over the amount computed under (c). The amount to be added to
the tentative net capital addition, if anv, 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 (Sthedule EP-5 (A)), see instructions for those schedules. If a\erage base period net income is computed
under section 459, see instruction 27 (c), Schedule EP-1.
In the case of installment basis taxpayers and taxpa>ers with income from long-term contracts electing under section 455, sec gen-
eral instructions E (1) and (2).
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 assets 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 dcsciibed 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 v/ith respect to the income from such
coal.
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. See
General 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 taxpa\er elects by a statement attached to its return, the
adjustment for inadmissible assets under section 435 (f) (6) may
be made applicable in the computation of the tax for all taxable
years beginning before October 20, 1951. A taxpayer using the
adjustment for inadmissible assets provided in section 435 (f)
(6) should so indicate on the return and should submit a schedule
showing computation.
1 and 2. Equity capita!.- 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 cai)ital 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 dails' amount of borrowed capital for the
taxable year is the aggregate of the borrowed capital as of the
Cl6— 07310-1
FACSIMILES OF TAX EETURNS FOR 1952
193
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 v^ithout regard to the value as of March 1, 1913.
For the purposes of this paragraph, the term "intangible property"
means secret processes and formulas, good will, trade-marks, trade
brands, franchises, and other like property. If the unadjusted
basis of the property is a substituted basis, such basis shall 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 by reference to the
basis of the property in the hands of the transferor, proper ad-
justment shall be made for the amount of any liability of the
transferor assumed upon the exchange and of any liability subject
to which such property was so received, for the amount of any
other liability of the taxpa\er constituting consideration for the
property so received, and for the aggregate of the amount of
money and the fair market value of other property (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 day. The average daily
amount of such distributions is the aggregate of the daily amount
for each day of the taxable year, divided \)y the number of days
in the taxable year. A distribution by a corporation of its stock 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 \ear 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 docs 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 (fc) 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
PAGE 13
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.
(6) 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 year.
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 of 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 inadmissible assets. If an amount is entered on line 17,
lines 18, 19, and 20 should be completed but no entry should be
made on lines 21 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) ( 1 ) 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 "ijO, 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 dailv 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
018—87310-1
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FACSIMILES OF TAX KETURNS FOR 1952
PAGE 14
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 21 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:
(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;
(fc) 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 (1) 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 taxable 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) (A) 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.
1. Equity capital at beginning of the taxable year. — See instruc-
tions 1 and 2, Schedule EP-2 ^A).
2. Average daily amount or 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, arc 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.
(6) Capital surplus and earned surplus at beginning of the
taxable year. — Enter the total amount of the capital surplus and
earn'd surplus accounts as rccordid 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 thr' applicable ratf shall be:
<]) 6 pf-rcrnt 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 Cora-
mission ;
(3) 6 percent in the case of a corporation engaged as a com-
mon 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 Commis-
sion 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 agc;re£;ate of all
assets for each day of the taxable year, divided by the niunber of
da>s 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.
Cl6— 0731O-1
FACSIMILES OF TAX RETURNS FOR 1952
195
PAGE 15
SCHEDULE EP-^.— 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.
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 year 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 net 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 ;
(fc) 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 borrowed
capital for the taxable year is the aggregate of the excluded bor-
rowed capital at the beginning of each day of the taxable year,
divided by the number of days in the taxable year. See 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 same 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 ii
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
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196
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 16
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.
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 taxpayer 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 not 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 putpose 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 mcome tax returns on the accrual basis
shall subtract the income taxes for the preceding taxable >ear. 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. (fc) 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 (except 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 the 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 capital 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 such 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 any day following the completion of such intercor-
porate liquidation with respect to any 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 by section 472 (a) as the receipt (whether or not
after June 30, 1950) by 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 property so received is a
stock or a security 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 they 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-
FACSIMILES OF TAX RETURNS FOR 1952
197
PAGE 17
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, immediately prior to the receipt of any
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 equity invested capital
shall be reduced by 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 year not out of accumulated earnings
and profits. For rules governing the determination of the source
of distributions, sec 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 by 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 any minus adjustment re-
sulting from an intercorporate liquidation occurring prior to the
beginning of the taxable year 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), equity invested capital shall be reduced by 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 property transferred. Any such amount resulting from
a transfer occurring prior to the taxable year should be entered
on line 38.
41. Money paid in for stock, or as paid-in surplus, or as a con-
tribution to capital. — The amount to be entered on line 41 is
the average daily amount of money paid in during the year. The
average daily amount for the taxable year 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 instructhon 28.
42. Property paid in for stock, or as paid-in surplus, or as a
contribiUion to capital. — 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 year is the aggregate of
the property paid in as of the beginning of each day of the taxable
year, divided by the number of days in such year. See 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 daily 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
taxpayer or in rights to acquire stock of the taxpayer. 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
days in such year. For rules governing the determination of the
source of distributions, see 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 (e) (2) provides that the equity invested
capital for any day in the taxable year shall be reduced for dis-
tributions previously made during such taxable year which are not
out of the earnings and profits of such taxable year. For the pur-
poses of Schedule EP-4, 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 governing 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
adjustment 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 defined 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 ior 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 ;
(6) 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 ;
{(i) 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
regard 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
(fc) 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 and the use of a final rate of return
results in a redetermination) for filing claim for credit or
refund, and in such case the application of section 442, 443,
444, 445, or 446 shall be subject to the limitations at to the
amount of credit or refund prescribed in section 322, or
(c) after the period described in (b) 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 tentative adjusted rate of re-
turn has been used and the use of a final rate of return re-
sults in a redetermination) 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 I for the taxable year, the appli-
cation shall be effective only if filed not later than the date on
which the original petition is filed.
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FACSIMILES OF TAX EETURNS FOR 1952
PAGE 18
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 (e).
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 arc 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
lection 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 provided.
5. Use of industry rates of return. — Base period yearly rates of
return and base period rates of return proclaimed by the Sec-
retar>' on June 3, 1952, are set forth for each industry classifica-
tion in Appendix A. The adjusted rates of return proclaimed by
the Secretary on June 3, 1952, for depressed industry subgroups are
set forth in the instructions for Schedule EP-5 (E). The base pe-
riod yearly rates of return, the base period rates of return, and
the adjusted rates of return, proclaimed by the Secretary on June
3, 1952, relate back as though they had been in effect in place of
the tentative rates previously proclaimed by the Secretary. Any
application of section 442, 443, 444, 445, or 446 made in accord-
ance with a tentative rate shall be redetermined in accordance
with the final rate proclaimed, except that no redetermination
is necessary in any case in which the final rate of return is the
same as the tentative rate which was previously proclaimed and
effective. The periods of limitation prescribed under section 322
and sections 275 and 276 with respect to overpayments or de-
ficiencies in tax caused by such redetermination shall not begin
to run prior to such time as the base period yearly rates of re-
turn, the base period rates of return, or the adjusted rates of
return, as the case may be, are determined and proclaimed except
that, if no redetermination is necessary, such periods of limita-
tion are not extended, since no overpayment or deficiency in tax
results from the determination of the final rates of return.
6. Average base period net income determined with 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 lender section 442, 443,
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. Similarly, 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 thf 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^mount 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 section 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 proporties in any of the
transactions described in paragraphs (a), (t), or (c), below, it shall be deemed an "ineligible corporation" and it shall not, for the tax-
able scar 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 by the taxpavcr 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
(6) The acquisition by the taxpayer 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 dircctlv 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 transferoK*; or
(c) The acquisition by the taxpayer 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 taxpaser is owned directly or indirecth 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 (b) 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 taxpiiyer computing average base period net income under section 445;
accordingls, no entry should be made on line 50, Scludulc 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 taxpaser computing its average base period net income under section 415 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 53 or 55 of Schedule EP-2.
(fc) In the case of a taxpayer computing its average base period net income under section 445 for its fourth taxable vear, or for
any taxable year subsequent thereto, lines 11 through 16 of Schedule EP-5 (A) arc applicable. If the day following the close of the
clft— 07310-1
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199
PA6E 19
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 day. The same day should be used in lieu of the day othei-wise 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 day 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 53 or 55, 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 by 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," sec general instruction 7, Schedule EP-5.
2. Net capiial 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 19 the excess of line 17 over line 18
(a). The amount so computed on line 19 of Schedu'e EP-2 (B)
should be entered on line 2 of this schedule. In ce: ain cases the
net capital addition may be further increased under tlie 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 Appendix A for list of industry classifi-
cations. For definitions of "gross receipts," see instruction 40,
Schedule EP-2. Also enter on line 6 the applicable base period
rate of return for the taxpayer's industry classification.
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, irrespective of whether it constitutes borrowed
capital within the meaning 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 taxpayer 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 40, 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.
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 vear, of events unusual and peculiar in its experience, or
(fc) The business of the taxpaver was depressed because of temporary 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 mcome of more
than 12 of the 36 months is affected by an abnormalitv, an average base period net income computed on the basis of the industry base
period rate of return mav. 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 any 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 inonths
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 taxpa\cr renders service rather than manufactures or markets tangible products. Normal production, output, or opera-
tion, means the level' of production, output, or operation, customary 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 m or immediately prior to such taxable
Only those economic circumstances which were temporary in the sense that they had little perceptible long-range effect on the tax-
p.iyer's business, and which affected the taxpayer unusuallv, as distinguished from those economic events which were of a chronic or
continuing character, are within the scope of section 442.
Ihe 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:
(n) 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.
(b) If 12 or fewer of the 36 months in the period subjcrt to adjustment (12 or fewer of the months entered on line 4 Schedule
EP-5 (B) ) (M within a taxable year or years the excess piofit.s net income of which was adversely affected bv 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 taxpayer's first taxable year ending after June 30, 1950, or for any pavt 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 peircMt of excess profits net iiuimie) is computed for any part of
the earlier of the taxpayer's two taxable vears immcdiatelv preceding its first taxable vear ending after June 30, 19.50, the base prriod
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 50, Schedule EP-2.
(3) II neither (1) nor (2) applies, the base period capital addition is the amount determined on line 14, Schedule EP-2 (.^).
(f) If the taxpaser computes an average base period net income by reference to section 442 (h), the rules stated in (b) (1), (2),
and (3), above, without regard to the 110 percent qualification therein, shall be applicable in determining the base period capital
addition.
16— U7310-I
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FACSIMILES OF TAX RETURNS FOR 1952
PAGE 20
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 53 or 55, 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, shoviin on line 28, 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
by the number of months in such taxable year.
3. Number of months after December 31, 1945, and before
January 1, 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 ba.se 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 cither (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 ex-
cess 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 incomj (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.
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 number
of months entered on line 5 is 12 or less, the taxpayer should
complete lines 7 through 1 7. 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 (6) 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 cither —
(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 S'lccted 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 thi- taxpayer at the
end of the taxable year or years for which a nniriber (other than
zero) was entered on line 5 or 6, whirlicvr is apphrable, should be
ent'-red in the appropri;it'' ( olunin on line 7, 'xript 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 dale for whi( h tin- taxpayer's total
assets 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 b?se 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-
dix A for list of industry classifications. For definition of "gross
receipts" sec instruction 40, Schedule EP-2. Also enter on line
8 the applicable base period yearly rate of return for the taxpayer's
industry classification. 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 tax-
payer, 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 remain-
ing after selection of the 1 2 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," see 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 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 \i-ar bri,'inning within its base period. See Ap-
pendix A for list of industry classifications. For definition of
"gross receipts." ser- instjuction 40, Schedule EP-2. Also enter on
line 25 the applicable base period rate of return for the taxpayer's
industry classification.
27. Interest adjustment. — The amount to be entered on line
27 is the average yearly amount of interest paid or incurred by the
taxpayer for all taxabli: years for which the taxpayer's total assets
clft— 07310 1
FACSIMILES OF TAX RETURNS FOR 1952
201
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. no percent of average base period net income computed
under section 435 (d). — Section 442 (d) shall have no applica-
PAGE 21
tion unless the amount of the average base period net income de-
termined under section 442 (d) is in excess of 110 percent of the
taxpayer'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 (b), 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,
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 443 (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 copy 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), (6), 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 taxpayer and not a mere improvement or change in style. The discontinuance of a product or service pre-
viously furnished by the taxpayer is not a change in products or services for purposes of section 443.
For purposes of requirement (b), 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 by 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 profits 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 50, 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. Accordingly, no entry is to be made on line 53 or 55 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 taxpayer first met requirements (a), (b), 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 uquircments 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 53 or 55,
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 443 (a). — The taxable year with respect to which the
taxpayer claims qualification should be designated on line 1 (a).
This year must be the earliest year with respect to which the
taxpayer meets the requirements of section 443 (a) with respect
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 taxable years and within the last
36 months of the base period. Such year must also reflect a 25
percent increase in average monthly excess profits net income
over the average monthly excess profits net income of the tax-
able 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 vcar determined under section
21. In column 2 of line 1 (c) there should be entered the amount
of net income for the taxable year attributable to the new products
or services, 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 relies, 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 taxable 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 40, Schedule EP-2. Also enter
on line 6 the base period rate of return for the taxpayer's indus-
try classification.
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).
«l»— 67310-1
202
FACSIMILES OF TAX RETURNS FOR 1952
PAGE 22
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
(6) (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.
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 production or 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 determined 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 50, Schedule EP-2. The net capital addition or reduc-
tion computed 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 53 or 55, 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 Appendix
A for list of industry classifications. For definition of "gross
receipts," see instruction 40, Schedule EP-2. Also enter on line
5 the base period rate of return for the taxpayer's industry classifi-
cation.
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 applv 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 50, 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 53 or 55, whichever is applicable, of Schedule EP-2.
The depressed industry subgroups and the final 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 assemblies, 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
equipment specifically adapted for aircraft. This industry sub-
group does not include manufacturing aeronautical instruments
or manufacturing aeronautical electrical equipment.
The adjusted rate of return for this industry subgroup 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 adjusted rate of return for this industry subgroup is
12.8 percent.
Metalworking machinery, including machine tools — Standard In-
dustrial Classification groups 3541, 3542, and 3543. — (1) Man-
ufacturing power-driven machine tools that shape metal by
grinding or progressively cutting away chips (such as boring,
broaching, drilling, gear-rutting and finishing, grinding, milling
and planing machines; lathes, shapcrs, 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
olft— 67310-1
FACSIMILES OF TAX RETURNS FOR 1952
203
PAGE 23
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;
rolling mill machinery and equipment; shears; spring winding
and forming machines; acetylene welding and cutting appara-
tus; wire-drawing machines; and replacement and repair parts) ;
and (4) manufacturing attachments and accessories for ma-
chine tools and other metalworking machinery. This industry
subgroup does not include manujacturing hand tools (except
power-driven) or manufacturing electric welding apparatus.
The adjusted rate of return for this industry subgroup is 16.8
percent.
Ship and toat building and repairing — Standard Industrial Classi-
fication groups 3731 and 3732. — Building and repairing all types
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, car-
pentry work, electrical wiring installations, etc.
The adjusted rate of return for this industry subgroup 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 adjusted rate of return for this industry subgroup is 7.8
percent.
Photographic studios, including commercial photography — Stand-
ard Industrial Classification groups 7231 and 7232. — Portrait
photography for the general public ; and photography for ad-
vertising agencies, publishers, and other industrial users. This
industry subgroup does not include film developing or print
processing for the trade or for the general public, or motion
picture film processing.
The adjusted rate of return for this industry subgroup is 8.6
percent.
Telegraph communication (wire and radio) — Standard Industrial
Classification group 4821. — Furnishing telegraphic communi-
cation service by transmitting nonvocal record communications
intended for receipt by designated persons.
The adjusted rate of return for this industry subgroup is 1.5
percent.
Transportation by air — Standard Industrial Classification groupt
4512, 4513, 4521, 4582, and 4583. — Caniers; operation and
maintenance of airports and flying fields; and furnishing coordi-
nated handling services for air freight or passengers at airports.
The adjusted rate of return for this industry subgroup 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 \ear 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 40,
Schedule EP-2. Also enter on line 4 the adjusted rate of return
for the industry subgroup of which the taxpayer is a member.
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.
CIS— 673»-l
204
PAGE 24
StandanI Induitrlai
ClauiDcaUen numb*
01 and 07.
08
09
10.
11.
12.
13.
14.
J5andl6.
17
20
21
22
23
24
25
26
27
28
29
30
31
32.....
33 and 34.
19
35
36
37
38 and 39.
40...
41...
42...
43...
44,..
45...
46..
47...
48..
49...
50 and 51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
67.
70.
72.
73.
75.
76.
77.
78
79
80, 81, 82, 84,
86, and 89....
FACSIMILES OF TAX RETURNS FOR 1952
APPENDIX A
Final rates oj return
Industry emslflcallms
Final ban ^oM iftarl) rak it reliirii (fcriut)
AGRICULTURE, FORESTRY, AND FISHERIES
Farms and agricultural services, hunting, trapping —
Forestry _ - -
Fisheries.- -- -
MINING
Metal mining --
Anthracite mining --_ — -
Bituminous coal and lignite mining _
Crude petroleum and natural gas extraction —
Nonmetallic minerals except fuck
CONTRACT CONSTRUCTION
General contractors -
Special trade contractors -.
MANUFACTURING
Food and kindred products _ -.
Tobacco manufactures _ -
Textile mill products —
Apparel and other finished products made from fabrics
Lumber and wood products —
Furniture and fixtures... -
Paper and allied products... ,..
Printing, publishing, and allied industries
Chemicals and allied products
Products of petroleum and coal _
Rubber products
Leather and leather products
Stone, clay, and glass products..
Primary metal industries and fabricated metal products (except
ordnance, machinery, and transportation equipment)
Ordnance and accessories.. .-
Machinery (except electrical)
Electrical machinery, equijjment, and supplies
Transportation equipment —
Professional, scientific, and controlling instruments; photographic
and optical goods; watches and clocks; including miscellaneous
manufacturing industries .-.
TRANSPORTATION, COMMUNICATION, AND OTHER PUBLIC
UTILITIES
Railroads - ..- -.-
Local and intcruban railways and bus lines
Trucking and warehousing
Highway transportation not elsewhere classified
Water transportation..
Transportation by air..
Pipeline transportation —
Services incidental to transportation.
Telecommunications.
Utilities and sanitary services.
WHOLESALE TRADE
Wholesale trade
RETAIL TRADE
Building materials and farm equipment..^
General merchandise
Food —
Automotive dealers and gasoline service stations..
Apparel and accessories
Furniture, liome furnishings, and equipment.
Eating and drinking places -.
Miscellaneous retail stores -
FINANCE, INSURANCE, AND REAL ESTATE
Banking —
Credit agencies other than banks
Security and commodity brokers, dealers, exchanges, and services.
Insurance carriers
Insurance agents, brokers, and service
Real estate
HoUling and other investment companies
SERVICES
Hotels, rooming houses, camps, and other lodging places..
Personal services
Miscellaneous business services
Automobile repair services and garages
Miscellaneous repair services...
Radio broadcasting, including facsimile broadcasting, and tele-
Motion pictures
Amusement ^nd recreation services except motion pictures.
Other services.
IS46
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.
17.
6.
18.
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
1347
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
15.
12.
11.
20.
10.
19.
14.
18.
7
1
4
1
6
4
6
6
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
IMS
9.9
6.2
2.2
7.7
4.0
5.8
8.8
13.2
12.3
9.9
11.7
11.7
9.5
6.2
10.2
10.5
12.7
11.8
15,0
6.4
8.7
7.3
16.0
12. 1
6.7
13.4
12.4
20.9
10.4
3.7
1.9
11.7
9.2
7.8
3.9
8.9
6. 5
5.0
6.2
8.2
9.2
12.4
13.6
15.8
6.5
5.6
4. 9
6.2
0.9
5.2
2. 3
3.2
7.7
5.1
5.7
6.9
8.4
11.2
9.2
9.0
9.2
8.4
8. 5
8.6
Final kiM
period rate if
return (^cMt)
11.9
7.4
4.2
9.9
6. 1
to.
9.
13.
11. 6
13.1
14.2
10.6
19.0
13.3
17. 1
14. 5
17.8
14.8
16.5
8.2
13. 1
13.0
16.3
13.6
9.4
14.3
12.0
14.4
12.4
3.8
1. 5
12.4
14. 9
8.7
E
10.0
7. 9
5.0
6. 4
12.8
13.8
16.6
14.0
24.9
12. 6
10. 3
7.2
9.7
0.8
4.4
2. 1
2.7
8.9
5.2
5.8
8.2
9.9
12.5
12.2
11.5
15.4
12. 9
13.4
9.4
•Negative rate of return.
OlO 073I&-1 0 i. COVCRHMEHT PRINTINO OmCK
FACSIMILES OF TAX KETURNS FOR 1952
205
FORM 1120 L
U. S. Treasury Dapartment
Intarnal Rnvenu* Servlca
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
1952
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 1952
File This Return WHh Iha Dlr«tcr ol Inlernal Revenue tor Your Dlstrlrt on at Befo» Marct 15, 1»3
PRINT FUINLT COMPKNT'S NAME RND ADDRESS
(Sued ind number)
(City or town. pojt»l i
(Due incorporated)
(State or countrr)
Do Not Write In Tbese Sfians
(Cuhier'i SiM&p)
Ctth Qietk M. O. Cen. of Ind.
(First Parnient)
jnd
ion No.
GROSS INCOME
Interest on:
(a) Obltcatlons of u Btutu, Tcrrltor;. nr pnliticul aubdivlslon tber«or, or tbc District
al Columbia, or United Slates poMcssloiu. - .
{b) Obligations ol Federal land baDlu, Joint stock lund bunlcs, and Federal Intermedl-
Qto credit banks issued prior to March 1. IMl . , . . . ..,,,.
(e) Oblitratlona of tlio Unllerl States Issued on i
(<0 Treasury Notes Issued prior to Di-cembw >, l»^u.
Cerllflcitcji or Indebtedness Issued prior to Murch
(el United States SavluRs Bonds and Treasury Bonds o
of IS.OOO or less Issued prior to Mnrch I, 1941
(/) United States Savings Bonds and Treasury Bonds o
amount of SS.OOO Issued prior to March 1. IWl
(B) ObllRBllons of InstnimeulBlities of Ilio United Slates (other tban obligations to be
reported In liii>- (6) above) Issued prior In March 1. 1941
(A) Tre^ury Notes Issued on utulter December 1, 1910, and oblleal Ions Issued on or after
Miircli 1, 1941. by the United SUtes or any agency or InslrumeDUUtr tbereor.
(Submit schedule) . , .
r'ncd In tbc principal amount
ncd In CICD99 of the prlnclpaj
I, mortgages, bank deposits, etc. .
1. iBtotslRnInd
(0 U.;iJi
Totals
2. Dividends on stock of:
(d) Domestic corporations subject to taxation under Chapter 1 of the lotcmal Revenue Code*. .
(A) Public aiility corporations subject to taxation under Chapter 1 of the Internal Revenue Code
CO Foreign corporations . . ■
(/) Other corporations
3. Rents. (Attach schedule)
4. Total Income in items 1 to 3 . . .
DEDUCTIONS
5. Interest wholly exempt from tax (item 1 (a), (i), (c), ('0. C0» 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)
iT(t*r
(ll Cm M Ittm 1, CthirM 1 Ph
C*lua>a 7 Lin Cohinn 3)
•Except dividends received on certain preferred stock of public utility corporations which should be entered in item 2 (*). and dividends received from corporations organiicd
onder the Oiina Trade Act. X922. and from corporations entitled to the benefits of section 251 of the Inicraal Revenue Code, which dividcndi should be included in item 2 CJ)
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 —
(a) Enter 85 percent of item 2 («).
(A) Enter 62 percent of item 2 (4)
(0 Enter 85 percent of dividends received from certain foreign
corporations
id") Total dividends received credit. Enter sum of (a). (4), and CO. but not to exceed 85 percent
of item 14 . -
16. Normal tax net income .
17- Adjustment for certain non-lifc insurance reserves (applicable only to Aiatracts other
than life insurance or annuity contracts) —
C*) 3Ji percent of mean of unearned premiums and unpaid losses on such other
contracts at beginning and end of year
Ci) 3M percent of 25 percent of net ptemiumi on such other contracts ivritten
during year .
CO 3W percent of mean of unpaid losses on such other contracts at beginning
and end of year ,
C<0 Item C*) plus Item CO
CO Item C-j) or CJ). whichever IS greater
(f) Item CO multiplied by 8
18. Sum of items 16 and 17 (/)
19- Less: Reserve interest credit (from line 6, Schedule C)
20. 1952 adjusted normal tax net income ... ,
21. Tax. If amount in item 20 is
Not over $200,000, enter iH percent uf item 20 1
Over $200,000, enter $7,300 plus 6H percent of excess over $200,000 .|
22. 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 (Form 1120).
25. Total locome and excess profits tax due (item 23 plus item 24)
DECLARATION (See Instruction E)
We, the undersigned, president (ot vice president, or other principal officer) 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 stated, pursuant to the Internal Revenue Code and the regulations issued thereunder,
VPresidwt oVoliiiVpriocipii offire^^ (Date) (frciwret, AMiilsnt Tre.iurer, or Chief Amounting Offi«i) (Sttte title) (Date)
DECLARATION <See Instruction E>
I/we declare under the penalties of perjury that I/we 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/we have any knowledge.
>r emploret, i( my)
e of ptfion prcpinng the return)
(Siitniiure of pcrvin preptimf the teium)
206
FACSIMILES OF TAX RETURNS FOR 1952
•Cl..dlll. <t.-0<TA rOR HCURVE AND OTHER POLICY LIABILITY CREDIT FOR THE tUCCEEDIMC TAXABLE YEAR (S.. In.lrurtl.l. I.r t.Mdul. A)
I. Ainimn)
w MortiUiT
T>M*
I Milhod ft C«m'
puUlitn
(innMi Slindard,
I.MiMMMimuffliilid
Average rate of interest assumed in computing life insurance reserves (total of column 8 above divided by total of col-
umn 7 abdvc)
35 percent of line 7
2.1125 percent (65 percent of 3K 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) ^ -
Adjustment for unearned premiums andjinpaid losses ^>^_no^-life_insu^ancc reserves (item 17 (Q, page 1)
•In the case of reserves computed on a preliminary icrm basis. 107% of the amount of the reserve.
SchMlul* B.-INVESTED ASSETS BOOK VALUES (Sm Imtructlon «>
<tclndula 8 nMd not b* flilad In If no dtductlon ■■ clslmad lor any lanarAl •■(Mnm that t» ■llnoUd to Itiwtnwnl Incomo)
%
--%
2.1125%
= %
Real estate
Mortgage loans . - -
Collateral loans
Policy loans, including premium notes
Bonds of domestic corporations
Stocks of domestic corporations
Government obligations, etc.:
<o) OhllKialrmn of a BUlo. TirrUory. or i«llt1nil 8ub.llvlbl.iii l(i.r™f, or the lH.ttfk-t of Columhiu. or United Blulri
lb) oKitlTmis'or KMrnil Innd botik*. lolril *ti<k liiod h.ii.lis. niul F.-.lcrul Inlwriipdlut.. ertvlU hanka iMUfd prior
lo Miirrh 1. 1M1
ft) Ohilitialnnit of llir Unllwl Sldlca Iwucil im or brfi>rc Sflplpmbcr 1 1017 „ .. , . i j i,. ._.:.
Id) TnZurF NolM l»u<s( jirUir to O.-wmbor I. IWO. Tn-wury Dills «ri<l Trrasury CcrUflcBlcs of IndobtodoOM
iMtiiPtl prior to Mttrcli I, IWI
(e) Unlli-il Btalra Rnvltiip IlondsunO Treasury Donds
U) vl^iU^lBlaU^i FTvlnits Bonds and Trcusury Bonds ownwlin MOOMof the prlnclfml umounl ofM.OOO Isaued prior
(fl) OWI "llJ^'i ot iMtriimpnlnlltlM of Iho Unltwl Blnlcs (olhcr Umn obli({flllonji to bo rcporlod In Hno (6) Bbove)
Iwuwl prior lo Mured I. IWI . ; -- ■ ,
<A) Trnaiury NoIpa I»u(sI on ur iJler llrccinbM I. IWd, ruid ohIlRUllons Issuod on
UnUixl flLitcaor iiny iiRency or ItialruinpntiilHy lliertiof
wnc-d In tbe prlnclpul umounl of 15.000 or less Issued prior
>r ortar March t. IMI, by tho
Bank deposits bearing interest
Other interest-bearing assets (attach statement)
Totals of lines 1 to 9
Total of columns 1 and 2, line 10
Mean of the invested assets for the taxable year (one-half of line 11)
One-fourth of 1 percent of the mean of the invested assets
Income base (item 4, page 1, minus the sum of items 7, 8, and 9, page 1)
3^ percent of line 12
Excess (if any) of line 14 over line 15
One-fourth of line 16
Limit on deduction for investment expenses (line 13 plus line 17)
I. Bifliuilrtitltiubliiiir
I End of tiuUi 11"
Schodula C.-RCSERVE INTEREST CREDIT <Sm Inatructlon X9>
Net mcome computed without deduction for wholly tax-exempt interest (sum of items 5 and 11, page 1)
50 percent of item 17 (0. P^g^ 1
Adtusted net income for purpose of reserve interest credit (line 1 minus line 2)
Required interest —
(j) Total of column 8, (line 6). Schedule A
(*) 2 percent of reserve for deferred dividend!
(0 Interest paid
C^ Sum of lines (■«). W. »"J CO
Line 3 divided by line 4 (</). Enter percentage %
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 I
'Muliiply by 10 ihe difference between 105 percent and percentage on line -j and cnicr percentage thus obtained.
•ctwduloD.-COMPUTATION TO DCTERMME NECESSITY FOR FILING EXCESS FROFITB TAX SCHEDULE
1. Net income (item 11, page 1)
2. Less; Partially tax-exempt interest from item 13, page 1 , . .'
3. Dividcndsrcccivcd(totaIofitem2.pagcl.Icss(a)adjustmentfordividcnds
received in kind. (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 Una 4 ta SZS,OM or iMo. Sebodula EF (Worm 1120) nood not ba Iliad with this raturw.
If Una 4 U ovar S2S,000. Schadula EF (Form 1120) mwsl ba Wlod.
1 Did the company file a return under the same name for the preceding raiablc
rear? —
2. Sutc amount of deferred dividend funds « end of taxable year, cidusive of any
amount held for payments in following taiable year $
J, Is this a consolidated return? C'f so. procure from the director of
iotcmal revenue for your district Form 851. Affiliations Schedule, which shall be filled
JO, and filed as a pan of this return.)
4. If this is not a consolidated return (*) did the company at any lime during the
uuble year own 50 percent or more of the voting siocit of mother corporation cither
domestic or foreign? ; C*) d'J «ny corporation, individual, part
nership, trust, or association at any lime during the taxable year own 50 pei
more of your voting stock? (If either answer is
•eparate schedule showing (0 Name and address, (2) percentage of
(3) date stock was acquired, and (4) the director's office
return of such corporation, individual, partnership, trust,
taxable year was filed )
It or
tiach
:k owned i
h ihe income tax
assiKialiun for the last
5 Did the company make a return of information on Forms 1096 and 1099 or Form
W-2a for the calendar year ^952 (.see General Instruction H> (Answer
"yes" or "no ")
6. Did the company at any time during the uaable year own directly or indirectly
any st.xk of a foreign corporation? - (If answer is "yes." attach statement
required bv General Instruction J.)
7. Did the company file with the director of internal revenue a copy of the annual
statement for the preceding year ai required by General Instruction K? -......—„
(Answer "yes" or ^'no.") If answer is "yes," state directors office in which itaie-
ment was filed
8. If a copy of the annual statement required by General Instruction K doei not
accompany this return, state reason why the statement it not attached -
If the company is a burial or funeral benefit insurance company, state w
gaged directly in the manufacture of funeral supplies or in the pcrfori
is engaged
funeral service
state whether it
mance of
FACSIMILES OF TAX RETURNS FOR 1952
207
INSTRUCTIONS FOR FORM 1120 L
1952
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
(References are to Nie Internal Revenue Code, unless otherwise noted)
1952
Taxpayers will fiod ii helpful to read (he General Instructions A to L before commencing to &U in their returns
GENERAL INSTRUCTIONS
A. Companies required to file a return. — Every domestic life insur-
ance company and every foreign life insurance company carr)'ing on an
insurance business within [he United States (if with respect to its United
States business it would qualify as a life insurance company ), which is
engaged in the business of issuing life insurance and annuity contracts
(either separately or combined with health and accident insurance) or
noncancellable contracts of health and accident insurance, and the life
insurance reserves, plus unearned premiums and unpaid losses on non-
cancellable life, health, or accident policies not included in life insurance
reserves, of which comprise more than 50 percent of its total resen'es,
shall file a return on this form. (See section 201.)
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 con-
trol 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 onlv in mar-
shaling, selling, and disposing of its assets for purposes of liquidation.
B. Period covered. — The return shall be for the calendar year ended
December 31. 1952, 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 or the accrual basis whichever conforms
with the annual statement made to the State Insurance Department.
D. Time and place for filing. — The return must be sent to the direc-
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 director's office on or before March 15. 1953.
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 "Director of Internal
Revenue." Do not send cash by mail, nor pay it in person except at the
director'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 40 percent of the tax
shall be paid on or before March 15. 1953; the second installment equal
to 40 percent of the tax on or before June 15, 1953; the third installment
equal to 10 percent of the tax on or before September 15. 1953; and the
fourth installment equal to 10 percent of the tax on or before December
15, 1953.
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 director.
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 attempting 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 j>crcent 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 Forms 1096 and 1099 with rcsfject to amounts paid, credited, or
distributed during the calendar year as (j) salaries or other compensation
for personal services, totaling $600 or more in the case of a citizen or
resident, or (b) mterest. 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 Form W-2,
provided copies of withholding statements on Form W-2a are furnished.
If 3 portion of such 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
amounting to $10 or more 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. — Every corpwration shall, within 30 days after the adoption
by the corporation of a resolution or plan for the dissolution of the corpo-
ration or for the liquidation of the whole or any part of its capital stcJck.
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 re-
quired by the Commissioner, render a correct return, of its distnbutions
in liquiciation. 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 distributed
to him. (See section 148 (c).)
J. Stock ownership in foreign corporations. — If the company owned
any stock of a foreign corporation (including less than 5 percent of the
stock of a foreign personal holding company), it should attach to its
return a statement setting forth the name and address of each such 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 information
required by section 337 (d).
K. Annual statemenL — A copy of the annual statement for life insur-
ance companies adopted by the National Con%'enlion of Insurance Com-
missioners for the year 1952, 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 carrying 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
Th« followlnB Inttructlont are numbtrtd to corrMp«nd with Item numb«n on tha flnt pago ol th* rotum
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 (b) 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 ana 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 Sf>ecific Instruction 12 with respect to putialiy tax-exempt interest
which is allowed as a credit against net income.
6. Investment expenses. — Enter expenses paid 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 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 (Sec 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 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 10 (fr).)
8. Real estate expenses. — Enter all ordinary and necessary building
expenses, such as fire insurance, heat, light, laDor, etc., and the cost oT
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 build-
ings or I'or 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 limitatioo
on deduction, see Instruction 10 (A))
366266 O - 55 - 15
FACSIMILES OF TAX RETURNS FOR 1952
9. Depreciation. — 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
specified in section 201 (c) (1). If the property was act^uired 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 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 ll4. The capital sum to be recovered should be
charged off ratably over the useful fife 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.
(^b) Limitation on deductions relating to real estate owned and
occupied. — The deduction included in items 7 to 9 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 (com-
puted without regard to subsection (d) of section 201) as therertal value
of the space not so occupied bears to the rental value of the entirr property.
(Submit detailed schedule.)
(f) Items not deductible. — No deduction is allowable To- -e amount
of any item or part thereof allocable to a class of exempt :. me, other
than interest. Items directly attributable to such exempt in..i e shall be
allocated thereto, and items directly attributable to any cla>s of taxable
income shall be allocated to such taxable income If an item i^ 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. Computation of tax. — In general. — All life insur-
ance companies (including 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. For taxable years be-
ginning in 1952, section 201 (a) (1), as amended, provides for a tax
equal to 3^ percent of the first $200,000 of 1952 adjusted normal tax
net income and 61/2 percent of the amount in excess of $200,000. No con-
sideration 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 "1952 adjusted normal tax net income" is defined as the nor-
mal tax net income plu<i 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 '\n section 203A (b). The
normal tax net income of a foreign life insurance company carrying on
a life insurance business within the United State;; consists of that portion
of its net income from the United States business (shown on the form
approved for life insurance companies by the National Association of In-
surance Commissioners) computed under the provisions 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; {b) 62 percent of the amount
received as dividends on certain preferred stock of a public utility which
is subject to the income tax; and (i) 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
unaer 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. 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 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 the portion of the uninterrupted period.
17. Adjustment for certain non-life insurance reserves. — For com-
panies writing contracts other than life insurance or annuity contracts
(either separately or combined with noncancellable health and accident
insurance) add to the normal-tax net income 3V^ percent of the unearned
premiums and unpaid losses on such other contracts which are not included
in life insurance reserves, but not less than 3'/4 percent of unpaid losses
plus 3V^ 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 amount equal to eight
times the amount of the adjustment for certain reserves provided in
section 202 (c).
19. Reserve interest credit. — Schedule C on page 2 should be used to
compute the amount of the reserve interest credit. 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-life insurance reserves. The term "required interest" means
the total of —
(1) The sum of amounts obtained by multiplying (a) each rate of
interest assumed in computing the life insurance reserves by (i") the means
of the amounts of the adjusted reserves 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 reserve 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 by 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 in 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 1U8 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-
SCHEDULE A.— DATA FOR RESERVE AND OTHER POLICY LIABILITY CREDIT
FOR THE SUCCEEDING TAXABLE YEAR
Data for succeeding taxable year. — The following data shall be fur-
nished in Schedule A by every life insurance company for the computation
of the figure, for the succeeding year, to be proclaimed by the Secretary
to determine [he reserve and other policy liability 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 Dcginning 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 reserves,
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 3l^ percent) and 33
percent of the average r^te of interest assumed in computing life insurance
reserves. Enter as line lO,
(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
be included in this item. Do not include any interest paid on deferred
dividends which were included under (3) above,
torritt ia~aMn3
FORN 1120 M
U. S. Tfoasury Department
IntM-nal H«»enuo SMTiice
FACSIMILES OF TAX RETURNS FOR 1952
U. S. MUTUAL INSURANCE COMPANY INCOME TAX RETURN
209
1952
For Mutual Insurara Companies Other Than Lite or Marine Insurance Companies
or Fire Insurance Companies Issuing Perpetual Policies
For Calendar Year 1952
File This Return With the Dlreclot ol Internal Revenue lor Your District on ot Balore March 15, 1953
{PRINT PLAINLt COMPHHTS HtHE WO ADDRESS)
(SirKt and number )
Dm
,, poilal lone number)
._.... State o
(Do Not Write In These Spaces)
(Cuhict's (tuDp)
M. O. Cert, of lt>d.
(Firjt paymcDl)
Item lod GROSS INCOME
Instruction No. <UnilM' Section 207 (a) (1) AND <3>)
1. Interest on:
(*j) Obligations of a State. Territory, or political subdivision thereof,
or the District of Columbia, or United States possessions
C*) Cfeligations of Federal land banks, joint stock land banks, and
Federal iDtcrmcdiatc credit banks issued prior to March 1, 1941
CO Obligations of the United States issued on or before September 1,
1917 - „ ■
(<0 Treasury Notes issued prior to December 1, 1940. Treasury Bills
and Treasury Certificates of Indebtedness issued prior to March
1. 1941
CO United Sratcs Savings Bonds and Treasury Bonds owned in the
principal amount ot $5,000 or less, issued prior to March 1. 1941
(f) United States Savings Bonds and Treasury Bonds owned in excess
of the principal amount of $5,000 issued prior to March 1. 1941
Ci) Obligations of instrumentalities of the United States (other than
obligations to be reported in line (i) above) issued prior lo
March 1. 1941 , Vi *
CA) Treasury Notes issued on or zfter December 1, 1940. and obliga-
tions issued on or after March I. 1941. by the United States or
any agency or instrumentality thereof (submit schedule). , . .
CO Loans, notes, mortgages, bank deposits, e
t Actnul Df DlxMRt
1 AiMnmaso k Pttmiumi
Totals
2. Dividends on stock of:
(*.) Domestic corporations subject to taxation under Chapter 1 of the Internal Revenue Code*
Ct) Public utility corporations subject to taxation under Chapter 1 of the Internal Revenue Code
(0 Foreign corporations
(J') Other corporations
3. Rents (attach scliedalc) ■ ■ ' '
4. Net gain from sale or exchange of capital assets (from separate Schedule D (Form 1120)).
5. Total income in items 1 to 4
DEDUCTIONS
6. Interest wholly exempt from tax (item 1 (a), (b\ (c), (rf). and (0. col. 4)
7. Investment expenses (attach schedule)
8. Taxes,
9. Real estate expenses
10. Depreciation (attach schedule).
il Interest.
12. Other capital losses (from Schedule E)
13. Total deductions in items 6 to 12
14. Net income (item 5 minus item 13) ■ • •
15. Less: Interest partially exempt from tax (item 1 (f) and Cg), col. 4). .
16. Adjusted net income
17. Less: Dividends received credit—
C») Enter 85 percent of item 2 (*)
(i) Enter 62 percent of item 2 (*) -
CO Enrcr 85 percent of dividends received from certain foreign corporations .
C<0 Total dividends received credit. Enter sum of (-). (*). »nd CO. »bovc, but not to c«e«a n pcrccD. o. .« |__
18. Normal-tax net income -
$-
[ to exceed 8S percent of item 16
GROSS AMOUNT OF INCOME (under section 207 (a) (2))
19. Total gross income in items 1 to 3. inclusive
20. Net premiums r- ,« i ■ ■»«>
21. Total gross amount of income from interest, dividends, rents, and net premiums (.tem 19 plus item 20j .
22 Less : Dividends to policyholders , n ' ' i ' \
23. Interest wholly exempt from tax (item 1 (a), (4), (c), ("O. "id (<). col. A)
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 27 plus item 28) ___
DECLARATION. (See Generel Instruction E) - , , .. < i, i,
cwl oSctr) mi trcuurcr (ot uii.i.nr irciiurer. or chid Kcountmg officer) of ihc corpotii.on (ot which
1^ . -. ^.-,,..j accompanyiDg ichedulc. and itaicmctiM) hu bccQ examined bv hun
the taxable yeat itatcd. pursuaot to the Iflteraal Revenue Code and
$
We the „ndeti,gned, ptesldeot (ot vice ptes.dent, ot othet pt.ncpal oScet) jnd tte.5» e, (■»"•■•"»>
th.! tetuti is inade each it h.m^lf declatet nndet the penaltie. o( pet|uty that this tetnm (.ntlud.ng any .
and " to the htst if hi. knowledge and bei.el, a tnie, cottect, and complete tenim, made ,n good (aith. fot
ind IS. to
the regulations
sued thereunder.
"(Prei'den' <" »'*'*' principal oAcer)
"(biicT '"iTtwJwrVAHiitlnt'Treature'r^ or Chief Aecouniin« Offiwf ) (Suie I.tle)
DECLARATION. <See General Instruction E)
have any knowledge.
"(Slgnihirt of perwn pteparin£ the retuxnl
"(Siiottute of penon preparini the rttu/n)
le— eTM»-i
(NuM of brcD or emplOTCt, if aoT)
FACSIMILES OF TAX KETURNS FOR 1952
Page 2
COMPUTATION OF TAX ON NET INCOME (Section 207 (a) (1) and (3))
NORMAL TAX COMPUTATION
1. Normal-tax net income (item 18, page 1)
2. Normal tax (60 percent of excess of line 1 over $3.000) $--
Companies (ciupt Interlnsurm and reciprocal underwriters) «rltli normai-tai nei Incomes of o
3. Normal-tax net income (item 18, page 1)
4. Normal tax (30 percent of line 3) ■
Interlmurers and reciprocal underwriters witli normal-tak net Incomes of over 550,000 and not over SIDO.OOO
5. Normal-tax net income (item 18, page 1) S--
6. Nonnal tax (60 percent of excess of line 5 over $50.000) .
Interlnsurers and reciprocal underwriters with normal-tax net IncomM of over $100,000
7. Normal-tax net income (item 18, page 1)
..|..
8. Normal tax (30 percent of line 7) $;-
SURTAX COMPUTATION |
9- Net income (item 14, page 1) $-
10. Less: Dividends received credit from item 17 ('), page 1 -^.^
11 . Surtax net income ^^^^^^^^^^^^^^
Companies (except interlnsurers and reciprocal umteiwr Iters)
12. Surtax net income (line 11) - - - $-
13. Surtax (22 percent of excess of line 12 over $25.000) .
Inttrinsurers and reciprocal underwriters with turtai net li
14. Surtax net income (line 11)
of over SSO.OOO and not over UOO.ODO
15- Surtax (33 percent of excess of line 14 over $50.000) fn
Inttrinsurers and reciprocal underwriters with surtax not ncomes ol over SIOO.OOD
16. Surtax net income (line 11) $-
17. Surtax (22 percent of excess of line 16 over $25.000) $..
18. Total normal tax and surtax under section 207 (a) (1) or (3)
COMPUTATION OF TAX ON GROSS AMOUNT OF INCOME (SECTION 207 (a) (2))
(not applicable to interlnsurers and reciprocal underwriters)
Companies with cross amount of Income of over $75,000 and not over 5150,000
19. Gross amount of income (item 24, page 1)
■ !$-
20. Tax (2 percent of excess of line 19 over $75,000) $.
Companies with gross amount of Income of over $150,000
21. Gross amount of income (item 24, page 1) $--
22. Tax (1 percent of line 21)
23- Tax under section 207 (a) (2) (line 20 or 22, whichever is applicable).
Tax under section 207 (a> <1), (2), or (3)
24. Line 18 for intcrmsurcrs or reciprocal underwriters; line 18 or 23, whichever is greater, for others
LIMITATION OF TAX UNDER SECTION 207 (a) (4)
Companies wKh gross amount received from Interest, dividends, rents, and premlui
25. Interest, dividends, and rents (item 19. page 1)
r S7S.0OO and less than 5125,000
26. Gross premiums received.
27. Total of lines 25 and 26
28. Limitations under section 207 (a) (4) (line 24 multiplitd by the ratio which the excess of line 27 over $75,000
bears to $50.000)
29. 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)
30. Total income tax (line 24, 28. or 29. whichever is applicable) $--
FACSIMILES OF TAX EETURNS FOR 1952
211
Pa|i3
Schedule A.— INVESTED ASSETS BOOK VALUES. (See Instruction 7)
CSchedula A naad not b* flllad In If no deduction ■• clalmad lor any lanaral aipanMi that ara allocalad to InvMtmant Incamal
Real estate
Mortgage loans
Collateral loans
Policy loans, including premium notes
Bonds of domestic corpurations
Stocks of domestic corporations
Government obligations, etc.:
(a) Obligations of a Scaie, Territory, ur political subdivision thereof, or the District of Columbia, or United
States possessions
(t) Obligations of Federal land bnnlcs, joint stock land banks, anil Federal intermediate credit banks issued
prior to March 1, 1941
(0 Obligations of the United States issued on or before September 1. 1917
((/) Treasutv Notes issued nrii)r tn December 1, 1940, Treasury Hills and Treasury Certificates of Indebtedness,
Mry Notes issued ni
issiicJ prior to Marcn 1, 144
(t) United States Savings Bunds and Treasury Bonds owned in the principal amount of $5,000 or less, issued
prior to March 1. 1941 . .
(/) United States Savings Qonds and Treasury EVinds owned in excess of the principal amount of $3,000, issued
prior to March 1. 1941
Cj) Obligations of instrumentalities of the United States (other than obligations to be reported in line (b")
shove) issued prior to March I, 1941 ■
Ci6) Treasurv Notes issued on or after December I, 1940, and obligations issued on ur 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
11. Total of columns 1 .ind 2, line 10
I $
12. Mean of the invested assets for the taxable year (one-half of line 11)
13. One-fourth of 1 jx-rccnr of the mean of the invested assets.
14. Income base (item 5, page 1, minus items 8 to 12. inclusive, page 1) .
15- W* percent of line 12
16. Excess (if any) of line 14 over line 15
17. Onc-fourth of line 16
18. Limit on deduction for investment expenses (line H plus line 17). ■
Schedule D. — Separate Schedule D (Form 1120) should be secured and used in reporting sales and exchanges of capital assets and Hied
with and as a part of this return.
212
FACSIMILES OF TAX RETURNS FOR 1952
Pin4
Schedule E.— OTHER CAPITAL LOSSES. (See Instruction 12)
Capital MMts Mid or •schanicd to meet »bnarmal Insurance losses and to provide lor the payment of dividends and similar distributions to pollcyholden
1. Dividends and similar distributions paid to policyholders $
2. Losses
paid
3. Expenses paid
4. Total of lines 1 to 3, inclusive
5. Less: Interest received (item 1, column 4, page 1, adjusted ro cash basis ifon accrual basis)
6. Dividends received (item 2, page 1, adjusted to cash basis ii on accrual basis) ....
7. Rents received (item 3, page 1, adjusted to cash basis if on accrual basis)
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
<i
1. OHCtlfDu d Capliil Kud
Z. Dill Aqulrtd
1 Grots Siiu Prkt
(CtaUKl Price)
iCHtwothHe«ii»JCfltt
g( ImpriHimtnii Subu-
•ueol to kqi^ilUM «
Mvchl.tSI]
iEiptnndSalt
towibie) SInM IcqDiilUM
«Mnhl, ISIKFualih
;. L«o(Ca[uinn3phiiCgluiiin
4 tod 5)
$
s
$
$
$
1
1
1
1
i
1
1
1
1
1
i
1
!
1
10. Total
$
$
'$
$
5-.
--J
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 shoula 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
4. Total of lines 1 to 3
5. Interest partially exempt from tax (item 15, page 1) $
6. Dividends received (item 2, page 1, less (a) adjustment for dividends received in kind,
(h) dividends received from foreign personal holding companies, and (c) dividends
received on stock which is not a capital asset)
7. Total of lines 5 and 6 ■
8- Line 4 minus line 7
If Line 8 Is $25,000 or less, Schedule EP (Fomi 1120) need not be filed with this return. If line 8 Is over S25.000, Schedule EP (Form 1120) must be Filed.
QUESTIONS
1. Did the company file 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,
cither 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 director's office in
which the income tax return of such corporation for the last
taxable year was 61cd.
3. Did the company make a return of information on Forms 1096
and 1099, or Form W-2a for the calendar year 1952? (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 "yes" or "no.") If answer is "yes," attach state-
ment required by General Instruction J.
5. Did the company file with the director of internal revenue a
copy of the annual statement for the preceding year as required
by General Instruction K? - - (Answer "yes" or
"no.") If answer is "yes," state director's office in which
statement was filed
6. If a copy of the annual statement required by General Instruction
K docs 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 1952
INSTRUCTIONS FOR FORM 1120 HI
1952 U. S. MUTUAL INSURANCE COMPANY INCOME TAX RETURN
(References are to the Internal Revenue Code, unless otherwise noted)
Taxpayers will find it helpful to read the Genera! Instructions A to L before commencing to fill in their returns
1952
213
GENERAL INSTRUCTIONS
A Compariss Required To File a Bclurn.— Every mutual insurance
corapanv oilier ll.an a life or marine insurance company and olhcr than a
6rc insurance coniJC"V subject t.i the tax imposerl hy section 204 (except
a forci.'u mutual inEUi:'n!., company other than a lite or maripe insurance
company or a fire incurijcc company subject to the tax imposed ijy
section "204— not carrying or, an insurance business witliin the United
States) with tross amount r.-tivi'd from interest, dividends,_ rents, and
premiums (inclu.linn deposius i.iid n-ss.-,s,nents). in excess of S7o,000. shall
file a return on tui^ .'o.ni. (See s'^ction U'l (11).)
neceivcrs trustee; '"r di=-«iutioD, trusl,-LS in bankruptcy, and assignees
operating the prc-.;-,rlv o.- business of corporations, must make returns of
income for such corporations. If a receiver has full custody of and control
over the business or |.io,)crtv of a corporation, ho shall be deemed to be
operating such business or property. » hethcr he is engaged ra carr.ving on
the business for which th^ cornoratinn v, a? organized or only in marshaling,
selling^ and disposing of its assets for purposes of liquidalion.
B Period Covered.— The return shall be for the calendai vcar ended
December 31 1052. and the net income computed on the calend.ar .year
basis in accordance with the State laws regulating insurance coiuponies.
C Basis of Return.— A return on this form shall be leiulerco on a
cash receipts and disbursements basis or the accrual basis tiliicheiir
conforms with the annual statement made to the State lusurancs De-
partment.
D Time and Place tor Filing.- The return must be sent to the director
of internal revenue for the district in which the company s principal pl.ace
of business or principal ofhce or agency is located, so as to reach the
director's olhce on or before March 15. 1953.
E Declaration.- The return must be signed by the president, vice
president, or other principal ofhcer. and by the treasurer, assistant treas-
urer, or chief accounting ofTicer.
Where the return is actually prepared by some pei-son or persons other
than olliccrs or employees of the company, such person or persons must
sign the declaration 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 order of "Director of Internal
Revenue." Do liot send cash by mail, nor pay it in person except at the
°°The°t'ax°niui' lie paid in full when the return is filed, or in tour install-
ments as follows: The first installment equal to 40 percent of the tax
sliall lie paid on or botoro March 15. 1953; the second installrnent equal
S 40 percent of the tax on or before Juno 15, 1953: the third install-
ment equal to 10 percent of the tax on or before September 15. 1953,
and the fourth inslallment equal to 10 percent ot the tax on or before
'lf'any°installmont is not paid on or before the dale fixed for its pa.yment
the whole amount of the lax unpaid shall be paid upon notice and demand
by the director. „.
G Penalties.— for faibire lo make and file a rdiirn on lime.— I'lve
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, tog.lher with the costs of prosecution. , ,, , . « «f
/'or willf"(t>i adcmpltTig lo ttiwiir or ikfeal payment of the tax. — A hue 01
not more than $10,000, or iniiuisoniiicnt for not more than 5 years, or
both, together with the costs of prosecution.
For deficiency due to nestigence or /roud.— Five percent of the amount
of the deficiencv 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 mB.ke a re-
turn on Forms 1090 and 1099 with respect to amounts paid, credited, or
distributed during the calendar year (o) as salaries or other couipcnsation
for personal services, totaling SOOO or more in the case of a cilizcn or
resident, or (i.) as inlere.,t. relit, premiums, annuilies, or other fixed or
determinable income totaling S600 or more to a fiduciary, a domestic or
rcsident partnership, or a eitijen or resident, A report on form loua
is not required with respect to wage payments, included ou lorm n-A
provided copies of withholding statements on Form W -2a are furnished.
If a portion of such salary or wage pav meats was reported on a n itli-
liolding Statement (Form \V-2), only the remainder must be reported
on Form 1099.
1 larormation by Corporalions.— 1. Contemplated dissolution or liquida-
tion —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 oi. Form 900, to the Commissioner, setting forth the terms
of such resolution or plan. (See section 148 Id).)
2 Distributions in liquidation— E\OTy corporation shall, when required
by the Commissioner, render a correct return of its distributions
ii liquidation, stating the name and address of each shareholder, the
number and class of shares owned by him. and the amount paid to liira
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 Stock Ownership in Foreign Corporations.- If the company owned
any slock of a foreign corporation (including less than 5 percent of the
stock of a foreign [lersonal 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 oulstanding stock
Swned by it during the taxable year. This statenieut 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
persouai holding company, as defined in section 331, it must include in its
return as a dividend the amount required to be included m 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 connpany.
it should set forth in an attached statement in complete detail the informa-
tion required by section 337 (d).
K Annual Slatement. — A copy of the annual statement for mutual
insurance companies adopted by the National Convention of Insurance
Commissioners for the year 1952, as filed with the Insurance Department
of the Stale 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
furiiishcd, if not filed for such year.
L List of Attached Schedules.— Attach a list of the schedules accom-
panying the reliirn. giving fur each a brief title and the schedule number.
Place name and address of company ou each schedule.
SPECIFIC INSTRUCTIONS
Tht lollowlnj InstmcUons an nunUBred lo coiiespmil xilli Item niimliers on mt 1 of lln lElurn
ids from a domestic corporation which is subject to taxation under
T 1 except dividends on certain preferred stock of a public utility
ilio'n and dividends received from a corporation entitled to the
s of section 251 and from a corporation organwcl under the China
1 Interest — linler interest received or accrued from all sources during
the 'taxable year. Interest on b.uuls Is considered income when due »"•'
navabic. The gross amount of inlorcst reported aji gross income shall be
Sccrcased by the amorlization of premiums and increased by the accrual ol
discount atlribiitable to the taxable year on bonds, notes. 'Iclietitiires
or other evidrnees of iiidcbtcdne.ss, determined (1) in accordance Willi llio
molhod regularly employed, if reasonable, or (2) in accordance with reg-
ulations prescribed by the Coi.iii.issioner with the approval of the
Secretary. (Atuch Blctcmenl showing method and computation.)
2 Dividends.- Enter as item 2 (a) the amount received or accrued as
dividends from a domestic corporation which is jjubjcct l,i'^tOj'^,^j?J' y,^, ^
Chapter
corporal
T'rade"A'ct°'l922.' 'JEuicr'aV Tiem i'lV) dividends-received on certain pre-
ferred slock 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 Id) dividends from all other corporations including dividends o" |""'J
accounts in Federal savings and loan associations issued on or after March
28 1942 Enter in item 1 (ff) dividends on share accounts in I'cdcral
saiings 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 or accrued from tenants.
4. Gains and Losses From Sales or Exchanges ot Capital Assets.—
Report sales or exchanges of capital as-sets in separate Schedule U (form
1120) (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
detail. , ,
Losses from sales or exchanges of capital assets (except losses from
capit'al assets sold or exchanged in order to obtain funds to mfpt ab-
normal insurance losses and to provide for the payment of dividends
and similar distributions lo policyhoklersi shaU be allowed lo the extent
of gains from such sales or exchanges, wilh respect to companies taxable
under section 207 (a) (1) or (3). The net capital loss (or such companies
shall be the amount by which losses for such year from sales or exchanges ol
capital assets exceed the sum ot the gains from such sales or exchanges and
(1) the corporation surtax net income (computed without regard to gams
or losses from sales or exchanges of capital assets) or (2) losses from the sale
or exchange of eapiul 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 net capital loss sustained in any taxable year
may be carried over to each of the five succeeding taxable years and
treated in each such succeeding taxable year as a shorl-terin capital loss to
the extent not allowed as a deduction against any net capital gains of any
taxable year intervening between the taxable year m which the net capital
loss was sustained and the taxable year lo which carried.
Dc/inilion.o/copiIalo.icIj.-The term "capital assets" means property
held by the taxpayer (whether or not connected with his trade or busi-
nesa). but tloea nolincludc slock in trade of the taxpayer or other property
of a kind which would properly be include.1 in the inventory of he tax-
payer if on hand at the close of the taxable year or property hcl.l by the
taxpayer primarily for sale to customer, in the ordinar.v course "' h'" '™^e
or business, or priiperty used in the trade or business of a cliaraeter w iich
is subject to the allowance tor depreciation provided in section 23 (I), or
a conv right a literary, musical, or artistic composition, or similar property,
or an obligation of the liiitcd 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 from
the ilatc of issue, or real property used in the trade or business of the
taxpayer. .
CIa>i«c(ili"on of capital sains and losses.— The phrase "short-term
applies to the category of gains and losses arising from the sale or excluinge
of capital asseu held for 0 inonlha or less; the phrase "long-term to the
category of gains and losses arising from the sale or exchange of capital
a.ssels held for more than 6 montlis.
Enter full description of each item of property sold or exchanged, even
though no gain or loss may bo indicated. Such description should include
the following facts: (o) For real estate, location and description of land
description of improvements, details explaining depreciation (column 6
of Schedule C) ; (i) for bonds or other evidences of indebtedness, name of
issuing corporation, description of the particular issue, deilulniiiatlon,
and amount; (c) for stocks, name of issuing corporation, class of stock,
number of shares, and capital changes affecting basis (nontaxable 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, 19 3.
If 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 1. 1913. adjusted as provided in section 113 (b). whichever is
greater but in determining LOSS the basis is cost so adjusted. If prop-
erty was acquired after February 28. 1913. basis for both gain and lose la
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 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 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 (Form 1120) the amount of
depreciation, exhaustion, wear and tear, obsolescence, and depletion m
respect of the property. This amount shall be the sum of the following;
(a) The amount of depreciation, 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 February 28, 1913. if the property was acquired before that
date For any period after Decemlier 31. 1951. the amount of depre-
ciation etc. allowed (and which is in excess of the amount allowable)
shall l>e disregarded to tho extent that such excess does not result in
a reduction for aiiv taxable vear of the taxpayer's income or excess
profits taxes. In respect of aiiv pcriotl after February 28. 1913. and
before January 1 . 19.52. the taxpayer may disregard depreciation, etc..
which was in excess of the amount allowable and which did not result
in reduction of income or excess profits taxes only if an election is
made in accordance wilh regulations. (Sec section 113(b)(1)(B),)
(b) The amount of depreciation, exhaiislion. wear and tear, obsolescence,
and depletion actually sustained prior to March 1. 1913. if tho prop-
erty was acquired before that date.
Subsequent improvements include expenditures for additions, improve-
ments, renewals, and replacements made to restore the property or pro-
long its useful life. Do not deduct ordinary repairs, interest, or taxes in
computing gain or loss.
IS— 8711)9-1
214
FACSIMILES OF TAX RETURNS FOR 1952
Losses on securHws becoming worthless. ^If any securities (as defioed
below) become worthless within the taxable year and are capital assets,
the loss resulting therefrom shall, io the case of a taxpayer other than a
bank, as defined in section 104, be considered as a loss from the sale or
exchange, on the last day of such taxable year, of capital assets. (See
section 23 (k) (2).)
Definihoji of sucurities. — 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 (including those issued by a government or political subdivi-
sion thereof), with interest coupons or in registered form. However,
Gecurities 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 worlliless. — 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 loss resulting
therefrom shall be considered as a loss from the sale or exchange, on the
last day of such taxable year, of capital assets. (See section 23 (g) (2) and (4).]
Losses not allowable. — No loss shall be recognized^in any sale or other
disfHisition 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 ca^es of dealers in stocks and securities and with respect to transactions
made in the ordinary course of such business.
Gains and losses from involuntary conversion and from the sale or exchange
of certain properly used in Ike 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 suljji>ct 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 (a) property of a kind which \\ould 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 fur sale to cus-
tomers in the ordinary course of his trade or business. Such term also
includes timber or coal with respect to which section 1 17 (k) (1) or (2), is
applicable as well as unharvested crops sold with the land with respect to
which section 117 (j) (3l 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 acquisilion.
Section 117 (j) provides special treatment fcr the gains ana losi^es 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 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 assel.s held for more than G 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 G 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 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 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, see section 117 (k).
Alternative lax. — If for any taxable year the net long-term capital gain
exceeds the net short-term capital loss, section 117 (c) imposes an alterna-
tive tax in lieu of the normal t&x and surtax imposed upon net income, if
and only if such tax is less than the tax imposed by sections 13 anfl 15
(relating to norma! tax and surtax on corporations), sections 204 and 207
(a) (1) or (3) (relating to normal tax and surtax on insurance companies,
other than life insurance companies), and section 500 (relating to tax on
personal holding companies). The alt;;rnative 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 los.s, and (2) 26 percent of such excels.
6. Interest Wholly Exempt From Tax. — Ent^r the amount of interest
which 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. InveslmenI 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
a.'i.iel.s reported 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,
ecwcre, 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 properly nor appreciably prolong its life, but keep it in an
ordinarily efficient operating condition. Do not include any amount paid
out fur new buildings or for permanent improvements or betterments
made to iiicrco*ic the value of any property or any amount expended on
foreclosed property before such pmperty 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 anv event the deduction Is limited to the depreciation on the property
that ia used, and to the extent used, for the purpose of producing the
income npccified in section 207 fb) (1). If the property was acquired by
purchase on or after March I. 1913, the amount of depreciation should be
deUfrmincd upon the basis of the original cost (not replacement cost) of
the property, and the prot)able 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 aa 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
char^i.-d oH ratably over the useful life of the property. Whatever plan
or method of apportionment is adopted must be reasonable, must have
due rcj^nrd to o|)erating conditions during the taxable year, and should
be described in the return.
If a deduction is claimed onaccount of depreciation, a schedule should be
filed with the return showing: (I) Kind of property; (2) date 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. 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 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 exchanged 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. — (a) Enter the total of items 6 to 12, inclusive.
(ft) Limitation on deductions relating to 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 rental value of the entire property. (Submit
detailed schedule.)
(c) 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 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, detennined in the light of all the facts and circumstances
in each cose, 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 (I) 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 Jeceived on certain preferred stock
of a public utility) ; (b) 62 percent of the amount received as dividends on
certain preferred stock of a public utility corporation which is subject to
the income tax; and (c) 85 percent of dividend.^ received from certain
foreign corporations subject to the income tax. For the purpose of this
credit, dividends received from a corporation organized under the Chins
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 2G (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 on uninterrupted period
of not less than 36 months (or the entire period the foreign corporation
was in exislance if such period is less than 3>j 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) duriug 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 earnings and profits at the time the distribution was made
or l\j) 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 be^rs to the gross income from all sources for the portion
of the iminterupted period.
20. Net Premiums. — Enter as item 20 the amount of gross premiums
(Including deposits and assessments) written or received on insurance
contracts during the taxable year, less return premiums and premiums
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 to Policyholders. — Enter as item 22 dividends and sim-
ilar distributions paid or declared (depending upon the method of account-
ing regularly employed) to policyholders. (See section 207 (b) (3).)
26. Credit for Income Taxes 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 caae
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
aa a condition precedent to the allowance of a credit for such accrued
taxes. A foreign company is not entitled to claim this credit.
FACSIMILES OF TAX RETUKNS FOR 1952
215
FORM U20H
U. S. TVeMury Dapartment
■ntwnal_R«*«nu« Sarvlcs
U. S. RETURN OF PERSONAL HOLDING COMPANY
(Under Subchapter A, Chapter 2, Internal Revenue Code)
FOR CALENDAR YEAR 1952
or fiscal year beflnnlnj .1952, anil endinf
.-, 1953
PRtHT PLAINLY CORPOUTION-S N*ME UO ADDRESS
(Nuie)
(Street and aumbet)
(City or town)' (Sute)
1952
(Cuhiei't Sump)
loK^nionV SUBCHAPTER A NET INCOME COMPUTATION (See Instructton H)
1. Net income (as defined in chapter 1 of the Internal Revenue Code)
2. Add; Contributions or gifts deducted in computing item 1. (See item 6, below)
3- Excess of expenses and depreciation over income from property not allowable under section 505(b). (From
Schedule A)
4. Net operating loss deducted in computing item 1. (From Form 1120, item 33, page 1)
5- Total of items 1 to 4, inclusive
Less: Contributions or gifts paid. (From Schedule B)
6.
Federal income, war-profits, and excess-profits taxes (not deducted in computing
item 1). (From Schedule C)
8. Income and profits taxes paid to a foreign country or United States possession (not
deducted in computing item 1)
9. Amounts paid in liquidation of liability of the corporation based on liability of a
decedent to make contributions or gifts. (Attach statement)
10. Subchapter A net income (item 5 minus total of items 6 to 9. inclusive) 7
UNDISTRIBUTED SUBCHAPTER A NET INCOME COMPUTATION CSee Instruction l>
11. Subchapter A net income (item 10, above)
12. Less: Dividends paid credit. (From Schedule D)
13 Amounts used or irrevocably set aside to pay or retire indebtedness of any kind
incurred prior to January 1, 1934. (From Schedule E)
14. Undistributed subchapter A net income (before applying section 504(c)) (item 11 minus total of items 12 and 13).
15. Less: Dividends paid after close of taxable year, excluding deficiency dividends as defined in section 506 (c).
(Attach schedule of computation)
16. Undistributed subchapter A net income
COMPUTATION OF TAX
17. Surtax on portion of item 16, not in excess of $2,000, at 75%
18. Surtax on portion of item 16, in excess of $2,000, at 85%
19. Total surtax due (total of items 17 and 18)
COMPUTATION OF ALTERNATIVE TAX
20. Undistributed subchapter A net income (item 16, above)
21. Net long-term capital gain. (From separate Schedule D, Form 1120)
22. Less: Net short-term capital loss. (From separate Schedule D, Form 1120).
23. Excess of net long-term capital gain over net short-term capital loss
24. Undistributed subchapter A net income reduced by excess in item 25
25- Surtax on portion of item 24, not in excess of $2,000, at 75%
26. Surtax on portion of item 24, in excess of $2,000, at 85%
27. Partial surtax (item 25 plus item 26)
28. 26% of item 23
29. Total of items 27 and 28
30. Less: Portion of income tax under chapter 1 attributable to item 23
31. Alternative tax (item 29 minus item 30)
32. Tax liability (item 19 or 31. whichever is lesser).
Furnish below the names and addresses of the individuals who owned, directly or indirectly, at any time during the last half of the taxable
year, more than 50 percent in value of the outstanding capital stock of the corporation:
Nai
mm
tUJMipv
M«n<
CMN
CD -
(2) -
0)
C4) -
—
(5)
DECLARATION (See Instruction E)
We, the undersigned, president (or vice president, or other principal officer) and treasurer (or assistant treasurer, or chief accounting officer)
of the corporation for which this return is made, each for himself declares under the penalties of perjury that this return (including any accom-
panying schedules and statements) has been examined by him and is, to the best of his knowledge and belief, a true, correct, and complete return
made in good faith, for the taxable year stated, pursuant to the Internal Revenue Code and the regulations issued thereunder.
(Presidnt Of principil officer) (Sufe title)
(Treuurer, AisiiMot Treimre
•I Chief Accounting Officer) (Slate title)
Clf this raturn wn prapwad by soma panon or panom ottiar than olDcar* or amplayaa* ol Iha corperatlan, Iha t
DECLARATION (See Instruction E)
wlnf dadaraUon cnutt ba •lf«ad>
I/we declare under the penalties of perjury that I/we 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 imposed
by section 500 of the Internal Revenue Code of the person for whom this return has been prepared of which I/wc have any knowledge.
(SigiMtuK ol penoa ptepuiog Ibe Rturn)
(Sisniture of penoo pnpuiai the retara)
(Nunc of firm ot mpla|o. if taj)
FACSIMILES OF TAX RETURNS FOR 1952
' CXPCNSCS AMD DCPIICCIATION OVm INCOME FROM PROfEimf WOT AU.OWABLJ UMDCM «£CTION MS <b). C»— Irwlrurtton 1)
L fM0fmmti
CO-
LO«b<«n< ICwtMOBHlah
1 ltw*i. inwKi. ■< OOi
Total cacess of expenses and depreciarioD over rent or other compCDsadoo. (Eotc ^^^ ^°<^ *s ^'^^ 3. first page) 1$-
Explanacion of expenses entered in column 5
Sutc the names and addresses of persons from whom rent or other compensation was received for the use of, or the right to use, each property
SdMdiite B.— COirmiBUTIONS OR GIFTS PAID. (Sm imtrwcUonC)
Total. (Entct here and as item 6. 6rst page, subject co 15 percent limitation'^ $
SclMdul* C— FEDERAL INCOME. WAR-MtOFITS. AND EX CESS-PROFITS TAXES. <S— InrtmcMon T)
NttnilTu
Total. (Enter here and as item 7. first page) " ^
Notm.— Do Qoc include surfiies imposed by scaioos 102 and 500 of the Intcnul Revenue Code, ot by ihc cotrcspooding sections of » ptior iocome ux Uw.
Sclwdul* D.— DIVIDENDS PAID f^REOIT. (Sm lnatnic>lMi U>
1. Taxable dividends paid, excluding (a) dividends claimed in the preceding year under section 504 (0. ^^^ W defi-
ciency dividends as defined in section 506 (c)
2. Consent dividends credit. (Subnu: schedule)
3. Taxable distributions (total of lines 1 and 2)
4. Net operating loss of preceding taxable year (not in excess of the subchapter A net income). (Submit schedule)
5. Bank affiliate credit
6- Total of lines 4 and 5. or subchapter A net income, whichever is lesser
7. Dividend carr>--over from first and second preceding taxable years. (Submit schedule of computation)
8. Dividends paid credit (total of lines 3. 6. and 7>. CEnter here and as item 12. first page''
SchadiU* E.-AMOUNTS USED OR SET ASIDE TO PAV OR RETIRE INOEDTEDNESS INCURRED PRION TO JANUARY U OU. (S— liwlrHcMow U)
1
"
Ill
1. Description of indebtedness
4. Origioil imounc of indebccdncss
5, Amount used or set aside prior to January 1, 1934, to pay or retire such
$
$
J „ .. .
6. Excess of indebtedness on January 1, 19M, over total amount used or
set aside prior to that date to pay or retire such indebtedness
7. Aggregate of amounts used or set aside to retire such indebtedness in
taxable years beginning on and after Januar)- 1, 1934 (not including
5
«
i;
$
s
f .
8. Amount used or irrevocably set aside during the taxable year covered
$
$
$
$
f
<:
11. Indicate separately:
(#) Amount actually used during the taxable year covered by this
«
«
T
(4) Amount irrevocably set aside during the taxable year covered
by this return to pay or retire the indebtedness, but not
actually used during the taxable year for such purpose
12. Portions of amounts entered on line 8 above, claimed as deductions for
the taxable year covered by this return. (Enter portions of amounts
here and total of such portions as item 13. first page)
«
e
?
$
$ -
$
Indicate by check mark whether the deduction claimed in item 13, first page of this teturo, represents:
A D Amount actually used during the taxable year to pay or retire the indebtedness;
B n Amount irrevocably set aside during the taxable year to pay or retire the indebtedness; or
C n Combination of both A and B.
There must be furnished all of the facts and circumstances upon which the taxpayer relies to establish the reasonableness of the amount
claimed as a deduction. Describe fully the plan for paracnt or retirement of the obhgations, indicaung date and method of adoption, and
where the plan is covered by a mandatory sinking fund agreement or similar arrangement, submit a copy of the indenture or agreement by which
the fund was established and under which it is maintained - ~ - -
If the amount claimed as a deduction in item 13, first page of this letum, represents an amount irrerocably set aside to pay or retire the
indebccdness, explain fully the circumstances and method by which it was irrevocably set aside —
1952
FACSIMILES OF TAX EETURNS FOR 1952
INSTRUCTIONS FOR FORM lUOH
U. S. RETURN OF PERSONAL HOLDING COMPANY
(Under Subchapter A, Chapter 2, Internal Revenue Code)
(lt«f*rancM art I* th« Intanwl Ravanua C«d«, unlMS QthcrwiM n«t*d)
1952
Taxpayers will find it helpful to read General Instructioas (A) to (J) before commenciog to fill in their returns and to read the
Specific Instructioas in connection with filling in the items to which they refer.
GENERAL INSTRUCTIONS
217
(A) Corporations which must make return on Form 1120H. — Every cor-
poration which conies within the classification of a "personal holding com-
pany." Section 501 contains the following general provisions relating to the
de&nition of a personal holdint^ company:
(a) ORvioti. RcLi — For tbe purposes or this subchapter and chapter 1, the term "personal
holding compBoy" means any cotporatlon If—
(1) O'os$ income refulremenl —At least 90 per c«ntum of Its noss Income for the tftzable year Is
personal holdine company Income as <leaDod In sectloo 50% hut it tbe corporation Is a persona) hold-
ing company nitb respect to any laiablo year beglnnloK after December I. 1936, then, tor cacb mb-
sequent taxable year, tho minimum pcrceniaire sball be 70 per centum In llou of SO per centum, until
a taxable year during tho whole of the last halt ot wblcb tbe stock ownership required by paraerapb
(2) doea not oils t. or until theeiplratlonot three consecutive taxable years In each of wblcb less than
70 per centum of the gross income Is personal holding company income: and
(2) Sloek awneriMp rtgulremfnl.—At any time during the last halt ot tho taxable year more than
GO per centum In value ot Its oulstaniJlDg nock Is owneil, directly or Indirectly, by or lor not more
thai] Qve Individuals.
(b) EicKPTioNB,~The term "personal holding company" doea not Include a corporation exempt
from taxation under Kctlon 101, a bank as defined in section 104, a lite Insurance company, a surety
company, a toreltrn personal holding companydeOned In section 331, a llcen5ed personal Bnanc« com-
pany, or H lending company, dellnGd In subsection (b) (6), a loan or Inveaimenl company deflned
In subsection (b) (7), or a tlnatice company deQncd In subsection (b) (g).
] parent corporation ot
- -1 HI
(c> Corporations Marino Conhoudatzd Rkiorns,— H t
.. _ _ . ., I provided In section Mi(a|{!). and the Income of iuch
affiliated group, determined as provided in section Hl,satl3Qes tbe gross Income requirements pro-
vided In section SOilaXl), such afSllated Rroup fball be subject to Ibe surlai Imposed by this sutv
chaplef. The preceding sentence sball apply only If the common parent corporation Is a common
parent ot an afflllBird group of railroad corporations wbicb woola be eligible to Die consolidated
returns tmder section 141 prior to Its amcndmoot by tbe Revenue Act of 1H2
A foreign corporatioa, whether resident or nonresident, which la classified
BB a personal holding company under section 501 (not including a foreign
personal holding company as defined in section 331) is subject to the tax
imposed by section 600 with respect to its income from sources within the
United States even though such income is not fixed or determinable annual
or periodical income specified in section 231(a). (See section 119.) The
term "personal holding company" as used in subchapter A does not include a
foreign corporation if (1) its gross income from sources within the United
States for the period specified in section ll9(aU2)(B) is less than 50 percent
of its total gross income from all sources and (2) all of its stock outstanding
during the last half of the taxable year is owned by nonresident alien indi-
vidual, whether directly or indirectly through other foreign corporationa.
Personal holding company income. — The terra "personal holding companv
income" ia defined by section &02 aa the portion of the gross income which
consists of:
"(a) Dividends, Intertat (other iban Interest constituting rent as defined In aubsectlon (g)}.
royalties (other than mineral, oil. or gas royalties), annuities,
"(bl Stock and ^icubities Tka ns actions. —Eicept in tbe case ol regular deolen In stock or
securities, gains from tbe sale or eicbange of stock or securities,
"<c) CouuoDiiiu Tb ANB ACTIO ss.—Oalns from futures transactions In any commodity on or
■ubiecl to tho rules of a board ot trade or commodity eicbange. This subsection shall not apply
to gains by a producer, processor, merchant, or handler ot the commodity which arise out of bona
flde hedging transactions reasonably ntfcessary to tbe conduct of Its business In tbe manner In which
Bucb business is customarily and usually conducted by others.
"(d) Estates and Tbdbts.— Amounts Includible In computing the net income of tho corporation
nnder Supplement E of chapter l; and gains from tbe sale or other disposition ot any Interest In an
estate or trust,
"(e) PiasoNAL BiRvici CoNTRACTfl-— (I) Amounts received under a contract under which the
corporation Is to tumlsh personal services: If some person other than tho corporation has tbe right
to designate (by namo or by descrlpllonl the Individual who Is to perform tho services, or If the
Individual who Ls to perfonn the services U designated (by name or by description) In tho contract:
and {2} amounts received from the sale or other disposition of such a contract. This subsection
shall apply with respect to amounts received tor services under a particular contract only If at some
time during the taxable year 11 per centum or more In value of tho outstanding stock ot the corpora-
lion Is owned, directly or Indirectly, by or tor tbe individual who has performed. Is to perform, or
may be designated (by name or by description) as tbe one to perform, such scrvlccs-
"(f) UsB or Corporation Pbopbbtt bt Shabbholdib.— Amounts received as compensation
(however designated and from whomsoever received) for the use ot, or right lo use, property ol the
corporation in any case where, at any lime during the taxable year, 2S por centum or more In value
ot t>iB outstanding stock of the corporation Is owned, directly or Indirectly, by or lor an individual
entitled to the use ot the property; whether such right Is obtained directly from tho corporation or
by means ol a sublease or other arrangement.
"(g) Rbnts— Rents, unless constiiuling 60 per centum or more of the gross Income. For the pur-
poses ot this subsection tbe term "rents" means compensation, however designated, for tbe use of,
or right lo use, property, and the Interest on debts owed to the corporation, to the extent such debts
represent the price for wbicb real property held primarily for sale to customers In the ordinary course
ot Its trade or business was sold or exchanged by the corporation; but does not Include amounts
constituting personal holding company income under subsection (f).
"<h) Mineral, Oil, or Qas Rotalties,— Mineral, oil, or gas royRllles unless (1) constituting
BO per centum or more of tho pross income and (2) the deductions allowable under section 23(a)
(relating lo eipensesl other than compensation for personal services rendered by shareholders, coo-
Blltulc IS per centum or more ot the gross income "
Stock ovmership. — Section 503 contains the following provision with ref-
erence to stock ownership:
"(a) CoNflTRUcnvE Ownership,— For tho purpose of determining whether a corporation Is a
personal holding company. Insofar as fiiirh dotermJJiatlon Is based on .iiook ownership ondor section
Wl(a)(2). section 602(0), or section M2(t)— . . , ,
"(1) Slofk noi owned by Indiriduo/.— Slock on-nod, directly or IndlrMtty, bv or for a corporation,
partnerablp, cetate. or trust shall bo considered as being owned proportionately by Its shareholders,
partners, or boneDclarles. , , , , ..
"(2) Famllv and pattnerMMp eirnffiftfp,— An Individual BhaU be considered u owning tbe stock
owned directly or l^dltwtly. by or for bis famUy or by or for his partmr. For tbe purposoa ol Dbla
paragraph the family ot an Individual Includes only hb brotbera and slslen (wbolber by tha whole
or half blood), spouse, ancestors, and Uaeal dascenoonts. _ , ^ ^ ,. ^ .^ j
"(3) Opllont.^ll any person Las an option to acquire stock sucb stock anall be considered as
owned by such person. For the [lurposes of this paragraph an option to acquire such an option, snd
each one ot a serleo ot sufh options, shall be considered as an option to acquire auch stock.
"(4) Appllealion of famllv-partnerthip and option nJ&i.— Paiagraphs (2) and (3) ahsll be applied—
"(A) For tbe purposes of the Stock ownership twjulrament provided Id section S01(a)(Z), U, but onl7
It, tbe efloct Is to make tbe corporation ft personal boldlng company;
"(B| For the purposes ot Bectlon603(e) (telatlnKtoperMoeJaervlcecontracts), or olsectlon £02(0
(relating to iho MM of property by abareboldeiB). It, iHit only U, the effect b lo make the amounts
therein referred lo Includible under such anbsectfon u personal faoldlng company Income.
"(S) CbminietlK owntriMp (u aelwii WMwriAfp.— Stock constnicllvely owned by a person by
reason of the nppUooilon ot paragrapb (1) or (3) shall, for tbe purpose o( applying paragraph (I) or
(2) bo treated as actually owned by such person; but stock constructively owned by an individual
by tMson ot tho application of paragraph (2) shall not be treated as owned by him for tbe purpose ot
again applying sucn paragraph In order lo make onother the constructive owner ot sucb stock.
"(6) Option ruU In lieu of famllii and parlnerihlp rtitr.— It stock may be considered as owned by
en individual under eltbor paragraph (2) or (3) 11 shall bo considered as owned by him under para-
"(b) CoNTBnTinTA 8 tcuRnnts.— Outstanding sooutIIIbs convertible Into slock (whetbai or not
convertible during the taxable year) shall be cotisldered as outstanding stock—
"(I) For the purpose ol the stock ownership requirement provided b section Ml(o)(2l, but only
U the effect of Iho Inclusion of all sucb socurltlos Is to maka tho corporation a personal holding
Oompany^
"(2) For the purpose of section B02(e) (relatlne to personol service eontrocti). but onlv It the effect
of the Inclusion of all such mcurltlas Is to make tbe amounts therein referred to Includible under sucn
eubsocllon as personal holding company Income; and . .. , ^ , „
"(3) For the purpose of aect ton 502(0 (relating to theuseotproperty by sbareholdefs), but only U
tl» effect ot tho Inclusion ot all sucb securities u to moke the amounts therein referred to Includlbla
under Bucb subsection as personal holding company Income. .,...„
•"The requirement In paragraphs (1), (2), and (3) thai all convertible securities must be included U
any are to be included shall be subloct to the exception that, where some o( the outstanding sccuittles
are cooverllblD only after a later date than In the case ol others, the class having the earlier conver-
sion date may be Included ollbougb theothors are not Included, but no convertible securities shall be
Included unless all outstanding securities having a prior conversion date are also included,"
(B) Period to be covered by return. — Returns shall be filed for the calendar
year 1952 or fisral year beginning in 1952 and ending in 1953. A fiscal year
mufit end 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 (or a change should be made on Form 1128 and forwarded to the
Commissioner 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.
(C) Basis of return. — If your books of account are kept on the accrual
basis, report all income accrued, even though it has t]ot been actually re-
ceived or entered on the books, and expenses incurred instead of expenses
paid. If your books are not kept on the accrual basis, or if you kept do
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.
(D) When and where return must be filed. — Returns must be filed on or
before the I5tb day of the third month following the close of the taxable
year with the director for the district in which the corporation's principal
place of business or principal office or agency is located. In the case of a
foreign corporation engaged in business within the United States but not
having an office or place of business therein, the return shall be filed on or
before the 15tb day of the sixth month following the close of the taxable
year with the Director of Internal Revenue, Baltimore 2, Md,
(E) Signatures and verification. — The return must be signed by the
president, vice president, or other principal officer, and by the treasurer,
assistant treasurer, or chief accounting officer. Where 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 first page.
(F) When and to whom tax mast be paid. — The tax must be paid in full
when the return is filed, or in four installments, as follows: 40 percent
on or before the I5th day of the third month; 40 percent on or before
the 15th day of the sixth month; 10 percent on or before the 15th day of
the ninth month; and 10 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 tax unpaid shall be paid upon notice and demand
by the director.
The tax may be paid by sending or bringing with the return a check or
money order drawn to the order of "Director of Internal Revenue." Do
not send cash by mail, or pay it in person except at tbe director's office.
(G) Penalties. — For failure to make and file return on lime. — 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 willfuUy attempting to evade or defeat paymejU 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) De6nilion of Subchapter A Net Income. — Section 505 defines tbe
term "Subchapter A Net Income" for the purposea of subchapter A as the
net income, with the following adjustments:
"(a) ADDITIONAL Dkpdctions.— There shall be allowed OS deductions—
"(I) Federal income, war'proQls, and ei cess- pro tits taxes paid or accrued during tbe taxable year
to the extent not allowed as a deduction under section 23; but not Including the lai Imposed by Mo-
tion 102, section SOO, or a section of a prior locome-tm law corresponding to either ot such sections.
"(2) In lieu of the deduction allowed by section 23(q), contributions or gifts, payment ol which Is
made within tbe taxable year to or tor tbe use of donees described In section 23(q) tor tbe purposes
therein speciQed, to au amount which does not excMd 15 per centum ot tbe taxpayer's net income.
computed without the benefit ot this paragraph and secUon 23(q), and nlthout the deduction ot
the amount disallowed under subseciioo (b) ol Itils section. For tbe purposes ot tbe preooding sen-
tence, payment ot any contribution or gilt shall be considered as made wiihio ibe taxable yearTf and
only it It Is considered lor the purposes of section 23 lq)asmadewlthlu sucb year. For disallowance
ot certain charitable, etc., deductions oibemlse allowable under this paragrapb, see sections 3ai3
and 162 (g) (2).
"(3) In the case ot a corporation organised prior to January i, 1030, lo take over the asMts and
liabilities of tbe estate of a decedent, amounts paid in liquidation of any llabUlty of tbe corporaUon
based on the liability of tbe decedent tomakecantrlbutionsorgifts to or tor the use ot donees described
In section 23(o) for the purposes therein specified, to tbe eilent sucb liability of the decedent existed
prior to January 1, 1(04. No deduction shall be allowed under paragraph (2) of this subsection tor
a taxable yBor tor which a deduction Is allowed under tbis paragraph,
"(b> Dkdoctions Not Allowip— The aggregate of tbo deductions olloned under section 23(b1,
relikling to expenses, and section 23(1), relating lo depredation, which are allocable to the operation
and maintenance ot properly owned or operated by the corporation, shall he allowed only in an
amount equal to the rent or other compensation rac«ivod for tbe use of, or the right to use, tbe prop-
erty, unless It Is established (under regulations proscnbed by tbe Commissioner wlUi the approval
of the Secretary) to the saUsfactlon ot tbe Commissioner:
"(1) That tbe rent or other compensation received was the highest obtainable, or, If none was
received, that none was oblalnable;
"(2) That the property was held in the course ot a business carried on bona Ode for proDt; and
"(3) Either that iliere was reasonable expectation thai tbe operation ot tbe properly would result
In a profit, or that tbe property was oeoessary to tbe conduct of the business,
"(c) Net Loss Carbt-Uvib DtsAiJ.owiD.— The deduction tor net operating losaee provided Id
section 23(s) sball not be allowed.
"(di KMI Capital Loss CAHar-OvtB DxNtio.— Tbe net Income shall be computed without
regard to section Il7(e)l3).
"(e> IKCOUB Not Placed on Kshvai. Basis.— The nel inc«me shall be computed wltbout
regard to section 47lc),"
(I) Definition of undistributed sabchapter A net income. — Section 504
defines the term "undistributed subchapter A net income" as the sub-
chapter A net income (as defined in section 505) minus —
"(a) Tbe amount ot tbe dividends paid credit provided In section 37(a) without Ibe beneflt ol
paragraphs (3) and (4) thereof (computed wltbout its reduction, undernctlon 37(b)(1), by the amount
ot the credit provided In soetlon 2e(a), relating to Interest on certain obligations of tna United States
and Oovernment corporations); but, in the compututlon of the dividends paid credit tor the purposes
ol this subchapter, tbe amount allowed under subsection (cl of this section or ot section WS of the
Revenue Act of IS3I1 In the computation ol the lai under this subchapter or under Title IA of the
Revenue Act ol IKIS lor nnv preceding taxable yoar boginnlng alter December 31. 1037, shall be con-
sidered as a dividend paid In sucb preceding taxable year and not In tbe year ot distribution;
"(b) Amounts used or Irrevocably set aside to pay or to retire indebtedness ol any kind incurred
[trior to January 1, 1W34, If such amounts are reasonable with reference to tbe site and terms ot sucb
odebtedness;
"(e) Dividends paid after tbe close of the taxaMo veer and before tbe iMh day of (he iblrd month
following tbe close ol tbe taxable year. If claimed under this subsection in the return, but only to the
extent to which sucb dividends would have be«o Includible In tbecompuIAllon of tbe basic surtax
credit for the taxable year It distributed during sucb t«iablo year; but the amount allowed under
(his subsection shall not exceed either'
mt alloweil under tbli
_ bio year preceding 1
taxable year or, In the case of • laisble year beginning In IMS. by tbe amount albwed under Mo-
tion 40S|c) of the Revenue Act ot 1S38 In Ibe computation Of the tax under Title lA of lucb Act for
a taxable year beginning prior lo January 1. 1030); and
"(B) Tbe consent dividends credit for tbe tumble year. le— «tiis-i
218
FACSIMILES OF TAX RETURNS FOR 1952
'•(d) Amounts distributed beloro Jaaaaty I, 1B44. In redcinpilon of preterred stock outatandlng
berore January 1. 1934 (locludlaa any pteferred nioct Issued aJtet January 1. 193*. Id lieu ol sucb
previously outstandiog pretetred stock) If such dl5ttlbuilons are made by a corporation the aggre-
BBle ot whose cross sales and gross receipts arLslnB from manufacturing, commercial, processlnR. and
service operations durlQg (be four-year period immediately before January 1, 1934, eiceeded the
aggregale of ita gross rewipts from dividends, interest, royaltias, annuities, and gaina from tbe gale
or eictianee of stock ot securities during such period."
(e) The amount by wblch the undistributed subchapter A net income determined without refer-
ence to this subsection eic*eds the amount which could be distributed on the last day ot the tax-
able year as a dividend (1) without riolatlng any action, regulation, rule, order, or proclamation
taken, promulgated, made, or Issued by, or pursuant to the direction of, tbe Presidt'nt or any
agency that he may designate, under tbe Trading with the Enemy Act ol October le, 1817, as
amended, or tbe First War Powera Act of IHI, and (2) not subject to a lien In favor of llie United
Siates-
(J) Definition of groes income of certain insurance companies for personal
holding company las. — The term "gross income." as used in subchapter A,
meana. in the case of an instirance company other than life or mutual, the
gross income, as defined in section 204(b)(lj, increased by the amount 6f
losses incurred, as de&oed in section 204(b)(6), and the amount of expenses
incurred, as deBncd Id section 204(b)(7), and decreased by the amount de-
ductible under section 204Cc)(7) (relating to tax-free interest). (See sectioa
507.)
SPECIFIC INSTRUCTIONS
The tollQwIne Instructions are niHubercd to correspond wiUi iten nuTnbers on the Drst page el tbe Telum
1. Net Income. — Enter the net income, for the taxable year computed
in accordance with the provisions of chapter 1, but without regard to sec-
tion 47(c) (relating to income placed on an annual basis). In the case of
domestic and resident foreign corporations engaged in trade or business in
the United States, this item, except as noted above, is the amount shown
as item 34. page 1, Form 1120. In the event the net income in item 34
includes anv amount with respect to coal royalties to which section 117(k)(2)
is applicable, see section 117 (k)(2) and the regulations thereunder.
In the case of a nonresident foreign corporation (not engaged in trade or
business within the United States) which qualifies as a personal holding com-
pany under section 501 but not as a foreign personal holding company un-
der section 331, the amount to be entered in item 1 as the net income must
be computed under section 119 rather than under section 231(a). Net in-
come so computed will reflect, in addition to income from all other sources
within the United States, gains from sales or exchanges made within the
United States of capital assets including stocks, securities, and commodities.
Although such gains are not subject to normal tax under section 231(a),
chapter 1, they are subject to the surtax imposed by section 500, subchap-
ter A.
2. Contributions or gifts deducted under section 23(q). — Section 23(q)
provides for the deduction of contributions or gifts paid within the taxable
year to the extent of 5 percent of the net income computed without the bene-
fit of such deduction while section 505 provides that in computing sub-
chapter A net income there shall be allowed in lieu of the deduction allowed
by section 23(q) contributions or gifts of specified types paid within the
taxable year to an amount which does not exceed 15 percent ot the net
income computed without the benefit of such deduction and the deduction
allowed under section 23(q), and without the deduction of the amount
disallowed under section 505(b). Provision for deduction of the larger
allowance is made in item 6 and in order to show the amount of income
upon which the increased limitation is based the amount allowed under
section 23(q) and deducted in computing net income under chapter 1 (item 1)
should be entered as item 2. (See Specific Instruction 6.)
3. Excess of expenses and depreciation over income from property not
allowable under section 505(b). — If the corporation derived rent or other
compensation for the use or right to use property which was less than the
sum of the expenses incurred in connection therewith and deductible under
section 23Ca) and the depreciation allowable under section 23(1), Schedule
A should be filled in and the excess of the expenses and depreciation over
the rent or other compensation shown therein should be entered as item
3, first page of the return, unless the corporation is prepared to establish
the propriety of the deduction to the satisfaction of the Commissioner.
The burden of proof will rest upon the taxpayer to sustain the deduction
of the aggregate of the expenses allowed under section 23la) and deprecia-
tion allowed under section 23(1) in excess of the rent or other compensation
derived from the property. A corporation claiming such excess deductions
shall, in lieu of filling in Schedule A, attach to the return a statement setting
forth its claim for allowance of the deductions together with a complete
statement of facts, circumstances, and arguments on which it relies in
support of the deductions. Such statement shall include:
(a) A description of the property;
(6) The cost or other basis to the corporation and the nature and value
of the consideration paid for the property;
(c) The name and address of the person from whom acquired and the
date thereof;
((f) The name and address of the person to whom leased or rented, or
the person permitted to use the property, and the number of shares of
stock, if any, held by such person and the members of his family;
(e) The nature (cash, securities, services, etc.) and gross amount of the
rent or other compensation received or accrued for the use of, or the right
to use, the property during the taxable year and for each of the five pre-
ceding years and the amount of the expenses incurred with respect to, and
the depreciation sustained on, the property for such years;
(/) Evidence that the rent or other compensation was the highest obtain-
able and if none was received or accrued, a statement of the reasons therefor;
(ff) A copy of the contract, lease, or rental agreement;
(k) The purpose for which the property was used;
(0 The business carried on by the corporation with respect to which
the property was held and the gross income, expenses, and net income
derived from the conduct of such business for the taxable year and for each
of the five preceding years;
(j) A statement of any reasons which existed for expectation that the
operation of the property would be profitable, or a statement of the necessity
for the use of the property in the business of the corporation and the reasons
why the property was acquired;
(k) Any other information on which the corporation relies.
6. Contributions or gifts deductible under seclion 505(a)<2).— As noted
under Specific Instruction 2 above, the amount deducted under section 23(q)
in computing net income under chapter 1 is to be restored to income under
item 2. Furnish in Schedule B details of the contributions or gifts paid
within the taxable year to or for the use of donees described in section 23(q),
and enter the total amount thereof as item 6 except where such total
exceeds 15 percent of item 5 minus item 4, in which case the amount to be
entered as item 6 is 15 percent of item 5 minus item 4.
If a deduction is claimed in item 9, no deduction ia allowable in item 6.
(See section 505(a)(3).)
7. Federal income, war-profits, and excess-profits taxes. — Section 505(a)
(1) provides that there shall be allowed as additional deductions Federal
income, war-profits, and excess-profits taxes paid or accrued during the tax-
able year to the extent not allowed as a deduction under section 23; but not
including the tax imposed by section 102, section 500, or a section of a prior
income-tax law corresponding to either of such sections.
Furnish details of Buch items in Schedule C and enter the total amount in
item 7.
8. Income and profits taxes of a foreign country or United Stales posses-
Blon.— The foreign tax credit permitted to domestic corporations by section
131 with respect to the taxes imposed by chapter 1 is not allowed as a credit
with respect to the surtax imposed by section 500. However, the deduction
under section 23(c)(2) of income, war-profits, and excess-profits taxes im-
gosed by the authority of any foreign country or possession of the United
tates is permitted for the purpose of computing the undistributed sub-
chapter A net income subject to the surtax imposed by section 500 even
though the taxpayer claims a credit for such taxes against the taxes imposed
by chapter 1.
Domestic corporations should enter in item 8 the amount of such taxes
shown on line 4, Schedule M, Form 1120, where any portion thereof has
been claimed as a credit in item 36. page I, Form 1120, but if such corpora-
tions have claimed such taxes as deductions under section 23(c)(2) in
computing net income subject to tax under chapter 1, no entry should be
made in item 8.
Foreign corporations should treat such taxes as deductions to be allocated
in accordance with section 119 in the computation of net income from sources
within the United States and in such casea taxes of this nature will be re-
flected in the net income stated in item 1 instead of being stated separately as
a deduction in item 9.
9. Amounts paid in liquidation of liability of a corporation based on lia-
bility of a decedent to make contributions or gifts, — Section 505(a)(3) pro-
vides, in the case of a corporation organized prior to January 1, 1936, to take
over the assets and liabilities of the estate of a decedent, for a deductiOQ
representing amounts paid in liquidation of any liability of the corporation
based on the liability of the decedent to make contributions or gifts to or for
the use of donees described in section 23 (o) for the purposes therein specified,
to the extent such liability of the decedent existed prior to January 1, 1934.
No deduction shall be allowed under paragraph (2) of section 505 (a) for a tax-
able year for which a deduction is allowed under paragraph (3) of such section.
(Paragraph (2) relates to the limited deduction for contributions or gifts
paid. See Specific Instruction 6.)
Any deduction claimed under this provision of law must be fully explainedi
in a statement attached to the return,
12. Dividends paid credit.^Enter as item 12 the amount of the dividends
paid credit as computed in Schedule D. (See also General Instruction I.)
No duplication of credit allowances with respect to any "deficiency divi-
dends" is permitted. If a corporation claims and receives the benefit of the
provisions of section 506 based upon a distribution of "deficiency dividends,"
that distribution does not become a part of the basic surtax credit for the
purposes of subchapter A of chapter 2.
13. Amount used or irrevocably set aside to pay or retire indebtedness
of any kind incurred prior to January 1, 1934. — Enter as item 13 the total
amount reflected in line 12, Schedule E. Section 504(b) provides that ia
determining "undistributed subchapter A net income" there shall be de-
ducted amounts used or irrevocably set aside to pay or to retire indebtedness:
of any kind incurred prior to January 1, 1934, if such amounts are reasonable-
with reference to the size and terras of such indebtedness.
Indebtedness. — The term "indebtedness" means an obligation, absolute
and not contingent, to pay, on demand or within a given time, in cash or
other medium, a fixed amount. The term "indebtedness" does not include
the obligation of a corporation on its capita! stock.
The indebtedness mu.>^t have been incurred (or, if incurred by assumption,
assumed) by the taxpayer prior to January 1, 1934, An indebtedness evi-
denced by bonds, notes, or other obligations issued by a corporation i»
ordinarily incurred as of the date such obligations are issued, and the amount
of such indebtedness is the amount represented by the face value of the
obligations. In the case of refunding, renewal, or other change in the form
of an indebtedness, the giving of a new promise to pay by the taxpayer will
not have the efl'cct of changing the date the indebtedness was incurred.
Amounts used or irrevocably set aside. — The deduction is allowable, in any
taxable year, only for amounts used or irrevocably set aside in that year.
The use or irrevocable setting aside must be to effect the extinguishment or
discharge of indebted ne.s8. In the case of refunding, renewal or other change
in the form of an indebtedness, the mere giving of a new promise to pay by
the taxpayer will not result in an allowable deduction. If amounts are
set aside in one year, no deduction is allowable for such amounts for a later
year in which actually paid. As long as all other conditions are satisfied,
the aggregate amount allowable as a deduction for any taxable year includes
all amounts (from whatever source) used and, as well, all amounts (from
whatever source) irrevocably set aside, irrespective of whether in cash or
other medium. Double deductions are not permitted.
Reasonableness of the amounts wilk reference to the size and terms of the
indebtedness. — The reasonableness of the amounts used or irrevocably set
aside must be determined by reference to the size and terms of the particular
indebtedness. Hence, all the facta and circumstances with respect to the
nature, scope, conditions, amount, maturity, and other terms of the par-
ticular indebtedness must be shown in each case.
Ordinarily an amount used to pay or retire an indebtedness, in whole or
in part, at or prior to the maturity and in accordance with the terms thereof
will be considered reasonable, and may be allowable as a deduction for the
year in which so used, if no adjustment is required by reason of an amount
set aside in a prior year for payment or retirement of the same indebtedness.
All amounts irrevocably set aside for the payment or retirement of an
indebtedness in accordance with and pursuant to the terms of the obUga-
tion, for example, the annual contribution to trustees required by a man-
datory sinking fund actrcement, will be considered as complying with the
statutory requirement of reasonableness. To be considered reasonable, it is
not necessary that the plan of retirement provide for a retroactive setting
aside of amounts for years prior to that in which the plan is adopted. How-
ever, if a voluntary plan was adopted prior to 1934, no adjustment is allow-
able in respect of the amounts set aside in the years prior to 1934.
General. — The burden of proof will rest upon the taxpayer to sustain the
deduction claimed. Therefore, the taxpayer must furnish the information
required by Schedule E of the return and such other information as the
Commissioner may require in substantiation of the deduction claimed.
15. Dividends poid after close of taxable year, excluding deficiency divi-
dends as defined in section 506(c).— Enter as item 15 the amount of divi-
dends paid after the close of the taxable year and before the fifteenth day oE
the third month thereafter, if claimed under section 504(c) in the return^
but only to the extent and subject to the limitations contained in that
section. (See General Instruction I.)
No duplication of credit allowances with respect to any "deficiency divi-
dends" is permitted. If a corporation claims and receives the benefit of the
provisions of section 500 based upon a distribution of "deficiency dividends,""
that distribution is not made the basis of the 2|4-month carry-back credit
provided for in section 504(c).
20 to 31. Alternative tax under section 117(c)(1).— The provisions of sec-
tion 117(c)(1) impose an alternative tax, determined in the manner set forth
in such section, in lieu of the aggregate tax imposed by sections 13, 14, 15,
204, 207(a)(1) or (3) and 500, In the event that item 1 includes any amount
with respect to coal royalties to which section 1 17 (k) (2) is applicable, see
section 117(k)(2) and the regulations thereunder. In the case of a personal
holding company having an excess of net long-term capital gain over net
short-term capital loss included in undistributed subchapter A net income
and such company is liable for normal tax and surtax under chapter I^ the
following rules are applicable:
(o) Compute the tax imposed by chapter 1 and determine the ctTective
rate applicable to the tax with respect to the excess of the net long-term
capital gain over net short-term capital loss;
(b) The amount of tax thus computed is to be considered as chapter 1 tax-
(c) The tax liability computed under the alternative method with respect
to the personal holding company return should be reduced by that portion
of the chapter 1 tax attributable to the excess of such capital gain;
(d) The tax liability as so reduced will constitute the personal holding
company surtax. lo— 07313-1
INDEX
(For data by Industrial divisions, major groups, and minor groups, see "Industrial divisions and groups.")
Page
Accounts and notes payable 24, 76-101
Accounts and notes receivable 54—75, 131-132
Reserve for bad debts 54-75, 131-132
Accoxmts payable 54-75, 131-132
Active and inactive corporations 5, 22, 125
Advertising (cost item in deduction) 9,
42-75, 121, 129-132
Affiliated corporations. (See Consolidated
returns . )
Alternative tax 12, 24, 104, 151-152
Amended returns 8
Amortization deduction (emergency facilities)... 9, 24,
42-75, 121, 129-132
Amounts contributed under other engDloyee
benefit plans 9, 25, 42-75, 122, 129-132
Amounts contributed under pension plans, etc.... 9, 26,
42-75, 124, 129-132
Assets. (See Assets and liabilities; Capital;
Gross, )
Assets and liabilities (returns with balance
sheets) :
Classification and sxjmmary data 11, 24
Consolidated returns 70-71, 74-75
Errata in 1951 classification by size of
total assets 111-114
Industrial divisions or groups 54-71, 76-101
Total 18-21, 54-101, 127-128, 131-132
Total assets classes 72-101, 125-128
Audit revisions not tabulated 7-8
Authority for publication of "Statistics of
income" Ill
B
Bad debts 9, 42-75, 129-132
Reserve 54-75, 131-132
Balance sheets, returns with (See also Assets
and liabilities) 8-9, 54-101, 125-128, 131-132
Bonds and mortgages payable 24, 76-101
Bonds, Government. (See Government obligations.)
Bonds, notes, mortgages, payable 24, 54-75, 131-132
Building and loan associations 7, 10, 35, 40
C
Capital assets:
Definition 24, 153
Gain or loss from sale or exchange of. (See
Capital gain. )
Gross, except land 54-75, 131-132
Land 54-75, 131-132
Less reserves 76-101
Reserves 54-75, 131-132
Sale of. (See Capital gain and loss. Also
Synopsis of Federal tax laws.)
Capital gain and loss :
Definition 24, 153
Net long-term capital gain reduced by any
net short-term capital loss 24, 42-75, 129-132
Net short-term capital gain reduced by any
net long-term capital loss 24, 42-75, 129-132
Capital stock:
Common and preferred, separately 54-75, 131-132
Total 24, 76-101
Page
Carryback changes not tabulated 7-8
Cash 54-101, 131-132
Changes in the Internal Revenue Code (1939) 6-7,
121, 150-157
Charts, graphic 5, 6, 9, 10, 11
Common stock. 54-75, 131-132
Comparison, 1952 and prior years (See also
Historical data) ; 5-6
Compensation of officers 9, 42-75, 129-132
Compiled deductions. (See Compiled receipts and
compiled deductions.)
Compiled net profit less total tax 9, 42-75, 129-132
Compiled net profit or net loss 9, 42-101, 129-132
Compiled receipts and compiled deductions:
Balance sheets, returns with 8-9,
54-101, 127-128, 131-132
Consolidated returns 70-71, 74-75, 148
Industrial groups 31-35, 42-71, 76-101, 133-147
Textual discussion 6, 8-9
Total assets classes 72-101
Total compiled deductions.. 9, 42-75, 129-132
Total compiled receipts 8, 9, 27, 31-35,
42-101, 127-148
Consolidated returns:
Assets and liabilities 70-71, 74-75
Compiled deductions 70-71, 74-75
Compiled receipts 70-71, 74-75, 148
Criterion of affiliation 12, 154
Industrial divisions 12, 70-71
Provisions for filing and tax rates, 1944-
1952 154
Subsidiaries, number of. 12, 26, 70, 71, 74, 75, 148
Tax rates 7, 12, 154
Textual discussion 12
Total assets classes 74—75
Contributions or gifts 9, 24, 42-75, 129-132
Cost of goods sold, and cost of operations,
separately 9, 24-25, 42-75, 122, 129-132
Credits:
Against excess profits net income. (See
Excess profits tax.)
Against net income 5, 25, 155
Reserve interest credit of life
insurance companies 22, 23
Against tax (income and excess profits tax). 8
Debts, bad 9, 42-75, 129-132
Reserve 54-75, 131-132
Decrease in:
Tax base 5
Excess profits tax 5-6
Deduction due to net operating loss of preceding
taxable years 9, 26, 42-75, 123-124, 129-132, 148
Deductions, compiled. (See Compiled receipts
and compiled deductions.)
Deficit classes. 9, 11-12, 22, 102-104, 108-109, 125-128
Deficit in s\irplus and undivided profits 26-27>
54-75, 131-132
Deficit (no net income). (See Net income or
deficit.)
Depletion, depreciation, separately 9, 42-75,
122, 129-132
Description of tables 8
219
220
INDEX
Dividends paid: Page
By net income and deficit classes 102-103, 109
By total assets classes , 72-101
Cash and assets other than corporation's
own stock." 9, 25, 31-35, 'i2-103, 109, 127-132
Corporation's own stock 9, -42-75, 109, 127-132
Industrial divisions and groups 31-35,
42-71, 76-103
Dividends received from domestic and foreign
corporations, separately... 9, 25, <i2-75, 108, 129-132
Employee benefit plans, amounts contributed
under other 9, 25, 42-75, 122, 129-132
Errata in "Statistics of Income, Part 2
for 1951" 111-114
Excess profits tax (Schedule EP, Form 1120):
Amount of tax... 8, 22, 31-75, 102-106, 127, 129-148
Facsimile of Schedule EP 175-204
Returns with excess profits net income over
$25,000:
Classification of returns 8, 12
Credit computation 12-13
Income method 12-13, 105, 107
Alternative based on growth 13, 105, 107
General average 13, 105, 107
Industry rate of return. ... 13, 105, 107
Invested capital method 13, 106-107
Alternative excess profits
credit of regulated public
utilities 13, 106-107
Asset method 13, 106-107
Historical method 13, 106-107
Minimum credit of $25,000 13, 106-107
Definitions;
Adjusted excess profits net income 12, 25
Excess profits credit 12-13, 25
Excess profits net income 12-13, 25
Excess profits tax
Unused excess profits credit adjustment.
Excess profits tax limitation 12,
Exclusions from net income 12,
Rates 6-7,
Synopsis of Federal tax laws, 1944-1952.
Tabulations 36-41,
Explanation of terms:
Corporations
25
25
25
25
151-152
150-157
105-107
24-27
Personal holding 116-117
Facsimiles of returns 160-218
Federal tax laws, synopsis of, 1944-1952 150-157
New provisions affecting 1952 returns 6-7
Fiscal year returns:
Tabulations:
Month fiscal year ended 13
Month fiscal year ended by major
industrial groups:
Net income and deficit 14-17
Total assets for. returns with
balance sheets 18-21
Net Income and deficit classes 22
Text 22
Foreign corporations, dividends received from... 9,
42-75, 108, 129, 131-132
Forms:
Facsimiles of corporation returns:
Form 1120 — Corporation income tax return 161-204
Form 1120H — Return of personal holding
company 215-218
Form 1120L — Life insurance company
income tax return 205-208
Form 1120M — Mutual insurance company
income tax return 209-214
G
Gain, net capital. (See Capital gain and loss.)
Gain or loss, net, sales of property other than Page
capital assets 9, 26, 42-75, 129-132
Geographic distribution of returns — not published
for 1952. (See "Statistics of Income for 1951,
Part 2," page 45. )
Gifts, contributions 9, 24, 42-75, 129-132
Government obligations:
Interest on taxable, subject to surtax only,
and tax-exempt, separately 9, 25-26,
42-75, 108, 129-132
Investments 26, 54-75, 131-132
Gross capital assets {except land)... 24, 54-75, 131-132
Gross receipts from operations.... 9, 25, 42-75, 129-132
Gross sales 9, 25, 42-75, 129-132
Gross sales and gross receipts from operations.. 76-101
H
Historical data, 1909-1943. (See "Statistics of Income
for 1949, Part 2.")
Historical data, 1944-1952 120-148
Assets and laibilities 131-132
Comparability 121-124
Compiled net profit less total tax 129-132
Compiled net profit or net loss 129-132
Consolidated returns 148
Dividends paid, by type 127-132
Errata , 1951 111-114
Excess profits tax 127, 129-148
Income tax 127, 129-148
Industrial groups (number of returns, total
compiled receipts, net income or deficit,
and taxes ) 133-147
Laws, synopsis of Federal tax 150-157
Net income or deficit 127-132
Net income or deficit classes 125-128
Net operating loss deduction 129-132, 148
Number of returns 125-148
Receipts and deductions 129-132
Sampling of returns 124
Source Book — not prepared for 1952 — for
description of 1951 and prior years see
"Statistics of Income for 1951, Part 2,"
pages 33-42.
Total assets 127-128, 131-132
Total assets classes 125-128
Total compiled receipts 127-148
Total taxes 127, 129-148
I
Inactive corporations 5-6, 8, 22, 25, 26, 125
Income. (See Excess profits tax; Net income;
Compiled receipts.)
Income tax:
Balance sheets, returns with. 9, 54-75, 127, 131-132
Consolidated income tax returns... 70-71, 74-75, 148
Defined 25
Fiscal year returns 13, 22
Industrial divisions and groups 8,
31-71, 102-103, 133-147
Net income classes 22, 102-106, 127
Part year returns 22
Rates 6-7, 151-152
Synopsis of Federal tax laws, 194^-1952 150-157
Total assets classes 72-75, 127
Type of tax liability 12, 104
Industrial divisions and groups:
Assets and liabilities 54-71, 76-101
Classification and textual discussion 6,
10-11, 122-123
Compiled deductions 42-71
Compiled receipts.. 8, 31-35, 42-71, 76-101, 133-147
INDEX
221
Industrial divisions and groups — Continued Page
Divisions only S, 12, 70-71, 102-103
Fiscal year returns 14-21
Major groups 31-71, 76-101, 133-U7
Minor groups 31-'41
Net income and deficit classes 102-103
New minor groups 7, 10, 35, 4-0
Total assets classes 76-101
Insurance carriers and agents:
Life 7, 22-23, 35, 40, 123
Credit against net income 22-23, 123
Facsimile of return. Form 1120L 205-208
Mutual, except life or marine or fire
insurance companies issuing perpetual
policies 7, 35, 40
Facsimile of return. Form 1120M 209-214
Interest paid ■ 9, 42-75, 129-132
Interest received, not on Government
obligations 9, 42-75, 129-132
Interest received on Government obligations,
taxable, subject to siortax only, and tax-
exempt, separately.. 9, 25-26, 42-75, 10^123, 129-132
Inventories 54-101, 131-132
Investments:
Government obligations 26, 54-75, 131-132
Other than Government obligations 26, 54-75, 131-132
Total, by major industrial groups 76-101
Land (capital assets) 54-75,
Laws, Federal tax, synopsis, 1944-1952
Liabilities. (See Assets and liabilities.)
Life insurance companies 7, 22-23, 35,
Limitations of data, sample and other 23
Loss:
Net loss, sales other than capital
assets 9, 26, 42-75,
Net operating loss deduction
26, 42-75, 123-124, 129-
Returns with no net income
13, 16-17, 20-22, 26, 31-35,
108-109, 125-126, 128,
M
Major characteristics of 1952 5-6
Major and minor industrial groups. (See
Industrial divisions.)
MDrtgages, bonds, notes, payable 54-75, 131-132
Mortgages, bonds, payable 24, 76-101
Mutual insurance companies, except life or
marine or fire insurance companies
issuing perpetual policies 7, 35, 40
Mutual savings banks 7, 10, 35, 40
N
Net capital gain. (See Capital gain and loss.)
Net gain or loss, sales other than capital
assets 9, 26, 42-75, 129-132
Net income or deficit:
Balance sheets, returns with 9,
54-101, 127-128, 131-132
Classes 9, 11-12, 22, 102-106, 125-128
Classification and definitions 8, 26
Consolidated income tax returns... 70-71, 74-75, 148
Fiscal year returns 13-17, 22
Industrial divisions only 6, 8, 102-103
Industrial groups 31-71, 76-101, 133-147
Part year returns 22
Summary for the current year 5-6
Total assets classes 72-101, 127-128
Type of tax liability 12, 104
Net long-term capital gain reduced by any net
short-term capital loss 9, 42-75, 104, 129-132
131-
-132
150-
-157
^0,
123
1-24,
124
129-
-132
9,
.132,
148
5, 8.
, 9,
102-104,
133-
-148
Page
Net loss, sales other than capital assets 9, 26,
42-75, 129-132
Net operating loss deduction 9, 26,
' 42-75, 123-124, 129-132, 148
Net profit or loss, compiled 9, 42-101, 129-132
Net short-term capital gain reduced by any
net long-term capital loss 9, 42-75, 129-132
Notes and accounts receivable 54-75, 131-132
Less reserves 76-101
Reserves for bad debts 54-75, 131-132
Notes, bonds, mortgages, payable 54-75, 131-132
Number of retxjrns. (See specific type of
retxirn or classification. )
Operating loss deduction, net 9, 26,
42-75, 123-124, 129-132, 148
P
Part year returns:
Number of returns, net income or deficit,
and tax 22
Text 22
Pension plans, amounts contributed under 9, 26,
42-75, 124, 129-132
Personal holding company returns (Form 1120H):
Change in income fax rates affecting
analysis of data 116
Definition of:
Alternative tax 116
Chapter 1 net income 116
Credit for income tax under Chapter 1. . . 116
Personal holding company 116-117
Personal holding company income 117
Subchapter A net income 117
Undistributed subchapter A net income... 117
Facsimile of return 215-218
General characteristics 116-117
Surtax rates 116, 156
Tabulations 118
Preferred stock 54-75, 131-132
Prior year errata , 1951 111-114
Prior year loss deduction 9, 26,
42-75, 123-124, 129-132, 148
Profit or loss, compiled net 9, 42-101, 129-132
Profits, surplus and undivided 26-27, 54-75, 131-132
S
Rates of tax 6-7, 22, 151-152, 154
Receipts:
Compiled. (See Compiled receipts and
compiled deductions.)
Gross from operations 9, 25, 42-75, 129-132
Gross sales and gross receipts from
operations 76-101
Partially and wholly tax-exempt. (See
Government obligations.)
Rent paid on business property 9, 42-75, 129-132
Rents, received 9, 26, 42-75, 129-132
Repairs (deduction) 9, 26, 42-75, 129-132
Reserve for bad debts ; 54-75, 131-132
Reserves against capital assets 54-75, 131-132
Reserves, surplus 54-75, 131-132
Return forms for 1952 (facsimiles) 160-218
Returns Included 7-8
Returns with balance sheets, classification and
summary data 8-9
Returns with excess profits net Income over
$25,000. (see Excess profits tax.)
222
INDEX
Page
Rexurns with net income 5, 8,
9, 13-15, 18-19, 22, 31-35, ^8-53, 62-69,
71, 73, 75, 102-10^, 108-109, 125, 127,
129-130, 132-^8
With no income tax liability 5, 104
Returns with no net income... 5, 8, 9, 13, 16-17, 20-22,
26, 31-35, 102-104, 108-109,
125-126, 128, 133-148
Royalties, received 9, 26, 42-75, 129-132
Sale of capital assets. (See Capital assets.)
Sales, gross 9, 25, 42-75, 129-132
Sales of property other than capital assets,
net gain or loss 9, 26, 42-75, 129-132
Sample, description of, and limitations of
data 23-24, 124
Savings and loan associations 7, 10, 35, 40
Securities with wholly and partially tax-
exempt interest. (See Investments,
Government obligations.)
Source Book — not prepared for 1952 — for
description of 1951 and previous years
see -"Statistics of Income for 1951,
Part 2," pages 33-42.
States and Territories — not prepared for 1952=
(See "Statistics of Income for 1951,
Part 2," page 45.)
Stock:
Capital, total 76-101
Common and preferred, separately 54-75, 131-132
Stock dividends paid 9, 42-75, 109, 127-132
Subsidiaries, number of 12, 26, 70-71, 74-75, 148
Surplus and undivided profits 26-27, 54-75, 131-132
Deficit 26-27, 54-75, 131-132
Less deficit 26-27, 76-101
Surplus reserves 54-75, 131-132
Synopsis of Federal tax laws, 1944-1952 150-157
T
Tables for corporation income tax returns. Page
tables 1-10 30-109
Tax base by type of tax 151-152
Tax. (See Excess profits tax; Income tax J
Total tax. )
Tax forms. (See Forms.)
Tax laws. Federal, synopsis, 1944-1952 150-157
Tax liability, type of 12-13, 104
Tax rates 6-7, 22, 151-152, 154
Taxes paid (other than income and excess
profits taxes) 9, 27, 42-75, 129-132
Tax-exempt interest. ( See Government
obligations. )
Tentative returns 8
Terms, explanation of 24-27
Text tables 5, 7, 8, 9, 12, 13-22
Total assets classes 11, 72-101, 125-128
Total tax 5, 8,
9, 22, 3i-106, 127, 129-148
Balance sheets, returns with 9,
54-101, 127, 131-132
Industrial divisions and groups 31-71,
76-101, 133-147
Net income and deficit classes 102-106
Returns with excess profits net income
over $25,000 36-41, 105-106
Total assets classes 72-101
Type of tax liability 12-13, 104
U
Undivided profits, surplus and.
26-27, 54-75, 131-132
Variability, sampling 23-24, 124
W
Wholly tax-exempt interest. ( See Government
obligations. )
^^ Summarization of
^^ Corporate Data
^ Explanation
^^ of Terms
^ Basic Tables
^— Personal Holding
^^ Companies
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^^ Synopsis of
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