BOSTON PUSL/C
rAiCsri/^ry
l-lSRAny
3 SSW' oiff ■
J
STATISTICS OF INCOME
. 1954
for tax years ended
July 1954-June 1955
OCCIDENTAL COLLEGE
DEC2 6 1957
UBRARr
U. S. TREASURY DEPARTMENT • INTERNAL REVENUE SERVICE
DOCUMENT ROOM
Statistics of Income / 1954
Corporation
INCOME TAX
RETURNS
for tax years
ended
July 1954— June 1955
ijuvernmerit documents department ,
^received
MAY 1 1 2000
3
L
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
U. S. TREASURY DEPARTMENT
Internal Revenue Service • Publication No. 16
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1957
For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C. • Price $1.25 (paper cover)
LETTER OF TRANSMITTAL
treasury department,
Office of Commissioner of Internal Revenue,
Washington, D. C. , November 12, 1957.
SIR: In accordance with the provisions of section 6108 of the
Internal Revenue Code of 1954 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 enti-
tled Statistics of Income — 1954, Corporation Income Tax Returns, pre-
senting data relative to income, deductions, assets, liabilities, tax
liability, tax credit, and dividends paid as reported on corporation
income tax returns for tax years ended July 1954 through June 1955t
There are also included a historical presentation of the income and of
the tax liability reported by corporations for the years 1945 through
1954 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,
Russell C. Harrington,
Commissioner of Internal Revenue.
Hon. Robert b. Anderson,
Secretary of the Treasury.
Ill
OTHER STATISTICS OF INCOME PUBLICATIONS
FOR 1954
Corporations Statistics of Income — 1954, Preliminary , Corporation Income Tax Returns
Income statements, balance sheets, tax, dividends paid; classified by major
industry groups. Historical summary of total compiled receipts, profit or
loss, taxes, dividends paid, by net income status, 1950-195'+. (39 pp., 30^)
IndividuaJs Statistics of Income — 1954, Preliminary , Individual Income lax Returns
Adjusted gross income, taxable income, income tax liability, sources of in-
come, exemptions, tax credits, itemized nonbusiness deductions; classified
by size of adjusted gross income. Selected sources of income by States and
Territories. (20 pp., 20^)
Statistics of Income — 1954, Individual Income Tax Returns
Adjusted gross income, taxable income, income and self-employment tax lia-
bility, sources of income, exemptions, tax credits, itemized nonbusiness
deductions; classified by size of adjusted gross income. Taxable income by
taxable income size for applicable tax rates. Historical summary, 194-5-1954-.
Estates Statistics of Income— 1954, Estate Tax Returns
Gross estate, deductions, net estate, taxes, and tax credits. Classifica-
tions by size of gross estate, size of net estate before specific exemption.
Selected estate tax data by States and Territories. (26 pp., 25^)
Fiduciaries Statistics of Income— 1954, Fiduciary Income Tax Returns
Total income, taxable income, income tax, sources of income, deductions,
exemptions; classified by size of total income. Selected sources of income
by States and Territories. Taxable income and income tax by size of taxable
income.
FOR 1953
(Subjects not included for 1954)
SoJe oroprie- Statistics of Income for 1953, Part 1, Individual Income lax Returns, Estate Tax
torships Returns, Gift Tax Returns
Sole proprietorship income, business receipts, net profit or loss. Classi-
fications by size of total receipts, industry groups. (138 pp., 75^)
Partnerships Statistics of Income — 1953, Partnership Returns
Partnership receipts, deductions, profit and loss, assets, liabilities.
Classifications by industry groups, size of ordinary net income or deficit,
size of total receipts. Frequency of returns by year of organization, new
or successor business. Self-employment income, and family partnership data.
(62 pp., ^5*)
Farmers' Statistics of Income — 1953, Farmers' Cooperative Income Tax Returns
cooperatives Receipts, deductions, net income or deficit, tax, assets, liabilities,
special deductions and adjustments. Classifications by size of business
receipts, size of total assets, net income status. States and Territories,
type of service performed, exemption status. (4-2 pp., "iO^t)
Gifts Statistics of Income for 1953, Part 1, Individual Income Tax Returns, Estate Tax
Returns, Gift Tax Returns
Total gifts, exclusions, deductions, net gifts, tax. Classifications by
size of net gifts, size of total gifts plus gift tax, tax status, type of
property. (138 pp., 75oi)
statistics of Income publications are for sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.
IV
General Contents
Page
Introduction 1
1 . Guide to subjects and categories of returns for 1954. ^
S. Characteristics of data summarised for IQSi. 7
3. Tables from corporation income tax returns, 195^ S9
i.. Historical data, corporation income tax returns, ]9i,5-}95i, 139
5. Source Book of Statistics of Income, 1926-195^, 171
S. Synopsis of Federal Tax Laws, 194.5-1954. 181
7. Facsimiles of corporation return forms for 1954 '^-^
Index 2S3
INTRODUCTION
Annual returns filed in compliance with Federal income tax laws of-
fer a unique source of financial information. Statistics of Income— 1954,
Corporation Income Tax Returns is the 39th volume in an annual series de-
signed to present relatively complete, coordinated and consistently clas-
sified statistics from data submitted on corporation income tax returns.
All domestic and resident foreign corporations, except certain nonprofit
organizations, are required 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 summarizes the statistical measure-
ments provided and the corporation income tax return categories used in
compiling them.
The second section contains brief descriptions of changes in law
which affect the tabulations and an explanation of the terms and methods
employed in preparing the 1954- coirporation statistics .
The third section of this report presents tax year 195-4 data on in-
come, deductions, assets, liabilities, tax, and dividends paid, classi-
fied 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.
The fourth section consists of historical data selected from the tabu-
lations compiled for the years 19<i5-1954. Comparability of historical
data is discussed in the accompanying text.
The sixth section of the report gives 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 1954 return forms on which corporate data were re-
ported are provided in the final section of the report.
Some of the data presented in this more detailed complete report were
available in May 1957 in the Preliminary Report, Statistics of Income—
1954, Corporation Income Tax Returns,
The complete report, Statistics of Income — 1954, Corporation Income
Tax Returns, introduces new methods of presenting these statistics. Prin-
cipal features of the new presentation are the addition of a user's guide
to the subjects and categories of returns found in the 1954 tabulations
(sec. l),the placement in the 1954 table section of many of the special
tabulations formerly incorporated with the explanatory text material, and
the independent numbering of tabulations limited to data from returns
with net income which were formerly shown as Part II of similar tabula-
tions prepared from all active corporation returns.
I. Guide to Subjects
and Categories of
Returns for 1954
I
Guide to BENCHMARK DATA FROM CORPORATION INCOME TAX RETURNS— 1954
Page
Text Table
Industry measurement 17
Minor industry receipts, costs, net income, taxes 32
Major industry income statements 37
Major industry balance sheet and related income statements Vf
Major industry asset size distribution, balance sheet and related income statement
items 34.
Industrial division income size distribution, net income, taxes, dividends paid 80
Asset size and income size distributions 18
Balance sheets and related income statements, by size of total assets 52
Major industry balance sheet and related income statement items, by size of total
assets 54.
Industrial division net income, taxes, and dividends paid, by size of net income or
deficit 80
Tjrpe of tax liability, by size of net income 82
Dividend and selected interest receipts, by size of net income or deficit 83
Type of dividends paid, by size of net income or deficit 8A
Dividends summary 18
Dividend receipts by size of net income or deficit 83
Type of dividends paid by size of net income or deficit 8*4
Cash dividends paid by industrial division 85
Accounting periods and methods 18
Major industry assets, receipts, net income, by month accounting period ended 88
Calendar and noncalendar periods related to asset size 96
Calendar and noncalendar periods related to income size 95
Cash, accrual , and other accounting methods by major industry 87
Inventory valuation methods by major industry 86
Inventories 19
Major industry valuation methods 86
Manufacturing and trade beginning and ending, related sales and total assets 120
Manufacturing and trade beginning and ending, total assets, by month accounting period
ended 121
Returns wi th net income 97, 10<+,
110, 118
New businesses and successor businesses by major industry 20 122
Consolidated returns 20
Industrial division balance sheets and income statements 123
Asset size distribution, balance sheets and related income statements 124-
Foreign tax credit claimed 20
Major industry distribution 129
Asset size distribution 130
Income size distribution 130
Western Hemisphere trade corporations 21
Major industry distribution 131
Asset size distribution I34.
Income size distribution 135
Personal holding company scheduJ es 21
Undistributed income computation and tax 136
Sources of personal holding company income 136
Personal holding company income size distribution 137
Undistributed personal holding company income size distribution 137
Guide to NUMBER OF CORPORATION INCOME TAX RETURNS
WITHIN PRINCIPAL CATEGORIES IN 1954 TABULATIONS
The number of returns from which data are summarized varies for different groups of 1954
corporation tax year tables, depending on subject matter and category of returns covered.
200
THOUSANDS OF RETURNS
400
600
ACTIVE
Financial data are available for 722,805
active corporations
No financial data are available for 31,214
inactive corporations
V
Data relating to ACTIVE CORPORATIONS ore tabulated for:
• 722,805 Returns with and without net income
• 441,177 Returns with net income
• 281,628 Returns without net income
WITH NET INCOME
WITHOUT NET INCOME
with net income
WITH BALANCE SHEETS
without net income
WITHOUT
BALANCE
SHEETS
ACCOUNTING PERIOD
DECEMBER
. 1955 -
• 722,805 Returns with and without balance
sheets
• 667,856 Returns with balance sheets
• 54,949 Returns without balance sheets
• 722,805 Returns by final month in the annual
accounting period covered by the return
SEPARATE TABULATIONS are made for returns with special tax provisions:
'1,510 With net income
2,723 Consolidated returns { •2,652 With balance sheets
> 71 Without balance sheets
3,215 Returns with foreign tax credit • 2,422 With Form 1118
i •278 With credit claimed for foreign taxes
687 Western Hemisphere trade corporation returns ^
( #409 Without credit claimed for foreign taxes
• 273 With undistributed income
3,818 Returns with personal holding company schedules... ^ _,., „, .
(•3,545 Without undistributed income
2. Characteristics of
Data Summarized
for 1954
CHARACTERISTICS OF DATA SUMMARIZED FROM CORPORATION
INCOME TAX RETURNS FOR 1954
Page
Purpose of this section 9
Summary of 1954 data 9
Changes in law affecting 1954- data 10
Characteristics of 1954 tabulations 15
Sources of data 15
Categories of active corporation returns 15
Description of tables 16
Industry measurements 17
Asset size and Income size distributions 18
Dividends summary 18
Accounting periods and methods 18
Inventories 19
New businesses and successor businesses 20
Consolidated returns 20
Foreign tax credit claimed 20
Western Hemisphere trade corporations 21
Personal holding company schedxiles 21
Description of the sample and limitations of data 22
Explanation of terms 23
8
2. CHARACTERISTICS OF DATA SUMMARIZED FROM
CORPORATION INCOME TAX RETURNS FOR 1954
PURPOSE OF THIS SECTION
The tax return forms are designed primarily to fa-
cilitate collection of taxes authorized in revenue
legislation and items on the return may change when
the Internal Revenue Code is amended. Brief descrip-
tions of major changes in the law which affect tax
year 195*+ data for corporations are contained in this
section along with summary figures and text to de-
scribe salient characteristics of the tabulations
that follow. •"■ Rather than use numerous table foot-
notes, part of this section is devoted to an "Expla-
nation of Terms" designed to aid the users of both
tax year 1954- data and the historical material in
tables 38 through 43.
SUMMARY OF 1954 DATA
Profits after taxes for 1954 were $19.9 billion
which was approximately the same level as reported
for 1953. Profits before taxes of $36.7 billion
for 1954, on the other hand, were $3.1 billion less
than for tax year 1953. A reduction of $1.4 billion
Chart 1.-C0RP0RATE PROFITS. BEFORE UNO tFIER TAXES
6i I I ions of dot lars
UO
Bi 1 1 ions of del lars
UO
■ PROFITS
BEFORE T«X
<^INC
.EXCESS .
I PROFITS TAX —I'"
▲ PROFITS
^ JIFTER TAX
1953
the use of tax returns to obtain data on the financial characteris-
tics or the economy, see "Tai Returns as a Source of Benchmark
Statistics" by Helen F. Demond In InpToving the Quality of
Statistical Surveys, distributed by the American Statistical Asso-
ciation, Washington, D. C, 1956.
in the income tax liability and of $1.6 billion in
excess profits tax liability accounted for the tax
decrease reported for 1954. Although the excess
profits tax terminated December 31, 1953, tax year
1954 returns still showed $38 million in excess
profits tax liability for corporations with part of
their accounting period in 1953.
Active corporations filed a record 722,805 re-
turns for tax year 1954. Receipts on these returns
aggregated nearly $555 billion, $3 billion less
than the total compiled on 697,975 tax year 1953
returns from active corporations. Gross sales and
gross receipts from operations accounted for more
than 95 percent of the total receipts for both 1953
and 1954. Total receipts increased for the trade,
finance, service, construction, and public utility
divisions. The decrease was concentrated in manu-
facturing receipts, particularly in motor vehicles,
the primary metal industries, electrical machinery
and equipment, and machinery except transportation
equipment and electrical. The relative changes from
1953 levels of total receipts of corporations clas-
sified by industrial divisions are shown on chart 2.
Corporate net income for both years is similarly
related on this chart .
Table A^BECEIPTS, DEDUCTIONS, TAX, PROFITS-ALL ACTIVE CORPORATION RETURNS,
1>S4 AMD 1993
Item
1954
1953
(Slltion
d»tlmr»}
Gross receipts from sales and from operations
All other receipts
528.9
25.9
534.6
23.7
Total compiled receipts
55-;. 8
558.2
389.7
128.4
125.8
518.1
Compiled net profit
36.7
16.9
39.8
19.9
Compiled net profit less total tax
19.9
19.9
Table 2, on pages 37-42 of this report, provides
detailed information about corporate receipts and
deductions for 1954. Text table A above summarizes
data for 1953 and 1954. Among the receipt items
totaled in table A, tax year 1954 rent, interest,
and net gains from sales of assets amounted to more
than tax year 1953 sums for comparable receipt items .
Among deduction items, depreciation and amortization
charges, interest, compensation of officers, adver-
tising, taaes, and rent were higher for 1954 than
for the previous year.
The 441,177 corporations with net income for 1954
reported profits less wholly tax-exempt interest of
$39.6 billion. As shown in table B, this was about
5 percent less than the sum reported by the 441,767
9
10
CORPORATION INCOME TAX RETURNS FOR 1954
corporations with net income which filed for tax year
1953. But compiled net profit after tax, amounting
to $23.1 billion in 195-4^ was about i* percent higher
than in 1953.
Deficits reported on 281,628 returns with no net
income for tax year 195^, in the amount of $3.2
billion, were 39 percent higher than those disclosed
on 256,208 returns from corporations reporting no
T«ble B.— NUMBER OF RETURNS, NET INCOME OR DEFICIT, AND TAXES, CORPORATION RETURN^
1S64 AM) 19&3
Item
1954
1953
Increase or
decrease (-)
Number or
amount
Percent
Total number of returns
Active corporations:
Number of 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 of returns of inactive corpora-
754,019
722,805
441,177
39,572,830
391,522
16,823,241
3,724
37,711
281,628
3,244,395
31,214
730,974
697,975
441,767
41,819,445
399,264
18,255,625
26,567
1,613,424
256,208
2,334,758
32,999
23,045
24,830
-590
-2,246,615
-7,742
-1,432,384
-22,843
-1,575,713
25,420
909,637
-1,735
3.2
3.6
-0.1
-5.4
-1.9
-7.8
-86.0
-97.7
9.9
39.0
^Returns with net income but with no tax liability occur as a result of special stat-
utory deductions from the net income. The tax liability tabulated is before foreign
tax credit.
^The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated
for this report was the tax on income earned before that date and reported on returns
for annual accounting periods ended July through November 1954 and returns for part
years which began in 1953. Excess profits tax is before foreign tax credit.
NOTE: See text for explanatory statements and for "Description of the Sample and
Limitations of Data."
net income for 1953. The number of inactive (non-
operating) corporations in existence and required
to file declined for tax year 195^^, as it has for
each tax year since 1950.
CHANGES IN LAW AFFECTING 1954 DATA
Enactment of the Internal Revenue Code of 1954.—
On August 16, 195A, the Internal Revenue Code of 195'^
superseded the Code enacted February 10, 1939. The
new law is effective, generally, for all taxable
years beginning after December 31, 1953 and ending
after August 16, 1954. Returns for calendar years
ended in December 1954 and fiscal years ended in the
period January through June 1955 were filed under the
1954- Code; returns for fiscal years ended J\ily through
November 1954 were filed under provisions of the 1939
Code . The more in^ortant chsinges in revenue law af-
fecting corporation data reported under the 1954 Code
are summarized below.
Income and excess profits taxes. — The normal tax
rate of 30 percent and surtax rate of 22 percent were
unchanged. The $25,000 exemption from surtax was
also unchanged. The excess profits tax imposed by
the Excess Profits Tax Act of 1950 ended December 3L,
1953. The excess profits tax shown in this report
is tax reported for taxable years beginning in 1953.
The amount of tax reported was a prorated amount
based on the number of days in the taxable year be-
fore January 1, 1954. The excess profits tax rate
was 30 percent of the adjusted excess profits net
income .
The maximum tax on long-term capital gains, used
in computing the siltemative tax, was reduced from
Chart 2.-REIIITIVE CHANGE IN TOTAL RECEIPTS AND NET INCOME OF INDUSTRIAL DIVISIONS
TAX YEAR 1954 «s. TAX YEAR 1953
TOTAL RECEIPTS 19514
20
IS
-
INCREASE
over 1953
10
-
y^
5
-
y<:^^^<:^^^
9S3^
^
^5^^^^— — ^
^
^^^^^~~»=-^
6
-
^^\r
10
-
lb
-
20
-
DECREASE
fron 1953
25
' FIMAMCE, IMSURAHCE, REAL ESTATE
Alto LESSORS OF ReAl PROPERTY
- CONSTRUCTION
- SERVICES
PUBLIC UTILITIES
- MANUFACTURING
-AGRICULTURE, FORESTRY AND
FISHERY
-MINING AND QUARRYING
NET INCOME I9SU
20
IS
-
INCREASE >
over 1953 /
10
-
y^.
6
-
Xl^'^'^^
I9S3^
^^^^
^^^^^^^;r~~- — — -
5
-
v^>?^
10
-
\^^^
IS
-
\/\
20
-
DECREASE \
from 1953 \
25
.FINANCE, INSURANCE, REAL ESTATE
AND LESSORS OF REAL PROPERTY
-AGRICULTURE, FORESTRY, AND
FISHERY
-SERVICES
'CONSTRUCTION
- TRAOE
- PUBLIC UTILITIES
-MANUFACTURING
- MINING AND QUARRYING
CORPORATION INCOME TAX RETURNS FOR 1954
11
26 percent to 25 percent for taxable years beginning
on or after April 1, 1954.. For returns used in com-
piling this report, the alternative tax change ap-
plied only to returns with fiscal years ended in the
period March through June 1955.
The 2 percent additional tax imposed on the con-
solidated taxable income of an affiliated group of
corporations electing to file a consolidated return
was made inapplicable to any portion of such income
attributable to a regulated public utility (as de-
fined by section 1503 of the 195-; Code) .
Returns with net income ( see definition of net in-
come, p. 25) may be nontaxable because of a net operat-
ing loss deduction, as in former years, or a:s a re-
sult of deductions for dividends received and for
dividends paid on certain preferred stock of public
utilities. Under the 1954 Code, the deductions for
dividends are not subject to the limitation based on
size of net income if the sum of the dividend deduc-
tions is greater than the net income. (See section
172(d)(6) and sections 243 through 247.)
Foreign tax credit. — The credit against income tax
which could be claimed under the 1939 Code was sub-
ject to two limitations: (l) credit for taxes paid
or accrued to any foreign country or United States
possession could not exceed the same proportion of
the United States income tax which taxable income
from sources within such country bore to the entire
taxable income, and (2) the total credit claimed
could not exceed the same proportion of the United
States income tax which aggregate taxable income
from sources without the United States bore to the
entire taxable income. Similar limitations applied
to credit claimed with respect to the excess profits
tax which ended December 31, 1953.
The 1954 Code drops the second of these limitations.
This change removes any limit on the credit which
might result from foreign losses when operations are
carried on in more than one foreign country.
Foreign tax credit may be claimed for taxes deemed
to have been paid on certain dividends received from
foreign sources . The 1954 Code adds to the defini-
tion of dividends for this purpose the excess of
royalties or compensation paid, in lieu of all divi-
dends for the year, by a wholly owned manufacturing,
production, or mining subsidiary over the cost of
property or services furnished in consideration of
such payments by the parent corporation.
Net operating loss deduction. — For tax purposes a
net operating loss can be used to reduce taxable in-
come of certain preceding and succeeding tax years.
Under the 1939 Code a loss could first be carried
back one year and then forward 5 years . Before taking
a ne t operating loss deduction both the statutory net
loss and the statutory net income from which the de-
duction was taken were subject to certain adjust-
ments— tax-exempt interest was added to gross income,
and deductions for depletion could not exceed the
amount of depletion allowable on a cost basis. Statu-
tory deductions for dividends received and dividends
paid on certain preferred stock of public utilities
were voided in loss years by a limitation based on
size of net income. In the carryback and carryover
years the dividends received deduction was voided by
an adjustment to the net operating loss deduction.
The 1954 Code extends the carryback period to two
years. Tax-exempt interest and depletion adjust-
ments are abolished, and dividend deductions are made
fully effective. (The dividend deduction limitation
based on size of net income is retained, in general,
but if a net loss is determined after the dividend
deduction the full statutory deduction is used in
computing the amount of loss.)
The amount of net operating loss deduction tabu-
lated for Statistics of Income is the net operating
loss carryover deductible in the year reported. The
carryover may represent losses of one or more years,
reduced by any net incomes of carryback and preceding
carryover years . The changes in computation of the
net operating loss and offsetting net incomes of
carryback and carryover years under the 1954 Code will
increase the net operating loss deduction. However,
the extension of the carryback period from one to two
years may, in a given year, tend to offset this in-
crease in the net operating loss carryover tabulatal
for Statistics of Income.
The changes are effective January 1, 1954, and spe-
cial transitional rules are provided for tax years
beginning before and ending after that date. Compu-
tations for each year affected by a loss are made
under the law in effect for that year.
Prepaid income Section 452 of the 1954 Code as
originally enacted permitted taxpayers to spread the
reporting of prepaid income over the life of the lia-
bility incurred. However, prepaid income was to be
fully reported within 6 years, including year of re-
ceipt, unless an exception was granted. Prepaid in-
come was defined as any amount includible in gross
income which was received in connection with, and was
directly attributabTe to, a liability to render serv-
ices, furnish goods or other property (except sale of
a capital asset), or allow use of property if the
liability extended to a future taxable year. Under
the 1939 Code, applicable to tax years beginning be-
fore December 31, 1953, prepaid income was reported
in the year received.
On June 15,1955, section 452 was repealed by Public
Law 74, effective retroactively to all tax years be-
ginning after December 31, 1953, and taxed under the
1954 Code. Most tax years covered by the 1954 sta-
tistics ended before June 15, 1955, and the returns
used for the tabulations included those for which the
election under section 452 had been made . Data on
supplementary reports filed as a result of the repeal-
ing act were not sufficient to adjust the original re-
turns to the new basis . Therefore, net income tabu-
lated for this report excluded the prepaid income de-
ferred by taxpayers which made the election xmder
section 452 and filed 1954 returns for tax years
ended on or before June 15, 1955.
On the 1954 return form, taxpayers were instructed
to report the balance sheet liability incurred for
the prepaid income deferred under section 452 as a
separate item on the balance sheet schedule. The
amount of this liability, as reported on 1954 returns
withbalance sheets,was $471 million (line 24, table 4.)
Reserves for estimated expenses. — Ihder section 462
of the 1954 Code as originally enacted, taxpayers
could elect to take as deductions in computing net
income reasonable additions to reserves for various
types of estimated future expenses . Estimated ex-
penses were defined as expenses which (l) would be
deductible in a subsequent taxable year except for the
election under section 462, (2) could be estimated
with reasonable accuracy, and (3) were attributable
to income of a cxirrent or prior taxable year for which
448404 O -57 -a
12
CORPORATION INCOME TAX RETURNS FOR 1964
the election under section 4-62 had been made. No de-
duction could be taken under section 462 for future
expenses incident to (l) income of a year prior to
year of election, (2) prepaid income deferred under
section 452, or (3) anticipated bad debts.
Under the 1939 Code, only future expenses which
could be accurately determined were deductible in
the year liability was incurred.
Section 462 was also repealed June 15, 1955, by
Public Law 74, retroactive to all years taxed under
the 1954 Code. Reserves for estimated expenses, re-
ported on returns with balance sheets filed for tax
years ending before repeal of section 462, amounted
to $1,270 million (table 4. , line 23).
This balance sheet item was designed to reflect
the deduction made in computing the net income for
1954 since taxpayers were instructed to include in
it only the reserves accumulated under section 462 .
Depreciation Both the 1939 and 1954 Codes provide
a "reasonable allowance" for depreciation. They dif-
fer in that the 1954 law specifies four methods or
measurements which may be used in determining a rea-
sonable depreciation allowance for tax years ended
after December 31,1953. However, statutory recogni-
tion of these methods does not prohibit use of other
reasonable methods .
The first method specifically recognized by the
1954 Code is the straight-line method. This method,
which was used under prior law, may be used for any
property and, in general, results in equal annual
deductions over the life of the property.
The other three specified methods of depreciation
may be used only for new tangible property with a
useful life of 3 years or more. These methods per-
mit the writeoff of a large portion of the cost or
other basis of new property in the early years of its
life, about 40 percent during the first quarter of
estimated useful life and about two-thirds dxiring the
first half of estimated useful life. "New" property
means property constructed or reconstructed by the
taxpayer after December 31, 1953 (including, where
construction was started earlier, that portion built
after December 31,1953), and property which had not
previously been used which was acquired by the tax-
payer after December 31, 1953. The accelerated de-
preciation methods authorized by the 1954 Code for
new tangible property are:
(a) Declining balance method. —Depreciation is
computed by applying a uniform rate, not exceed-
ing two times the applicable rate under the
straight line method, to the cost or other basis
of the property reduced by the amount of depre-
ciation allowed in prior years;
(b) Sum of the years-digits. — The cost or other
basis, reduced by estimated salvage, is multiplied
by a changing fraction. The numerator of the
fraction changes each year to a number corre-
sponding to the remaining useful life of the
asset (including year of computation). The de-
nominator remains constant and equals the sum
of all the years ' digits corresponding to the
estimated useful life of the asset. Thus, the
cost or other basis of an asset with an estimated
useful life of five years would be multiplied
by the fraction 5/l5 in the first year (5 years
useful life/l+2+3-HV+5 or sum of the digits of
each year of useful life), 4/15 in the second
year, 3/15 in the third year, etc.; and
(c) Any other consistent method which does not
result, at any time during the first two-thirds
of the useful life of the property, in an accumu-
lated allowance greater than the amount allowable
for the same period under the declining balance
method above .
Specific permission is given by the 1954 Code to
change from the declining balance method to the
straight line method during the useful life of an
asset .
Other methods approved as to reasonableness by the
Commissioner may be used for both old and new prop-
erty as in the past. For property not meeting the
requirements for accelerated depreciation there is
continued in effect an Internal Revenue Service
ruling limiting the depreciation rate under the de-
clining balance method to 150 percent of the appli-
cable straight line method.
Depletion Several important changes in the de-
duction for depletion of mining property are made by
the 1954 Code.
Election to use depletion based on a percentage of
income from the property is extended to cover all
mineral and natural deposits (except soil, sod, turf,
water, mosses, and minerals from inexhaustible
sources such as sea water and air). Several changes
are made in previously existing percentage rates,
the most important of which is an increase from 15
to 23 percent in the rates accorded a number of
minerals if they are produced within the United
States.
Percentage depletion rates range from 5 percent
to 27 1/2 percent. Section 613 of the 1954 Code
lists the rates and the minerals to which each
applies. Minerals for which percentage depletion
could be claimed under prior law and the specified
percentage rates may be found in section 114 of the
1939 Code.
Depletion based on discovery value, permissible
under the 1939 Code, is eliminated by the extension
of percentage depletion.
The definition of mining is broadened to include
extraction by mine owners or operators of ores or
minerals from waste or residueof prior mining. Defi-
nitions pertaining to "ordinary treatment processes"
which are included in the statutory term "mining"
are also broadened. (See section 613 of the 1954
Code.)
Research and experimental expenditures. — Under the
1954 Code research and experimental expenditures may
b° either treated as ordinary business expenses, de-
ductible in the year incurred, or capitalized. The
treatment adopted must be used for all research and
experimental expenditures and for subsequent years
unless a specific exception is granted. The elec-
tion does not apply to expenditures for land or prop-
erty and improvements subject to depreciation or
depletion allowance used in experimental or research
work .
Capitalized expenditures which result in a prop-
erty with a determinable useful life are charged off
as depreciation or depletion over the useful life of
the property.
The 1954 Code provides, for the first time, a
method of charging off capitalized research and ex-
perimental expenditures which can not be recovered
through depreciation or depletion. Under the 1954
Code such expenses can be treated as deferred ex-
CORPORATION INCOME TAX RETURNS FOR 1964
IS
penses subject to amortization over a period of not
less than 60 months beginning with the first month
that benefits from the expenditure is realized. De-
ductions taken under the 1954- Code for capitalized
expenditures are included in the item "Depreciation
and amortization" throughout this report.
Prior law made no specific provisions for research
and experimental expenditures . To the extent that
they were ordinary and necessary business expenses
they were deductible. If the expenditure was capital
in nature, it was capitalized and amortized over
useful life. If useful life could not be determined,
no deduction was available except for loss due to
abandonment .
Exploration expenditures, — The limit on deductions
with respect to mine exploration expenditures was
raised from $75,000 to $100,000 by the 1954 Code.
This limited deduction is available for expenditures
normally capitalized and may be taken in the year
incurred or as a deferred expense charged off rata-
bly against units of minerals sold. The deduction
cannot be talcen in more than 4 years , and does not
apply to oil and gas wells . Exploration expenditures
were included in the amortization deduction schedule
in the 1954 return form, but taxpayers may have re-
ported expenses fully deducted in the year incurred
as cost of sales or operations or "Other deductions."
Organizational expenditures. — Organizational ex-
penses paid or incurred on or after August 16, 1954,
may be treated as deferred expenses deductible rata-
bly over a period of not less than 60 months. Or-
ganizational expenditures are defined as expenditures
(l) incident to the creation of a corporation, (2)
chargeable to capital account, and (3) amortizable
if the corporation had a limited life. The term ex-
cludes costs of issuing and selling stocks or other
securities, costs incident to transfer of assets to
the corporation, and costs of a reorganization.
Under prior law, organization expenses could be re-
covered for tax purposes only at time of liquidation
or by depreciation if a limited term of existence
was specified in the corporate charter. Deductions
for organizational expenditures are included in the
item "Depreciation and amortization."
Soil and water conservation expenditures .—Under
prior law, conservation expenditures were generally
required to be capitalized. The 1954 Code permits
a taxpayer engaged in farming to take expenditures
for soil or water conservation or prevention of ero-
sion with respect to land used in farming as a busi-
ness deduction. The deduction for any one year is
limited to 25 percent of the gross income from farm-
ing for the year but excess expenditures may be car-
ried forward until fully deducted. Expenditures
for facilities subject to depreciation are excluded
from this provision. This new deduction is tabula-
ted as reported by the taxpayer and may be reflected
in cost of sales or operations or in "Other deduc-
tions . "
Amounts contributed under pension plans. — Under
the 1954 Code, members of an affiliated group, as
defined by section 1504, maintaining a common profit
sharing or stock bonus plan based on profits may
deduct contributions made to such common plan on
behalf of employees of a member of the affiliated
group which has insufficient earnings or profits out
of which to provide for its own employees . The de-
duction may be taken whether or not a consolidated
return is filed .
The new Code also specifies that deductions may
be taken for payments made to an employee trust which
is denied exemption under section 501 only because
it is situated outside the United States .
Rents — received and paid by corporations. — Under
prior law rents received included amounts paid, under
the terms of a lease, to a lessor corporation as
reimbursement for Federal income taxes payable on
rentals from the leased property. These amounts were
also reported by the lessee corporation and included
in rents paid . The 1954 Code excludes from the in-
come of the lessor and the deductions of the lessee
payments made as reimbursement for income taxes on
rental income if the lease is between corporations
and was entered into before January 1,1954. Leases
made before January 1,1954, include renewals or con-
tinuances made in accordance with an option in the
original lease.
Taxes paid. — Real property taxes were formerly de-
ductible only at the time legal liability occurred.
Under the 1954 Code such taxes may be deducted rata-
bly over the period for which they are levied .
Taxes for local benefits which increase the value
of the property assessed maybe deducted if (l) they
are levied by a special taxing district covering at
least one county and 1,000 persons, and (2) there
are annual assessments at a uniform rate on the same
assessed value of real property used for the general
property tax. Under prior law such levies were con-
sidered capital expenditures and only that part at-
tributableto interest or maintenance was deductible.
Capital gains and losses. — The principal changes
with respect to statutory capital gains and losses
are definitional or technical. Among the changes
are: (l) exclusion of accounts and notes receivable
acquired in the ordinary course of business for
services rendered or from sale of stock in trade or
inventory from the statutory definition of capital
assets; (2) clarification of the treatment of origi-
nal issue discount on bonds which are capital assets
and are issued after December 31, 1954; (3) removal
of the requirement that the above securities be is-
sued with coupons or in registered form to qualify
gains or losses realized upon retirement as capital
gains or losses; and (4) revision of certain provi-
sions with respect to holding periods, gains and
losses from short sales and options, proceeds from
sale of patents by an inventor and sale of subdivided
real estate. (Subch. P of ch. 1, 1954 Code.) Ca-
pital assets are defined under "Capital gain or loss"
in "Explanation of Terms."
Length of taxable year. — Under the 1954 Code, a
corporation which regularly ends its annual account-
ing period on a particular day of the week, and in
the last week of a calendar month, or the first or
last week of a calendar month whichever causes the
closing day to be nearest the end of the month, may
use such accounting period as its taxable year.
Under this method of accounting, the period covered
by a taxable year may vary from 52 to 53 weeks. This
elective method may be used for taxable years ending
after August 16, 1954.
Unincorporated businesses filing corporation re-
turns. —Section 1361 of the 1954 Code gives certain
partnerships and sole proprietorships the privilege
14
CORPORATION INCOME TAX RETURNS FOR 1964
of reporting business income and paying tax thereon
under the laws applicable to corporations. Returns
filed by unincorporated businesses on the corpora-
tion return Form 1120 under this elective provision
could not be accurately identified among the returns
used for corporate statistics. Therefore, a small
amount of noncorporate financial data was included
in the tabulations for this report.
The election as to corporate tax treatment under
section 1361 is restricted to sole proprietorships
or partnerships with not more than 50 individual
members. Capital must be a material income produc-
ing factor or 50 percent or more of the gross income
must be derived from trading as a principal or froir
brokerage commissions on real property, stock, se-
cvirity, or commodity transactions. Election may be
made for only one business if more than a 10 percent
interest is held in two or more businesses by a com-
mon owner or partner. An ownership interest by non-
resident aliens or foreign partnerships is prohibited.
Income defined as personal holding company income
by section 5<+3 of the 195'4 Code is excluded from the
corporate income tax treatment and must be reported
on the personal returns of the proprietors or part-
ners. Such income includes dividends, interest, and
certain rents and royalties, but not brokerage com-
missions.
The election to file corporation returns is bind-
ing for future taxable years vmless a 20 percent
change in ownership occurs.
Consolidated returns. — Historical comparability
of data classified by major industrial groups or,
for example, by size of income or assets is affected
by changes in the statutory definition of an "affil-
iated group" and by the privilege of making new
elections for 195A with respect to use of the con-
solidated returns. Under the 1939 Code at least 95
percent of the stock of each affiliate included in
the consolidated return had to be owned within the
group. A consolidated return must cover all qualified
members of a related group . The new Code reduced the
stock ownership requirement to 80 percent. Since a
number of corporations formerly filing separate re-
turns first qualified as members of affiliated groups
filing consolidated returns in 1954, data for these
corporations, and possibly the entire consolidated
group, may have fallen in a different industrial
group or size class than that in which they fell in
prior years.
Because of the many changes in the income tax laws,
corporations which had previously filed consolidated
returns were permitted to change the method of filing
for 1954. Corporations formerly filing consolidated
returns may have, under the new election, filed sepa-
rately for 1954, resulting in further shifts of data
from one group to another.
Data for 1954 consolidated returns are shown in
tables 24 through 27, on pages 123-128 of this volume.
Table C below compares the total number of consoli-
dated returns (equivalent to number of parent corpo-
rations) and the number of subsidiaries shown on
consolidated returns in 1954 and 1953. Difficulties
arise in comparing data in these tables with similar
tabulations made for prior periods when applicable
provisions of income tax laws may have been different .
See Synopsis of Tax Laws 1945-1954, page 186.
T>bU C NUMBEB OF CONSOUOATED BBTUKNS AND SUBSIOIASIBa, BY INDUSTRIAL DIVISION,
1«54 AND 19B3
Number of consolidated
returns
Number of subsidiaries
1954
1953
1954
1953
(1)
(2)
(3)
(4)
All industrial divisions
Agriculture, forestry, and fishery...
Uining and quarrying
2,7i3
21
113
122
759
26i
624
602
216
2
2,408
12
91
112
741
187
558
475
225
7
10,416
41
352
311
2,748
1,642
2,017
1,998
1.305
2
9,670
55
339
264
2,621
1,180
1,969
1,776
Manufacturing
Trade
Finance, insurance, real estate, and
lessors of real property
Nature of business not allocable
9
As mentioned in the discussion of tax changes
above, income of regulated public utilities included
in a consolidated return is now exempt from the 2
percent additional tax imposed on groups filing a
consolidated return.
Personal holding companies. — The 1954 Code revised
several of the provisions defining personal holding
companies, personal holding company income, arid the
tax base (undistributed personal holding company
income), but did not change the additional tax im-
posed on such companies .
In defining personal holding companies under the
1939 Code use was made of a two part test relative
to personal holding company income —
(1) At least 80 percent of gross income was per-
sonal holding company income, or
(2) At least 70 percent of gross income was per-
sonal holding company income and the company
was classed as a personal holding company in
a prior taxable year unless (a) the company
did not meet the stock ownership test for one
intervening year, or (b) less than 70 percent
of gross income was personal holding company
income for three consecutive years.
The 1954 Code dropped the second part of the test.
In applying the 80 percent gross income test under
the 1954 Code to nonrailroad corporations, an affil-
iated group filing a consolidated return is treated
as a single corporation \mless (l) a member of the
group is exempt from personal holding company tax
under section 542(c), or (2) a member of the group
derived 10 percent or more of its gross income from
outside the group and 80 percent ar more of such
gross income was defined as personal holding company
income. In computing the outside income for this
test, there is excluded from gross income and per-
sonal holding company income dividends received by
the common parent company from anonpersoneil holding
corporation outside the affiliated group but in which
the parent company holds 50 percent or more of the
outstanding voting stock. Under both the 1954 and
1939 Codes an affiliated group of railroads filing
a consolidated return is treated as a single corpo-
ration without qualification as to sources of income .
Also in defining personal holding companies, the
criteria for stock ownership were revised to include
in the term "individual" certain exempt organizations
and charitable trusts (see sec. 542 of the 1954 Code) .
In defining the income which distinguishes per-
sonal holding companies, three changes were made by
the 1954 Code. Excluded from personal holding com-
CORPORATION INCOME TAX RETURNS FOR 1964
15
pany income are (l) rent paid for use of corporation
property by a principal stockholder (one controlling
25 percent or more of the value of outstanding stock)
unless at least 10 percent of the corporate gross
income other than rent is personal holding company
income, and (2) interest earned on special reserve
funds established under the Merchant Marine Act,
1936. The third change limits gains from the sale
of securities or commodities to the net amount above
corresponding losses .
Under both the 1939 and 1954 Codes certain adjust-
ments to corporate net income are made in determin-
ing the amount subject to the personal holding com-
pany tax. One ad justment is the deduction of Federal
income and profits taxes not allowed in computing
the net income. The 1954 Code specifies that such
taxes are to be deducted as accrued. However, tax-
payers may continue a cash basis method of deduction,
if used under the 1939 Code, or make, at any time,
an irrevocable election to change to the accrual ba-
sis.
The deduction for contributions allowed in comput-
ing the personal holding tax base was formerly lim-
ited to 15 percent of net income. The 1954 Code
raises this limit to one comparable to that of
individuals — 20 percent of net income with an ad-
ditional 10 percent allowed for certain contribu-
tions to churches, schools, and hospitals. (Sees.
545(b)(2) and 170(b)(1)(A) and (B).)
The 1954 Code adds to the personal holding company
tax base amounts released from United States liens
which had been previously deducted under 1954 Code
provisions. The 1939 Code allowed deduction of
amounts subject to lien but did not provide for fu-
ture restoration of released amounts to taxable in-
come.
Under the 1954 Code an adjustment is made to the
tax base for net long-term capital gain in excess of
net short-term capital losses . Such gain, less in-
come tax attributable thereto, is deducted from the
net income in computing the undistributed personal
holding company income. This deduction from undis-
tributed personal holding company income was not made
under the 1939 Code but the provisions for maximum
tax on capital gain was made effective in the tax
computation by the alternative tax.
CHARACTERISTICS OF 1954 TABULATIONS
Sources of Data
Data shown in this report as relating to the year
1954 are taken from a sample of corporation income
tax returns filed for the calendar year ended
December 31, 1954, annual noncalendar accounting
periods ended within the interval July 1954 through
Jxme 1955, ajid part years with the greater portion
of the accounting period in 1954. The data were com-
piled from corporation returns as filed on income
tax Forms 1120, 1120L (life insurance), and Form 1120M
(mutual insurance) and from personal holding compaiiy
schedules filed under the 1954 Code and on the 1954
return form. Data are compiled prior to any revi-
sions resulting from audit by the Internal Revenue
Service and prior to carryback of subsequent operat-
ing losses to tax year 1954.
Returns on the corporation Form 1120 from a limited
number of sole proprietorships and partnerships were
used in the compilation, as were returns of foreign
corporations engaged in business within the United
States . Tax forms in the 990 series, filed by exempt
organizations, were not used.
Categories of Active Corporation Returns
Classification of returns into those with and with-
out net income is based on the current year net in-
come or deficit before any net operating loss deduc-
tion and other special statutory deductions available
to corporations in computing taxable income. (See
Synopsis of Federal Tax Laws, footnote 4, for com-
putation of taxable income.) Returns with net in-
come may be nontaxable because of a net operating
loss deduction or special statutory deductions. Re-
turns without net income include those with equal
income and deductions and those with net deficit.
Net income or deficit reported on tax returns ex-
cludes tax-exempt income. Data relating to tax year
1954 industrial division operations, summarized from
returns with net income and returns without net in-
come, are given in table D.
Data for returns with balance sheets are shown
separately because a few corporations fail to report
Table D.— CORPORATION RETURNS WITH OR WITHOUT NET INCOME, BV INDUSTRIAL DIVISION, 1964
Industrial division
Total
number of
active
corporation
returns
All industrial divisions
Agriculture, forestry, and fisher;
Mining and quarrying
Construction
Uanufacturing
Public utilities
Trade
Finance, insurance, real estate, i
lessors of real property
Services
Nature of business not allocable.
Number of
returns
(1)
722,805
8,779
9,585
36,130
120,896
29,122
238,523
205,339
54,8i5
9,586
Returns with net income
(2)
iil,177
4,741
4,248
21,411
74,608
17,436
143,432
138,764
34,682
1,855
Percent
of
division
total
(3)
61.0
54.0
44.3
59.3
61.7
59.9
60.1
67.6
53.5
19.4
Total
compiled
receipts
(Thousand
dollars)
(4)
484,727,486
1,831,616
6,708,513
14,674,881
240,028,767
37,010,426
147,772,449
26,469,350
10,146,869
84,615
Net income
(Thousi
doltei
(5)
39,572,830
176,168
946,048
633,538
19,653,551
4,709,853
4,356,658
8,293,140
788,143
15,731
Number of
returns
(6)
391,522
3,954
3,708
19,072
66,313
15,193
126,554
126,844
28,467
1,417
(Thouaend
dotlara)
(7)
16,823,241
65,713
427,464
256,353
9,451,660
2,308,655
1,890,522
2,093,547
324,432
4,895
Excess profits tax^
Number of
returns
(8)
3,724
45
48
221
1,507
119
986
465
323
10
Number of
returns
( Thouaand
dollars}
(9)
37,711
56
1,250
512
30,899
546
2,320
643
1,485
Returns without net income
(10)
281,628
4,038
5,337
14,719
46,283
11,686
95,091
66,575
30,163
7,731
division
total
(11)
39.0
46.0
55.7
40.7
38.3
40.1
39.9
32.4
46.5
80.6
Total
compiled
receipts
(Thouaand
dotlara)
(12)
70,094,964
440,961
1,842,406
2,815,940
28,299,156
5,351,319
25,530,723
3,326,369
2,446,758
41,332
(Thotiaartd
dollars)
(13)
3,244,395
53,885
205,135
145,944
1,363,686
269,528
708,896
289,323
197,015
10,983
'The excess profits tax law temiinated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
annual accounting periods ended July through November 1954 and returns for part years which began in 1953.
^Less than $500.
16
CORPORATION INCOME TAX RETURNS FOR 1964
asset and liability items. Table E, compiled from
returns with balance sheets, shows total assets,
total compiled receipts, and net income or deficit
classified by size of total assets. Ninety- two per-
cent of the returns do have balance sheets and account
for 98.6 percent of the total compiled receipts re-
ported for 1954. Income statement items for returns
with and without balance sheets are compared in table
3, page 43. Table F relates the net income or def-
icit size classification of corporate income tax re-
turns and the number in each size group submitting
baleince sheet information.
Accounting periods covered by returns used for this
report are listed under "Sources of Data" and the
accounting period classification is based on the
closing month of the annual accounting period. Cate-
gories of returns with special tax features are based
on specific provisions of the Internal Revenue Code
and are discussed in detail in the explanatory text
which follows .
from table 1 to table 37. The first sixteen tables
provide tax year 1954- data tabulated from either all
722,805 active corporation returns or 667,856 active
corporation returns with balance sheets . Tables 7
through 11 and 15 show data separately for returns
with net income and without net income. Tables 17
through 20, on the other hand, show data tabulated
only from returns with net income, either the 441,177
active coiTJoration returns with net income or the
419,679 returns with both net income and balance
sheet data .
Tables 1-20 — Categories and Coverage
Returns with and without net income
Tables Se turns
1-3, 7-15.. All active corporation returns 722,805
4-6, 16.... Corporation returns with bal-
ance sheets 667,856
Returns with net income
Table E.— CORPOBATION BEIURNe WTH BALANCE SHEETS, BY SIZE OF TOTAL ASSETS, 19(4
Size of total assets
Number of
returns
Total
assets
dollara)
Total
conpiled
receipts
(Tbaaaartd
doIIvM)
Net Income
or deficit
(Thouamd
(1)
(2)
(3)
(4)
167,604
105,441
117,001
134,299
60,354
33,617
24,906
10,864
6,324
4,228
1,493
794
541
390
1,907,385
3,842,977
8,430,038
21,379,449
21,045,815
23,491,388
38,817,924
38,121,693
44,204,930
64,938,455
51,404,436
55,544,463
82,875,468
349,295,661
5,928,725
3,694,501
17,606,188
42,248,919
39,745,048
38,903,995
48,549,707
33,774,943
32,268,507
40,121,033
30,445,834
31,400,110
41,778,013
135,535,686
'123,407
A25 000 under *50 000
36,314
259,702
*100 000 under 4250 000
833,769
964,179
A50Q 000 under Jl 000 000
1,211,122
1,901,333
$2 500 000 under $5,000 000
1,719,221
1,840,855
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 or more
2,871,173
2,327,125
2,629,198
3,738,329
15,887,763
667,856
805,300,082
547,001,259
36,096,681
-RELATION OF CORPORATION RETURNS WITH BALANCE SHEETS TO ALL ACTIVE
CORPORATION RETURNS, BY SIZE OF NET INCOME OR DEFICIT. 1964
F.'i'turns '^i'.h net ini^onie
Returns without net income
Size of net income or deficit
Number
of
returns
Number
of
balance
sheets
Percent
of
returns
irith
balance
sheets
Number
of
returns
Number
of
balance
sheets
Percent
of
returns
with
balance
sheets
(1)
(2)
(3)
(4)
(5)
(6)
98,132
45,647
31,083
22,587
18,868
53,819
36,010
25,399
24,420
35,397
13,877
13,805
5,399
2,953
2,389
432
460
88,856
42,378
29,452
21,572
18,064
56,809
35,058
24,764
23,945
34,696
18,575
13,599
5,316
2,874
2,839
424
458
90.5
92.8
94.8
95.5
95.7
96.6
97.4
97.5
98.1
98.0
98.4
98.5
98.5
97.3
98.3
98.1
99.6
118,022
33,798
21,483
15,581
11,627
32,848
14,834
8,292
5,167
11,044
5,213
2,478
747
264
199
21
10
98,514
29,687
19,317
14,044
10,678
30,221
14,001
7,909
4,841
10,466
4,967
2,357
702
253
191
20
9
$1,000 under $2,000
87.8
$3,000 under $4,000
90.1
$4,000 under $5,000
$5,000 under $10 000
91.8
92 0
$10,000 under $15,000
9A,^
$20,000 under $25,000
93.7
$50,000 under $100 000. .
95 3
$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
95.1
9i.0
95.8
96.0
95.2
90.0
Total
441,177
419,679
95.1
281,628
243.177
88.1
Description of Tables
The number of returns covered in the tabulations
in this volume tends to decrease as the reader moves
17, 18 Corporation returns with net
income 441 , 177
19, 20 Corporation returns with bal-
ance sheets and net income.... 419,679
In tables 21 through 37, separate tabulations are
made for returns with special tax provisions, active
corporations filing first returns, and active manu-
facturing and trade corporation returns .
Tables 21-37 — Categories and Coverage
Special tabulations
Tables Setums
21 Manufacturing and trade corpo-
rations, inventory study 359,419
22 Manufacturing and trade corpo-
rations with balance sheets,
inventory study 338,621
23 Corporations filing first re-
turns in 1954
Returns with special tax provisions
24 Consolidated returns
25 Consolidated returns with bal-
ance sheets
26 Consolidated returns with net
income
27 Consolidated returns with bal-
ance sheets and net income ....
28-30 Corporation returns with for-
eign tax credit
31-33 Western Hemisphere trade cor-
poration returns
34-37 Active personal holding com-
pany schedules
74,095
2,723
2,652
1,510
1,478
3,215
687
3,818
In all tables, values in thousand dollars were
rounded and, therefore, may not add to the totals.
CORPORATION INCOME TAX RETURNS FOR 1954
17
Industry Measurements
The Standard Industrial Classification issued by
the Office of Statistical Standards, Bureau of the
Budget, Executive Office of the President, has been
adapted for use in this volume. Since the Standard
Industrial Classification is designed on an estab-
lishment basis, it has been necessary to reduce
greatly the number of groups and to make changes in
the contents of groups in order to adapt the Standard
Classification to the corporation income tax returns
which are filed on an ownership basis. The classi-
fication in this volume is unchanged from that used
for tax year 1953. Under the heading, "Comparability
of Historical Data" page 142, there is a brief de-
scription of earlier revisions made for Statistics
of Income tabulations of major industry data.
Industrial classification of each return was de-
termined by the business activity reported thereon
and by the source accounting for the largest per-
centage of the total receipts . Because many corpora-
tions, virtually all of the large ones, carry on
business in more than one ofthe some 225 recognized
classes, the classification of corporation data by
industry is necessarily subject to many limitations.
Year-to-year changes in the classification of spe-
cific corporations result from mergers, other altera-
tions in corporate structure, and from the privilege
of filing consolidated returns. For 1954, revisions
in the law with respect to consolidated returns may
have resulted in a greater than usual number of
shifts of corporation data from one industrial group
to another. Such factors are reflected in the 1954
data for the communications category, for example,
which contains sales formerly included in manufactur-
ing.
The industry classification in table 1 is the most
detailed grouping used in this volume. Based on tax
year 1954 returns for all active corporations, table
1 shows the number of returns classified in each of
282 industry groups and totals and provides the fol-
lowing summaries for each group:
Total compiled receipts
Gross receipts from sales and from operations
Cost of goods sold and of operations
Net income or deficit
In addition to the foregoing financial measure-
ments, table 1 contains data on the income tax and
excess profits tax liabilities shown onreturns with
net income .
Major industry receipts, deductions, assets and
liabilities, itemized as indicated on page 44,. are
presented in tables 2, 4, 18 and 19. Classified in
the 65 major groups, itemized receipts and deductions
on all active corporation returns are tabulated in
table 2 together with major industry compiled net
profit or loss, net income or deficit, net operating
loss deduction, taxes ,coii5)lled net profit less total
tax, and dividends paid. Parallel tabulations of in-
come statement items, but limited to returns with
net income, are provided in table 18. Table 4, which
is based on returns with balance sheets, provides
figures on major industry assets and liabilities and
related income, deduction, and tax items. In table
19 the items covered are similar to those in table 4
but the summary is restricted to returns of corpora-
tions with balance sheets and net income .
Improvements in the corporate income tax return
form made it possible to tabulate an expanded corpo-
rate balance sheet for tax year 1954. Categories of
assets were added to show the distribution of cor-
porate portfolios of Government obligations between
obligations of the United States and other govern-
mental lanits , the amount of prepaid expenses and
supplies, corporate evaluation of depreciable assets
and accumulated amortization or depreciation, deple-
table assets and accumulated depletion, and the net
value of intangible assets , Liability items have
been added to indicate the amount of accrued expenses,
corporate prepaid income, and reserves for estimated
expenses . The two latter liability items were sup-
plied in connection with tsixpayer elections permitted
under 1954 Code sections 452 and 462 prior to their
repeal on June 15, 1955.
Table 3 links the itemized income statement data
summarized from 722,805 active corporation returns
(table 2) with the itemized summary of balance sheets
and income statement items submitted on 667,856 ac-
tive corporation returns by presenting totals for
income statement items (1) for all returns, (2) for
returns with balance sheets, and (3) for returns with
no balance sheets. Balance sheet data shown in
Statistics ol Income are tabulated as of the end of
the corporate accounting period covered by the tax
return. This holds for the assets and liabilities
of a corporation into which one or more other cor-
porations have been merged during the tax year,
though the related income statement items tabulated
in this case exclude data for a part year period
prior to its merger reported on a tax return sub-
mitted separately by an acquired corporation. In
such cases, if the return from the acquired corpora-
tion covers a period with a greater number of months
in calendar year 1954, it is tabulated as a return
without balance sheet data.
The classification of items as they appeared on
the taxpayer's return was revised when available in-
formation warranted a change to fit the standardized
receipt, deduction, asset, and liability categories
used in the tabulations. Revised editir^ procedures,
particularly for returns in the finance area, lessen
item by item comparability of 1954 with prior pe-
riods .
In the financial division, data compiled from re-
turns classified under the major group "Insurance
carriers and agents" are affected by provisions of
law with reference tolife and mutual insurance com-
panies. Life insurance companies report only their
investment income, i.e., interest, dividends, and
rent, and may deduct only expenses incident thereto
and wholly tax-exempt interest in arriving at net
income. The deductions reported are taxes and de-
preciation, tabulated under their respective titles,
and investment and real estate expenses, tabulated
as "Other deductions." Mutual insurance companies
report these items and, in addition thereto, net
gain from sale or exchange of capital assets, in-
terest paid, and capital losses sustained in meeting
dividend and insurance claim payments. Capital
losses are included with "Other deductions."
Computation of life and mutual insurance company
taxable income also differs somewhat from that for
other corporations shown in "Explanation of Terms,"
page 28 , and Synopsis of Federal Tax Laws, page
187. Life companies deriving a portion of their
18
CORPORATION INCOME TAX RETURNS FOR 1964
income from contracts other than life insurance,
annuities, or noncancelable health and accident in-
surance make an upward adjustment in computing in-
come for tax purposes for certain nonlife insurance
reserves . The amount of this adjustment for 1954,
shown in table G, is $27,737,000. Life companies
earning less than 105 percent of their required in-
terest are allowed a reserve interest credit, com-
puted under provisions of section 805 of the 1954-
Code. This special adjustment for 1954 amounted to
$15,777,000 and is also shown in table G. Neither
life nor mutual insurance companies are allowed a
net operating loss deduction.
Special provisions affecting insurance industry-
tax are reviewed in the Synopsis of Federal Tax Laws,
pages 188 and 189.
T«ble G,— SPECIAL ADJUSTMENTS MADE BY LIFE INSURANCE COMPANIES IN COMPUTING
TAXABLE INCOME, 1954
Item
Returns
with
net income
Returns
without
net income
Number of life insurance corapsny returns
1,0A2
1,1
Number of life insurance company returns with balance sheets.
703
17
Adjustment for certain nonlife insurance reserves:
Returns with anfl without balance sheets:
Number of returns
dollars.,
dollars..
455
27,719
385
27,548
4
Returns with balance sheets:
Number of returns
Amount thousand
3
18
Reserve interest credit:
Returns with and without balance sheets:
Number of returns
dollars.,
dollars. .
223
15,777
143
15,123
-
Returns with balance sheets:
Number of returns
Amount thousand
-
Asset Size and Income Size Distributions
Data on corporate returns with balance sheets are
classified by asset size in tables 5, 6, 16, and 20.
In table 5 data for seventy-one items from corporate
balance sheets and income accounts are distributed
among 14 asset size classes. Table 20 provides sim-
ilar item detail for returns with balance sheets and
net income . Table 6 shows seventeen selected balance
sheet and income statement items by asset size within
each of the major industry groups. Table 16 relates
asset size and corporate accounting period. For
667,856 returns with balance sheets, separate asset
size distributions are made in table 16 for 282,762
returns pertaining to annual noncalendar year ac-
counting periods, and for 385,094 returns covering
calendar and part year accounting periods .
Corporation data are classified by net income or
deficit size in tables 7, 8, 9, 10, and 15. Table 7,
based on returns for all active corporations, shows
industrial division net income, taxes, and dividends
paid distributed separately by size of net income or
deficit for returns with net income and returns with
no net income. Table 8 provides net income size
classification data on type of tax liability compiled
for all active corporate returns, including a sepa-
rate summary for returns showing the alternative in-
come tax liability (defined on page 23) . Table 9
presents distributions which relate net income or
deficit size to the source of dividend receipts, and
to interest receipts on Government obligations . Div-
idends received from domestic and foreign corpora-
tions are tabulated separately for 17 income size
classes. The data in this table distinguish between
interest received on Government obligations which is
wholly taxable, subject to surtax only, and wholly
tax-exempt. These different classes of interest re-
ceipts are described briefly on page 25.
Table 10 is devoted to the $13.3 billion in divi-
dends paid by all active corporations. It contains
net income and deficit size distributions of data on
returns with dividends paid of the following types:
(1) Only cash and assets other than own stock
(2) Only corporation's own stock
(3) Both cash and assets other than own stock,
and corporation's own stock
Table 15 relates net income or deficit size and
corporate accounting period through separate size
distributions for 293,003 active corporate returns
for annual noncalendar year accounting periods and
429,802 active corporate returns which covered cal-
endar and part year accounting periods.
Income size distributions are also available for
returns with foreign tax credit (table 30) and for
Western Hemisphere trade corporation returns ( table
33) .
Brief descriptions of the deductions attributable
to dividends for tax purposes are contained in the
"Explanation of Terms," page 24, and Synopsis of
Federal Tax Laws, page 187.
Dividends Summary
In addition to the net income size distributions
of dividends received and type of dividends paid in
tables 7, 9, and 10, which are described immediately
above, table 11 contains data on cash dividend pay-
ments separately for returns with net income and re-
turns without net income, classified among 17 indus-
trial categories . Tables 2 through 5, and 18 through
20 provide data on the value of dividends paid (1)
in cash and assets other than own stock, and (2) in
the corporation's own stock. In the latter seven
tables, dividend data are classified either by major
industry group or asset size. In table 6 dividends
paid in cash and assets other than own stock are
classified by both industry and asset size. Chart 3
shows the percentage composition of dividend distri-
butions arising in the various industrial divisions .
Accounting Periods and Methods
Tables 14, 15, 16, and 17 deal with the accounting
period characteristics of the major industries and
income and asset size groups. Table 14 summarizes
industrial accounting period data from returns with
and without net income, and table 17 is restricted in
coverage to returns with net income. Table 16 data
on assets are restricted to returns with balance
sheets.
Table H below presents summary data relative to the
distribution of all returns, returns with net income,
and returns without net income among corporate ac-
counting periods in tax year 1954.
CORPORATION INCOME TAX RETURNS FOR 1954
19
T«Mo H.— NET INCOME OR DEFICIT, AND TAXES, BV MONTH IN WHICH ANNUAL ACCOUNTING PERIOD ENDED— ALL ACTIVE CORPORATION RETURNS, 1954
Accounting period ended
Total
number of
returns
Returns with net Income
Retm'ns without net
Income
Number of
returns
Net income
f T7)ou9and
dollar*)
Income tax
Excess profits tax*
Number of
returns
Number of
returns
Amount
(Thousand
dollars)
Number of
returns
Amount
f Thousand
dollars)
( Thousand
dollars)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
20,627
12,502
540.158
10,956
241,982
603
8,813
8,125
76,479
21,118
12,960
527,896
11,315
233,810
599
6,647
8,158
94,818
32,238
19,289
951,399
16,898
410,705
1,046
13,384
12 ,949
175,687
23,532
14,264
863,506
12,471
363,332
646
3,944
9,268
125,181
16,716
10,635
751,388
9,490
331,818
642
4,591
6,081
80,429
21,855
13,781
1,020,670
12,128
472,264
.
_
8,074
87,068
20,147
12,185
459,830
10,585
197,826
-
-
7,962
69,903
36,ii7
22,561
769,755
19,428
323,910
_
.
13,886
137,762
25,646
16,104
559,846
13,708
227,522
_
-
9,542
82,560
23,741
15,041
533,100
13,050
226,599
_
_
8,700
87,517
50,936
33,471
1,388,750
29,326
599,163
-
-
17,465
180,075
293,003
182,793
8,366,298
159,355
3,628,931
3,536
37,379
110,210
1,197,479
386,409
241,112
30,731,082
215,893
12,995,199
-
-
145,297
1,803,206
43,393
17,272
475,450
10,274
199,111
186
332
26,121
243,710
722,305
441,177
39,572,830
391,522
16,823,241
3,724
37,711
281,628
3,244,395
Annual returns:
July 1954
August 1954
September 1954.
October 1954...
November 1954..
January 1955. ..
February 1955..
March 1955
April 1955
May 1955
June 1955
Total, noncalendar year periods.
December 1954
part year returns.
Total
'^The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
annual accounting periods ended July through November 1954 and returns for part years which began in 1933.
Chart S.-TYPE OF DIVIDENDS PAID BY INDUSTRY. TUX YEAR 1954
(Percentage Distribution)
m CISK n OM STOCK ■ "SETS OTKER T«««
Perc
100
e„t ~. ^ — C,S„ Q, 5„ STOCK pg^
cent
100
M
r
K-i^
1 ^m
1 1 pffisra
i
y
-*j
60
™l
w
80
60
-
^€,.*1
M
M
h-
h
60
1^
H
^
M sm
40
-
1
1
1
«P
40
20
-
1
1
1
1
-
20
0
1
1
■
'
0
M
Tables 12 and 13 provide measurements regarding in-
ventory valuation methods and major industry corpo-
ration accounting usage of cash, accrual, and other
accounting methods . The data on accounting methods
are based on answers to questions contained on the
income tax return (facsimile, page 195) and are prob-
ably characterized by a substantial amount of non-
response. Tables in Statistics o/ Income volumes for
19*^5 and 19'+6 provide data on accounting methods used
in these periods and a table in the 1950 volume shows
the basis of valuing inventories then used bycorpo-
rations.
Inventories
There are two special tables in this volume which
provide beginning and ending inventory data for tax
year 195^; as reported on 268,5'47 returns classified
in manufacturing and trade . Table 21 relates both
beginning and ending inventories to the gross sales
and the gross assets reported on returns in which
inventory data for both beginning and end of the ac-
counting period were given. Table 22 for the same
sectors summarizes beginning and ending inventory
data by the month in which the accounting period
ended .
Chart 4-MANUFACTURING AND TRADE CDRPORATION INVENTORIES AT BEGINNING
AND END OF TAX YEAR 1954
Bi
(Returns with both beginning and ending inventories reported)
1 ions of dol lars Billions of dol
ars
^ Beginning of year
SO
to
r ^^ End of
)'ear
40
%
30
—
1
30
20
—
1 \
20
10
0
—
I
10
0
1
ri
■
MANUFACTURING WHOLESALE TRADE RETAIL TRADE
Charts U and 5 relate to the special inventory
tabulations . Chart U is based on information m table
21 compiled from tax year 195^+ returns from manufac-
turing and trade corporations reporting the value
of inventory at the beginning and end of their ac-
counting period. Tax year 195^ gross sales shown
in chart 5 and in table 21 are compiled from data
on all tax year 195-^ returns classified in manufac-
turing and trade activities. Statistics of Income
for 1953, Part 2, is the source for 1953 gross sales
data.
20
CORPORATION INCOME TAX RETURNS FOR 1954
Chart 5.-GR0SS SALES OF MANUFACTURING AND TRADE CDRPDRATIONS
FDR TAX YEARS 1953 AND 1954
(All active manufacturing and trade corporation returns)
Billions of dollars Billions of dollars
— 200
[1
MANUFACTURING WHOLESALE TRADE
RETAI L TRADE
New Businesses and Successor Businesses
Table 23 presents data derived from answers to
question 1, page 3 of the corporation income tax re-
turn form for 1954- or the incorporation date (see
facsimile, pages 193-5) . The "Explanation of Terms,"
page 25, provides material helpful in interpreting
this table . Similar data for prior years are avail-
able in Statistics of Income, Part 2, for 19'+5 and
1946.
Consolidated Returns
A single return may contain financial data for two
or more closely related concerns. Affiliated groups
electing to file consolidated returns are subject
to an additional siirtax of 2 percent of taxable in-
come computed (1) before deduction of partially tax-
exempt interest, and (2) by excluding taxable income
of regulated public utilities and Western Hemisphere
trade corporations . In tabulating corporation sta-
tistics, a consolidated return is treated as a unit,
each classification being determined onthe basis of
combined data .
Data for 13,139 corporations (2,723 parent corpo-
rations and 10,416 active and inactive subsidiaries)
were reported on 2,723 returns and included in all
tabulations in this volume. Tables 24 through 27
show detailed financial data f rom consolidated re-
turns separately . These corporations account for
around 12 percent of all corporate receipts, net in-
come, tax, and total assets reported. Only in the
industrial division "Public utilities" does the pro-
portion of consolidated data rise much above this
average. In this division consolidated return data
amount to about 50 percent of the total .
Corporations included in an affiliated group for
tax purposes must be connected through stock owner-
ship with a common parent corporation which owns
stock of at least one member of the group equal to
(1) at least 80 percent of the voting power of all
classes of stock, and (2) at least 80 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 .
These stock ownership requirements are a sharp re-
duction from the 95 percent ownership required in
each instance under the 1939 Code and will account
for some change in both the number of consolidated
returns filed and in the number of subsidiary com-
panies. Corporate changes to or from a consolidated
return basis affect comparability of data in each
classification into which the individual companies
or affiliated group would normally fall.
New elections, generally available because of the
enactment o f the 1954 Internal Revenue Code, may also
affect comparability of 1954 data with that for other
years . The third table in the Synopsis of Federal
Tax Laws, page 186, describes the type of corpora-
tions which may elect to file consolidated returns,
1945 through 1954, and the conditions under which an
election ceases to be binding for future tax years.
Table C provides a comparison of the number of con-
solidated retTims (equivalent to number of parent
corporations) , and number of subsidiaries for 1953
and 1954, by industrial division.
Foreign Tax Credit Claimed
A credit for foreign income and excess profits
taxes of $726 million was claimed by 3,215 corpora-
tions against their 1954 income tax liability of $7
billion. Only domestic corporations with a current
year United States income tax liability can claim
this credit for taxes paid to foreign countries or
United States possessions .
Credit claimed for taxes paid to a foreign country
or United States possession cannot exceed the amount
of United States tax allocable to income from such
country or possession determined by using the ratio
of taxable income from the foreign source to total
taxable income. For returns with accounting periods
ended in the period July through November 1954 used
in preparing this report, a further limitation was
effective under the 1939 Code. For these returns
the total credit against income tax was limited to
the same proportion of total income tax as taxable
income from all sources outside the United States
was to total taxable income . Foreign taxes not off-
set against the income tax could be claimed as a
credit against excess profits tax subject to two sim-
ilar limitations based on excess profits net income
and tax . Since only small amounts of excess profits
tax and credit were reported in 1954, they were added
to the income tax and credit to obtain the United
States tax and foreign tax credit claimed tabulated
for this report.
Tables 28, 29, and 30 show the amount of credit
claimed against United States taxes, together with
related income and tax data, distributed by major
industry group, size of total assets, and size of
net income .
Corporations claiming foreign tax credit are re-
quired to file supporting statements on Form 1118
showing taxable income from foreign sources and total
CORPORATION INCOME TAX RETURNS FOR 1964
21
foreign taxes paid. Statements for 2,^22 corpora-
tions were available for tabulation. These corpora-
tions reported 92 percent of the net income and 87
percent of the foreign tax credit reported by the
3,215 corporations using the credit in 195-4.
Some dividends tabulated as income from foreign
sources may be from income earned by a foreign cor-
poration in the United States as defined in section
861 of the 195<+ Code . Taxes attributable to the por-
tion of such dividends taken as a dividend received
deduction under section 2-45 cannot be credited
against the United States tax. Dividends from for-
eign sources are tabulated from Form 1120, schedule C.
In addition to direct taxes paid foreign countries
on dividends, domestic corporations owning 10 per-
cent or more of the foreign payor corporation's vot-
ing stock may claim credit for taxes paid on income
from which the dividends were derived. This pro-
vision includes taxes of a foreign subsidiary in
which the payor corporation owns 50 percent or more
of the voting stock.
Also treated as dividends for purposes of the for-
eign tax credit are amounts, in excess of costs,
paid (under a contract and in lieu of dividends) to
a domestic corporation by a wholly owned subsidiary,
engaged in manufacturing, production, or mining, for
goods or services furnished by the parent corpora-
tion.
All corporations not claiming a foreign tax credit
can take foreign taxes paid as an ordinary deduction
in computing net income but these taxes are not iden-
tifiable onthe return. Corporations organized xmder
the China Trade Act, 1922, and corporations receiv-
ing sufficient gross income from sources within a
possession of the United States to receive the bene-
fits of section 931 of the 195-4 Code are treated as
foreign corporations and denied the use of the for-
eign tax credit.
Data similar to that published in tables 28, 29,
and 30 were published in volumes of Statistics of
Income. Part 2. for 1950, 1951, and 1953.
Western Hemisphere Trade Corporations
A Western Hemisphere trade corporation is defined
by the Internal Revenue Code as a domestic corpora-
tion (1) all of whose business (except incidental
purchasing) is done in North, Central, or South
America, or the West Indies; (2) 95 percent or more
of whose gross income for the 3-year period ending
with the close of the taxable year (or for such part
of the period as the corporation was in existence)
was derived from sources outside the United States;
and (3) 90 percent or more of whose gross income for
such period was derived from active conduct of a
trade or business .
Western Hemisphere trade corporations are granted
a tax concession in the form of a deduction from
taxable income equal to approximately 27 percent of
such income . Their income was exempt from excess
profits tax (applicable to returns for tax years
ended July through November 195-4 used for this
report), and, when included in the income of an af-
filiated group filing a consolidated return, is ex-
empt from the 2 percent additional tax imposed on
consolidated taxable income .
Tables 31, 32, and 33 show the net income or def-
icit. Western Hemisphere trade corporation deduction.
foreign income, income tax before foreign tax credit,
foreign taxes paid, and credit claimed for foreign
taxes paid reported by 687 companies . The data were
tabulated by (1) industry groups, (2) size of total
assets, and (3) size of net income or deficit. In-
come and tax data in these tables are not fully rep-
resentative of Western Hemisphere trade corporations
since aggregate data from 4-1, predominantly large,
consolidated returns of affiliated groups were in-
cluded in the tabulations. Data from a consolidated
return are included if any member of the affiliated
group qualifies as a Western Hemisphere trade corpo-
ration although in many cases the consolidated report
reflects only a small amount of Western Hemisphere
trade corporation experience. It was not possible
to segregate data for the individual affiliates.
The 4^1 consolidated returns used in preparing the
195-4 data are almost double the 22 such returns used
in tabulating the 1953 Western Hemisphere trade cor-
poration data . This increase may result in part from
the change in definition of affiliated corporations
includible in a consolidated return. (See pagelA
for change in definition and effects on comparability
of data . )
The best available measure of Western Hemisphere
trade corporation activity available in the tabula-
tions is the Western Hemisphere trade corporation
deduction. This $1-41 million deduction, based on a
statutory allowance of approximately 27 percent of
taxable Western Hemisphere trade corporation income,
indicates that the amount of taxable income earned
by these companies in 195-4 was about $522 million.
(Taxable income as used here is defined as current
year net income less net operating loss deduction,
partially tax-exempt interest, dividends received
deduction, and in the case of a public utility, the
dividends paid deduction. Interest and dividends
received deductions should be comparatively small,
however, since, by the definition given above, 90 per-
cent of gross income mustbe from trade or business.)
Form 1118 filed in support of the credit claimed
for foreign taxes paid provides the only data avail-
able with respect to taxable income other than div-
idends from foreign sources and the amount of foreign
taxes paid. Data are shown separately for the 256
returns for which the form was available . Dividends
from foreign sources tabulated for these same cor-
porations are dividends received from foreign corpo-
rations reported on Form 1120, schedule C.
Almost half, or 332, of the Western Hemisphere
trade corporations do not claim credit for foreign
taxes . Over 80 percent of these corporations are
engaged in trade .
Seventy-seven returns showed no net income. This
number and the deficits tabulated are probably under-
stated since Western Hemisphere trade corporations
are frequently identifiable only by their special
deduction from taxable income .
Similar tabulations for Western Hemisphere trade
corporations are available for 1950, 1951, and 1953
in Statistics of Income, Part 2, for those years.
Personal Holding Company Schedules
Supplementary data for personal holding corpora-
tions subject to additional tax on undistributed
personal holding company income under section 5-41 of
the 195-4 Code are presented in tables 3-4 through 37.
22
CORPORATION INCOME TAX RETURNS FOR 1954
These tables show the computation of the undistrib-
uted personal holding company income from the net
income base, additional personal holding company tax,
sources of personal holding company income, and size
of companies based on amount of personal holding and
undistributed personal holding company income. Data
are from schedule PH of the return Form 1120.
Personal holding companies are those with five or
fewer individuals owning or controlling over half the
value of outstanding stock, and with at least 80 per-
cent of gross income consisting of personal holding
company income as defined in "Explanation of Terms,"
page 26.
The 195<+ data do not represent a full coverage of
personal holding companies for tax years ended July
195^+ thro\igh June 1955 because of changes resulting
from enactment of the Internal Revenue Code of 195'+.
Tabulation of combined data from the report forms
filed under the provisions of the 1939 Code and those
filed under the 195<+ Code was not feasible. There-
fore, the data tabulated for this volume were taken
from the return Form 1120, schedule PH, filed under
the provisions of the 195^ Code . Some returns filed
for years taxable under the 1954^ Code were filed in
error on the 1953 return form and are excluded. The
number of returns of active corporations filed on
the 195<V form and used in the tabulations was 3,818.
In using 195^+ data with that for prior years, com-
parability of items, affected by enactment of the
195^+ Code, should be determined through use of the
definitions of items provided in each voliome and
through the "Changes in Law Affecting 195'+ Data"
section of this volume. One of the principal changes
in comparability of undistributed personal holding
company income results from the elimination of net
long-term capital gains in excess of the income tax
thereon from the tax base (table 3A) . Personal
holding company tax, however, is little affected by
this change since both laws provide a maximum tax
on net long-term capital gain.
Tables 35 through 37 provide data not heretofore
tabulated. Prior to 195'+ the personal holding com-
pany tax return did not require reporting of the
personal holding company income by sources (table 35).
Personal holding company income was tabulated from
3,097 of the 3, 8l8 personal holding company schedules
since some companies failed to complete the required
data. Receipts from personal holding company income
sources were included in the computation of net in-
come for income tax purposes (tables 1 through 33).
Tables 36 and 37 provide income size measurements
based on personal holding company income and undis-
tributed personal holding company income . Neither
of these classifications is comparable to the clas-
sification by size of subchapter A net income,
defined in Statistics of Income for 1952, used in
prior years .
Table I provides a summary of personal holding
company tax data . By law personal holding company
Income constitutes 80 percent or more of the gross
income of the 3,097 companies showing sources of such
income. Corporate net income or deficit, for all
personal holding companies, is the base used in com-
puting undistributed personal holding company income
on which the personal holding company tax is paid.
Table I.— PERSONAL HOLDING COMPANY INCOME AND TAX, 1954
Number of
returns
(1)
Returns with
undistributed
personal
holding company
i ncome
(Thouaartd dollars)
3,097
2,862
956
273
273
-w
16,7i0
15,607
1,488
1,253
Returns without
undistributed
personal
holding company
income
( Thouaand doi/fli
U) —
')
277,904
246,108
5,892
'47,192
Personal holding company income
Corporate net income
Corporate net deficit
Undistributed personal holding company
Income
Personal holding company tax
'Deficit.
DESCRIPTION OF THE SAMPLE AND LIMITATIONS
OF DATA
The population — -The population consisted of 75<+,019
corporation income tax returns with accounting per-
iods ended between July 1, 195'+ and June 30, 1955.
This figure includes returns filed on Forms 1120,
1120L, and 1120M. It includes 3\,2\K returns of
inactive corporations and '4-3,393 part year returns.
On the other hand, it excludes returns filed on Form
1120H by personal holding companies. It also ex-
cludes amended returns not associated with an origi-
nal return, and returns which were received after
the cut-off date of the tabulation.
The sample design. — The sample design was charac-
terized by stratification, optimum allocation, and
the use of prescribed serial number endings to desig-
nate sample returns.
The population was stratified by type of return,
by volume of business, by tax status, that is by
taxable ornontaxable returns, and by the 64- district
offices. Returns for consolidated corporations, life
insurance companies, mutual insurance companies, and
those with overpayments of tax were included 100 per-
cent. Other returns in the population were strati-
fied by volume of business into large, medium, and
small according to the following definitions.
1. Large returns were those with gross sales, gross
receipts, or total income of $500,000 or more.
2. Medixim returns were those in which at least one
of the items — gross sales, gross receipts, or
total income— was between $100,000 and $500,000,
but none $500,000 or more.
3. Small returns were those with gross sales, gross
receipts, and total income each less than
$100,000.
The sample size, sajnple rates, and estimated popu-
lation for the volume of business and type of return
stratification are given below:
195'+ Corporation Sample
Sample Sampling Sstinated
Strata size rate population
Special: , , ,
1120 with Sch . PH . . ^1,029 ^1.00 ^1,029
1120 L 1,113 1.00 1,113
iii8^6ns6iidated:: ^2,?!^ ^liBB ^2,m
Large 107,248 1.00 107, 24S
Medium 37,889 0.20 189, ^'45
Small '45,171 0.10 '451,710
195,92'4 75'4,019
^A rew Of these returns Tell In the strata of small and medium
returns and were weighted accordingly.
CORPORATION INCOME TAX RETURNS FOR 1954
23
The method of estimation The method of estima-
tion was that of using the inverse of the sampling
rate after the sample size had been adjusted to cor-
rect for any undersampling or oversampling which
might exist in a district office. The adequacy of
the sample size was tested by applying appropriate
sampling rates to the number of returns of various
types processed by each district office, and compar-
ing this expected sample size with the number of
sample returns actually received . If the number of
sample returns was insufficient the weight was kept
at the inverse of the sampling rate by duplicating
the required number of sample returns . Past year
sample data were also used as a basis of validating
the sample .
Sampling variability. — The area of 100 percent
coverage is large and therefore the sampling error
on an overall basis for amount of total assets is
only a fraction of 1 percent.
The maximum sample variability in the basic totals
for all industry groups and asset sizes combined are
as follows :
Percent
Total number of returns +0 .25
Total net income +0 .10
Total deficit income +0 .70
Total assets +0.25
These limits will be exceeded in the long run in
about 5 out of 100 similar samples of the 1954 cor-
poration returns .
The sampling error for the various characteristics
for the industry groups with the smallest frequen-
cies— forestry, anthracite mining, tobacco manufac-
turing, and ordnance and accessories — are extremely
small because the large corporations included 100
percent account for most of the very small money
values as well as for 75 percent or more of gross
sales .
Nonsampling errors — In addition to sampling vari-
ability the data are subject to certain biases due
to processing, incomplete coverage, and taxpayer
errors since the data were derived from unaudited
returns . Control over coverage was exerted through
an extensive system of sample management . On an
overall basis, the amount of bias in money amounts
of income or deficit as estimated from audited re-
turns exceeds the sampling variabilities given above.
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 38-43. When used with his-
torical data, the "Comparability of Historical Data," pages
142-5 and Synapsis of Federal Tax Laws, pages 181-190 should
also be consulted. Facsimiles of the return forms for 1954
referred to in the explanaticns are shown on pages 191-222.
Accounts and notes payable, shown in table 6,
consists of amounts tabulated as bonds, notes, and
mortgages payable with maturity of less than 1 year
and accounts payable.
Alternative tax consists of a tax of 26 (or 25)
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 taxable
income, and was reported only if it was less than
the regular normal tax and surtax. Alternative tax
was tabulated in "Income tax." The maximum tax rate
for net long-term capital gain reduced by net short-
term capital loss was reduced from 26 percent to 25
percent for taxable years beginning on or after
April 1, 1954. 'For returns used in compiling this
report, this change applied only to returns with
fiscal years ended in the period March through June
1955. (See Synopsis of Federal Tax Laws, 1945-1954,
Table A, for maximum tax rate on long-term gain prior
to 1954.1
Amortization.— Amortization deduction items are
listed under "Depreciation and amortization" and de-
scriptions of new items are given in. "Changes in Law
Affecting 1954 Data." Accumulated amortization for
depreciable assets for fiscal years ended in the pe-
riod July through November 1954 was not shown sepa-
rately on the balance sheet schedule of returns filed
for those years but was included in "Accumulated de-
preciation."
Assets and liabilities were tabulated as of Decem-
ber 31 of the t£ix year or close of fiscal year near-
est thereto. Adjustments were made in tabulating
the data as follows: (l) reserves for depreciation,
depletion, bad debts, etc., reported under liabili-
ties, were transferred to the appropriate asset
reserve accounts, and (2) deficits in surplus, re-
ported under assets, were transferred to liabilities
as negative amounts. Beginning in 1952 the liability
items "Accounts payable" and "Capital stock, common"
are overstated in the Finance Division,major industry
group "Credit agencies other than banks," due to
taxpayer reporting of some savings and loan associa-
tion savings accounts as such liability items rather
than as "Other liabilities" where they were typi-
cally reported.
Bonds, notes, mortgages payable. — The quality of
the published data for 1954 as tabulated by maturity
date is subject to inconsistencies in definition.
The balance sheet schedules of the two return forms
used for this report differed in that one requested
classification of these obligations by original ma-
turity date, while the other requested classifica-
tion by time of maturity from date of the balance
sheet. Thus, data for obligations with maturity of
less than 1 year, while principally short-term obli-
gations, may contain some long-term obligations
nearing maturity, and the item for obligations with
maturity of one year or more may contain obligations
with maturity within one year.
In table 6 "Bonds and mortgages payable" are those
tabulated as "Maturity of one year or more."
In historical table 41, data for years prior to
1954 were classified according to the original ma-
turity date.
Capital assets less reserves in table 6 include
depreciable, depletable, and intangible assets plus
land, reduced by accumulated amortization, deprecia-
tion, and depletion.
Capital gain or loss is the gain or loss from sale
or exchange of "capital assets" as defined by section
1221 of the 1954 Code, and the aggregate net gain
from sale or exchange of certain "property used in
the trade or business" and from involuntary conver-
sion of such property and of "capital assets" held
for more than 6 months .
24
CORPORATION INCOME TAX RETURNS FOR 1954
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 inter-
vening years, may be carried over to the five succeed-
ing taxable years. An aggregate net loss from sale
or exchange of "property used in the trade or busi-
ness" and from involuntary conversion of such prop-
erty and of "capital assets" is treated as an ordi-
nary loss.
In computing capital gains and losses —
"Capital assets" (as defined by section 1221) con-
sists of all property held by taxpayer except: (1)
property properly includible in inventory, or prop-
erty held primarily for sale in the ordinary course
of trade or business; (2) depreciable and real prop-
erty used in trade or business; (3) accounts and
notes receivable acquired in the ordinary course of
trade or business for services rendered or from sale
of property includible in Inventory or ordinarily
held for sale; (4-) Government obligations issued on
or after March 1, 1941, on a discount basis and pay-
able without interest at a fixed maturity date not
exceeding 1 year from date of issue; and [5) certain
copyrights, literary, musical, or artistic composi-
tions or similar properties.
"Property used in the trade or business" means real
property and depreciable property, used in the busi-
ness and held for more than 6 months (but not certain
copyrights, etc.), and certain timber, coal, unhar-
vested crops, and livestock.
"Short-term" pertains to gains or losses from prop-
erty held 6 months or less; "long-term" to property
held over 6 months .
Capital gains and losses are treated historically
in table B, of the Synopsis of Federal Tax Laws.
Capital stock shown in table 6 consists of both
preferred and common stock.
Compiled receipts. — See "Total compiled receipts."
Consolidated returns are defined in text, page 20.
See also Synopsis of Federal Tax Laws, 1945-54, table
C, page 186.
Contributions or gifts. — The law limits the deduc-
tion for charitable contributions or gifts in any one
year to 5 percent of the net income for the year
(before this deduction) . Contributions or gifts in
excess of this limitation made after December 31,
1953, may be carried forward as a deduction against
net incomes of the following 2 years to the extent
that contributions in such years are less than the
statutory limitation.
Corporate net income or deficit See "Net income
or deficit."
Cost of goods sold and Cost of operations. — Iden-
tifiable amounts of taxes, depreciation and amorti-
zation, depletion, advertising, pension and other
benefit plan contributions reported in these costs
were transferred to their specific headings. For
years prior to 1951 only amortization of emergency
facilities and pension plan contributions were so
treated.
"Cost of goods sold" was reported for transactions
in which inventories were an income-determining factor:
"Cost of operations" was reported for all other
transactions .
Credit cJaimed for foreign taxes paid and state-
ment filed in support thereof. — See text, page 20.
Deficit. — See "Net income or deficit," below.
Depletion The 1954 Code increased the depletion
allowance for a number of minerals. See "Changes in
Law Affecting 1954 Data." These increases were not
effectivewith respect to the depletion deduction and
accumulated depletion (balance sheet) reported on
returns for fiscal years ended July through November
1954 which were used in preparing this report.
Depreciation and amortization. — See "Changes in
Law Affecting 1954 Data" for methods of depreciation
and amortization allowances authorized by the Inter-
nal Revenue Code of 1954 which affect comparability
of this deduction and the accumulated amounts (bal-
ance sheet) with similar data for other years.
Amortization includes deductions taken in lieu of
depreciation for emergency facilities (section 168
of the 1954 Code) and grain storage facilities erected
after December 31,1952 (section 169), plus deductions
taken for research or experimental expenditures capi-
talized but not subject to depreciation (section 174),
mine exploration and development expenditures amor-
tizable under sections 615 and 616, and organiza-
tional expenditures amortizable under section 248
of the 1954 Code.
Accumulated depreciation includes accumulated
amortization reported for fiscal years ended in the
period July through November 1954.
Dividends from foreign sources, in tables 28-33,
are those from foreign corporations reported in
column 4 of schedule C, Form 1120, and do not exclude
dividends deducted from the net income under sec-
tions 245 and 246 of the 1954 Code. Foreign tax
credit is available only for taxes paid on dividends
from foreign corporations in excess of the deduction
taken under these sections.
Dividends paid in cash and in assets other than
own stock exclude liquidating dividends.
Dividen4s received. — "Dividends, domestic corpora-
tions" consist of dividends received from domestic
corporations subject to income taxation under chap-
ter 1 of the Internal Revenue Code (1954) reported
in columns 2 and 3, schedule C, page 2, Form 1120,
for 1954. "Dividends, foreign corporations" were
reported in col\mn 4 of schedule C.
Deductions from net income are allowed with respect
to a portion of the dividends from domestic corpora-
tions and of certain dividends from foreign corpora-
tions doing a substantial volume of business within
the United States. Under the 1954 Code, if the sum
of the allowable deductions is larger than the net
income, a net operating loss results. See "Changes
in Law Affecting 1954 Data." Prior to 1951, credit
was not allowed for dividends from foreign corpora-
tions.
Dividends from other corporations reported in col-
umn 5 of schedule C were included in"Other receipts ."
Such dividends include those from China Trade Act
corporations, corporations deriving a large percent-
age of their gross income from sources within a pos-
session of the United States, and corporations ex-
empt from tax under sections 501 and 521.
Employee benefit plans other than those within
the purview of section 404 of the 1954 Code include
insurance plans, noninsured death benefits, health,
accident and other welfare benefits deductible under
CORPORATION INCOME TAX RETURNS FOR 1964
26
section 162. Prior to 1952 such amounts were tabu-
lated in "Other deductions."
Excess profits tax. — The excess profits tax termi-
nated December 31, 1953, and the amount shown is a
prorated tax, based on the number of days in 1953
reported for tax years beginning in the period July
through December 1953. This excess profits tax was
imposed by section 4-30 of the Internal Revenue Code
of 1939 upon adjusted excess profits net income as
defined in section A31 of that Code. The amount
tabulated is before foreign tax credit.
First returns. — Classification of first returns
was based on the response to the first question on
page 3 of the return form, facsimile, page 195, and
on the incorporation date. Returns without answers
to any part of the question but with incorporation
date in 1954- , or in 1953 with the greater part of
the tax year in 1954-, were included in the group
"Whether new or successor not stated," together with
those on which only the first part of the question
was answered .
Foreign tax credit. — See text, page 20.
Gross receipts from operations consists of amounts
received from transactions in which inventories were
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 were an income-determining factor . Cost
of goods sold is shown as a deduction.
Inactive corporations are those which reported no
item of income or deduction . Such returns were 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 inac-
tive corporations were not included in the tabula-
tions, but the number filed is shown in table B and
in historical table 38.
Income, other than dividends, from foreign sources
is the net amount of taxable income or loss from
foreign countries or United States possessions, re-
ported on line 7 of Form 1118, reduced by the amount
of dividends received from foreign corporations,
reported in Schedule C of Form 1120 (facsimiles on
pages 219 and 194.)
Income tax consists of normal tax, surtax, and
alternative 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 in-
surance companies, other than life or marine, and
to mutual savings banks having separate life insur-
ance departments.
The income tax tabulated is before credit for for-
eign taxes paid.
Industrial divisions and groups. — See description
of industrial classification used in Statistics of
Income, page 17 .
Intangible assets. — Net values of intangible assets
were tabulated . The balance sheet schedule of the
1954 return provided for the reporting of amortizable
intangible assets separately for the first time.
Quality of the published data is affected by incon-
sistencies in defining the assets and by inclusion
of intangibles in other asset items on the 1953
return form used for fiscal years ended in the period
July through November 1954.
Interest on Government obligations. — Interest on
obligations of the United States issued after
September 1,1917 (other than postal savings certifi-
cates for deposits made before March 1, 1941), and
on obligations of corporations organized under act
of Congress is exempt from taxation only to the ex-
tent provided by the acts authorizing issuance of the
obligations .
Interest reported on obligations described online
2(a), schedule C-1, page 2, Form 1120 for 1954 was
subject to surtax only. That reported on obligations
described on line 2(b) was 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 on certain obligations of the United
States or its instrumentalities was reported as item
16, schedule M, page 4, of the 1954 Form 1120. The
amounts tabulated are less amortizable bond premium.
Inventory valuation method. — Classification by in-
ventory method is based on question 9, page 3 of
Form 1120. Some corporations failed to answer the
question. Inventory items valued on a last-in,
first-out basis are classified with cost valuation
methods .
Investments. — Government obligations of "States,
Territories, and United States possessions" include
obligations of their political subdivisions and of
the District of Columbia. United States obligations
include those of instnamentalities of the United
States . Investments which were not identified on the
return as either "Government" or "Other" were included
in "Other investments."
Land Land acquired and certified as an emergency
facility is amortizable under the provisions of sec-
tion 168 of the 1954 Code relating to emergency fa-
cilities. The net value of land, after deduction of
this amortization, was reported on the balance sheet.
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) depreciable and real property used in trade or
business; (2) accounts and notes receivable acquired
in the ordinary course of trade or business for serv-
ices rendered or from sale of property includible in
inventory or ordinarily held for sale; (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; (4) certain copyrights, literary, musical,
or artistic compositions or similar properties; and
(5) 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 gross income subject to tax and the total deduc-
tions reported, exclusive of the net operating loss
deduction and special statutory deductions. See
also "Taxable income."
Net operating loss deduction. — A net operating loss
must be carried back as an offset to net income during
the statutory carryback period before being carried
forward. The deduction tabulated for Statistics of
Income is derived from the net operating losses of
prior years remaining as a carryover offset to net
income for the year tabulated. It does not take
26
CORPORATION INCOME TAX RETURNS FOR 1954
into account any carryback from a succeeding tax
year which may subsequently be made. The 1939 Code
provided a one year carryback and a five year carry-
forward for losses sustained after December 31, 1949,
and before Jsinuary 1, 1954.
The 1954 Code made a number of changes in the com-
putation of the net operating loss and the method of
deducting it from net income of other years. During
the transitional period involving income or loss
computed under the 1939 Code, computations for each
year included in determining the deduction are to be
made under the provisions of the Code normally in
effect for that year. See "Changes in Law Affecting
1954 Data," above, and section 172 of the 1954 Code
for pertinent changes and for further explanation
of the net operating loss deduction.
Noncalendar year returns. — This classification,
for returns ended in the periods July 1954 through
November 1954 and January 1955 through June 1955,
excludes returns for part years .
Number of returns excludes returns of inactive
corporations except in table B, page 10, and histori-
cal table 38 where inactives are included in "Total
number of returns." It includes returns of unincor-
porated business enterprises which elected to be
taxed as corporations under section 1361 of the 1954
Code.
Number of subsidiaries consists of the number of
affiliated corporations other than the common parent
corporations which were included in consolidated
income tax returns.
Other assets are those not reported separately on
the return and include sinking funds; other funds;
deferred charges; suspense items; interest, discount,
coupons, and dividends receivable; guaranty deposits;
and, for tax years ended in the period July through
November 1954, prepaid expenses and supplies and
intangible assets which could not be segregated into
the separate items for tabulating. "Other assets"
of life insurance companies include market value of
real estate and bonds and stocks in excess of book
value; interest, rents, and premiums due; and agents'
balances .
Other deductions include (l) salaries and wages
not deducted elsewhere on the returns, (2) losses by
abandonment, fire, storm, shipwreck, or other casu-
alty (including war losses), and theft, (3) negative
amounts reported under income, and (4) amounts not
otherwise reported, such as: Administrative, general,
and office expenses; bonuses and commissions; deliv-
ery changes; freight and shipping expenses; payments
in connection with lawsuits; sales discount; selling
costs; travel expenses; unrealized prof its on install-
ment sales; and Federal Deposit Insurance Corpora-
tion assessments reported by banks .
Other liabilities include deferred and suspense
items; dividends payable; funds held in trust; bor-
rowed securities; outstanding coupons and certifi-
cates; and overdrafts. "Other liabilities" of life
insurance companies include the net value of out-
standing policies and annuities, and borrowed money.
"Other liabilities" of banks include deposits (time,
savings, demand, etc.) and bank notes in circulation.
Other receipts include amounts not elsewhere re-
ported on the return such as: Profits from sales of
commodities other than the principal commodity in
which the corporation deals; income from minor opera-
tions; bad debts recovered; cash discounts; income
from claims, license rights, judgments, and joint
ventures; net amount under operating agreements;
profit from commissaries; profit on prior years'
collections (installment basis); profit on purchase
of corporation's own bonds; recoveries of bonds,
stocks, and other securities; refunds for cancella-
tion of contracts, for insurance, management ex-
penses, and processing taxes; and income from sales
of scrap, salvage, or waste.
Part year returns are returns for accounting pe-
riods of less than 12 months. Part year returns
used for this volume were those with the greater
part of the accounting period in calendar 1954.
Short accounting periods result from reorganiza-
tions, newly organized businesses, liquidations,
and changes to new annual accounting periods.
Pension plans include pension, annuity, stock bo-
nus, profit-sharing, or other deferred compensation
plans, contributions to which are deductible by the
employer under section 404 of the 1954 Code.
Personal holding companies. — Personal holding com-
pany schedules used for the 1954 tabulations were
those filed under the provisions of the 1954 Code
and on the 1954 return form and do not represent a
full coverage for the year. See page 22. Corpora-
tions meeting the following tests with respect to
gross income and stock ownership are considered per-
sonal holding companies:
(1) Gross income test — 80 percent or more of the
gross income is personal holding company in-
come (as defined below).
(2) Stock ownership test — more than 50 percent in
value of the outstanding stock is owned, di-
rectly or indirectly, by or for not more than
five individuals at some time during the last
half of the taxable year. The term "individ-
ual" includes certain exempt organizations
and charitable trusts (sec. 542, 1954 Code).
The following types of corporations are specifi-
cally excluded from classification as personal hold-
ing companies by section 542(c) of the 1954 Code:
(1) corporations exempt from taxation under subchap-
ter F of the 1954 Code; (2) banks, as defined in
section 581; (3) life insurance companies; (4) surety
companies; (5) foreign personal holding companies
as defined in section 552; (6) certain finance com-
panies; personal finance and small loan companies,
and loan and investment companies; and (7) foreign
corporations if gross income from within the United
States for a 3-year period is less than 50 percent
of total gross income and all stock outstanding dur-
ing the last half of the year was owned by nonresi-
dent aliens.
Section 543 of the 1954 Code defines personal
holding company income as that gross income derived
from (l) dividends, interest (other than interest
constituting rent londer (7) or interest on special
reserve funds set aside under the Merchant Marine
Act, 1936), royalties (other than mineral, oil, or
gas royalties), and annuities; (2) gains in excess
of losses from stock and security transactions, ex-
cept in the case of regular dealers; (3) gains in
excess of losses from futures transactions in com-
modities; (4) income from estates and trusts; (5)
income from personal service contracts; (6) amounts
received as compensation for a shareholder's use of
CORPORATION INCOME TAX RETURNS FOR 1954
27
corporation property, but only if more than 10 per-
cent of gross income other than rents is personal
holding company income; (7) rents, unless constitut-
ing 50 percent or more of the gross income; and (8)
mineral, oil, or gas royalties, unless such royalties
constitute 50 percent or more of the gross income,
and unless the deductions allowable for expenses
under section 162 (other than compensation for per-
sonal services rendered by shareholders) constitute
15 percent or more of the gross income.
Personal holding company income tabulated was the
amount shown in "Schedules required under section
6501(f)" of the personal holding company return
(facsimile page 20'^ . This schedule was not filled
in on 721 of the 3,818 personal holding company re-
turns tabulated.
The personal holding company tax is imposed on
companies meeting personal holding company tests
above, and having undistributed personal holding
company income as defined below. The tax is 75 per-
cent of the first $2,000 of undistributed income and
85 percent of the balance. Personal holding company
tax is imposed by section 5'+l of the 195-4 Code.
The undistributed personal holding company income
is the amount subject to personal holding company
tax and is derived from the corporate net income
or deficit (defined above) by certain adjustments
and additional deductions. Computation of the un-
distributed personal holding company income is shown
in table 34 and the items are explained below.
The amount of a valid lien in favor of the United
States outstanding at the close of the taxable year
is an allowable deduction to the extent of undis-
tributed income computed without such deduction.
Amounts deducted under provisions of the 1954 Code
must be added to income of the year in which the
lien is satisfied or released.
For personal holding company tax purposes, the
allowance for expenses and depreciation applicable
to property cannot exceed income from the property
unless the propriety of the deduction can be estab-
lished under section 54.5(b)(8). The amount tabu-
lated was the difference between the amount allowable
for personal holding company tax purposes and the
amount deducted in computing net income.
The amount of additional contributions and gifts
is the difference between the deduction allowed in
computing the net income, which was limited to 5
percent of net income before the deduction, and
the amount allowed in computing undistributed personal
holding company income. For personal holding com-
pany tax purposes the deduction for contributions
and gifts is limited in general to 20 percent of the
net income plus an additional 10 percent with respect
to gifts to tax-exempt church, school, and hospital
organizations. (Sees. 545(b)(2) and 170(b)(1)(A)
and (B) .)
Federal income and excess profits taxes and for-
eign taxes are those disallowed under section 164 in
computing net income. Foreign taxes include those
for which a foreign tax credit was claimed.
Net operating loss deduction is the net operating
loss of the previous year as determined under section
172(c).
Deduction for caoital gains is the excess of net
long-term capital gain over net short-term capital
loss, minus income tax attributable to such excess
as computed under section 545(b)(5).
Special deduction for bank affiliates istheamount
certified by the Federal Reserve Board as having
been invested during the year in readily marketable
assets in compliance with section 5144 of the Revised
Statutes (12 U.S.C.61).
The deduction for dividends paid consists of divi-
dends paid during the year, consent dividends, and
dividend carryover (sec. 561). Excluded are those
paid during the year but claimed in the preceding
year and deficiency dividends.
Dividends paid after close of taxable year are
those paid before the 15th day of the 3rd month fol-
lowing end of year and considered paid during the
year. The amount cannot exceed the undistributed
personal holding company income for the year nor 10
percent of the dividends paid during the year.
Prepaid expenses and supplies This item appeared
separately in the tax return balance sheet schedule
for the first time for 1954. The data tabulated were
principally for the calendar year 1954 and fiscal
years ended January through June 1955, reported on
the 1954 return form. For fiscal years ended July
through November 1954, these assets were reported on
the 1953 return form as "Other assets" and were tab-
ulated as prepaid expenses and supplies only for some
large corporations where they could be identified .
Prepaid expenses and supplies include amounts of pre-
paid rents, insurance and interest, certain deposits,
other prepaid expenses, and supplies not included in
inventory.
Prepaid income. — See "Changes in Law Affecting 1954
Data" for definition of this item and limited cover-
age due to enactment and repeal of section 452 of
the 1954 Code under which it was reported. Prepaid
income not reported under section 452 was included
in either "Other liabilities" or "Surplus reserves."
Rents received consist of gross amoixnts. Depre-
ciation,repairs, interest, taxes, and other expenses,
which were deductible from gross rents, were included
in the respective deduction items. See also the
change in law affecting rents paid and received.
Repairs are the costs of incidental repairs, in-
cluding labor and supplies, which did not add mate-
rially to the value of the property or appreciably
prolong its life.
Reserves for estimated expenses. — See "Changes in
Law Affecting 1954 Data" for definition of this item
and limited coverage due to enactment and repeal of
section 462 of the 1954 Code under which it was re-
ported. Reserves for estimated expense not reported
under section 462 were included in "Surplus reserves."
Returns with balance sheets. — About 92 percent of
the returns filed had balance sheet data. Only these
returns were included in statistics shown for "returns
with balance sheets."
Returns with both beginning and end of year in-
ventory data. — Returns in this category are re-
stricted to those with both the beginning of year
and end of year balance sheet sections of schedule
L of the return form (facsimile, page 196) completed
and with inventory data reported on each balance
sheet .
Returns without net income are those returns which
had total deductions (exclusive of the net operating
448404 O -57 -3
28
CORPORATION INCOME TAX RETURNS FOR 1954
loss deduction and special statutory deductions)
equal to or exceeding total gross income subject to
tax.
Royalties consist of gross amounts received. De-
pletion based on royalties was reported in deductions .
Surplus and undivided profits consists of "Paid-
in or capital surplus" and "Earned surplus and un-
divided profits" less negative amounts reported.
In table 6 this item also includes "Reserves for
estimated expenses" and "Surplus reserves."
Prior to 1954, negative amounts were shown sepa-
rately.
Taxable income. — Income subject to normal tax is
the current yearnet income, tabulated for Statistics
of Income, less statutory deductions for partially
tax-exempt interest, net operating losses, dividends
received, certain dividends paid by public utili-
ties, and Western Hemisphere trade corporations.
The amount subject to surtax is computed in the same
way except that no deduction is allowed for partially
tax-exempt interest.
Taxes paid excludes (1) Federal income and excess
profits taxes, (2) estate, inheritance, legacy, suc-
cession,and gift taxes, (3) income and profits taxes
paid to a foreign country or possession of the United
States if any portion was claimed as a tax credit,
(4.) taxes assessed against certain local benefits,
(5) Federal taxes paid on tax-free covenant bonds,
and (6) unidentifiable amounts of taxes reported in
"Cost of goods sold" and "Cost of operations."
Tax year Data for a tax year cover accounting
periods ended in the period July of the tax year
through the following June and part year accounting
periods with the greater number of months in the
specified tax year.
Total compiled receipts is the sum of all items
of taxable receipts and tax-exempt interest (see
table 2 or historical table AO) .
Total tax is the sum of the income and excess
profits taxes .
Undistributed personal holding company income. —
See "Personal holding companies," above.
Western Hemisphere trade corporations. — See text^
page 21.
3. Tables from
Corporation
Income Tax
Returns/
1954
TABLES FROM CORPORATION INCOME TAX RETURNS, 1954
Page
ALL ACTIVE CORPORATION RETURNS
1. Gross receipts from sales and from operations, cost of goods
sold and of operations, net income or deficit, and taxes,
by minor industrial group 32
2. Income statements, by major industrial group 37
3. Income statements by returns with and without balance sheets 4-3
RETURNS WITH BALANCE SHEETS
U. Balance sheets and related income statements, by ma jor indus-
trial group 44
5. Balance sheets and related income statements, by size of
total assets 52
6. Selected assets, liabilities, receipts, and costs, total tax,
and dividends paid, by size of total assets, by major in-
dustrial group 54-
ALL ACTIVE CORPORATION RETURNS
7. Net income or deficit, taxes, and dividends paid, by size of
net income or deficit, by industrial division 80
8. Income tax, excess profits tsix, and alternative tax liabil-
ity, by size of net income 82
9. Dividends received and interest received on Government obli-
gations, by size of net income or deficit 83
10. Type of dividends paid, by size of net income or deficit... 84
11. Cash dividends paid, by income status, by industrial divi-
sion 85
12. Inventory valuation method, by major industrial group 86
13. Accounting method, by major industrial group 87
14. Total assets, gross receipts from sales and from operations,
and net income or deficit, by month in which accounting
period ended, by major industrial group 88
15. Net income or deficit and taxes, by calendar and noncalendar
year accounting period, by size of net income or deficit. 95
RETURNS WITH BALANCE SHEETS
16. Total assets, net income or deficit, and taxes, by calendar
and noncalendar year accounting period, by size of total
assets 96
RETURNS WITH NET INCCME
17. Total assets, gross receipts from sales and from operations,
and net income, by month in which accounting period ended,
by major industrial group 97
18. Income statements, by major industrial group 104
RETURNS WITH BALANCE SHEETS AND NET INCCftffi
19. Balance sheets and related income statements, by major indus-
trial group 110
20. Balsince sheets and related income statements, by size of
total assets 118
MANUFACTURING AND TRADE CORPORATION RETURNS
21. Beginning and ending inventories, related gross sales and
total assets, and aggregate gross sales, for selected in-
dustry groups 120
30
31
TABLES FROM CORPORATIOW I^COIIE TAX RETURNS, 1954— Con tinued
Page
MANUFACTURING AND TRADE CORPORATION RETURNS WITH BALANCE SHEETS
22. Beginning and ending inventories and total assets, by month
in which accounting period ended 121
CORPORATIONS FILING FIRST RETURNS IN 1954
23. New businesses and successor businesses, by major industrial
group 122
CONSOLIDATED RETURNS
2^. Balance sheets and related income statements, by industrial
division
CONSOLIDATED RETURNS WITH BALANCE SHEETS
25. Balance sheets and related income statements, by size of
total assets
123
12-;
CONSOLIDATED RETURNS WITH NET INCCME
26. Balance sheets and related income statements, by industrial
division 126
CONSOLIDATED RETURNS WITH BALANCE SHEETS AND NET INCOME
27. Balance sheets and related income statements, by size of
total assets 127
RETURNS WITH FOREIGN TAX CREDIT
28. Net income, taxes, foreign tax credit claimed, and type of
income from foreign sources, by major industrial group... 129
29. Net income, taxes, foreign tax credit claimed, and type of
income from foreign sources, by size of total assets , 130
30. Net income, taxes, foreign tax credit claimed, and type of
income from foreign sources, by size of net income 130
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
31. Net income. Western Hemisphere trade corporation deduction,
taxes, foreign tax credit, and type of income from foreign
sources, by major industrial group 131
32. Net income. Western Hemisphere trade corporation deduction,
taxes, foreign tax credit, and type of income from foreign
sources, by size of total assets 134.
33. Net Income, Western Hemisphere trade corporation deduction,
taxes, foreign tax credit, and type of income from foreign
sources, by size of net ijicome 135
PERSONAL HOLDING CCMPANY SCHEDULES
3-4. Undistributed income computation and personal holding com-
pany tax, by income status 136
35. Sources of personal holding company income, by undistributed
income status 135
36. Personal holding company income, undistributed income, and
tax, by size of personal holding company income 137
37. Personal holding company income, undistributed income, and
tax, by size of undistributed income 137
32
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
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ACTIVE CORPORATION INCOME TAX RETURNS -1954
33
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ACTIVE CORPORATION INCOME TAX RETURNS -1954
43
ALL ACTIVE CORPORATION RETURNS
T»bU S.— INCOME STATEMENTS, BY RETURNS WITH AND WITHOUT BALANCE SHEETS
Returns with
and witiiJut
balance sheets
Returns with
balance
sheets
Returns with-
out balance
sheets
Number of returns.
Receipts:
Cross aa les
Gross receipts from operations
Interest on Government obligations (less amortizable bond premium):
Wiolly taxable
Subject to surtax only
•■holly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net long-term capital loss.
Net long-term capital gain reduced by net short-term capital loss.
Net ga in, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total con^iled 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 and amortization..
Depletion
Advertising >
A.'oounts contributed under pension plans
Aroount3 contributed under other employee benefit
Net loss, sales other than capital assets
Other deductions
Total compiled deductions.
Compiled net profit or net loss (16 les.
Het income or deficit (34 less 6)
Net operating loss deduction
Income tax
Excess profits tax'
Total tax.
Compiled net profit less total tax (X less 39).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(11
(2)
(Thousand dott*r»)
443,636,814
85,268,894
2,111,710
98,731
392,403
9,015,158
4,772
570
70
1,929
722
2,332
613
3,286
554,822,450
339,174,520
50,550,672
9,113,178
5,069,174
5,026,252
1,350,014
6,270,582
12,476,888
313,764
13,691,465
2,358,630
5,770,193
2,840,259
910,573
280,742
62,904,676
516,101,612
437,316,182
34,162,134
2,087,516
96,037
389,281
8,928,323
4,648,773
557,550
69,522
1,384,670
694,826
2,308,749
612,610
3,245,086
547,001,259
3X, 348, 173
49,877,515
3,959,844
4,968,330
4,954,386
1,333,331
6,190,644
12,305,138
310,946
13,486,365
2,242,368
5,696,934
2,803,432
900,202
249,879
61,837,310
510,515,297
36,720,838
36,328,435
437,736
16,823,241
37,711
16,860,952
19,859,886
11,913,430
1,350,041
36,485,962
36,096,631
423,374
16,645,457
36,828
11,831,629
1,343,690
(3'
6,320,632
1,106,760
24,194
2,694
3,122
86,835
123,676
12,886
1,439
44,959
28,1(X
23,477
530
41,833
7,821,191
4,826,347
673,157
153,334
100,844
71,866
16,213
79,938
171,750
2,813
205,100
116,262
73,259
36,827
10, 371
30,863
1,017,366
7,586,315
234,376
231,754
13,922
177,734
883
81,801
6,351
^The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
annual accounting periods ended Julj through Nove-tber 1954 and returns for part years which began in 1953.
NOTE: See text for explanatory statements and for "Description of the Sample and Lijnitations of Data."
446404 O -57 -4
44
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS
TftbU 4.— BALANCE SHEETS AND RELATED INCOME STATEMENTS. BY MAJOR INDUSTRIAL GROUP
Number of returns with balance sheets.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Governinent obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization.
Less: Accuiuulated depreciation-
Depletable assets
Less: Accumulated depletion....
Land
Intangible assets
Other assets
Total assets.
Uabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less then 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid income
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits. —
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-term capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by net
short-term capital loss.
Net gain, sales other than capital assets..
Dividends, domestic corporations
Di-vidends , 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 and amortization
Depletion
Advertising
Amounts contributed under pension plans...
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets.
Other deductions
I Total compiled deducticms"
Compiled net profit or net loss (46 leas 63).
Net Income or deficit (6-4 less 36)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax.
Compiled net profit less total tax (64 less 69).
Dividends paid:
Cash and assets other than own etoclc
Corporation's own stock
Major Industrial group
All
industrial
groups
(1)
Agriculture, forestry, and fishery
Total
agriculture,
forestry,
and
fishery
U)
Farms and
agricul-
tural
services
(3)
Forestry
(■4)
(5)
Mining and quarrying
Total
mining and
quarrying
(6)
8,70*
Metal
mining
(7)
Anthra-
cite
mining
(8)
Bituminous
coal and
lignite
mining
(9)
Crude petro-
leum and
natural gas
production
(10)
Nonmetallic
mining and
quarrying
(11)
2.001
(Thouaand dollara)
81,723,091
161,0a;,027
2,345,973
62,9X3,531
2,091,188
17,760,801
108,572,771
5,075,020
160,552,644
266,933,819
3,739,799
89,534,620
8,921,431
3,772,010
10,977,354
1,651,196
16,435,611
805,300,082
38,152,704
23,238,607
90,797.304
1,270,064
470,813
19,373,489
353,498,323
15,632,163
90,730,133
12,926,842
159.209.640
5,300,082
437.316,182
84,162,134
2,087,516
96,037
389,281
8,928,323
4,648,773
557,550
69,522
1,884,670
694,826
2,308,749
612,610
3,245,086
334,348.173
49,877,515
8,959,844
4,968,330
4,954,386
1,333,831
6,190,644
12,305,138
310,946
13,466,365
2,242,368
5,696,934
2,303,432
900,202
249,879
61,887,310
510,515,297
36,485,962
36,096,681
423,874
16,645,457
36,828
19,803,677
11,831,629
1,343,690
191,478
455,344
3,366
277,629
24,113
7,981
111,039
2,418
254,986
1,372,160
3,585
583,362
101,445
24.025
381,288
6,772
48,135
2,620,450
291,729
216,085
333,791
4,269
3,275
70.195
139.433
36,132
834,208
30,940
660.393
2,620.450
1,744,650
386,379
2,257
59
157
5,381
18,660
6,571
234
24,857
2,268
4,257
3,784
26,236
1,358,564
193,916
56,016
38,928
38,665
2,562
20,596
38,008
1,120
91,831
2,942
12,968
3,514
1,566
2,821
239,823
2,103,840
121,910
121,753
9,511
64,997
56
65.053
56,857
49,253
2,534
176,743
440,698
3,354
269,082
23,216
7,238
104,994
1,918
242,154
,318,176
3,410
560,990
13,366
4,074
366,942
6,757
43,769
278,420
205,391
303,149
4,258
3,258
61,053
130,002
33,527
764,386
28,949
630,832
1,683.347
369.331
2,103
59
152
5,132
18,297
5,493
230
16,547
1,695
3,887
3,782
25,611
2,136,666
1,310,132
185,215
53,121
38,055
37,058
2,481
19,161
35,253
1,103
88.477
2,088
12,909
3,499
1,537
2,764
229,684
2,022,537
114,129
113,977
8,496
12,437
10,046
3
6,490
359
718
15,742
9.518
88.079
19,951
12,999
3,011
1,353
19,184
7,791
7,280
2,387
56,451
1,796
32,912
134,779
30,245
2,561
5
199
290
78
4
257
357
2
559
42,838
23,394
450
1,085
43
44
23
873
1,950
14
663
854
1
11
13
10,125
10,120
182
61,256
56
61,312
44,950
2,534
3,513
6,612
4,297
2,298
4,600
9
2,057
538
25
2,000
500
2,507
38,242
175
12,854
1,347
15
1,355
7,684
9,341
11,456
11
17
1,351
2,151
216
13,371
195
'3.351
42.446
31,058
14.487
316
13
46,246
25,038
6,251
1,810
830
1,563
58
562
805
3
2,691
49
6,852
48,590
32.344
'2.344
833
228
'2,572
6
1,059,241
1,509,114
13,026
640,408
106,935
34,554
778,235
11,541
1,396,228
8,153,500
107,421
3,728,365
2,962,429
1,420,139
166,335
64,923
256,863
11,891,355
813.572
431,154
1,713,453
14,705
6,217
584,157
373,260
273,436
2,289,300
344,383
5,047,718
11,891,355
6.269,004
1,611,872
11,182
47
750
17,545
26,117
37,685
2,437
76,404
8,053
61,813
1,869
56,047
3,809,795
1,039,848
107,968
41,750
122,256
15,145
72,624
224,844
4,802
487,373
635,820
12,961
113,049
11.261
9.294
735.543
7,444,333
736,492
735,742
14,274
423,696
1,250
735,674
18,903
251,548
269,519
1,409
166,248
36,463
8,597
414,589
2,628
511,512
,532,996
56,425
584,884
834,786
499,935
34,745
8,540
83,053
3,014,573
213,307
21,383
485,396
1,599
858
176,000
132,792
53,096
611,173
63,550
1,255,519
3,014,673
1,297.623
59,614
4,982
18
101
7,771
3,055
3.741
344
8,414
168
19,956
la
4,413
765,568
43,539
7,096
1,520
21,845
3,127
12,999
59,937
470
67,996
121,564
339
9,567
1,104
1,651
88,295
1,207.887
202.434
202,333
1,284
111,080
26,653
43,623
1,539
29,351
574
1,374
25,630
23
131,544
298,681
162,950
150,152
90,565
6,983
55
12,048
463,825
42,367
6,881
57,466
83
19
13,502
7,547
18,310
127,829
34,771
155,051
453,825
273.714
61.935
340
14
24
574
5,204
1,190
6
2,930
65
11,957
2
5,248
363,203
237,779
42,131
3,263
2,420
5,633
1,019
1.657
9,331
92
10,854
4,476
1,550
7,923
380
352
32,961
158,041
261,945
1,997
91,753
21,579
17,139
126,310
2,957
221,238
,444,792
8,050
703,043
392,519
159,555
16,583
995
30,317
1,913,613
126,251
84.426
223.299
2,618
490
51,580
30,371
70,917
335,099
69,298
919.164
1,913,613
1,443,862
142,446
2,257
9
287
2,351
6,923
1,047
95
19,645
432
7,759
209
10,291
1,638,128
361,836
,367
,343
370
1,858
5
151,480
993
7,445
1,077,788
115,524
17,905
6,503
32,355
1.356
10,861
38,838
589
84,858
33.464
1,339
59,450
5,155
2,363
115,566
455,974
774.600
5.183
257,210
36.374
4,705
162,863
3,212
440,754
3,953,680
4,687
1.648,895
1,454,427
623,246
73,835
51,999
103,136
5,295,829
342,702
271 , 379
860,529
0,470
4,468
299,749
167.665
107,379
923,009
107,453
2,204,986
5,295,829
2,175,425
1,278,294
2,776
3
159
5,639
7,781
28,379
1,951
41,217
7,309
21,139
1,537
28,878
3,600,487
1,090,132
796,426
49,415
22,686
27,190
7,604
41,519
86,134
2,621
256,058
405,086
5,746
22,785
2,722
4,396
375,690
164,925
159,427
2,898
95,846
9,745
2.739
46,323
2,7a
91,080
923,351
38,259
408.583
140,543
46.827
29,138
3,334
28,309
88,945
47,065
66,763
3,935
362
43,226
34.665
23.734
292,190
69,311
512,998
.078.380
69 . 583
827
3
179
710
3,149
3,328
41
4,198
79
992
16,584
16,297
1,260
15,775
35,444
1,352
401,265
401,106
9,302
235,753
1,171
494,701
11,235
637,523
40,226
30,284
6,521
35,233
2,039
5.588
30.504
1.030
67.597
65.128
3,437
3,194
1,900
522
123,011
1,053,844
114,842
114,663
2,058
55,553
46,603
5,273
Ste footnotes at end of table. See text for explanatory stetements and fop -^'Deacriptlon of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS -1954
46
RETURNS WITH BALANCE SHEETS
TBbU 4.— BALANCE SHKETS AND RELATED INCOME STATEMENTS. BY MAJOR INDUSTRIAL GROUP— Continuod
Number of returns with balance sheets.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, GoverniDent obligations:
States, Territories, and United States
posaesaiona.
Unl ted States obligations
Not stated
Other InvestiDents
Depreciable assets
Less: Accumulated amortization.
Less: Accumulated depreciation.
Depletsble assets
Less: Accumulated depletion....
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Ifcturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Stilus reserves
Surplus and undivided profits.,..
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 ahort-tenn capital gain reduced by net
long-term capital loss.
Net long-tern capital gain reduced by 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 and amortization
Depletion
Advertising
Amounts contributed under pension plans...
Amoxmts 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 63).
Net Income or deficit (6^ leas 36)
Net operating loss deduction
Construction
Itejor industrial group — Continued
Income tax
Excess profits tax *
Total tax
Compiled net profit less total tax (6A less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(12)
33.700
Uanufac luring
Total
manufacturing
(13)
Beverages
(K)
Food and
kindred
products
(15)
Tobacco
manufactures
Textile-mill
products
(16)
(17)
5,111
Apparel and
products
made from
fabrics
(16)
13,076
Lumber
and wood
products,
except
furniture
(19)
Furniture
and
fixtures
(20)
Paper and
allied
products
(21)
(Thouannd dollmra)
1,074,456
3,717,256
22,982
886,226
37,543
16,041
134,240
13,114
625,271
2,437,245
16,301
1,150,986
38,007
11,770
128,694
12,845
335,272
8,254,171
659,067
630,589
22,424
52,963
330,583
,533,252
128,066
,087,584
75,712
1,090,795
058,999
882,863
2,392
30
454
8,567
39,961
2,857
578
37,856
4,598
16,125
3,186
156,357
15,745,280
28,420,911
653,849
39,872,109
1,081,647
342,087
11,203,676
390,684
16,793,232
107,925,643
2,325,409
46,101,753
4,552,680
1,875,522
2,439,460
748,417
3,331,408
181,890,701
16,037,346
6,220,135
21,547,364
650,607
143,122
10,361,691
7,672,316
5,733,611
33,785,833
5,322,066
73.411,610
181,890,701
17,214,823
2,492,681
11,821,986
537,615
60.474
71,512
18,754
48,575
180,336
8,514
290,948
4,844
38,405
26,968
20,192
2,646
1,107,825
16,732,275
482,548
482,094
29.224
251.778
476
74,599
X,941
256,699,367
4,514,731
192,111
1,501
9,472
207,130
403,137
236,767
6,928
510.219
18.206
836.901
452,066
877,551
397,820
562,242
10,173
1,108,390
30,345
8,496
144,553
55,096
262,829
2,111,571
1,743
791 , 539
5,051
221
75,298
21.599
118,130
4,097,844
350,410
151,620
532,968
7,923
8,146
180,328
220,596
138,119
477,382
52,298
1,828,054
4,097,844
1,224,206
1,960,527
39,906
3,340,541
121,067
17,336
487,485
73,576
926,571
7,522,621
9,094
3,303,155
12,858
4,980
285,175
66,205
247,790
12,928,923
1,113,749
862,214
1,379,530
32,093
4,196
663,391
408,232
734,411
2,596,353
438.341
4,691,353
12,928,923
190,020,942
2,455,390
3,141,552
1,265.416
3,871.918
224.958
1,081,753
6,387,302
173,557
6.392,487
1,437,247
3,319.956
1,764,695
615,178
129,805
24.480.323
246,772,579
18,193,508
18,134,036
158,189
9,355,073
30,172
9,385.245
5,817,610
929,633
7,293,027
18,656
2,360
104
475
7,276
5.511
2,706
107
5.734
679
3,090
943
22,292
4,646,732
7,457
54,479
13,478
49,858
7,525
30,805
1,040,459
4,139
121, 7M
847
314,274
21,485
10,337
12,636
679 , 880
7,021,171
36,211,902
124,140
7,926
40
941
15,004
24,130
8,174
311
25,299
1,936
15,731
30,325
86,345
117,965
533,548
3,051
1,925,229
11,995
1,441
11,749
719
62,884
355,424
124
154,055
10,826
7,622
18,953
87,865
399,726
639,044
1.872
8
200,501
11,503
222.837
501,391
62,111
768,872
2,896,230
687,081
1,414,498
22,803
2,325,268
34,958
31,818
289,945
20,567
653,621
5,193,987
15,356
2,239,074
3,766
860
74,411
12,448
148,732
8.623,017
660.401
529.525
735,935
21,973
642
320,029
171 , 326
458,911
1,636,715
203,831
3,882,729
8,623.017
36,553,205
29,761,432
37,686
241,074
114,921
295,423
23 , 575
102,754
370,850
12,420
423,289
1,700
654,518
93,012
53,328
5,244
3,143,323
341,799
341,324
4.256
:.217
eoi
120.709
10.591
35.340.549
1,212,656
1,211,715
21,518
633,921
3,535
152,981- ■ 575,199
354,272
39,103
3,640,733
2,161
207
1
54
702
1,216
141
22
863
3
1,354
532
2,852
3,650,841
2,019,751
903
9,500
2,342
5,030
1,163
29,460
950,409
395
15,523
148,273
3,855
2,569
75
128,212
315,679
315,625
33
11.401,214
134,751
5,723
150
656
9,697
19,113
4,558
907
19,542
2,248
9,359
2,350
47.903
420,130
950,333
19,220
1,229,241
14,569
2,472
45,632
7,386
194,532
750,275
2,370
349,434
1,630
518
24,479
9,227
91,950
3.359,864
539,114
305.791
192,053
5,670
738
174,350
132,235
164,845
711,592
31.331
1,011,045
346,322
545,540
11,601
805,392
30,541
4,883
190,849
10.914
250.430
1,350,290
5,048
862,626
392,974
37,252
86,180
3,529
92,392
3,704,799
277,843
211,421
251,833
7,321
8,357
164,413
126,776
76,698
850,450
59,885
1.669,796
3.359.864 3,704.799
8.520,530
255,036
947
9,447.117
110,375
153,054
49,089
114,542
9,649
54,277
184,541
7,791
252,514
282
81,869
36,183
19,435
19,085
844,574
11,394,378
313,808
313,152
10,975
223,575
411
223,986
101,345
459
89,822
141,251
15,213
42
2,355
5,730
7,163
317
4,630
310
1,512
198
25,083
,823,872
6,831,415
196,993
252,174
84,655
17,824
10,182
26,772
107,250
5,269
56,149
126
84.231
20.201
14,150
2,603
955,874
146,989
146,947
10, OX
133,236
412,892
10,644
499,522
9,323
1,934
71,346
5,274
93,806
713,000
2,091
313,549
9,485
2,486
26,839
3,743
38,096
202,955
100,260
116,759
6,516
437
103,315
73,795
54,358
374,003
26,133
687,195
988,500
70,733
2,903
15
171
4,321
10,291
2,724
407
149,518
2,422
5,283
31
37.928
.874,602
45,821
98,942
17,696
45,330
7,784
21,715
89.253
2.808
131.732
141,326
20,305
9,228
4,664
2,093
436,249
325.799
325,528
6,421
90,387
231
30,910
7,655
136,120
153
3,378,296
7,531
1,274
10
34
2,259
2,735
445
86
4,798
283
1,045
1,553
20,587
593,760
727,402
18,363
983,340
37,080
13,402
528,035
7,612'
875,975
4,958,480
23,955
1,949,132
238,285
46.522
94,025
4,511
164.227
7,184.262
134
996
17
410
210
330
1,253
198
3.273
650
448
113
907
257
,997
.757
,732
140
,057
7,184,252
2,539,244
2,412
95,862
29,003
21,093
6,197
10,513
50,129
2.997
45.244
151
44,432
10,922
6,072
322
408.143
3,274.241
146.716
146.682
3.673
85,244
178
85,422
82,193
7,752
61,294
31,935
5,371
8,276,561
19,137
12,207
149
680
8,734
9,086
4,286
166
37,092
607
14,121
5,659
36,118
3,424,653
,780,513
9,653
109,124
37,233
197,525
6,859
39,676
135,454
9,473
250,859
11,333
47,875
57,525
14,436
1,582
837.437
7,547.667
376,986
376,306
2,239
444,629
584
445.213
431,773
228,5891
71,543!
See footnotes at end of table. See text for explanatory statements and for "Description of the Sajople and Lijnitations of Data.
46
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS
Table 4.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— ConUnued
Major industrial group — 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
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
Number of returns with balance sheets.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization.,
Less: Accumulated depreciation.,
Depletable assets
Less: Accumulated depletion.
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid Income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits....
Total liabilities.
Receipts:
Gross sa les
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 net
long-term capital loss.
Met long-term capital gain reduced by 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 and amortization
Depletion
Advertising
Amounts contributed under pension plans...
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets.
Other deductions
Total complied deductions
Compiled net profit or net loss (46 less 63).
Net income or deficit (64 leas 36)
Net operating loss deduction
Income tax
Excess profits tax \
Total tax
Compiled net profit lees total tax (64 less 69),
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
f Thousand dolia\
745,500
1,119,692
40,444
690, 33*
46,252
31,136
277,221
26,225
693,822
2,759,358
8,097
1,154,886
9,080
4,930
134,124
246,879
235,712
5,806,978
558,306
221,229
448,332
23,848
45,612
354,438
410,249
293, 105
923,544
183,934
',344,381
5,306,978
7,991,690
603,139
6,557
105
437
4,561
18,735
16,215
1,071
15,661
2,866
23,024
5,069
75,776
5,608,698
331,217
290,634
89,161
40,842
25,1(»
28,478
122,072
9,894
145,339
167
49,979
51,013
13,639
4,866
1,383,397
570,401
569,964
7,631
286,975
785
287,760
282,641
140,132
21,512
1,417,016
1,983,420
51,376
2,918,965
S2 , 170
25,315
1,406,952
7,596
1,942,800
11,037,962
445,951
4,318,764
138,643
58,970
204,999
88,485
249,321
16,628,583
1,006,002
321,508
2,480,634
132,732
1,970
1,195,367
506,778
890,291
2,675,289
341,326
7,076,686
16,628,583
18,406,425
70,432
24,226
53
646
18,560
18,420
53,078
365
28,055
482
136,495
53,344
67,532
11,590,717
17,954
237,424
74,116
347,052
15,721
1(K,210
233,381
12,523
763,564
55,636
591,892
177,727
39,539
4,962
2,398,542
2,213,153
2,212,507
10,438
1,095,922
1,138
1,116,093
818,306
26,113
1,641,375
3,332,716
175,576
2,599,989
242,683
29,222
1,8m, 097
2,996
4,994,233
22,737,313
277,892
10,586,540
2,737,351
1,182,311
496,090
75,248
336,887
28,812,881
2,596,656
268,127
4,121,923
69,129
40,947
755,463
374,720
376,291
7,687,862
844,525
11,677,238
28,812,881
25,535,623
878,481
27,294
49
1,480
32,498
150,494
40,714
397
M,195
821
438,583
134,335
68,410
19,381,008
464,027
43,928
223,736
401,896
13,199
126,804
605,463
11,917
947,802
1,064,213
129,953
231,063
65,336
7,118
2,060,587
1,594,724
1,593,244
2,108
633,701
130
960,893
1,027,662
410,740
203,268
751,471
15,557
824,465
8,575
742
132,331
5CK
181,428
1,598,046
23,046
792,234
726
374
17,763
3,147
19,633
2,912,388
274,902
62,824
592,239
2,406
540
193,647
114,946
115,214
342,552
95,910
1,117,208
2,912,388
4,490,027
31,659
3,344
4
11
3,460
4,891
1,592
2,004
110
14,572
24,365
10,723
3,261,422
13,391
29,343
24,184
71,877
7,786
21,938
134,209
1,435
97,614
217
54,070
26,473
9,792
770
534,971
297,228
297,217
1,285
152,395
156
84,608
2,726
153,086
370,421
7,538
513,062
6,113
2,414
33,941
2,570
153,333
429,751
992
214,644
573
224
14,142
3,377
28,668
178,348
106,199
112,245
3,267
54
30,975
38,251
63,731
236,941
65,529
546,963
1,433,053
3,016,153
4,970
679
3
49
1,CB9
2,848
364
35
1,102
32
999
34
12,655
2,411,467
2,628
63,171
20,078
16,297
3,009
10,836
45,069
2,434
25,712
47
35,844
9,150
6,601
673
276,884
111,127
111,078
3,964
59,859
314
28,895
2,885
570,252
763,445
19,871
862,025
50,018
14,797
423,018
51,473
450,685
3,637,532
60,312
1,522,974
110,630
40,605
84,170
13,867
63,150
5,456,300
345,059
117,707
498, 362
24,145
2,721
364,211
160,715
152,910
1,224, 3X
175,008
2,390,623
5,456,300
6,434,287
33,149
7,993
41
434
3,970
6,723
6,957
164
11,421
569
12,558
19,874
25,520
,222,954
16,897
105,723
26,412
165,664
7,320
23,136
112,791
6,396
223,101
53,355
51,180
50,223
14,121
5,084
733, 329
790,969
790,535
4,790
403,926
400
216,043
44,024
1,405,702
1,744,615
39,361
3,192,549
132,036
27,365
1,261,690
10,663
1,054,736
15,956,929
953,635
6,320,717
337,494
477,525
194,910
18,314
240,584
17,731,799
1,213,089
303,140
3,100,754
35,938
1,345
1,032,927
498,409
351,423
3,237,015
371,796
7,071,963
17,781,799
19,061,664
476,923
19,925
95
408
18,504
41,970
8,558
558
22,660
401
36,885
7,446
43,383
13,722,261
243,039
140,341
30,747
951,642
6,313
137,523
371,582
15,047
1,053,815
93,383
67,791
252,107
69,166
12,243
1,014,136
1,508,439
1,508,031
3,862
804,724
1,356
455, X2
34,554
931,434
1,454,940
31,950
2,265,517
43,323
13,621
286,327
16,599
462,094
4,120,205
40,670
1,714,133
14,897
2,321
137,690
18,804
173,610
8,149,487
699,135
393,402
590,683
38,906
5,560
438,354
387,818
269,826
1,579,945
136,823
3,604,035
8,149,487
13,452,320
90,824
5,440
105
975
5,452
13,334
4,363
232
23,954
474
12,278
21,207
61,837
9,949,212
52,353
321,500
71,627
138,264
16,193
46,712
203,625
10, 326
263,152
269
143,216
73,515
39,128
7,737
1,423,566
877,400
876,425
6.978
462,550
1,855
219,934
23,434
1,756,602
2,905,327
61,194
4,689,372
52,613
20,709
831,446
63,584
1,122,245
7,309,967
203,361
2,981,347
13,849
5,172
185,166
30,631
283,742
16,018,734
1,300,436
429,277
1,796,211
69,815
12,336
961,249
687,664
546,437
3,124,461
530,973
6,559,825
16,018,734
20,538,030
521,937
14,427
119
552
20,631
29,375
31,607
549
24,550
941
27,058
35,585
83,646
14,442,249
72,830
368,980
103,944
301,960
22,847
96,966
359,569
20,996
532,477
4,283
232,128
176,744
59,704
10,361
2,773,372
1,749,597
1,749,045
3,889
923,571
4,531
933,152
430,341
63,301
762,760
1,922,978
29,539
2,610,292
31,214
63,727
750,496
5,157
900,124
3,317,425
86,821
1,148,085
3,326
1,704
63,313
10,786
172,187
9,352,591
583,
1,027,
43;
1
781,
372,
226,
1,486,
304,
3,386,
14,094,017
68,066
9,074
150
894
13,539
12,043
17,756
?36
19,770
254
22,549
18,819
48,886
14,326,613
10,230,323
40,074-
138,372
62,907
153,547
13,677
54,626
311,065
13,553
275,478
77
242,381
122,010
41,276
6,203
1,510,614
1,129,925
1,129,031
11.582
590,158
3,092
593,250
327,464
13,188
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
ACTIVE CORPORATION INCOME TAX RETURNS-1954
47
RETURNS WITH BALANCE SHEETS
T.ble 4.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continu*d
Major industrial group — Continued
Uanfacturln^ — Continued
Transpor-
tation
equipment,
except
motor
vehicles
Itotor
vehicles and
equipment ,
ejccept
electrical
Ordnance
and
accessories
Scientific
instruments;
photographic
equipment ;
watches,
clocks
Other
manufac-
turing
Public utlUties,
Total public
utilities
Transpor-
tation
Communi-
cation
Electric
and gas
utilities
Other
public
(32)
(33)
(3^)
(35)
(36)
(37)
(38)
(39)
(40)
(■il)
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments , Government obligations :
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization
Less : Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intan^ble assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations
(less aroortlzable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortization
Depletion
Advertising
Amounts contributed under pension plans
Anounts 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 63J . . .
Net income or deficit (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax
Compiled net profit less total tax (6<4 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
1,970
10,237
19,721
3,455
1,069
1,822
(Ihou^mtd dollars)
638,257
2,057,494
5,072
2,126,125
27,685
3,622
210,473
1,844
142,814
1,928,481
31,778
919,994
859
339
55,811
3,232
76,372
6,315,886
1,008,672
263,567
645,022
32,403
5,475
394,812
1,254,987
96,310
604,090
155,580
1,854,968
6,315,886
10,013,028
924,047
1,943
5
99
7,796
4,902
12,870
147
5,992
517
5,087
4,279
25,525
11,006,237
:, 227, 252
721,665
51,939
38,510
144,843
2,491
32,574
161,283
6,621
138,405
39
25,601
67,859
29,657
3,045
538,053
816,400
816,301
22,102
415,673
8,941
158,245
51,905
914,501
1,565,258
11,177
2,433,325
31,213
4,104
1,684,753
896
1,037,300
6,967,751
70,869
2,803,838
5,737
3,159
96,641
88,261
409,371
12,400,068
1,457,317
81,791
717,625
23,500
1,214
1,070,913
1,155,102
412,287
1,032,766
911,589
5,535,964
12,400,068
19,969,549
6,046
32,605
229
125
19,692
9,866
5,442
93
25,972
196
47,258
75,629
34,799
20,227,501
15,169,684
887
61,761
20,842
259,592
4,293
40,136
603,915
7,866
436,486
577
120,893
196,985
67,607
18,801
1,069,209
18,079,534
2,147,967
2,147,842
2,357
1,171,780
594
1,172,374
659,304
3,585
25,677
26,4«3
437
63,009
1,822
2,051
16,798
2,035
11,638
89,379
3,603
39,417
3,151
55
3,245
201,886
8,262
11,494
422
22,370
12,940
9,526
28,126
3,643
83,694
201,886
339,742
28,746
77
174
249
61
176
46
1,155
370,876
251,975
21,492
4,410
1,346
3,637
68
1,505
6,002
419
6,629
318
3,019
3,393
684
55
33,175
32,749
32,672
3,579
17,444
15,305
7,419
187
234,571
566,918
10,080
826,127
14,157
4,191
216,815
1,626
139,635
1,158,392
31,365
501,065
5,714
2,996
28,173
7,974
31,773
2,690,560
189,002
112,971
225,236
21,388
1,206
234,720
205,869
57,678
484,028
74,245
1,084,217
2,690,560
3,772,311
26,276
3,089
U
23
2,960
3,229
3,931
71
4,603
224
4,028
7,446
13,805
2,468,206
8,426
64,077
22,891
48,262
3,205
16,191
80,135
4,072
82,363
209
78,177
41,863
21,828
892
489,341
3,430,138
411,872
411,849
2,110
216,035
580
93,646
58,329
368,709
742,551
13,866
990,030
21,380
12,289
92,174
9,772
174,497
1,406,504
11,186
610,401
9,752
1,543
46,079
9,723
81,878
3,323,842
374,230
246,431
233,771
18,417
4,011
208,763
136,125
126,075
655,684
54,686
1,265,649
3,323,842
5,823,738
67,771
1,631
47
209
2,865
8,246
3,061
118
12,387
1,781
3,856
2,986
24,791
5,953,487
4,182,208
47,155
195,735
51,443
47,918
10,793
24,091
97,796
4,165
101,410
3,692
93,055
22,058
11,548
2,840
796,455
5,692,362
261,125
260,916
7,268
148,608
450
149,058
53,504
9,913
3,657,637
3,535,764
41,011
2,467,958
309,788
30,276
2,687,840
96,418
5,752,473
100,844,347
978,734
23,038,433
174,936
81,342
613,858
123,785
2,531,574
98,637,129
3,151,122
1,108,437
36,555,557
259,236
21,047
3,887,004
3,462,151
4,843,859
23,966,516
1,175,945
20,206,255
98,637,129
2,247,720
38,658,220
41,299
1,113
924
106,160
444,565
27,364
3,568
111,810
20,753
131,773
14,000
228,591
1,726,368
23,521,923
341,263
975,933
94,148
46,677
1,300,646
2,436,835
21,362
3,475,383
67,117
145,856
427,425
114,671
15,235
2,352,831
37,614,133
4,423,682
4,422,758
31,003
2,295,206
519
2,056,624
41,120
2,150,852
1,904,133
10,745
913,197
110,408
23,891
1,289,668
91,916
3,736,535
40,116,311
838,229
10,264,280
72,426
33,463
302,293
74,151
1,346,225
41,030,289
2,010,344
437,312
12,816,742
54,166
15,154
1,176,558
1,993,713
1,074,178
8,978,414
467,728
12,005,980
41,030,289
321,099
20,745,328
24,992
404
549
60,987
381,534
16,377
2,374
84,548
17,815
85 ,073
2,678
113,536
200,076
14,696,675
252,359
317,651
48,289
9,592
485,610
1,106,360
7,493
1,594,192
26,248
83,869
73,337
31,528
9,151
1,417,103
20,859,533
998,261
997,712
20,031
551,936
139
552,075
446,186
497,235
12,268
314,088
484,948
6,298
527,302
124,835
1,340
1,057,560
2,836
471,514
17,690,273
12,950
4,687,129
9,467
3,310
40,542
30,736
498,137
16,544,391
349,363
105,009
5,023,249
4,030
2,845
1,034,660
736,282
233,435
6,154,992
27,485
2,373,041
16,544,391
1,769,454
6,646,550
10,659
691
103
11,118
40,874
8,450
1,097
9,719
2,331
28,767
2,293
7,587
8,539,693
1,210,672
32,809
102,355
38,965
21,413
177,574
477,554
5,106
595,833
41
37,010
218,169
50,034
1,035
839,625
1,312,818
1,312,715
1,637
674,311
310
509,074
6,992
1,145,616
1,112,626
23,051
1,011,317
71,044
3,185
331,561
1,434
1,366,514
41,764,187
120,850
7,906,033
89,650
33,396
240,761
15,241
656,737
39,721,543
747,757
488,456
18,147,529
199,733
2,141
1,636,852
662,007
3,442,257
8,582,397
670,872
5,141,042
39,721,543
149,268
11,028,591
5,520
16
206
33,345
21,719
2,466
93
16,467
411
16,132
9,029
105,223
103,196
5,517,254
49,475
54,759
5,268
15,283
615,111
873,662
9,094
1,260,350
40,785
24,623
133,624
32,813
4,952
571,547
2,071,690
2,071,484
8,682
1,048,957
55
1,034,759
20,592
47,081
34,057
917
15,142
3,501
1,860
9,051
232
127,910
1,273,576
6,705
230,996
3,393
673
30,262
3,657
30, 475 r
1,340,906
43,658
77,660
568,037
1,307
907
38,934
70,149
93,989
250,213
9,360
186,192^
1,340,906
7,899
237,251
128
2
66
710
438
71
201
1,801
4,476
97,327
6,620
1,173
1,626
384
22,351
24,259
169
24,953
43
354
2,295
296
97
24,556.
40,913
40,347
653,
19,502
15
15,556
1,268
Se^ footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data
48
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
RETURNS WITH BALANCE SHEETS
T*bU 4.— BALANCE SHEETS AND RELATED INCOME STATEMENTS. BY MAJOR INDUSTRIAL GROUP— Cootinuttd
Major industrial group — Continued
Trade
Total trade
Total
idiolesale
Coranilsslon
merchants
Other
lAolesalers
Total
retail
General
merchandise
Apparel
and
accessories
Furniture
and house-
fumishlngs
Automotive
dealers and
filling
stations
number of returns with balance sheets ,
Assets:
Cash <
Notes and accounts receivable ,
Less: Reserve for bad debts ,
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations ,
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization
Less : Accumulated depreciation ,
Depletsble assets
Less: Accumulated depletion ,
Land
Intangible assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses ^
Prepaid income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves ,
Surplus and undivided profits
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
Roya Ities
Net short-term capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortization
Depletion
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
Conrpiled net profit or net loss (46 less 63)...
Net Income or deficit (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax^
Total tax
Compiled net profit lees total tax (64 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(«)
(•43)
(ii)
(«)
(46)
(-47)
(48)
(49)
(50)
(51)
222,801
73,884
10,091
63,793
128,958
9,582
7,055
17,545
12,427
23,937
^ TTwua.nd dollar a)
6,316,954
17,105,339
511,338
18,138,316
319,782
63,051
1,237,658
80,028
4,270,084
15,609,909
103,946
6,464,4i0
202,994
84,654
1,372,393
162,899
1,416,770
59,131,799
10,274,684
5,126,936
4,972,978
152,028
58,128
2,44^,972
2,332,451
1,730,893
11,125,049
866,687
20,046,993
59,131,799
165,463,470
2,883,911
22,872
219
1,967
162,236
281,353
33,302
5,301
140,077
14,638
110,394
78,993
1,390,153
170,588,886
133,843,914
1,437,664
2,815,647
1,788,688
391,464
320,557
449,091
1,477,492
53,072
1,224,645
17,415
1,716,890
232,041
69,994
22,999
21,097,941
3,629,372
3,627,405
79,210
1,865,155
2,272
1,867,427
1,761,945
908,724
123,496
2,633,483
9,017,672
190,896
8,342,120
101,893
34,744
502,356
40,190
2,4^1,566
4,895,101
38,246
1,971,696
158,230
66,793
358,627
52,529
623,022
26,933,902
5,770,413
2,913,480
2,284,265
59,132
22,720
893,601
978,499
659,949
4,510,613
34i,447
8,396,783
26,933,902
79,288,106
2,011,248
10,206
114
614
64,826
80,749
28,733
2,616
61,233
5,899
75,084
69,348
519,618
82,218,394
68,769,600
1,065,132
1,227,420
355,812
121,078
122,206
214,677
576,090
20,192
411,956
13,958
425,258
84,736
25,603
6,836
7,262,632
80,703,186
1,515,208
1,514,594
36,333
747,060
1,124
748,184
352,368
56,064
289,153
804,401
12,072
177,407
5,372
840
64,216
2,964
228,129
216,499
1,033
83,269
20,957
3,893
14,163
7,770
59,749
479,135
206,605
125,759
8,085
5,706
55,830
60,984
37,870
298,490
17,920
494,969
1,791,353
3,311,172
816,738
1,324
28
8,062
5,703
2,164
296
3,358
201
7,532
78
65,850
4,222,506
3,062,423
294,217
134,834
26,442
4,083
7,228
10,820
19,069
1,174
20,039
584
22,242
7,802
1,397
955
516, 16j
93,028
93,000
4,143
43,267
43,346
49,682
18,443
2,721
2,34i,330
8,213,271
178,824
8,164,713
96,521
33,904
438,140
37,226
2,213,437
4,678,602
37,213
1,888,427
137,273
62,900
344,464
44,759
563,273
25,142,549
5,291,278
2,706,875
2,158,506
51,047
17,014
337,771
917,515
622,079
4,312,123
326,527
7,901,814
25,142,549
75,976,934
1,194,510
8,882
114
586
56,764
75,046
26,569
2,320
57,875
5,698
67,552
69,270
453,768
77,995,8
65,707,177
770,915
1,092,586
329,370
116,995
114,978
203,857
557,021
19,018
391,917
13,374
403,016
76,934
24,206
5,881
6,746,463
1,422,180
1,421,594
32,190
703,793
1,045
704,838
333,925
53,343
3,341,135
7,021,825
289,484
8,793,866
201,415
26,262
693,290
35,381
1,635,194
9,670,184
59,313
4,035,918
34,150
12,768
910,957
100,086
723,373
28,789,635
3,324,194
1,932,687
2,431,124
87,559
32,166
1,413,458
1,199,837
970,061
5,780,115
484,779
10,633,655
28,789,635
77,892,195
667,003
11,74^
77
1,304
90,513
179,174
2,818
2,348
70,686
7,752
30,062
9,599
802,331
79,767,606
58,515,654
300,216
1,397,147
1,351,031
242,224
175,522
210,855
810,132
30,418
727,572
2,499
1,200,505
138,050
41,840
12,594
12,678,533
77,835,802
1,931,804
1,930,500
35,709
1,026,841
1,000
1,027,841
903,953
518,164
60,724
618,536
395,250
7,555
1,061,703
41,328
3,31A
50,290
2,295
204,728
1,803,928
11,329
720,473
5,463
1,739
113,198
14,749
111,283
3,684,969
708,558
107,075
355,885
6,532
1,678
219,520
144,362
219,251
557,099
58,707
1,296,202
3,684,969
19,619,665
55,574
855
28
676
5,002
13,321
558
84
11,907
609
2,334
7
46,435
19,757,055
15,893,792
31,737
119,353
178,620
62,599
8,264
20,742
143,672
5,868
152,562
220
132,647
36,906
18,678
1,698
2,547,507
402,190
401,514
5,191
202,991
348
203,339
198,351
31,358
21,282
1,015,239
2,275,158
14«,698
2,545,402
64,535
11,475
514,164
5,489
600,068
3,013,737
12,174
1,246,703
1,472
319
319,831
21,248
150,326
9,136,300
940,799
241,664
708,384
37,027
11,309
601,958
259,585
395,755
1,621,195
257,352
4,050,272
9,136,300
16,723,301
80,307
7,634
16
168
29,957
68,455
240
63
19,941
463
12,900
8,905
186,019
17,138,869
10,936,095
19,342
117,726
350,393
60,012
40,101
49,416
242,449
10,603
163,216
169
447,324
76,847
5,051
1,794
3,525,028
943,292
943,124
3,420
482,466
130
482,595
460,696
293,841
7,705
317,423
504,637
16,238
985,327
14,955
3,488
42,017
4,929
174,862
751,474
5,935
349,931
2,464
1,261
35,105
7,962
63,002
2,635,281
458,843
132,855
197,430
7,476
1,905
121,281
93,797
106,635
544,271
18,751
942,037
2,635,281
5,431,479
43,434
867
7
83
2,639
27,510
283
129
2,759
798
5,135
543
90,649
5,606,415
3,524,060
16,623
163,010
289,033
15,521
15,882
13,855
65,452
3,205
61,990
56
141,857
5,157
2,864
1,487
1,175,096
111,257
111,174
5,447
60,612
40
28,935
4,727
150,993
952,333
37,570
551,918
8,798
797
12,553
4,074
98,392
296,500
1,816
131,023
1,454
752
33,931
2,469
50,443
263,303
213,663
164,498
5,427
4,606
58,488
213,495
45,352
431,582
47,609
545,556
1,993,599
3,057,155
47,541
437
5
144
7,435
6,177
56
114
1,945
290
934
1
155,904
3,278,138
1,993,616
9,552
139,161
33,825
9,034
25,393
17,667
40,159
1,551
27,107
181
104,497
1,350
1,249
750
772,229
50,797
50,653
3,865
31,960
30
31,990
18,807
12,515
3,217
584,139
1,032,127
26,424
1,522,954
31,642
3,026
27,030
8,963
235,181
1,324,568
8,830
492,955
6,617
2,423
222,689
5,451
160,621
4,634,435
417,401
650,701
377,442
16,291
6,368
165,258
153,629
53,512
968,397
34,001
1,780,436
4,634,436
18,704,765
232,184
723
87
27,283
23,019
323
1,519
16,859
2,623
2,584
27
147,719
19,159,725
16,093,509
115,539
328,571
146,213
29,495
33,575
57,689
113,976
3,131
112,765
499
211,556
4,969
5,521
3,721
1,731,224
19,043,004
111,721
111,534
3,415
93,377
60
93,437^
18,234
31,988
11,756
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Lljiiitatlons of Data.
ACTIVE CORPORATION INCOME TAX RETURNS-1954
49
RETtRNS WITH BALANCE SHEETS
Table 4.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BV MAJOR INDUSTRIAL GROUP— CooQnusd
Major industrial group — Continued
Trade — Continued
Retail — Continued
Drug
stores
Eating and
drinking
places
Building
materials
and
hardware
Other
retail
trade
Trade not
allocable
Finance, insurance, real eatate, 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
Kunber of returns with balance sheets.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization..
Less: Accumulated depreciation..
Depletable assets
Less: Accumulated depletion....
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid income^
Accrued expenses
Other liabilities
Capita 1 stock , preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits.
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations
(less amortizable bond premium):
Vholly taxable
Subject to surtax only
Wiolly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by net
short-term capital loss.
Net gain, sales other than capital assets..
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total coinplled 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 and amortization
Depletion
Advertising
Amoiints 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 (^6 less 63).
Net income or deficit (6A less 36)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax
Conqjiled net profit less total tax (6i less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(52)
76,300
57,372
567
256,118
3,752
537
5,496
851
30,29i
231,389
1,394
104,073
1,117
504
7,881
3,628
15,497
583,694
21,688
54,330
503
80
29,407
17,483
12,928
130,754
5,189
205,995
583,694
1,632,380
10,516
467
5,946
57
30
1,173
8
1,603
1,115,583
2,846
49,310
53,909
5,924
684
2,726
20,859
850
19,581
25
20,412
2,555
834
424
327,265
1,623,787
41,303
41,295
841
19,486
36
19,522
10,664
1,427
(53)
(54)
(55)
(56)
(57)
(58)
(59)
19,959
14,374
(Thouttrid dolltrg)
132,771
69,422
361
80,474
12,794
550
7,515
988
49,023
770,818
7,384
324,927
5,685
2,139
45,656
19,726
49,902
910,513
142,951
82,007
159,045
3,031
488
53,597
53,266
23,124
225,661
7,183
160,160
910,513
2,449,920
55,138
225
3
19
850
10,355
650
50
3,399
596
1,143
2
16,533
2,538,883
1,270,857
27,680
99,669
115,037
27,752
1,081
8,138
55,771
919
63,442
80
21,352
3,177
3,211
382
806,973
32,862
32,843
5,736
25,246
205
25,451
11,411
565
203,502
800,283
24,020
976,308
8,691
1,147
17, 597
3,931
109,871
621,230
3,316
283,843
4,857
1,227
72,875
3,996
43,085
326,209
253,012
153,493
5,641
897
70,023
69,074
42,585
695,548
17,809
920,676
4,795,151
39,998
440
12
30
7,929
9,209
384
131
7,151
1,516
1,912
11
56,873
3,708,253
26,464
172,582
34,483
13,245
20,620
19,722
54,078
2,009
51,195
1,184
37,475
2,548
2,081
624
651,399
122,785
122,755
2,447
56,183
57
24,739
7,033
242,227
335,243
28,051
812,662
14,920
1,928
16,628
3,861
132,775
851,290
7,035
381,990
5,021
2,404
58,790
20,847
79,214
,655,876
450,788
230,017
250,117
5,631
4,835
92,826
180,146
65,909
605,608
37,678
732,321
2,655,876
5,477,879
102,311
407
6
89
8,951
15,182
267
228
5,552
344
1,467
3
89,443
5,702,634
3,929,898
49,433
207,765
99,518
18,592
30,922
20,900
68,706
2,232
75,713
85
83,375
4,531
2,341
1,214
991,812
5,587,037
115,597
115,508
54,520
94
60,983
22,713
3,. 301
342,336
1,065,842
30,958
1,002,330
16,474
2,045
42,012
4,457
193,324
1,044,624
6,387
456,826
10,614
5,093
102,809
10,234
70,375
3,408,262
680,077
280,769
257,589
5,337
3,242
137,913
154,115
100,833
734,321
37,461
1,016,555
3,408,262
8,283,169
205,660
922
28
49
6,897
21,430
1,751
337
8,158
987
5,248
46
68,204
8,602,8
6,553,650
72,316
191,080
81,345
28,162
21,829
23,559
91,270
2,462
85,117
958
91,127
9,255
2,551
3,569
1,156,776
8,420,526
182,360
182,311
7,168
91,254
148
38,192
6,708
52,412,736
104,757,349
1,061,257
47,865
133,630
17,241,150
92,232,452
4,450,896
130,034,586
23,531,954
113,356
5,421,301
834,767
262,064
5,117,971
441,337
3,097,536
432,476,851
4,304,462
8,697,118
22,724,157
144,964
147,622
1,233,765
337,407,058
1,631,012
15,852,651
4,910,958
34,923,084
432,476,351
164,135
12,095,633
1,810,158
93,050
373,994
8,405,257
3,131,685
185,598
48,183
938,250
621,034
1,121,727
49,793
367,110
29,405,607
109,321
3,639,487
1,373,138
373,818
214,540
681,090
3,107,175
1,210,330
38,456
954,561
75,701
231,106
132,606
51,374
56,462
8,797,310
8,308,132
7,934,138
74,387
2,067,788
631
2,068,419
6,239,713
2,026,837
180,931
47,956,741
101,494,504
1,038,596
2,482
35,216
11,867,626
76,826,133
4,330,317
43,533,760
2,914,541
16,396
512,350
278,253
84,956
329,200
329,043
1,924,723
295,175,246
2,695,090
5,900,703
7,961,130
47,309
71,110
613,305
243,592,698
1,113,672
9,420,947
4,144,211
19,615,071
295,175,246
10,888
2,573,583
1,430,305
33,371
256,464
5,889,369
173,217
55,657
40,297
732,017
146,370
736,179
45,416
206,621
7,245
250,230
832,459
136,195
43,234
660,674
2,459,709
314,902
24,596
179,352
31,951
158,606
149,629
25,256
34,265
3,225,989
8,534,292
3,860,962
3,604,498
25,011
1,221,485
266
1,221,751
2,639,211
1,515,658
149,449
44,333,812
85,736,290
303,433
17,477
11,520,722
73,908,592
3,990,913
10,573,572
1,999,310
2,763
283,053
1,783
468
169,609
301,890
1,356,127
232,820,380
26,664
94,764
55,082
24,076
31,754
238,190
213,560,016
30,390
4,304,327
2,116,447
12,338,670
232,320,380
1,358,887
86,595
239,395
3,865,369
142,125
2,415
27,611
418,227
11,261
43,540
204
86,361
7,176,087
1,217
580,348
76,899
34,128
271,562
1,238,108
227,756
18,536
132,256
447
87,810
124,138
20,558
30,030
2,034,717
4,878,510
2,297,577
2,057,682
11,589
867,970
73
1,429,534
518,318
98,644
(60)
2,958,969
14,366,351
229,863
1,057
13,862
67,011
1,889,240
135,241
27,358,412
611,929
1,145
119,779
20,509
2,094
90,238
4,672
264,200
1,859,467
5,103
6,696
17
33
266
28,192
323
1,757
1,581
2,140
651
,324
,794
599
636
337
,798
,676
745
,778
47,978)805
3,225
1,274,176
47,601
334
1,534
1,931,351
20,620
42
3,162
27,508
5,539
24,620
9,090
59,901
3,408,703
1,594
25,844
167,077
46,200
7,323
335,591
1,167,149
65,486
3,049
37,051
260
64,894
18,642
3,794
2,944
832,810
2,879,708
528,995
527,461
7.416
248,076
188
248,264
280,731
200,498
22,774
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
50
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS
Tablo 4 BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL OROUP— Conlinuod
Major industrial group — Continued
Finance, insurance, real estate, and lessors of real property — Continued
Finance — Continued
Holding and
other
investment
companies
Security and
commodity-
exchange brokers
and dealers
Insurance carriers^ and agents
Total insurance
carriers^ and
agents
carriers"
Insurance
agents and
Real estate,
except lessors
of real
property other
than buildings
Lessors of
real property,
except
buildings
(61)
(62)
(63)
(64)
(65)
(66)
Number of returns with balance sheets
Assets:
Cash
Notes and accounts receivable
Less; Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization
Less: Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, nxjrtgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses ^
Prepaid income
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
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 net
long-term capital loss.
Net long-term capital gain reduced by net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total conipiled 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 and amortization
Depletion
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 (66 less 63)...
Net Income or deficit (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax
Compiled net profit less total tax (64 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
515,874
549,485
4,867
1,425
2,546
228,867
480,502
15,181
1,038,616
256,100
12,389
86,436
250,303
81,231
47,275
19,908
125,674
12,396,733
320,688
234,288
939,987
3,778
482
83,822
,459,754
728,378
,244,848
433,419
,897,339
7,663
54,444
12,384
82
3,817
37,795
14,372
53,036
3,042
280,499
6,191
655,977
35,735
45,733
5,651
8,957
24,204
3,893
316
2,803
33,216
13,019
2,243
5,730
30,427
833
2,084
250
1,118
960,902
957,085
3,043
32,770
82,770
878,132
786,252
25,794
2,335
(Thouaand dollai
148,086
342,373
423
1,331
51,026
547,799
138,982
518,160
47,202
99
23,032
5,663
1,163
22,078
2,573
178,722
1,979,278
488,271
413,000
269,737
1,661
275
24,657
380,591
31,106
114,096
12,600
238,284
1,979,273
11,433
1,360
11,218
5,354
1,100
164
1,4S2
5,783
123,379
12,042
387
14,626
544,694
214,212
60,330
9,193
967
718
16,236
3,641
768
4,265
817
5,019
4,765
654
173
143,943
471,206
73,433
62,270
2,953
22,669
5
22,674
50,314
10,590
2,237
2,922,656
732,071
6,193
16,944
4,156
5,305,120
15,153,144
77,277
75,864,324
1,020,309
511
63,926
860
577
21,493
50,772
5,343,464
106,491,383
605,825
63,322
64,158
17,153
11,649
87,787
92,523,213
37,110
1,486,500
520,670
11,068,991
106,491,383
67,980
7,490,932
372,278
4,599
116,097
2,440,449
241,353
215
1,751
66,643
2,013
348,284
3,522
40,484
11,196,600
53,726
2,835,102
197,967
77,798
4,596
7,205
13,896
233,065
3,732
92,806
227
23,289
26,332
22,639
1,762
4,036,610
7,630,802
3,565,798
3,449,701
9,732
487,082
46
2,668,756
257,951
2,582
16,530
1,201
5,301,180
15,131,087
75,156
75,686,780
911,094
108
27,541
262
259
10,463
21,292
5,290,125
105,341,337
79,425
35,292
32,913
13,094
10,774
60,456
92,401,303
15,394
1,353,044
495,465
10,844,222
105,341,387
65,132
6,724,506
371,611
4,590
116,047
2,436,291
236,752
47
1,661
61,174
1,627
341,304
2,119
26,041
10,388,902
51,579
2,698,637
53,033
53,203
3,217
2,840
11,349
220,964
2,445
81,530
220
13,374
20,520
20,713
1,248
3,655,399
3,493,526
3,377,479
8,079
458,513
15
3,078,670
293,679
18,881
3,034,993
278,982
15,055
253,900
524,120
3,616
414
2,955
3,940
22,057
2,121
177,544
109,215
403
36,385
598
318
11,035
29,480
53,339
1,149,996
526,400
33,030
31,245
4,064
875
27,331
121,905
21,716
133,456
25,205
224,769
1,149,996
2,343
766,426
667
9
50
4,158
4,601
168
90
5,469
336
6,930
1,403
14,443
807,693
2,147
136,465
139,929
24,595
1,379
4,365
2,547
12,101
1,287
11,276
7
9,915
5,762
1,926
514
381,211
735,426
72 , 272
72,222
1,653
23,564
31
28,595
43,677
19,697
3,826
1,437,394
2,381,449
16,102
26,372
91,599
62,129
202,528
39,902
5,377,315
17,301,349
79,957
4,568,221
77,522
21,738
4,541,789
51,429
764,109
27,669,318
1,389,664
2,666,475
13,533,323
78,453
50,563
461,908
1,236,057
390,796
3,362,484
223,357
3,770,733
27,669,318
74,036
2,018,358
6,194
77
1,269
72,533
2,600,924
4,908
5,955
121,925
471,658
33,960
664
111,695
40,075
552,309
334,655
155,353
163,622
13,142
600,561
630,579
9,813
663,375
1,341
49,114
6,087
3,313
20,338
1,504,010
4,748,197
776,014
774,745
38,450
310,402
290
310,692
151,666
12,201
(67)
4,307
95,945
99,825
361
2,067
2,709
6,275
50,547
3,400
253,687
2,295,755
16,492
275,804
478,127
154,743
225,484
10,093
65,290
3,140,904
113,383
61,618
1,165,545
2,039
14,300
70,765
55,090
89,434
1,082,720
17,220
463,239
3,140,904
11,181
7,750
1,381
3
164
2,401
111,191
124,818
180
17,665
993
3,304
191
8,310
239,542
3,775
1,846
8,057
4,472
3,083
69
33,009
31,784
310
19,028
41,682
97
503
161
97
31,201
105,353
105,194
1,194
48,319
29
56,510
60,834 71
400 72
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Llinltatlons of Data.
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
51
RETl'RNS WITH BALANCE SHEETS
Table 4.— BALANCK SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL OROUP— Continueil
Major industrial group — Continued
Total
services
Hotels and
other
lodging
places
Personal
services
Business
services
Automotive
repair
services
and garages
Miscel-
laneous
repair
services,
hand trades
Motion
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
Prepaid expenses and supplies
Investments, Government obligations;
States, Territories, and United States
possessions.
United States obligations
Not stated
Other Investments
Depreciable assets
Less: Accumulated amortization.
Less: Accumulated depreciation.
Depletable assets
Less: Accumulated depletion. . ..
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Stirplus and undivided profits. —
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations
(less amortizable bond premium):
Wholly taxable
Subject to surtax only
ISholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortization
Depletion
Advertising
Amounts contributed under pension plans...
Amounts contributed tinder other eniployee
benefit plans.
Net loss, sales other than capital assets.
Other deductions
Total compiled deductions
Compiled net profit or net loss (46 less 63).
Net income or deficit (6A less 36)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax.
Compiled net profit less total tax (6*^ less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(68)
(69)
(70)
(71)
(72)
(73)
(7<)
(75)
(76)
58,117
11,567
3,260
5,796
(Thoutand dollar*)
1,227,976
1,454,674
34,337
574,311
76,964
21,613
133,039
19,112
1,363,883
6,951,419
90,826
2,977,361
29,702
11,220
742,778
81,701
373,834
10,017,262
1,074,978
737,740
2,240,858
21,272
30,608
453,489
549,978
232,702
1,669,282
196,858
2,809,497
10,017,262
1,629,356
10,064,179
5,125
16
1,436
15,205
301,694
27,221
1,722
41,910
4,600
25,536
8,883
139,638
957,252
5,734,357
574,855
420,444
149,269
23,645
108,153
297,504
9,498
565,610
1,059
217,461
53,064
15,882
10,317
2,543,515
584,686
583,250
27,432
317,201
1,452
158,525
15,982
173,952
131,041
2,171
37,155
17,013
3,999
23,844
3,342
242,326
,222,119
8,673
878,739
3,995
943
299,386
3,702
71,655
2,343,003
129,392
165,270
945,305
1,994
1,934
93,461
85,571
60,293
350,443
32,178
477,112
,343,003
583,960
975,893
1,315
1
52
3,555
160,107
297
122
12,214
859
3,746
15
19,381
323,209
372,890
39,667
100,481
61,630
3,590
39,642
78,115
1,619
113,335
214
33,235
3,808
4,002
761
521,648
1,697,846
68,671
68,619
3,664
39,480
138
20,636
3,278
125,050
161,117
3,168
71,337
12,232
1,554
18,336
2,415
70,085
866,325
6,308
419,417
5,308
2,418
45,172
15,621
56,165
1,019,406
116,530
70,542
125,657
2,568
675
50,066
52,627
29,523
242,017
10,165
319,036
1,019,406
275,711
1,527,592
378
2
52
1,260
4,224
665
10
4,180
519
1,815
8,282
1,824,690
143,531
885,553
117,251
56,723
21,438
4,387
8,659
41,150
1,468
67,447
272
29,497
2,915
3,553
661
377,070
63,065
63,013
3,922
29,439
227
29,666
33,399
13,672
1,611
370,599
580,614
16,068
67,538
12,680
7,305
44,597
6,520
364,363
1,099,428
5,670
469,140
3,645
1,477
32,299
25,209
93,660
2,216,102
400,386
140,495
298,345
5,535
5,268
112,959
178,666
48,058
338,709
39,049
648,632
2,216,102
242,913
3,241,830
1,022
9
1,070
2,669
30,419
12,194
1,033
8,102
649
12,444
1,931
27,202
3,583,487
166,609
1,879,760
208,596
66,299
17,579
6,268
15,373
45,553
2,316
120,571
56
35,721
31,219
3,084
2,336
800,623
3,401,963
181,524
180,454
5,102
94,533
264
86,727
45,213
2,478
47,297
75,461
1,603
23,309
6,327
357
1,995
547
53,637
557,685
7,055
202,378
1,687
620
53,455
2,135
20,955
633,191
63,603
125,933
186,566
5,791
2,710
17,743
19,335
14,341
91,869
3,240
102,055
633,191
133,523
449,843
82
1
63
1,004
41,012
411
78
6,592
334
691
6,790
85,030
208,437
32,459
44,945
8,520
1,933
12,531
18,331
334
100,302
127
5,483
448
438
2,694
97,752
20,610
20,547
1,564
11,558
52
3,312
1,589
28,462
62,689
1,575
43,412
1,164
68
1,999
402
6,409
97,845
1,122
41,606
717
313
4,420
1,444
6,316
210,726
41,392
13,246
17,452
653
601
13,820
14,023
3,574
45,623
625
59,217
210,726
139,867
315,707
147
2,156
32
353
392
26
3
2,341
91,181
218,431
29,074
10,597
2,634
1,499
1,407
8,351
75
10,421
5
5,323
767
1,170
95
76,260
4,333
4,333
728
4,908
14
1,013
257,987
244,809
3,313
295,993
17,234
219
45,928
1,600
529,241
,297,631
56,899
644,466
2,322
1,055
213,236
17,419
68,019
2,285,950
195,512
128,707
475,612
1,946
5,649
91,484
102,611
49,383
302,204
31,098
851,744
2,285,950
99,226
1,915,791
929
1
16
4,223
48,793
8,233
63
4,531
161
5,696
6,773
46,867
2,141,303
57,334
1,306,812
42,523
81,698
18,116
1,925
20,080
47,112
1,097
91,425
1
68,422
4,847
1,441
1,883
260,979
2,005,700
135,603
135,587
5,086
72,799
512
73,311
62,292
45,525
3,051
122,842
50,621
589
10,643
5,728
2,078
26,053
1,289
55,744
560,425
2,891
221,070
8,818
2,184
73,713
9,648
30,329
731,197
54,947
59,262
126,107
751
2,321
34,229
43,227
17,861
193,435
11,474
187,583
731,197
69,590
743,794
579
1
29
905
9,257
4,195
49
3,891
1,899
765
1
12,783
847,738
38,476
387,005
37,003
32,440
13,502
1,237
6,639
40,921
1,964
43,204
378
20,432
1,325
613
1,377
151,661
778,177
69,561
69,532
4,183
37,853
199
38,052
19,805
2,300
101,787
143,322
5,845
24 ,924
4,536
6,033
20,237
2,997
42,078
279,961
2,208
100,545
3,210
2,205
21,097
6,523
26,735
577,687
72,716
34,280
65,814
2,034
11,400
39,727
53,918
9,669
104,982
19,029
164,113
577,687
79,566
893,729
800
1
154
1,442
5,726
1,194
14
1,508
100
403
160
15,992
1,000,789
51,882
475,469
68,277
27,261
5,800
2,306
3,822
17,921
625
13,905
6
19,348
7,735
1,581
510
257,522
41,319
41,165
3,183
9,349
1,675
(77)
37,333
127,776
4,807
8,709
736
4,043
4,592
10,809
61,901
77,642
221
13,614
4,471
1,274
14,577
3,517
44,169
380,364
61,675
41,935
78,557
559
2,831
7,633
28,424
22,452
119,710
3,293
13,295
380,364
39,481
64,346
120
2
127
342
1,601
185
571
3,287
671
173
36
3,403
23,836
22,939
11,690
2,874
614
443
2,031
2,487
65
3,527
223
1,331
70
84
300
31,699
109,213
5,632
5,505
644
4,563
4,563
1,069
3,783
150
^Sum reported on returns with balance sheets filed for tax years beginning after Dec. 31, 1953 and ending on or before June 15, 1955. See this item in textual discussion, p. 11.
Capital stock which was not definitely designated as either common or preferred was tabulated under common stock.
^Loss or deficit.
*The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
annual accounting periods ended July through November 1954 and returns for part years which began in 1953.
'Loss after total taxpayuient.
For treatment of life and imitual insurance companies, see text, p. 17.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data. "
52
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS
Table B.— BALANCE SHEETS AND RELATED INCOME STATEMENTS. BY SIZE OF TOTAL ASSETS
Size of total assets
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
$2,500,000
Number of returns wltii balance sheets..
Assets:
Cash
Notes and accounts receivable..
Less; Reserve for bad debts.
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions..
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization..
Less: Accumulated depreciation,
Depletable assets
Less; Accumulated depletion. . . .
Land
Intangible assets
Other assets
Total assets. .
Liabilities;
Accounts payable
Bonds, notes, mortgages payable;
Maturity less than 1 year
Matiirity 1 year or more
Reserves for estimated expenses \ .
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital Steele, common
Surplus reserves
Surplus and undivided profits
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 net long-term capital loss
Net long-term capital gain reduced by net short-term capital loss
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total cottijiled 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 and amortization..
Depletion
Advertising
Anwunts 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 (46 less 63).
Net income or deficit (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax..
Compiled net profit leas total tax (64 less 69).
Dividends paid;
Cash and agaets other than own stock
Corporation's own stock
(1)
81,723,091
161,084,027
2,345,973
62,913,531
2,091,188
17,760,801
108,572,771
5,075,020
160,552,644
265,933,819
3,739,799
89,534,620
8,921,431
3,772,010
10,977,354
1,651,196
16,435,611
805, 300, 08^
38,152,704
23,238,607
90,797,304
1,270,0&;
470,813
19,373,489
353,498,323
15,632,163
90,730,133
12,926,842
159,209,640
305,300,08t
437,316,182
84,162,134
2,087,516
96,037
389,281
8,928,323
4,648,773
557,550
69,522
1,884,670
694,826
2,308,749
612,610
3,245,036
547,001,259
334,348,173
49,877,515
8,959,844
4,968,330
4,954,386
1,333,831
6,190,644
12,305,138
310,946
13,486,365
2,242,368
5,696,934
2,803,432
900,202
249,879
61,887,310
510,515,297
36,485,962
36,096,681
423,874
16,645,457
36,828
19,803,677
11,831,629
1,343,690
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(TJiottaand dollars)
310,692
414,562
8,701
291,628
W,492
1,466
4,380
1,656
89,353
1,066,295
21,357
502,741
39,205
22,770
86,428
29,403
113,394
1,907,385
470,295
262,859
326,597
5,731
5,529
94,112
203,359
51,789
1,073,614
11,547
'603,047
1,907,385
3,847,113
1,873,787
912
50
23
5,769
105,319
7,683
1,629
15,089
22,559
1,479
217
47,091
5,923,725
2,802,778
1,071,707
485,960
231,689
34,655
13,467
23,817
100,223
1,155
116,943
2,345
60,933
1,355
2,675
14,577
1,037,815
^123,379
'123,407
27,515
25,469
'148,843
26,804
573
491,403
336,600
13,140
670,467
26,433
2,372
11,264
6,055
205,138
1,965,777
22,606
819,256
50,537
25,015
240,491
43,747
172,710
3,842,977
569,549
422,105
606,053
9,123
7,094
143,592
235,057
67,112
1,399,095
16,450
267,737
3,842,977
6,557,444
1,837,635
8,993
155,570
5,947
2,246
17,480
41,987
3,655
27
63,092
3,694,501
4,874,914
1,064,347
560,411
222,516
48,347
21,624
44,801
146,006
1,772
175,244
1,899
87,026
2,401
4,474
7,624
1,374,736
3,658,142
36,359
36,314
25,367
60,630
27
60,657
'24,298
33,985
1,582
980, 597
1,883,652
30,812
1,493,951
54,889
5,566
37,968
15,645
525,977
4,171,065
55,271
1,649,319
82, 133
38,864
576,495
66,851
304,454
8,430,038
1,310,164
849,419
1,333,580
20,726
18,090
283,231
513,040
149,295
2,432,063
46,505
1,423,920
3,430,038
13,894,478
3,114,395
1,687
24
202
23,435
321,381
7,480
2,408
29,885
78, 807
5,433
407
125,565
1,880,459
914,093
316,422
87,463
45,630
94,879
270,046
4,853
333,182
4,291
159,363
6,370
9,362
9,299
2,497,564
17,346,234
259,904
259,702
37,546
143,488
107
143,595
61,104
8,827
2,262,931
5,127,321
102,688
3,772,311
122,601
19,807
160,700
46,032
1,619,999
10,003,290
73,061
3,397,318
154,831
54,595
1,430,395
112,774
668,619
21,379,449
3,043,420
2,203,165
3,488,077
54,982
40,754
727,895
1,120,041
333,503
5,251,715
140,171
4,925,721
21,379,449
34,494,746
6,353,348
5,344
71
612
81,246
715,723
21,681
4,797
75,520
137,893
22,014
3,224
332,590
27,380,761
4,124,315
1,648,900
509,975
193,081
105,274
251,342
602,914
13,137
746, 396
15,712
368,237
21,848
26,233
20,131
5,386,176
41,414,538
834,381
833,769
63,507
390,149
989
160,394
34,959
2,143,470
5,293,564
105,072
3,685,583
115,457
32,342
274,017
65,633
1,863,462
9,196,438
56,173
3,599,435
200,732
76,789
1,300,407
79,186
626,933
21,045,815
2,862,860
2,225,623
3,415,752
54,296
38,377
719,129
1,325,825
437,295
4,185,025
192,931
5,587,692
21,045,815
33,177,795
5,310,734
7,854
113
1,354
119,445
574,175
21,521
2,733
68,583
107,204
23,045
808
329,634
26,640,749
3,595,731
1,193,422
385,230
172,768
91,483
247,293
539,093
15,138
651,200
22,632
335,039
35,859
29,575
12,779
4,810,464
965,533
964,179
42,511
445,366
1,633
175,084
47,026
2,475,213
5,845,293
117,231
3,787,977
118,651
99,130
659,746
110,924
2,477,500
9,823,356
70,381
3,838,775
311,753
104,914
1,212,824
74,986
615,336
23,491,388
2,695,525
2,280,425
3,617,401
58,651
42,501
812,266
2,432,311
546,634
4,081,813
300,535
6,623,124
23,491,388
32,709,960
4,962,387
17,379
278
3,006
153,773
499,646
24,798
3,553
91,140
74,836
39,999
1,200
322,035
26,197,019
3,363,433
939,504
323,388
179,431
84,794
255,296
557,223
19,228
557,558
32,231
339,558
58,603
33,744
13,503
4,624,994
37,689,867
1,214,128
1,211,122
39,010
592,430
2,059
232,108
53,369
4,634,621
9,460,406
155,085
5,244,186
154,036
384,005
2,817,957
584,384
5,105,860
13,310,502
86,406
5,264,511
412,294
173,353
1,391,761
U0,604
911,668
38,817,924
3,484,969
2,817,825
5,171,787
108,438
73,537
1,164,055
9,553,122
1,067,570
5,627,530
528,395
9,200,545
33,317,924
40,573,256
6,251,873
66,723
782
10,243
362,129
513,487
50,978
5,927
116,441
76,479
64,375
2,993
410,020
32,201,294
4,199,614
930,756
342,257
260,827
110,570
381,716
770,933
30,576
854,310
77,043
437,247
U6,336
51,667
21,959
5,801,017
46,638,131
1,911,576
1,901,333
36,060
979,976
3,254
392,333
89,226
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and LiJnitationa of Data.
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
53
RETl'RNS WITH BALANCE SHEETS
T.bU 5.— BALANCE SHEETS AND RELATED INCOME STATEMENTS. BV SIZE OF TOTAL ASSETS— Continu«d
Size of total assets— Continued
$2,500,000
under
$5,000,000
$5,000,000
under
$10,000,000
$10,000,000
under
$25,000,000
$25,000,000
under
$50,000,000
$50,000,000
under
$100,000,000
$100,000,000
under
$250,000,000
$250,000,000
or more
(9)
(10)
(11)
(12)
(U)
(W)
Number of returns with balance sheets
Assets:
Cash »
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Goverruaent obligations:
States, Territories, and IMited States possessions
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortisation
Less: Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses ^
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
Itotal liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obli-gations (less amortizable bond
premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net long-term capital loss
Net long- term capital gain reduced by net short-term capital loss
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Itatal compiled receipts
Deductions:
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
laxes peid
Contributions or gifts
Depreciation and amortization
Depletion
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 (46 less 63)
Net income or deficit (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax *.
Total tax
Compiled net profit less total tax (64 less 69)
Dividends paid:
Cash and assets other than cwn stock
Corporation's own stock
4,968,942
9,172,312
128,857
3,941,505
133,452
802,665
4,347,546
920,380
5,849,028
10,113,040
72,380
3,632,975
444,317
166,579
835,803
73,752
719,742
38,121,693
2,437,212
1,840,431
4,022,169
67,537
53,727
963,570
15,037,513
715,163
3,861,601
613,685
8,509,085
33,121,693
28,093,134
4,244,479
10t,093
2,922
19,360
431,071
321,477
35,312
3,973
125,338
26,595
93,288
6,619
265,282
33,774,943
22,020,276
2,767,414
524,736
228,744
212. i36
68.^03
339,360
580,210
24,905
609,966
70,349
379,245
120,420
45,031
26,788
3,998,029
32,036,362
1,738,581
1,719.221
26,731
371,329
2,574
eu-.e'^e
a7,-i
6,324
4,228
(Thousand dollmra)
5,712,955
9,857,016
139,369
3,915,613
123,802
1,391,299
6,995,768
154,093
8,223,901
10,156,133
U4,961
3,813,174
558,013
199,796
634,437
102,751
646,449
44,204,930
2,002,599
1,704,692
3,432,789,
72,607
28, 731
911,914
21,095,733
677,194
3,815,367
881,891
9,581,413
-4,204,930
26,475,713
4,361,136
140,315
2,843
29,238
594,488
124,631
41,571
3,478
127,866
27,761
93,202
7,666
238,549
20,450,454
2,809,974
403,632
219,588
239,638
106,944
385,626
672,575
24,696
607,052
73,719
375,896
140,259
53,366
14,357
3,820,538
30,398,364
1,870,143
1,840,855
22,112
922,815
2,742
944,586
469,586
61,772
7,579,602
13,593,730
194,240
5,460,625
155,313
1,869,888
10,802,629
435,810
13,202,979
15,472,977
196,031
5,605,532
698,373
221,255
756,423
120,194
1,006,970
64,938,455
2,543,932
1,788,052
5,318,961
89,303
29,628
1,377,247
32,272,691
1,155,249
5,049,752
1,391,373
13,921,767
64,938,455
33,514,623
4,484,357
216,212
4,721
39,836
869, 539
163,659
75,619
5,551
210,369
19,730
225,215
27,827
257,775
25,157,404
2,593,596
397,479
271,935
390,083
151,614
584,041
897,954
34,244
844,483
126,242
549,019
240,030
78,524
27,912
4,865,464
37,210,024
2,911,009
2,871,173
37,366
1,395,510
5,409
828,700
109,340
5,720,108
10,917,301
169,187
3,979,849
144 , 563
1,687,704
8,788,018
226,744
10,144,252
12,991,407
150,199
4,826,066
995,329
457,370
404,194
97,746
910,043
51,40i,436
1,816,068
1,122,445
3,944,057
75,781
18,328
1,074,498
25,865,617
1,081,138
3,916,085
1,169,202
11,321,167
51,401,436
25,103,069
3,814,218
173, U8
5,290
33,462
679,125
69,139
41,191
4,893
162,975
20,890
140,843
26,533
171,108
30,445,884
18,462,328
2,279,409
227,372
191,292
370,201
110,648
420,050
856,030
24,271
669,892
164,049
392,409
196,626
55,629
18,420
3,646,671
28,085,297
2,360,587
2,327,125
11,260
1,106,713
4,164
1,1x0,877
1,249,710
737,732
66,467
5,801,458
10,444,145
156,016
4,234,487
135,707
1,561,994
9,487,718
255,851
10,502,662
16,859,701
197,343
5,514,249
846,478
376,515
345,208
62,681
1,250,496
55,544,463
1,912,263
1,291,598
5,431,412
85,247
25,500
1,317,161
25,689,516
1,289,440
5,007,425
1,211,502
12,283,399
55, 544,^.63
24,995,747
4,756,176
174,773
7,079
38,072
573,551
104,522
76,695
4,076
204,891
10,227
254,636
67,024
132,641
31,400,110
18,865,355
2,640,224
165,183
224,217
365 ,926
80,201
433,077
670,933
19 ,420
769,626
133,956
417,912
204,234
60,105
9,637
3,672,829
28.732,840
2,667,270
2,629,198
14,190
1,220,127
2,896
971,824
113,567
8,543,643
16,893,743
220,682
6,209,757
155,281
2,302,577
13,386,402
459,402
13,438,835
26,974,224
282,874
7,745,495
518,759
189,842
621,083
146,388
1,664,267
82,875,45.
2,622,165
1,660,117
10,757,410
230,232
23,525
2,002,191
38,067,713
2,393,383
7,733,908
1,494,400
15,835,324
32,875,468
32,284,979
7,482,303
264,908
10,626
45,843
819,048
201,635
31,817
7,409
182,209
8,477
195,487
73,113
170,159
41,778,013
23,983,564
3,967,038
204,875
313,773
518,367
114,020
666,267
1,055,385
23,324
1,260,693
130,548
600,199
238,128
68,940
10,449
4,738,271
37,993,841
3,784,172
3,738,329
25,922
,783,541
4,212
1,787,753
1,996,-19
1,354,253
62,141
(15)
30,097,456
61,333,382
804,393
16,225,582
635,501
7,599,986
50,788,658
1,792,411
87,303,693
124,824,564
2,340,756
38,605,774
3,603,627
1,659,348
1,141,404
530,133
6,324,530
349,295,661
10,231,583
2,769,849
39,931,249
286,860
65,392
7,732,628
180,035,775
5,592,243
37,240,135
4,928,154
50,331,793
349,295,651
101,589,125
25,305,306
91i;796
61,230
167,930
4,205,705
767,904
115,257
15,849
454,884
39,376
1,126,077
394,952
379,295
135,535,686
74,598,269
13,499,248
363,419
1,137,304
1,381,063
209,159
2,053,077
4,585,603
74,217
5,189,720
1,337,352
1,144,701
1,370,948
380,772
42,394
11,512,742
119.479.983
16,055,698
15,887,768
12.757
6,707,914
6,742
9,341,042
6,000,455
629,482
^5u.-2 reported en ret'irns "itr. balar.re shee-.s filed f.-r :ax years beginning after Dec. 31, 1953 and ending on or before June 15, 1955. See this item in textual discussion, p. 11.
'Capital s*:;cii whicn was not definitely designated as either co::mon or preferred was tabulated under corwnon stock.
^Loss or deficit.
*rne excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
s.-j-.ual accounting periods ended July through November 1954 and returns for part years which began in 1953.
*Los3 after total taxpayment.
:.CJTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
54
ACTIVE CORPORATION INCOME TAX RETURNS -1954
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m O <^ P-TO --
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rg oo f^ m On iH
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78
ACTIVE CORPORATION INCOME TAX RETURNS -1954
8 8
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8§S
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m a* o^ O C^ "H \D I
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3»0<Ha»r-^' <^fMr*<Mr^<M -.tmin-.
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ACTIVE CORPORATION INCOME TAX RETURNS -1954
79
8 S
1^ «>
S 8
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!§ =
;^8
ssi
SS8
8§£
S§8
•.■a ^
irv S o
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a
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2S
iHtOr- CMiAO-^t^«0 r-i t'\ <^ rjK
"^ r- CT> ■jD o f^
3 — 1 ;A Ov OJ O
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r^ vO O "^ ^ f^
[^ -J- -n CO (NJ O
r~ vo CO (Ni a* o»
>0 CO 'O >£> O ^
MCOryp-fMC-- CD -O O to -4 u
-J IN (M -.t
r^ r^ f^ in ■£
o I> nT ^
rH lO lA a»
O to 00 o*
rH '.^ r^ TO c^ rv
O fM JD C- lA -J-
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lA vO -D *D rH C
C- O^ o to ^ C
vO f^ r- CT" r^ C
r- --t m iT. O CM
o r- >o oj -J- to
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r- ^ a^ rn TO -o o^ ■
(lATOC^ft) U-lr-I^OC^
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AJ (^ O
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lA >J <jv
a« c* o^ Aj
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rAior^>t»o ■srcoTOCp--
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O O tJ> t^" CO
C- AJ C^ f^ r'l ^
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■£i >A o ^ a> t^
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^0 Ai AJ 'i)
■^ CT* ON O to -^
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1 O' r- f^ o fn
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>» ffl
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4) 0.1-.
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« 3 9
80
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
ALL ACTIVE CORPORATION RETURNS
Table 7.— NET INCOME OR DEFICIT. TAXES, AND DIvmENDS PAID, BY SIZE OF NET INCOME OR DEFICIT, BY INDUSTRIAL DIVISION
Industrial division and size of net
income or deficit
Returns with net income
Dividend
s paid in
Dividends paid in
Net
Income tax
Excess profits tax^
cash and assets other 1
cash and assets other
Number
Number
Deficit
of
returns
Number
Amount
Number
AnOLint
Number
Amount
returns
Number
Amount
f7>,o....nd
of
(Thotiaand
( Thousand
(ThouaM^d
(Thou»Mtd
(ThouMand
dotlara)
returns
dollarM)
returns
dollara)
returns
dollMra)
dollars}
returns
dotUrt)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Ul)
112)
98,132
38,700
77, 571
3,149
.
_
5,040
15,645
113,022
33,781
2,405
52,382
45,647
65,907
37,736
15,915
.
_
4,413
10,679
33,798
49,148
1,134
5,590
31,083
76,754
26,533
19,046
-
-
3,544
12,128
21,483
52,859
626
3,655
22,587
78,589
19,611
19,404
_
_
3,151
12,205
15,581
54,144
532
3,103
18,868
84,437
16,745
20, 666
_
_
3,075
12,969
11,627
52,066
453
8,830
58,819
424,565
53, 436
111,534
1
9
12,316
60, 101
32,848
233,419
1,313
11,933
36,010
445,048
33,945
120,712
15
1
9,097
67,074
14,834
131,900
724
5,786
25,399
442,707
24,333
123,743
12
3
7,253
54,147
8,292
143,256
533
5,775
24,420
551,439
23,740
156,903
238
46
6,998
60,909
5,167
115,568
326
7,250
35,397
1,219,066
34,179
395,420
1,530
1,028
14,216
188,224
11,044
380,845
382
25,620
18,877
1,320,471
18,288
519,229
743
1,440
9,495
229, 109
5,213
357,672
466
15,829
13,805
2,140,746
13,448
923,691
543
2,408
3,105
384,086
2,473
377,363
363
35,066
5,399
1,885,549
5,298
842,296
251
2,306
3,578
366,092
747
250, 347
132
23,367
2,953
2,058,194
2,908
937,714
140
2,550
2,164
447,436
264
184,573
70
25,145
2,889
6,000,353
2,823
2,696,571
164
8,672
2,387
1,715,879
199
381, 578
69
35,275
432
3,051,316
426
1, 364, 567
22
5,956
392
1,012,618
21
138,439
12
52,468
460
19,688,489
452
8,547,618
15
13,292
417
6,941,509
10
257,387
4
5,546
441,177
39,572.330
391,522
'16,823,241
3,724
37,711
95,641
11,590.810
281,628
3,244,395
10.044
322,620
836
330
681
65
63
133
1,076
360
<.')
(')
374
529
232
115
.
_
35
53
491
717
-
_
337
826
240
166
_
_
32
168
323
807
(')
(')
239
839
184
183
_
_
65
943
191
651
_
-
305
1,371
274
345
_
_
30
108
201
900
-
-
603
4,423
463
947
_
_
119
570
757
5,509
<','
'^'
593
7,323
508
1,767
_
_
137
1,647
260
3,234
<^'
'.'
296
5,310
263
1,291
_
-
75
1,138
174
2,943
(')
( = )
235
5,183
214
1,341
2
(M
45
633
91
2,057
-
530
18,013
487
5,199
24
10
203
3,513
271
9,776
_
-
181
13,070
166
4,120
2
2
63
1,283
122
7,788
6
48
140
21,095
122
7,542
16
O)
70
3,419
63
9,684
18
309
33
11,796
32
4,685
_
_
20
2,225
12
3,558
_
_
24
16,562
23
6,852
1
i
12
2,354
5
2,572
_
-
12
24,162
12
11,018
-
_
6
3,664
1
3,329
-
-
1
9,548
1
3,623
_
_
_
_
_
-
-
-
2
35,778
2
16,454
-
-
1
26,325
-
-
-
-
4,741
176,168
3,954
o5,713
45
56
976
48,176
4,038
53,88?
67
1,103
542
249
412
47
72
475
1,539
402
21
77
298
394
203
75
_
_
32
597
402
591
19
238
141
356
105
65
_
-
20
136
263
625
23
313
174
612
153
146
_
_
72
480
231
796
17
363
200
837
183
225
_
_
39
258
209
958
21
232
518
3,932
457
1,010
_
_
173
1,726
617
4,567
51
2,533
448
5,559
389
1,417
_
-
93
1,297
393
4,875
44
948
299
5,239
278
1,377
_
_
52
1,033
279
4,777
10
551
319
7,201
287
1,889
1
(')
60
952
143
3,259
23
546
454
15,633
426
4,860
26
8
142
5,4CS
543
19,541
54
1,355
336
22,896
304
8,170
9
16
131
8,723
404
27,906
22
3,020
266
40,433
258
17,251
6
11
142
17,488
218
33,771
21
4,538
102
36,386
100
15,659
3
14
64
20,045
45
13,376
4
1,937
62
44,859
60
20,440
1
48
41
33,682
18
12,307
6
2,223
68
159,761
67
65,982
1
67
55
96,331
24
43,032
5
1,743
10
64,167
10
20,039
_
_
7
33,071
3
18,700
1
846
11
536,979
11
268,812
1
1,086
11
497,668
1
15,652
-
-
4,248
946,048
3,708
427,464
48
1,250
1,206
719,376
5,337
205,135
342
21,468
4,282
1,687
3,478
357
131
90
5,452
1,763
92
124
2,019
2,884
1,663
565
_
_
122
333
1,734
2,455
49
82
1,315
3,275
1,088
777
-
-
121
321
1,156
2,853
15
20
1,006
3,481
873
351
_
-
80
137
877
3,069
5
14
942
4,227
807
964
_
-
72
141
638
2,839
5
51
2,946
20,621
2,665
5,305
_
_
287
1,160
1,846
13,228
46
141
1,935
24,114
1,789
6,377
5
(*)
190
799
1,009
12,426
8
68
1,409
24,348
1,358
6,372
_
_
218
997
401
6,972
20
229
1,582
35,350
1,519
10,153
7
1
241
1,537
329
7,422
2
2
1,981
66,337
1,887
21,354
110
57
405
4,571
705
24,112
61
4,022
1,020
71,162
986
28,570
53
120
325
4,733
373
25,375
22
189
621
93,970
608
42,118
27
97
274
8,025
165
25,463
16
405
204
70,112
204
33,327
14
105
114
8,679
24
7,843
5
550
83
58,460
83
27,921
3
32
57
7,658
7
4,553
-
-
58
103,792
56
47,953
2
100
47
17, 282
3
5,571
-
-
3
48,718
8
22,789
-
_
7
12,893
-
-
_
_
21,411
633,538
19,072
256,353
221
512
2,691
69,411
14,719
145.944
346
5,397
10,691
4,366
8,155
851
531
884
11,841
3,975
272
904
5,446
7,885
4,253
1,738
_
431
1,069
4,903
7,113
256
1,344
3,864
9,595
3,165
2,271
_
_
448
1,116
3,504
8,641
110
618
3,019
icr,464
2,411
2,364
_
_
350
1,326
2,649
9,223
106
712
2,719
12,219
2,271
2,791
,
_
415
2,527
2,213
9,889
118
1,254
8,909
64,321
7,707
16,255
1
9
1,71b
9,044
6,459
46,296
302
3,572
5,824
71,674
5,318
18,738
.
_
1.285
8,391
3,545
43,666
229
1,967
4,498
78,531
4,232
21,599
1
(')
1,170
9,075
2,232
33,694
196
2,130
4,841
109,383
4,697
31,093
52
4
1,295
11,361
1,614
36, 136
136
3,665
7,809
273,302
7,463
90,428
393
263
2,905
37,271
3,557
123,650
335
8,063
5,626
398,587
5,431
164,078
308
632
2,703
59,486
2,001
139,286
265
9,347
5,382
845,030
5,28?
388,355
301
1,431
3,211
131,639
1,129
173,367
203
18,362
2,499
874,739
2,463
417,044
177
1,683
1,682
151,619
362
123,793
88
9,373
1,458
1,015,788
1,445
499,134
105
1,836
1,103
188,157
146
101,940
51
12,677
1,566
3,253,765
1,560
1,624,735
137
7,430
1,329
783,211
113
212,825
48
13,941
224
1,584,692
224
792,229
18
5,400
206
447,065
13
86,776
8
42,194
233
11,039,210
233
5,377,957
14
12,206
221
3,856,237
7
193,416
4
5,546
74,608
19,653,551
66,313
9,451,660
1,507
30,899
21,001
5,699,478
46.288
1,363,686
2,727
135,674
Returns without net income
ALL INDUSTRIAL DIVISIONS
Under $1,000
»1,000 under $2,00C
$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 $5,000,030
$5,000,000 under $10,000,000
$10,000,000 or more
Total
ACKICULTURE, FORESTRY, AND FISHUY
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
raNING AND QUAHRYINQ
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
OONSTHUCIION
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
UANUFACTURINQ
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,00C 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
See footnotes at end of table. See text for explanatory atatementa and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
81
ALL ACTIVE CORPORATION RETURNS
TtbU 7.— NET mCOME OR DEFICIT, TAXES. AND DIVIDENDS PAID, BY SIZE OF NET INCOME OR DEFICIT, BY INDUSTRIAL DIVISION— ConUnuod
Industrial division and siie of net
income or deficit
PUBLIC OTnniES
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
W.00,000 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.
TRADE
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.
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS
OF REAL PROPERTY
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
SERVICES
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
NATURE OF BUSINESS NOT ALLOCABLE
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$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
Returns with net income
Number of
returns
(1)
3,879
1,875
1,365
711
747
2,239
1,269
875
855
1,359
809
608
276
210
211
58
90
17,436
33,774
16,079
10,754
7,991
6,040
19,922
11,826
8,630
7,659
10,674
5,123
3,176
987
427
313
31
26
143,432
Total.
33,354
15,207
10,317
7,426
6,205
19,105
11,405
7,639
7,375
10,352
4,824
3,087
1,113
580
593
88
94
Net
Ijicorae
12)
1,517
2,704
3,367
2,480
3,340
15,981
15,662
15,339
19,328
46,473
56,735
97,725
95,898
149,942
467,058
416,866
3,299,438
4,709,853
13,615
23,365
26,527
27,821
27,127
143,838
146,118
150,343
172,888
364,989
358,099
483,273
341,175
291,728
589,111
220,286
976,355
138,764
9,983
4,128
2,868
1,925
1,629
4,380
2,543
1,676
1,533
2,133
946
515
183
108
66
12
34,682
791
221
122
96
81
197
167
77
a
55
12
10
2
1
2
1,855
12,893
21,761
25,531
25,852
27,612
139,140
141,220
133,085
166,646
356,434
333,949
479,006
390,710
404,420
1,269,210
619,443
3,746,228
Number of
returns
(3)
3,011
1,490
1,128
582
644
2,011
1,200
828
797
1,300
791
581
269
207
207
57
90
15,193
26,875
13,115
9,047
6,868
5,270
17,990
U,212
8,348
7,496
10,389
5,033
3,139
931
421
313
31
26
126,554
3,293,140
3,776
6,072
6,970
6,712
7,279
30,865
31,234
29,139
34,503
75,518
65,021
73,145
63,411
75,529
131,372
88,096
54,501
788,14 3
267
313
307
328
375
1,444
2,139
1,373
457
1,357
952
2,069
822
906
2,122
27,368
13,482
9,403
6,893
5,848
18,186
11,011
7,371
7,249
10,073
4,663
2,946
1,077
560
540
83
Amount
(•Thom.doi.J
14)
323
594
791
553
307
4,191
4,278
4,247
5,251
15,237
23,156
42,485
44,391
71,433
220,569
197,124
1.673,219
2,308,655
2,738
5,388
6,640
6,766
6,327
37,376
39,929
42,924
49,687
122,771
148,813
221,524
162,185
140,730
238,915
109,202
493,107
1,890,522
7,065
3,117
2,276
1,556
1,332
3,800
2,351
1,588
1,470
2,095
908
499
170
108
66
12
28,467
526
181
81
86
66
157
167
67
U
54
jhiK'
3,000
5,976
6,735
6,932
7,356
37,858
39,327
36,998
47,703
110,583
U6,146
170,299
136,334
134,003
177,808
684,580
Excess profits tax^
Number of
returns
(5)
9
67
520
214
118
34
10
14
717
1,297
1,540
1,513
1,760
7,765
8,274
8,074
9,716
24,511
25,923
33,375
28,273
36,737
64,710
41,753
28,489
324,432
51
67
61
91
91
327
605
361
70
477
253
741
393
464
843
2
73
254
Amount
fTTvua. do/. J
(6)
69
100
120
192
2
16
284
422
440
276
237
643
205
56
28
7
12
1
18
155
Ul
218
52
29
14
45
Dividends paid in
cash and assets other
than own stock
Number of
returns
157
232
121
90
133
399
346
191
187
498
385
333
171
137
175
55
34
3,694
1,714
1,363
1,206
1,022
904
3,915
2,300
2,330
2,189
3,954
2,326
1,729
621
298
230
28
26
26,655
1
221
104
102
76
244
226
511
(^)
1,993
1,873
1,368
1,273
1,222
4,916
3,667
2,767
2,596
5,410
3,116
2,094
813
448
488
78
70
Amount
(Thoua.dol.)
18)
392
505
846
1,191
420
1,9U
2,763
1,369
2,333
7,812
11,407
20,470
20,243
40,207
239,053
204,528
1,465,406
2,020,914
4,873
3,015
3,157
2,940
3,821
16,293
15,969
16,943
17,535
47,014
44,852
69,525
54,248
49,256
U3,929
72,391
314,796
870,572
Returns without net Income
Number of
returns
(9)
4,819
1,569
303
658
405
1,275
613
286
203
525
199
186
78
23
34
4
1
11,636
32,379
12,799
3,106
6,522
4,750
13,851
6,000
3,353
1,935
3,582
1,240
375
99
33
11
1
34,192
359
265
213
164
239
771
562
440
335
537
445
252
93
67
56
11
5,033
(')
'\'>
(')
(')
(')
(')
(')
7,945
41,215
3,538
7,359
5,628
4,292
4,427
2,641
4,694
1,825
25,862
4,095
32,769
1,717
19,854
336
23,755
440
72,745
1,235
87,651
541
121,693
ai
99,518
89
U2,464
23
405,750
5
214,860
-
760,555
-
2,003,718
329
875
750
358
930
3,435
3,314
3,683
2,753
9,774
10,864
11,827
9,515
13,608
35,582
27,810
20,512
156,459
<^'
'■V
'^'
(^)
(')
115
50
50
1,072
95,091
(10)
1,423
2,328
2,015
2,325
1,313
9,191
7,474
4,929
4,557
17,962
14,292
28,223
25,565
15,905
75,973
27,053
23.494
259,528
11,045
13,848
19,968
22,635
21,293
93,172
73,511
57,972
44,345
122,429
83,821
55,015
33,402
23,516
16,314
5,960
Dividends paid in
cash and assets other
than own stock
Number of
returns
(11)
708,896
13,609
4,032
2,714
1,516
1,246
3,673
1,209
641
342
593
302
131
38
9
7
6,092
509
317
196
140
275
33
35
20
33
31
X
9,947
10,520
10,520
9,155
8,186
28,606
20,807
15,303
9,691
42,148
35,839
32,527
29,309
17,506
9,153
4,029
5,845
6,657
5,550
5,562
25,918
14,800
11,085
7,683
20,128
a,073
19,313
13,501
5,174
14,871
14,825
197,015
705
380
252
284
194
644
303
221
123
253
109
61
15
5
2
1,004
296
152
69
75
99
55
21
16
107
20
17
9
Amount
CThoua.do/.J
108
90
42
35
27
125
63
34
10
24
337
(
730
(
772
689
626
1,932
1,007
581
(
418
1,099
(
2,292
10,983
(12)
278
134
32
18
53
lU
99
122
372
3,942
430
1,800
9,523
8,489
18,544
9,423
31,593
1,510
1,337
1,100
823
3,U5
1,116
1,997
1,106
3,307
1,913
3,176
718
1,741
664
55,351
18,300
2,ia
. 1,267
357
6,279
2,004
1,302
394
996
3,682
580
5,692
1,160
333
391
53
64
37
138
361
205
261
53
499
302
284
101
10
(')
(')
(^}
^The excess profits lax law terminated Etec. 31, 1953. Excess profits tax tabulated for this report was the tajc on income earned before that date and reported on returns for
annual accounting periods ended July through November 195i and returns for part years which began in 1953.
^Included in the total, but not In the detail, is $63,000 of tax reported on returns with no net inccane. See "Explanation of Terms," Income tax, p. 25.
Sampling variability of this item was too large to warrant showing it separately. However, this value was included in each total. Less than $500.
NOTE: See text for explanatory statements and for "Description of the Sangile and Limitations of Data."
82
ACTIVE CORPORATION INCOME TAX RETURNS -1954
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ACTIVE CORPORATION INCOME TAX RETURNS- 1954
ALL ACTIVE CORPORATION RETIRNS
T«bl« »._DIVIDENDS RECEIVED AND INTEREST RECEIVED ON OOVEBNMENT OBLIOATIONS, BY SIZE OF NET INCOME OR DEFICIT
Returns with net
Income
Total
number
of
returns
Dividends received from —
Interest received on Government obligations
(less amortizable bond premium)
Size of net Income
Domestic corporations
Foreign corporations
Wholly
taxable
Subject to
surtax only
Wholly tax-exempt
Number of
returns
Amount
(Thouiand
dollars)
Number of
returns
Amount
(Thousar^d
dollars)
Number of
returns
Amount
fTTioua.nd
dollars)
Number of
returns
Amount
(Thousand
dollars)
Number of
returns
Amount
(Thousand
dollars)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(U)
98,132
45,647
31,083
22,587
18,868
58,819
36,010
25,399
24,420
35,397
18,877
13,805
5,399
2,953
2,889
432
460
2,775
1,572
1,480
1,230
1,077
4,400
3,067
2,322
2,113
4,960
3,732
3,316
1,611
963
1,166
241
316
1,580
1,976
1,948
1,429
1,547
8,717
7,496
7,578
5,203
33,813
50, 114
98,451
96,084
107,894
375,696
225,654
1,227,882
121
77
3
19
44
151
94
90
54
242
247
270
181
U5
338
99
177
61
54
2
5
19
241
288
281
220
1,593
1,949
3,191
3,830
10,953
56,219
40,330
487,211
2,119
1,395
1,146
913
1,095
4,041
3,434
3,011
2,992
6,552
4,727
4,398
2,166
1,417
1,711
324
378
2,472
2,903
2,603
2,904
3,093
21,063
33,336
33,393
33,736
119,134
126,741
213,915
128,281
132,593
346,308
138,530
656,795
141
53
57
17
52
252
334
246
305
734
759
697
294
199
247
55
67
51
98
42
2
27
88
919
531
491
1,896
2,655
5,479
4,383
5,834
22,395
12,537
40,752
170
236
228
159
275
1,219
1,487
1,289
1,395
3,329
2,285
1,353
845
485
571
105
147
259
534
i? OOO undpr ^3 000
518
322
438
2,947
4,613
4,853
5,773
19,182
24,680
*100 000 under 1?50 000
36,664
31,622
28,599
±1 000 000 under 55.000.000
76,635
36,233
$10,000,000 or more
110,400
4^1,177
36,341
2,253,062
2,352
605,952
41,824
1,997,805
4,559
98,230
16,083
384,322
Returns
without net income
Total
number
of
returns
Dividends received from —
Interest received on Government obligations
(less amortizable bond premium)
Size of deficit
Danestic c
orporations
Foreign corporations
Wholly
taxable
Subject to
surtax only
Wholly tax-exempt
Number of
returns
Amount
(Thousand
dollars)
Number of
returns
Amount
dollars)
Number of
returns
Amount
(Thoosand
dollars)
Number of
returns
Amount
( Thousand
dollars)
Number of
returns
Amount
(Thousand
dollars)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
113,022
33,798
21,483
15,581
11,627
32,848
14,834
8,292
5,167
11,044
5,213
2,478
747
264
199
23
10
1,913
516
433
381
299
856
435
334
192
587
369
262
102
43
64
9
2
38,737
1,195
622
603
506
1,999
1,150
1,306
309
2,765
2,327
6,974
5,218
2,020
4,652
2,176
6,105
72
16
12
1
13
29
9
3
4
27
11
22
10
7
12
1
4
1,269
51
13
66
64
89
1
1
224
229
620
806
41
1,173
400
1,134
3,869
601
414
301
336
772
422
321
220
649
364
300
124
59
65
11
4
74,004
1,143
885
440
1,419
l,lif)
2,191
588
549
3,091
3,767
5,X8
4,226
2,976
3,233
1,850
426
184
32
16
1
5
24
11
7
1
36
11
13
5
2
2
1
1
336
9
1
1
(M
12
4
12
(M ,
17
12
46
26
6
3
7
7
241
152
102
11
27
100
11
35
5
64
72
37
24
9
14
2
2,488
$1,000 under $2,000
583
778
$3,000 under $4,000
104
45 000 under £10 000.
41
1,205
$15,000 under $20,000
72
196
1
125 OOO under i50 000. .
354
$50,000 under $100,000
$100,000 vmder $250,000
$500,000 under $1,000,000
$1 000 000 under $5,000,000
665
492
447
lAO
507
$5,000,000 under $10,000,000
$10,000,000 or more
8
Total
281,628
6,797
79,164
253
6,188
8,332
113,905
352
501
906
8,081
^Less tlian $500.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data.
84
ACTIVE CORPORATION INCOME TAX RCTURNS-1954
ALL ACTIVE CORPORATION RETURNS
Table 10.— TYPE OF DIVIDENDS PAID, BY SIZE OF NET INCOME OR DEFICIT
Size of net income
Returns with net income
Total
number
of
returns
Dividends paid
Only cash and assets
other than own stock
Number
of
returns
(Thousand dollars)
Only corporation's
own stock
{Thoawand dollars)
cash and assets other than own stock,
and corporation's own stock
Number
of
returns
Amount of cash
and assets
other than
own stock
( rtiouaand dollars)
Amount of
corporation's
own stock
(Thousand doHara)
(1)
(i)
(■;)
(5)
(6)
(7)
(8)
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
98,132
45,&47
31,083
22,587
18,868
58,819
36,010
25,399
24,420
35,397
18,877
13,805
5,399
2,953
2,889
432
460
5,000
4,380
3,525
3,129
3,(X7
12,193
8,903
7,110
6,826
13,786
9,164
7,794
3,395
2,034
2,188
355
381
15,344
10,548
11,981
12,170
12,892
59,732
66,312
53,204
59,998
184,039
223,250
374,111
353,827
427,991
1,598,415
935,147
6,438,092
124
96
71
61
72
282
230
190
286
349
242
162
51
27
16
2
3
1,373
2,661
1,076
1,185
1,217
7,315
7,213
7,167
9,367
22,027
20,705
23,061
13,987
11,820
13,579
4,099
12,024
40
33
19
22
28
123
194
W3
172
430
331
311
183
130
199
37
36
301
131
147
35
77
369
762
943
911
4,185
5,859
9,975
12,265
19,445
117,464
77,471
503,417
551
877
328
271
877
2,430
4,431
5,331
6,124
23,360
28,522
60,440
47, 520
55,560
164,384
84,590
670,988
441,177
93,210
Size of deficit
Returns without net income
Total
number
Dividends paid
Only cash and assets
other than own stock
Number
of
returns
(Thousand dollars)
Only corporation's
own stock
Number
of
returns
(Thovaand 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
(Theruaartd dollars
Amount of
corporation's
own stock
(Jlioiisand dollars)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
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
18,022
2,393
33,798
1,132
21,483
614
15,581
522
11,627
453
32,843
1,293
14,834
717
8,292
520
5,167
317
11,044
868
5,213
456
2,478
349
747
124
264
67
199
66
21
11
10
4
52,333
5,584
3,597
3,049
8,830
9,924
5,694
5,612
7,122
25,603
14,831
X,510
22,375
24,651
33,245
52,191
5,546
2,808
1,158
396
461
272
1,410
1,387
112
506
629
976
1,209
1,352
3,069
49
6
58
54
2,009
92
163
128
17
998
556
992
494
2,030
277
11
15
1,379
14
363
187
433
507
182
2,470
2,706
4,514
950
2,656
1,449
281,628
17,836
^DTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
ACTIVE CORPORATION INCOME TAX RETURNS -1954
85
ALL ACTIVE CORPORATION RETURNS
T«bl« U.— CASH DIVnjENDS PAID, BY INCOME STATUS, BV INDUSTRIAL DIVISION
Industrial division or subdivision
Returns with net income
Number of
returns
Dividends paid in cash
Number of
returns
(TTtovaattd
doIl»ra)
Returns with
balance sheets
Number of
returns
Amoujlt
(Thousand
Returns without net income
Number of
returns
Dividends paid in cash
(Thouiar
dot ton
Retm-ns with
balance sheets
Number of
returns
Amount
(ThouMond
dollara)
(1)
l^)
(-')
(•;)
(i)
(7)
(8)
Ail industrial divisions
Agriculture, forestry, and fishery
Uining and quarr>*ing
Construction
Manufacturing
Public utilities
Trade
Wholesale
Retail
Trade not allocable
Finance, insurance, real estate, and lessors of reel property.
Banlcs and trust ccnipanles
Other finance
Insurance carriers and agents
Heal estate and lessors of real property, except buildings..
Services
Nature of business not allocable
«1, 177
4,741
4,248
21,411
74,608
17,436
143,432
50,788
80,003
12,641
138,764
U,792
20,416
9,572
94,934
34,682
1,855
95,222
976
1,200
2,671
20,929
3,666
26,535
10,725
13,483
2,327
34,055
11, 510
6,688
2,266
13,591
5,002
188
11,517,013
47,348
718,624
68,261
5,669,869
2,007,645
860,933
314,056
509,012
37,665
1,994,880
517,694
973, 521
297,06.4
206,601
146,778
2,675
94,385
971
1,194
2,665
20,816
3,6U
26,343
10,627
13,393
2,323
33,614
11,447
6,572
2,253
13,342
4,980
11,458,275
47,322
713,509
67,818
5,661,633
1,990,807
849,492
312,089
500,405
36,998
1,978,360
513,124
966,346
296,675
201,715
146,659
2,675
281,628
4,038
5,337
14,719
46,288
11,686
95,091
26,276
59,950
8,865
66,575
888
12,506
3,318
49,863
30,163
7,731
9,841
67
337
334
2,700
316
3,462
1,091
2,145
226
1,925
164
679
99
983
560
140
312,103
1,103
21,468
5,827
131,729
53,903
53,888
38,964
13,857
1,067
40,222
1,967
27,233
2,027
8,995
2,727
1,236
I'J)
9,382
67
326
324
2,656
294
3,358
1,046
2,087
225
1,713
144
604
97
868
534
110
(10)
296,627
1,103
21,413
5,561
123,965
52,636
52,062
37,729
13,295
1,038
36,387
1,204
25,758
1,992
7,433
2,413
1,087
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data.
86
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
ALL ACTIVE CORPORATION RETLRNS
Table 12.— INVENTORY VALUATION METHOD, BY MAJOR INDUSTRIAL GROUP
Major industrial group
Total
active
corporation
returns
Number of returns by inventory valuation method
Cost only
Cost-or.
market only
Other only
Cost and
cost-or-
market
Cost, cost-
or-market,
and other
Cost and
other
Cost-or-
inarket and
other
(11
Ul
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 fixture
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
primary metal industries
Fabricated metal products, except ordnance, machinery, and
transportation equipment.
Machinery, except transportation equipment and electrical. .
Electrical machinery and equipment
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instruments; photographic equipment; watches, clocks.
Other manufacturing
Public utilities
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 housefumishlngs.
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 carr iers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other than buildings.
Lessors of real property, except buildings
Hotels and other lodging places
Personal serv ices
Business services
Automotive repair services and garages.
Miscellaneous repair services, hand trai
Motion pictures
Ajiiusement, except motion pictures
Other services, including schools
Nature of business not allocable
722,805
8,779
7,971
262
5i6
9,585
1,018
140
1,424
4,852
2,151
36,130
120, 896
2,759
10,289
172
5,270
13,750
5,634
4,598
2,737
14,158
7,356
715
793
2,520
4,284
3,241
11,775
11,716
3,937
1,206
1,149
88
2,027
10,672
29,122
21,456
4,433
1,148
2,085
238,523
77,0eA
10,731
66,333
139,953
10, 597
7,545
18,469
13,186
25,218
5,916
18,644
15,992
24,386
21,506
205,339
47,602
14,680
24,418
6,899
1,605
12,890
3,004
9,886
139,821
5,026
64,845
7,474
12,540
15,792
6,151
3,587
5,712
6,785
6,804
9,586
3,3C9
3,205
52
52
2,667
155
(M
425
1,026
1,035
17,967
93,847
2,257
8,338
129
4,260
10,112
4,385
3,953
2,393
8,688
6,074
559
660
2,085
3,392
2,537
9,464
9,083
3,370
932
989
1,638
8,500
5,284
3,475
846
532
431
180,804
54,727
3,157
51,570
110,612
8,242
6,098
15,5(S
10,780
20,590
4,824
13,823
13,250
17,496
15,465
11,863
1,059
783
276
103
10,498
183
20,760
2,353
5,798
3,093
2,475
2,382
1,351
1,721
1,587
1,125
908
866
(')
(M
1,013
42
(M
165
435
374
6,274
15,406
550
1,661
(M
364
531
825
540
264
2,485
1,213
184
69
183
836
418
1,630
2,136
506
216
156
318
1,264
2,745
1,559
558
350
268
33,341
8,545
800
7,745
21,624
2,096
944
1,457
1,765
3,099
1,293
5,580
2,359
3,020
3,172
7,049
487
319
168
6,374
104
7,751
1,074
2,107
1,115
732
632
688
738
665
257,531
2,029
1,977
(')
(M
1,569
97
(M
252
543
653
11,566
76,361
1,672
5,535
80
3,770
9,541
3,492
3,399
2,061
6,166
4,800
357
576
1,880
2,512
2,046
7,740
6,845
2,825
711
819
1,303
7,199
2,474
1,871
284
158
161
45,780
2,333
43,442
87,437
6,086
4,773
13,356
8,943
17,434
3,484
8,214
10,815
14,382
12,230
4,562
539
434
105
(M
(M
(M
3,937
(')
12,859
1,279
3,651
1,961
1,742
1,729
628
963
916
604
332
322
(M
(M
(M
(M
(M
(M
(M
(M
(M
(M
(M
(M
(M
(M
3
(M
(M
(')
(')
(M
(M
(M
1,653
283
(1)
264
1,326
53
326
670
53
(')
{M
(')
53
87
(M
185
23
(M
(M
(M
(M
(')
(M
(')
739
2
(M
4'
(M
(M
(M '
(M
(M
(M
(M
(M
(M
(M
(M
('1
(M
(M
(M
(')
(M
(M
(M
(M
(M
(M
1
214
(1)
(M
(M
(M
(1)
(')
(M
(M
(1)
(')
(M
(M
(M
(M
(M
(M
(M
(M
(M
-
2
-
1
2
51
1
(M
(M
1
(M
2
2
(M
(')
(')
(')
(M
(')
(M
'Sampling variability of thia item wag too large to warrant showing it separately. However, this valj'
NOTE: See text for explanatory statements and for "Deacrlplion of the Sample and Limitations of Data.
was included In each total.
ACTIVE CORPORATION INCOME TAX RETURNS -1954
87
ALL ACTIVE CORPORATION RETIRNS
TabU 13.— ACCOUNTING METHOD. DV MAJOR INDUSTRIAL GROUP
Major industrial group
Number of returns by method of accounting
Accrual
basis
Other basis
(1)
(2)
(3)
(4)
(5)
All industrial groups
Agriculture, forestrj-, 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
Prijoary metal industries
Fabricated metal products, except ordnance, machinery, and transportation equipment.
Machinery, except transportation equipment and electrical
Electrical machinery and equipment
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instrumentsj photographic equipment; watches, clocks
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Conmission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and housef umishings
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
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
722,805
8,779
7,971
262
546
9,585
1,018
140
1,424
4,852
2,151
36,130
120,696
2,759
10,289
172
5,270
13,750
5,684
4,598
2,737
14,158
7,356
715
793
2,520
4,284
3,241
11,775
11,716
3,937
1,206
1,149
88
2,027
10,672
29,122
21,456
4,433
1,148
2,085
238,523
77,064
10,731
66,333
139,953
10,597
7,545
18,469
13,186
25,218
5,916
18,644
15,992
24,386
21,506
205,339
47,602
14,680
24,418
6,899
1,605
12,890
3,004
9,886
139,821
5,026
64,845
7,474
12,540
15,792
6,151
3,587
5,712
6,785
6,804
86,958
2,145
1,954
61
130
1,364
254
163
725
222
3,394
4,323
69
259
268
135
(')
1,130
387
65
118
56
297
379
376
3,606
2,358
74A
61
443
13,501
3,110
1,304
1,806
9,331
849
490
555
516
746
583
3,329
708
1,605
1,010
45,326
17,464
8,815
6,325
2,021
302
2,004
111
1,393
25,308
1,550
10,340
1,235
1,447
2,398
521
336
1,019
1,585
1,798
1,954
440,277
3,982
3,574
123
285
5,702
533
106
857
2,798
1,408
22,163
89,295
1,980
7,4i9
116
4,266
10, 599
4,118
3,495
2,198
9,274
5,264
497
595
1,923
2,965
2,571
8,996
8,574
3,131
910
958
54
1,487
7,875
17,008
13,189
2,081
776
962
164,094
55,760
6,364
49,396
93,753
6,958
5,174
14,107
8,879
17,923
3,776
10, 159
10,947
15,830
14,576
97,174
16,138
1,365
11,121
2,682
970
5,396
583
4,313
73,906
1,734
35,123
4,285
7,466
9,041
3,854
2,252
3,369
3,035
2,821
4,736
3,968
(')
752
219
(M
(M
(M
3
1
,603
170
(M
1,371
53
116
674
62
384
52
1,066
239
139
69
(M
170
110
£0
(M
(M
191,602
2,623
2,414
78
131
2,500
230
(M
403
1,319
514
9,821
27,054
661
2,525
933
2,886
1,279
955
503
3,693
1,703
152
178
552
1,199
613
2,447
2,742
683
260
168
439
2,415
8,429
5,860
1,582
303
679
59,325
18,024
3,021
15,003
35,443
2,780
1,323
3,691
3,117
6,514
1,535
5,136
4,275
6,567
5,858
50,773
13,761
4,360
6,903
2,182
316
5,320
2,200
3,120
39,961
1,731
18,226
1,934
3,592
4,318
1,776
999
1,302
2,135
2,170
2,851
Sampling variability of this itanwas too large to warrant showing it separately. However, this value was included
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
1 each total.
88
ACTIVE CORPORATION INCOME TAX RETURNS -1954
ALL ACTIVE CORPORATION RETURNS
Table 14.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME OR DEFICIT. BY MONTH IN WHICB ACCOUNTING PERIOD
ENDED, BV MAJOR INDUSTRIAL GROUP
Major industrial group
Returns for calendar, annual noncalendar, and part year
periods, total
Total assets
Amount
( Thouiand
doltaraj
Number
of
returns
Gross receipts from
sales and from
operations
Amount
(Thouaand
dotlmea}
Net Income or
deficit
Number
of
returns
( ThoitMand
dollar*}
Returns for calendar year and part year periods, total
Total assets
Number
of
returns
Amount
Cntotimmtd
doltaraj
Number
of
returns
Iross receipts from
sales and from
operations
Amount
(Thouaand
dollara)
Net income or
deficit
Number
of
returns
( Thouaand)
dollara
(1)
(2)
(3)
(4)
(5)
(10)
All Industrial groups
Agriculture, forestry, and fishery
Farms ajid 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
F\imiture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products , except ordnance,
machinery, and transportation equipment.
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except
electrical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; 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 housefumlshings
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 comnodlty-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
667,856
7,790
7,077
252
461
8,704
885
140
1,197
4,481
2,001
33,700
115,820
2,660
9,791
169
5,111
13,076
5,346
4,443
2,658
13,410
6,993
705
752
2,443
4,079
3,133
11,490
11,272
3,774
1,110
1,970
10,237
26,067
19,721
3,455
1,069
1,822
222,801
73,884
10,091
63,793
128,958
9,582
7,055
17,545
12,427
23,937
5,267
15,355
15,209
22,581
19,959
187,172
44,611
14,374
22,481
6,212
1,544
11,391
2,335
9,056
126,863
4,307
58,117
6,693
11,567
14,363
5,505
3,260
5,339
5,594
5,796
7,685
2,620,450
2,443,225
134,779
42,446
11,891,355
3,014,673
463,826
1,913,613
5,295,829
1,203,414
8,254,171
181,890,701
4,097, 84A
12,928,923
2,896,230
8,623,017
3,369,364
3,704,799
1,745,726
7,184,262
5,806,978
16,623,583
28,812,881
2,912,383
1,488,053
5,456,300
17,781,799
8,149,487
16,018,734
9,352,591
6,315,886
12,400,063
201,886
2,690,560
3,323,842
98,637,129
41,030,289
16,544,391
39,721,543
1,340,906
59,131,799
26,933,902
1,791,353
25,142,549
28,789,635
3,684,969
9,136,X0
2,635,281
1,993,599
4,634,436
583,694
910,513
2,554,967
2,655,876
3,408,262
432,476,851
295,175,246
232,820,380
47,978,805
12,396,783
1,979,278
106,491,333
105,341,387
1,149,996
27,669,318
3,140,904
10.017,262
2,343,003
1,019,406
2,216,102
633,191
210,726
2,285,950
731,197
577,687
380,364
528,905,708
2,175,547
2,094,907
32,826
47,814
8,238,566
1,334,676
335,649
1,614,361
3,746,378
1,157,502
17,214,952
264,546,794
7,343,363
36,504,618
3,674,860
11,728,755
8,857,300
5,129,013
3,430,527
8,448,032
3,696,335
13,696,435
27,509,092
4,560,021
3,054,923
6,553,662
19,636,375
13,647,849
21,197,535
14,273,590
11,121,781
20,212,831
464,226
3,348,001
5,952,665
41,210,335
21,273,548
8,436,336
11,245,713
255,233
171,027,259
82,409,626
4,187,674
73,221,952
30,007,109
19,919,553
16,904,283
5,585,415
3,166,961
19,431,501
1,704,180
2,679,153
4,901,523
5,714,535
8,610,524
12,374,381
2,612,463
908,356
1,283,726
63,216
357,170
7,591,934
6,306,755
735,229
2,150,958
18,971
12,003,977
1,633,972
1,345,596
3,548,446
610,001
466,057
2,048,980
839,228
1,006,697
113,397
3,779
7,971
262
546
9,585
1,018
140
1,424
4,352
2,151
36,130
120,896
2.759
10,289
172
5,270
13,750
5,634
4,593
2,737
14,153
7,356
715
793
2,520
4.234
3.241
11.775
11.716
3.937
1.206
10.672
29.122
21.456
4.433
1.148
2.085
238.523
77.064
10.731
66.333
139.953
10.597
7,545
18,469
13,186
25,213
5,916
18,644
15,992
24,386
21,506
205,339
47,602
14.680
24.418
6.399
1.605
12,890
3,004
9.836
139,821
5.026
64.845
7.474
12,540
15,792
6,151
3,537
5,712
6,735
6,804
9,586
36,328.435
122,283
114,467
10,121
'2,305
740,913
201,771
1,343
14,960
409,078
113,761
437,594
18,239,865
340,325
1,202,022
318,916
314,332
145,153
327,653
143,950
392,131
571,223
2,225,293
1,635,234
299,694
112.062
792,878
1,522,097
834,237
1,756,874
1,137,962
323,927
41,230
415,508
260,478
4,440,325
1,004,902
1,312,755
2,076,319
45,849
3.647.762
i. 530. 430
93.321
1,437.109
1,934.754
403,476
946.983
113.421
48,946
115,037
41,008
30,808
120,771
114,304
132,578
8,003,817
3,652,031
2,030,915
531,113
976,392
63,111
3,457,349
3,384,340
72,509
109,120
591,128
75,617
62,122
183.676
19.083
4.297
136.419
63.773
41.141
4.748
385.094
4,022
3,581
209
232
5,118
673
31
827
2,301
1,236
18,276
62,329
1,649
5,340
120
2,526
5,462
2,945
2,263
1,586
8,157
4,150
486
366
1,102
2,478
1,847
6,590
6,445
1,801
570
47
1,227
5,057
18,682
13,378
2,901
945
1,458
119,520
37,713
5,399
32,314
71 , 367
5,144
3,500
6,986
6,131
17,025
2,971
3,514
9,593
11,503
10,440
119,939
33,123
13,752
13,981
4,430
960
3,512
2,279
6,233
75,087
3,217
32.043
3,606
6.708
7.812
3,197
1.833
2.803
2.857
3.227
4.665
685,142,372
1,563,448
1,422,220
120,061
21.167
9,590.138
2.879.978
450.591
1.539.599
3.842,220
877,750
4.876,717
138,363,017
2,554,883
6.649.406
2.861.750
4,502,300
1,512,863
2,439,254
925,246
5,195,078
4,420,743
12,730.145
28.000.420
1.933,069
422.165
4.615.294
15.741.167
5,747.565
9.962.192
7.952,089
4,373,096
134,144
2,223,471
1,342,394
96,020.836
39,604.333
16,375,435
33,776,280
1,264,738
30,672,155
15,354,622
975,850
14,378,772
13,323,855
1,337,425
2,424,754
820.273
961,705
3,545,945
269,157
488,529
1.649.588
1,276.474
1.993.678
398.104.947
273,784.257
223,121,014
40,631,729
3.727,327
1,304.137
106,219,512
105,326.464
893.048
2.974.451
5.724.727
1.293.238
612.638
1.572.486
373.635
123.226
1.033,562
323,127
382,765
226,887
347,131,483
1,059,742
1,008,217
31,809
19,716
6,310,784
1 , 271 , 346
299,102
1,247,497
2,703,162
734,677
10,328,275
134,302,260
3,978,964
17,734,173
3,601.333
5,933.829
3,784.661
2.975.036
1.731.675
6.033,637
6,386,126
13,008,175
26,284,074
3,004,281
900,790
5,306,772
17,095,513
9.340.961
13.011,868
11,468.043
7.323.495
295.330
3.103.552
3.196,304
39,060,255
19,675,077
8.295.750
10.871.354
217,574
38,539,666
43,777,155
2,195,344
41,581,811
40,126,002
9,186,153
4,661.247
1,595,405
1,439,264
15.275,031
795,046
1.453.094
3.039.134
2.676.573
4.686.509
10.439.498
1.972.329
365.863
1.015.749
40,242
50,475
7,386,444
6,798,904
537,540
1,067,990
12,735
6,966,655
933,802
1,081,171
2,323,589
357,931
272,369
974,043
367,777
650,973
74,348
4,833
4,337
219
277
5,823
784
81
1,003
2,614
1,341
20,131
66,793
1,737
5,734
122
2,637
5,938
3,200
2,385
1,660
8,776
4,469
494
407
1,166
2,669
1,914
6,777
6,797
1.925
636
53
1.234
5.376
21.484
14.971
3.798
1,014
1,701
131,830
40,163
5,910
34,253
80,011
5,987
3,326
7,659
6,723
13,010
3,533
11,055
10,192
13,026
11,656
135,373
35,537
14,051
15,515
5,020
1,001
9,867
2,934
6,933
86,053
3,866
37,492
4,230
7,559
8,923
3,692
2,095
3,078
3,847
4,063
6.038
29,159,616
67,544
59,997
8,712
'1,165
673,657
194,875
1,974
11,499
376,805
88,504
329,777
14,434,039
210,388
657,993
316,897
174,231
63,024
227,395
74,717
666,483
432,304
1,770,803
1 , 592 , 516
204,271
29,036
637,573
1,349,327
633,466
1,206,085
2.087,192
35,172
369,336
140,231
4,284.613
916.653
1.299.646
2.024.813
43.501
1.790,316
933,419
55,113
878,306
746,346
186,797
253,203
31 ,476
19,097
94,696
17,330
18,262
78,470
46,965
110,551
7,229,355
3,219,973
2,044,262
415,529
710,784
49,398
3,439,274
3,382,830
56 ,-394
102,985
347,876
46,910
33.630
135,196
11,113
2,943
64,309
27,780
25,995
1,939
,See footnotes at end of table. See text for explanatory statementa and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS -1954
ALL ACTIVK CORPORATION RETURNS
T»ble ».— TOTAL ASSETS. GROSS RECEIPTS FROM SALb^S AND FROkf OPERATIONS, AND NET INCOME OR DEFICIT, BY MONTH IN WHICH ACCOUNTING PERIOD
ENDED, BY MAJOR INDUSTRIAL GROUP— Continuwd
Major industrial group
Returns for annual noncalendar year periods, total
Total assets
Number
of
returns
( Thousand
don»ra)
Gross receipts from
sales and from
operations
Number
of
returns
( Thousand
dolUrai
Net incooie or
deficit
Number
of
returns
(Thouamtd
dollar a)
Returns with annual accounting period ended-
July 1954
Total assets
Gross receipts from
sales and from
operations
(Thouaand
doUara)
Number
or
returns
Net income or
deficit
( Thouaand
doilara)
(i8)
(19)
(20)
(23)
All industrial groups
Agriculture, forestry, and fishery
Farms and agricultural services
Forestry
Fisher>-
lUning and quarrying
Uetal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance,
machinery^ and trarisportation 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 equip-
ment ; 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 housefumishings
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 con^anies
Credit agencies other than banks
Holding and other investment con^janies. .
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
229
3,586
212
59
370
2,180
765
15,424
52,991
1,011
4,451
49
2.535
7,614
2.401
2,180
1,072
5,253
2,843
219
386
1,341
1,601
1.286
4,900
4,827
1,973
540
30
743
5,180
7,385
6,343
554
124
364
36,171
4,692
31,479
57, 591
4,438
3,555
10,559
6,296
6,912
2,296
6,841
5,616
11,078
9,519
67,233
11.488
622
8.500
1.782
584
2.879
56
2.823
51,776
1.090
26,074
3.087
4.859
6.551
2.308
1.427
2.536
2.737
2.569
3.020
120.157,210
1,057,002
1,021,005
(')
21,279
2.301,217
134,695
13.235
374.014
1.453.609
325.664
3.377.454
43.527,684
1,542.961
6.279.517
34,480
4.120,717
1,857.001
1.265,545
820.480
1.989,184
1,386,235
3.848.438
812,461
979,319
1,065,888
841,006
2,040,632
2,401,922
6,056,542
1.400.502
1.942.790
67.742
462.089
1,481,448
2,616,293
1,425,956
168.956
945.263
76.118
28.459.644
11.579,280
815,503
10.763.777
15.465.780
1.797,544
6.711.546
1.815.003
1.031.8*;
1.088.491
314.537
421,984
905.379
1.379,402
1.414.584
34.371,904
21,390,989
9.699,366
7,347,076
3.669.456
675.091
271.871
14.923
256.948
12.542.591
166.453
4.292.535
1.044.715
406.768
643.616
259,556
82.500
1.252,388
408,070
194,922
153,477
231,708
3,824
3,564
249
3.389
163
49
390
2.033
754
14,964
52,806
982
4,464
50
2,622
7,632
2,384
2,163
1,067
5,209
2,847
220
386
1,334
1,595
1.317
4.868
4.779
1.929
549
30
722
5,155
7,306
6.183
615
134
374
104.537
35.729
4.656
31,073
59,178
4,570
3,618
10,679
6,382
7,048
2,373
7,508
5,770
11,230
9,630
18,583
4,400
551
3,271
185
393
2,948
65
2,883
11,127
108
25,414
2,785
4.961
6.209
2.172
1.482
2.442
2.738
2.575
885
181.774.225
1,115,805
1,086,690
{')
28,098
1,927,782
113.330
36.547
366.864
1.038,216
372,825
6.886.677
80.244,534
3.364,399
18.770,440
73.527
5.789,926
5.072,639
2.153,977
1,698,852
2,364,345
2.310,209
5.688,260
1.225,018
1.555.740
2,154,138
1,246,890
2,540,857
4,306,888
8,185,667
2,810,542
3,798.286
168.896
744.449
2,756,361
2.150.580
1.598,471
140,536
373,859
37.664
82.437.593
33.632.471
1.992,330
36,640,141
39.881.107
10.733,395
12.243.041
3.990.010
1.727.697
4,156.470
909.134
1,221,059
1,862,339
3,037,962
3.924,015
1.934.883
640.139
42,493
267,977
22,974
306,695
205,540
7,851
197,689
1,082.968
6,236
5,037,322
700,170
764,425
1,224.857
252.070
193.638
1.074.937
471.451
355.724
39.049
269
3.762
234
59
421
2.238
810
15.999
54.098
1.022
4.555
50
2.633
7.312
2.484
2,213
1.077
5.382
2,887
221
386
1,354
1,615
1.327
4.998
4,919
2,012
570
30
743
5,296
7,638
6,485
635
134
384
36,901
4.321
32.080
59.942
4.510
3.719
10.810
6.463
7.203
2.333
7.589
5,800
11,360
9.350
69.966
12,015
629
8.903
1.379
604
3.023
70
2.953
53.763
1.160
27.353
3.244
4.931
6,864
2,459
1,492
2,634
2,933
2.741
3.543
54,739
54,470
'1,140
67,256
6,396
'631
3,461
32,273
25,257
157,817
,855.826
129.937
544.029
2,019
140,601
82,129
100,263
74,233
225,693
138,919
454,490
42,768
95,423
82,976
105,300
172.770
250.771
550,789
157.154
304,196
23,339
6,058
46,172
120,247
155,712
88,249
13,109
52,006
2,348
1,857,446
597,011
38,208
558,803
1,188.408
216.679
693,780
81,945
29,349
20,341
23,623
12,546
42,301
67,339
72,027
773,962
432,058
36,653
115,584
266,108
13,713
18,075
1,960
16,115
6,135
243,252
28,707
28,492
48,480
7,970
1.354
72.110
40.993
15.146
2,809
298
297
1
331
4
30
238
57
809
3,649
65
292
1
171
493
144
136
56
510
241
17
27
63
103
59
307
110
29
477
395
7,831
2,373
320
2,058
4,833
232
253
1,772
525
479
126
442
274
730
620
4,512
621
2
430
124
15
240
223
57
1,726
162
295
435
201
32
205
205
141
65,345
64,799
546
140,174
C)
1,040
31 , 573
97,016
7,309
148,463
2.636,170
455.049
380.142
3.559
107.279
122.501
56.430
30.733
37,804
79,439
122,786
6,952
10,652
33,341
20,001
81,298
308,293
243,720
127,255
130,375
34,914
47,235
94,475
131,192
120,824
16,609
33,149
(')
1,983.672
366.686
59.956
806.730
1.057.671
32.242
412,435
284.977
76.862
61.786
10,788
47,924
39,296
91.311
64,315
1.652.891
343.570
448,704
276,919
101.204
21.743
23.107
19.384
13.751
179.694
53.584
22.325
27,794
19,237
5,260
29,657
14,356
7,481
6,221
16,417
298
298
(»)
4
39
223
57
320
3,643
66
302
1
171
509
154
126
56
501
231
17
27
63
103
59
297
111
29
477
395
44
1
(')
7,956
2,369
311
2,053
5,001
249
253
1,837
535
499
132
477
279
740
586
1,186
230
i')
218
1,672
162
290
425
201
82
175
175
162
12,047,892
76,114
76,114
110,751
3,624
31,406
62,076
10,917
304,218
5,759,705
1,543,459
788,999
3,217
200,704
357,201
101 , 517
72,787
56,273
150,952
234,721
20,191
22,730
66,564
34,888
140,111
601.745
380.263
240.394
303.048
66,100
82,100
184,585
159,549
121,819
20,110
14,745
(^)
5,260,839
2,572.100
140.544
2.431.556
2,505.014
152.504
863.474
697.723
124.871
269.377
30.650
122,056
69.705
174.654
133.725
100.589
37.903
83
11.232
7,012
19,571
11,499
10.026
50.652
535
274,684
43,211
41,923
70,000
22,321
12,207
29,498
23,374
27,150
361
(')
4
40
248
57
871
3,753
66
322
1
171
519
154
136
56
511
241
17
27
63
103
59
317
487
405
I'}
8.136
2.429
321
2,108
5,071
249
283
1,847
535
499
132
477
279
770
636
4,712
661
2
500
144
15
240
228
3,744
67
1,733
172
300
446
211
82
205
205
162
(24)
3.373
3,275
97
870
(')
'282
31
945
317
4,195
295,482
53,524
59,575
376
7,946
7,354
3,692
88
3,990
10,460
14 259
'377
1,510
2,471
1,557
7,067
28.626
32.152
15.301
18,917
5,398
7,604
2,588
14,306
6.308
5.000
2,527
(M
104.165
(')
50.676
2.319
47.357
51.000
3.537
25,950
12,210
2,170
'1,163
273
4,243
769
3,016
2,489
33,850
9,936
123
2,745
6,062
1.056
1,530
(*)
1.312
20,932
1,402
7,235
3,664
974
739
129
11
'287
1,122
883
203
See footnotes at end of table. See text for explanatory statements and for "Description of the Sajuple and Limitatione of Data."
90
ACTIVE CORPORATION INCOME TAX RETURNS-1954
ALL ACTIVE CORPORATION RETURNS
T«ble U.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME OR DEFICIT, BY MONTH IN WHICH ACCOUNTING PERIOD
ENDED, BY MAJOR INDUSTRIAL GROUP— ConUnuad
Major industrial grtDup
Returns with annual accounting period ended — Continued
Total assets
Number
of
returns
(TTwuaand
dollsra)
Gross receipts from
sales and from
operations
Number
of
returns
( Thousand
dollars)
Net income or
deficit
Number
of
returns
( Thotiaand
dottara)
September 1954
Total assets
(Thotiaand
dottara)
Gross receipts from
sales and from
operations
(Thousand
dottara)
Net income or
deficit
Number
of
returns
(Thousand
dottara)
(27)
(28)
(29)
(32)
(33)
(3".)
(35)
All industrial groups
Agriculture, forestry, and fishery
Fanns 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 prcducts
Printing, publishing , and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance,
machinery, and transportation equipment.
Machinery , except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except
electrical.
Ortlnance and accessories
Scientific instruments; photogn phic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Conmunication
Electric and gas utilities
Other public uitlities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and housef umishings
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance, 2 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
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
20,185
290
269
{')
(')
180
111
37
709
3,8U
85
313
2
233
495
118
136
399
269
17
37
109
84
79
291
561
511
28
7
O)
7.320
2,516
333
2,183
4.249
351
203
760
518
518
138
575
341
845
555
4,932
841
(')
627
148
45
244
3.744
103
2,163
155
428
472
174
129
270
234
306
8,089,549
73,652
71,158
(=)
(')
404,325
12,560
1,459
19,096
365,289
5.921
108,242
3,094,528
418,173
371,960
7,139
444,367
85,754
61,457
28,159
144,053
71,691
399,073
70,054
27,842
33,409
27,074
105,582
161 , 368
227,467
77,832
35,659
5,843
15,360
86,610
375,108
41,964
9,353
317,307
1,125.186
62.335
1,062,851
485.783
52.351
21,007
55.106
74,870
83,481
23.347
36.870
44.913
83.838
68.167
1,458.266
463.109
(')
234.054
145,343
12,823
20,767
945,019
29,371
877,546
64,322
55,961
56,265
24,337
7,095
611,330
34,525
23,711
18,746
290
269
(^) '
165
2
4
20
112
27
1,833
45
323
2
233
505
108
137
49
420
269
109
84
89
301
2
52
422
527
486
19
7
(')
7,452
2,527
344
2,183
4,340
351
203
775
518
549
128
620
341
855
585
1,449
370
( = )
314
(')
27
234
844
,195
155
438
469
174
139
280
244
296
12,345,368
76,031
72,141
232,022
13,033
5,830
17,767
188,373
7.019
255.620
5,700,808
617,220
890,902
17,115
672,525
263,067
106,499
62,750
165,050
134,584
756,267
133,533
47,882
84,983
47.708
172.871
283,658
443,582
176,708
79 , 348
11,612
26,616
173,371
162,510
70,621
6,782
83,416
(')
5,050,230
3,394,353
132,885
3,211,468
1,456,734
294,566
58,967
149,312
140.349
316,334
91.820
109.294
95,443
200,644
199.143
25.483
(')
18.158
(^)
4,510
16,630
74,620
256
751,073
50,104
110,940
115.842
24,500
15,532
354,597
41 ,999
37,559
21,118
300
269
(')
(')
196
3
14
20
122
37
3,923
85
333
2
233
505
118
137
49
420
279
17
37
109
84
89
301
154
57
577
526
29
7
(')
7,602
2,607
354
2,253
4,410
361
213
785
528
559
138
620
351
855
585
5,233
871
(')
647
158
45
244
4,015
103
2,296
155
438
519
184
139
281
264
316
(')
{')
433.078
2,771
2.874
(')
(')
11,890
2,040
57
^907
10,408
292
259,465
15,894
32,816
623
21,077
5,044
1,807
803
16,952
7.174
43,864
2,499
859
1,944
1,124
14,897
15,741
28.329
'100
4.708
1,308
1,095
5,335
15,122
753
'162
14,428
56.580
34.186
1.998
32,168
20,169
6,139
1,444
1,634
2,090
819
1,973
1,066
2,121
2,883
2,225
36,447
16,732
(=)
4,229
11,612
298
1,309
18,059
347
46,692
1,830
7,065
5.984
1,111
10
27,637
2,043
1,012
223
283
253
397
26
1
34
238
98
1,591
5.987
141
540
(')
289
724
270
164
141
629
325
18
43
99
172
150
571
239
91
(^)
105
797
575
82
16
(')
10,558
3.702
462
3.240
5.940
572
162
569
664
975
366
929
457
1.246
916
7.918
(')
1.232
179
68
358
(')
348
88
3,438
501
632
709
365
195
330
382
324
13,720,035
58,660
56,803
(')
156,893
10,036
1,637
44,184
82,453
18,583
358,260
5,994,426
163,008
733,861
( = )
915,963
102,305
81,852
44,595
172,369
264,162
305,521
182,100
83.136
45,406
108,705
214,312
265,136
598,356
185,234
399,500
(')
40,948
153,803
324,715
108,263
17,004
194,835
(')
1,039,541
142,096
897,445
756,273
94,256
17,338
37,277
63,747
161 , 351
117,845
77,077
66,459
120,923
116,914
4,277,862
2,651,707
( = )
1,288,155
870,149
173,069
32,690
(')
32,597
21 , 380
623,104
156,959
55,166
66,245
39,452
11,371
197,555
72,596
23,260
13,386
25,259
294
264
(') "
342
6
1
34
218
33
1,563
5,944
141
552
(')
310
710
260
165
142
619
316
18
43
99
174
150
571
239
31
(')
105
791
579
82
15
(')
10,669
3,510
458
3,152
6,113
596
177
589
674
988
371
990
437
1,241
946
2.126
596
(')
515
(')
50
388
(')
378
( = )
3,457
512
643
725
376
205
305
362
329
55.853
62.363
(')
125.787
3,600
4,695
35,969
64,986
16,537
727,949
10,267,234
300,413
1.896,508
(')
1.155,397
307,810
150,501
119,641
254,737
383,233
492,945
253,568
134,960
109,863
165,465
308,831
530,070
962.787
365,206
1,494,398
(=)
78,695
291,020
294,603
174,904
13,554
98,785
(=)
3 1 599, 221
468.242
3.130.979
2,266,428
462.470
39,873
39,547
125,271
509.038
305.868
204.087
143.584
234,690
358,415
245,651
92,539
0)
68,766
(')
22,961
24,200
(')
24,072
0)
678.626
119.613
103.836
157,539
49,366
26,929
128,410
51.972
40,461
3.204
304
274
397
26
.: ■■3
98
1,633
5,104
141
562
(')
310
750
270
165
142
629
326
18
43
99
174
150
581
['I
105
535
312
590
32
15
{')
10,900
3,741
468
3,273
6,183
596
177
589
634
1,008
371
1.000
437
1,271
975
3,172
1,581
1,293
204
388
(')
378
6,115
88
3,577
512
643
745
386
205
345
402
339
2,924
2,892
(')
1,304
'422
76
296
451
1,403
19,343
518,970
13,877
77,960
0)
31,462
3,524
2,990
3,833
14,701
24,973
33,865
10,511
9,972
1,581
9,253
21,073
29,157
86,010
17,066
139,005
'25,342
4,135
14,512
18,447
3,578
944
13,502
63,461
31,981
2,746
29,235
26.928
8.542
385
'240
1.441
'994
9.331
2,465
2.836
3.162
4,552
119,341
85,849
33,919
47,685
2,616
2,238
(')
2,229
30,435
819
32.232
2.935
3,639
8,428
609
727
10,118
4,593
1.183
810
See footnotes at end of table. See text for explanatory statementeand for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS-1954
91
ALL ACTIVE CORPORATION RETURNS
Table 14.— TOTAL ASSETS. GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME OR DEFICIT, BV MONTH IN WHICH ACCOUNTING PERIOD
ENDED, HV MAJOR INDUSTRIAL GROUP— ConUnued
Uajor Industrial group
Returns with annual accounting period ended — Continued
October 1954
Total assets
Number
of
returns
C Thouamnd
dollmra)
Gross receipts from
sales and from
operations
Number
of
returns
(Thouaand
dollars)
Net income or
deficit
Amount
(Thouaand
November 1954
Total assets
Number
of
re tu ms
Amount
(Thoumand
dollara)
Gross receipts from
sales and from
operations
Number
of
returns
(Thouaand
doltara)
Net income or
deficit
Number
of
retu ms
Amount
(Thousand
(37)
("iO)
(43)
(•i^)
(■i6)
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,
machinery, and transportation equipment.
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment , except
electrical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Comn'ssion merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
F\irniture and housefumishings
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
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
224
2U
(') "
299
(=)
(')
16
200
48
1,028
4,489
112
412
3
189
597
228
169
107
405
207
16
30
188
135
143
473
184
47
333
535
460
(')
13
(=)
7,783
2,840
388
2,452
4,127
365
89
420
309
732
137
577
747
751
816
5,695
1,224
■224
763
182
55
(')
266
4,308
91
2,267
421
436
541
151
85
181
254
198
106,532
106,318
(')
102,922
{')
(=)
3,646
65,602
30,111
303,060
7,012,225
76,610
990,848
1,163
521,842
192,477
117,738
37,404
404,721
73,274
266,040
103,389
559,402
314,888
111,991
150,901
209,021
2,482,853
124,464
91,777
40,411
1,618
17,600
121,793
153,964
94,607
(')
48,394
(')
915,257
43,512
871.745
548,752
74,729
10,269
62,727
36.090
117,239
7,301
27,129
144,278
68,990
100,663
7,706,933
6,732,737
4,948,368
990,492
729,771
64,106
21,355
(^)
19,274
935,374
17,467
392,274
112,989
35,802
50,338
14,530
4,437
124,252
34,142
15,784
3,422
18,597
225
215
(')"
258
(')
(')
6
175
52
1,034
4,534
112
413
3
199
618
209
179
108
425
207
30
188
136
143
463
185
47
1
52
333
535
450
0)
23
(')
7,778
2,763
393
2,370
4,193
383
89
426
314
732
137
592
758
762
822
1.949
601
204
361
(')
24
282
276
(')
2,268
440
446
553
151
85
171
244
178
{')
20.484.950
78.948
78,552
(=')
110,534
(^)
C)
10,285
51,080
47,749
640,527
14,266,587
116.789
5,764.176
5,417
563,198
498.699
204,376
90,857
422,676
121,719
474,362
137,358
864,916
602,736
150,417
225,132
314,651
224,655
170,097
4,397
26,454
210,508
106,226
86,175
(=)
16,167
C)
4.555.897
2,713.636
93.759
2.619.877
1.565.387
370.413
33.618
150.195
74,064
409,296
22,072
79,034
265,131
161.564
276.874
153.241
56.169
2.267
47.139
(')
5.958
21 .039
(')
19.250
( = )
570.814
81,802
69,197
100,350
21,247
11,468
201,134
52,846
32,770
0)
225
215
(')"
309
(=)
( = )
16
205
53
4,605
112
413
3
199
628
229
179
108
425
207
16
30
188
136
143
473
1
53
348
565
480
( = )
23
(')
7,994
2,889
403
2,486
4,253
393
99
436
314
742
137
602
758
772
852
6,129
1,278
228
803
192
55
295
(')
286
4,465
!,369
461
446
583
161
85
181
254
198
3.142
3.137
(') "
3,236
(*)
^')
36
1,134
2,426
16.187
475.421
1.263
14.664
132
10.770
6.692
6,931
2,524
57,002
4,561
31,173
8.574
61,457
25.051
11.438
6.257
22.831
164.971
14.023
9.063
388
140
11.513
9,774
7,536
(5)
2,122
(5)
81,456
55,358
2,014
53,344
19,683
8,639
113
2,631
1,113
'376
'166
84
6,454
1,191
6,415
121,092
97,554
12,037
23,752
61,052
713
1,442
1.169
20.709
1,377
28.028
510
2.711
1.440
590
265
17.468
3.514
1.530
»11
168
137
1
(')
171
2
(')
11
80
68
753
3,611
129
158
1
193
742
186
179
64
237
271
19
28
200
134
88
309
2
24
205
417
375
15
21
{')
5.182
2.197
236
1.961
2.396
160
72
205
181
414
92
284
679
309
589
3.981
552
173
170
1
169
2.969
,509
167
375
460
87
54
196
112
58
33,115
31 , 303
155
(=)
103,298
12,695
(=)
9,027
39,706
41,224
158,069
4,688,463
117,099
200,617
3.875
595,862
408.492
100,652
208.404
201.651
45.271
472.146
88.987
132,172
385,846
80.209
142,419
267,688
691,948
81,625
308.553
7.694
13.967
90,095
113,864
65,986
24,232
13,895
(')
1,470,416
983,620
108.490
875,130
358,318
16,518
20,010
26,925
30,938
48,288
2,775
14,315
156,053
42,496
128.478
2.227.703
1.350.763
387,227
434,340
55,373
14,456
3,924
10,532
592,776
5,185
233,453
57,836
23,375
43.087
9,352
3,125
39,295
48,553
8,830
13,663
168
147
1
(')
162
2
(=)
11
81
58
750
3,612
129
157
1
193
748
19 ,■
160
65
237
272
19
28
202
125
94
311
2
24
206
447
395
25
21
(')
5,240
2.160
252
1.908
2.501
175
72
205
170
424
117
334
705
299
227
16
162
(')
39
170
1
169
(^)
1.499
177
375
440
97
54
165
123
68
12.907.483
36.019
34,243
550
(')
105,272
10 , 549
{')
9, en
41,387
41,171
328,360
8,280,141
132.332
520,480
3,853
862,209
925,322
167.457
383.979
243.235
87.069
629,224
102,929
178,213
664,336
125,023
231,784
439.398
1,062.X5
152.006
1.012.223
41.922
30,727
153,405
110,212
72,965
22,668
11.967
( = )
2,456,144
87,447
2,368,697
852 , 592
112,516
34,723
57,157
50,373
170,300
11,512
49.307
278.506
88.198
315.911
125.346
44,643
17.829
14,496
(')
12.298
9.379
1.450
7.929
(')
295,157
41,884
41.973
93,607
10,364
10,522
30,875
46,676
14,256
1,829
16,716
188
147
1
(')
172
2
{')
11
81
68
815
3,718
129
158
1
193
768
207
180
65
252
272
19
28
202
135
94
321
206
447
395
25
21
(')
5,431
2,270
252
2,018
2,562
175
72
225
181
434
117
344
705
309
599
4.037
808
13
572
173
45
170
1
169
3,044
65
1,570
177
375
430
97
54
196
123
68
670,959
637
517
8
(')
5,978
388
(')
343
2,476
2,750
6,915
479,400
17,496
14,250
49
9,679
22,373
5,577
22,845
25,144
6,620
44,444
7,683
2,302
33,339
8,702
20,417
40,279
73,954
16,610
89,l6l
4,341
2,153
1,984
9,978
5,567
90
4,851
1,418
(')
79,855
59,412
5,757
53,655
13,427
1,262
523
404
1,314
'821
43
'302
7,565
2,939
7,016
76,734
53,801
9,006
5,300
38,091
1,404
1,692
777
915
159
13,844
957
1,020
4,341
912
216
1,005
4,420
973
58
59
70
71
72
73
74
75
76
See footnotes at end of table . See text for explanatory statements and for "Description of the Sample and Limitations of Data .
448404 O -57 ■
92
ACTIVE CORPORATION INCOME TAX RETURNS -1954
ALL ACTIVE CORPORATION RETURNS
T«ble 14.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME OR DEFICIT, BY MONTH IN WHICH ACCOUNTINO PERIOD
ENDED, BY MAJOR DTOUSTRIAL GROUP— Continued
Major Industrial group
Returns with annual accounting period ended — Continued
January 1955
Total assets
Number
of
returns
Amount
f 77Mua«id
(dollara)
Gross receipts from
sales and from
operations
Number
of
returns
( Thouiend
Net income or
deficit
Amount
(TTiousand
dollars)
February 1955
Total assets
Number
of
returns
( Thousand
dollars)
Gross receipts from
sales and from
operations
Number
of
returns
(Thousand
dollars)
Net income or
deficit
Number
of
returns
Amount
(Thousand
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(60)
All Industrial groups.
Agriculture, forestry, and fishery.
Fanns and agricultural services..
Forestry
Fishery
Uining 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 ordinance,
machinery, and transportation equipment .
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except
electrical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; 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 housefumishings .
Automotive dealers and filling stations.
Dnjg stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance,^ real estate, and lessors
of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment conpanies..
Security and comnodity-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
Autooctive repair services and garages....
Miscellanecuo repair services, hand trades
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
21,264
157
142
(')
(')
107
(')
934
3,136
32
174
a2
762
lie
121
51
321
109
21
19
73
76
97
226
109
18
294
299
269
(')
1
(')
11,412
2,321
348
1,973
8,426
266
1,661
3,479
656
374
192
387
552
859
665
3,809
366
162
14
141
136
36
1,270
113
243
419
115
51
117
90
122
38,546
36,767
(^)
(^)
23,704
1,537
14,150
(')
200,887
1,174,079
10,975
101,282
99,253
181,152
44,118
32,192
19,198
114,482
33,298
21,108
14,036
13,910
69,762
16,431
81,622
109 , 557
38,570
4,712
123,370
46,120
39,245
(')
3,039
(')
8,615,050
769,418
41,839
727,579
7,732,357
60,351
6,075,214
1,007,678
227,858
75,514
28,929
17,253
81,048
158,512
113,275
1,463,301
279,744
210,697
18,469
17,603
(')
16,099
8,295
188,685
41,730
18,815
84,089
17,010
2,148
9,795
7,420
7,678
11,953
18,242
167
162
(=) "
107
1
83
900
3,123
32
164
212
767
118
111
51
332
109
21
19
74
76
109
18
284
299
249
(')
1
i')
11,451
2,281
318
1,963
8,490
266
1,654
3,493
667
355
202
397
572
884
104
(=)
146
663
1,214
103
253
373
100
61
122
90
112
40,429
39,499
(')
21,012
2,677
14,076
2,475,352
19,061
288,525
198,341
498,077
90,981
63,185
37,455
198,620
86,274
47,483
29,529
44,205
106,361
43,242
166,800
161,264
79,721
13,031
53,327
225,044
58,844
51,291
(')
1,596
(M
2,550,325
82,386
2,467,939
14,482,317
296,739
10,874,302
2,137,851
316,298
272,932
87,464
53,365
167,580
275,786
283,161
112,987
13,521
(')
9,970
8,929
(')
7,970
1,365
194,636
19,729
37,593
80,379
13,633
5,955
13,386
9,957
14,004
4,701
21,855
187
172
(')
(=)
107
(=)
950
3,183
32
174
212
767
118
121
51
332
109
21
109
18
294
319
269
(')
1
I.')
11.663
2,371
358
2,013
8,612
266
1,675
3,534
667
385
202
407
582
894
680
3,951
383
173
14
151
(')
146
46
1,305
113
253
429
115
61
122
90
122
933,602
1,058
838
(=)
C)
'444
I453
84,195
966
6,030
3,555
5,313
2,241
2,841
1,911
11,735
4,737
ll
1,165
556
13,356
902
5,310
12,263
2,085
61
3,825
3,718
2,840
(=)
272
( = )
775,183
31,899
3,322
28,577
737,574
5,572
660,551
53,352
5,702
3,089
1,923
238
2,084
5,063
5,710
51,613
6,317
14,206
1,087
391
(=)
299
1,132
6,335
629
1,309
3,223
'1,526
87
209
1,345
1,059
'90
2X
205
(')
304
(=)
1
(=)
204
56
3,259
59
275
127
537
161
174
69
284
131
14
39
58
98
65
348
129
28
( = )
563
513
7,286
2,530
285
2,245
4,073
298
175
752
433
450
150
641
494
680
683
4,625
693
C')
544
96
(')
179
1
178
93
1,534
184
266
386
164
52
151
151
180
55,818
54,129
(')
78,384
(')
108
(')
53,618
13,399
273,436
,814,523
17,727
535,584
78,955
84,233
104,074
30,847
36,540
111,341
55,424
3,460
73,733
17,095
25,450
19,061
116,115
210,283
76,891
17,074
(=)
53,100
129,162
389,392
68,565
10,211
306,536
(=)
627,818
40,944
586,874
1,160,501
697,209
42,878
83,042
89,142
60,664
8,878
27,863
62,967
87,358
102,746
1,234,691
396,734
C = )
265,600
103,618
(=)
14,849
319
14.530
811,843
11,265
138,380
24,738
18,203
30,881
17,398
3,066
17,631
17,403
9,066
34,606
241
206
289
(')
1
(')
199
56
3,237
59
265
127
542
142
174
69
284
142
15
39
58
98
65
338
129
28
(')
595
505
7,368
2,501
295
2,206
4,184
313
175
747
478
455
160
676
485
695
683
1,338
268
(')
185
(')
(')
168
900
1,473
139
271
391
132
52
137
131
170
49,295
48,062
(=)
81,870
(')
610
(')
61,353
14,570
617,670
i, 179, 356
31,774
986,419
133,862
246,187
161,658
66,186
57,829
176,787
101,765
15,987
110,078
43,030
50,055
40,413
196,365
227,097
175,772
20,112
(')
75,479
220,831
231 , 596
92,710
6,604
131,362
(')
8,617,036
2,233,736
138,819
2,094,917
6,096,386
5,021,886
70,056
186,808
137,351
246,907
27,279
83,172
147,524
175,403
286,914
121,851
22,536
{')
10,596
(')
(')
14,645
527
14,118
520
202,357
13,616
41 , 372
53,339
11,284
4,639
28,169
21,721
23,217
5,276
251
216
(') '
304
(')
1
(')
204
56
1,438
3,317
59
275
127
542
162
174
69
304
142
15
39
58
98
65
358
129
28
(')
328
615
525
57
12
(')
7,534
2,576
305
2,271
4,245
313
175
757
498
465
160
677
495
705
713
4,732
694
544
97
179
1
178
103
1,626
194
271
432
164
52
152
181
180
3,286
3,397
(') '
'872
(')
'46
(')
'131
1,116
9,884
160,851
866
48,205
1,668
2,153
9,985
4,875
3,534
14,288
4,298
103
8,516
1,533
3,444
2,702
9,799
19,422
7,121
24
(')
3,186
14,107
22,005
7,095
'1,023
16,150
n
140,889
30,752
2,461
28,291
106,133
89,384
864
1,568
4,209
2,174
578
'393
3,160
4,589
4,004
44,059
(')
4,332
16,780
(')
540
24
516
'126
9,536
864
539
2,543
528
'39
'622
3,689
2,034
289
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.'
ACTIVE CORPORATION INCOME TAX RETURNS-1954
93
ALL ACTIVE CORPORATION RETURNS
Table 14.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME OR DEFICIT. BY MONTH IN WHICH ACCOUNTING PERIOD
ENDED, BY MAJOR INDUSTRIAL GROUP— Conlinued
Uajor industrial group
Returns Tfith annual accounting period ended — Continued
March 1955
Total assets
( Thoutattd
dotlar»)
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Thouaartd
doH»r9}
Net income or
deficit
Nuniber
of
returns
(Thoun
dollai
April 1955
Total assets
Number
of
returns
Amount
( Thousand
Gross receipts from
sales and from
operations
Amount
( Thouatnd
Net income or
deficit
Number
of
returns
Amount
(Thouaand
dollara)
(61)
(63)
(65)
(66)
(67)
(68)
(69)
(70)
(71)
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
Prijuary metal industries
Fabricated metal products, except ordnance,
machinery, and transportation equipment.
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles .
Motor vehicles and equipment, except
electrical.
Ordnance and accessories
Scientific instrmnents; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Consiuni cation
Electric and gas utilities
Other public utilities
Trade
Wholesale
Conmission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings
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 cnmpanies
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
Heal 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
35,086
570
537
(')
485
28
( = )
70
249
132
2,902
6,427
153
664
1
258
660
327
270
122
659
265
23
136
263
126
676
247
55
1
150
854
738
61
4,271
558
3,713
6,416
708
220
713
304
862
177
834
630
1,398
1,314
1.202
42
906
161
93
367
(')
357
6,360
143
3,462
354
641
382
302
235
356
400
292
10,638,077
159,931
146.248
(')
{')
368,645
12,067
88,901
159,767
107,277
620,507
3.559,569
61,614
880.579
510
305,189
108,629
201.555
102,080
214,527
169,752
83,666
80,866
12,406
35,081
118,382
61,400
160,004
456,495
186,709
15,412
364
117,389
155,239
193,068
153,994
16,557
9,770
12,747
1,307,920
63,784
1,244,136
1,060,150
330,898
27,695
71,924
121,544
149,890
29,632
41,708
94,573
192,236
172,361
2,738,230
1,280,648
458,153
501,448
280,681
40,366
37,372
(')
37,350
1,453,517
16,193
399,102
89,681
49,814
96,603
24,692
10,880
51 , 393
58,779
17,260
8,594
560
528
( = ) "
471
29
(')
85
219
132
2,855
6,462
163
648
1
258
641
348
280
123
660
255
23
27
136
263
136
666
244
55
1
150
864
728
81
9
46
4,199
543
3,656
6,597
699
230
683
814
897
137
989
650
1,448
1,235
2,144
297
(')
(')
357
1,357
(')
3,343
259
642
845
252
240
357
415
313
17,892,123
150,573
148,228
(5)
307,153
8,703
75,810
116,383
103,414
1,413,308
6,584,311
173,702
2,012,832
1,126
443,213
317,926
342,139
221,145
279,193
293,899
175,495
186,302
28,271
36,390
169,990
105,015
315,005
537,317
354,990
33,331
651
166,977
273,880
170,628
151,348
9,177
5,623
4,480
8,510,192
4,550,125
183,303
4.366,822
3,525,836
1,702,663
75,822
114,999
231,323
546,863
91,469
131 ,025
2X,354
400,367
434,181
207,095
58,925
15,215
18,266
(')
23,214
31,502
(')
31,419
116,645
544,707
43,059
101,343
181,630
26,571
26,423
63,845
62,353
39,463
4,156
36.447
591
548
( = )
(')
5a
39
(')
35
249
142
2,985
6,595
163
668
1
259
681
348
230
123
680
265
23
27
145
253
136
696
247
55
1
150
834
748
31
9
46
4,334
563
3,771
5,587
719
230
713
834
917
187
939
550
1,448
1,325
3,435
1,250
43
953
171
93
373
(')
367
6,584
163
3,555
374
552
922
322
240
367
445
333
631,993
6,739
5,777
(*)
(')
9 051
'539
(')
982
98
8,591
33,830
335,418
4,892
103,993
1
13.611
2,618
24,165
9,573
26,052
11,395
11,224
6,391
1,390
3,525
13,247
4,752
9,200
34,746
27,894
430
2,079
Hl4
9,513
13,584
4,624
5,409
'1,977
1,106
86
154,925
75,411
2,818
73,593
72,271
45,451
1,331
1,185
1,000
4,199
3,020
847
5,576
9,662
6,243
53,381
22,597
1,380
5,208
14,244
1,855
3,138
32,905
'377
23,233
3,339
3,629
5,954
837
73
5,325
7,085
1,990
792
283
279
314
2
15
193
92
1,593
4,405
69
403
3
225
596
209
215
73
465
154
29
115
405
435
677
501
23
42
8,057
3,149
363
2,781
4,093
337
144
394
564
501
153
590
411
954
810
6,595
1,117
28
874
156
59
215
5,105
155
2,409
343
375
559
233
125
136
327
246
8,649,410
85,370
81,657
3,713
192.494
(')
3,106
97,965
54,639
25,427
352,219
2,532,817
105,354
351,175
3,429
137,600
113,625
232.653
68,731
447,174
150,885
44,342
34.791
14,777
34,109
121,187
41,316
140,908
193,579
84,429
165,936
11,115
38,334
85,313
170,414
161,117
3,472
(')
2,124
1,554,998
799,528
64,632
734,996
599,084
179,211
12,138
24,198
53,371
87,474
17,358
35,934
57,625
125,715
156,285
3,230,511
1,893,485
227,120
1,192,970
272,625
200,769
25,841
299
26,542
15,944
410,331
225,011
43,306
45,415
33,990
5,150
12,073
27,785
11.151
19,606
294
290
(')
15
163
112
4,238
59
413
3
215
597
199
205
73
430
154
29
21
117
37
116
405
133
73
457
645
559
23
I')
42
8,194
3,070
358
2,712
4,234
393
144
409
554
521
153
720
416
969
340
1,596
372
(')
310
1
43
236
(')
226
2,278
247
400
504
208
125
196
362
236
11,470,077
83,150
79,844
3,316
205,606
(^)
5.596
100.864
64,074
33,423
725,680
4,323,923
159,506
830,480
5,005
235,802
325,578
308,319
142,534
385,917
257,105
92,254
63,583
33,547
93,396
125,270
59,901
242,824
292,919
151,252
236,113
163,394
144,789
135,247
4,852
2,253
5,305,911
2,793,655
178,824
2,614,831
2,050,025
918,105
27,377
52,572
103,529
341,313
45,155
110,912
122,155
333,296
452, 2X
83,496
( = )
17,609
21
65.297
16,826
(')
15,819
113,972
450,125
137,049
57,230
119,238
23,490
14,242
22,614
49,976
26,236
5,031
294
290
334
2
15
193
112
1,626
4,453
69
413
3
225
517
209
215
73
455
154
29
21
117
97
116
415
487
635
609
23
(')
42
8,364
3,200
363
2,332
4,314
393
144
409
564
521
153
740
416
959
850
6,837
1,149
28
894
158
69
237
(')
226
165
2,605
384
400
569
263
125
a6
332
255
(72)
5,550
5,772
(')
'125
1,833
1,523
3,299
16,701
239,320
12.477
23,916
116
1,376
4, OX
19,877
4,984
53,589
17,516
4,173
4,187
3,009
2,436
23,261
'355
13,247
19,014
8,935
12 1 637
5,028
5,049
11,789
10,485
(')
191
45,747
2,586
44,161
43,951
20,871
'45
671
654
2,495
1,442
1,566
4,050
12,247
10,526
73,953
32,868
1,013
7,913
21,724
2,213
1,667
(')
1,565
38,878
540
22,349
7,372
2,489
3,433
1,965
133
910
6,031
15
216
See footnotes at end of table. See text for explanatory statements and for "Description of the Sajnple and Limitations of Data."
94
ACTIVE CORPORATION INCOME TAX RETURNS -1954
ALL ACTIVE CORPORATION RETIRNS
Table U.-TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME OR DEFCrT. BV MONTH IN WHICH ACCOUNTINO PERIOD
ENDED, BY MAJOR INDUSTRIAL GROUP— ConUnusd
Major industrial group
All industrial groups
Agriculture, forestry, and fishery.
Farms and agricultural services . .
Forestry ■.
Fishery
47
i8
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
6S
69
70
71
72
73
74
75
76
Mining and quarrying
Metal mining
Anthracite mining
Bituininous coal and lignite mining
Crude petroleum and natural gas production
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics....
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance,
machinery, and transportation equipment.
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except
electrical .
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Comsission merchants.
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings
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
Motion pictures
Amusement , except motion pictures
Other services , Including schools
Nature of business not allocable
Returns with annual accoi^nting period ended — Continued
Total assets
Number
of
returns
23,017
425
370
302
13
41
192
56
1,170
4,143
45
365
3
191
639
162
159
92
365
257
7
45
140
140
102
332
129
21
2
86
461
559
484
27
( = )
38
8,003
3,400
446
2,954
3,748
318
149
304
542
597
181
4i9
271
937
855
6,176
985
(')
785
106
73
174
4,920
97
2,006
252
309
494
182
131
205
248
185
233
( Thouaand
dollara)
(74)
102,343
99,235
227,379
27,895
10,730
165,333
23,371
198,579
1,119,286
10,079
794 . 364
4,354
120,061
110,461
42,949
59,415
99,709
61,494
795,561
19,868
4,958
45,083
38,827
391,625
125.690
100,791
166,741
24,951
1,703
16,147
75,560
135,645
117,751
12,720
(')
2,967
999,893
49,534
950,359
449,831
45,657
18,460
23,589
80,713
81,933
15,975
28,029
51,414
104,041
123,229
2,101,666
843,088
(')
448,648
77,390
46,488
21,350
1,229,122
8,106
220,500
63,030
23,292
28,552
12,085
12,693
35,960
35,502
9,386
5,944
Gross receipts from
sales and from
operations
Number
of
returns
425
370
263
13
41
153
56
365
3
197
650
153
159
92
344
262
7
45
140
140
97
332
121
20
432
539
474
17
(')
38
8.131
3,414
461
2,953
3.852
339
164
314
543
594
181
499
281
937
865
1,664
432
(=)
335
(')
70
184
1,038
(')
1,891
192
324
414
182
131
195
258
195
111
dollai
(76)
12,285,147
125,900
118,965
6,935
183,939
19,379
12,880
107,345
44,335
424,061
5,561,065
15,061
2,191,387
10,976
205,259
361,249
97,822
111,487
166,267
121,083
658,333
33,888
12,599
128,079
66,042
339,687
245,035
181,345
359,275
42,511
5,041
29,246
162,534
191,209
170,655
13,257
3,907
3,696,711
146,357
3,550,354
1,267,438
252,511
39,807
54,705
109,937
307,625
46,440
85.286
108,172
262,955
354,581
208,965
77,574
(')
14,534
(')
62,207
19,518
19,518
111,502
(')
269,468
40,750
43,999
43.676
12,355
30,800
41,511
41,669
14,708
Net income or
deficit
Number
of
returns
(77)
1.810
425
370
55
303
41
193
1,214
4,196
45
365
3
197
650
163
159
92
365
262
140
140
107
332
131
21
2
86
482
560
485
27
38
8,276
3,499
476
3,023
3,902
339
174
314
543
614
181
499
281
957
875
6,408
1,052
837
111
83
184
5,075
97
2,086
252
324
494
202
141
210
258
205
273
( Thatiaand
doltara)
(78)
5,367
6,063
'696
15,896
5,751
7,744
2,465
7,505
264,094
361
70,614
357
3,340
4,145
5,477
5,168
7,593
5,242
76,459
1,008
'570
2,826
4,195
29,584
9,531
9,524
22,541
408
468
1,222
4,255
15,716
15,661
'59
(')
92
86,412
57,288
3,553
53,735
21,275
3,608
652
957
2,355
3,693
1,532
489
2,303
5,686
7,849
44,347
(')
5.399
5,931
1,474
671
30,714
4,335
1,076
1,294
1.094
496
'577
'217
1,017
152
411
Total assets
49.133
840
793
(')
37
696
65
(')
125
387
103
2.545
10,071
121
855
17
497
1,369
478
457
248
979
614
38
70
158
299
261
962
443
58
999
1,646
1,322
209
(^)
92
17,843
6,867
948
5,919
9,285
781
427
1,191
1,100
990
584
1,083
760
2,369
1,596
10,718
1,932
232
1,371
295
84
517
(')
507
8,048
171
4,285
430
859
1,134
334
233
339
334
517
f TTwuaand
dollara)
(80)
19,503,831
277,590
272,588
(^)
4,774
502,999
41,449
(')
66,088
345,936
45,025
655,732
7,801,598
106,773
939,105
6,509
794,346
347,372
222,062
177,870
211,438
234,444
1,270,031
200,836
46,205
107,720
119,418
814,287
565.077
641,493
250.752
197,341
11,999
70,562
366,023
532,810
453,640
54,789
(')
11,951
2,144,313
133,331
2,005,932
1,257,060
214,122
54,032
127,560
171,759
160,871
51.649
56.832
106,753
303,482
268,150
5,517,333
3,544,298
1,530.316
1,481.819
443.637
38,526
40.981
(=)
33.523
1.912,558
19,496
628,910
153,835
60,709
114,347
42.473
15.775
123.447
57.009
61.315
17,336
Gross receipts from
sales and from
operations
Number
of
returns
41,213
862
315
{')
37
638
45
(^)
126
397
103
2,489
10,037
121
862
17
507
1,345
496
467
239
957
620
33
70
148
309
271
948
423
78
1,537
1,253
209
( = )
102
13,217
6.835
923
5,912
9,523
806
457
1,201
1,115
1,034
600
1,214
796
2,400
1,759
3.031
829
201
535
35
58
537
527
(')
4,124
389
879
1,070
289
308
339
334
516
( nioua^id
dollara)
(82)
29,920,127
333,433
328,679
( = )
4,337
443,836
49,534
(')
67,789
266,583
49,431
989,773
13,846,052
200,082
2,599,732
13,829
1,119.416
971.523
412,653
364,201
295,703
385.153
1,986,619
224,996
93,015
229,555
205.571
863,320
971,337
935,442
530,563
394,074
211,958
35,565
102,745
692,289
520,409
469,735
37,979
(')
7,324
8,072,465
289,764
7,732,701
3,802,399
1,149,021
124,022
299,141
308.231
665,935
148,404
193,520
234,170
580,405
773,880
327,367
116,212
5,028
33,660
6,635
70,889
31,373
{')
29,938
(')
795,675
99,343
104,969
204.257
35.439
34.966
160,898
68,908
35,895
9.288
Net income or
deficit
(83)
50,936
852
315
(')
37
758
65
(')
146
417
113
2,641
10,250
121
872
17
507
1,385
506
457
249
999
630
38
70
158
309
271
968
1,009
1,687
1,353
209
(')
102
18,447
6,985
953
5,032
9,703
306
477
1.201
1.115
1,064
500
1,234
796
2,410
1,759
11 , 170
2,091
232
1,477
298
84
(')
547
8,351
171
4,431
450
379
1,245
354
308
359
334
552
(Thoaaand
dollara)
(84)
19,892
19,927
(')
'81
13,231
2,005
(')
902
8,077
2,597
27,335
743,210
2,321
92,006
586
35,617
18,883
17, 520
16,599
15,225
24,454
185,993
1,590
5,813
7,664
15.723
55,485
57,050
70,404
25,078
29,712
34
3,718 35
35,500
32,544
27,394
4,137
(')
631
213,296
122, Ml
3,134
114,167
75,997
23,674
2,012
7,573
7,301
7,231
3,679
2,243
5,383
15,901
14,998
113,595
56,288
10,045
16,470
28,711
1,052
3,440
(')
2,392
52,995
871
44,433
5,531
3,823
11,301
2,319
448
10,563
5,134
4.314
'Deficit.
'For treatment of life and mutual insurance companies, see text, p. 17.
^Sampling variability of this Item was too large to warrant showing it separately. However, this value was included In each total.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
ACTIVE CORPORATION INCOME TAX RETURNS -1954
95
ALL ACTIVE CORPORATION RETURNS
T«ble 15.— SET INCOME OR DEFICIT AND TAXFS, BV CALENDAR AND NONCALENDAR YEAR ACCOUNTING PERIOD. BY SIZE OF NET INCOME OR DEFICIT
Accounting period and size of net income or deficit
Returns without
Number of
Nel incone
Incjine tax
Excess profits tax^
Number of
Number of
Amount
Number of
Amount
Deficit
returns
(Thouawd
(Thousand
returns
(Thousand
(Ihousmtd
doners)
dollsra)
dollars)
dollars)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(«)
«1 , 177
39,572,830
391,522
'16,823,241
3,724
37,711
281,628
3,244,395
182,793
8,366,298
159,355
3,628,931
3,536
37,379
110,210
1,197,479
36,675
15,374
29,508
3,044
-
-
42,282
12,683
18, X3
26,639
14,807
6,122
-
-
lr,75>_.
18,534
13,082
32,286
10,867
7,793
-
.
'1,431
20,692
9,680
33,679
8,178
7,999
-
-
b,43a
22,390
8,021
35,894
6,985
8,565
-
-
4,7-'!
21,454
25,321
182,842
22,663
47,229
_
_
13,930
99,671
15,612
193,025
14,465
51,454
-
_
6,595
80,637
11,699
204,017
11,133
56,697
11
3
3,711
64,295
ll,ilO
257,886
11,020
72,829
218
44
2,306
51,406
14,877
508,334
14,230
162,661
1,493
992
4,995
172,456
7,U6
500,702
6,832
196,750
703
1,360
2,428
167,132
5,125
786,002
4,957
342,092
529
2,329
1,071
162,143
1,880
654,306
1,835
300,657
247
2,271
278
92,627
948
654,581
929
310,203
134
2,460
93
65,150
827
1,716,606
795
808,004
164
8,672
44
79,540
157
2,564,125
151
1,246,832
37
19,248
6
66,669
258,384
31,206,532
232,167
13,194,310
188
332
171,418
2,016,916
59,457
23,326
48,063
5,105
_
_
75,740
21,058
27,30i
39,268
22,979
9,793
-
-
21,Oi2
30,614
18,001
44,468
15, 666
11,253
-
-
i3,a;7
32,167
12,907
44,910
11,433
11,405
_
_
9,143
31,754
10,847
48,543
9,760
12,101
-
-
6,836
30,612
33,498
241,723
30,773
64,305
1
9
18,868
133,748
20,398
252,023
19,480
69,258
15
1
8,239
101,263
13,700
238,690
13,200
67,046
1
_
4,581
78,961
13,010
293,553
12,720
84,074
20
2
2,861
64,162
20,520
710,732
19,949
232,759
87
36
6,049
208,389
11,741
819,769
11,456
322,479
40
80
2,785
190, 540
8,680
1,354,744
8,491
581,599
14
79
1,407
215,220
3,519
1,231,243
3,463
541,639
4
35
469
157,720
2,005
1,403,613
1,979
627,511
6
90
171
119,423
2,062
4,283,747
2,028
1,888,567
_
_
155
302,038
735
20,176,180
727
8,665,353
-
-
25
329,207
Annual noncalendar year accounting periods:
Total
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 or nore
Calendar and part year accounting periods:
Total
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 or more
^The excess profits tax law tenninated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
annual accounting periods ended July through November 1954 and returns for part years which began in 1953.
'included in the grand total, but not in the detail, is $63,000 of tax reported on returns with no net income. See "Explanation of Terms," Income tax, p. 25.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
96
ACTIVE CORPORATION INCOME TAX RETURNS-1954
RETURNS WITH BALANCE SHEETS
Table 16.— TOTAL ASSETS. NET INCOME OR DEFICIT. AND TAXES, BV CALENDAR AND NONCALENDAR YEAR ACCOUNTING PERIOD, BY SIZE OF TOTAL ASSETS
Accotinting period and size of total assets
RctujTis with and v;ithoat net income
Number of
returns
Total assets
(Thotiaand
dollars)
Net income
or deficit
(Thoasvjd
doUara)
N\miber of
returns
Total assets
(Thousand
dollars)
Net income
( Thouaand
dollara)
Income tax
Number of
returns
Amount
(Thousand
dollara)
Excess profits tax^
Number of
returns
Anount
( Thouaand
dollara)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(3)
Grand total
Annual noncalendar year accounting periods
Total
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 $2,500,000
$2,500,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 or more
Calendar and part year accounting periods:
Total
Dhder $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 $2,500,000
$2,500,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 or more
805,300,082
36,096,681
713, 530, 577
39,137,178
16,6*5,457
282,762
120,157,210
7,133,750
179,094
97,633,741
8,302,927
156,465
69,530
46,450
51,875
60,228
26,869
13,717
8,561
2,890
1,279
862
287
119
67
28
385,094
809,096
1,692,936
3,738,305
9,589,996
9,330,199
9,524,495
13,083,772
9,967,038
3,790,119
13,095,296
9,990,480
7,396,390
9,981,293
12,662,245
685,142,872
'59,746
22,774
143,189
406,135
415,481
492,183
743,468
591,419
578,433
883,736
627,409
520,404
595,098
,178,767
28,957,931
29,378
27, 170
35,201
44,922
20,723
10,664
6,600
2,272
1,027
700
243
108
61
25
240,585
338,568
999,865
2,560,824
7,190,253
7,213,507
7,413,072
10,093,623
7,329,054
7,090,943
10,646,423
3,431,680
7,112,623
9,039,373
11,663,928
615,846,836
55,168
118,364
259,031
609,351
548, 577
603,250
873,131
661,702
628,962
923,258
661,319
541,201
602,126
,217,437
21,387
23,006
31,278
41,267
19,232
9,979
6,142
2,109
971
646
217
102
55
24
11,232
30,574
71,044
184,747
193, 504
244,567
390,881
306,898
300,763
431,969
303,868
252,351
279,067
603,255
98,074
58,991
65,126
74,071
33,487
19,900
16,345
7,974
5,045
3,366
1,203
675
474
363
1,098,289
2,149,991
4,691,233
11,789,453
11,715,616
13,966,393
25,729,152
28,154,655
35,414,811
51,843,159
41,413,956
47,648,073
72,394,175
336,633,416
'63,661
13,540
116,513
427,634
548,698
718,939
1,157,865
1,127,802
1,262,422
1,987,437
1,699,716
2,108,794
3,143,231
14,709,001
39,846
33,602
42,516
53,632
26,147
15,887
33,203
6,667
4,058
2,684
1,001
576
416
350
511,944
1,234,024
3,078,293
8,587,238
9,157,819
11,187,577
20,767,882
23,471,615
28,541,734
41,376,633
34,491,339
40,923,240
64,079,600
328,437,798
65,436
115,913
258,885
671,500
702,536
353,320
1,343,255
1,266,738
1,368,348
2,144,103
1,755,0(X
2,235,611
3,238,630
14,814,972
14,237
30,056
72,444
205,402
251,862
347,863
589,095
564,431
622,052
963,541
302,845
967,776
1,504,474
(9)
43
249
1,074
885
557
363
U6
79
74
19
10
6
(10)
27
106
976
1,619
2,050
3,216
2,574
2,742
5,409
4,164
2,896
4,212
6,742
1
13
14
19
48
^The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that i
annual accounting periods ended July through November 1954 and returns for part years which began in 1953.
'Deficit.
NOTE; See text for explanatory statements and for "Description of the Saniple and Limitations of Data."
3te and reported on returns for
A
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
97
RETIRNS WITH NET INCOME
Table 17.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS. AND NET INCOME,By MONTH IN WHICH ACCOUNTING PERIOD ENDED. BY MAJOR INDUSTRIAL GROUP
Major industrial group
Retiirns for calendar, annual noncalendar, and part year
periods, total
Total assets
Number
of
returns
Amount
(ThwisHnd
dotlars)
Gross receipts from
sales and from
operations
Number
of
returns
Amount
f Thatisand
dottata)
Number
of
returns
Amount
(Thousand
doUata)
Returns for calendar year and part year periods, total
Total assets
Number
of
returns
Amount
(Thouaand
dollaraj
Number
of
returns
Gross receipts from
sales and from
operations
Amount
( Jhouaand
doUaraj
Number
of
returns
( Thousand
dottara)
(1)
(2)
(3)
(i)
(6)
(7)
(8)
(9)
{12)
All industrial groups
Agriculture, forestiy , and fishery
Farms and agricultural services
Forestry
Fishery
Uining 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 frcm 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 ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles .
Motor vehicles and equipment, except elec-
trical .
Ordnance and accessories
Scientific instruments ; photographic
equipment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Cooxmmi cation
Electric and gas utilities
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings
Automotive dealers and filling stations . .
IDrug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance, i 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 prop-
erty 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
4,272
4,004
150
118
4,005
213
57
442
2,014
1,279
20,522
72,998
1,676
6,436
108
3,147
7,437
3,470
2,593
1,969
9,146
4,482
426
529
1,589
2,783
2,085
7,393
6,861
2,391
653
16,304
12,001
2,333
49,438
6,352
43,086
75,893
5,871
4,635
10,771
7,233
12,783
3,673
6,522
10,184
14,221
12,043
129,856
32,628
13,579
13,246
4,661
1,142
8,620
2,081
6,539
85,801
2,807
32,779
3,362
6,864
8,943
3,167
1,608
3,078
2,640
3,112
1,569
713,530,577
1,940,197
1,807,018
114,731
18,448
8,159,887
2,074,321
141,808
1,356,972
3,515,934
1,070,852
6,706,872
164,843,339
3,414,916
11,391,962
2,854,453
6,641,201
2,671,583
3,362,122
1,431,749
6,763,075
4,905,996
15,701,835
28,122,760
2,806,720
1,262,809
5,193,681
16,080,551
7,303,526
14,406,674
8,802,072
5,370,679
10,417,103
191,391
2,530,129
2,716,352
87,464,017
30,850,980
16,300,162
39,061,163
1,251,712
49,895,857
22,355,373
1,445,639
21,409,734
24,154,871
3,473,341
3,600,154
2,096,230
1,434,540
3,135,975
513,446
595,583
2,100,724
2,104,373
2,835,613
386,430,185
259,433,772
225,159,941
20,688,493
11,752,558
1,387,780
105,555,951
104,554,251
1,001,700
19,073,612
2,311,650
7,935,351
1,700,239
322,044
1,399,982
447,207
122,562
1,992,088
546,041
405,638
154,372
462,063,942
1,751,159
1,696,953
31,642
22,564
6,478,991
1,188,569
98,262
1,120,985
2,994,501
1,076,674
14,441,227
236,497,536
6,604,469
30,132,816
3,617,689
9,145,564
7,037,233
4,558,905
2,844,539
3,000,697
7,453,649
17,583,562
26,719,227
4,395,471
2,612,869
6,219,273
18,275,377
12,327,011
19,281,472
13,411,065
10,791,152
16,528,690
449,401
3,591,853
4,915,552
36,016,746
16,365,854
8,303,993
11,111,600
235,299
145,891,876
70,950,647
3,370,715
67,579,932
67,493,352
18,940,222
15,969,913
4,452,466
2,361,325
13,320,994
1,478,225
1,764,416
4,097,644
4,607,647
7,447,877
11,222,698
2,398,274
895,435
1,171,578
59,583
271,678
7,163,923
6,508,039
655,884
16,962
9,690,054
1,249,616
1,436,177
3,102,159
440,133
279,670
1,751,969
652,749
777,581
73,655
4,741
4,428
160
153
4,248
215
57
462
2,208
1,306
21,411
74,603
1,717
6,553
110
3,193
7,600
3,617
2,617
2,004
9,454
4,588
432
544
1,621
2,344
2,139
7,497
2,439
677
45
1,205
5,999
17,436
12,590
2,713
948
1,185
143,432
50,738
6,617
44,171
80,003
6,287
4,833
11,133
7,495
13,149
3,975
7,732
10,433
14,966
12,641
138,764
34,203
13,792
14,155
5,088
1,173
9,572
2,638
6,934
3,278
34,682
3,620
7,122
9,434
3,433
1,704
3,183
2,934
3,252
1,855
176,168
163,836
10,674
1,658
946,048
244,166
14,364
46,940
514,172
126,406
633,538
19,653,551
378,867
1,301,554
321,699
479,034
216,217
364,341
184,576
916,440
630,330
2,289,153
1,662,847
311,606
129,672
818,585
1,618,472
970,118
1,199,092
845,349
47,161
433,872
329,997
4,709,853
1,233,657
1,340,164
2,037,223
48,304
4,356,658
1,793,448
118,142
1,675,306
2,329,795
425,358
975,099
159,420
89,839
249,403
43,360
70,229
155,171
156,411
233,415
8,293,140
3,703,202
2,090,115
565,704
985,932
66,451
3,486,380
3,404,070
82,310
116,789
788,143
106,269
81,410
232,734
34,199
13,605
166,736
86,175
67,015
15,731
1,937
1,767
117
53
2,348
149
37
318
1,085
759
11,042
39,302
1,073
3,420
77
1,456
3,051
1,842
1,303
1,170
5,583
2,512
287
264
641
1,654
1,196
4,207
1,152
354
30
768
2,336
11,516
7,814
2,006
800
896
71,221
24,854
3,257
21,597
40,351
3,043
2,193
4,025
3,351
8,956
1,997
3,453
6,458
6,375
6,016
84,578
24,923
13,067
7,820
3,293
743
6,569
2,025
4,544
2,206
17,688
1,777
3,858
4,740
1,806
924
1,655
1,196
1,732
953
615,846,836
1,103,779
992,033
100,046
11,700
6,835,531
2,001,470
136,322
1,120,657
2,770,138
306,944
4,070,378
127,333,117
2,016,161
6,204,325
2,822,812
3,426,269
1,195,958
2,237,512
742,561
4,916,922
3,652,489
12,018,868
27,512,699
1,354,942
327,094
4,415,943
14,484,772
5,199,130
3,996,819
7,577,575
4,017,100
9,938,331
129,932
2,131,328
1,513,025
85,309,296
29,820,898
16,169,001
38,119,053
1,200,344
25,294,256
12,944,359
779,975
12,164,384
10,666,198
1,764,269
2,206,565
627,750
709,766
2,432,871
231,568
335,343
1,362,312
995,749
1,683,699
361,237,380
242,927,570
217,070,994
16,318,029
8,284,198
1,254,349
105,327,825
104,539,328
788,497
10,826,553
2,205,427
4,520,136
944,645
433,996
1,378,051
265,612
72,224
881,461
233,196
260,951
92,913
307,957,049
838,230
798,202
30,625
9,453
5,164,943
1,129,373
77,485
894,374
2,322,361
740,850
8,856,352
169,077,040
3,455,141
16,531,767
3,550,095
4,602,774
2,995,328
2,664,472
1,402,115
5,820,393
5,416,210
12,143,838
25,709,943
2,382,950
720,837
5,072,632
16,039,488
8,493,438
10,941,393
7,109,557
286,973
2,959,518
2,651,302
34,219,194
15,082,826
8,192,677
10,741,383
202,303
37,905,106
1,315,215
36,089,391
32,510,552
8,648,273
4,311,075
1,258,155
1,060,450
10,906,324
674,333
998,942
2,553,994
2,093,956
4,033,406
9,630,127
1,366,178
355,229
927,192
39,271
44,486
6,939,507
6,500,195
439,312
812,141
12,301
5,617,406
734,449
815,538
2,057,803
265,868
157,230
806,810
276,952
502,706
49,643
2,321
2,126
127
63
2,537
150
37
332
1,247
771
11,743
40,645
1,113
3,515
79
1,497
3,169
1,959
1,329
1,200
5,838
2,609
291
279
672
1,711
1,230
4,283
1,188
378
31
783
2,970
12,518
8,314
2,365
850
989
76,199
25,900
3,460
22,440
43,777
3,399
2,352
4,331
3,571
9,275
2,262
4,446
6,668
7,473
6,522
92,030
26,204
13,274
8,510
3,656
764
7,439
2,580
4,859
55,760
2,627
19,213
1,968
4,090
5,090
2,042
1,010
1,744
1,414
1,355
1,178
101,809
91,926
9,265
613
316,510
230,739
13,666
35,327
441,732
94,996
409,300
15,303,295
233,133
704,781
319,096
274,739
97,854
245,800
95,639
631,749
473,074
1,820,456
1,612,486
212,445
37,394
706,454
1,428,424
633,801
1,009,144
533,270
2,248,937
36,521
379,498
179,245
4,522,851
1,123,463
1,318,669
2,035,095
45,624
2,173,474
1,061,125
67,238
993,837
972,161
200,025
262,332
43,593
41,317
194,588
21,103
33,099
98,321
67,773
140,188
7,398,133
3,255,173
2,051,778
435,706
717,159
50,530
3,464,663
3,402,107
62,556
107,589
472,238
64,036
45,330
170,339
19,154
8,518
31,616
37,098
45,647
8,922
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
98
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH NET INCOME
TtbU 17.— TOTAL ASETS. QROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME,BY MONTH IN WHICH ACCOUNTINQ PERIOD ENDED, BY MAJOR INDUSTRIAL GROUP— Cailinii«d
Major industrial group
Returns for annual noncalendar year periods, total
Total
assets
Gross receipts from
sales and from
operations
Net income
July
1954
Total
assets
Gross receipts from
sales and from
operations
Net income
Number
of
Amount
Number
of
Amount
Number
of
Amount
Number
Amount
Number
Amount
Number
Amount
returns
rniouajvid
returns
(TTi<ajmand
returns
(Thouaand
of
( Thotjaerd
of
( TTiouawid
(Thouitnd
dollmrf)
doltmrt)
dotUrw)
returns
doll»fa)
dollmra)
dollsrt}
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
179,094
97,683,741
147,488
154,106,393
182,793
8,366,298
12,241
5,826,520
10,059
10,479,630
12,502
540,158
2,335
836,418
2,333
912,379
2,420
74,359
221
56,995
221
63,939
222
4,272
2,237
814,985
2,302
(^)
393,751
2,X2
(*)
71,910
220
56,449
221
68,989
221
4,175
{')
(')
{')
1
546
_
_
1
97
65
6,748
75
13,111
85
1,040
-
-
-
-
-
-
1,657
1,324,306
1,686
1,314,048
1,711
129,533
169
101,439
179
74,784
179
5,349
64
72,851
65
59,196
65
13,377
1
1,720
1
1,956
1
53
20
5,486
20
20,777
20
693
1
174
1
586
1
66
124
236,315
130
226,111
130
11,613
10
22,396
10
19,447
10
1,036
929
745,746
936
672,140
961
72,440
102
70,456
112
43,283
112
3,678
520
263,908
535
335,324
535
31,410
55
6,693
55
9,512
55
511
9,4«0
2,636,494
9,592
5,584,875
9,668
224,238
435
105,687
436
222,573
436
7,340
33,696
37,510,222
33,315
67,420,496
33,963
4,350,256
2,287
2,406,652
2,295
5,274,695
2,305
323,888
603
1,398,755
604
3,149,328
604
145,729
38
453,485
39
1,544,780
39
58,906
3,016
5,187,637
3,033
13,601,049
3,038
596,773
166
353,125
166
710,815
166
61,430
31
31,641
31
67,594
31
2,603
1
3,559
1
3,217
1
376
1,691
3,214,932
1,696
4,542,790
1,696
204,295
123
91,904
123
169,170
123
9,094
4,386
1,475,625
4,411
4,041,905
4,431
113,363
315
101,934
315
290,767
315
9,582
1,628
1,124,610
1,638
1,894,433
1,658
118,541
116
46,644
126
81,266
126
4,625
1,285
689,188
1,288
1,442,424
1,288
38,937
57
17,967
57
47,242
57
1,464
799
1,846,153
304
2,179,304
804
234,691
33
36,090
38
49,622
38
4,209
3,563
1,253,507
3,558
2,037,439
3,616
157,256
319
69,983
310
123,871
320
11,913
1,970
3,682,967
1,969
5,439,674
1,979
468,697
152
116,126
152
223,146
152
15,030
139
610,061
141
1,009,234
141
50,361
6
4,061
6
15,699
6
300
265
951,778
265
1,512,521
265
99,161
16
9,048
16
20,214
16
2,060
948
935,715
949
1,392,032
949
92,278
42
29,882
42
57,440
42
2,885
1,129
777,738
1,133
1,146,641
1,133
112,131
76
16,559
76
27,734
76
1,833
889
1,595,779
909
2,185,889
909
190,043
50
66,241
50
129,544
50
10,483
3,186
2,104,396
3,214
3,833,573
3,214
281,317
201
291,543
201
569,843
201
29,941
2,886
5,409,855
2,883
7,334,777
2,903
598,317
206
229,598
206
359,487
206
34,324
1,239
1,224,497
1,241
2,469,672
1,251
139,948
83
118,201
84
222,774
84
19,169
299
1,853,579
299
3,681,595
299
312,579
25
169,830
25
292,701
25
19,410
288
478,722
289
399,064
239
72,465
9
33,137
9
72,666
9
6,410
14
61,459
14
162,423
14
10,640
2
34,176
2
65,199
2
5,464
422
398,301
422
632,335
422
54,374
31
41,719
31
73,985
31
3,030
3,020
1,203,327
3,019
2,264,250
3,029
150,752
215
66,785
220
123,513
220
6,840
4,788
2,154,721
4,867
1,797,552
4,918
137,002
270
140,309
270
137,406
270
17,401
4,187
1,030,082
4,225
1,283,028
4,276
110,194
239
84,226
239
101,488
239
8,925
327
131,161
348
111,316
348
21,495
23
15,297
23
18,627
23
5,197
88
942,110
98
370,217
98
52,133
1
33,149
1
14,745
1
2,527
(*)
186
51,368
196
32,991
196
3,180
{')
(.')
(^)
(')
i')
66,153
24,601,601
67,031
71,437,812
67,233
2,183,184
4,938
1,696,015
5,017
4,432,044
5,037
123,465
24,584
9,911,014
24,797
33,045,541
24,383
732,323
1,547
773,537
1,558
2,243,287
1,558
53,947
3,095
665,664
3,137
1,555,500
3,157
50,904
199
42,109
200
94,761
200
4,373
21,489
9,245,350
21,660
31,490,041
21,731
681,419
1,348
731,428
1,358
2,148,526
1,353
54,574
35,542
13,483,673
36,125
34,982,800
36,226
1,357,634
3,018
873,802
3,091
2,040,275
3,101
65,389
2,828
1,709,072
2,878
10,291,949
2,888
225,333
137
29,177
154
139,284
154
3,885
2,442
6,393,589
2,471
11,653,333
2,481
712,767
179
396,782
179
331,224
179
27,303
6,746
1,463,480
6,801
3,194,311
6,302
110,822
1,133
215,091
1,193
515,802
1,198
16,439
3,882
774,774
3,904
1,301,375
3,924
48,522
323
54,973
333
92,658
333
3,392
3,827
753,104
3,834
2,914,670
3,874
54,820
231
36,083
231
152,639
231
1,930
1,676
281,878
1,713
803,842
1,713
27,257
83
3,832
89
24,423
89
426
3,069
260,240
3,286
765,474
3,236
32,130
247
35,553
252
92,745
252
5,091
3,726
738,412
3,765
1,538,650
3,765
56,850
140
26,133
145
50,647
145
1,865
7,346
1,109,124
7,473
2,513,691
7,493
38,633
490
71,168
510
140,303
520
5,058
6,027
1,201,914
6,109
3,409,471
6,119
93,227
373
43,676
368
143,482
378
4,129
45,278
25,142,805
12,331
1,542,571
46,734
895,007
3,028
1,184,322
747
83,373
3,138
39,558
7,705
16,561,202
3,277
532,0%
3,004
453,029
373
651,568
138
35,627
403
10,795
512
8,083,947
453
40,206
518
33,337
2
448,704
2
88
2
123
5,426
4,370,464
2,338
244,386
5,645
129,998
232
91,812
123
8,956
302
3,411
1,368
3,463,360
144
20,312
1,432
263,773
74
89,309
1
7,012
34
6,205
399
633,431
292
227,192
409
15,921
15
21,743
12
19,571
15
1,056
2,051
228,126
2,100
174,416
2,133
21,717
150
18,730
150
10,490
150
1,723
56
14,923
55
7,844
58
1,963
(')
i')
(')
(.')
(')
(^)
1,995
213,203
2,045
166,572
2,075
19,754
133
15,057
133
9,017
133
1,505
34,921
8,247,254
7,383
831,398
35,946
411,061
2,459
501,292
458
36,721
2,529
25,519
601
106,223
71
4,661
651
9,200
46
12,632
1
535
56
1,521
15,091
3,415,715
14,764
4,072,648
15,469
315,905
863
133,016
374
135,335
385
13,592
1,585
755,644
1,439
515,167
1,652
42,233
114
46,296
124
36,815
124
3,979
3,006
333,048
3,022
620,589
3,032
35,580
128
16,807
123
30,849
123
1,439
4,203
521,931
4,020
1,044,356
4,344
62,395
222
20,022
212
44,057
223
2,253
1,361
181,595
1,259
174,265
1,391
15,045
110
11,997
110
13,576
110
836
684
50,338
694
122,440
694
5,087
(')
(')
(')
(')
(.')
(')
1,423
1,110,627
1,439
945,159
1,439
85,120
100
13,092
100
18,339
100
1,963
1,444
312,845
1,520
375,797
1,520
49,077
99
11,406
99
17,193
99
1,381
1,380
144,637
1,371
274,875
1,397
21,368
78
5,633
39
18,535
39
1,533
616
61,459
514
24,012
677
6,809
i.')
(.')
(^)
(')
(')
{')
Returns with annual accounting period ended-
AXl industrial groups
Agriculture, forestry, and fishery
Farms and agricultural services
Forestry
Fishery
Uinlng and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite tnining
Crude petroleuni and natural gas production.
Nonmetalllc mining and quarrying
Construction
Uanuf acturing
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 , clayj and glass products
Primary metal industries
Fabricated metal products, except ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equipment
and electrical .
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except elec-
trical .
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 housefurnishings
Automotive dealers and filling stations..
E)rug 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
BeinkB 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 prop-
erty other than buildings .
Lessors of real property, except buildings.
Services
Hotels end other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Ajcusement, except motion pictures
Other services, Including schools
Nature of business not allocable
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
99
RETl'RNS WITH NET INCOME
T«blo 17,— TOTAL ASSETS, OROSS RECEIPTS FROM SALES AND KROM OPERATIONS, AND NET INCOME,BY MONTH IN WHICH ACCOUNTING PERIOD ENDED, BY MAJOR INDUSTRIAL CiROUP— Conlinusd
Major Industrial group
Returns with annual accounting period ended — i:ontinued
August 1954
Total assets
Number
of
returns
(Thouimnd
dolltraj
Gross receipts from
sales and from
operations
Number
of
returns
AiDount
( Thousand
Number
of
returns
{ Thoutand
dolUra)
September 1954
Total assets
Amount
( TTiouaand
dollars)
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(ThtHjaand
dotJara)
Number
of
returns
Amouiit
(Thmiaand
doltara)
(25)
(26)
(27)
(28)
(.■9)
(31)
(32)
(33)
(34)
(35)
(36)
All industrial groups
Agriculture, forestry, aiid fishery
Farms and agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthrac ite mining
Bituminous coal and lignite raining
Crude petroleum and natural gas production..
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and liindred 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 prcducts, except ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles .
Motor vehicles end equipment, except elec-
trical.
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 housefumishings
Automotive dealers and filling stations..
Drug stores
Eating and drinJung 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 prop-
erty 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
12,615
184
183
(')
2,334
36
161
2
115
308
64
64
46
304
155
14
69
202
347
312
13
7
4,582
1,672
200
1,472
2,531
212
147
498
332
213
102
261
215
551
379
3,450
622
(^)
434
133
34
164
2,601
63
1,257
87
287
276
95
68
161
98
135
6,600,527
54,309
52,511
1,798
147,349
4,981
1,048
(^)
135,476
4,447
73,450
2,675,844
382,691
333,054
7,139
332,182
70,813
45,728
20,111
143,461
62,532
389,164
24,390
13,593
28,460
19,591
101,736
148,392
^04,449
40,049
31,349
187,080
5,115
13,318
71,447
359,788
32,815
3,682
317,307
1,409,257
983,878
45,107
938,771
371,220
47,708
16,793
45,957
56,137
53,576
22,277
25,976
37,663
65,133
54,159
1,085,557
395,205
(^)
167,240
144,732
12,344
18,025
18,025
644,413
27,914
789,436
49,588
51,176
43,401
18,233
3,684
536,210
20,537
16,602
184
183
45
27
350
2,367
36
161
2
115
308
64
65
46
325
155
14
26
73
53
69
212
218
353
317
14
7
(^)
4,655
1,704
210
1,494
2,562
222
147
503
322
214
102
276
215
561
339
1,043
273
(^)
233
3
164
605
1,304
87
287
318
100
68
161
98
185
10,407,619
56,304
53,526
2,778
109,388
9,133
4,776
85,932
7,019
160,701
4,956,115
580,057
301,482
17,115
499,182
210,468
81,192
48,048
163,701
115,642
733,443
73,056
29,623
68,352
36,354
164,560
256,190
93,661
66,643
10,776
20,981
146,983
140,995
49,340
6,548
83,416
( = )
4,223,249
2,938,528
131,468
2,307,060
1,125,990
271,372
52,435
104,398
108,667
192,487
87,312
63,731
79,259
161,309
158,731
91,803
18,502
( = )
16,101
681
(^)
14,493
58,552
256
668,979
43,560
98,378
103,435
18,198
10,583
335,187
31,846
27,792
184
183
45
27
350
2,367
36
161
2
115
308
64
65
46
325
155
78
53
69
212
(^)
353
317
14
7
(^)
4,665
1,704
210
1,494
2,572
222
147
503
332
214
102
276
215
561
389
3,615
652
454
143
34
164
2,736
63
1,304
87
287
318
100
68
161
98
185
(^)
4,070
4,000
70
22,730
2,171
64
(^)
20,144
306
7,193
293,357
20,519
34,625
623
26,868
6,313
3,613
2,173
16,987
7,713
45,103
4,049
1,943
2,664
2,666
15,446
16,581
7,117
5,434
35,211
1,347
1,304
7,381
17,547
2,287
729
14,428
81,469
45,923
2,950
42,973
32,115
6,583
1,844
3,133
3,204
4,303
2,108
3,214
2,531
5,190
3,431
43,842
17,978
(^)
5,178
11,618
589
1,367
1,367
24,077
420
52,181
2,278
7,975
6,407
1,640
233
29,122
2,828
1,648
19,002
170
160
(') '
164
( = )
1
6
104
48
1,004
3,787
80
376
{')
180
399
169
97
117
445
216
9
31
78
104
114
375
153
45
(')
494
418
56
2,412
290
2,122
3,213
351
80
293
394
464
236
333
265
802
563
5,148
1,017
828
131
45
257
247
2,011
269
402
430
199
79
195
219
168
(^)
11,069,005
42,769
41,242
( = )
87,367
(')
1,637
36,441
35,165
13,896
235,182
5,144,373
146,747
682,913
(')
751,270
73,661
63,450
39,134
150,733
255,045
281,373
165,366
82,094
30,103
98,577
184,131
238,078
158,786
885,934
59,890
30,773
126,855
273,406
60,419
14,240
194,835
3,912
1,463,936
809,427
112,608
696,819
557,363
81,582
12,224
23,882
44,973
90,574
106,210
43,531
56,872
97,515
97,196
3,284,345
2,260,778
1,007,761
796,151
156,756
28,385
28,792
486,320
102,355
44,490
55,984
22,316
3,301
177,162
53,465
17,247
I')
190
180
(^) "
164
(M
1
6
104
43
1,026
3,794
80
386
180
389
169
98
118
445
217
73
106
114
375
153
45
508
432
56
16
4
6,252
2,431
290
2,141
3,248
353
85
293
384
466
241
344
275
807
573
1,422
462
(')
404
(^)
28
257
247
(')
2,014
270
403
466
209
79
200
219
168
(^)
55,943
53,138
(^)
81,950
(')
4,695
28,517
33,995
13,987
608,418
8,891,594
270,481
1,731,601
936,800
228,317
122,231
105,108
211,010
364,170
472,506
242,539
132,786
88,299
152,781
273,986
474,803
855,409
322,042
1,484,388
111,673
520
55,361
249,152
252,519
135,266
11,378
98,786
7,089
4,739,194
2,803,715
394,102
2,409,613
1,634,708
397,937
27,342
57,985
89,183
332,810
268,881
114,292
121,161
225,117
300,771
191,690
78,624
(^)
64,912
(')
12,912
20,311
20,183
(^)
546,901
89,315
85,608
137,071
29,258
19,323
112,853
42,841
30,632
(')
19,289
190
180
(')
1
6
104
48
1,026
3,314
80
386
I.')
180
409
169
98
118
445
217
9
31
73
106
114
375
153
45
509
433
56
16
4
6,262
2,431
290
2,141
3,258
353
85
293
394
466
241
344
275
807
573
5,259
868
156
45
257
(^)
247
2,034
270
403
486
209
79
200
219
163
951,399
4,141
3,952
(•-)
5,801
(')
76
733
3,249
1,724
24,898
607,423
14,974
82,117
(')
44,185
6,346
4,925
4,701
15,351
25,775
35,529
11,554
10,168
1,947
11,301
22,732
31,852
22,555
139,444
16,592
20,739
5,573
1,325
13,502
384
106,777
53,009
4,421
48,588
46,921
10,078
1,057
1,168
3,102
5,902
10,050
5,267
4,105
6,192
6,847
139,302
89,202
36,396
48,188
2,917
2,459
2,450
46,704
(')
41,973
6,060
4,785
9,239
1,710
1,119
11,586
5,814
1,660
(')
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data,"
100
ACTIVE CORPORATION INCOME TAX RETURNS-1954
RETIRNS WITH NET INCOME
Table 17.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME.BY MONTH IN WHICH ACCOUNTING PERIOD ENDED, BY MAJOR INDUSTRIAL GROUP— CooUnued
Major industrial group
Returns with annual accounting period ended — Continued
October 1954
Total assets
Amount
( Thousand
dollara)
Gross receipts from
sales and from
operations
Number
of
returns
Amount
( Thouaand
Number
of
returns
( Thousand
dollara)
November 195*1
Total assets
Number
returns
Amount
( Thoaaand
dollara)
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Thouaand
Net income
Number
of
returns
Amount
C Thouaand
(38)
(39)
(11)
(«)
(iS)
{^}
(47)
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..
Noninetallic 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 ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equipment
and electrical .
Electrical machinery and equipment
Transportation equipment, except motor
vehicles .
Motor vehicles and equipment, except elec-
trical.
Ordnance and accessories
Scientific instruments; photographic
equipment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Coranisaion merchants .
Other wholesalers . . . .
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishlngs.
Automotive dealers and filling stations.
Drug stores
Eating and drinJslng places
Building materials and hardware
Other retail trade
real estate, and lessors
Trade not allocable.
Finance, insurance,^
of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other Investment companies . .
Security and coninodlty-exchange brokers
and dealers.
Insurance carriers' and agents
Insurance carriers'
Insurance agents and brokers
Real estate, except lessors of real prop-
erty 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
107
97
(')
105
2,787
60
303
2
127
337
131
90
53
249
133
15
30
138
92
101
273
116
30
218
402
348
(^)
3
(^)
4,580
1,745
254
1,491
2,260
222
17
219
188
361
101
269
474
409
575
3,964
327
180
514
105
28
210
204
2,846
81
1,309
208
293
308
96
39
111
147
107
(')
71,456
71,142
(^)
60,189
(M
1,019
31,667
24,372
255,894
5,658,671
43,623
348,450
1,060
457,022
142,394
99,184
29,529
393,139
65,921
256,393
103,161
559,402
263,221
104,024
90,082
176,740
114,632
87,804
1,618
5,946
110,407
137,875
81,589
I')
48,347
1,260,206
769,880
35,676
734,204
404,459
68,294
7,889
46,981
27,485
73,141
6,215
17,537
109,859
47,058
85,867
5,929,334
5,342,420
3,941,208
623,321
714,605
63,286
19,441
( = )
17,360
550,826
16,647
291,943
56,012
27,825
37,980
9,577
3,627
115,597
29,609
11,716
(')
107
97
(^) '
110
(')
2,807
60
304
2
127
338
122
90
54
259
133
15
30
138
93
101
273
126
30
218
422
358
(^)
13
{')
4,647
1,765
264
1,501
2,281
220
17
220
193
351
101
289
475
415
601
1,348
477
162
296
2
17
(=)
224
626
1,329
227
293
309
96
39
111
147
107
(')
56,175
55,779
74,997
2,316
27,830
44,690
558,096
9,332,991
68,583
1,797,044
4,632
467, UO
379,632
178,114
68,106
406,985
108,743
460,002
136,835
864,916
518,010
136,924
163,287
267,223
207,944
165,884
4,397
10,050
195,149
90,120
71,135
(')
16,039
3,578,751
2,150,972
61,282
2,089,690
1,183,422
335,653
26,596
119,033
55,028
265,785
19,260
48,982
196,833
116,252
244,357
122,898
53,053
2,062
44,932
804
5,255
18,336
(^)
16,547
478,314
46,326
53,212
84,620
14,449
8,916
193,081
46,699
31,011
(')
107
97
(')
(')
2,817
60
304
2
127
338
132
90
54
259
133
15
30
138
93
101
273
126
30
218
422
358
(')
13
(^)
4,683
1,781
264
1,517
2,301
230
17
220
193
361
101
289
475
415
601
4,081
861
184
544
105
28
231
224
81
1,330
228
293
309
96
39
111
147
107
4,917
4,912
(^) "
6,618
(.h
170
2,993
3,444
21,394
539,440
4,278
33,646
146
15,776
11,238
9,805
4,238
57,729
6,315
31,848
8,599
61,457
28,426
11,808
9,346
27,312
14,880
9,342
388
689
12,833
10,763
8,433
{h
2,123
(')
110,822
67,943
3,196
64,747
34,827
9,752
837
4,276
1,851
4,363
574
1,717
8,635
2,822
8,052
133,735
101,080
13,306
25,491
61,549
734
1,283
1,378
35,688
3,007
3,255
4,216
1,049
298
17,805
4,281
1,777
(')
(^)
8
20
41
467
2,564
119
124
1
134
459
118
127
43
199
203
12
16
153
115
2
19
132
256
220
9
(')
(.')
3,375
1,536
171
1,365
1,485
122
43
108
118
223
52
89
526
204
354
2,686
516
6
340
U2
38
115
1
114
2,020
862
51
224
276
72
44
109
60
25,668
25,166
155
( = )
79,053
12,695
(')
6,271
23,629
36,220
128,693
4,230,318
107,282
188,269
3,875
423,606
333,471
87,375
181,309
192,353
43,731
450,436
84,260
129,846
367,395
72,103
137,785
252,643
77,536
297,217
32,689
7,694
13,528
78,304
79,197
35,326
20,225
1,248,769
852,997
102,123
750,874
285,162
14,749
15,738
20,807
25,956
30,552
1,908
7,963
132,104
35,385
110,610
2,447,675
1,951,981
1,228,706
260,361
412,070
50,844
14,072
3,924
10,148
477,053
4,569
175,848
32,051
19,497
35,689
9,120
2,232
31,223
40,444
5,592
2,096
(')
483
2,570
119
124
1
134
466
119
128
44
184
204
12
16
154
116
78
228
133
276
240
9
(')
(')
3,391
1,546
187
1,359
1,491
127
43
108
118
213
62
89
527
204
354
821
182
5
134
33
115
1
114
509
873
61
224
276
72
44
109
61
26
30,895
29,797
550
85,344
10,549
i')
5,816
31,694
36,137
277,964
7,490,237
167,072
454,669
3,853
661,396
754,046
145,507
348,065
225,284
83,452
592,676
96,975
171,733
614,697
116,046
220,862
415,016
1,026,245
145,242
990,587
41,922
29,911
129,594
87,713
53,383
19,751
(')
3,046,713
2,105,725
68,215
2,037,510
665,262
101,391
29,052
44,530
42,316
101,810
6,825
25,139
240,667
73,532
275,726
109,310
42,922
17,560
13,290
12,052
8,671
1,450
7,221
57,625
(')
231,914
25,861
32,688
83,709
7,696
9,142
26,213
38,398
8,207
1,815
97
81
1
20
41
488
2,585
119
124
1
134
466
119
128
44
199
204
12
16
154
116
78
228
276
240
9
(')
(')
3,411
1,556
187
1,369
1,501
127
43
108
118
223
62
89
527
204
354
537
7
360
132
38
115
1
114
2,065
45
883
61
224
286
72
44
109
61
26
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS -1954
101
RKTl'RNS WITH NET INCOME
T«ble 17.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS. AND NET INCOME,By MONTH IN WHICH ACCOUNTING PERIOD ENDED, BY MAJOR INDUSTRIAL GROUP— ConUnued
Uajor Industrial group
Returns with ari-iual acciouiiting period ■jnd'jd — Contiimtd
January 1955
Total assets
Number
of
returns
Amount
( Thouatnd
dolt»rm)
Gross receipts from
sales and from
operations
Number
of
returns
(Thoutand
dollmra)
Number
of
returns
Amount
( Thouaand
February 1955
Total assets
Number
of
returns
Amount
( Thouiand
dollar a)
Gross receipts from
sales and from
operations
Amount
( Thounand
doIlar»2
Number
of
returns
Amount
(Ttiouaand
doHmfJ^
TW
(50)
(52)
(53)
(S-i)
(55)
(56)
(57)
(58)
(59)
All industrial groups
Agriculture, forestry, and fishery.
Farms and agricultural services..
Forestry
Fishery
Mining and quarrying
Metfi 1 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 ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except elec-
trical .
Ordnance and accessories
Scientific instruments; photographic
equipanent; watches, clocks.
Other manufacturing
Public utilities
Transportation
Cooinunication
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 ccmpanies
Credit agencies other than banks
Holding and other investment ccmpanies. . . .
Security and ccanaodity-exchange briDkers
and dealers.
Insurance carriers' and agents
Insurance carriers'
Insurance agents and brokers ,
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
1
38
(')
568
1,907
21
116
134
419
70
AJ
30
237
87
51
66
38
151
141
61
171
203
174
(')
1
7,448
1,591
248
1,343
5,449
170
1,279
2,264
396
224
137
167
293
519
408
2,492
221
151
14
91
1,995
123
308
76
58
26,775
24,996
11,138
1,537
7,486
163,889
958,208
9,092
90,917
65,640
126,825
38,777
2b, er?
18,478
97,745
32,701
16,606
14,008
11,219
69,681
14,444
72,096
29,621
3,161
11,154
87,768
33,714
26,901
3,039
622,331
36,992
585,339
7,175,761
56,321
5,831,511
857,966
158,289
55,264
27,181
9,787
60,120
119,322
96,913
1,138,941
469,782
240,773
210,540
18,469
8,200
6,696
6,918
156,411
27,023
15,263
79,289
16,064
(^)
5,780
6,115
5,349
11,712
I')
1
38
1,918
21
116
134
419
70
45
30
248
67
8
9
51
66
38
151
141
61
203
174
(')
1
{')
7,496
1,585
238
1,347
5,498
170
1,283
2,293
397
224
137
167
293
534
413
636
107
83
101
421
123
272
69
(^)
18,483,842
29,237
28,307
14,860
2,677
9,070
2,071,800
16,457
257,521
151,832
375,308
80,341
51,016
36,231
170,369
84,100
38,715
29,524
37,221
106,151
33,927
150,429
65,776
10,003
44,617
164,073
43,100
36,198
(^)
1,596
(=)
15,691,408
2,043,120
68,163
1,974,957
13,403,353
283,086
10,425,931
1,803,864
225,254
201,577
80,733
34,068
125,712
223,128
244,935
93,588
13,195
9,970
5,172
4,213
1,365
154,524
14,223
26,196
72,169
10,157
9,035
7,323
10,687
13,781
103
1
38
(')
574
1,928
21
116
134
419
70
45
30
248
87
66
38
151
171
203
174
(^)
1
(')
7,527
1,605
248
1,357
5,509
170
1,293
2,294
397
224
137
167
293
534
413
2,562
227
162
106
101
789
74
123
308
74
76
58
1,020,670
1,968
1,748
I')
{')
855
{')
15,679
107,404
1,038
7,590
5,629
10,226
2,934
3,725
2,079
13,127
4,989
977
1,165
810
13,356
1,932
6,706
3,512
392
1,944
8,086
5,022
4,143
272
820,796
42,216
3,903
38,313
771,920
6,031
672,092
65,769
8,997
4,685
2,076
1,308
3,654
7,308
6,660
57,194
6,666
14,215
1,087
658
33,323
I')
11,469
1,441
1,701
3,883
637
( = )
847
1,495
1,322
283
11,910
132
132
127
1
70
46
1,962
11
191
101
248
95
76
60
156
102
13
34
39
67
388
374
4,547
1,715
154
1,561
2,440
170
115
433
284
262
123
252
343
458
392
3,146
472
(')
342
92
(')
142
2,489
(^)
756
87
135
259
58
(^)
69
56
71
60
45,061
45,061
40,496
752
26,323
13,068
184,077
1,549,062
14,335
517,759
29,847
61,327
97,662
24,265
34,149
95,966
52,505
1,974
73,298
15,550
22,471
16,663
77,567
189,579
53,940
4,120
50,710
98,791
371,821
59,239
6,178
306,387
512,115
32,971
479,144
1,044,606
691,851
24,875
63,134
75,164
43,813
6,999
13,049
53,197
72,524
88,502
848,971
316,931
189,042
103,086
13,607
319
13,288
92,532
17,532
10,576
25,706
10,361
7,209
12,791
6,725
20,662
9,836
153
143
122
{')
1
65
,979
11
191
101
253
95
76
60
156
103
14
34
39
67
42
268
420
386
I')
2
(^)
4,609
1,726
164
1,562
2,486
170
115
438
289
262
133
267
344
466
397
946
217
( = )
139
(')
133
1
132
749
62
140
273
46
11,616,572
34,208
34,025
(')
49,271
I.')
739
33,242
14,509
488,534
2,739,342
26,879
948,183
68,346
178,000
147,067
50,979
52,019
152,106
93,276
11,684
108,953
37,780
45,374
36,125
174,189
120,664
10,104
70,771
166,683
215,473
80,544
131,019
7,853,784
1,797,656
96,812
1,696,844
5,803,904
4,994,171
48,951
137,382
110,356
177,339
22,917
42,510
125,371
144,907
252,224
21,029
I.')
10,105
I.')
13,296
527
12,769
58,058
140,227
11,964
25,887
47,197
6,321
14,809
14,406
17,504
3,350
153
143
{')
127
{'}
1
70
46
1,989
11
191
101
253
95
76
60
166
103
14
34
39
67
42
268
198
420
386
(^)
2
(')
4,614
1,731
164
1,567
2,486
170
115
438
289
262
133
267
344
468
397
3,217
472
(')
342
92
143
1
142
2,550
797
87
140
284
58
4,157
3,681
(')
43
2,422
1,202
18,129
183,304
1,393
49,877
3,604
3,624
11,062
5,588
3,642
16,076
4,802
282
8,563
1,691
3,613
2,963
11,415
23,031
10,387
849
1,572
3,647
15,623
24,150
7,586
(')
16,169
(')
161,136
36,650
3,745
34,905
116,452
90,052
1,641
3,661
5,105
3,387
711
1,818
4,295
5,782
6,034
50,027
21,608
(')
4,536
16,787
{')
785
24
761
14,831
1,262
1,212
3,186
806
1,459
4,368
2,407
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Lljnltations of Data."
102
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH NET INCOME
T«bl« 17.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME.BV MONTH IN WHICH AOCOUNTINO PERIOD ENDED, BY MAJOR INDUCTRUL CROUP— CoiHiii»«<l
Major industrial group
Returns with annual accounting period ended — Continued
Total assets
Number
of
returns
Amount
{ Thotiaand
dollara}
Gross receipts frcm
sales and from
operations
Amount
( ThouaMtd
Amount
CTTtouaand
April 1955
Total assets
Number
of
returns
Amount
( Thovaand
dollara)
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Thottamd
dollara)
Number
of
returns
Amount
(TTwtiaand
dottara)
(61)
(62)
(63)
(64)
(65)
(66)
(67)
(68)
(69)
(70)
(72)
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 ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and eqiiipment, except elec-
trical .
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 housefumlshings
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 .
Inaurance carriers^ and agents
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty 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
22,001
342
320
(^)
{')
227
(^)
(')
25
87
98
1,758
4,045
96
437
1
170
351
257
206
104
453
182
97
200
65
400
154
22
544
493
{')
9
(')
7,480
2,869
330
2,539
3,858
461
121
388
456
512
144
382
479
915
753
5,372
50O
126
62
297
(^)
287
4,303
53
2,147
162
460
589
191
94
243
223
185
86
8,234,940
124,447
111,841
(.')
214,982
(.')
(^)
60,600
69,416
83,168
477,420
3,147,334
49,686
792,879
510
251,079
86,657
191,812
92,241
205,086
150,424
76,325
66,404
10,655
30,746
113,412
55,483
128,200
169,439
9,820
97,038
125,880
118,079
93,105
( = )
9,770
(')
2,123,421
1,100,206
52,665
1,047,541
878,303
318,694
21,233
56,739
82,069
116,522
26,918
24,461
79,068
152,599
144,912
1,721,658
785,831
332,431
159,565
257,214
36,621
32,417
31,895
6,859
303,207
67,810
44,708
73,685
15,596
7,518
35,160
42,581
16,149
4,392
18,265
332
321
^') '
233
(')
I.')
30
87
98
1,786
4,041
96
441
1
170
351
258
206
105
443
182
20
22
97
200
75
400
154
22
554
503
(')
9
(2)
7,628
2,898
325
2,573
3,976
472
121
388
471
534
144
412
489
945
754
1,518
177
(^)
34
297
(^)
287
2,107
122
450
573
171
94
243
268
186
66
15,326,764
123,952
123,126
(^)
224,016
^')
( = )
45,709
78,136
94,085
1,122,315
5,753,539
145,869
1,801,300
1,126
346,016
253,019
320,454
197,428
259,583
246,941
160,856
162,669
25,904
78,636
161,076
94,317
255,045
328,156
18,345
231,742
126,042
113,325
{')
5,623
(^)
3,908,163
158,750
3,749,413
3,062,899
1,658,009
64,308
86,423
162,025
415,815
82,357
80,551
199,152
313,759
374,128
55,647
13,923
16,367
(^)
23,143
28,868
( = )
28,785
87,173
21
457,469
29,810
90,108
160,457
23,528
19,258
47,898
50,817
35,593
2,532
22,561
343
321
{')
{')
233
(.')
(')
30
87
98
1,796
4,061
96
441
1
170
351
258
206
105
453
182
20
22
97
200
75
400
154
22
554
503
{')
9
(')
7,638
2,908
335
2,573
3,976
472
121
388
471
534
144
412
489
945
754
5,617
735
31
516
126
308
297
4,521
53
2,233
172
460
609
201
94
243
268
186
86
769,755
10,344
9,227
{')
{')
22,391
(^)
3,335
8,241
10,431
48,391
377,773
6,234
108,819
1
16,382
5,401
25,581
10,786
26,304
15,594
11,760
7,342
1,406
4,026
13,596
5,717
13,537
30,808
1,571
17,786
10,061
7,978
(')
1,106
(^)
190,936
91,053
3,866
87,187
90,362
46,731
2,187
3,299
4,388
7,743
3,493
3,358
6,943
12,220
9,521
72,951
23,574
1,502
5,475
14,488
2,109
3,353
(')
3,336
45,346
678
35,664
4,175
4,167
8,367
1,154
1,020
6,204
8,182
2,395
1,244
15,734
163
161
1
6
96
72
1,090
2,594
51
258
2
145
345
118
117
54
327
85
9
67
66
79
210
268
457
417
[')
{')
{')
5,310
2,141
267
1,874
2,628
273
81
244
355
307
107
291
303
667
541
4,442
674
18
482
126
48
181
3,503
83
1,406
193
254
369
138
60
77
170
145
96
6,760,983
69,646
69,261
385
110,103
651
642
49,553
34,606
24,651
292,190
2,319,005
100,026
301,543
3,023
89,685
89,394
217,007
58,072
439,580
144,031
31,253
33,446
14,104
30,201
117,478
14,300
118,518
76,921
161,563
35,566
67,801
146,085
138,547
(^)
{')
1,330,595
683,064
37,404
645,660
510,883
168,986
8,462
18,046
45,012
66,034
15,700
26,244
52,732
109,667
136,648
2,139,981
,132,956
137,882
527,875
266,477
200,722
25,320
299
25,021
972,240
9,465
348,492
196,137
39,652
35,544
31,906
3,389
8,413
23,813
9,638
4,886
12,408
164
162
176
1
1
6
86
82
!,581
51
258
2
145
360
108
117
54
317
85
9
15
67
66
79
210
270
453
413
(')
(')
( = )
5,412
2,152
267
1,885
2,709
274
81
249
355
317
107
351
303
672
551
1,139
217
(^)
166
1
42
191
730
1,320
147
259
324
118
60
87
190
135
66,139
64,403
1,736
142,593
771
718
66,995
41,674
32,435
611,604
3,733,268
148,995
733 , 566
4,202
163,783
250,295
278,388
120,714
374,952
219,281
69,369
61,397
31,970
31,008
117,685
33,036
207,895
140,084
228,728
131,167
119,732
112,725
(.')
4,689,533
2,471,598
112,700
2,358,898
1,810,351
869,447
16,630
37,490
33,865
271,377
39,916
78,526
113,520
299, 580
407,539
192,586
82,764
(')
16,901
21
65,291
14,800
14,800
95,017
386,492
118,064
59,022
103,134
19,193
9,447
14,576
42,961
20,095
2,964
164
162
136
1
1
6
96
82
1,107
2,611
51
258
2
145
360
118
117
54
327
35
9
15
67
66
79
210
270
463
423
(^)
(')
{')
5,422
2,162
267
1,895
2,709
274
81
249
355
317
107
351
303
672
551
4,598
695
18
492
127
53
192
1
191
3,618
93
1,447
199
259
369
138
60
87
190
145
7,745
7,628
117
9,298
142
119
2,007
3,552
3,478
22,331
271,127
12,807
27,896
123
6,226
6,866
21,038
6,357
54,464
13,750
5,257
4,467
3,033
2,878
23,570
2,324
16,782
10,076
13,128
7,321
14,690
13,306
( = )
(')
( = )
122,514
56,455
3,529
52,926
53,670
21,589
568
1,163
3,052
4,423
1,564
3,207
4,807
13,297
12,389
84,432
34,191
1,018
9,173
21,773
2,227
1,945
5
1,940
1,073
27,146
3,339
3,066
4,333
2,191
301
1,611
6,574
726
563
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
103
RETIIRNS WITH NET INCOME
T«l)l6 17.— TOTAL ASSETS, GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, AND NET INCOME,BY MONTH IN WHICH ACCOUNTING PERIOD ENDED, BY MAJOR INDUSTRIAL GROUP— Condnuad
Uajor industrial group
Returns with annual accounting period ended — Contin
May 1955
June
1955
Gross receipts from
Gross receipts from
Total
assets
sales
and from
Net income
Total
assets
sales and from
Net
ncome
operations
operations
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
of
returns
( rhoaaand
of
returns
(Thmtaanrt
dollars)
of
returns
( Thoutand
dollars)
of
returns
(thousand
dollars)
returns
( Thousand
dollars)
returns
(Thousand
dollars)
(73)
(74)
(75)
(76)
(77)
(78)
(79)
(80)
(81)
(32)
(83)
(84)
14,824
6,229,137
11,731
10,751,740
15,041
533,100
32,852
15,688,031
27,611
26,071,584
33,471
1,388,750
1
267
80,659
267
101,981
267
7,315
579
238,633
590
289,051
590
23,415
2
252
79,854
252
101,156
252
7,199
563
(^)
237,462
(')
574
(')
286,505
( = )
574
1.')
23,219
(')
3
4
(')
(.')
(')
(')
(^)
( = )
H
( = )
{')
(=')
(')
(')
5
139
117,861
130
145,509
140
21,226
346
354,329
367
311,336
367
23,852
6
2
26,245
2
16,957
2
6,324
21
21,682
21
14,389
21
3,885
7
_
_
3
1,114
3
6,511
3
159
8
16
8,259
16
8,676
16
523
43
48,090
44
42,691
44
3,136
9
85
62,311
76
78,288
36
11,297
216
249,211
236
208,996
236
12,605
lU
36
21,046
36
41,588
36
3,082
63
34,232
63
38,749
63
4,017
11
715
137,195
699
338,515
719
11,935
1,619
532,617
1,654
815,183
1,655
36,625
12
2,782
2,816,826
2,791
4,917,464
2,302
298,220
6,647
6,603,929
6,672
12,259,451
6,684
823,379
13
30
5,774
30
9,223
30
589
61
86,014
61
170,932
61
7,003
14
295
703,969
295
1,950,033
295
77,646
539
874,759
596
2,414,835
596
97,932
15
3
4,354
3
10,976
3
357
6
4,797
6
16,842
6
681
16
151
82,188
156
151,890
156
6,810
313
640,509
311
927,245
311
42,512
17
368
85,650
369
286,621
369
6,907
837
303,499
843
835,432
843
24,302
13
126
39,999
127
91,518
127
5,899
364
196,952
380
363,355
380
22,762
19
123
53,035
123
99,225
123
5,956
283
146,648
283
306,493
283
19,292
20
59
89,829
59
143,235
59
8,320
195
143,255
196
257,132
196
20,009
21
212
53,218
211
105,050
212
6,890
662
214,906
660
347,814
662
28,247
22
217
775,080
222
618,019
222
79,099
438
1,221,611
429
1,932,281
439
189,851
23
6
18,800
7
33,888
7
1,022
27
91,593
27
130,827
27
3,858
24
19
3,587
19
10,175
19
582
47
42,143
47
86,723
47
6,344
25
84
40,001
84
112,524
84
3,537
121
88,937
121
198,065
121
9,170
26
98
35,506
98
61,770
98
4,528
192
108,336
192
184,746
192
16,362
27
68
388,516
73
335,966
73
30,410
190
526,393
190
700,279
190
67,242
28
241
110,638
241
215,553
241
10,755
649
489,981
655
847,382
655
73,947
29
226
84,192
227
157,106
227
12,873
594
556,422
594
810,936
594
77,805
30
60
155,302
61
330,466
61
25,685
274
230,070
274
492,863
274
28,648
31,053
31
17
10,092
17
26,321
17
1,394
54
192,689
54
387,891
54
J2
28
6,419
28
12,424
28
549
59
50,629
59
107,966
59
6,031
33
2
1,703
2
5,041
2
468
5
11,032
5
34,568
5
812
34
59
12,931
59
23,130
59
1,696
46
69,453
46
100,855
46
8,820
35
290
56,043
280
127,305
290
6,248
643
313,246
643
598,839
643
40,646
36
301
116,618
292
164,368
302
13,972
1,126
377,329
1,116
420,084
1,146
37,724
37
268
106,258
259
152,865
269
13,061
924
311,657
904
376,759
934
30,952
33
6
(')
6,987
(')
6
(')
6,941
(')
6
(')
703
( = )
138
(')
46,437
133
(')
32,141
138
(')
5,676
39
40
( = )
i')
( = )
i')
(^)
(')
52
9,126
62
6,937
62
638
41
5,317
1,375,059
5,361
4,722,979
5,331
104,722
12,383
3,154,065
12,563
11,114,962
12,593
254,650
42
2,375
908,307
2,416
3,371,579
2,416
65,928
4,981
1,395,272
5,016
7,211,198
5,036
142,190
43
334
40,900
344
122,841
344
4,138
643
127,109
648
244,406
648
10,071
44
2,041
867,407
2,072
3,248,738
2,072
61,790
4,333
1,768,163
4,368
6,966,792
4,388
132,119
45
2,420
362,589
2,423
1,041,785
2,443
29,435
6,235
1,024,525
6,360
3,210,851
6,370
94,691
46
215
38,492
216
208,038
216
4,158
495
193,218
500
1,033,561
500
25,532
47
98
14,641
98
34,076
98
937
282
43,441
302
102,293
302
3,265
48
222
17,781
222
43,260
222
1,225
389
102,096
389
244,144
889
9,489
49
344
67,611
345
33,009
345
3,575
692
137,100
697
243,994
697
9,452
50
382
60,950
373
254,916
383
6,135
648
126,595
649
548,065
659
10,576
51
130
14,154
130
40,418
130
1,639
461
45,484
467
130,300
467
4,369
52
209
17,878
219
57,775
219
2,048
569
38,261
620
122,155
620
4,339
53
161
42,188
161
91,248
161
2,840
527
33,471
538
195,030
538
7,247
54
659
88,894
659
229,045
669
6,823
1,672
249,859
1,698
586,259
1,693
20,372
55
522
104,163
522
309,615
522
9,359
1,167
234,268
1,187
692,913
1,187
17,769
56
4,161
1,445,668
1,135
178,149
4,278
57,566
7,339
3,916,353
2,076
215,082
7,607
134,015
57
643
653,071
329
70,661
660
14,327
1,456
2,600,679
618
48,934
1,503
63,255
58
(.')
(.')
(')
(^)
(^)
{')
200
1,334,298
179
4,537
200
10,257
59
512
271,936
262
12,820
524
5,956
971
830,778
371
26,807
1,016
21,853
60
62
72,895
1
28
67
6,126
236
401,281
24
6,562
233
29,393
61
4S
37,678
45
57,618
48
1,578
49
34,322
44
11,028
49
1,752
62
112
16,564
112
14,995
112
2,017
325
I')
32,815
(^)
345
( = )
24,934
( = )
355
4,028
63
64
112
16,564
112
14,995
112
2,017
315
30,357
335
23,549
345
3,480
65
3,349
771,319
684
92,122
3,449
40,768
5,520
1,275,007
1,098
140,820
5,661
65,597
66
57
4,714
i')
(^)
57
454
88
7,852
(')
(')
83
1,135
67
1,060
136,258
1,005
181,805
1,070
12,518
2,641
502,252
2,451
640,638
2,697
53,531
68
94
45,910
79
30,644
94
2,510
246
114,930
196
68,585
256
7,387
69
179
19,693
184
37,489
134
1,742
521
43,361
531
81,152
531
4,951
70
312
19,932
272
35,914
312
2,743
809
94,699
725
172,593
340
12,925
VI
97
6,284
102.
3,994
102
718
231
30,136
166
22,895
231
3,281
72
80
4,959
80
8,173
30
434
168
10,705
168
24,804
168
890
73
101
14,153
101
25,730
101
1,457
181
111,623
181
147,338
181
11,392
V4
114
19,906
114
26,644
114
2,209
200
47,178
200
56,669
200
6,643
75
83
5,416
73
8,217
83
705
285
44,620
284
66,602
290
6,062
76
82
2,993
51
970
32
576
122
7,824
122
5,747
132
1,559
77
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 Icindred 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 ord-
OEmce, machinery, and transportation
equipment .
Machiiiery, except transportation equipment
and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles .
Motor vehicles and equipment, except elec-
trical .
Ordnance and accessories
Scientific instruments; photographic
equipment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Ccunmunication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Comnission 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 ccmpanies
Credit agencies other th.an banks
Holding and other investment cosnpanies. . .
Security and commodity- ex change brokers
and dealers.
Insurance carriers^ and agents
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty 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
^For treatment of life and mutual insurance companies, see text, p. 17.
^Sampling variability of this item was too large to warrant showing it separately. However, this value was included in each total.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
104
ACTIVE CORPORATION INCOME TAX RETURNS -1954
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110
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS AND NET INCOME
Table U.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BV MAJOR INDUSTRIAL GROUP
Major industrial group
All
Indufltrial
groups
Agriculture, forestry, and fishery
Total
agriculture,
forestry,
and
fishery
Farms and
agricul-
tural
services
Mining and quarrying
Total
mining and
quarrying
Metal
mining
Anthra-
cite
mjning
Gituminous
coal and
lignite
mining
Crude petro-
leum and
natural gas
production
Nonmetalllc
mining and
quarrying
(1)
(2)
(3)
W
(5)
(6)
(7)
(8)
(9)
(10)
(11)
Number of returns with balance sheets and with
net income.
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization
Less: Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^
Prepaid income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations
(less amortizsble bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortlzstlon
Depletion
Advertising ■
Amounts contributed under pension plans
Amounts contributed under other employee
benefit plana.
Net loss, sales other than capital assets....
Other deductions
Total compiled deductions
Compiled net profit ('i6 less 63)
Net income (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax^
Total tax
Compiled net profit less total tax (64 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
419,679
1,279
f 77iou9«irf dollai
76,086,421
147,688,470
2,116,734
54,834,777
1,760,285
17,322,074
104,092,817
4,608,317
131,759,256
230,825,198
3,374,591
78,151,472
7,028,152
3,064,320
8,663,383
1,273,573
14,294,971
713,530,577
31,317,296
17,791,911
72,373,142
992,287
367,589
18,028,323
319,733,566
13,468,408
77,809,164
10,848,064
150,800,827
713,530,577
383,824,906
72,632,147
1,975,260
95,555
381,261
7,507,606
3,797,705
512,196
60,306
1,771,993
605,913
2,230,743
606,464
2,712,656
478,814,711
290,065,620
41,934,492
7,263,676
3,958,523
4,471,903
879,565
4,606,091
10,815,110
306,840
11,547,106
2,089,346
4,926,334
2,653,229
815,955
103,745
52,858,682
439,296,272
39,518,439
39,137,178
423,874
16,645,457
36,328
16,682,285
22,836,154
11,526,838
1,311,537
165,556
402,785
2,879
184,110
16,519
7,934
99,458
1,257
216,387
868,374
2,430
383,036
83,902
21,162
262,203
5,505
35,714
1,940,197
151,290
122,522
179,370
4,198
2,662
62,550
113,193
24,131
606,982
26,428
646,371
1,408,087
314,180
1,974
53
153
4,561
15,135
5,153
163
21,549
1,504
3,506
3,783
21,054
1,800,855
,080,799
148,248
41,666
33,077
26,928
1,986
12,898
27,911
1,058
59,486
2,116
11,100
3,304
1,352
289
175,739
1,627,957
172,393
172,745
9,511
64,997
56
48,150
2,534
153,912
391,979
2,876
176,692
16,014
7,191
93,413
1,257
206,289
838,249
2,430
369,451
9,005
2,464
252,061
5,490
32,687
1,807,018
145,223
118,028
158,783
4,187
2,645
54,518
110,577
21,970
555,757
24,545
610,785
1,362,103
307,399
1,820
53
148
4,362
14,835
5,075
159
13,661
954
3,149
3,731
20,532
1,738,081
1,045,265
145,006
40,064
32,793
26,358
1,924
11,962
26,556
1,042
58,051
1,603
11,053
3,293
1,335
289
170,708
160,779
160,631
8,496
43,851
2,534
10,450
9,521
3
6,490
346
718
15,348
9,333
74,897
18,698
9,707
2,831
114,731
4,543
355
18,064
7,563
2,330
2,093
43,781
1,796
34,201
114,731
30,244
1,378
5
199
230
78
4
253
357
2
501
23,394
339
903
35
29
18
772
991
14
606
513
1
11
13
2,800
30,439
10,678
10,673
132
7,165
4,297
1,194
1,285
928
159
14,777
4,252
435
15
196
4,139
2,523
11
17
464
236
68
7,444
87
1,885
18,448
15,740
5,403
140
297
12,140
2,903
699
249
541
44
164
364
2
829
1,441
1,441
833
1,213
2
790,353
1,165,895
" 6,929
510,083
73,000
29,462
699,562
9,083
909,683
5,624,756
83,515
2,666,724
1,682,679
873,315
109,355
36,228
150,231
8,159,887
522,195
216,147
601,910
10,379
4,686
481,400
216,106
177,405
1,430,399
202,822
4,296,438
3,159,837
4,978,928
1,194,633
10,117
40
670
10,515
16,149
26,177
1,279
60,557
1,809
60,132
1,421
30,692
2,900,453
724,967
74,874
27,955
100,126
5,050
29,380
161,563
4,691
337,413
522,183
9,986
37,136
8,910
3,069
461 ,480
5,459,241
933,873
933,208
14,274
423,696
1,250
714,261
13,275
198,713
231,721
230
142,547
28,871
8,552
384,657
2,122
328,789
944,868
38,860
467,213
594,449
357,566
13,930
1,952
57,019
2,074,321
8,620
55,452
1,331
8
167,230
50,525
52,436
378,189
48,510
1,151,715
2,074,321
1,123,434
52,380
4,712
16
99
3,811
2,194
3,521
254
6,702
28
19,592
87
2,162
642,473
38,696
5,813
1,016
15,630
236
2,906
44,168
440
44,940
109,761
233
8,967
1,010
94
59,172
243,832
243,733
1,284
111,080
132,802
147,945
993
12,914
13,325
589
6,279
195
300
19,183
23
72,218
40,115
27,774
2,649
1,444
3,964
2
448
141,308
18,210
2,114
3,888
63
2,886
2,370
8,031
33,813
4,593
65,340
141,8
73,172
25,090
213
11
191
169
103
20
11,600
2
293
111,550
63,460
15,793
1,226
436
1,328
72
217
1,343
92
2,768
519
68
1,796
272
97,186
14,364
14,364
370
12,501
7,040
105,138
194,623
1,146
66,405
14,868
13,687
99,701
1,944
186,534
940,565
3,540
434, 533
238,629
91,360
3,214
567
16,676
73,167
51,843
146,671
1,836
427
38,632
19,091
40,976
193,970
33,567
756,792
1,356,972
1,044,463
56,943
1,862
7
240
2,195
4,246
620
63
15,928
33
7,357
93
5,643
1,139,693
748,338
44,899
10,607
6,233
28,096
761
6,928
26,452
584
53,994
33,976
1,601
52,866
3,814
252
73,527
46,765
46,525
1,260
15,775
32,375
1,352
315,551
580,255
2,383
207,467
20,195
4,184
148,029
2,367
235,474
2,896,320
3,270
1,374,835
723,587
381,559
59,018
31,709
53,825
3,515,934
202,210
122,884
336,638
3,321
3,891
232,036
111,227
54,844
573,520
47,137
1,823,126
3,515,934
1,728,174
1,000,291
2,521
3
152
3,661
6,672
18,612
920
33,314
1,659
20,597
1,239
16,759
2,834,574
857,748
591,764
30,476
15,532
23,185
2,284
15,074
60,932
2,561
177,025
313,622
5,056
20,356
2,093
2,332
211,991
502,543
502,391
9,302
235,763
1,171
236,939
480,467
10,717
158,037
145,971
2,581
87,385
8,371
2,739
47,992
2,627
86,668
802,838
37,845
362,369
123,365
41,386
24,229
1,998
22,263
1,070,852
68,303
30,686
59,261
3,828
360
40,566
32,893
21,118
245,907
68,965
493,965
1,009,685
59,429
809
3
179
657
2,368
3,321
41
3,928
69
986
5,835
1,087,810
588,439
33,815
26,752
4,738
31,887
1,647
4,255
28,668
1,014
58,686
64,305
3,023
3,151
1,721
386
108,999
961,486
126,324
126,145
2,058
59,215
74
59,289
67,035
46,434
5,213
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS-1954
HI
RETIRNS WITH BALANCE SHEETS AND NET INCOME
T»bU 19.— BALANCE SHEETS AND RKLATED INCOME STATEMENTS, BY MAJOR INDUSTRUL OBO UP— Continued
Number of returns with balance sheets and with
net income.
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Governiiient obligations:
States, Territories, and United States
possessions.
United States obligations
hkjt stated
Other investments
Construction
Depreciable assets
Less: Accumulated amortization..
Less: Accumulated depreciation..
Depletable assets ■
Less: Accumulated depletion,....
Land
Intangible assets
Other assets -
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid Income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits....
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-exenjpt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortization
Depletion
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 (-ifi less 63).
Net Income (6^ less 36)
Net operating loss deduction
Income tax
Excess profits tax^
Total tax
Compiled net profit less total tax (6^ less 69)
Dividends paid:
Cash and assets other than own stock
Coz^xiration's own stock
Major industrial group — Continued
(12)
Manufacturing
Total
manufacturing
(13)
72,998
Beverages
(K)
Food and
kindred
products
(15)
6,^36
Tobacco
manufactures
(16)
Textile-mill
products
(17)
3,1^7
Apparel and
products
made from
fabrics
(18)
Lumber
and wood
products,
except
furniture
(19)
Furniture
and
fixtures
(20)
2,593
Paper and
allied
products
(21)
1,969
( 17)ooaand dotlora)
954,101
3,027,406
18,861
685,382
26,191
15,541
129,557
11,416
535,640
1,870,411
10,110
902,862
33,345
9,678
97,243
8,346
253,804
6,706,872
1,252,836
428,558
413,047
19,061
38,005
289,396
1,259,006
105,581
813,262
70,978
.2,017,142
6,706,872
2,435,615
11,827,065
2,265
27
403
7,145
30,830
1,111
333
30,282
2,426
15,760
3,182
137,929
14,494,373
1,972,043
10,011,261
428,805
44,965
56,897
12,468
32,754
145,340
8,368
225,279
4,602
30,254
25,021
17,003
1,175
855,240
13,871,930
622,393
621,990
29,224
251,778
476
68,968
30,197
14,496,420
25,350,156
591,251
35,634,131
956,711
323,748
11,006,841
322,602
15,614,577
98,156,085
2,222,100
42,243,609
4,327,625
1,793,544
2,157,640
532,287
2,320,030
164,843,339
13,343,801
4,735,284
18,353,880
603,724
122,806
9,866,678
6,952,536
5,920,102
30,328,391
5,003,905
69,102,232
164,843,339
229,864,864
3,984,707
186,359
1,433
8,897
183,411
369,355
227,091
5,943
481,544
10,823
829,874
449,488
743,610
237,357,409
167,510,865
2,091,161
2,611,729
1,080,031
3,595,417
176,321
890,908
5,768,351
172,555
5,743,425
1,411,472
2,969,645
1,631,424
560,833
46,413
21,578,197
217,893,897
19,463,512
19,454,615
158,189
9,355,073
30,172
9,385,245
5,690,703
908,778
338,036
472,496,
8,224
963,584
24,129
8,385
129,481
4,236
167,197
1,772,730
1,088
540,430
4,728
221
61,367
13,553
99,957
3,414,916
314,543
105,453
470,589
6,443
8,084
169,097
113,701
172,422
393,595
49,106
,511,883
3,414,916
6,571,163
10,964
2,124
102
272
5,042
3,707
2,587
51
4,781
591
2,601
943
18,866
6,623,794
,151,256
2,272
44,844
14,976
43,313
5,453
22,006
953,066
4,158
100,982
792
277,721
20,343
9,440
10,729
583,776
378,667
378,395
4,256
188,217
601
117,260
5,242
1,143,050
1,701,228
35,873
2,392,274
108,343
16,217
433,221
71,392
309,694
6,623,783
5,570
2,947,135
8,819
2,892
253,238
57,279
215,899
11,391,962
925,479
623,560
1,105,822
30,540
3,852
632,330
371,199
629,042
2,327,366
412,641
4,325,081
11,391,962
29,929,717
105,064
7,762
39
923
14,207
20,432
7,810
249
23,131
1,008
14,860
29,825
73,334
30,228,361
24,095,400
31,601
205,194
97,839
253,675
18, ■'14
79,919
326,911
12,370
366,473
1,543
609,082
90,393
43,636
2,342
2,694,243
1,299,021
1,298,098
21,513
633,921
3,536
350,617
38,817
113,578
530,216
2,969
1,908,474
10,772
1,441
11,744
714
51,225
345,296
158,502
10,408
6,171
15,835
2,854,453
393,816
637,993
1,583
8
199,920
10,482
220,921
490,562
61,234
754,659
3,584,135
2,076
205
1
54
683
1,075
141
22
763
2
1,294
532
2,702
3,593,736
1,976,063
903
3,451
2,099
5,722
1,122
29,154
956,030
895
16,059
145,573
3,821
2,531
70
121,019
318,159
318,115
33
164,252
13
101,629
459
562,167
1,083,221
15,924
1,734,518
27,256
28,836
247,408
13,767
533,771
3,911,914
9,579
1,647,428
1,959
322
53,499
9,570
96,563
6,641,201
459,766
309,889
553,926
19,555
558
271,333
135,777
343,636
1,180,587
161,566
3,198,506
6,641,201
,919,890
142,335
4,852
148
521
7,455
14,145
4,264
758
15,308
519
8,239
2,343
33,383
9,154,315
7,219,871
80,346
122,331
35,240
39,583
5,672
37,030
139,067
7,751
192,731
282
57,515
32,386
15,699
7,282
626,332
474,032
473,411
10,976
223,575
411
131,315
14,858
357,550
754,726
15,303
976,420
11,251
1,504
38,477
5,696
147,721
563,305
2,211
257,405
956
178
17,953
7,118
53,503
486,932
210,203
133,974
5,785
532
142,649
102,485
123,238
507,133
28,735
919,765
2,671,583
6,826,097
157,287
777
2
21
1,913
4,503
7,057
262
3,397
187
1,355
198
20,689
7,033,756
5,449,262
127,377
188,045
56,241
13,025
7,665
13,837
81,212
5,160
42,143
110
70,359
16,738
11,734
1,145
730,353
6,319,467
214,239
214,268
10,030
90,337
231
28,551
7,580
322,657
483,755
10,130
712,765
27,593
4,130
189,894
10,219
230,798
1,555,715
4,324
771,753
373,097
34,939
71,515
3,127
81,906
3,362,122
223,080
169,921
199,856
7,004
8,068
155,687
108,248
58,082
743,312
56,419
,616,945
4,453,124
62,364
2,844
15
143
3,954
9,135
2,553
390
145,039
1,366
5,173
30
31,771
4,713,556
3,409,920
40,249
81,934
14,849
41,436
6,400
17,195
79,300
2,785
115,824
137,315
13,667
9,040
4,152
601
377,910
4,353,078
360,478
360,335
6,421
135,120
153
77,576
7,703
162,223
344,552
8,849
401,820
6,584
1,908
67,391
5,324
77,447
566,193
1,801
248,149
8,483
1,992
22,530
1,012
26,463
1,431,749
145,422
60,079
76,776
5,850
316
91,279
63,412
41,252
292,229
23,162
631,972
2,801,686
5,947
1,204
10
32
1,924
2,017
373
1
3,466
79
957
1,553
16,961
2,836,220
2,068,598
1,654
73,575
20,723
18,403
4,738
7,321
40,610
2,781
35,537
95
36,383
10,510
4,952
316
328,041
181,472
131,440
3,673
85,244
178
31,034
5,329
577,394
582,042
16,935
923,685
33,458
13,215
525,192
7,375
853,571
4,625,232
28,365
1,862,352
216,501
39,745
86,685
3,778
152,634
6,753,075,
312,355
111,818
851,957
15,637
907
400,771
162,220
316,350
1,186,130
194,561
3,209,369
6,763,075
7,832,637
18,559
12,118
143
676
7,590
8,633
4,241
135
36,509
91
14,035
5,621
33,705
7,974,811
5,415,565
9,551
97,811
32,120
191,820
4,565
34,322
130,132
9,470
236,355
11,020
44,990
56,881
13,708
1,253
783,7101
7,073,775
901,036
900,360
2,239
444,629
534
227,853
71,281
See footnotes at end of table. See text for explanatory statements and for "Description of the Sajnple and Limitations of Data.
112
ACTIVE CORPORATION INCOME TAX RETURNS-1954
RETURNS WITH BALANCE SHEETS AND NET INCOME
Table 19— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Coatiaued
Major industrial group — 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 and with
net income.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization
Less: Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
ReseiT^es for estimated expenses!
Prepaid income^-
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
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 net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortization
Depletion
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 (46 less 63)
Net Income (64 less 36)
Net operating loss deduction
Income tax
Excess prorits tax ^
Total tax
Compiled net profit less total tax (64 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(22)
(23)
(2-^)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
9,i-;6
1,589
2,783
2,085
7,393
2,391
(Thousand dolla
690,-437
9U,053
33,103
601,344
39,077
28,974
264,625
24,771
547,166
2,388,809
6,640
988,421
6,937
3,632
116,051
126,727
188,821
4,905,996
409,413
155,260
336,191
21,728
29,658
323,503
316,225
231,065
754,335
152,690
2,175,928
4,905,996
6,921,749
479,248
6,173
76
378
4,308
16,218
14,409
1,063
14,191
2,187
22,515
5,068
67,056
7,554,639
4,763,747
259,365
246,766
73,043
35,187
18,986
22,187
106,351
9,839
125,891
157
43,893
48,101
12,291
1,150
1,161,330
6,928,284
626,355
625,977
7,631
286,975
785
287,760
338,595
136,911
21,151
1,369,179
1,844,993
47,868
2,739,409
73,838
24,891
1,395,506
7,187
1,912,121
10,454,171
441,861
4,188,011
136,514
57,434
190,938
72,821
215,441
15,701,835
920,147
254,974
2,118,943
131,574
1,316
1,170,131
488,160
871,830
2,441,514
332,733
6,970,513
15,701,835
17,320,610
65,793
23,964
53
639
18,070
16,755
51,055
362
26,676
437
136,312
53,135
63,653
10,808,071
15,716
213,293
65,713
336,285
12,838
89,530
222,081
12,490
725,206
55,489
540,601
174,125
36,977
1,342
2,194,812
2,272,945
2,272,306
10,488
1,095,922
1,138
1,097,060
1,175,885
815,469
24,789
1,587,119
3,258,598
174,751
2,495,425
237,969
29,192
1,806,839
2,713
4,919,523
22,243,564
265,599
10,391,420
2,615,266
1,131,805
487,325
75,228
327,574
28,122,760
2,525,433
184,165
3,928,158
69,006
40,947
738,441
350,787
325,975
7,615,625
842,867
11,501,356
28,122,760
24,845,102
843,352
27,227
49
1,475
31,822
149,172
40,571
394
62,687
788
438,262
134,335
65,256
18,784,006
439,443
38,349
221,800
395,065
12,543
116,997
596,921
11,882
910,492
1,051,833
127,519
229,658
65,352
5,744
2,012,141
25,019,745
1,620,747
1,619,272
2,108
633,701
130
1,021,430
410,426
204,995
729,963
14,068
793,262
7,823
685
132,781
374
179,317
1,516,366
27,548
752,199
584
361
16,356
2,746
15,644
2,806,720
258,032
49,943
573,789
2,161
526
190,501
112,751
112,179
316,201
95,218
1,095,419
2,8
.,720
4,329,416
31,274
3,334
4
8
3,426
4,801
1,265
1,869
26
14,480
24,365
9,962
3,129,847
13,181
25,979
23,049
70,055
7,087
20,966
127,632
1,435
92,470
217
52,805
25,963
9,123
103
515,932
4,115,844
308,394
308,386
1,285
152,895
156
153,051
84,059
2,726
136,191
320,935
6,701
418,507
4,843
2,351
31,641
2,067
137,900
351,517
888
172,417
436
208
11,594
1,988
23,053
1,262,8
144,830
75,294
97,108
2,874
51
73,609
32,431
52,306
233,944
61,198
489,164
1,262,809
2,581,737
3,564
622
8
49
984
1,751
306
27
848
10
952
2
10,415
2,037,949
1,951
51,914
15,624
13,871
2,439
8,356
33,804
2,447
21,311
36
32,038
8,729
5,710
158
231,590
128,348
128,299
3,964
59,859
314
60,173
68,175
28,079
2,783
553,814
719,765
19,007
806,890
47,836
14,603
418,596
51,343
436,010
3,434,891
55,505
1,428,182
101,526
35,204
76,717
8,511
61,057
5,193,681
314,007
90,162
464,179
23,524
2,622
355,869
145,987
139,466
1,142,860
172,995
2,342,010
5,193,681
6,160,819
29,123
7,903
41
427
3,823
5,828
6,636
164
11,014
420
12,371
19,874
23,474
6,281,917
3,966,703
13,578
93,026
24,199
161,354
6,257
20,832
105,634
6,371
209,821
56,822
48,549
49,732
13,663
1,096
688,544
5,466,181
815,736
815,309
4,790
403,926
400
404,326
411,410
214,036
42,849
1,288,947
1,606,103
35,755
2,930,266
107,789
27,164
1,231,567
9,300
1,001,289
14,564,717
939,536
6,433,425
808,410
475,376
166,555
16,140
206,396
16,080,551
1,093,462
231,631
2,520,988
37,388
1,342
1,054,264
449,443
727,410
3,051,794
334,392
6,578,437
16,080,551
17,719,794
463,131
18,306
95
402
17,412
41,004
8,037
557
22,279
125
36,385
7,420
39,412
13,374,359
12,631,246
234,125
117,203
74,934
906,350
5,163
109,557
345,603
14,998
950,655
87,227
64,102
244,884
65,495
1,169
917,975
1,603,673
1,603,271
3,862
804,724
1,356
806,080
797, 593
442,345
26,974
864,969
1,286,346
28,434
2,021,408
37,086
13,300
281,402
15,472
431,942
3,618,306
36,029
1,487,571
11,931
1,887
121,571
14,037
139,677
7,303,526
578,834
305,085
477,027
36,903
5,162
410,503
356,376
237,491
1,363,643
130,561
3,401,941
7,303,526
12,170,885
75,301
5,245
105
974
5,054
11,666
4,140
189
21,846
326
11,985
21,097
55,304
8,921,614
41,117
269,192
57,820
175,662
13,508
37,690
180,275
10,294
229,701
265
133,063
70,518
36,455
2,389
1,243,564
11,423,127
960,990
960,016
6,978
462,550
1,855
216,572
21,406
1,649,773
2,597,233
53,284
4,198,792
43,447
18,423
814,916
66,477
966,385
6,516,286
179,354
2,620,895
6,830
3,955
162,574
19,862
203,164
14,406,674
1,138,202
325,108
1,578,878
60,592
10,729
907,831
639,492
477,475
2,711,133
494,387
6,062,847
14,406,674
18,687,251
494,841
14,045
92
462
18,409
26,838
30,315
545
22,258
195
26,676
35,301
73,505
12,990,440
53,324
306,864
86,916
275,808
17,473
80,401
324,206
20,934
476,421
4,219
204,464
169,928
53,960
2,872
2,491,725
17,559,955
1,870,778
1,870,316
8,889
928,571
4,581
420,480
63,218
719,022
1,796,579
25,743
2,440,879
28,014
68,321
747,031
5,113
869,274
3,056,316
85,002
1,040,773
2,608
1,410
57,603
6,221
158,019
8,802,072
1,039,225
538;
937
*6j
1,
749
349
208,
1,382,
299,
3,249,
965
420
559
646
325
579
264
046
076
967
8,802,072
13,251,717
54,327
8,986
150
882
13,174
10,602
17,0%
538
19,245
232
22,051
18,593
36,287
9,521,323
39,962
120,233
55,320
122,612
10,934
48,833
293,171
13,534
256,859
55
227,507
119,033
40,132
2,595
1,403,231 1
12,275.334;
1,188,5461
1,187,664
llj582j
590,158
3,092
593,250
595,296
321,628
17,977,
See footnotes at end of table. See text for explanatory statemente end for "Description of the Sample and Llraltatione of Data."
ACTIVE CORPORATION INCOME TAX RETURNS -1954
113
RETURNS WITH BALANCE SHEETS AND NET INCOME
Table 19.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BV MAJOR INDUSTRIAL GROUP— Conlinuod
Major industrial group — 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
Comiunl-
catlon
Electric
and gas
utilities
Other
public
utilities
(32)
(33)
(35)
(36)
(38)
(39)
(40)
(41)
Number of returns with balance sheets and with
net income.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization.
Less; Accumulated depreciation.
Depletable assets
Less: Accumulated depletion. .. .
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^ .
Prepaid income ^
Accnied expenses
Other liabilities
Capital stock, preferred
Capital stock, coimoon^
Surplus reserves
Surplus and undivided profits....
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 net
long-term capital loss.
Net long-term capital gain reduced by net
short-term capital loss.
Net gain, sales other than capital assets..
Dividends, domestic corporstions
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 and amortization
Depletion
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 (46 leas 63).
Net income (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax-'
Total tax.
Coinpiled net profit less total tax (64 less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
( 7h<Mtaand tJottarM)
614,816
1,813,251
4,542
2,047,598
25,898
3,603
209,585
1,519
131,772
1,779,901
31,002
838,969
571
163
48,040
2,450
66,351
5,870,679
979,446
225,343
434,760
32,368
865
383,327
1,223,204
92,044
544,474
153,138
1,801,710
5,870,679
9,803,824
812,039
1,910
5
99
7,606
4,134
12,767
20
5,531
429
4,988
4,279
22,748
,057,145
621,633
44,556
36,115
140,901
2,003
29,668
155,688
6,619
130,076
39
24,146
67,109
28,931
1,767
501,902
9,848,298
832,081
831,982
22,102
415,673
8,941
155,131
51,767
663,591
1,243,135
8,563
2,000,422
21,798
4,007
1,658,953
739
901,714
5,866,353
56,203
2,383,371
5,736
3,159
59,308
64,594
378,049
10,417,103
1,036,302
54,745
472,988
6,449
914
1,010,298
1,111,372
365,423
674,051
818,391
4,866,170
10,417,103
16,475,389
3,492
31,849
229
125
16,034
8,065
4,975
43
24,848
79
46,500
75,080
16,575
16,703,283
12,203,075
530
48,720
13,092
214,183
2,115
28,166
403,856
7,814
349,612
577
46,985
162,219
55,091
490
854,485
14,391,010
2,312,273
2,312,148
2,357
1,171,780
594
1,172,374
1,139,899
610,659
3,585
25,035
25,312
430
60,195
1,728
2,051
16,798
2,035
11,319
82,611
3,555
37,070
2,682
55
2,625
5,811
8,413
413
21,767
12,298
7,668
24,448
3,643
87,049
191,391
325,303
28,742
77
165
214
61
176
46
762
355,993
240,600
21,492
3,937
1,131
3,590
55
1,299
5,681
419
6,041
314
2,842
3,391
660
52
26,957
318,461
37,532
37,455
3,579
17,351
93
20,088
7,403
187
223, 105
529,213
9,240
769,826
13,062
4,191
215,955
1,152
133,322
1,088,552
30,877
467,520
4,650
2,606
26,561
7,523
23,260
2,530,129
162,948
91,541
203, 587
21,137
1,122
227,851
197,026
50,234
448,462
73,081
1,053,140
2,530,129
3,525,497
25,321
3,066
14
23
2,907
2,908
3,853
69
4,301
191
3,989
7,446
12,711
3,592,296
,274,232
8,152
53,312
19,265
47,159
2,490
14,038
75,609
4,065
77,269
79
73,285
41,589
21,309
420
450,142
3,162,415
429,881
429,858
2,110
216,035
530
93,136
58,329
328,772
607,420
15,560
796,367
17,007
6,356
87,338
8,617
143,999
1,118,052
8,063
480,206
5,983
1,055
36,470
6,776
58,079
2,716,352
272,842
157,518
160,558
17,446
3,581
186,342
108,880
101,279
497,397
52,111
1,158,398
2,716,352
4,827,271
50,453
1,521
47
135
2,449
5,752
2,474
94
11,393
1,035
3,656
2,387
20,078
,394,931
33,629
156,199
37,923
40,353
8,100
16,553
79,961
4,134
79,996
2,985
75,951
20,828
9,882
1,328
637,923
4,600,676
323,069
327,934
7,268
148,608
450
57,035
9,X2
3,197,528
3,048,935
37,514
2,216,037
265,400
23,088
2,555,954
90,600
4,789,173
89,475,938
847,537
20,078,562
141,431
69,491
488,649
91,021
2,108,317
87,464,017
2,538,766
862,860
32,018,947
90,724
17,668
3,641,708
2,910,974
4,397,439
21,259,758
1,066,151
18,659,022
37,464,017
2,154,114
33,647,833
39,162
1,086
869
90,635
363,533
26,293
3,256
99,603
19,257
120,389
13,410
208,033
36,787,473
1,653,660
19,783,659
268,116
738,056
79,351
40,370
1,125,195
2,202,330
21,179
3,058,096
64,701
131,708
414,385
106,125
7,000
2,412,879
32,106,810
4,680,663
4,679,794
31,003
2,295,206
519
2,295,725
2,384,938
2,003,963
39,891
1,734,502
1,481,444
8,521
675,250
72,516
21,974
1,160,473
88,041
2,924,172
29,581,949
711,448
7,399,941
45,358
28,364
199,491
56,091
957,993
30,850,980
1,490,424
281,220
8,678,828
43,689
12,456
957,651
1,480,117
655,651
6,435,363
366,146
10,449,435
30,850,980
233,768
15,997,203
22,935
378
497
47,912
301,168
15,328
2,065
72,381
16,395
73,710
2,089
94,339
16,380,668
131,932
11,130,535
187,685
533,115
35,182
5,060
328,179
832,251
6,322
1,201,345
23,993
72,242
61,107
23,532
2,541
1,035,337
1,219,310
1,218,313
20,031
551,936
139
446,975
11,137
302,064
450,155
5,368
523,257
120,109
1,084
1,056,077
1,313
464,802
17,500,642
10,471
4,645,2-51
6,446
2,192
35,372
22,278
479,345
16,300,162
322,606
60,568
4,917,798
3,869
2,331
1,028,866
732,345
224,790
6,090,769
26,733
2,889,487
16,300,162
1,768,567
6,520,157
10,609
690
100
11,049
40,408
3,439
1,097
9,317
2,281
28,749
2,292
6,626
3,410,381
1,418,031
3,140,489
26,112
99,794
33,002
19,833
173,895
473,813
5,094
531,697
41
34,844
217,894
49,937
746
793,266
1,336,888
1,336,788
1,637
674,811
310
508,869
6,894
1,120,436
1,086,230
22,818
1,003,200
69,522
3,185
330,478
1,014
1,273,034
41,222,223
119,621
7,840,515
89,320
38,896
231,862
10,481
642,028
39,061,163
703,639
449,202
17,884,539
42,209
2,045
1,618,255
634,382
3,423,314
3,504,873
663,915
5,134,790
39,061,163
144,347
10,912,138
5,491
16
206
30,972
21,626
2,466
93
16,348
408
16,129
9,029
104,951
11,264,220
99,516
5,426,720
48,520
54,246
5,147
15,115
602,558
873,258
9,094
1,252,185
40,624
24,293
133,102
32,366
3,620
563,144
9,183,513
2,080,707
2,080,501
3,682
1,043,957
1,049,012
1,032,620
20, 592
40,526
31,106
807
14,380
3,253
1,845
8,926
232
127,165
1,171,124
5,997
192,855
307
39
21,424
2,171
28,951
1,251,712
22,097
71,870
537,782
957
836
36,936
64,130
93,684
228,753
9,357
185,310
7,432
218,335
127
2
66
702
331
60
1
173
1,801
232,204
4,181
35,915
5,799
901
1,020
357
20,563
23,003
169
22,369
43
324
2,282
290
93
21,132
43,758
43,692
653
19,502
15
19,517
15,499
1,268
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
114
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS AND NET INCOME
T«ble 19 BALANCE SHEETS AND RELATED INCOkE STATEMENTS, BY MAJOR INDUSTRIAL aROUP— CoMinuad
Major industrial group — Continued
Trade
Total trade
Total
wholesale
Commission
merchants
Other
wholesalers
Total
retail
General
merchandise
Apparel
and
accessories
Fiimiture
and house-
fumishlngs
Automotive
dealers and
filling
stations
Number of returns with balance sheets and with
net income .
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization.
Less: Accumulated depreciation.
Depletable assets
Less: Accumulated depletion. . ..
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses!
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits...
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 net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortization
Depletion
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 (46 less 63).
Net income (6-; less 36)
Net operating loss deduction
Income tax
Excess prof I ts tax '.
Total tax.
Compiled net profit less total tax (64 lesa 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(51)
49,438
6,352
12,783
(Thouaaid dollars)
5,613,437
14,686,887
441,791
15,075,792
264,224
42,919
1,176,911
65,545
3,388,486
13,039,144
81,731
5,374,517
148,590
66,644
1,140,000
118,603
1,100,002
49,895,357
8,363,420
3,742,765
3,709,314
138,993
49,781
2,239,387
1,950,463
1,454,409
8,721,825
787,190
18,738,310
49,895,857
141,592,068
2,335,104
20,915
198
1,785
143,011
228,697
31,534
4,009
122,344
10,129
73,262
78,821
,138,443
145,780,320
114,115,662
1,115,099
2,202,624
1,414,218
335,207
247,828
335,467
1,268,062
52,047
1,006,220
16,222
1,442,622
222,774
61,114
9,169
17,640,898
141,485,233
4,295,087
4,293,302
79,210
1,865,155
2,272
1,867,427
855,693
117,010
2,327,873
7,846,667
166,645
7,068,016
84,843
22,154
471,208
36,073
1,816,389
4,159,197
33,070
1,674,440
121,525
57,602
292,945
40, 510
499,730
22,855,373
4,766,776
2,302,941
1,646,738
54,875
20,472
823,090
838,513
534,061
3,697,111
324,911
7,845,885
22,855,373
68,462,655
1,661;473
9,229
95
570
58,697
67, 581
27,579
2,232
55,039
4,420
39,874
69,192
430,374
70,889,010
59,161,716
844,470
1,011,939
284,047
106,917
94,237
163,780
509,536
19,857
345,736
13,365
371,304
79,398
21,934
3,477
6,091,078
69,122,841
1,766,169
1,765,599
36,333
747,060
1,124
748,184
1,017,935
313,977
52,829
244,795
652,570
10,169
141,535
3,654
523
59,472
2,405
197,002
149,395
614
59,855
3,941
1,919
11,298
5,781
45,820
1,445,639
356,931
159,700
85,821
7,689
5,449
45,523
53,747
32,618
218,502
16,309
463,345
1,445,639
2,682,548
652,161
1,146
21
7,461
4,040
2,072
2,618
112
7,406
78
55,769
3,415,720
2,475,931
213,890
105,648
19,543
3,161
4,570
8,L28
15,614
1,128
13,977
506
17,878
7,210
1,217
680
410,343
116,296
116,275
4,143
72,950
17,662
2,714
2,083,078
7,194,097
156,476
6,926,481
81, 139
31,626
411,736
33,663
1,619,387
4,009,802
32,456
1,614,585
117,534
55,683
281,647
34,729
453,910
21,409,734
4,409,845
2,143,241
1,560,917
47,186
15,023
777,562
734,766
501,443
3,478,609
308,602
7,382,540
21,409,734
65,780,lCr7
1,009,312
3,033
95
549
51,236
63,541
25,507
1,944
52,421
4,308
32,468
69,114
374,605
67,473,290
56,685,785
630,580
906,291
264,504
103,756
89,667
155,652
493,922
13,729
331,759
12,859
353,426
72,188
20,767
2,797
5,630,735
1,649,373
1,649,324
32,190
703,793
1,045
704,838
945,035
296,315
50,115
2,934,894
5,917,037
247,396
7,166,536
167,675
18,990
666,268
26,414
1,428,114
7,994,340
45,051
3,314,602
22,223
7,507
757,745
71,078
547,563
24,154,871
3,054,153
1,229,073
1,867,874
79,054
26,969
1,289,627
981,659
836,449
4,464,033
427,851
9,898,129
24,154,871
65,950,680
493,670
10,848
76
1,171
78,318
142,759
2,536
1,512
60,286
5,290
28,283
9,583
647,920
67,432,932
49,268,905
215,955
1,033,942
1,066,263
203,676
135,576
153,635
678,685
29,763
539,045
2,189
992,316
134,477
36,927
4,292
10,582,639
65,133,340
2,299,592
2,298,421
35,709
1,026,841
1,000
1,027,841
1,271,751
504,601
58,743
603,303
365,275
6,818
1,019,190
33,592
2,255
49,840
2,080
196,177
1,643,628
3,712
658,639
4,535
1,355
106, 304
11,112
101,024
3,473,341
655,092
80,630
328,411
6,051
1,203
213,924
135,987
213,503
480,972
58,458
1,299,060
3,473,341
18,701,777
49,872
851
28
634
4,844
11,406
481
65
11,079
347
2,189
6
43,817
18,827,396
15,168,413
27,725
99,420
162,693
57,392
7,296
18,457
135,503
5,833
139,174
198
125,245
36,663
18,167
1,007
2,402,449
18,406,140
421,256
420,622
5,191
202,991
348
203,339
217,917
31,091
21,276
980,127
2,086,199
136,873
2,387,106
61,462
7,029
503,999
4,376
575,353
2,355,237
11,709
1,167,250
1,363
293
300,385
19,729
133,409
8,600,154
364,919
172,736
651,370
36,752
11,251
586,054
247,992
366,192
1,513,317
231,078
3,918,493
:, 600, 154
15,814,146
66,743
7,215
16
92
28,052
60,607
235
23
19,567
409
12,821
8,905
168,314
10,362,387
17,203
100,348
325,119
57,078
33,248
44,171
229,064
10,551
152,415
164
408,503
75,457
4,769
499
3,395,497
15,216,473
970,677
970,585
3,420
482, 4b6
130
290,459
7,706
265,465
499,597
13,242
749,241
11,775
3,032
36,824
4,433
147,126
579,350
4,261
265,483
1,173
643
30, 170
5,220
45,903
340,809
35,593
145,134
6,611
1,775
104,180
63,435
75,850
381,906
15,444
870,443
4,323,150
34,409
777
7
82
2,279
22,116
283
56
2,309
348
4,661
641
72,774
4,463,892
2,792,153
12,741
119,506
215,853
12,273
12,039
9,835
51,591
3,145
46,813
11
111,844
4,624
2,336
278
913,271
4,308,413
155,479
155,397
5,447
60,612
40
60,652
94,827
28,005
4,727
124,720
726,785
23,527
388,761
5,754
550
10,977
2,681
76,842
208,922
1,525
90,029
258
152
25,315
1,518
31,690
177,972
134,834
104,467
4,130
3,723
46,415
157,344
32,778
293,839
41,330
487,703
1,434,540
2,287,453
32,935
359
135
5,927
4,614
38
1,442
206
945
1
119,559
2,453,761
1,480,293
5,071
100, 106
57,405
6,821
19,021
11,343
29,451
1,486
18,336
71
75,358
1,293
968
334
557,473
33,426
33,291
3,865
31,960
11,138
3,062
444,204
763,672
17,621
974,698
20,530
2,186
20,903
5,669
162,324
869,804
5,923
316,363
3,329
1,303
151,905
3,444
104,017
270,666
359,395
231,889
12,807
3,920
134,233
121,791
36,091
605,311
26,753
1,332,564
3,185,975
13,268,548
153,259
544
82
22,043
15,597
193
942
12,047
1,696
2,001
17
99,423|
11,341,429
76,084
221,762
91,595
20,530
21,074
33,108
83,699
3,049
75,694
418
147, 196
4,505
4,232
1,059
1,214,661,
241,247
241,1651
3.'il51
93,377i
6o!
93,437{
28,365
10,649,
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS-1954
115
RETtRNS WITH BALANCE SHEETS AND NET INCOME
Tftble 19.~aALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRUL GROUP— Continusd
Major industrial grz'up — Continued
Trad e — Cont inued
Retail — Conti nued
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
Total finance,
insurance,*
real estate,
and lessors of
real property
Total finance
Banks and
trust
companies
Credit
agencies
other than
banks
(52)
(53)
(5i)
(55)
(56)
(57)
(58)
(59)
Number of returns with balance sheets and with
net ioccoe .
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Govemoent obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investjDents
Depreciable assets
Less: Accuimilated amortization
Less: Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^
Prepaid income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Stirplus reserves
Surplus and undivided profits
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 net
long-term capital loss.
Net long-term capital gain reduced by 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 and amortization
Depletion
Advertising
Amounts contributed under pension plans
AiDounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets. —
Other deductions
Total compiled deductions
Coo^iled net profit ('V6 less 63)
Net income (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax '.
Total tax
Compiled net profit less total tax (64 less 69)
Dividends paid;
Cash and assets other than o«n stock
Corporation's own stock
71,920
50, 573
502
221,222
3,361
527
5,357
851
29,047
197,721
1,037
89,235
1,035
7,282
2,357
13,411
513,446
86,062
14,800
43,243
498
61
27,503
15,144
12,252
107,042
4,904
201,937
513,446
1,429,171
9,867
418
5,276
57
30
854
8
1,597
11,561
1,458,994
973,740
2,588
40,644
45,167
5,052
473
2,24«
18,001
836
16,216
25
17,826
2,477
747
114
285,328
1,411,482
47,512
47,5C4
3il
19,486
36
10,591
1,249
14,221
32,628
13,579
(Thousand doltara)
109,622
47,793
202
48,372
7,979
550
6,692
744
39,267
469,785
4,217
205,357
3,225
1,218
36, 393
8,674
27,486
595,588
76,197
36,441
70,839
2,228
253
37,084
30,000
16,241
123,401
4,707
198,197
595,588
1,649,080
31,123
204
3
19
742
5,252
644
27
2,813
343
1,058
10,591
1,701,899
859,807
13,909
60,652
73,737
18,404
488
4,256
34,027
887
38,925
55
13, 337
2,741
1,998
270
510,949
67,457
67,438
5,736
25,246
205
11,185
564
178,494
688,801
20,290
771,686
6,331
1,003
16,736
2,877
92,559
497,391
2,403
228,440
3,723
781
57,529
2,855
32,653
2,100,724
254,441
183,822
115,094
5,169
617
62,969
57,346
34,539
529,870
16,550
840,307
2,100,724
4,027,528
31,745
397
12
30
6,831
7,332
356
126
5,803
1,307
1,698
10
47,583
4,130,758
3,099,888
21,196
138,571
24,581
10,919
17,036
14,782
43,881
1,949
41,288
1,163
29,502
2,423
1,765
228
527,644
153,942
153,912
2,447
56, 183
57
22,145
6,540
206,539
688,342
23,321
606,310
11,891
14,935
2,703
108,919
667,502
5,264
293,806
3,027
1,313
42,462
16,169
57,970
2,104,873
160,272
177,427
4,808
4,166
77,215
147, 570
49,003
428,375
28,622
699,420
4,449,822
78,667
354
6
89
7,182
10,559
249
150
4,372
626
1,313
3
74,298
3,190,790
39,438
157,933
70,113
14,657
24,901
15,435
53,468
2,032
59,684
84
63,505
4,289
1,895
503
775,367
153,596
153,507
5,347
21,622
2,970
300,670
923,183
27,750
841,190
11,706
1,775
39,435
3,058
143,983
885,107
3,610
385,475
4,842
1,535
89,310
7,015
52,709
2,885,613
542,491
210,751
194,702
5,064
2,340
126,670
130,291
83,899
560,681
34,426
994,296
85,613
7,178,733
179,961
838
27
44
5,996
18,357
1,419
265
7,019
419
5,105
5,685,041
54,674
151,743
63,908
24,614
18,015
18,002
79,841
2,422
71,439
668
79,002
8,899
2,203
1,400
967,131
229,326
229,282
7,168
91,254
148
91,402
137,924
37,115
5,438
49,796,240
98,756,946
988,415
37j494
99,615
16,857,686
88,251,768
4,089,740
105,089,692
16,580,828
96,145
4,172,381
589,827
218,496
3,812,889
419,789
7,523,108
386,430,185
3,843,384
7,257,136
15,577,746
106,169
114,777
1,061,120
305,887,646
1,202,536
13,383,554
3,526,555
34,469,562
386,430,185
146,910
10,999,678
1,710,385
92,707
367,156
7,149,966
2,552,628
170,066
43,402
915,137
555,912
1,102,842
47,448
318,397
26,172,634
97,490
3,320,047
1,184,630
310,888
165,653
378,514
2,106,039
1,003,770
37, 521
708,189
66,876
177,492
174,114
47,775
32,823
7,796,174
8,564,639
8,197,433
74,387
2,067,788
631
2,068,419
6,496,220
1,986,297
179,117
45,704,565
96,085,022
968,144
1,798
31,098
11,580,036
73,098,460
4,001,401
25,577,426
2,378,664
13,116
417,842
183,510
71,329
244,785
325,829
1,746,609
259,488,772
2,372,383
5,479,097
6,777,404
41,691
56,890
577,318
212,853,061
814,839
8,366,496
2,799,690
19,344,403
259,488,772
8,577
2,368,576
1,337,206
88,099
251,060
4,647,149
161,668
45,584
37,083
720,433
132,944
726,608
43,146
183,256
5,600
169,877
736,913
123,625
37,560
365,720
1,694,120
233,039
24,252
157,433
26,028
121,414
141,792
23,524
28,715
2,905,330
3,905,947
3,654,887
25,011
1,221,485
266
1,221,751
1,484,720
148,928
43,810,395
82,125,310
762,949
15,527
11,263,001
71,644,654
3,779,250
9,829,825
1,943,754
2,743
273,909
1,783
468
159,649
301,257
1,324,605
225,159,941
23,791
92,336
54,067
23,987
31,738
237, 577
206,557,691
23,784
4,257,899
1,961,700
11,895,371
225,159,941
1,302,087
86, 561
235,507
3,700,052
139,345
2,413
26,318
41.-',006
11,173
39,526
202
83,873
6,921,884
549
564,509
75,106
33,432
238,748
1,100,319
221,242
18,499
128,864
447
84,061
121,756
19,938
27,569
1,985,118
4,620,157
2,301,727
2,066,220
11,589
867,970
73
868,043
1,433,684
517,114
98,344
(60)
1,271,179
13,175,014
203,421
590
11,551
43,394
438,232
72,574
5,527,745
183,224
655
51,992
12,875
2,032
36,314
2,978
170,373
20,688,493
1,586,011
4,740,653
5,877,820
13,215
24,588
244,276
4,537,301
270,792
1,270,332
417,003
1,706,5,02
20,688,493
2,962
1,162,651
11,940
122
1,135
356,758
7,410
17
1,533
23,073
2,328
23,576
9,089
42,138
2,144,732
1,362
21,472
95,119
36,980
2,767
125,706
546,862
42,042
2,801
21,336
187
31,986
13,349
2,708
530
641, 174
558,351
557,216
7,416
;48,076
188
184,0U
22,578
71
72
6ee footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
116
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS AND NET INCOME
T»ble 19 BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group — Continued
Finance, insurance, real estate, and lessors of real property — Continued
Finance — Continued
Holding and
other
investment
companies
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 and with
net income .
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization.
Less: Accumulated depreciation.
Depletable assets
Less: Accumulated depletion....
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid income 1
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common ^
Surplus reserves
Surplus and undivided profits....
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 net
long-term capital loss.
Net long-term capital gain reduced by net
short-term capital loss.
Net gain, sales other then 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 and amortization
Depletion
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 (A6 less 63).
Net income (64 less 36)
Net operating lose deduction
Income tax
Excess profits tax'
Total tax
Compiled net profit leaa total tax {64 lees 69).
Dividends paid:
Cash and aesete other than own stock
Corporation's own stock
(61)
463,520
459,231
1,346
1,208
2,019
222,944
469,835
10,705
9,736,034
214,904
9,620
71,428
168,249
68,508
37,672
19,022
78,117
11,752,558
295,581
241,666
586,018
2,831
299
73,266
,386,515
494,383
!, 736,947
408,748
',526,304
5,615
52,864
11,809
56
3,543
85,174
13,942
43,068
7,889
273,694
6,011
651,633
33,472
43,585
4,238
8,688
20,846
3,340
668
569
31,306
11,965
2,237
4,562
25,324
805
2,043
246
444
150,669
267,950
969,405
965,862
3,048
82,770
773,421
25,794
(62)
(63)
(64)
(65)
(66)
1,142
f Thousand dollars)
139,471
325,467
428
1,001
50, 197
545,689
138,872
483,822
36,782
98
20,513
603
321
11,150
2,572
173,514
467,000
404,442
259,499
1,658
265
22,699
376,554
25,880
101,318
12,239
216,226
1,887,780
11,370
1,360
10,875
5,165
971
86
1,343
5,660
113,432
11,873
383
13,660
447,418
139,168
56,439
8,199
693
697
15,633
7,790
715
2,671
70
4,562
4,644
632
172
128,869
370,954
76,464
65,589
2,958
10,171
2,212
2,841,659
692,898
5,133
16,322
3,748
5,220,330
14,919, 3C»
50,180
75,561,879
988,839
361
56,493
699
496
19,267
42,670
5,260,634
105,555,951
513,223
48,973
44,131
14,836
11,442
83,923
92,086,464
34,313
1,416,230
513,865
10,788,546
105,555,951
63,823
7,080,862
366,114
4,535
114,762
2,437,689
239,437
215
1,261
62,308
1,975
340,355
3,449
37,514
51,233
2,702,209
171,768
70,962
4,250
5,526
12,327
222,828
3,691
89,796
227
19,955
25,916
21,424
1,471
3,758,952
7,162,535
3,591,764
3,477,002
9,732
487,082
46
487, 128
296,687
18,521
2,615,359
240,531
1,887
15,908
1,182
5,217,287
14,899,083
48,178
75,400,290
898,039
72
26,867
261
259
9,971
20,662
5,216,585
104,554,251
75,113
24,772
27,054
11,395
10,692
58,978
91,972,994
13,667
1,307,909
489,910
10,561,767
104,554,251
60,975
6,436,527
365,491
4,527
114,712
2,433,793
235,903
47
1,171
57,009
1,609
333,493
2,046
24,226
10,071,534
49,086
2,594,751
55,680
51,278
3,125
2,210
10,697
212,649
2,431
80,486
220
12,595
20,406
19,886
979
3,444,750
6,561,229
3,510,305
3,395,593
8,079
458,518
15
277,169
14,705
226,300
452,367
3,246
414
2,566
3,043
20,226
2,002
161, 589
90,800
239
29,626
438
237
9,296
22,008
44,049
1,001,700
438,115
24,201
17,077
3,441
750
24,945
113,470
20,646
108,321
23,955
226,779
2,848
644,335
623
8
50
3,891
3,534
168
90
5,299
366
6,862
1,403
13,288
682,765
2,147
107,458
116,088
19,684
1,125
3,316
1,630
10,179
1,260
9,310
7
7,360
5,510
1,538
492
314,202
601,306
31,459
81,409
1,653
28,564
31
23,595
19,518
3,816
1,171,696
1,893,468
14,785
17,499
62,676
51,642
185,828
34,859
3,722,008
11,589,569
66,433
3,515,527
45,898
14,084
3,403,961
41,328
464,214
19,073,812
904,053
1,695,714
7,986,316
48,991
32,282
361,775
897,984
237,507
2,840,331
195,993
3,822,856
19,073,812
64,592
1,543,202
5,759
70
1,194
62,313
2,057,348
4,251
4,909
115,571
420,366
32,629
662
90,642
33,237
446, 124
269,472
113,601
121,279
7,232
376,236
472,381
9,268
444,660
1,690
36,040
5,916
2,666
2,605
1,107,207
954,394
953,200
38,450
310,402
290
310,692
145,810
11,280
(67)
78,320
85,558
353
1,875
2,093
5,678
43,171
3,300
228,379
1,623,756
16,230
182,519
359,720
132,587
144,876
9,962
51,651
2,311,650
53,715
33,352
769,895
651
14,163
37,604
45,137
65,877
760,497
17,002
513,757
9,918
7,038
1,306
3
140
2,315
94,175
120,016
149
16,825
627
3,250
191
6,985
7,420
1,837
6,477
2,700
2,564
36
23,356
25,522
310
16,300
38,931
83
490
161
32
24,185
150,404
112,534
112 , 394
1,194
43,819
29
48,848
63,686
59,080 71
388
See footnotes at end of table. See text for explanatory atateraenta and for 'Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS -1954
117
RETl'RNS WITH BALANCE SHEETS AND NET INCOME
T«bl« 19.— BALANCE SHEETS AND BELATED INCOME STATEMENTS, BV MAJOR INDUSTRIAL GROUP— Continued
Major industrial i^roup — Continued
Services
Total
services
Hotels and
other
lodging
places
Personal
services
Business
services
Automotive
repair
services
and garages
Miscel-
laneous
repair
services,
hand trades
Motion
pictures
Amusement,
except
motion
pictures
Other
services,
including
schools
Nature of
business
not
allocable
Number of returns with balance sheets and with
net income .
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other Investments
Depreciable assets
Less: Accumulated amortization.
Less: Accumulated depreciation.
Depletable assets
Less: Accumulated depletion. .. .
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common*
Surplus reserves
Surplus and undivided profits....
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 net
long-term capital loss.
Net long-term capital gain reduced by net
short-term capital loss.
Net gain, sales other than capital assets..
Dividends, domestic corporations
Dividends, foreign corporstions
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 and amortization
Depletion
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 (46 less 63).
Net income (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax ^
Total tax.
Compiled net profit less total tax (64 less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(69)
(70)
(71)
(72)
(73)
(74)
(75)
(76)
32,779
3,167
1,608
3,078
(Thojiand dollars)
1,055,108
1,189,404
28,853
486,865
58,566
16,570
169,528
16,107
1,200,657
5,185,930
31,020
2,323,757
17,342
5,843
591,608
59,857
277,782
7,935,851
767,350
411,089
1,511,052
18,789
14,520
381,832
415,702
184, 113
1,237,721
163,117
2,830,566
7,935,851
,222,308
;,283,138
3,987
9
1,310
12,694
220,123
24,652
1,351
37,719
3,434
24,811
8,875
106,719
9,951,130
719,032
4,724,414
443,349
308,215
111,894
16,803
72,146
235,910
9,264
402,145
967
152,728
45,001
12,766
3,789
1,921,503
9,179,926
771,204
769,894
27,432
317,201
1,452
452,551
156,102
15,585
140,258
111,229
1,675
28,215
11,108
3,328
19,552
3,063
221,796
1,542,630
4,377
649,544
2,152
412
220,436
3,400
49,130
1,70C,289
77,812
90,145
563,022
1,410
649
71,135
64,530
49,773
251,735
24,768
505,310
1,700,289
450,500
737,607
479
1
49
3,210
106,061
7
87
11,664
654
3,741
15
14,776
252,146
269,016
27,973
65,225
45,866
2,834
24,295
57,759
1,599
78,390
160
22,651
2,674
3,296
240
376,341
111,404
131,938
2,450
60,463
8,729
1,554
17,332
1,646
58,482
649,965
2,861
307,829
2,336
1,064
36,856
10,806
44,737
822,044
88,648
46,287
85,986
2,375
594
40,153
38,656
24,417
175,204
9,151
310,573
822,044
203,793
1,216,203
343
2
32
1,146
3,320
653
9
3,678
339
1,792
1,437,537
105,
703,
85,
'1,
16,
3,
556
586
025
551
156
602
316
495
418
194
252
366
819
957
329
,438
1,230,465 1,357,060
98,386
98,337
3,664
39,480
138
20,296
3,278
,439
227
327,976
495,542
14,404
57,527
10,386
7,155
41,421
5,199
327,965
918,844
2,654
400,615
1,860
856
23,821
20,809
75,004
1,899,982
319,106
96,610
228,282
4,983
3,597
103,029
140,342
38,293
258,267
34,438
673,035
1,899,982
200,722
2,855,371
946
2
1,070
2,373
26,647
10,100
994
7,430
600
12,307
1,931
20,771
137,109
1,656,708
174,975
54,825
14,587
3,863
11,481
39,415
2,287
98,700
41
18,666
26,808
2,834
597
669,684
228,684
227,614
5,102
94,533
264
39,856
55,352
808
17,393
4,716
357
1,995
527
19,732
411,097
6,432
154,026
724
275
40,431
1,664
14,899
447,207
38,290
49, 152
140,947
5,538
2,581
14,444
13,162
12,168
61, 576
2,700
106,649
447,207
90,365
338,197
80
1
63
769
30,548
411
60
5,164
71
691
57,679
159,744
23,493
31,374
4,994
803
7,940
13,204
328
65,406
127
3,846
436
333
910
67,015
33,803
33,740
1,564
11,558
52
133,887
44,592
2,449
2,972
1,563
20,111
36,098
1,045
25,248
742
68
1,816
402
4,048
53,240
892
24,154
474
163
2,657
407
3,505
122,562
16,248
5,633
7,774
258
209
7,898
9,594
931
26,165
345
47,457
122,562
92,120
183,097
106
1,354
32
104
568
3
5
59,598
122,239
18,576
5,065
1,355
847
643
4,653
72
5,685
5
2,782
266
598
33
42,841
265,258
13,397
13,397
728
4,908
14
236,891
213,553
2,835
271, 5U
14,899
219
45,290
1,246
489,039
1,026,920
11,156
551,340
1,437
1,055
193,829
13,211
50,429
1,992,088
147,328
69,448
337,317
1,930
■2,310
82,565
79,399
40,060
256,491
70,521
854,719
80,790
1,652,400
859
1
16
3,884
42,434
8,132
55
4,376
70
5,255
6,768
38,759
44,920
1,138,559
35,102
67,506
15,063
1,603
15,282
41,623
1,085
61,411
1
55,459
4,461
1,176
1,183
194,567
1,679,006
164,803
164,787
5,086
72,799
512
45,321
3,021
104,274
42,299
548
8,002
4,539
2,078
25,650
1,191
49,125
382,254
1,795
157,467
7,692
1,818
53,302
5,053
22,210
546,041
39,161
34,155
62,053
545
1,480
28,468
32,303
11,096
128,713
11,071
196,991
546,041
46,405
596, 379
571
1
29
338
6,483
4,151
29
3,505
1,639
733
1
9,754
25,471
302,726
27,770
23,138
9,596
953
3,795
34,368
1,873
27,908
378
15,054
927
530
414
110,135
85,472
85,443
4,183
37,853
199
38,052
47,420
19,500
2,300
74,338
103,393
5,088
13,501
3,445
1,811
16,472
2,833
30,470
200,980
853
78,782
667
260
15,276
4,507
17,868
405,633
40,757
19,659
35,566
1,750
3,100
34,140
37,716
7,325
79,570
10,123
135,832
405,633
57,613
703,884
683
1
51
368
3,276
1,166
13
1,334
58
237
160
10,167
779,061
36,553
371,836
50,435
19,531
4,277
2,293
2,394
13,393
597
13,451
3
11,904
6,610
1,042
78
178,482
712,879
66,182
66,131
3,183
9,135
1,363
(77)
17,578
60,056
231
4,333
59
126
3,238
1,967
14,961
23,732
3
6,024
3,411
1,147
3,796
1,937
25,983
154,372
34,254
15,550
7,375
250
2,684
4,252
17,940
2,592
27,272
918
40,684
154,372
22,012
45,809
85
2
18
668
1,255
119
570
3,258
619
157
36
2,779
77,398
15,611
15,636
7,383
1,118
435
225
1,304
1,373
57
1,853
207
849
70
22
18
16,572
14,165
14,147
644
9,602
2,696
150
^Sum reported on returns with balance sheets filed for tax years beginning after Dec
^Capital stock which was not definitely designated as either common or preferred was
^e excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated
annual accounting periods ended July throu^ November 1954 and returns for part years
*For treatment of life and mutual insurance coii5)anie3, see text, p. 17.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitatlona of Data
31, 1953 and ending on or before June 15, 1955. See this item in textual discussion, p. 11.
tabulated under common stock,
for this report was the tax on income earned before that date and reported on returns for
which began in 1953.
118
ACTIVE CORPORATION INCOME TAX RETURNS -1954
RETURNS WITH BALANCE SHEETS AND NET INCOME
TlilU 20.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
Item
3i2^ of total assets
Total
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
$2,500,000
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1
419,679
69,224
60,772
77,717
98,554
46,370
26,551
19,803
1
ABsets:
Cash
( TTiousanc
dbiiaraj
2
76,086,421
147,688,470
2,116,734
54,834,777
1,760,285
17,322,074
104,ce2,817
4,608,317
131,759,256
230,825,198
3,374,591
78,151,472
7,028,152
3,064,320
8,663,383
1,273,573
14,294,971
179,802
198,669
2,621
123,598
5,940
825
2,656
1,236
44,250
458,415
8,331
211,392
21,687
14,655
42,822
10,077
47,534
341,100
503,982
7,800
363,717
13,968
1,826
7,431
2,860
126,684
1,070,005
12,407
446,311
25,678
12,511
144,612
21,299
89,756
761,404
1,319,957
20,792
925,091
31,684
3,697
28,640
9,819
X5,234
2,673,414
19,769
1,046,038
47,899
25,334
388,441
35,676
180,044
1,865,808
3,942,359
75,888
2,644,622
33,629
16,649
127,584
34,602
1,178,491
7,145,430
46,369
2,772,829
83,415
39,054
1,065,746
77,540
445,756
1,842,288
4,273,985
84,967
2,860,886
87,909
22,699
238,426
53,992
1,352,790
6,960,558
34,939
2,769,721
101,429
40,331
1,023,067
49,240
439,015
2,153,956
4,906,150
95,438
3,054,636
90,654
88,074
611,242
94,083
1,735,827
7,402,325
53,805
2,988,561
167,915
67,576
951,864
60,994
443,309
4,119,148
8,131,147
131,193
4,369,042
120,339
329,071
2,641,867
513,135
3,303,331
9,683,401
59,194
4,023,609
254,639
96,687
956,802
85,554
664,712
2
3
i,
5
6
4
5
6
Investments, Government obligations:
7
8
9
10
11
12
13
U
15
16
17
8
9
in
11
I?
13
14
15
16
17
Other assets
18
1<)
Total assets
713,530,577
900,512
2,233,889
5,639,117
15,777,491
16,376,326
18,605,649
30,861,505
19
20
21
22
23
24
25
26
27
23
29
in
Liabilities:
31,317,296
17,791,911
72,373,142
992,287
367,589
13,028,323
319,733,566
13,468,408
77,809,164
10,843,064
150,800,327
157,493
80,017
108,395
2,505
1,713
46,567
60,414
11,875
398,393
4,479
28,661
326,613
182,134
284,519
5,184
2,637
93,549
124,166
29,145
706,361
11,402
468,179
770,813
457,442
787,251
16,125
9,501
207,807
279,490
75,052
1,486,804
34,575
1,514,257
2,077,134
1,378,756
2,318,235
39,429
28,186
567,823
795,902
233,603
3,583,178
115,267
4,639,978
2,123,964
1,514,604
2,361,476
43,291
33,318
607,731
972,526
318,595
3,104,627
146,960
5,149,234
2,074,668
1,631,284
2,405,976
47,342
34,836
710,339
1,930,484
403,371
3,132,155
240,234
5,994,410
2,635,793
2,025,867
2,995,718
89,519
49,405
1,017,995
7,738,110
682,952
4,214,184
397,335
8,964,577
20
'1
??
?3
24
25
?6
'7
58
29
Surplus and undivided profits
30
n
Total liabilities
713,530,577
900,512
2,233,889
5,639,117
15,777,491
16,376,326
18,605,649
30,861,505
31
32
33
3i
35
36
37
38
39
40
41
42
43
44
Receipts:
383,824,906
72,632,147
1,975,260
95,555
381,261
7,607,606
3,797,705
512,196
60, 306
1,771,993
605,913
2,230,743
606, 4W
2,712,656
1,791,164
974,263
516
2
2
3,361
61,603
4,792
1,417
12,075
15,945
1,369
216
23,290
3,981,833
1,222,664
225
1
10
5,512
109,149
5,105
1,145
13,517
35,644
3,364
24
39,613
9,554,442
2,299,233
1,397
16
173
17,787
249,931
6,426
2,039
24,759
69,533
4,996
396
81,489
26,566,349
5,005,131
4,366
68
472
64,501
591,456
19,132
3,511
64,015
120,664
20,836
1,974
249,000
27,426,390
4,278,299
6,141
97
1,120
98,952
480,699
18,516
2,061
58,509
92,696
21,510
709
266,110
27,933,166
4,195,733
16,067
223
2,707
123,762
400,294
21,517
2,989
73,697
68,435
37,748
1,189
267,243
35,187,119
5,163,263
62,247
704
8,991
278,741
371,761
46,231
5,369
102,955
67,510
80,209
2,844
350,636
3?
33
premium):
34
35
36
37
38
39
Net short-term capital gain reduced by net long-term capital loss
Net long-term capital gain reduced by net short-term capital loss
40
41
42
43
44
45
46
478,814,711
2,890,015
5,417,811
12,312,672
32,712,025
32,752,309
33,150,775
41,723,580
46
47
48
49
50
Deductions:
290,065,620
41,934,492
7,263,676
3,958,523
4,471,908
879,505
4,60e,C91
10,815,110
306,840
11,547,106
2,089,346
4,926,384
2,653,229
315,955
103,745
52,358,682
1,270,928
523,846
243,596
101,795
15,900
4,271
10,053
46,399
647
49,C»5
1,949
27,149
698
936
713
471,429
2,918,784
700,048
357,972
124,060
27,483
10,919
23,991
87,523
1,507
93,859
1,376
49,651
1,543
2,527
759
731,517
7,263,810
1,363,733
657,515
206,175
58,501
27,793
56,895
185,469
4,183
215,040
2,887
101,662
4,708
6,263
1,930
1,637,959
20,882,807
3,184,179
1,308,149
370, 198
145,284
73,521
166,887
456,633
12,547
536,801
13,348
264,191
18,280
19,819
4,524
3,973,534
21,882,780
2,846,2(»
1,001,957
299,395
136,662
69,960
175,275
432,653
14,864
495,604
17,486
250,542
30,913
23,301
4,539
3,807,936
22,235,093
2,806,413
812,681
261,844
147,065
63,133
185,721
451,379
18,922
508,034
23,889
277,846
52,503
27,372
4,202
3,314,901
27,671,596
3,434,222
809,315
280,422
210,921
75,609
244,959
623,875
30,353
647,770
64,600
412,849
104,535
43,221
6,413
4,842,343
47
48
49
50
51
52
53
54
55
56
52
53
54
55
56
57
58
53
59
60
61
6'
59
60
61
Other deductions
62
61
Total compiled deductions
A39,2'^t,272
2,769,409
5,133,524
11,794,523
31,430,702
31,500,076
31,691,498
39,503,203
63
65
66
39,516,439
39,137,178
423, 374
120,606
120,604
27,515
234,287
234,277
25,367
518,144
517,966
37,546
1,281,323
1,280,351
63,507
1,252,233
1,251,113
42,511
1,459,277
1,456,570
39,010
2,225,377
2,216,386
33,080
64
65
Net operating loss deduction
66
67
68
16,645,457
36,823
25,469
60,630
27
143,488
107
390, 149
989
445,366
1,633
592,430
2,059
979,976
3,264
67
68
m
Total tax
16,682,285
25,469
60,657
143,595
391,138
446,999
594,499
983,240
69
70
71
72
22,836,154
11,526,838
1,311,537
95,137
18,932
434
173,630
26,906
1,187
374,549
56,431
3,198
390,185
146,716
29 , 376
805,234
168,642
44,055
864,773
220,232
52,813
1,242,137
374,271
84,833
70
Dividends paid:
71
Corporation' 3 own slock ■
72
Sec footnotes at end of table. See text for explanatory sta'ements and for "Description of the Sample and Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS -1954
119
RETtRNS WITH BALANCE SHEETS AND NET INCOME
T«bl« 20.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— Cootiou«d
Number of returns with balance sheets and with net income
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and si4)plies
InvestiDents, Govemiuenl obligations:
States, Territories, and United States possessions
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortisation
Less: Accismilated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses*^
Prepaid income i
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amortizable bond
premium):
Wholly taxable
Siibject to surtax only
Wholly tax-exenpt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net long-term capital loss
Net long-term capital gain reduced by net short-term capital loffi
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 and amortization
Depletion
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 (46 less 63)
Net income (64 less 36)
Net operating loss deduction
Income tax
Excess profits tax'
Total tax
Conpiled net profit less total tax (64 less 69 )
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Size of total assets — Continued
$2,500,000
$5,000,000
$10,000,000
$25,000,000
$50,000,000
$100,000,000
$250,000,000
under
under
under
under
under
under
$5,000,000
$10,000,000
$25,000,000
$50,000,000
$100,000,000
$250,000,000
(9)
(10)
(11)
(12)
(13)
(U)
(15)
3,939
5,085
3,384
1,244
634
477
375
1
(Thouaand doltara)
4,510,254
5,130,184
6,765,979
5,226,190
5,462,347
8,081,566
29,646,395
2
8,202,205
8,990,726
12,337,778
9,938,069
9,539,066
14,973,302
60,431,075
3
110,937
126,613
177,699
151,358
133,269
199,591
798,563
4
3,386,260
3,344,345
4,850,328
3,576,153
3,387,107
5,852,126
15,596,366
5
104,496
99,225
135,712
116,222
117,878
133,266
619,363
6
766,074
1,349,830
1,800,756
1,639,686
1,518,947
2,187,331
7,596,609
7
4,178,941
6,464,027
9,969,198
8,071,136
8,792,103
12,484,845
50,474,721
8
855,199
141,908
271,816
187,463
240,425
409,368
1,792,411
9
3,333,382
3,9f>6,542
6,452,207
5,871,654
7,677,468
10,308,993
86,012,353
10
7,805,667
8,180,391
12,616,537
11,246,936
14,182,108
23,787,296
117,612,715
11
62,716
87,547
168,026
140,257
173,067
272,204
2,230,960
12
3,149,302
3,177,674
4,735,354
4,209,703
4,316,620
7,042,375
36,761,433
13
312,796
333,024
555,391
635,541
495,477
398,104
3,595,157
U
98,057
119,901
185,220
319,547
237,786
155,077
1,652,534
15
632,793
522,536
623,032
364,412
313,476
589,459
1,039,321
16
60,655
81,380
93,771
73,210
62,667
55,311
506,199
17
572,959
539,794
311,905
797,262
1,112,536
1,527,753
6,622,636
18
31,300,669
35,632,677
52,023,111
42,923,069
48,035,363
73,118,973
340,101,726
19
1,898,912
1,708,555
2,133,893
1,605,354
1,685,132
2,369,147
9,699,325
20
1,372,432
1,350,415
1,418,679
967, 108
1,159,079
1,553,000
2,701,094
21
2,457,380
2,371,349
3,555,278
3,043,435
4,067,446
8,656,213
36,960,466
22
56,875
67,317
85,047
66,017
80,678
121,482
270,976
23
30,934
22,336
24,321
16, 178
25,322
23,460
65,392
24
831,757
842,390
1,278,530
1,017,888
1,234,069
1,928,039
7,643,839
25
12,536,332
16,345,021
24,248,270
20,462,0X
21,881,264
33,300,583
179,058,970
26
596,464
585,252
993,096
1,009,230
1,110,530
2,184,362
5,234,731
27
3,306,992
3,227,113
4,442,038
3,476,833
4,403,591
6,978,134
35,348,761
28
457,879
609,638
946,190
872,151
957,396
1,268,310
4,786,098
29
7,754,712
8,503,191
12,897,769
10,336,841
11,431,256
.14,736,238
58,331,524
30
31,300,069
35,632,677
52,023,111
42,923,069
48,035,863
73,113,973
340,101,726
31
24,742,081
23,520,504
30,148,613
23,193,570
23,196,764
30,868,613
95,713,293
32
3,622,632
3,926,475
3,302,603
3,453,877
4,123,517
7,014,961
23,549,496
33
100,713
128,135
195,891
156,123
157,940
240,538
904,961
34
2,861
2,777
4,603
5,287
7,074
10,626
61,216
35
13,719
28,381
38,445
32,854
36,984
44,590
167,308
36
320,664
398,648
553,600
473,700
439,215
648,504
4,175,659
37
242,696
104,336
138,933
61,164
84,618
183,796
716,719
38
30,697
36,170
69,782
34,899
72,993
31,172
114,714
39
3,659
2,577
5,831
3,813
3,930
6,303
15,662
40
115,654
118,647
200,264
155,697
196,486
173,333
451,385
41
24,759
24,602
15,923
18,962
5,195
7,947
38,098
42
89,316
90,529
217,805
137, 582
250,934
192,753
1,081,742
43
6,081
7,542
26,403
25,595
66,959
72,932
393,600
44
226,234
211,245
204,309
154,152
124,430
158,754
356,096
45
29,546,816
28,601,063
35,623,005
27,912,275
23,767,089
39,659,822
127,740,449
46
19,224,845
17,937,980
22,211,373
16,872,971
17,343,020
22,901,820
69,397,813
47
2,342,585
2,536,120
2,140,969
2,065,528
2,185,786
3,649,026
12,155,323
43
464,226
356,011
351,071
203,081
150,754
193,066
354,282
49
196,595
182,103
234,895
174,003
179,295
283,330
1,064,408
50
182,059
210,334
354,437
339,393
333,873
478, 176
1,326,720
51
53,139
52,816
74,904
57,325
44,335
68,773
203,062
52
213,939
227,931
331,851
262,024
290,255
483,238
1,933,017
53
475,108
577,715
313,216
802,468
612,979
991,998
4,257,690
54
24,744
24,416
34,105
24,219
19,362
23,238
73,733
55
478,269
499,218
713,694
587,653
664,675
1,124,836
4,932,553
56
55,960
59,459
111,354
133,622
113,366
105,557
1,384,293
57
315,962
331,681
501,713
364,949
335,505
565,902
1,066,782
58
109,049
130,234
220,467
181,215
192,405
273,642
1,328,037
59
38,314
46,453
68,872
51,232
55,029
65,287
366,329
60
5,921
5,352
8,059
8,070
5,612
6,617
41,034
61
3,418,442
3,347,454
4,346,169
3,335,340
3,372,042
4,554,970
11,154,645
62
27,599,657
26,575,377
32,517,199
25,463,098
25,953,293
35,774,476
111,540,232
63
1,947,159
2,025,691
3,105,806
2,449,177
2,813,796
3,885,345
16,200,217
64
1,928,440
1,997,310
3,067,361
2,415,323
2,776,812
3,840,756
16,032,409
65
26,731
22,112
37,366
11,260
14,190
25,922
12,757
66
371,329
922,815
1,395,510
1,106,713
1,220,127
1,783,541
6,707,914
57
2,574
2,742
5,409
4,164
2,396
4,212
6,742
63
873,903
925,557
1,400,919
1,110,377
1,223,023
1,767,753
6,714,656
69
1,073,256
1,100,1X
1,704,887
1,333,300
1,590,773
2,097,593
9,485,561
70
366,026
454,123
801,877
717,754
947,764
1,323,560
5,393,534
71
63,324
57,454
107,850
W,360
110,493
57,168
629,432
72
^SuiT, reported on returns with balance sheets filed for tax years beginning after Dec. 31, 1953 and ending on or before June 15, 1955. See this item in textual discussion, p. IL
^Capital stock which was not definitely designated as either common or preferred was tabulated under common stock.
'The excess profits tax law tenriinated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before tnat date and reported on returns for
annual accounting periods ended July through November 1954 and returns for part years which began in 1953.
NOTE: See text for explanatory statements and for "Description of the Sample and Liniitations of Data."
120
ACTIVE CORPORATION INCOME TAX RETURNS- 1954
MANIFACTHRING AND TRADE CORPORATION RETURNS
Table 21.— BEGINNING AND ENDING INVENTORIES. RELATED GROSS SALES AND TOTAL ASSETS. AND AGGREGATE GROSS SALES, FOR SELECTED INDUSTRY GROUPS
Number of
returns
Total m(i.-;ui ;j .luring
and trajt-
eorporation returns
Gross sales
(Thousand
dollars)
Number of
returns
Manufacturing and trade L:orpoiation rirturns
with balance sheets
Gross sales
{ Thousand
dollars)
Total assets
(Thoussnd
dollars)
Inventories,
end of year
(Thousi
dolls,
Retui'ns with both beginning und end of year inventory iati
Number of
returns
Gross sales
(Thousand
dollars)
Total assets
(Thousand
dollsra)
Inventories,
beginning of
year
(Thousand
dollars)
Inventories,
end of year
(Thousand
dollars)
IV)
(10)
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture.
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance,
machinery, and transportation equipment
Machinery, except transportation equipment
and electrical
Electrical machinery and equipment
Transportation equipment, except motor
vehicles
Motor vehicles and equipment, except
electrical
Ordnance and accessories
Scientific instruments; photographic
equipment; watches , clocks
Other manufacturing
Trade
Wholesale
Retail
Not allocable
120,896
259,962,455
115,820
256,699,367
181,890,701
39,872,109
94,053
251,539,927
178,327,823
41,200,624
2,759
10,289
172
5,270
13,750
5,684
4,598
2,737
14,158
7,356
715
793
2,520
4,284
3,241
11,775
11,716
3,937
1,206
1,1A9
2,027
10,672
238, 523
7,324,198
36,378,094
3,672,699
11,543,621
8, 592, 162
5,057,305
3,422,743
8,428,728
3,081,053
18,624,840
26,629,593
4,523,354
3,049,953
6,519,612
19,158,344
13,553,606
20,674,404
14,210,441
10,165,523
20,206,785
435,098
3,821,587
5,883,707
168,073,142
2,660
9,791
169
5,111
13,076
5,346
4,443
2,658
13,410
6,993
705
752
2,443
4,079
3,133
11,490
11,272
3,774
1,121
77
1,970
10,237
7,293,027
36,211,902
3,640,733
11,401,214
8,520,530
4,988,500
3,378,296
3,276,561
7,991,690
18,406,425
25,535,623
4,490,027
3,016,153
6,484,287
19,061,664
20,533,030
U,094,017
10,013,028
19,969,549
339,742
3,772,311
5,823,733
4,097,844
12,928,923
2,896,230
3,623,017
3,369,364
3,704,799
1,745,726
7,184,262
5,806,973
16,623,583
28,812,881
2,912,388
1,488,053
5,456,300
17,731,799
16,013,7X
9,352,591
12,400,063
201,886
2,690,560
3,323,842
59,131,799
1,108,390
3,340,541
1,925,229
2,325,268
1,229,241
305,392
499,522
933,340
690, 334
2,913,965
2,599,989
824,465
513,062
862,025
3,192,549
2,265,517
4,689,372
2,610,292
2,433,325
63,009
826,127
990,030
18,138,316
2,392
3,353
144
4,267
9,815
4,379
3,900
2,392
9,303
5,985
549
652
2,137
3,556
2,652
9,384
9,032
3,235
1,000
61
1,682
8,273
7,184,547
35,490,458
3,634,186
11,066,199
8,034,317
4,764,534
3,258,532
8,179,985
7,435,769
17,720,396
25,254,055
4,465,268
2,959,173
6,372,758
18,836,694
13,163,324
20,174,503
13,977,954
19,843,107
333,371
3,723,465
5,621,897
154,366,544
3,928,204
12,607,404
2,892,731
8,413,170
3,177,143
3,551,714
1,693,077
7,092,198
5,340,696
16,173,109
28,529,305
2,898,184
1,467,291
5,327,553
17,565,220
7,956,236
15,715,785
9,287,070
6,294,579
12,350,079
193,935
2,656,289
3,211,801
54,919,361
1,165,419
3,291,892
1,879,912
2,307,642
1,236,226
733,291
502,376
945,315
707,733
2,804,026
2,500,088
826,745
525,690
846,780
3,235,590
2,435,095
5,131,900
2,957,299
2,145,695
2,896,844
74,760
882,230
1,017,876
17,587,795
(11)
39,372,322
1,101,531
3,285,331
1,924,736
2,293,130
1,194,982
736,580
487,926
975,243
633,391
2,828,946
2,560,686
822,315
507,731
841,497
3,159,174
2,229,622
4,635,238
2,594,818
2,124,639
2,473,429
62,555
820,600
973,222
17,507,381
77,064
139,953
21, 506
80,366,732
79,308,759
8,402,601
73,884
128,953
19,959
79,288,106
77,892,195
8,283,169
26,933,902
28,789,635
3,408,262
3,342,120
3,793,866
1,002,330
52,705
107,622
14,167
73,055,363
74,174,020
7,637,161
24,317,019
27,434,239
3,163,103
7,973,249
8,682,633
931,363
8,073,725
8,470,204
963,452
NOTE: See text for explanatory stataneits and for "Description of the Sample and Limitations of Data."
ACTIVE CORPORATION INCOME TAX RETURNS -1954
121
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122
ACTIVE CORPORATION INCOME TAX RETURNS-1954
CORPORATIONS FILING FIRST RETtRN IIN 1954
TftbU 38.— NEW BUSINESSES AND SUCCESSOR BUSINESSES, BY MAJOR INDUSTRIAL GROUP
Major industrial group
Total
active
corporation
returns
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, machinery,
and transportation equipment.
Machinery, except transportation equipment and electrical
Electrical machinery and equipment
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instruments; photographic equipment; watches,
clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
W'holesale
Commission merchants.
Other wholesalers....
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefurnlshings.
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 tradea
Motion pictures
Amusement, except motion pictures
Other services, including achools
Nature of biislnesa not allocable
8,779
7,971
262
5i6
9,585
1,018
uo
4,852
2,151'
36,130
120,896
2,759
10,289
172
5,270
13,750
5,684
4,598
2,737
U,158
7,356
715
793
2,520
4,284
3,241
11,775
11,716
3,937
1,206
1,149
10,672
29,122
21,456
4,433
1,148
2,085
238,523
77,064
10,731
66,333
139,953
10,597
7,545
18,469
13,186
25,218
5,916
18,644
15,992
24,386
21,506
205,339
47,602
14,680
24,418
6,899
1,605
12,890
3,004
9,886
139,821
5,026
64,845
7,474
12,540
15,792
6,151
3,587
5,712
6,785
6,804
9,586
Number of first returns
(2)
74,095
793
(Al
(M
116
1,117
253
86
523
255
9,630
137
705
288
1,203
i49
390
135
925
i84
(M
65
Ul
367
159
1,118
1,073
370
106
95
UO
(M
1,220
2,258
1,376
203
(M
157
25,378
7,352
1,261
6,091
14,767
1,498
565
1,681
1,447
2,771
480
2,634
1,460
2,231
3,259
17,790
2,344
56
1,668
410
210
1,009
92
917
14,144
293
8,261
936
1,240
2,259
759
520
498
1,091
958
2,733
bus iness
(3)
430
334
(M
672
163
(M
332
167
5,111
(1)
284
148
799
226
196
55
472
297
(M
93
127
61
539
578
233
(M
(M
(M
701
1,140
1,006
(M
(M
91
12,575
4,057
862
3,195
6,587
721
332
878
684
1,091
231
1,232
519
899
1,931
12,786
1,634
CM
1,126
305
168
439
57
382
10,470
243
4,745
538
611
1,379
401
248
346
611
611
1,711
Successor business by form of previously existing business
22,962
285
255
(M '
339
70
64
143
62
3,499
78
347
111
321
YN
145
67
338
138
(M
(M
(M
190
59
481
396
93
(M
(M "
382
838
641
140
(M
(M
10,143
2,499
293
2,206
6,782
650
194
611
611
1,428
212
1,222
781
1,073
862
2,570
357
(M
271
53
(M
464
(M
450
(M
2,692
341
541
678
207
239
77
357
252
Corporation
(5)
4,344
(M
(M
(M
(M
(M
182
670
(M
(M
(M
(M
(M
(M
Cl
(M
(11
(M
(M
140
86
(M
(M
(M
2,093
374
1,521
156
156
108
391
95
138
198
593
114
91
{M
Partnership
Sole pro-
prietorship
(')
80
387
522
75
60
1<K
90
(M
(')
(M
7,440
108
(M
189
60
(M
1,377
(M
104
(M
('1
1
('1
(M
(H
(M
(M
83
101
217
168
(M
(M
(M
243
177
60
(M
3,279
980
91
889
2,066
213
84
125
222
403
83
243
292
401
233
603
114
85
(M
(M
73
416
736
49
166
207
(')
(M
(M
130
120
(M
(M
(11
1,063
1,127
(M
152
(M
125
64
(M
111
54
(M
(M
(M
(M
(M
(M
(M
(M
395
XO
(M
(M
919
149
770
2,611
236
(')
283
222
533
67
473
X6
407
372
896
(M
(')
(M
290
549
1,207
176
235
356
76
107
(M
137
90
(M
(M
(M
(M
(M
(11
(M
(M
-
IM
(M
172
69
1
256
(1)
3
(M
(1)
1
2
(1)
-
(H
(M
(M
(M
(M
(1)
(M
(M
(M
56
3
153
Whether new
or successor
not stated
(91
(M
(1)
(M
(M
(1)
(')
(1)
(M
(1)
(1)
(M
1,796
(M
(M
(11
(11
(11
(M
(M
(1)
(M
(11
720
175
163
489
(1)
(M
(M
71
56
325
(M
(1)
(M
(')
(M
1
2
(1)
(!)
(M
^Sampling variability of this Item was too large to warrant showing it separately. However, this value was included in each total.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
ACTIVE CORPORATION INCOME TAX RCTURNS-1954
123
CONSOLIDATED RETIRNS
TaUa 94.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY INDUSTRIAL DIViaON
Returns
without
balance
sheets
Returns with balance sheets by indaatrlel division
AU
Industrial
divisions
Agricul-
ture,
forestry
Mining
and
quarrying
OonstruD-
tlon
Manufac-
turing
Public
utilities
Finance,
Insurance,
real estate,
and lessors
of real
property
Nature of
business
not
allocable
NuTiber of consolidated returns.
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization
Less: Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^.
Prepaid income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits.
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations
amortizable bond premium^:
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalt ies
Net short-term capital gain reduced by
net long-term capital loss.
Net long-term capital gain reduced by
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
Conipensatlon of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
Taxes pa id
Contributions or gifts
Depreciation and amortization.
Depletion
Advert is Ing
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 (47
less 641.
Net income or deficit {65 less 37K.
Net operating loss deduction
Income tax
Excess profits tax*
Total tax.
Compiled net profit less total tax t65
less 70).
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
(4)
(6)
(7)
(8)
J2L.
(10)
(11)
2,723
10,416
71
263
2,652
10,153
1C»
342
116
294
744
2,610
259
1,626
615
1,991
579
1,959
210
1,292
(Thaitaand dolltra)
40,572,276
20,817,318
86,026
2,414
10,384
311,423
526,121
91,154
5,087
154,771
50,209
579,892
187,894
293,864
31,390,971
12,043,418
219,623
844,995
893,632
86,648
1,105,686
2,072,332
33,066
2,875,938
873,997
409,130
646,324
200,822
30,917
5,472,550
59,205,049
4,473,4CC
4C,152
2,226,263
294
2,257,227
2,405,366
416,473
94,433
25,646
2,518
377
10
145
324
126, 506
62,706
18,941
1,603
2,828
1,476
276
1,849
3,787
23
4,490
4,489
919
285
8(X
339
20,972
125.787
719
635
1,324
5
1,290
5,157,460
9,173,266
272,318
6,183,318
493,535
280,463
5,825,359
152,658
11,322,752
79,775,975
637,109
23,662,365
3,254,491
1,618,206
1,153,013
198,997
2,089,633
98,870,926
4,828,629
2,011,823
27,018,147
169,804
47,515
3,430,613
7,255,544
3,223,534
23,527,943
2,078,199
25,275,175
98,870,926
40,477,843
20,791,672
85,881
2,408
10,384
3C9,857
523,603
90,277
5,077
154,333
50,064
579,568
187,894
293,466
31,323,265
12,024,477
218,020
842,167
892,156
86, 372
1,103,837
2,068,545
33,043
2,871,448
874, 508
408,211
646,039
200,018
30, 578
5,451,573
4,472,681
39,517
2,224,939
289
,401,076
418,473
5,663
9,796
2,815
125
8,276
15,020
4,130
326
14
1,506
1,309
4,233
7,123
2,570
643
17,425
1,347
3,435
952
6,394
44,892
9,011
1,184
419
37
11,689
6,736
510
459
119
272
5
491
365
9
772
12
1,597
212
61
61
85,574
126,720
3,750
89,464
8,372
32,1'^
1,112
187,559
1,015,393
501,672
433,102
229,822
15,208
17,493
34,947
73,885
59,536
284,177
2,816
73
62,698
21,844
56,459
250,097
69,843
427,106
1,313,539
706,755
68,557
695
5
2,057
7,759
6,089
273
7,680
3,307
4,547
159
10,730
818,687
506,112
47,521
7,513
6,145
13,697
1,826
13,497
26,537
78
40,027
47,296
2,365
18,591
1,534
2,396
93,848
'10,296
^10,370
1,422
5,428
2
5,430
'15,726
14,
397
33,265
173,811
314
10,814
2,102
40,620
173,449
272
38,887
9,194
186
12,677
481
13,817
439,106
71,728
33,438
132,484
121
82
7,752
78,452
7,134
35,698
6,966
65,251
439,106
18,374
443,421
29
631
6,782
1,640
83
1,110
1,014
3,901
563
7,464
485,162
14,881
375,542
8,628
1,694
3,304
442
5,108
5,360
142
U,63C
332
998
2,235
260
60
42,187
9,359
9,330
2,607
2,971
6,918
13
1,985,084
4,054/573
210,895
3,970,630
304,333
30,437
2,279,780
75,206
5,441,089
23,205,104
217,892
10,537,082
2,670,891
1,338,185
495,438
115,190
500,864
32,825,061
2,749,886
484,617
4,897,396
110,292
42,320
1,081,593
703,339
784,674
8,630,523
1,145,436
12,194,485
32,825,061
30,514,009
1,455,721
31,396
89
1,895
56,423
166,545
44,578
661
69,613
2,366
443,565
152,466
114,296
33,053,623
23,319,592
804,388
93,309
258,138
800,159
24,867
190,151
627,626
18,860
1,112,321
737,512
254,177
313,536
122,165
17,962
2,490,754
31,235,567
1,816,161
ii,i:46
340, 188
lie
1,041,917
412,794
1,496,297
1,209,783
15,707
1,339,875
138,515
1,635,261
75,129
3,147,534
52,666,101
407,391
11,688,502
98,838
37,932
280,465
34,879
1,173,954
51,151,767
1,154,182
442,906
19,072,886
49,166
910
2,078,340
2,034,043
2,159,725
13,699,293
550,278
9,910,038
51,151,767
1,911,648
16,595,149
21,860
803
301
70,183
230,822
20,144
2,694
30,778
17,736
74,855
12,237
100, 399
19,089,605
1,507,888
9,702,385
31,681
418,061
41,190
25,025
687,544
1,255,030
10,675
1,555,225
35,470
49,249
278,699
64,218
4,172
1,121,358
16,788,370
2,301,239
2,30Ci,938
12,849
1,190,731
1
1,190,732
1,138,214
1,626
293,202
466,863
13,385
553,515
16,846
6,177
195,066
752,203
7,223
295,314
14,786
3,082
52,156
13,674
92,613
2,228,872
146,477
292,719
890
480
70,823
121,306
125,044
249,435
39,491
761,966
7,149,873
196,776
122
6,612
25,484
826
225
6,684
2,143
6,681
8,925
22,753
5,856,031
128,447
32,226
87,055
10,931
9,873
19,656
58,541
1,559
49,215
862
59,884
19,084
8,214
1,530
1,004,417
7,347,530
81,428
81,306
4,513
53,673
38,936
1,576
1,075,464
2,992,936
25,820
19,436
11,225
1,735,335
1,211
1,778,316
1,185,958
336
215,227
26,729
8,895
129,994
4,093
229,322
245,249
798,757
1,950,122
3,137
3,214
58,945
4,224,485
55,868
478,754
205,237
1,152,761
9,176,530
73,508
935,017
29,294
1,493
7,955
170,415
44,955
8,965
1,021
33,244
23,490
38,619
7,134
11,434
57,480
186,638
28,907
25,211
10,764
22,210
173,423
62,265
1,114
60,900
3,006
9,207
8,062
2,411
2,519
541,962
1,196,084
182,505
4,221
82,165
20
108,275
118,139
1,621
132,326
138,773
2,445
196,719
11,516
35,484
528,718
762,751
3,995
381,551
625
86
155,569
13,132
42,793
1,691,(>;9
107,507
41,807
381,240
812
431
69,818
54,090
33,283
179,977
59,996
762,088
1,691,049
94,665
1,095,847
556
1
6
3,204
40,837
7,993
30
5,020
1
7,397
6,410
26,083
59,545
778,546
15,297
45,744
11,839
2,119
12,961
32,821
606
39,358
18
32,232
5,718
1,201
1,939
155,442
92,613
2,798
46,210
131
42,005
446
(12)
60
731
^14
110
- 72
73
^Sum reported on returns with balance sheets filed for tax years beginning after Dec. 31, 1953 and ending on or before June 15, 1955. See this Item In textual discussion, p. 11.
^Capital stock which was not definitely designated as either common or preferred was tabulated under common stock. ^I/3S3 or deficit.
*The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on Income earned before that date and reported on returns for
annual accounting periods ended July through November 1954 and returns for part years which began In 1953. 'Loss after total taxpayment.
NOTE; See text for explanatory statements and for "Description of the Sajnple and Limitations of Data."
448404 O - 57 -9
124
ACTIVE CORPORATION INCOME TAX RETURNS -1954
CONSOLIDATED RETURNS WITH BALANCE SHEETS
Tabu 25 BALANCE SHEETS AND RELATED INCOME STATEMENTS, BV SIZE OF TOTAL ASSETS
Size of total assets
Under
$25,000
$25,000
under
$50,000
$50,000
under
$100,000
$100,000
under
$250,000
$250,000
under
$500,000
$5CX),000
under
$1,000,000
;-i,ooo,ooo
under
$2,500,000
Number of consolidated returns with balance sheets
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less ; Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United states possessions
United States obligations
Not stated
Other investments
Depreciable assets
Less : AccuiDUlated aiaortizatlon
Less : Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets '
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estijnated expenses^
Prepaid income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits
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 net long-terra capital loss
Net long-terra capital gain reduced by 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 and amortization
Depletion
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 C'»7 less 64)
Net income or deficit (65 less 37)
Net operating loss deduction
Income tax
Excess profits tax
Total tax
Compiled net profit less total tax (65 less 70)
Dividends paid:
Cash and assets other than own stock
Corporation ' s own s took
2,652
10,153
5,157,460
9,173,266
272,318
6,183,318
493,535
280,463
5,825,359
152,658
11,322,752
79,775,979
637, 109
23,662,365
3,254,491
1,618,206
1,153,013
198,997
2,089,633
98,870,926
4,828,629
2,011,823
27,018,147
169, 8tK
47,515
3,430,613
7,255,544
3,223, 5X
23,527,943
2,078,199
25,279,175
98,870,926
40,477,843
20,791,672
85,881
2,408
10,384
309,857
523,603
90,277
5,077
154,333
50,064
579,568
187,894
293,466
63,562,327
31,328,265
12,024,477
218,020
842,167
892,156
86,372
1,103,837
2,068,545
33. W3
2,871,448
874,508
408,211
646,039
200,018
30, 578
5,451,578
59,079,262
4,483,065
4,472,681
39,517
2,224,939
289
2,257,837
2,401,076
418,473
(2)
(3)
(4)
(5)
(6)
(7)
90
105
148
194
334
465
377
648
362
MO
( Thouiand dollMri)
328
177
3,587
25
51
203
32
360
'4,861
1,683
736
2,448
1,277
236
134
103
3
^185
'185
12
'190
1
520
837
33
399
478
1,635
55
30
146
3,211
656
289
10
19
287
327
266
1,481
3,211
4,980
5,195
12
146
10,558
3,647
2,824
792
551
55
25
2,073
'131
60
1,087
3,400
19
1,403
65
957
4,566
12
650
110
667
839
2,567
20
40
595
881
1,639
2,554
26
'1,071
10,746
17,061
6,007
119
39
21
50
303
23,850
12,345
2,281
1,436
970
140
146
140
381
283
65
51
33
5,717
24,468
'618
'618
188
6,829
15,855
299
10,121
494
5,539
26,208
116
12,813
2
2,264
416
3,127
13,305
7,829
12,251
169
39
3,785
5,405
1,549
22,528
338
'9,137
58,0d1
106,733
30,300
277
1,362
346
13
543
393
237
3
855
141,096
81,054
17,073
4,984
3,514
584
432
965
2,033
13
2,681
7
2,124
128
160
367
25,324
141,443
'347
'347
730
'1,005
650
95
12,451
33,902
890
22,062
1,369
128
577
12,571
72,792
236
36,928
4,546
4,188
9,208
2,054
5,461
134,879
27,027
19,425
21,391
134
206
5,905
5,630
6,168
30,443
2,684
15,866
134,879
209,779
59,018
1,118
2,107
191
45
459
1,770
156
11
2,830
277,499
157,353
38,456
8,743
6,025
1,315
1,722
2,790
4,426
46
6,029
48
5,060
421
360
644
46,381
279,819
'2,320
'2,320
1.755
1,175
6
'3,501
880
226
20,901
58,202
1,598
43,108
1,923
658
2,414
28,693
132,658
1,531
49,266
3,278
1,420
13,250
3,605
9,417
264,292
37,241
37,050
56,709
468
224
7,825
15,303
13,267
48,924
2,212
45,069
264,292
354,231
64,680
19
997
4,821
134
137
2,829
918
230
3
3,858
432,970
277,969
41,205
10,750
7,639
2,421
1,394
4,306
6,928
93
8,980
234
4,692
471
411
485
66,938
434,916
'1,946
'1,965
2.225
1,803
3
1,806
'3,752
1,777
364
(8)
463
1,261
64,662
130,466
4,182
96,767
4,547
1,404
10,090
126,000
401,957
630
159,232
12,577
7,534
24,467
6,983
25,481
733,823
77,517
82,273
231,023
1,439
1,297
23,175
36,351
29,653
119,749
9,079
122,267
733,823
748,948
202,309
31
3,5X
6,814
1,133
181
2,354
2,214
836
147
8,870
588,044
126,027
19,826
14,019
7,425
3,368
13,081
21,393
249
28,373
1,927
11, 186
2,089
1,162
2,545
143,572
984.286
'6,695
'6,726
3.503
6,857
51
6.908
'13,603
4,091
365
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample end Limitations of Data.
ACTIVE CORPORATION INCOME TAX RETURNS-1954
125
CONSOLIDATED RETURNS WITH BALANCE SHEET^i
Table 2B.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— Coatinued
Size of total assets — Continued
$2,500,000
under
$5,000,000
$5,000,000
under
$10,000,000
$10,000,000
under
$25,000,000
$25,000,000
under
$50,000,000
$50,000,000
under
$100,000,000
$100,000,000
under
$250,000,000
$250,000,000
or more
Number of consolidated returns
Number of subsidiaries
with balance sheets.
Assets:
Cash
Notes and accounts receivable..
Less: Reserve for bad debts.
Inventories
Prepaid expenses and si^plies
Investments, Government obligations:
States, Territories, and United States
Iftiited States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization..
Less: Accumulated depreciation..
Depletable assets
Less: Accumulated depletion...-.
Land
Intangible assets
Other assets
Total assets.
Liabilities;
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^ .
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, ccmmon
Surplus reserves
Surplus and undivided profits.
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-exenrit
Other interest
Rents
Royalties
Net short-tenn capital gain reduced by net long-term capital loss
Net long-term capital gain reduced by net short-term capital loss
Net gain, sales other than capital assets
Dividends , donestic corporations
Dividends , foreign corporations
Other receipts
Total cOBipiled receipts
Deductions:
Cost of goods sold
Cost of operations
Conpensation of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
Taxes paid
Contributions or gifts
Depreciation and aoiortlzatlon.
Depletion
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
Ccrapiled net profit or net loss (<i7 less 64).
Net income or deficit (65 less 37)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax.
Compiled net profit less total tax (65 less 70).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
(9)
267
948
81,934
162,435
5,566
123,892
8,006
577
11,959
176,610
456,113
302
167,944
25,895
14,449
34,610
6,084
33,255
933, 109
92,268
79,907
324,553
1,894
1,614
67,554
54,386
38,709
115,713
19,043
137,468
933, 109
867,289
210,683
238
21
2,562
1A,1(K
1,098
159
4,848
2,264
1,354
403
8,910
1,113,933
663,476
119,347
19,015
17, 596
8,459
5,368
18,212
23,684
340
29,164
3,672
26,260
5,244
1,813
3,769
179,428
^10,914
^10,935
3,795
9,456
9,460
'20,374
8,412
369
(10)
(11)
(12)
(13)
(14)
181
887
158
1,105
35
850
(Thoua^nd dollars)
115,598
215,402
5,174
171,888
10,926
1,711
24,069
2,323
197,710
742,094
2,282
295,319
57,795
28,395
32,791
8,306
50,281
1,299,724
131,425
84,217
444,541
5,057
701
47,207
72,143
48,588
157,513
39,252
269,080
1,299,724
1,078,782
417,763
65
3,656
14,626
863
630
8,113
4,484
1,517
496
U,565
1,545,171
851,589
293,317
15,882
20,709
10,782
4,897
21,509
39,565
515
48,427
4,119
14,078
6,599
2,400
1,206
209,620
^43
'108
3,549
10,650
'10,693
7,377
886
188,873
330,498
6,587
270,951
13,267
9,&i9
53,885
389,932
1,458,873
3,896
542,486
1U,874
32,851
85,067
32,108
80,244
2,440,801
186,97ff
193,098
793.959
7,636
1,378
87,117
112,937
83,859
345,392
72,700
555,747
2,440,801
1,460,170
692,222
1,0M
1
161
4,986
25,771
16,324
1,794
12,801
4,614
15,033
1,817
12,581
2,249,319
1,164,853
477,551
21,732
28,474
18,963
5,547
41,079
52,938
1,032
80,560
14,221
18,754
10,357
4,501
3,329
273,623
31,805
31,644
9,743
31,127
29
33,845
1,549
216,996
533,881
14,133
307,315
15,816
13,493
99,177
389,191
1,608,604
6,192
595,370
161,289
83,907
74, 563
26, 537
58,394
2,805,654
292,172
130,776
631,782
9,001
167
76,289
246,368
95,462
316,637
105,053
901,947
2,805,654
1,833,125
505,885
1,625
7
363
15,457
15,775
3,727
101
18,029
11,137
11,087
1,579
26,350
2,444,247
1,402,173
296,362
20,859
24,742
21,291
6,614
35,547
88,958
727
73,070
35,008
32,427
14,517
3,746
1,660
328,297
2,385,998
58,249
57,886
2,172
32,278
59
25,912
32,221
2,049
313,074
454,960
10,042
436,119
16,491
53,a;8
187,991
646,073
2,176,908
2,724
782,348
330,557
148,229
65,217
15,280
137,950
3,890,325
267,895
123,353
915.163
40,981
608
115,186
283,051
233,338
604,897
120,545
1,165,308
3,890,325
2,561,932
833,229
3,066
89
1,236
9,325
22,147
14,611
41
33,027
4,558
24,720
10,015
14,066
3,532,064
2,077,392
560,280
15,221
37,257
32,411
4,106
45,757
89,068
780
84,893
17,999
36,697
18,010
7,741
3,522
459,872
41,058
39,322
2,150
58,421
131
58,552
'17,494
71,096
5,725
403,695
595,399
6,833
462,153
16,589
10,330
194,617
50,034
1,043,591
3,606,865
20, 101
1,060,487
74,497
29,027
210,127
13,598
136,124
5,701,171
188,674
276,637
1,673,069
31,726
50
170,918
504,451
238,997
1,038,143
92,081
1,486,425
5,701,171
1,109,221
1,601,195
2,791
5
415
32,232
58,388
3,733
30
5,659
33
11,359
5,780
31,727
844,956
1,097,655
16,299
52,753
21,629
7,301
73,757
94,716
1,330
127,399
10,409
38,899
16,839
5,618
2,948
266,544
2,681,052
181,516
181,101
352
114,262
2,512
(15)
70
1,663
3,730,775
6,637,950
216,962
4,237,093
404, OU
190,057
5,240,111
100,301
8,305,360
69,086,376
599,042
19,956,931
2,470,101
1,268,194
600,743
83,865
1,549,043
80,594,632
3,507,215
975,675
21,909,637
71,269
41,147
2,824,719
5,918,108
2,432,007
20,723,609
1,615,186
20,575,860
80,594,682
30,123,909
16,162,450
76,127
2,300
8,073
235,669
357,409
48,077
1,925
65, 585
17,347
513,036
167,640
169,466
47,949,013
23,202, U7
8,951,863
62,347
627,315
766,673
45,452
846,645
1,644,212
27,915
2,361,125
786,864
217,446
569,298
172,022
10,063
3,443,532
43,755,414
4,193,599
4,185,526
9,134
1,964,093
1,964,093
2,229,506
2,126,396 72
404,333 I 73
^Sum reported on returns with balance sheets filed for tax years beginning after Dec. 31, 1953 and ending on or before June 15, 1955. See this item in textual discussion, p. 11.
Capital stock which was not definitely designated as either common or preferred was tabulated under conmon stock.
'Loss or deficit.
*The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for annual
accounting periods ended July through November 1954 and returns for part years which began in 1953.
'Loss after total taxpayment.
NOTE; See text for explanatory statements end for "Description of the Sample and Limitations of Data."
126
ACTIVE CX)RPORATION INCOME TAX RCrURNS-1954
CONSOLIDATED RETURNS WITH NET INCOME
T«bU 2«.— BALANCE SHEKTS AND RELATED INCOME STATEMENTS. BY INDUSTIUAL DIVISION
Returns
without
balance
sheets
Returns with balance sheets by industrial division
All
industrial
divisions
Agricul-
ture,
forestry,
and
fishery
Uining am
quarrying
id|con3truc
tion
Uenufac-
turing
Public
utilities
Finance,
insurance,
eal estate,
and lessors
of real
property
Nature of
business
not
allocable
(1)
(2)
(3)
M
(5)
(6)
(7)
(8)
(10)
(11)
Number of consolidated returns with net
income •
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Prepaid expenses and supplies
Investments, Government obligations;
States, Territories, and United
States possessions .
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated aocrtization.
Less : Accumulated depreciation •
Depletable assets
Less : Accumulated depletion ....
Land
Intangible assets
Other assets
Total assets.
UablUtles:
Accounts payable
Bonds, notes, mortgages payable:
Haturlty less than 1 year
Itoturlty 1 year or more
Reserves for estiirated expenses^ .
Prepaid income^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Surplus and undivided profits.
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
net long-term capital lose.
Net long-term capital gain reduced by
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 and amortization.
Depletion
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 (47 less 64)..
Net income (65 less 37)
Net operating loss deduction
Income tax
Excess profits tax '
Total tax.
Compiled net profit less total tax (65
less 70).
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
1,510
6,785
32
178
1,478
6,607
46
111
67
152
428
1,866
179
1,291
329
958
292
1,104
132
1,102
(ThtniMind dottmra)
36,480,367
18,625,913
83,451
2,392
10,023
286,794
435,971
82,928
4,308
570,534
186,715
251,088
57,198,389
27,937,764
10,464,046
164,582
683,369
846,495
66,846
931,529
1,855,444
32,251
2,571,362
843,007
341,457
623,036
191,256
13,423
4,784,760
4,847,762
4,837,739
40,152
2,226,263
294
2,226,557
68,097
14,605
128
6
1,133
874
10
314
37
324
314
87,347
42,770
10,112
1,040
2,365
1,055
134
652
2,525
20
3,088
4,271
519
106
459
14
14,654
3,563
3,563
635
1,324
5
1,329
2,621,205
2,359,580
411,876
4,673,620
8,366,856
248,683
5,418,935
460,443
270,844
5,679,399
101,413
9,675,997
72,038,652
597,933
21,436,631
2,737,392
1,368,338
959,015
158,592
1,773,253
3,662,831
4,263,534
1,577,849
23,002,319
155,506
45,738
3,162,455
6,678,578
2,777,595
21,586,366
1,880,234
23,532,657
33,662,831
36,412,270
13,611,303
83,323
2,386
10,023
285,339
434,838
82,054
4,293
139,559
37,945
570,210
186,715
250,774
57,U1,042
27,394,994
10,453,934
163, 542
681,004
845,440
66,712
930,877
1,852,919
32,231
2,568,274
833,736
340,938
622,930
190,797
13,409
4,770,106
52,266,843
4,844,199
4,334,176
39,517
2,224,939
289
2,225,228
2,618,971
-L
2,357,040
411,876
5,481
9,193
2,737
125
349
7,107
3,768
10,637
2,135
326
14
569
696
33,339
4,026
6,773
2,570
3,099
952
3,212
7,101
928
2
320
331
90
193
9,370
5,212
420
312
90
130
5
476
276
9
622
34,173
57,919
212
46,835
2,219
6,963
1,112
53,303
437,957
210,687
69,326
28,393
5,755
12,884
11,936
501,407
25,002
95,721
988
7,532
5,668
26,395
30,741
17,728
203,149
501,407
315,054
20,587
1,360
1,493
132
3,361
77
3,570
3,298
194,273
18,488
3,068
2,593
8,024
396
4,083
11,736
76
16,780
24,847
731
9,876
1,120
56
36,494
409
407
332,691
17,280
17,235
1,422
5,428
2
5,430
11,850
25,266
120,714
247
7,182
630
7,449
24,323
83,317
272
21,628
9,188
186
7,204
177
9,650
273,513
52,751
21,492
47,519
118
44
4,611
49,066
4,257
21,407
6,191
66,057
273,513
13,766
317,835
29
288
4,016
130
19
790
47
3,818
563
5,319
11,642
264,911
7,092
1,164
1,352
322
2,467
3,681
127
7,183
332
714
2,078
228
329,731
17,025
16,996
2,607
_L
6,208
13
1,808,758
3,691,376
197,901
3,474,143
291,269
28,883
2,247,210
25,172
5,109,852
21,990,898
217,033
10,065,350
2,545,175
1,299,454
467,920
95,943
422,346
30,419,707
2,566,693
291,032
4,294,296
102,053
41,763
1,007,387
511,352
615,291
8,223,901
1,094,571
11,671,368
30,419,707
27,815,338
1,411,137
30,889
39
1,691
50,394
161,248
43,087
646
64,405
866
442,479
152,033
104,029
20,956,723
762,615
68,998
242,261
769,517
15,360
153,976
578,376
18,592
1,039,443
775,831
209,183
308,047
115,708
8,729
2,221,281
28,264,645
2,013,736
2,012,045
11,046
840,188
118
1,032,149
406,392
1,333,196
1,093,200
14,969
1,233,233
134,893
1,568,727
75,129
2,526,017
47,633,341
369,520
10,426,155
79,829
31,824
201,967
25,959
1,029,306
46,146,876
986,519
405,041
16,964,308
45,124
689
1,976,653
1,797,269
1,963,786
12,512,220
491,823
9,003,434
46,146,876
1,359,339
14,911,173
20,963
785
292
61,441
180,286
19,993
2,646
28,527
17,024
63,660
11,649
92,696
17,276,024
1,461,371
8,400,786
27,183
312,377
40,346
23,646
610,543
1,138,154
10,185
1,404,334
33,377
48,092
272,474
62,869
2,119
1,051,430
14,899,836
2,376,188
2,375,896
12,849
1,190,731
1
1,117,963
1,626
259,524
351,448
8,128
444,492
13,508
162,221
567,102
7,085
216,515
9,936
2,160
34,947
11,530
75,861
355,879
78,754
214,033
305
428
50,651
107,672
106,827
168,037
25,351
671,470
6,248,040
158,850
1,476
17
37
4,543
16,393
685
200
5,572
1,303
6,542
8,880
12,851
6,465,389
,157,984
101,096
21,448
62,123
8,632
5,034
13,690
47,336
1,535
36,841
819
44,243
17,596
7,365
201
827,126
111,270
111,233
4,513
53,673
57,597
35,900
1,462
1,030,101
2,912,225
25,276
17,645
6,957
1,726,739
569,119
54
138,393
23,438
6,216
81,728
2,368
137,348
173,092
722,190
1,033,080
3,056
2,390
48,117
4,139,195
31,384
405,136
186,435
1,151,338
7,895,463
67,206
791,071
29,066
1,490
7,921
164,392
31,289
3,669
548
32,174
18,627
38,030
7,130
7,179
53,253
176,020
22,392
18,364
6,986
20,241
134,062
42,528
1,105
28,071
3,000
7,428
7,331
1,899
1,102
469,703
994,485
210,357
202,436
4,221
82,165
20
115,577
1,467
177,121
130,231
1,950
192,663
10,847
33,198
523,376
696,281
3,959
355,768
174
86
158,925
9,731
36,110
95,736
30,312
346,584
792
424
66,899
51,157
29,633
171,825
57,178
756,579
85,876
999,727
511
1
6
3,161
39,365
7,997
17
4,537
1
7,061
6,410
25,139
54,531
709,593
12,549
42,032
10,403
1,708
11,580
30,232
602
34,950
18
30,*03
4,967
1,093
1,195
136, 3o4
1,082,375
97,934
97,923
2,798
46,210
131
41,927
416
^Sum reported on returns with balance sheets filed for tax years beginning after Dec. 31, 1953 and ending on or before June 15, 1955. See this item in textual discussion, p. !!•
^Capital stock which was not definitely designated as <-'ither common or preferred was tabulated under common stock.
'The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
annual accounting periods ended July through November 1954 and returns for part years which began in 1953.
NCTTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
ACTIVE CORPORATION INCOME TAX RETURNS -1954
127
CONSOLIDATED R^ETIRNS WITH BALANCE SHEETS AND NET INCOME
T«bU 37 BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
Size of total assets
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
$2,500,000
(1)
Nuiii>er of consolidated returns with balance sheets and net income..
Number of subsidiaries
Assets;
Cash
Notes and accounts receivable..
Less: Reserve for bad debts.
Inventories
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization.
Less: Accumulated depreciation.
Depletable assets
Less: Accumulated depletion. .. .
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts pa^'able
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses
Prepaid incone^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, cotnmon^
Surplus reserves
Surplus and undivided profits...
Total liabilities
Receipts :
Gross sales
Gross receipts f ran 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 net long-term capital loss
Net long-term capital gain reduced by net short-term capital loss
Net gain, sales other than capital assets
IMvidends, 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 and amortization
Depletion
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee benefit plans.
Net loss, sales other than capital assets
Other deductions
Total caspiled deductions.
Conpiled net profit (47 less 64)..
Net income (65 less 37)
Net operating loss deduction
Inccine tax
Excess profits tax*
Total tax
Conpiled net profit less total tax (65 less 70).
Dividends paid:
Cash and assets other than am stock
Corporation' s own stock
1,478
6,607
4,673,620
8,366,856
248,683
5,418,935
460,448
270,844
5,679,399
101,413
9,675,997
72,038,652
597,933
21,436,631
2,737,392
1,368,338
959,015
158,592
1,773,253
8,662,831
■i,2o3,534
1,577,849
23,002,319
155,506
45,738
3,162,455
6,678,578
2,777,595
21,586,366
1,880,234
23,532,657
,662,831
36,412,270
18,611,308
83,323
2,386
10,023
285,339
434,838
82,054
4,298
139,559
37,945
570,210
186,715
250,774
27,894,994
10,453,934
163, 542
681,004
845,440
66,712
930,877
1,852,919
32,231
2,568,274
838, 736
340,938
622,930
190,797
13,403
4,770,106
4,844,199
4,834,175
39,517
,224,939
289
2,225,228
2,357,OiO
411,876
(2)
(4)
(5)
(6)
(7)
178
199
125
114
34
207
275
204
306
187
327
(Thouaand dollara)
303
436
22
159
350
856
300
195
4
19
153
95
35
639
2,091
3,129
5,533
1,415
1,774
371
304
19
7
18
111
124
70
302
302
2Ce
614
1,770
678
17
507
2,200
275
577
17
293
403
56
1,039
9
1,620
5,159
6,818
3,470
10,653
4,519
1,063
803
457
43
27
24
178
1
248
500
500
188
391
7
4,430
10,956
184
6,528
324
3,703
13,952
44
6,476
2
1,330
263
1,872
8,225
4,955
5,180
94
23
2,444
3,596
624
14,812
259
'3,370
36,842
70,198
17,395
710
151
11
341
234
120
3
479
53,467
9,293
3,088
1,931
334
254
577
1,198
13
1,352
1
1,272
74
81
37
14,297
2,637
2,637
730
657
1
1,979
613
95
7,757
18,786
426
12,072
804
10
290
5,576
40,239
186
21,578
4,515
4,188
5,519
926
2,913
73,029
12,008
8,786
9,093
117
159
3,448
3,624
1,645
15,588
1,519
17,042
73,029
121,156
35,117
302
1,334
44
22
262
1,645
109
11
1,693
161,699
88,814
22,705
5,102
3,245
875
751
953
2,589
43
3,091
48
3,198
281
204
270
24,841
157,010
4,689
4,689
1,755
1,175
6
1,181
3,508
417
226
13,035
30,956
961
23,587
1,036
658
1,470
12,473
67,935
1,349
25,891
892
344
6,616
1,362
3,826
135,301
19,317
15,237
28,233
120
155
4,484
9,701
6,029
25,774
852
25,399
135,301
2t>i,909
46,162
12
737
2,188
30
54
1,354
541
101
3
2,171
161,261
29,210
6,158
4,659
1,321
741
2,024
3,449
76
4,022
137
2,779
182
273
126
35,191
251,609
6,747
6,735
1,803
3
1,806
607
203
(8)
243
573
37,533
68,152
1,826
45,608
2,373
761
6,616
73,565
192,285
506
74,901
1,178
X5
13,640
3,307
11,274
378,714
36,493
33,427
124,131
1,366
1,043
11,568
15,638
13,676
58,334
5,241
77,797
378,714
366,481
121,606
14
1,688
3,649
680
175
1,599
1,276
653
117
4,076
277,891
74,042
11,135
6,134
3,504
1,462
6,160
10,214
233
13,884
1,217
6,005
1,088
510
313
70,374
484,216
18,118
18,104
3,503
2,764
185
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
128
ACTIVE CORPORATION INCOME TAX RETURNS -1954
CONSOLIDATED RETIRNS WITH BALANCE SHEETS AND NET INCOME
Tebl« 27.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— CoMinued
Size of
otal assets — Continued
$2,500,000
$5,000,000
$10,000,000
$25,000,000
$50,000,000
$100,000,000
$250,000,000
under
under
under
under
under
under
$5,000,000
$10,000,000
$25,000,000
$50,000,000
$100,000,000
$250,000,000
(9)
(10)
(11)
(12)
(13)
(14)
(15)
140
96
90
53
35
25
66
555
471
651
612
384
691
1,599
(ThotiMuyd dotlora)
50,590
71,714
139,889
159,378
244,520
320,563
3,623,170
86,654
137,720
210,208
403,068
304,963
514,463
5,578,711
1,490
2,825
4,923
8,832
4,495
5,715
216,925
70,342
85,178
188,993
196,875
284,446
343,260
4,161,197
3,879
6,260
3,769
9,766
8,251
16,103
402,860
487
1,306
6,275
13,479
47,594
10,330
189,944
7,838
16,993
40,937
81,219
143,748
176,827
5,203,259
-
1,112
.
-
-
_
100,301
91,342
92,884
240,829
275,012
531,906
602,340
7,745,490
215,031
399,953
723,009
1,083,730
1,283,235
2,784,885
65,226,236
238
1,320
3,860
6,192
1,524
20,101
562,613
81,848
170,257
293,634
399,833
496,214
832,654
19,026,717
4,463
23,525
75,268
50,861
116,435
44
2,450,153
2,265
5,417
24,006
22,592
46,971
8
1,252,193
21,677
17,483
44,181
62,365
49,839
204,695
531,035
3,087
2,196
18,565
13,324
15,269
13,585
81,614
15,718
26,976
38,224
33,525
120,754
61,646
1,451,065
485,267
703,486
1,403,729
1,960,603
2,601,856
4,190,254
75,685,657
42,908
30,210
115,335
199,561
188,910
157,673
3,401,685
40,378
41,355
84,487
94,544
67,597
211,098
975,375
127,969
195, 530
310,588
367,744
504,485
1,116,870
20,211,693
870
4,608
7,291
1,276
37,504
30,970
71,269
1,032
364
1,050
147
539
10
41,147
15,132
29,523
57,035
53,931
73,022
149,859
2,761,558
24,499
37,627
44,058
145,047
269,629
365,956
5,756,683
25,243
24,273
42,361
53,374
127,415
207,315
2,275,532
64,846
83,277
210,755
211,808
370,893
758,936
19,769,602
9,973
22,897
45,990
39,069
73,737
55,713
1,569,970
132,417
133,822
484,779
743,102
883,071
1,134,844
19,852,143
485,267
703,486
1,403,729
1,960,603
2,601,856
4,190,264
76,636,657
456,262
633,814
1,029,676
1,291,199
1,383,101
734,974
30,111,213
128,614
294,977
465,955
414,639
6X,569
1,443,365
15,002,110
148
392
778
1,110
2,373
2,508
75,666
_
2
1
7
84
5
2,286
14
52
153
361
1,139
210
8,058
1,380
1,134
3,651
11,989
7,718
26,799
229,673
9,173
9,451
13,078
12,847
15,720
50,702
315,760
808
587
14,072
2,878
11,259
3,456
48,077
36
183
1,758
70
34
30
1,925
3,186
6,244
9,583
16,346
30,746
5,649
64,176
2,004
3,409
1,688
10,002
351
6
16,572
788
1,378
14,136
10,799
24,205
10,744
507, 175
326
477
1,495
1,463
9,987
5,780
157,053
4,470
9,075
6,916
22,929
9,725
25,502
153,515
607,209
961,175
1,562,940
1,796,639
2,131,011
2,309,831
46,713,370
336,304
500,796
793,467
969,708
1,000,076
516,042
23,191,109
74,097
209,299
330,399
241,715
399,838
998,801
8,061,584
11,491
9,143
15,110
14,992
10,239
13,817
62,009
11,218
11,122
20,608
17,829
24,254
39,970
539,267
4,792
6,039
14,033
14,250
15,831
18,294
766,054
1,183
1,771
4,496
3,491
1,451
5,352
45,226
7,052
10,493
17,743
21,414
25,668
47,495
791,253
12,187
20,624
35,101
70,413
64,120
73,759
1,558,970
321
314
1,015
725
753
1,250
27,487
14,076
27,643
43,260
49,280
46,021
91,983
2,273,283
1,999
2,315
9,061
25,315
8,086
3,766
786,791
7,974
7,349
13,341
23,786
23,413
34,417
217,149
3,700
4,277
7,196
12,308
10,403
18,251
565,100
1,079
1,092
2,974
3,094
4,177
5,231
172,022
298
481
242
232
630
730
10,046
95,767
120,785
175,090
247,207
349,026
221,289
3,412,671
583,538
933,543
1,483,136
1,715,759
1,984,036
2,090,957
42,480,021
23,671
27,632
79,304
80,380
146,975
218,374
4,233,349
23,657
27,580
79,651
80, 519
145,836
218,664
4,225,281
3,795
3,549
9,743
2,172
2,150
352
9,134
9,456
10,645
31,127
32,278
58,421
108,276
1,964,093
4
5
29
59
131
-
-
9,460
10,650
31,156
32,337
58,552
103,275
1,954,033
14,211
16,982
48,648
43,543
88,423
110,598
2,269,256
7,018
5,661
30, 529
27,589
61,131
106,763
2,113,941
288
658
1,409
755
2,656
1,063
404,333
HuJDber of consolidated returns with balance sheets and net income.
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable..
Less: Reserve for bad debts.
Inventories
Prepaid expenses and supplies
Investments, Government obligations;
States, Territories, and United States possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization.
Less: Accumulated depreciation.
Depletable assets
Less : Accumulated depletion. . . .
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable;
Maturity less than 1 year
Maturity 1 year or more
Reserves for estimated expenses^ .
Prepaid income ^
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock , conmon^
Surplus reserves
Surplus and undivided profits.
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 net long-terra capital loss
Net long-term capital gain reduced by 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 and amortization
Depletion
Advertising
Amounts contributed xmder pension plans
Amounts contributed under other employee benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions.
Conpiled net profit (47 less W)..
Net income (65 less 37)
Net operating loss deduction
Income tax
Excess profits tax*
Total tax.
Compiled net profit leas total tax (65 less 70).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
^Sum reported on returns with balance sheets filed for tax years beginning after Dec. 31, 1953 and ending on or before June 15, 1955. See this item in textual discussion, p. 11.
^Capital stock which was not definitely designated as either common or preferred was tabulated under common stock.
^Deficit.
*The excess profits tax law terminated Dec. 31, 1953. Excess profits tax tabulated for this report was the tax on income earned before that date and reported on returns for
annual accounting periods ended July through November 195*1 and returns for part years which began in 1953.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
ACTIVE CORPORATION INCOME TAX RETURNS-1954
129
RETtRNS WITH FOREIGN TAX CREDIT
Table 28.— NET INCOME. TAXES. FOREIGN TAX CREDIT CLAIMED, AND TYPE OF INCOME FHOM FOREIGN SOURCES, BY MAJOR INDUSTRIAL GROUP
Major industrial group
Returns with and without Form 1118
statements filed in support of
credit claimed
( Thousand
dollars)
Total tax
before
foreign
tax credit
(Thouaand
dollars)
Credit
claimed
for
foreign
taxes
paid
( Tbotiiand
dollmra)
Returns with Form 1118 statements filed In support of credit claimed
Number
of
returns
. Thtmaand
dollars)
Income from foreign sources
Number
of
returns
(ThouMand
dollars)
Income other than
dividends^
C Thouamnd
dollars)
Total tax
before
foreign
tax credit
(Thouaar\d
dollars)
Foreign
taxes
paid
(Thousand
dollars)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollars)
(1)
(2)
(3)
(i)
(5)
(6)
(7)
(8)
(9)
(10)
(U)
(12)
(13)
All industrial groins
Agriculture^ forestry, and fishery.,
Farms and agricultural services...
Forestry
Fishery ,
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crxide petroleum and natural gas production.,
Nonmetallic mining and quaro*ing
Construction
Uanufacturing
Beverages
Food and kindred products
Tobacco maniifactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture. .
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance^
machinery, and transportation equipment.
Machinery, except transportation equipment
and electrical.
Electrical machinery and 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 ,
Comnunlcation
Electric and gas utilities..
Other public utilities
Trade
Wholesale ,
Commission merchants
Other wholesalers ,
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefurnlshings.
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 conqianies
Security and ccnnnodlty-exchange brokers and
dealers.
Insxrrance 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
(')
37
2
92
l,il5
10
95
22
49
26
18
26
62
93
219
21
22
12
42
A7
U9
119
90
428
333
39
294
72
5
13
(^)
7
15
23
805
448
39
36
332
41
186
160
26
166
253
5
3
83
1
122
19
20
( = )
489,388
132,522
12,201
625
338,798
5,242
81,956
10,609,897
92,415
536,203
U9,820
95,674
14,763
14,104
27,746
355,437
112,034
1,685,364
1,217,172
237,790
9,748
350,768
850,292
330,037
817,608
764,013
356,381
15,988
295,994
59,099
1,771,833
540,476
1,083,896
147,463
671,634
308,829
9,953
298,376
361,783
5,538
349,146
(')
170
302
2,287
(')
906
2,959
1,022
2,729,553
643,160
309,930
181,304
146,726
5,200
2,059,497
2,046,150
13,347
24,055
2,841
149,673
1,973
4,294
53,284
486
82,944
4,460
2,232
(^)
237,705
60,370
1,162
177
173,328
2,668
37,085
5,154,201
48,732
274,369
72,194
46,984
7,427
5,359
14,084
176,886
53,635
813,088
452,400
118,573
5,027
177,310
428,035
163,929
415,339
393,770
174,816
8,303
151,674
23,447
882,656
256,542
553,183
72,931
310,550
147,854
4,216
143,638
162,265
2,786
156,369
(')
83
105
967
(')
379
1,396
431
525,902
253,729
U5,810
91,003
25,260
1,656
262,834
258,531
4,303
8,438
901
73, 103
527
2,174
24,596
247
42,443
2,163
953
11,099
159,042
15,162
203
28
143,646
3
6,801
432,723
1,631
16,303
433
1,564
357
265
1,226
3,737
3, 018
33,944
222,350
15,079
42
10,063
20,490
11,405
27,146
13,800
3,609
24
4,219
1,428
17,135
5,999
1,781
9,355
55,653
50,106
382
49,724
5,524
8
4,732
(^)
2
55
3
(^)
3
632
23
27,502
19,384
3,425
7,155
9,177
127
7,362
6,644
718
207
49
15,270
2
27
3,738
3
11, 102
112
236
36
16
(')
55
16
1
3
33
2
72
1,127
9
71
6
40
19
15
22
50
69
190
16
35
40
104
94
69
12
13
269
233
28
205
21
2
12
1
5
(^)
356
25
26
291
14
139
119
20
71
198
4
2
57
102
18
15
(')
459,783
128,548
12,201
391
313,401
5,242
77, 160
9,753,392
92,338
429,210
139,030
84,153
13,657
4,123
26,472
324,922
101,225
1,649,217
925,337
173,889
8,998
309,845
833,204
294,780
707, 123
706,955
354,906
2,211,447
15,988
291,055
50, 518
1,720,410
497,332
1,075,065
147,463
571,224
2U,129
9,639
204,490
356,755
5,017
349,124
649
1,765
2,516,476
586, 522
268,954
181,229
132,137
4,202
1,906,640
1,893,460
13,180
20,473
2,841
116,055
1,770
4,235
50,026
54,669
4,166
1,189
(M
497
4
37
3
20
3
4
5
24
28
74
12
7
1
20
20
55
1
1
402
7
249
14
63
52
11
59
(')
1,412
85
2
86
1,239
2,826
393,923
923
26,546
532
2,267
166
22
1,561
5,535
5,032
51,131
107,909
(')
8,428
7,401
19,592
28,266
17,325
4,029
46
7,302
2,342
13,006
1,636
2,291
9,029
31,110
22,179
30
22,149
8,905
(*)
8,901
2
2
26
40,509
37, 191
116
9,078
27,695
302
2,608
1,206
1,402
519
191
5,143
14
3,414
1
(')
e)
30
2
64
883
5
31
13
13
18
47
163
13
209
176
26
150
18
1
11
4
(')
311
158
22
24
107
5
117
106
11
34
184
2
2
52
310,535
35,358
432
274,228
17
16,785
501,281
3,239
9,075
473
2,125
906
869
1,071
4,688
3,492
43,108
324,107
12,828
125
3,726
36,465
5,910
10,486
19,164
5,554
8,382
3,725
1,263
38,227
21,056
5,950
11,221
39,207
37,620
1,258
36,362
1,548
14
1,039
15
(')
90,810
13,725
9,984
8,427
*4,713
27
76,538
76,230
308
516
31
37,243
*5
113
13,168
23,086
(^)
222,870
58,865
1,162
133
160,1X2
2,668
35,001
4,780,356
48,716
217,980
71,904
42,060
6,887
1,307
13,450
161,758
48,108
795,514
363,409
85,396
4,660
157,243
422,053
146,560
358,739
355,123
174,084
1,123,820
8,303
149,146
24,136
861, 569
239,097
549,541
72,931
260,527
100,261
4,105
96,156
160,119
2,545
156,369
311
811
( = )
483,029
233,701
118,963
91,003
22,191
1,544
241,211
236,971
4,240
7,216
901
56,041
455
2,149
23, Kl
27,833
2,016
447
699,937
9,319
8,952
(')
161, 506
15,354
203
27
145,919
3
7,784
440,431
1,799
16,755
423
1,495
395
316
1,223
3,937
3,384
29,408
236,732
13,965
20
4,802
32,121
11,556
18,601
13,276
3,649
40,750
24
4,434
1,366
16,618
6,120
1,063
9,435
23,998
18,926
485
18,441
5,062
2
4,833
2
223
(')
30,333
22,092
3,439
7,034
11,432
87
7,981
7,238
743
210
50
9,948
7
26
3,053
6,603
153
101
154,952
13,899
203
27
140,820
3
6,488
385,720
1,629
15,672
423
1,445
344
258
1,223
3,532
3,009
28,440
200,882
13,964
22
4,490
20,484
11,190
16,381
12,667
3,577
40,550
24
4,138
1,376
16,255
5,338
1,062
9,355
23,095
18,129
354
17,775
4,956
2
4,780
2
170
25,588
18,614
3,067
6,976
8,484
87
6,730
6,012
718
195
49
9,437
2
26
3,012
6,196
100
101
77 Nature of business not alloceble.
^Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
^Sampling varisbility of this item was too large to warrant showing it separately. However, this value was included in each total.
^Less than $500.
'Deficit.
NOTE: See text for explanatory statements and for "Description of the Sang^le and Lljnltatlons of Data."
130
ACTIVE CORPORATION INCOME TAX RETURNS -1954
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ACTIVE CORPORATION INCOME TAX RETURNS-1954
131
WESTERN HEMISPHERE TRADE CORPORATION RETl'RNS
Table 81.— NET INCOME. WF^TEKS HEMISPHERE TRADE CORPORATION DEDUCTION. TAXES. FOREIGN TAX CREDIT. AND TVPE OF INCOME FROM FOREIGN SOURCES, BY MA.IOR INDUSTRIAL GROUP
Major industrial group
Returns with credit, claimed for foreign taxi^s paid
Number of
returns
(Thoumand
dolltrM)
Western Hemisphere trade
corporation deduction
Number of
returns
Amount
( Thouaartd
dollmrm)
Income tax
before for-
eign tax
credit
(Jhou*tnd
doHmra)
Credit
claimed for
foreign
taxes paid
(Thousand
dollar!)
(2)
(3)
{^)
(5)
All industrial groups^
Agriculture, forestry, and fishery.
Farms and agricultural services..
Fopestrj-
Fishery
Wining and quarrying'
iletal mining^
Anthracite mining
Bituminous coal and lignite mining
Crude petrole\JiD 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
2<eather and products
Stone, clay, and glass products
Primary metal industries^
Fabricated metal products, except ordnance, machinery, and transportation equipment.
Machinery, except transportation equipment and electrical
Electrical machinery and equipment^
Transportation equipment, except motor vehicles^
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instniments; photographic equipment; watches, clocks^
Other manufacturing
Public utilities^
Transportation
Coaammication^
Electric and gas utilities^
Other public utilities
Trade^ ,
Wholesale^
Commission merchants
Other wholesalers^
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings.
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
Instirance 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
(=)
2,695,414
31,658
31,658
44,912
32,937
16
14,286
60
1,441,587
2
904
12
6,955
1
11
186
289
1,055
14,753
923,535
293
440,956
2,610
91
18,183
28,753
1,051,390
5,641
1,028,069
17,680
47,074
46,206
2,058
44,148
822
213
{')
671
625
46
63,836
9,707
53,669
460
274
6
(')
131,924
8,525
8,525
L2,159
8,823
3,336
2,529
92,400
243
1,711
50
78
284
2,283
73,936
73
11,600
703
25
872
294
5,415
1,518
34
3,863
9,293
9,060
554
8,506
221
58
{=)
180
168
1,043
124
11,991
11,991
16,682
12,337
5,263
609,548
331
2,658
3
63
104
395
6,496
347,197
106
225,979
975
29
9,006
14,894
535,641
1,812
526,583
7,246
18,944
18,664
746
17,918
270
54
e)
242
232
10
30,491
2,612
27,732
147
(6)
9,346
9,346
12,325
8,991
3,334
2,477
250,790
329
1,880
2
45
104
394
2,893
219,811
74
17,665
837
29
5,334
1,271
8,513
468
800
7,245
8,058
7,859
261
7,598
190
47
(')
9
8,565
3,231
90
See footnotes at er^ of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
132
ACTTIVE CORPORATION INCOME TAX RETURNS -1954
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
Tftble 81— NET INCOME, WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT, AND TYPE OF INCOME FROM FOREIGN SOURCES, BY MAJOR INDUSTRIAL OROUP^Con.
Major industrial group
Number of
returns
All industrial groups''
Agriculture, forestry, and fishery
Farms and agricultural services
Forestry
Fishery
Mining and quarrying^
Metal mining^
Anthracite mining
Bituminous coal and lignite raining
Crude petroleum and natural gas production^,
Noninetallic raining and quarrying
Construction^
Manufacturing^
Beverages
Food and kindred products^
Tobacco manufactures
Textile-mill products
Apparel and products raade from fabrics
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products^
Petroleum and coal products^
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries^
Fabricated metal products, except ordnance,
machinery, and transportation equipment.
Machinery, except transportation equipment and
electrical.
Electrical roachineiry 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
Comnrunicat ion^
Electric and gas utilities^.
Other public utilities
Trade^
Wholesale^
Commission merchants
Other wholesalers^
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings.
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
Motion pictures^
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
Returns with credit claimed for foreign taxes paid— Continued
Returns with Form 1118 statements filed in support of credit claimed
(7)
256
5
(=)
(TTiouu
dollai
Number of
returns
(8)
29,893
29,898
34,525
28,963
13,505
1,160,982
904
6,426
11
186
289
1,055
14,307
643,905
293
440,956
2,610
18,183
28,753
1,051,390
5,&41
1,028,069
17,680
44,494
43,652
2,048
41,604
822
213
(')
625
625
Western Hemisphere
trade corporation
deduction
(9)
46
41,470
9,707
31,303
460
2
50
1
78
1
284
19
2,172
3
69,056
(=)
(Thousand
dollars)
(10)
122,138
8,051
8,051
9,346
7,753
2,319
87,262
243
1,569
3
11,600
703
872
294
5,415
1,518
8,600
8,374
554
7,820
221
58
Income from foreign sources
Number of
retxirns
(11)
( = )
168
168
585
124
Amount
dollara)
Number of
returns
(12)
137,200
497
118,932
735
1,518
103,814
8,834
507
6,428
2,232
4,196
8,555
8,555
Income other than
dividends
(13)
11
2,768
256
5
Amount
(TTtotiaand
(14)
(')
489,491
21,848
21,348
28,111
23,442
9,168
383,541
670
5,298
11
186
211
1,702
7,717
322,715
293
32,946
2,120
6,841
2,597
14,321
1,325
3,376
9,620
15,285
14,607
790
13,817
658
213
Income tax
before for-
eign tax
credit
(Thousand
dollara)
Foreign
taxes paid
( Thouaand
dollara)
(15)
(^)
625
625
29
16,563
1,214
15,013
336
1,127,529
11,334
11,334
12,754
10,832
1,922
4,972
525,626
331
2,463
3
63
104
395
6,335
263,631
106
225,979
975
9,006
14,894
535,641
1,812
526,583
7,246
18,016
17,742
744
16,998
270
54
Credit
claimed for
foreign
taxes paid
(Thouaand
dollara)
(')
232
232
10
18,944
16,185
147
320,627
8,800
8,600
10,222
8,861
1,361
2,579
277,480
467
1,988
45
173
431
3,021
234,162
74
29,277
848
5,620
1,271
8,638
592
801
7,245
7,686
7,477
295
7,182
205
47
(')
10
5,116
4,749
90
(17)
269,854
8,800
8,800
8,640
7,728
2,313
229,275
329
1,829
2
45
104
394
2,767
198,473
17,665
28
837
29
29
30
5,384
31
1,271
32
_
33
-
34
72
35
-
36
8,513
37
468
38
800
39
7,245
40
-
41
7,462
42
7,268
43
260
44
7,008
45
190
46
_
47
47
48
_
49
-
50
-
51
-
52
_
53
_
54
143
55
I')
56
92
57
83
58
_
59
83
60
_
61
-
62
.
63
_
(A
-
65
-
66
9
67
4,759
68
_
69
-
70
244
71
-
72
.
73
4,425
74
-
75
90
76
-
77
;ue footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.'
ACTIVE CORPORATION INCOME TAX RETURNS-1954
133
WESTERN HEMISPHERE TRADE CORPORATION RETl RNS
Table SI.— NET INCOME. WESTERN HEKDSPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT, AND TYPE OF INCOME FROM FOREIGN SOURCES, BV MAJOR INDUSTRIAL GROUP— Con.
Major industrial group
Returns without credit claimed for foreign taxes paid
Returns with net income
Number of
retuj'ns
(Thousand
dallari)
Western Hemisphere trade
corporation deduction
Number of
returns
Amount
( Thouaand
Number of
returns
Amount
(Thouaand
dollars)
Returns without
net income
Number of
returns
(Thouamid
dotlara)
tl8)
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^
Cr\ide petroleum and natural gas production^.
Nonmetallic mining and quEurrying
Construction^
Manufacturing '^ '. .
Beverages
Food and kindred products
Tobacco manufactures^
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture..
Fiimiture and fixtures
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Petroleum and coal products^
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance, machinery, and transpor-
tation 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^..
RetaU^
Food^
General merchandise
Apparel and accessories
Furniture and housefumishings.
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 brolters 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
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
(')
2i2
13
229
(19)
(20)
(22)
(23)
250
250
1,501
48,806
280
16
(')
48,406
534
534
96,383
28,992
1,499
27,493
66,476
66,397
915
1,293
1,293
468
(')
( = )
( = )
(')
232
13
219
(')
(')
(')
9,050
239
56
(')
132
132
8,092
7,814
404
7,410
21
257
348
348
132
(')
(^)
(')
(')
237
13
224
(')
(^)
(^)
303
18,419
(')
18,395
178
178
46,406
10,274
537
9,737
35,829
35,805
303
486
486
101
(•■)
( = )
(24)
(25)
13,009
3,767
2
3,767
3
-
4
-
5
1,163
6
896
7
_
8
208
9
59
10
-
11
1,392
12
3,856
13
_
W
184
15
_
16
_
17
-
18
_
19
_
20
-
21
_
22
85
23
2,377
24
_
25
_
26
-
27
_
28
1
29
730
30
_
31
_
32
337
33
-
34
142
35
36
1,293
37
1,293
38
_
39
_
40
-
41
1,538
42
1,131
43
-
44
1,131
45
70
46
_
47
_
48
_
49
-
50
.
51
_
52
_
53
-
54
70
55
337
56
-
57
-
58
_
59
_
60
-
61
^Amounts Shown for income from foreign sources other than dividends were reduced by negative amounts,
^Includes returns of consolidated corporations where one or more of the corporations within the affiliated group was a Western Hemisphere trade corporation.
Sampling variability of this item was too large to weorant showing it separately. However, this value was included in each total.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
134
ACTIVE CORPORATION INCOME TAX RETURNS -1954
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135
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r-
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lA
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1,666
3,686
8.805
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136
ACTIVE CORPORATION INCOME TAX RETURNS-1954
PERSONAL HOLDING COMPANY SCHEDDLES
Table 34.— UNDISTRIBUTED INCOME COMPUTATION AND PERSONAL HOLDING COMPANY TAX, BY INCOME STATUS
Returns with corporate
net income
With undis-
tributed
personal
holding can-
pany income
Without undis-
tributed
personal hold-
ing company
income
Returns without corporate
net income
With undis-
tributed
personal
holding com-
pany income
Without undis-
tributed
personal hold-
ing company
income
(1)
(2)
(3)
(4)
Number of returns with schedule PH attached.
(Ihouaand dollars}
Corporate net incame or deficit
Adjustments:
Amount included in income where lien in favor of United States is satisfied or released.
Expenses and depreciation applicable to property in excess of amount allowable
Total (Sum of 2, 3, and 4)
Deductions:
Additional contributions and gifts
Federal income and excess profits taxes
Foreign taxes
Net operating loss deduction
Deduction for capital gains
Amount of lien in favor of the United States
Special deduction for bank affiliates
Deduction for dividends paid
Amounts used or set aside to retire indebtedness incurred prior to Jan.
Dividends paid after close of taxable year
Total deductions.
22a
256,052
2,065
33,896
l,iil
4,266
44,466
11
20
212,016
1,270
2,302
301,756
Undistributed personal holding company Income (5 minus 16)
18 Personal holding company tax.
11
15,618
391
2,204
311
22
3,321
7,614
41
225
14,130
1,488
49
246,157
1,673
31,412
1,130
2,818
39,734
11
201,857
1,147
2,060
281,843
'35,686
(5)
'5,392
168
'5,723
1,426
1,411
20
2,545
82
17
5,783
'11,506
'Deficit or negative amount.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data." See p. 22 for limitation in coverage.
PERSONAL HOLDING COMPANY SCHEDULES
Table 35.— SOURCES OF PERSONAL HOLDING COMPANY INCOME, BY UNDISTRIBUTED INCOME STATUS
Source of personal holding company income
Number of
returns
Returns with undis-
tributed personal holding
company income
(Thousand
dollara)
Returns without undis-
tributed personal holding
company income
Niimber of
returns
(Thousand
dollarm)
Humber of
returns
(Thoumand
daltara)
Dividends
Interest
Rents
Royalties:
Mineral, gas.
Other
Annuities
Gains from sale of stock or securities
Gains from futures transactions
Income from estates and trusts
Income from personal service contracts. . . .*
Income from use of corporation property by shareholder.
Total
No personal holding company income reported.
Grand total
(1)
2,031
2,115
758
178
164
1,181
23
3
58
46
721
3,818
187,448
23,170
10,650
16,992
4,250
49,666
610
1
1,427
430
294,644
294,644
(3)
142
153
61
4
212
61
273
9,466
1,84A
414
306
418
3,940
304
28
20
16,740
(5)
1,889
1,962
697
174
156
1,105
21
3
54
42
2,885
660
3,545
(6)
177,982
21,326
10,236
16,686
3,832
45,726
306
1
1,399
410
277,904
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data." See p. 22 for limitation in coverage.
ACTIVE CORPORATION INCOME TAX RETURNS -1954
137
PERSONAL HOLDING COMPANY SCHEDULES
T«bl. 36.— PERSONAL HOLDING COMPANY INCOME, UNDISTRIBUTED INCOME, AND TAX, BY SIZE OK PERSONAL HOLDING COMPANY INCOME
Size of personal holding compani' income
Number of
returns
Personal
holding
company
income
dollMfa)
Rt-t'irni: with undistributed personal building
company income
Undistributed
personal
holding
company
income
f Thousand
dolUra)
Personal
holding
company
tax
(TTtouawid
dojlara)
Personal
holding
company
income
(Thouamtd
doIlMra)
(1)
(2)
(3)
(•i)
(5)
Under $1,000
,n,00O under $2,000
$2,000 ujider $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $500,a»
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 or more
Total
No personal holding compani' income reported,
360
1J3
186
156
1A9
448
610
293
301
357
60
38
168
185
451
573
671
3,095
9,446
10,814
21,343
75,502
41,258
60,051
70,587
(')
27
13
55
3
207
631
432
1,488
(M
1
1
24
21
10
45
2
174
535
366
1,182
71
(6)
11
12
52
298
420
666
1,357
5,360
4,283
4,201
16,740
16,740
'Less than $500.
(JOTE: See text for explanatory statements and for "Description of the Sample and Lijnitations of Data.
See p. 22 for limitation in coverage.
PERSONAL HOLDING COMPANY SCHEDl LES
T«bl» 37.— PERSONAL HOLDING COMPANY INCOME, UNDISTRIBUTED INCOME, AND TAX, BY SIZE OF UNDISTRIBUTED INCOME
Size of undistributed personal holding company income
Number of
returns
Personal holding
company income
Number of
returns
{ Thauaand
dollara)
Undistributed
personal
holding
company
income
(Thouaand
dollara)
Personal
holding
company
tax
fthouaand
dollara)
(ir
(2)
(3)
Under $2,000
$2,000 under $5,000
$5,000 under $10,000
$10,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 or more
Total
No undistributed personal holding companj' income.
Grand total
234
25
5
175
24
5
9,225
2,026
1,440
452
156
2,502
939
3,545
2,885
277,904
3,097
(4)
48
65
29
27
87
64
550
618
1,488
(5)
37
50
23
22
74
55
467
525
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data." See p. 22 for limitation in coverage.
4. Historical Data,
Corporation Income
Tax Returns,
1945-54
_ 448404 O - 57 - 10
CORPORATIOW INCOME TAX RETURNS FOR 1945-54
Page
Introduction 14-1
Description of historical tables Kl
Comparability of historical data l<+2
Tables K6
140
4. HISTORICAL DATA, CORPORATION INCOME TAX RETURNS, 1945-1954
INTRCDLCTION
The historical data presented in this volume are
selected from the tabulations prepared from corpo-
ration income tax returns for the years 19A-5 through
195'+ and published in Statistics of Income for those
years. The tables are preceded by a discussion of
the comparability of the statistics during that pe-
riod. This discussion is supplemented by the mate-
rial presented in the Synopsis of Federal Tax Laws,
19<;5_5A, pages 181-190 of this volume.
Data with respect to income and tax of corpora-
tions first became available in 1909 when an excise
tax measured by the income of corporations was im-
posed 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
Constitution 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 and presented only 5 basic income
and tax items for corporations, distributed geograph-
ically and by type of industry.
The item "Total compiled receipts" was not tabu-
lated from 1916 to 1921. Gross income, which was
total compiled receipts minus the amounts of non-
taxable dividends excluded from gross income and of
wholly tax-exempt interest received on certain
Government obligations, for 1916 was $35 billion on
341 thousand returns . By 1954- the amount of total
compiled receipts had risen to $555 billion on 723
thousand returns, nearly 16 times the gross income
in 1916 while the number of returns more than doubled.
Since the item was first tabulated separately in
1922, gross sales has been the largest single com-
ponent of total compiled receipts, usually between
70 and 85 percent . Among the eight allocable indus-
trial divisions, the largest industry manufacturing,
has almost always accounted for AO to 55 percent of
the total compiled receipts. The chart below shows
the growth in the amount of receipts since 1916 for
all industries, for manufacturing, and for trade.
Selected historical data for the years prior to
19<45 were published in Statistics of Income for 1949,
Part 2.
DESCRIPTION OF HISTORICAL TABLES
The historical tabulations are presented in tables
38 through A3, pages 1-47-170. Table 38 shows the
number of returns, by income or deficit status, and
by net income, deficit, and total assets classes.
Table 39 gives the nimiber of ret\irns, total compiled
Bi 1 1 ions of dol I ars
Chart 6 -TOTAL RECEIPTS COMPILED FROM TAX RETURNS, 1918-1954*
Bill ions of dol I ars
600
200
95M
"Total co«pi1ed receipts for I9I6-I92I excludes wholly t»-eieapt Interest received on certain Govemaent obligations
(te>s th«n tuOO Billion) and aott dosestic dividends received (less than {SIO ■illlon).
141
142
CORPORATION INCOME TAX RETURNS. 1945-1964
receipts, net income or deficit, taxes, dividends
paid, and total assets, by income and deficit status .
The number of returns, items of receipts and de-
ductions, compiled net profit or net loss, net income
or deficit, taxes, and dividends paid are shown in
table 4-0 for all active corporation returns and for
returns with net income. For returns with balance
sheets these items, together with items of assets
and liabilities, are givenin table <41 for all active
corporation returns and for returns with net income.
Data by major industrial groups are presented in
table i*2. Items shown are the number of returns,
total compiled receipts, net income of deficit, and
taxes . Data for returns with net income and returns
without net income are given separately.
Table A3 presents data for returns filed on a con-
solidated basis and shows the number of returns and
subsidiaries, 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 affecting the data can be traced through a
historical period and the effect estimated, but the
effects resulting from a change in methods 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 affect-
ing comparability are discussed in the following
paragraphs . This discussion covers both broad areas
of data and specific items .
Accrued expenses
Beginning in 1954, accrued expenses were tabulated
as a separate balance sheet item. Accrued expenses
were combined with "Other liabilities" prior to 1954.
Accumulated amortization and depreciation and Accu-
mulated depletion
For the years prior to 1954, these asset items
were tabulated as "Reserves" under "Gross capital
assets (except land)."
Amortization
Under the 1954 Code, amortization in historical
tables 40 and 41 includes not only deductions taken
in lieu of depreciation for emergency facilities
(sec. 168 of the 1954 Code) and grain storage facil-
ities (sec. 169) as explained below for 1953, but
also deductions taken for research or experimental
expenditures capitalized but not subject to depre-
ciation (sec. 174), mine exploration expenditures
(sec. 615), and organizational expenditures (sec.
248), which are described in "Changes in Law Affect-
ing 1954 Data," and development expenditures (sec.
616), which, like exploration expenditures do not
apply to oil and gas wells and may be taken in the
year incurred as "Cost of sales or operations" or
"Other deductions" or as a deferred expense charged
off ratably against units of minerals sold.
The amortization deduction for 1953 is that pro-
vided by sections 124A and 124B of the 1939 Code.
Section 124A provides for the amortization of the
cost of emergency facilities necessary for national
defense and acquired or completed during the emer-
gency period beginning January 1,1950. Section 124B
was enacted in the Technical Changes Act of 1953 to
alleviate a critical shortage in grain storage fa-
cilities and is applicable to cost of erection or
reconstruction of such facilities Incurred after
December 31, 1952. A 60-month amortization period
is provided for both types of facilities. For 1950-
52 the amortization deduction is that claimed under
section 124A only. For 1945-49 amortization of emer-
gency facilities was authorized by section 124 of
the Code (1939) and was applicable to cost of emer-
gency facilities acquired or completed during the
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 emer-
gency facilities on which the 60-month amortization
period had not expired could elect to terminate the
amortization period as of September 30, 1945, and
recompute the amortization deduction for each tax
year involved, on the basis of the actual number of
months in the shortened period. Thus, the amortiza-
tion deductions reported on the 1945 returns are, in
many instances, the increased amounts based on the
shortened period .
See "Accumulated amortization and depreciation and
Accumulated depletion" above and "Cost of goods sold
and Cost of operations" below.
Consolidated returns
Election to file, or to discontinue filing, a con-
solidated return results in relocation, classifica-
tion-wise, of data for the companies included in the
affiliated group. For example, industrial classi-
fication is based on the principal source of the
collective receipts reported on the return. Thus,
for a consolidated return, data for companies which,
if nonconsolidated returns were f iled^ would fall in
several industrial groups are contained in one in-
dustry classification. Use of the consolidated re-
turn also eliminates from the data reported profit
or loss on intercompany transactions . Table C of the
Synopsis of Federal Tax Laws shows the provisions of
law governing election and discontinuance of filing
consolidated returns .
For a description of changes effected by the 1954
Code, see "Consolidated returns" under "Changes in
Law Affecting 1954 Data," page 14.
Cost of goods sold and Cost of operations
Beginning in 1951 these items were reduced by any
identifiable amounts of taxes, depreciation, deple-
tion, amortization, advertising, and contributions
under pension plans and, beginning in 1952, under
other employee benefit plans included therein. Such
items were transferred to their respective headings.
For years prior to 1951, only amortization and pension
plan contributions were so treated.
Depreciation and depletion
"Depreciable assets" and "Depletable assets" were
combined as "Gross capital assets (except land)"
before 1954.
CORPORATION INCOME TAX RETURNS, 1945-1964
143
See "Cost of goods sold and Cost of operatirons"
and "Accumulated amortization and depreciation and
Accumulated depletion" above .
Employee benefit plans (other than pension plans, etc.)
The deduction in historical tables 40 and "41 for
"Amounts contributed under other employee benefit
plans" was tabulated with "Other deductions" prior
to 1952.
See "Cost of goods sold and Cost of operations"
above .
Excess profits taxes
The excess profits tax in effect for 1950-53 is
that imposed by section 430 which was added to the
1939 Code by the Excess 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 . This tax terminated
December 31, 1953, and for returns with fiscal years
beginning before and ending' after that date the tax
is a prorated amount determined according to the
n\imber of days in the fiscal year before January 1,
1954.
The excess profits tax in effect during 1945-46
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 39 through 43 for
the year 1946. For 1945 the excess profits tax com-
piled for the historical tables consists of the ex-
cess profits tax imposed by section 710 and the de-
clared value excess-profits tax imposed by section
600 of the 1939 Code under the 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 the 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. The amounts
tabulated for each of the years 1945 and 1946 are
also before the amovint deferred under section 710
(a) (5) (relating to abnormalities under section 722)
and before credit for foreign taxes paid, but are
after any adjustments reported on the returns under
other relief provisions .
Effective January 1, 1946, the 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 accounting period
in 1945. The declared value excess-profits tax im-
posed by section 600 was repealed, effective with
respect to income-tax taxable years ending after
June 30, 1946.
Gross capital assets (except land)
Beginning in 1954, capital assets were tabulated
among the balance sheet items as "Depreciable assets"
and "Depletable assets," and capital "Reserves" be-
came "Accumulated amortization and depreciation" and
"Accumulated depletion."
Industrial classification
Beginning in 1952, data for the two Finance groups
"Banks and trust companies" and "Credit agencies oth-
er than banks" were increased by the inclusion of
returns for mutual savings banks and savings and
loan, building and loan associations, respectively.
For taxable years beginning before January 1, 1952,
these organizations were exempt from taxation under
section 101 of the 1939 Code.
In 1948 the Industrial Classification used in clas-
sifying income tax returns was revised to conform,
in general, to recent revisions in the Standard In-
dustrial Classification. A comparison of the in-
dustrial classifications used for Statistics of In-
come for 1947 and 1948 is shown on pages 425-450,
Statistics of Income for 1948, Part 2. Adjustments
were made in compiling the historical data by major
industrial groups in table 42 where transfer of en-
tire minor industrial groups or combination of two
or more major groups made possible the improvement
of comparability between the 1948-54 data and the
1945-47 data. These adjustments are as follows:
Mining and Quarrying
Nonmetal lie mining and quarrying. — For 1945-47
data, 'two major groups "Nonmetallic mining and
quarrying" and "Mining and quarrying not allo-
cable" are combined.
Manfacturing
lexti le-mill products, — For 1945-47 the two
major groups "Cotton manufactures" and "Textile-
mill products, except cotton" are combined.
Lumber and wood products, except furniture;
Furniture and fixtures- — Adjustments have been
made in the 1948-54 data by transferring data
for "Other wood products" from "Lumber and wood
products, except furniture" to the major group
"Furniture and fixtures." Adjustments have been
made for 1945-47 by transferring "Wooden con-
tainers" from "Furniture and finished lumber
products" to "Lumber and timber basic products"
and by transferring "Matches" from "Furniture
and finished lumber products" to "Other manu-
facturing."
Primary metal industries and Fabricated metal
products (except ordnance, machinery , and trans-
portation equipment) . — For 1948-54 data the two
major groups "Primary metal industries" and "Fab-
ricated metal products, except ordnance, machin-
ery, and transportation equipment" are combined.
The 1945-47 data are obtained by combining the
two major groups "Iron, steel, and products" and
"Nonferrous metals and their products," the form-
er group having been adjusted to exclude the five
minor groups comprising "Ordnance and accesso-
ries" for 1948-54, and the latter group having
been adjusted to exclude "Clocks and watches"
and "Jewelry (except costume), silverware, plated
ware . "
Ordnance and accessories. — Ordnance and acces-
sories became a major group in 1948. The data
shovm for 1945-47 have been extracted from the
major group "Iron, steel, and products," where
data for "Ordnance and accessories" were tabu-
lated as five minor groups.
144
CORPORATION INCOME TAX RETURNS, 1946-1954
Scienti fie instruments; photographic equip-
ment; watches, clocks; and other. — For 194-8-54-
data the two major groups "Scientific instru-
ments; photographic equipment; watches^ clocks"
and "Other manufacturing" are combined. The
19<i5_47 data are obtained by (l) combining the
two major groups "Other manufacturing" and "Man-
ufacturing not allocable" and (2) by adding
thereto "Clocks and watches" and "Jewelry (ex-
cept costume), silverware, plated ware" (trans-
ferred from "Nonferrous metals and their prod-
ucts") and "Matches" (transferred from "Fur-
nitiu-e and finished lumber products").
Public Utilities
Electric and gas util ities and Other public
utilities For 1945-47 "Electric and gas util-
ities," which appears as a major group for the
first time in 194-8, has been extracted from
"Other public utilities."
TRADE: Retail
Automotive dealers and filling stations. — For
1945-47 the two major groups "Automotive deal-
ers" and "Filling stations" are combined.
Building materials and hardware, — For 1945-47
the two major groups "Hardware" and "Building
materials, fuel, and ice" are combined.
Other retail trade For 1945-47 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 1945-
47 data the three major industrial groups "Long-
term credit agencies, mortgage companies except
banks," "Short-term credit agencies, except
banks," and "Finance not allocable" are combined.
Holding and other investment companies. For
1945-47 data the three major industrial groups
"Investment trusts and investment companies,"
"Other investment companies, including holding
companies," and "Other finance companies" are
combined .
Services
Other services , including schools. — For 1945-
47 data the two major industrial groups "Other
service, including schools," and "Service not
allocable" are combined.
Comparability of industrial data may also be af-
fected 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 affiliated corporations.
For provisions controlling the filing of consoli-
dated retU2Tis see Synopsis of Federal Tax Laws, ta-
ble C, page 186.
Insurance carriers
Provisions under the 1954 Code are substantially
the same as under the Revenue Act of 1951 which a-
mended the 1939 Code with respect to credits and tax
rates applicable to income of life insurance com-
panies. Provisions of law affecting life insurance
companies are shown in the Synopsis of Federal Tax
Laws, footnotes 4(g) and 5(b), pages 188 and 189.
Intangible assets
See "Explanation of Terms," page 25 of this vol-
ume. Prior to 1954, intangible assets were included
in "Gross capital assets (except land)" or other
asset items.
Interest received on Government obligations, sub-
ject 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 in-
termediate credit banks) issued prior to March 1,
1941. For 1945 amounts shown include interest sub-
ject 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 inter-
est reported far 1945 are shown in footnotes to the
historical tables. The interest tabulated is less
amortizable bond premium.
Internal Revenue Code of 1954 and Amendments to the
Code of 1939
The Internal Revenue Code of 1954, enacted August
16, 1954, was generally effective for tax years which
began after December 31, 1953 and ended after August
16, 1954. "Changes in Law Affecting 1954 Data,"
page 10, describes the more important changes in
revenue law made by the 1954 Code affecting the com-
parability of data. During the period 1945-53 the
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 181-190, shows a comparison of tax
rates and bases, provisions pertaining to capital
gains and losses, and provisions pertaining to con-
solidated returns for the years 1945-54.
Other specific items affected by the 1954 Code and
these amendments to the 1939 Code are listed as sep-
arate paragraphs in this discussion.
Net income or deficit
Net income or deficit for 1946-54 is the differ-
ence between the total income and the total deduc-
tions reported, exclusive of the net operating loss
deduction and the special deductions applicable in
1954; for 1945 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 ex-
cess of net long-term capital gain over net short-
term capital loss. These adjustments make the a-
mounts tabulated during the two periods comparable.
CORPORATION INCOME TAX RETURNS, 1946-1954
145
Net operating loss deduction
This deduction in historical tables 40 and -41 is
the net operating loss carryover as defined in sec-
tion 172 of the 195^4 Code and section 122 of the
1939 Code and does not take into account whatever
revisions may subsequently be made as the result of
any carryback of net operating loss from the suc-
ceeding tax year. The net operating loss deduc-
tion in any taxable year is first used as a carry-
back and, to the extent not so used, may be used as
a carryover. The net operating loss for WS** may
be carried back for 2 preceding years and carried
over for 5 succeeding years; for 1950-53, the carry-
back is for 1 year; for 19<i8-'49, the carryback is
for 2 years, and the carryover for 3 years; for 1945-
47, the carryback is for 2 years and the carryover
for 2 years. However, for corporations commencing
business after December 31, 1945, the 1947 carryover
is for 3 years. The net operating loss deduction
has not been taken into consideration in computing
the net income as tabulated in Statistics of Income.
For a discussion of the changes effected by the
1954 Code, see "Net operating loss deduction" under
"Changes in Law Affecting 1954 Data," page 11.
employee benefit plans" which is tabulated separately
beginning in 1952.
Pension plans, amounts contributed under
See "Cost of goods sold and Cost of operations"
above .
Prepaid expenses and supplies
See "Explanation of Terms," page 27. This item
was included in "Other assets" prior to 1954.
Sampling of returns
Beginning in 1951 corporate data are based on a
probability sample of the returns filed. A descrip-
tion of the sample and the sampling variability to
be expected for any year maybe found in the Statis-
tics of Income for that year. For the period 1945-
50, data were tabulated from all returns filed.
Other deductions
For 1945-51 this item, in
and 41, includes
historical tables 40
"Amounts contributed under other
Taxes paid
See "Cost of
above .
goods sold and Cost of operations"
TABLES FROM CORPORATION INCOME TAX RETURNS FOR 1945-54
Page
ALL CORPORATION RETURNS
38. Number of returns, by income and deficit status, and by
size of net income, deficit, and total assets 14-7
ALL ACTIVE CQRPORATIGN RETURNS
39. Number of returns, total compiled receipts, net income or
deficit, taxes, dividends paid, and total assets, by in-
come and deficit status 149
•40. Income statements 151
RETURNS WITH BALANCE SHEETS
41. Balance sheets and related income statements 153
ALL ACTIVE CORPORATION RETURNS
42. Number of returns, total compiled receipts, net income or
deficit, and taxes, by major industrial group and by in-
come and deficit status 155
CONSOLIDATED RETURNS
43. Number of returns and subsidiaries, total compiled receipts,
net income or deficit, net operating loss deduction, and
taxes, by income and deficit status 170
146
CORPORATION INCOME TAX RETURNS, 1945-1954
147
ALL CORPORATION RETURNS
T>bi» 38.— NUMBEB OF RETURNS, BY INCOME AND DEFiaX STATUS, AND BV SIZE OF NET INCOME, DEFICIT, AND TOTAL ASSETS
Size of net income, deficit, arei total assets
Total number of returns.
Inactive corporations^
Active corporations . . .
Number of returns of active corporations lith net income;
Returns with and without balance sheets —
By size of net income :
Under $1,CXX)
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$i,0O0 under $5,000
$5,000 under $10,0(X)
$10,000 under $15,000
$15,000 uiKier $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
$5,0O0,CXX) under $10,000,000
$10,000,000 or more
Total
Returns with balance sheets —
By size of net income :
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $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
Iota 1
By size of total assets:
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 $2,500,000
$2,500,000 under $5,000,000
$5,000,00) under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 or nore
Total
Number of returns of active corporations without net income :
Returns with and without balance sheets —
By size of deficit:
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 unler $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
665,992
649,957
630,670
526,363
31,214
722,805
32,999
697,975
33,426
672,071
34,934
652,376
36,678
629,314
35,115
614,842
36,427
594,243
35,876
551,807
35,211
491,152
98, 132
45, M7
31,083
22,587
18,868
58,819
36,010
25,399
24,420
35,397
18,877
13,805
5,399
2,953
2,889
432
460
61,496
36,236
26,653
26,419
32,019
18,820
13,789
5,397
3,059
2,990
463
512
91,323
43,958
30,341
22,399
19, 160
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
18,433
60,292
35,960
27,533
26,120
36,933
22,785
17,163
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
22,469
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
23,890
18,688
7,286
3,606
3,323
392
353
60,207
32,005
23,055
18,218
15,815
50,942
30,621
20,971
18,119
35,645
22,736
17,308
6,734
3,533
2,806
316
279
441,177
384,772
395,860
359,310
88,856
42,378
29,452
21,572
18,064
56,809
35,058
24,764
23,945
34,696
18,575
13,599
5,316
2,874
2,839
424
458
59,222
35,196
26,132
26,013
31,414
18, 527
13,564
5,316
3,012
2,944
460
509
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
27,716
21,120
17,507
57,756
34,869
26,843
25,626
36,289
22,440
16,931
6,547
3,637
3,384
533
547
69,576
36, 598
26,292
20,622
16,874
55,652
33,115
24,509
24,078
36,291
23,728
18, 193
7,098
3,918
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,C»3
2,713
2,405
349
358
63,626
33,729
24,227
18,993
16,243
51,916
30,882
21,809
19,583
34,477
22,634
17,584
6,685
3,541
3,093
419
415
56,269
30,805
22.269
18,214
15,100
50,302
30,715
21,399
19,731
35,766
23,415
18,235
7,111
3,717
3,258
387
351
50,137
28,403
21,021
16,625
14,769
48,301
29,493
20,341
17,596
34,719
22,224
16,869
6,551
3,457
2,746
314
276
419,679
418,150
418,174
414,856
69,224
60,772
77,717
96,554
46,870
26,551
19,803
8,939
5,085
3,384
1,244
684
477
375
79,660
97,124
44,201
25,818
28,230
5,153
4,630
663
863
131,791
60,035
96,984
43,535
26,120
26,542
5,174
4,544
640
809
76,197
95,667
44,065
26,149
28,620
4,944
4,261
595
733
76,225
92,108
42,960
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
71,897
60,853
36,479
21,358
24,843
4,454
3,507
497
586
125,454
69,185
75,243
33,941
20,429
24,187
4,285
3,327
460
530
62,601
65,285
29,861
18,375
22,392
3,944
3,066
422
487
414,856
360,243
357,041
116,022
33,798
21,483
15,581
11,627
32,848
14,834
6,292
5,167
11,044
5,213
2,478
747
264
199
21
10
28,882
12,616
7,390
4,672
9,392
3,999
2,026
518
195
111
102,811
29,104
17,715
12,272
9,CH5
24,844
11,015
5,680
3,612
7,628
3,231
1,867
389
184
64
10
3
94,671
28, 165
16,510
11,697
8,512
22,849
10,355
5,230
3,171
6,743
3,224
1,549
394
172
82
92,078
26,440
16,221
11,190
8,236
21,697
9,281
4,970
2,694
5,706
2,650
1,198
273
127
64
93,950
28,436
18,296
13,034
10,051
27,237
12,340
6,894
4,283
8,685
3,996
1,953
544
226
129
11
5
86,967
24,470
15,416
10,923
8,048
22,119
9,£A4
5,361
3,255
6,715
3,174
1,577
444
167
92
78,547
20,856
12,613
8,692
6,627
17,214
7,694
4,097
2,631
5,432
2,646
1,418
432
227
124
17
9
69,146
15,819
6,878
5,940
4,248
10,976
4,779
2,597
1,732
3,536
1,985
1,291
469
218
192
18
18
281,628
256,208
229,494
213,329
203,031
230,070
198,383
169,276
131,842
454,460
33,335
421,125
59,737
30,532
21,542
16,893
14,346
48,479
26,983
15,597
10,429
23,090
14,432
11,011
4,571
2,535
2,278
296
268
303,019
49,647
27,085
19,607
15,735
13,503
46,338
26,271
15,275
10,228
22,679
14,214
10,844
4,504
2,501
2,251
294
268
281,244
49,254
50,370
23,608
15,490
20,108
3,684
3,002
403
512
69,755
13,790
7,388
4,612
3,185
7,767
.3,272
1,890
1,221
2,552
1,366
809
276
128
83
7
5
^Historical tables do not include any data for inactive returns other than the number of returns in this table.
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-54 appears in the annual volume for those years.
148
CORPORATION INCOME TAX RETURNS, 1945-1954
ALL CORPORATION RETURNS
T>U> as.— NUMBER OF RETURNS, BY INCOME AND DEFICIT STATUS, AND BY SIZE OF NET INCOME, DEFIOT, AND TOTAL ASSETS— Comiou.d
Size of net Income^ deficit^ and total assets
1953
1952
1951
1948
19-17
Number of returns of active corporations without net
Income — Continued
Returns with balance sheets —
By size of deficit:
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
By size of total assets:
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 $2,500,000
$2,500,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 or more
Total
98,514
29,687
19,317
14, 0^4
10, 673
30,221
14,001
7,909
4,341
10,466
4,967
2,357
702
253
191
20
26,463
11,848
6,796
4,424
8,804
3,835
1,833
488
178
103
22,705
10,025
5,176
3,338
7,179
3,081
1,774
381
171
82
10
3
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
2,667
5,208
2,427
1,092
246
117
58
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
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
18
18
248,177
197,524
106,708
98,380
44,669
39,284
35,745
13,486
7,066
5,103
1,925
1,239
844
246
110
36,059
30,825
11,24G
6,027
5,575
1,028
920
79
52
29,745
25,139
9,441
5,170
5.037
965
676
68
45
28,070
22,699
8,330
4,206
3,421
359
220
32
14
25,420
19,395
6,755
3,531
2,650
268
187
19
15
30,174
24,371
8,582
4,527
3,356
361
242
36
17
24,850
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
221,923
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
62,975
12,177
9,938
3,975
2,179
1,949
264
195
24
30
93,706
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sample and Limitations of
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
149
ALL ACTIVE C0RP0RAT10^ RETURNS
T«bU 39.— NUMBER Of RETURNS. TOTAL COMPILED RECEIPTS. NET INCOME OR DEE1CIT. TAXES, DIVIDENDS PAID. AND TOTAL ASSETS, BY INCOME AND DEFICIT STATUS
Size of net income, deficit, and total
assets, selected items
RETl/RNS WITH NET INCOME
Returns with and without balance sheets:
Number of returns
Ttttal ccsnpiled receipts.
Net incooe —
By size of net income:
Under $1,000
$1,000 under $2,000.
»2,000 under $3,000.
$3,000 under $4,000.
$4,000 under $5,000.
$5,000 under $10,000..
$10,000 under $15,000.
$15,000 under $20,000.
$20,000 under $25,000.
$25,000 under $50,000.
$50,000 under $100,000
$100,000 under $250,000
$250,000 under *500,000
$500,000 under »1, 000, 000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
Tax liability:
Income tax
Excess profits taxes .
Dividends paid:
Cash and assets other than oim stock.
Corporation's own stock
Returns with balance sheets:
Number of returns
Total compiled receipts.
Net income —
By size of total assets:
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 $2,500,000..
$2,500,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Total
Tax liability:
Income tax
Excess profits taxes.
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
Total assets —
By size of total assets:
Under $25,000
$25,000 under $50,000...
$50,000 under $103,000..
$100,000 under $250,000.
$250,000 under $500,000.
$500,000 under $1,000,000
$1,000,000 under $2,500,000..
$2,500,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Total.
441,177
4il,767
4i2,577
439,047
426,283
395,860
382,531
359,310
303,019
(Thoutentf doltara)
484,727,446
38,700
65,907
76,754
78,589
84,437
424,565
445,048
442,707
551,439
1,219,066
1,320,471
2,140,746
1,885,549
2,058,194
6,000,353
3,051,816
19,688,489
16,823,241
37,711
16,860,952
11,590,810
1,316,460
506,450,086
346,294
444,201
446,043
463,245
595,915
1,107,461
1,320,177
2,136,675
1,878,541
2,129,879
6,282,785
3,225,102
21,443,127
18,255,625
1,613,424
11,422,624
1,089,355
486,441,344
36,612
64,153
74,980
77,925
I 86,580
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
17,596,969
1,550,725
19,147,694
11,133,098
1,341,921
479,243,451 430,637,780 350,168,722 379,309,471 343,273,851 265,597,448
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
21,826,557
45,333,173
19,623,441
2,458,676
22,032,117
11,180,692
1,395,808
33,050
58,772
69,861
75,957
79,918
419,384
421,169
437,797
555,877
1,293,807
1,639,930
2,872,620
2,496,855
2,775,818
7,135,473
3,275,777
20,448,676
44,140,741
15,929,488
1,387,444
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
1,812,221
1,933,252
5,054,284
2,482,857
12,799,841
30,576,517
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
2,783,257
2,371,864
2,512,794
6,494,787
2,933,395
14,377,513
9,278,833
1,009,031
370,056
27,629
50,614
60,081
68,093
72,284
382,820
393,070
384,253
461,735
1,283,695
1,684,769
2,897,136
2,530,132
2,642,213
6,683,179
2,747,218
11,012,370
33,381,291
8,222,121
692,434
357,041
25,177
47,003
57,116
63,534
70,921
371,280
376,641
363,745
408,159
1,243,324
1,600,462
2,685,312
2,350,407
2,458,464
5,608,499
2,180,118
7,269,430
;, 606, 695
268,145
8,874,340
7,241,416
520,618
239,045,611
24,628
44,742
53,316
58,813
64,457
354,661
330,635
269,914
233,398
810,206
1,013,553
1,725,564
1,597,154
1,756,507
4,608,699
2,046,643
7,172,315
4,182,705
'6,612,045
10,794,750
5,917,615
329,241
(Thovaand dollai
478,814,711
120,604
234,277
517,966
1,280,351
1,251,113
1,456,570
2,216,386
1,928,440
1,997,310
3,067,361
2,416,323
2,776,812
3,840,756
16,032,409
39,137,178
16,645,457
36,323
16,682,285
11,526,838
1,311,537
900,512
2,233,889
5,639,117
15,777,491
16,376,326
18,605,649
30,861,505
31,300,669
35,632,677
52,023,111
42,923,069
48,035,363
73,113,973
340,101,726
713,530,577
501,863,377
539,017
1,256,572
1,227,269
1,470,884
■ 4,307,847
2,165,921
6,065,047
2,831,299
21,206,337
41,440,712
18,098,932
1,594,314
11,370,316
1,085,462
3,238,242
5,730,331
15,503,348
15,489,264
18,063,587
\ 61,329,541
35,904,953
\ 95,168,366
46,635,693
■395,690,882
692,354,707
431,670,829
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
1,338,850
5,327,237
15,464,265
15,281,798
18,249,333
61,375,422
36,089,493
91,589,575
44,981,075
370,219,203
601,065
1,503,926
1,587,620
1,956,225
5,551,271
2,596,164
7,245,938
3,294,518
20,153,793
44,902,623
19,460,465
2,441,544
11,120,765
1,392,580
3,237,239
5,675,796
15,213,500
15,431,732
18,291,764
61,921,178
34,530,700
86,284,224
41,932,891
334,056,977
426,278,631
597,873
1,583,591
1,743,870
2,110,460
5,775,187
2,667,721
6,947,211
3,216,482
18,684,058
43,704,379
15,789,124
1,378,526
11,384,344
1,275,934
3,109,279
5,523,300
14,690,700
15,018,543
17,885,753
60,305,769
32,950,356
81,047,128
40,200,668
301,160,882
345,759,287
512,544
1,265,963
1,323,712
1,504,933
3,986,167
1,882,745
4,627,127
2,321,943
12,404,332
30,157,553
9,638,489
8,439
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
662,806,334 616,581,001 571,892,878 509,762,359 498,256,655 462,222,930 416,344,058
374,954,342
656,281
1,648,682
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
11,771,279
9,207,775
1,006,567
3,077,065
5,193,215
12,816,227
12,759,629
14,991,515
53,810,173
31,118,756
70,958,071
34,941,533
258,590,416
338,032,949
469,177
738,923
1,780,196
1,854,660
2,163,571
5,576,262
2,597,143
5,338,913
2,256,804
9,959,064
32,789,713
10,786,777
10,786,777
8,158,493
687,556
3,061,604
4,978,386
11,914,529
11,876,304
14,332,478
52,676,053
29,907,787
67,090,243
32,348,093
234,037,453
261,331,634
550,914
741,778
1,634,267
1,699,506
1,956,014
4,893,536
2,230,288
4,340,505
1,699,622
6,934,206
26,680,636
1,447,187
263,245
7,134,624
515,824
3,019,887
4,489,292
10,340,778
10,462,740
12,894,875
43,810,390
27,531,276
62,338,534
29,660,167
207,296,119
236,749,921
440,054
932,867
994,883
1,265,962
3,592,722
1,761,587
3,949,629
1,540,037
7,064,743
21,944,924
4,139,898
^6, 561,786
10,701,683
5,861,849
326,544
2,629,990
3,520,096
7,980,522
8,279,878
10,917,242
43,928,294
25,749,568
61,373,517
28,181,256
223,300,079
415,860,443
See footnotes at end of table. For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Sample and Limitations of Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the
150
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVE CORPORATION RETURNS
T«ble 39.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS. NET INCOME OR DEFICIT. TAXES, DIVIDENDS PAID. AND TOTAL ASSETS. BY INCOME AND DEFiaT STATUS— Conliiuiad
Size of net income, deficit, aiid total
assets, selected items
1954
1953
1952
1951
1950
19i8
1947
RETURNS WITHOUT NET INCOME
Returns with and without balance sheets;
Nulnher of returns
Total compiled receipts .
Deficit—
By size of deficit:
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
Dividends paid;
Cash and assets other than own stock.
Corporation's own stock
Returns with balance sheets:
Number of returns
Total compiled receipts.
Deficit—
By size of total assets:
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 $2,500,000..
$2,500,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000...
$50,000,000 'under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Total
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
Total assets —
By size of total assets;
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 $2,500,000..
$2,500,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 under $25,000,000...
$25,000,000 under $5b,000,000. . .
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
213,329
203,031
230,070
( Thotiumnd dot lara)
70,094,964
33,781
49,144
52,859
54,144
52,066
233,419
181,900
143,256
115,568
330,345
357,672
377,363
250,347
184,573
381,573
138,489
257,387
3,244,395
322,620
33,581
51,792,181
205,177
154,845
127,467
104,464
322,582
274,686
302,314
174,295
132,234
196,392
49,677
68,125
2,334,758
178,133
20,905
221,923
44,865,954
29,065
41,909
43,603
42,615
41,039
176,218
133,819
98,639
80,535
261,722
223,620
276,433
134,651
125,083
155,246
66,354
44,967
1,975,518
129,659
21,699
197,524
37,795,732
28,075
40,779
40,472
40,605
37,978
161,787
126,616
90,065
70,770
232,722
221,635
231,123
132,575
121,806
167,862
18,613
24,100
118,768
33,354
181,529
27,442,289 43,280,970
27,203
38,341
39,931
38,817
36,858
153,205
113,002
85,699
64,547
196,476
181,533
178,154
92,736
88,902
117,572
5,003
69,458
98,208
13,552
28,496
41,436
45,261
45,293
45,039
193,529
150,867
119,261
95,529
301,025
275,754
293,903
185,025
155,283
234,513
70,820
100,646
160,027
25,200
194,330
31,656,177
25,746
35,519
38,078
37,916
36,031
156,702
117,762
92,688
72,749
232,766
219,384
236,550
151,415
116,864
175,283
49,666
51,107
107,639
15,676
166,777
24,471,727
22,651
30,222
31,108
30,237
29,680
121,918
94,023
70,682
58,709
188,284
181,875
216,576
148,083
155,639
239,797
112,153
226,926
142,925
8,333
139,780
23,356,789
13,822
22,848
21,876
20,648
19,060
77,606
58,399
44,787
38,571
123,661
137,131
197,498
162,760
151,709
368,590
123,965
403,775
255,317
6,827
244,011
197,963
258,264
447,082
286,934
245,448
315,053
209,219
156,455
196,183
89,198
147,614
102,427
144,641
3,040,497
304,791
32,153
1,006,873
1,609,088
2,790,921
5,601,953
4,669,489
4,885,739
7,956,419
6,821,024
8,572,253
12,915,344
8,481,367
7,508,600
9,756,495
9,193,935
Total 91,769,505
385,201
241,345
366,156
233,656
218,810
336,008
96,608
158,787
90,221
47,133
2,173,925
162,545
20,106
- 2,386,223
2,558,431
4,802,983
3,898,133
4,175,300
■11,630,555
7,140,659
■17,830,947
5,298,393
\ 9,301,066
69,022,690
187,299
264,181
193,063
182,690
306,182
114,468
154,548
51,464
67,084
1,857,038
118,886
21,295
2,200,164
2,111,405
3,898,147
3,289,084
3,597,221
10,663,281
6,727,258
13,163,686
5,004,981
8,402,703
59,057,930
177,606
261,009
177,032
161,635
281,519
94,459
98,234
33,441
47,892
98,121
32,815
2,061,621
1,982,310
3,495,660
2,898,482
2,915,740
6,675,179
2,486,847
4,221,581
2,242,297
1,962,864
30,942,581
160,265
213,259
139,773
121,666
228,495
58,348
78,555
27,760
39,150
1,385,824
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
224,887
327,966
217,954
212,475
352,485
129,996
173,224
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
4,639,745
2,635,198
3,131,182
33,799,312
30,475,248
360,668
185,084
261,093
179,259
155,297
266,412
70,322
122,860
69,998
34,317
1,705,310
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
23,487,813
291,610
149,563
205,955
154,070
142,068
263,853
88,151
230,520
123,037
125,545
1,774,372
126,474
7,988
1,397,736
2,391,796
1,965,319
1,960,221
4,490,676
2,042,326
4,698,654
3,391,344
3,454,304
32,392,113
22,585,770
92,552
139,421
115,933
118,661
288,512
111,734
256,239
124,798
424,297
1,860,183
242,983
6,722
1,001,580
1,752,773
1,534,678
1,689,773
4,564,263
2,095,972
5,557,075
2,796,836
15,692,107
37,861,115
^Includes declared value excess-profits tax of $55,039,000.
^Includes declared value excess-profits tax of $53,740,000.
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables. "Description of the Sample and Limitations of
Iteta" for each of the years 1951-54 appears in the annual volume for those years.
ACTIVE CORPORATION INCOME TAX RETURN^ 1945-1954
151
ALL ACTIVE CORPORATION RETURNS
T>Ua 40.— INCOME STATEMENTS
RFnJHNS WITH AND WITHOUT NET INCOME
Hxntber of returns
Receipts:
Gross sales
Gross receipts from operations
Interest on Covernment obligations (less amortizable
bond preniuB):
Whollj- taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-terra capital gain reduced by net long-term
capital loss.
Net long-term capital gain reduced by 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.
Amortization
Depreciation
Depletion
Advertising
Amounts contributed under pension plans
Amounts contributed uTider other employee benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions.
Compiled net profit or net loss (16 less 3^).
Net income or deficit (35 less 6)
Net operating loss deduction
Income tax
Excess profits taxes.
Compiled net profit less total tax (35 less ^0).
Dividends paid:
Cash and assets other than om stock
Corporation's own stock
RETURNS WITH NET INCOME
Number of returns.
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 net long-term
capital loss.
Net long-term capital gain reduced by net short-term
capital loss.
Net gain, sales other than capital assets.
Di*/idends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts.
697,975
652,376
491,152
(antion dollmf)
443,637
85,269
2,112
99
392
9,015
4,772
570
71
1,930
723
2,332
613
3,287
554,822
339,175
50,551
9,113
5,069
5,026
1,350
6,271
12,477
314
13,6<.-
2,359
5,770
2,840
911
281
62,905
518,102
36,721
36,328
438
16,823
38
16,861
11,913
1,350
452,061
82,507
2,128
108
317
8,248
4,390
546
30
1,235
581
2,3«9
576
3,127
558,242
346,149
46,528
8,777
4,804
5,573
1,144
5,681
12,195
495
1,515
10,511
2,302
5,4«1
2,936
861
4^4
63,006
518,441
39,801
39,485
413
18,256
1,613
19,869
11,601
1,110
429,514
79,805
1,932
115
279
7,155
4,137
538
25
1,354
486
2,350
548
3,069
330,821
45,366
8,430
4,485
5,068
941
5,013
11,697
399
831
9,604
2,126
5,027
2,552
630
329
59,252
492 ,572
38,735
38,456
396
17,597
1,551
19,148
11,263
1,354
442,577
421,922
75,281
1,549
149
254
5,272
4,038
501
32
1,390
467
2,377
629
3,178
323,441
43,110
8,122
4,222
4,731
757
3,701
11,031
343
292
8,829
2,085
4,553
2,327
284
55,413
43,546
402
19,623
2,459
11,299
1,429
439,047
374,406
65,475
1,554
176
218
4,557
3,562
468
32
1,097
539
2,460
644
2,942
284,699
36,558
7,607
3,866
3,750
755
3,2L2
9,013
252
43
7,858
1,709
4,097
1,661
223
49,994
42,831
42,613
345
15,929
1,387
25,514
11,553
1,292
320,598
56,859
1,493
211
192
4,021
3,147
473
25
698
389
2,162
452
2,729
247,311
32,236
6,743
3,641
3,533
825
3,045
8,361
223
31
7,191
1,476
3,773
1,216
227
45,233
28,387
28,195
196
9,569
684
339,081
56,484
1,477
230
163
3,557
3,057
452
22
827
365
2,194
382
2,675
261,404
32 ,820
6,733
3,525
3,826
712
2,759
7,482
239
39
6,299
1,711
3,466
1,153
239
43,970
376,378
34,588
34,425
204
11,920
9,386
1,025
304,296
49,498
1,567
254
192
2,945
2,841
373
24
901
323
1,882
341
2,308
367,746
234,300
28,205
6,026
3,245
3,403
685
2,501
6,893
241
59
5,220
1,210
3,032
1,038
325
39,741
31,615
31,423
184
8,365
701
234,924
40,763
1,740
266
206
2,494
2,585
290
39
1,173
298
1,713
254
2,210
179,769
23,273
5,143
2,823
2,716
352
2,251
5,831
214
64
4,202
799
2,408
835
240
32,635
25,399
25,193
140
8,607
268
7,497
527
(Hillien dollara)
388,712
73,352
1,998
98
384
7,674
3,883
522
61
1,812
629
2,253
607
2.741
484,727
411,212
74,151
2,007
107
311
7,142
3,684
500
25
1,150
507
2,365
573
2,715
393 ,987
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
479,243
354,254
59,154
1,530
175
215
4,491
3,098
437
29
1,056
483
2,440
640
2,686
430,688
284,631
50,659
1,473
210
189
3,927
2,712
445
22
645
334
2,139
4i5
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
1,525
246
187
2,850
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
421,125
203,575
40,455
1,502
'307
207
2,225
2,358
254
183
1,418
134
1,907
157,377
22,666
4,118
2,558
2,624
277
2,308
5,585
266
1,951
3,977
693
1,923
766
464
26,550
21,345
21,139
114
4,183
^6,612
10,551
5,081
334
193,042
35,300
3302
202
2,160
1,999
234
39
844
153
1,388
132
1,763
265,597 239,045 16
See footnotes at end of table. For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables
Sample and Limitations of Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the
152
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVF CORPORATION RETURNS
Table 40.— INCOME STATEMENTS— Cootinaed
RETURNS VaiH NET INCOME— Continued
Deductions:
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on business property
Repairs
Bad debtr
Interest paid
Faxes paid
Contributions or gifts
Aniortization
Depreciation
Depletion
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 (16 less 3<i).
Net income (35 less 6)
Net operating loss deduction
Income tax
Excess profits taxes.
Compiled net profit less total tax (35 less ^0) .
Dividends paid:
Cash and assets other than own stock
Corporation ' s own stock
(Hillion dolUra)
293,707
i2,352
7,358
i,023
'■,^■^3
10,941
309
2,198
i,975
2,685
824
106
53,5i4
444,770
39,957
39,573
438
16,823
38
11,591
1,316
312, i40
40,970
7,305
4,015
5,216
777
4,434
11,221
491
1,465
9,297
2,152
4,917
2,853
808
312
55,645
42,131
41,819
413
18,256
1,613
11,423
1,089
301,067
40,835
7,201
3,822
4,758
681
3,966
10,822
396
818
8,635
1,993
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
286
8,011
2,005
4,155
2,270
180
49,084
45,581
45,333
402
19,623
2,459
22 ,082
11,180
1,396
268,174
32,628
6,741
3,377
3,524
658
2,809
8,405
250
41
7,146
1,650
3,810
1,623
95
45,402
386,332
44,356
44,141
345
15,929
1,387
11,455
1,279
217,267
28,156
5,522
2,980
3,218
681
2,568
7,602
220
27
6,244
1,386
3,292
1,171
38,9
319,403
30,766
30,577
196
9,409
659
239,640
29,425
5,838
3,060
3,596
604
2,374
6,912
236
34
5,666
1,666
3,171
1,121
105
39,433
36,430
36,273
204
9,279
1,009
220,467
24,123
5,338
2,761
3,206
558
2,076
6,245
238
50
4,622
1,164
2,773
976
90
35,018
33,568
33,381
184
10,981
8,222
692
167,565
17,837
4,634
2,268
2,371
280
1,747
5,098
211
39
3,660
753
2,220
764
95
28,672
238,212
27,385
27,185
140
8,607
268
7,241
521
148,747
19,407
3,732
2,237
2,361
220
1,949
5,065
263
1,649
3,531
610
1,826
744
215
24,122
22,367
22,165
114
4,183
^6,612
10,795
5,918
329
^Includes "Interest on Government obligations subject to declared value excess-profits tax end surtax" of $301,280,000.
^Includes declared value excess-profits tax of $55,039,000.
■^Includes "Interest on Government obligations subject to declared value excess-profits tax end surtax" of $296,366,000.
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sample and Limitations of
ACTIVE CORPORATION INCOME TAX RETURNS. 1945-1954
153
RETURNS WITH BALANCE SHEETS
T>ble 41.— BALANCE SHEETS AND RELAXED INCOME STATEMENIS
RETUSNS WITH AND WITHOUT NET INCOME
Number of returns with balance sheets
Assets;
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventor ies
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions.
United States obligations
Not slated
Other invest-Tients
Gross capital assets (except land)
Less : Reserves
Depreciable assets '.
Less: Accumulated amortization and depreciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Accrued expenses
Other liabilities
Capital stoclt, preferred
Capital stock, consnon
Surplus reserves
Surplus and undivided profits.
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 net long-term capital
loss.
Net long-term capital gain reduced by 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.
Amortizat ion
Depreciation
Depletion
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 (45 less 63).
Net income or deficit (64 less 35^
Net operating loss deduction
Income tax
Excess profits taxes.
Total tax. . . .
Compiled net profit less total tax (64 less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
31,7J3
161,084
2,346
6?, 914
^,091
17,761
108,573
5,075
160,553
266,934
93,274
8,921
3,772
10,977
1,651
16,436
23,239
90,797
19,373
353,969
15,632
90,730
14,197
159,210
805,300
437,316
34,162
2,088
96
389
8,928
4,649
558
70
1,885
695
2,309
613
3,245
334,348
49,878
3,960
4,968
4,954
1,334
6,191
12,305
311
13,486
2,242
5,697
2,803
900
250
61,887
510,515
36,486
36,097
424
16,645
37
11,832
1,344
554,573
531,833
496,821
440,750
(Hitlion doll»f)
80,171
150,435
2,153
65,519
147,188
260,460
90,403
10,555
16,506
761,877
21,394
86,607
353,141
15,815
88,121
13,294
147,951
761,877
447,116
81,522
2,113
108
315
8,195
4,269
533
28
1,196
556
2,371
575
3,085
551,984
342,235
45,979
8,621
4,734
5,505
1,127
5,622
12,069
492
1,508
10,386
2,284
5,409'
2,922
855
437
62,216
512,432
39,582
39,267
397
18,059
1,594
11,533
1,106
79,597
142,777
1,875
64,520
243,359
84,283
9,970
14,435
20,996
80,628
330,406
15,331
85,365
13,472
139,339
721,864
424,670
78,695
1,918
115
278
7,097
4,0CS
527
467
2,325
544
3,030
326,887
44,710
8,282
4,406
5,017
929
4,949
11,573
396
827
9,493
2,113
4,977
2,538
628
314
58,465
486,504
38, 507
38,228
381
17,465
1,538
11,196
1,360
76,853
121,054
1,740
63,776
227,882
78,787
10,230
14,434
647,524
19,240
72,835
283,058
15,595
82,804
12,739
127,899
647, 524
418,056
74,317
1,535
148
253
5,229
3,911
481
31
1,331
446
2,351
628
3,132
320,462
42,584
7,979
4,161
4,683
744
3,646
10,904
341
291
8,733
2,066
4,513
2,319
258
54,670
43,495
43,243
383
19,460
2,442
11,219
1,425
71,018
1)0,527
1,618
54,496
96,760
209,093
74,283
9,876
12,674
598, 369
15,845
65,719
261,899
14,906
79,310
12,410
116,983
598, 369
37 J, 249
e-i,4i7
1,536
175
217
4,520
3,433
456
491
2,434
641
2,884
231,415
35,958
7,457
3,798
3,703
745
3,154
8,899
250
43
7,754
1,692
4,042
1,655
191
49,229
4[»,98a
42,535
42,319
332
15,789
1,379
11,471
1,289
63,864
36,966
1,440
44,726
195,024
68,988
9,531
11,709
543,562
11,801
61,351
236,716
15,365
78,944
11,178
102,809
543,562
316,257
55,748
1,476
210
189
3,987
3,025
461
24
665
360
2,126
448
2,658
244,008
31,577
6,604
3,561
3,496
810
2,985
3,236
220
30
7,064
1,427
3,711
1,196
190
44,391
359,505
28,130
27,941
187
9,464
673
65,737
35,396
1,299
43,293
180,562
64,225
9,313
11,333
12,225
57,326
232,064
14,957
76,774
11,345
94,144
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
7,368
237
39
6,201
1,699
3,429
1,143
208
43,214
371,182
34,248
34,086
195
.:2,477
9,305
1,022
64,369
76,863
904
44,009
78,363
163,744
60,664
9,115
10,946
494,615
11,289
50,108
227,114
15,007
72,463
11,303
81,794
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
58
5,124
1,201
2,988
1,031
264
39,054
31,207
31,015
176
20,420
8,285
696
58, 5i-;2
62,143
773
36,965
109,910
77,089
146,968
57,421
8,782
10,541
9,504
44,968
214,283
14,857
63,334
11,004
70,420
454,705
231,044
39,940
1,723
263
204
2,462
2,469
233
36
1,105
273
1,691
252
2,167
283,917
176,770
22,782
5,033
2,765
2,670
344
2,198
5,734
211
63
4,131
778
2,355
327
200
32,033
25,025
24,320
132
1,447
263
7,378
523
.■,',717
52,274
644
26,067
129,935
74,026
138,444
54,668
8,282
10,029
441,461
7,208
40,937
221,286
14,764
64,747
11,057
63,957
441,461
201,546
39,910
'305
206
2,206
2,257
243
42
836
175
1,401
134
1,879
155,828
22,359
4,034
2,515
2,597
269
2,258
5,514
264
1,931
3,921
679
1,907
764
415
26, 161
21,220
21,014
109
4,140
'6,562
6,009
332
See footnotes at end of table. For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables. "Description of the
Sample and Limitations of Data" for each of the years 1951-54 appears in the annual volume for those years.
154
RETLRNS WITH BALANCE SHEETS
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
T.bl« 41.— BALANCE SHEETS AND RELATED INCOME STATEMENTS— ConUnued
RETURNS WITH NET INCOME
Number of returns with balance sheets and with net income.
Assets:
Cash
Notes and accounts receivable. .
Less: Reserve for bad debts.
Inventor ies
Prepaid expenses and supplies..
Investments, Government obligations:
States, Territories, and United States possessions.
United States obligations
Not stated
Other investments
Gross capital assets (except land)
Less : Reserves
Depreciable assets
Less: Accumulated amortization and depreciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits.
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 net long-term capital
loss.
Net long-term capital gain reduced by net short-term capital
loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts. .
Deductions:
Coat of goods sold
Cost of operations
Compensation of officers
Rent paid on business property.
Repairs
Bad debts
Interest paid
Taxes paid
Contributions or gifts.
Amortization
Depreciation
Depletion
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 (45 less 631..
Net income (64 less 35)
Net operating loss deduction
Income tax
Excess profits taxes.
Total tax
Compiled net profit less total tax (64 leas 691.
Dividends paid:
Caah and assets other than own stock
Corporation's own stock
419,679 418,150 418,174 414,856 400,914 360,243 370,056 357,041 334, (X2
(Miltion dollar*)
76,086
147,688
2,117
54,835
1,760
17,322
ia4,093
4,608
131,759
230,825
81,526
7,028
3,064
B,bb3
1,274
14,295
17,792
■72,373
18,028
320,101
13,468
77,809
11,840
150,801
713,531
383,825
72,632
1,975
96
381
7,608
3,?98
512
60
606
2,231
606
2,713
76,173
139,728
1,953
59,574
118,266
124,123
236,394
82,533
8,420
14,663
17,764
73,239
322,703
14,467
78,962
11,759
143,563
692,855
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
136,103
478,815
290,066
41,934
7,264
3,959
4,472
880
4,606
10,815
307
11,547
2,089
4,926
2,653
816
104
52,859
439,296
35,518
39,137
424
11,527
1,312
407,535
73,488
1,992
107
310
7,101
3,607
1,114
486
2,349
573
2,689
309,570
40,619
7,208
3,977
5,169
770
4,399
11,137
488
1,459
9,223
2,140
4,864
2,842
804
310
55,132
460,112
41,751
41,441
397
18,099
1,594
19,693
22,058
11,371
1,085
662,806
390,320
71,819
1,795
114
273
6,261
3,415
487
20
1,247
399
2,305
543
2,674
74,893
116,505
1,641
59,280
209,985
73,369
8,659
13,075
16,396
63,157
278,336
14,518
75,576
L2,347
126,935
616,581
481,671
298,138
40,331
7,102
3,772
4,721
675
3,928
10,734
393
814
8,557
1,981
4,548
2,468
597
201
52,352
441, 3L2
40,358
40,085
381
17,465
1,538
11,077
1,339
389,789
67,271
1,506
146
246
5,171
3,300
452
28
1,264
387
2,321
627
2,822
69,316
106,655
1,536
51,593
108,649
93,969
192,817
69,408
8,388
11,450
27,877
13,660
56,808
257,835
13,775
72,635
11,757
117,547
571,893
296,919
38,460
6,975
3,596
4,425
657
3,206
10, 194
339
285
7,946
1,987
4,128
2,263
178
48,623
45,149
44,903
388
19,460
2,442
11,121
1,393
350,858
58,450
1,517
174
214
4,466
3,011
427
28
998
441
2,415
637
2,643
61,512
81,798
1,298
39,543
87,986
174,470
62,131
7,905
10,136
509,762
9,352
52,091
232,324
13,720
69,894
10,501
101,080
509,762
63,733
81,883
1,199
44,714
103,243
81,432
165,981
59,944
7,828
10,585
9,945
49,748
227,016
13,661
69,603
10,766
94,495
498,257
281,31.
49,856
1,458
209
187
3,903
2,629
435
21
613
309
2,105
441
2,280
265,506
32,250
6,641
3,341
3,498
652
2,777
8,325
248
41
7,077
1,634
3,767
1,617
92
44,896
43,919
43,704
332
15,789
1,379
11,384
1,276
214,823
27,684
5,437
2,933
3,194
674
2,532
7,506
217
27
6,150
1,339
3,244
1,152
79
38,423
30,344
30,158
187
9,314
653
310,249
50,538
1,444
228
157
3,452
2,573
417
18
743
281
2,130
372
2,354
61,983
73,114
831
40,783
145,931
55,457
7,706
9,144
9,324
41,122
220,061
13,754
64,229
10,554
81,051
462,223
237,119
28,997
5,743
3,022
3,569
598
2,337
6,826
234
34
5,593
1,655
3,144
1,112
103
38,920
339,007
35,948
35,791
195
9,208
1,007
283,734
41,647
1,516
246
187
2,835
2,338
335
20
766
249
1,818
334
2,009
55,782
58,429
689
33,122
124,948
50,084
7,363
8,232
7,903
34,141
208,115
13,381
58,605
9,873
66,776
416,844
338,033
217,464
23,478
5,24i
2,667
3,152
553
2,030
6,126
235
50
4,550
1,156
2,740
971
89
34,552
32,976
32,790
176
10,787
8,158
688
Includes "Interest on Government obligations subject to declared value excess-profits tax and surtax" of $300,078 000
Includes declared value excess-profits tax of $53,740,000. '
'Includes "Interest on Government obligations subject to declared value excess-profits tax and surtax" of $295,228 OOO
NOTE: For explanatory statements and comparability of data, aee the texts for the 1954 tables and for these historical tables. "Description of
Data for each of the years 1951-54 appears in the annual volume for those years.
217,059
32,252
1,686
256
199
2,390
2,082
253
32
1,052
243
1,612
249
1,966
164,981
17,484
4,554
2,229
2,338
277
1,719
5,024
208
37
3,606
733
2,171
757
93
28,241
26,880
26,681
132
8,447
263
8,710
7,135
516
281,244
the Sample and Limitations of
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
155
ALL ACTIVE CORPORATION RETURNS
T«M« «.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BV INCOME AND DEFiaT STATUS
Itejor industrial group, selected items
ALL INDUSTRIAL GROUPS
Total munber of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts .
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
TOTAL AGRICULTURE, FORESTRY, AND FISHERY
Total number of returns of active corporations:
With net income
Wi thout net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
FARMS AND AGRICULTURAL SERVICES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net Income ;
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
Total number of returns of active corporations:
With net income
Wi thout net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
Ml, 177
281,628
«1,767
256,208
4X2,577
229,494
439,047
213,329
426,283
203,031
384,772
230,070
395,860
198,383
382 , 531
169,276
359,310
131,842
303,019
118,106
(Thouaantt dollars)
484,727,486
39,572,830
16,860,952
16,823,241
37,711
70,094,964
3,244,395
4,741
4,038
506,450,081
41,819,445
18,255,625
1,613,424
51,792,181
2,334,758
1,831,616
176,168
65,713
56
440,961
53,885
4,428
3,543
1,767,272
163,836
61,948
56
413,803
49,369
160
102
41,137
10,674
3,513
3,513
1,721
553
153
393
23,207
1,658
252
252
25,437
3,963
4,963
4,442
486,441,344
40,431,697
17, 5%, 969
1,550,725
44,865,954
1,975,518
4,983
3,881
479,243,451
45,333,173
19,623,441
2,458,676
37,795,732
1,787,583
5,389
3,345
430,687,780
44,140,741
15,929,488
1,387,444
27,442,289
1,527,437
5,039
3,261
350,168,722
30,576,517
9,817,308
9,817,308
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
3,141
343,273,851
33,381,291
10,981,482
10,981,482
24,471,727
1,958,563
4,444
2,885
265,597,448
27,184,592
,606,695
268,145
23,356,789
1,991,706
4,260
2,403
(Thousand dot tars}
1,911,644
180,926
72,839
71,522
1,317
480,999
68,904
4,671
4,022
2,090,020
194,358
77,436
75,637
1,799
470,427
55,396
4,598
3,557
2,192,596
288,619
107,158
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
1,542,670
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
23,848
4,103
2,557
1,138,035
205,244
67,955
65,511
2,4i4
136,560
21,669
3,914
2,127
(Thotisenti dollars)
1,843,393
169,591
68,910
67,602
1,308
455,709
64,785
170
107
2,006,986
181,044
73,218
71,482
1,736
440,319
51,927
216
%
2,120,960
276,046
103,462
98,748
4,714
245,928
26,846
148
87
1,836,004
305,025
98,451
93,168
5,283
205,791
21,391
196
98
1,563,378
202,056
64,619
64,619
269,754
29,533
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
(Thoustind dollars)
43,177
9,687
3,423
3,423
3,922
1,052
122
313
50,528
11,435
3,539
50
4,843
593
174
228
35,424
9,542
2,687
2,667
20
7,620
267
219
252
37,231
12,994
3,604
14
3,635
1,629
195
250
23,094
5,481
1,457
1,457
3,723
1,042
163
240
30,230
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
1,883
1,383
1,922
933
146
155
(ThotJaand dollars)
25,069
1,648
506
497
(M
21,368
3,067
32,506
1,379
616
13
25,265
2,376
36,212
3,031
1,009
957
52
21,239
2,589
34,443
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
26,778
2,382
695
695
12,398
1,798
29,705
3,707
1,215
1,192
23
5,938
894
239,045,611
22,165,206
4,132,705
6,612,045
16,402,141
1,026,250
3,365
2,287
893,856
149,892
63,727
32,848
30,830
99,516
16,079
3,568
2,069
847,807
142,390
60,779
31,473
29,306
93,951
13,481
145
116
16,297
2,559
690
34
2,233
2,058
152
102
29,753
4,442
2,224
685
1,540
3,332
541
'SampUng variabiUty of this item was too large to warrant showing it separately. However, this value was included In industrial division total.
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-54 appears in the annual volume for those years.
446404 O -57 - II
156
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVE CORPORATION RETURNS
Table 42.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS. NET INCOME OR DEFICIT, AMD TAXES, BY MAJOR INDUSTRIAL GROUP AND BY INCOME AND DEFiaT STATUS— Conlinued
Major induBtriai group, selected items
TOTAL MINING AND QUARRYING
Total number of returns of active corporations:
With net income
Without net income
Returns with net income :
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returris without net income :
Total compiled receipts..
Deficit
MINING AND QUAHHYING: METAL MINING
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MINING AND QUARRYING; ANTHRACITE MINING
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
MINING AND QUARRYING: BITUMINOUS COAL AND
LIGNITE MINING
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MINING AND QUARRYING: CRUDE PETROLEUM AND
NATURAL GAS PRODUCTION
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
i,2iS
5,337
,708,513
9i6,0iS
*27,464
1,250
1,842,«6
205,135
215
803
1,231,859
2U,166
111,268
111,268
206,279
-t2,395
.111,550
14,364
1,863
1,858
5
251,653
13,021
462
962
1,159,895
46,940
15,948
15,948
508,000
31,980
2,208
2,644
3,109,752
514,172
240,247
239,076
1,171
793,560
105,094
4,271
4,876
4,839
4,216
4,966
4,070
5,032
4,024
4,766
4,385
5,503
3,582
4,954
3,340
4,137
3,538
(Thtxiaand dollara)
7,685,868
1,101,205
513,351
491,215
22,136
1,667,228
156,072
205
525
8,047,731
1,101,093
507,389
493,188
14,201
1,668,791
120,234
188
654
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
7,337,631
1,221,825
413,678
413,678
569,364
68,842
230
670
5,552,564
859,544
292,195
292,195
484,039
73,493
224
707
3,745,073
400,555
132,620
131,692
928
554,485
65,816
227
630
(Thousand dollars)
1,257,904
231,090
113,154
104,228
8,926
135,026
16,499
1,251,404
231, xn
103,357
100,886
2,471
250,270
14,122
75
144
1,448,273
321,365
141,962
7,420
114,051
11,027
114
117
1,234,475
288,234
105,467
3,465
69,966
6,953
105
113
854,624
151,989
48,334
48,334
111,499
10,416
93
113
1,190,474
282,277
88,281
88,281
84,697
10,823
117
86
922,150
208,177
69,373
69,373
78,432
13,026
102
74
618,387
88,013
26,070
26,061
9
53,730
11,713
106
71
(Thousand dol tars)
101,867
15,178
2,133
,117
16
305,112
13,553
632
940
174,857
16,645
3,136
3
289,332
8,666
789
876
241,951
20,694
4,638
127
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
9,346
62,531
2,146
1,371
466
402,036
24,680
8,594
67
56,471
1,862
1,013
627
1,530,402
72,593
28,825
28,620
205
519,420
31,230
2,090
2,365
1,776,265
88,263
35,713
35,445
263
512,123
19,069
2,514
1,858
2,129,717
139,464
57,096
56,171
925
432,482
25,769
2,436
1,704
2,063,095
180,363
69,425
67,620
1,305
357,722
17,237
2,369
1,760
1,578,787
122,803
43,038
43,033
348,511
25,480
2,276
1,830
2,542,354
318,597
113,038
113,038
171,980
3,971
2,563
1,424
2,216,763
264,751
90,225
90,225
97,748
6,093
2,191
1,416
1,424,400
89,553
29,662
313
203,446
9,016
1,836
1,577
(Thouannd dot lor a)
3,765,560
672,469
313,946
304,338
9,608
605,253
34,344
3,306,625
645,897
310,028-
301,221
8,807
553,591
71,488
3,668,660
610,224
281,627
270,684
10,943
356,234
54,951
3,144,537
539,989
196,225
6,577
355,589
50,064
2,395,858
397,936
131,825
131,825
335,132
60,494
2,362,031
460,206
157,417
157,417
20;,496
40,713
,364,728
263,819
90,221
90,221
209,764
46,447
839,314
128,010
43,366
42,913
453
208,345
37,633
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sample and Limitations of
ACTIVE CORPORATION INCOME TAX RETURNS. 1945-1954
157
ALL ACTIVE CORPORATION RETURNS
Ttbl< <2.— NUMBER OF RETURNS. TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BY INCOME AND DEFICIT STATUS— ConUnued
Major industrial group, selected items
MINING AND QUAHRYIHG: NOWIETALLIC laNING
Um QUARRYING
Total number of returns of active corporations:
With net Income
Without net income
Returns alth net income:
Total compiled receipts.
Net Income
Income tax
Access profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
CONSTHXTION
Total number of returns of active corporations:
With net income
Wi thout net income
Returns «ith net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
TOTAL MANUFACTURING
Total number of returns of active corporations :
With net Income
Without net income
Returns with net income :
Total compiled receipts.
Net income i
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MANUFACTURING: BEVERAGES
Total number of returns of active corporationE
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income;
Total compiled receipts..
Deficit
MANUFACTURING: FOOD AND KINDRED PRODUCTS
Total number of returns of active corporations:
With net Income
Without net income
Returns with net Income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
1,306
&45
1,264
896
1,273
684
1,278
681
1,244
649
1,189
750
1,159
673
1,066
677
955
633
767
680
(TfiouMand dollsra)
1,095,457
126,406
59,314
74
82,914
12,645
21,411
14,719
1,030,135
109,875
51,912
3,381
102,417
10,446
21,406
13,460
1,038,580
112,781
52,500
2,652
63,475
6,889
20,946
10,871
974,130
U3,314
61,054
6,813
53,033
7,054
19,764
9,829
836,137
140,556
59,245
54,324
4,921
44,139
6,827
17,868
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
5,998
16,155
7,325
591,831
92,872
33,030
33,030
35,564
5,781
14,353
5,934
460,436
70,299
24,462
86
32,493
5,587
11,161
4,688
323,630
42,828
21,607
10,445
11,152
49,060
8,149
7,811
4,023
(Thousand dallara)
14,674,881
633,538
256,865
256,353
512
2,815,940
145,944
74,608
46,288
13,869,087
626,313
273,421
252,821
20,600
2,321,430
113,255
78,380
42,706
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
292,445
263,796
28,649
1,879,701
93,128
80,877
39,319
9,963,007
651,035
246,711
228,683
18,028
1,598,772
89,018
79,186
36,686
8,676,131
591,250
200,106
200,106
1,241,459
73,737
68,317
48,953
,518,903
625,246
210,111
210,111
870,132
4«,226
73,638
43,108
6,367,029
430,150
139,873
139,873
680,976
38,511
74,612
37,572
3,732,496
269,994
82,883
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
(Thousand doltats)
240,028,767
19,653,551
9,4«2,559
9,451,660
30,899
28,299,156
1,363,686
1,717
1,042
263,970,665
22,251,202
12,160,679
10,771,452
1,389,227
17,151,197
829,856
1,690
1,026
244,424,014
21,081,015
11,419,132
10,125,517
1,293,615
16,671,142
762,895
2,088
1,207
241,530,606
25,492,126
14,163,463
12,088,130
2,075,333
13,475,918
630,291
1,865
1,201
210,033,648
24,223,918
10,636,866
9,554,912
1,071,954
10,269,289
502,383
1,773
1,405
167,534,041
15,342,017
5,497,255
5,497,255
19,812,782
1,095,151
1,786
1,581
185,981,909
18,928,473
6,821,585
6,821,585
14,029,497
814,485
1,751
1,627
171,416,746
17,516,231
6,319,452
6,319,452
8,907,948
864,264
1,927
1,296
128,928,639
12,680,628
4,468,311
159,704
10,492,919
986,664
2,225
639
133,402,830
10,576,548
1,947,769
4,154,458
7,881,133
326,331
2,082
509
6,646,212
378,857
188,427
602
748,615
38,542
6,553
3,736
6,993,509
420,430
220,053
208,803
11,250
351,751
19,351
6,959
4,009
5,787,382
448,155
238,335
222,772
15,563
494,054
27,050
6,867
3,383
6,535,431
477,685
243,149
231,443
11,706
497,466
27,824
7,095
3,905
5,170,177
492,332
204,755
195,933
8,823
428,422
30,219
7,158
3,842
4,957,037
471,046
171,910
171,910
497,423
37,912
7,056
4,263
4,820,625
510,994
189,181
189,181
515,677
43,043
6,931
4,254
4,475,420
501,375
185,783
185,783
467,595
45,129
7,300
3,542
4,567,147
512,381
197,672
179,549
18,123
169,426
9,741
8,058
1,784
4,272,086
418,168
255,779
73,984
181,795
163,851
9,323
7,081
1,647
(Thousand dollars)
30,327,098
1,301,554
635,410
3,553
6,396,404
99,532
32,891,749
1,329,467
683,322
650,725
32,597
2,942,411
67,251
31,595,734
1,229,982
632,143
600,303
31,840
4,591,467
92,187
32,401,394
1,247,020
587,066
36,419
,503,175
74,752
28,058,709
1,443,626
611,149
573,938
37,211
4,001,496
55,416
23,544,851
1,181,585
428,965
428,965
6,266,658
107,860
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
1,635,532
80,542
22,868,852
1,572,586
562,204
23,368
535,480
28,740
18,503,256
1,010,275
222,832
333,456
955,350
23,794
NOTE: For explanatory statements and comparability of data, sec the texts for the 1954 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-54 appears in the annual volume for those years.
158
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVE CORPORATION RETURNS
Table 42.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL OROUP AND BY INCOME AND DEPIOT STATUS— Continued
tajor industrial group, selected items
MANUFACTURING: TOBACCO MANUFACTUHES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
MMDFACTUHINO: TEXTIIE-MILL PRODUCTS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
UANUFACTIffilNG: APPAREL AND PRODUCTS
HADE FROM FABRICS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income t
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MANUFACTURING: LUMBER AND WOOD PRODUCTS,
EXCEPT FURNITURE
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MANUFACTURING: FWUIITraffi AND FIXTURES
Total number of returns of active corporations:
With net Income
Wi thout net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net Income:
Total compiled receipts..
Deficit
110
62
136
60
115
36
127
63
128
72
Hi
83
123
102
129
109
(Thauaand dollar a)
3,625,413
321,699
166,118
166,105
13
57,715
2,783
3,193
2,077
,158,688
341,142
173,478
22,725
17,344
717
3,529
2,313
3,717,661
287,366
161,743
146,438
15,310
23,842
454
3,547
1,94«
3,391,809
2%, 701
166,263
147,935
18,328
21,342
797
3,849
2,181
3,204,630
291,635
120,400
11,019
20,231
399
4,381
1,413
3,200,423
260,259
97,599
97,599
34,795
1,326
3,692
2,341
3,007,437
243,732
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
4,330
1,679
2,608,228
174,666
64,584
64,530
54
16,293
1,717
4,764
778
(Ttuxiaand dollai
9,238,911
479,034
226,331
225,920
411
2,613,753
164,202
7,600
6,150
10,568,204
644,382
317,928
310,027
7,901
2,099,677
129,740
8,369
6,239
10,977,710
644,392
324,466
311,613
12,348
2,228,146
122,324
8,464
5,976
12,843,493
1,071,663
538,815
508,641
30,174
1,582,457
32,989
7,899
6,854
12,686,482
1,268,801
507,483
30,312
490,331
28,556
8,596
5,719
9,459,263
756,803
273,575
273,575
1,365,451
87,338
7,613
6,985
11,828,790
1,554,012
576,468
576,468
615,101
46,317
8,595
6,077
11,196,975
1,574,837
530,116
530,116
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
7,078,063
216,217
90,911
231
1,828,235
71,064
3,066
1,580
7,198,030
220,4^2
96,275
93,538
2,737
1,745,571
68,733
2,937
1,773
7,384,244
229,826
100,979
97,682
3,297
1,708,884
64,301
3,258
1,615
6,986,671
234,699
98,302
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
31,322
81,822
1,672,347
38,142
2,828
1,833
7,096,988
349,645
121,764
121,764
1,309,971
71,740
3,245
1,490
7,089,046
477,571
169,583
169,533
652,050
38,441
3,093
1,119
6,329,368
499,123
183,200
172,767
10,433
364,347
17,164
2,714
825
(thousand dollars)
4,444,656
347,730
131,093
130,936
157
510,758
31,153
3,168
2,468
4,323,306
323,469
125,119
122,637
2,482
672,267
34, 557
3,418
2,221
4,603,280
386,204
152,894
148,438
4,456
615,483
35,234
3,771
2,023
4,766,313
531,548
210,751
11,926
518,215
26,856
3,671
1,824
4,859,548
647,190
257,564
235,564
22,000
181,706
14,040
3,803
1,720
3,115,233
302,675
100,056
100,056
583,587
46,586
3,118
2,278
3,830,490
540,537
186,789
186,789
342,094
24,886
3,358
2,099
3,372,784
544,140
191,734
191,734
170,052
16,232
3,545
1,856
2,299,083
307,609
102,779
2,531
115,232
11,803
3,446
1,180
(Thrmaand dollnra)
3,193,202
201,187
93,335
181
665,283
41,156
3,322,903
206,179
95,309
6,718
525,522
29,819
3,460,625
239,471
111,182
12,207
458,903
24,770
3, .373,255
262,297
119,614
16,001
383,117
22,670
3,176,925
280,926
113,537
107,124
11,413
257,414
16,850
2,182,450
170,037
60,020
60,020
444,141
31,277
2,477,280
222,281
79,602
79,602
368,845
26,654
2,703,412
261,470
93,275
93,275
245,195
21,863
2,178,106
218,611
78,279
76,053
2,226
183,851
14,513
178
32
2,224,005
140,851
60,181
49,317
10,863
3,734
206
3,907
496
7,588,094
736,363
123,409
329,355
103,310
7,619
6,460
1,166
3,862,214
245,853
41,710
97,423
116,185
4,157
2,002
841
1,586,807
140,846
61,577
33,941
27,637
130,794
9,541
2,695
700
1,528,231
116,363
61,152
24,726
36,426
107,081
6,184
N01E: For explanatory atatenents and ccoparabllity of data, aee the texts for the 1954 tables and for these historical tables.
Data" for each of the yeara 1951-54 appears in the annual volume for those years.
"Description of the Sample and Lijnitatlons of
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
159
ALL ACTIVE CORPORATION RETURNS
Table 42.— NUMBER OF RETURNS. TOTAL COMPILED RECEIPTS. NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL QROUP AND BV INCOME AND DEFICIT STATUS— ConUnuad
Major industrial group, selected items
MANUFACTURING: PAPER AND ALLIED PRODUCTS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
^cess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
MANUFACTURING: PRINTING, PUBLISHING,
AND ALLIED INDUSTRIES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MANUFACTDHING: CHQUCALS AND ALLIED PRODUCTS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income :
Income tax
Excess profits taxes.
Returns without net income;
Total compiled receipts..
Deficit
MANOFACTUHING: PETROLEUM AND COAL PRODUCTS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MANUFACTURING: RUBBER PRODUCTS
Total number of returns of active corporations:
With net Income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
2,004
733
,074
621
2,025
784
2,271
481
,148
460
1,898
658
2,087
446
2,099
262
(Thouaitfid dottaraj
8,126,438
916,440
452,516
584
452,753
24,259
9,454
4,704
,125,461
957,030
515,832
474,179
41,653
259,426
18,749
9,427
4,175
7,523,728
967,083
480,242
53,831
347,653
20,969
9,672
3,783
8,269,421
1,344,338
657,400
142,960
160,819
10,837
9,127
4,168
6,883,425
1,014,336
411,101
41,043
84,865
6,940
8,939
4,031
5,002,330
583,745
214,666
214,666
465,226
28,307
8,547
4,239
5,737,079
798,737
295,838
295,838
268,652
14,789
8,978
3,519
5,617,782
928,005
343,388
343,388
95,642
6,582
8,789
3,120
4,314,669
576,522
213,122
207,684
5,438
66,401
6,636
8,518
2,478
(ThotJtand dollars)
7,607,786
630,330
289,592
288,775
817
1,259,683
59,107
4,588
2,768
7,841,005
663,023
337,296
309,767
27,529
716,987
37,301
4,669
3,034
7,251,273
647,899
324,523
299,551
24,972
722,531
34,259
4,655
2,973
6,939,919
654,993
321,980
295,021
26,959
534,392
33,808
4,932
2,735
6,217,762
629,486
248,170
235,436
12,734
596,157
44,757
4,847
2,540
5,838,843
557,700
194,540
194,540
595,156
41,056
4,273
3,240
5,795,347
616,198
215,974
215,974
484,388
38,385
4,323
3,088
5,317,103
665,430
232,870
232,870
415,738
35,842
4,577
2,948
4,593,908
677,279
239,878
236,163
3,715
253,169
20,767
4,608
2,229
(Thotisand dollars)
17,976,928
2,289,153
1,103,970
1,138
1,123,605
63,860
432
283
17,917,808
2,386,653
1,163,050
166,061
927,664
56,896
447
173
17,451,511
2,297,326
1,117,635
158,931
616,639
55,594
476
221
17,699,542
2,953,169
1,412,072
308,460
704,064
32,701
524
166
16,217,543
2,793,959
1,103,061
150,748
250,070
21,990
516
146
12,491,853
1,715,653
606,108
606,108
843,313
61,134
423
238
13,696,104
1,723,534
609,526
609,526
553,439
46,566
453
131
13,224,339
1,832,298
653,199
653,199
370,891
41,016
407
147
10,558,939
1,524,699
538,262
11,053
270,337
27,311
346
139
( Thmisartd dollars)
27,674,777
1,662,847
656,380
656,250
130
797,486
27,563
544
249
26,318,954
1,914,038
742,995
735,127
7,863
407,701
7,600
568
256
24,482,556
1,768,903
661,833
650,285
11,543
483,694
8,329
523
211
24,278,326
2,327,353
1,019,472
957,732
61,740
178,651
2,954
567
150
19,973,951
1,826,031
616,713
603,308
13,405
126,226
4,427
535
131
17,523,579
1,169,222
344,484
344,434
663,574
30,929
427
221
19,733,277
2,000,130
660,044
660,044
228,900
17,142
431
220
14,968,960
1,309,630
421,901
421,901
111,4%
6,463
388
247
10,630,769
742,103
230,216
453
189,072
7,070
400
161
(Thousand dollara)
4,459,202
311,606
154,693
154, 537
156
166,095
11,912
4,922,761
411,784
227,744
204,945
22,799
133,994
5,291
4,313,770
387,998
191,458
28,359
123,412
5,6%
4,907,036
551,711
329,094
268,667
60,427
50,703
2,287
4,033,219
436,397
1%,524
174,393
22,131
22,823
2,140
2,373,770
164,597
53,3%
58,3%
193,506
11,871
3,307,856
262,315
92,297
92,297
31,937
7,345
3,369,994
240,979
34,457
34,457
67,530
7,667
3,034,209
321,391
122,017
114,151
7,866
49,092
3,394
1,848
239
3,510,239
345,350
197,707
69,5%
128,110
74,019
3,073
8,021
2,036
3,744,226
590,971
97,330
254,271
101,050
6,825
4,414
1,772
9,359,557
1,059,701
225,502
337,766
550,655
28,736
311-
131
9,617,216
370,575
108,896
98,260
10,636
767,502
19,193
361
92
3,299,988
248,125
30,291
139,6%
61,070
1,773
NOTE: For explanatory statements and conparablllty of data, see the texts for the 1954 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-54 appears in the annual volume for those years.
160
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVE CORPORATION RETIRNS
T4ble «2.— NUMBER OF RETURNS, TOTAL COMPItED RECEIPTS, NET INCOME OR DEFiaT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BY INCOME AND DEHaT STATUS— ConUnuod
Major indufltrtal group, selected items
MANUFACTURING: LEATHER AND PRODUCTS
Total number of returns of active corporations;
With net income
Without net income
Returns with net income:
Total compiled receipts
Net income
Total tax
Income tax
Excess profits taxes
Returns without net income:
Total compiled receipts
Deficit
MANUFACTURING: STONE, CLAY, AND GLASS
PRODUCTS
Total number of returns of active corporations:
With net income
Wi thout net income
Returns with net income:
Total compiled receipts
Net income
Total tax
Income tax
Excess profits taxes
Returns without net income :
Total compi led receipts
Deficit
MANUFACTURING: PHIMAHY METAL INDUSTRIES AND
FABRICATED METAL PRODUCTS (EXCEPT ORDNANCE,
MACHINERY, AND TRANSPORTATION EQUIHENT)
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts
Net income ;
Tota 1 lax
Income tax
Excess profits taxes
Returns without net income:
Total compiled receipts
Deficit
MANUFACTURING: MACHINERY, EXCEPT TRANSPORTATION
EQUIFUENT AND ELECTRICAL
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts
Net income
Total tax
Income tax
Excess profits taxes
Returns without net income:
Total compi led receipts
Deficit
MANUFACTURING: ELECTRICAL MACHINERY
AND EQUIPMENT
Total number of returns of active corporations;
With net income
Wi thout net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excesa profits taxes.
Returns without net Income:
Total compiled receipts..
Deficit
,621
839
1,671
1,227
1,908
1,0U
1,710
1,1J0
1,836
944
1,620
1,297
1,734
1,271
l,98i
1,108
2,195
630
(Thaimand dollart)
2,629,113
129,672
60,733
60,411
322
446,069
17,610
2,844
1,440
2,754,279
126,241
62,994
58,753
4,241
494,547
18,261
2,944
1,324
2,954,884
134,440
65,961
61,879
4,082
379,815
15,534
2,988
1,221
2,900,015
141,038
54,860
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
2,641
986
(Thouasnd dollars)
6,311,786
818,585
405,455
418
338,765
25,707
9,636
5,380
6,249,443
785,182
392,077
51,696
276,354
17,475
10,057
3,735
5,328,165
669,465
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, %8
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
8,489
3,904
3,522,149
465,914
169,926
169,926
129,872
15,123
8,320
3,532
2,839,855
373,149
135,505
133,723
1,782
110,399
9,553
7,283
2,734
(Thousand dotlei
30,933,065
2,588,590
1,279,700
3,211
2,703,431
182,256
7,025
4,691
36,167,622
3,339,742
1,677,144
188,979
1,541,454
74,238
8,157
3,453
32,150,893
2,801,598
1,526,225
1,376,035
150,190
1,042,909
68,469
8,231
2,679
35,027,680
4,386,861
,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
135,789
5,607
4,252
25,755,178
2,816,463
1,035,335
1,035,335
724,332
53,504
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
1,381,820
506,185
498,457
7,729
1,177,475
100,018
4,969
2,542
( Ihauaand dollars)
19,532,019
1,882,657
934,066
4,655
1,935,754
125,793
2,439
1,498
22,339,320
2,214,132
,100,809
167,717
1,259,297
70,330
2,398
1,069
21,854,755
2,462,771
1,228,927
210,700
463,755
41,595
2,461
1,178
20,213,049
2, 6%, 837
1,309,294
258,433
483,045
37,422
2,373
1,041
15,359,360
2,087,800
840,607
79,266
507,024
44,071
2,169
958
12,516,574
1,434,196
531,508
531,508
1,119,427
%,685
1,656
1,411
14,472,780
1,800,259
668,598
568,598
591,588
58,795
1,645
1,364
12,405,988
1,554,177
577,520
577,520
760,594
83,249
1,715
1,274
7,797,663
890,451
321,055
9,882
1,351,692
169,872
1,508
1,041
(Thouiartd dollars)
13,559,705
1,199,092
599,223
595,937
3,286
884,405
61,130
16,442,377
1,507,139
957,503
808,236
149,265
454,532
32,849
14,648,641
1,606,314
970,678
805,712
164,966
326,192
28,194
12,007,404
1,535,493
749,599
172,062
364,744
33,632
10,407,747
1,438,210
576,273
83,939
205,398
21,292
7,639,844
744,036
270,251
270,251
515,053
47,518
8,362,159
923,936
339,091
339,091
450,781
47,804
7,590,761
837,797
307,912
307,912
542,654
56,435
3,866,041
317,970
116,900
114,434
2,456
1,550,937
140,127
1,769
290
2,142,515
137,064
77,374
23,371
49,003
48,870
1,559^
1,952
818
2,201,944
224,032
119,577
52,357
56,721
141,887
12,938
6,133
1,867
17,020,798
1,165,097
222,577
443,676
1,347,545
51,040
4,536
1,656
9,297,767
966,618
599,375
158,430
440,945
583,081
38,384
,345
526
6,678,548
619,199
90,272
305,065
445,441
24,938
tKfTS.: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sample and Limitations of
ACTIVE CORPORATION INCOME TAX RETURNS. 1945-1954
161
ALL ACTIVE CORPORATION RETURNS
Tlble 42.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS. NET INCOME OB DEFIOT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BY INCOME AND DEFICIT STATUS— Conliiiu.d
Major industrial group, selected items
MANUFACTURING: TRANSPORTATION ESUmiENT,
EXCEPT MOTOR VEHICLES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MANUFACTURING: MOTOR VEHICLES AND EUUIFUENT,
EXCEPT ELECTRICAL
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
MANUFACTURING: ORDNANCE AND ACCESSORIES
Total number of returns of active corporations:
With net Income
Without net income
Returns with net income:
Total compiled receipts.
Net income c
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts . .
Deficit
MANUFACTURING; SCIENTIFIC INSTRUMENTS;
PHOTOGRAPHIC EQUIHENT; WATCHES,
CLOCKS; AND OTHER
Total number of returns of active corporations:
With net income
Without net inconw
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
TOTAL PUBLIC UTILITIES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
677
529
733
465
870
427
760
385
569
413
526
554
563
493
552
553
507
518
f77)oua«nd dotlmrt)
10,856,317
845,849
431,749
422,808
8,941
335,341
16,922
688
461
11,611,552
805,416
507,312
400,434
106,878
403,653
23,249
783
398
9,230,493
627,407
381,006
313,455
67,551
344,914
33,687
902
292
5,841,433
454,423
251,157
215,802
35,355
165,869
19,009
932
354
3,845,479
386,451
162,240
149,114
13,126
214,011
16,411
882
394
3,368,548
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
2,842
1,034,459
187,663
650
250
(ThtMSMtd dollars)
16,753,399
2,321,402
1,176,571
966
3,711,957
205,321
23,942,472
2,727,315
1,702,718
1,393,963
308,755
1,047,725
50,673
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
18,350,452
3,319,924
1,373,182
251,530
283,007
24,090
14,406,603
2,112,098
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
(Thmisanii dollar
454,267
47,161
22,043
93
15,265
5,931
7,204
5,495
644,553
71,683
45,015
35,973
9,042
19,033
1,755
7,339
5,074
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
18,303
2,783
889
263
7,156
4,452
180,401
14,96f
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
(Thousand dollars)
,600,409
163,869
368,610
367,577
1,033
1,306,774
87,883
17,436
11,686
9,236,669
756,314
362,476
50,334
844,287
65,021
18,688
11,249
1,391,809
746,119
357,345
51,684
790,396
47,465
18,082
10,378
:, 064,981
849,821
463,563
398,250
65,313
615,694
42,080
17,189
9,639
6,961,981
773,762
337, 566
303,613
33,953
449,925
40,725
16,452
9,825
5,403,832
488,741
175,656
175,656
966,948
84,683
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
540,385
196,258
191,600
686,078
113,018
14,395
7,428
(Thooaand dollai
37,010,426
4,709,853
2,309,201
2,308,655
546
5,351,319
269,528
37,791,542
5,191,336
2,550,139
2,520,974
29,165
3,018,588
154,220
36,459,420
5,032,841
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
L14,143
26,199,477
3,024,043
1,056,198
1,056,198
2,524,271
150,282
27,482,955
3,594,232
1,204,804
1,204,804
2,193,465
146,212
23,054,434
3,013,672
1,013,277
1,013,277
3,742,120
297,565
17,574,664
2,726,169
898,063
895,607
2,456
5,351,782
383,487
739
363
16,734,426
1,051,356
161,874
488,625
501,662
34,766
501
119
1,955,981
184,623
123,077
22,232
100,846
1,133,334
14,470
227
61
3,415,467
342,585
229,612
38,267
191,347
204,493
5,722
5,118
2,071
4,859,467
462,531
272,289
81,490
190,799
290,209
22,088
12,966
6.770
19,672,756
3,133,895
719,644
827,962
2,990,595
196,818
NOTE: For explanatory statements and conparability of data, see the texts for the 1954 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-54 appears in the annual volume for those years.
162
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVE CORPORATION RETURNS
Tible «2.-NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, WET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BV INCOME AND DEFICIT STATUS-Conlinusd
Major industrial group, selected items
1954
1953
1952
1951
1950
1949
1948
1947
1946
1945
PUBLIC UTILITIES: TRANSPORTATION
Total number of returns of active corporations:
12,590
8,866
13,392
8,185
13,124
7,730
12,237
7,117
11,621
7,270
10,274
8,306
10,995
7,060
10,673
6,207
10,027
5,115
8,610
4,583
(Jhouatnd dollarm)
17,020,174
1,233,657
558,692
558,552
140
5,058,962
228,755
21,026,021
1,870,291
889,402
872,246
17,156
2,787,773
129,631
21,058,766
2,030,065
987,154
959,952
27,202
1,997,077
110,371
20,555,406
2,091,739
1,005,941
963,741
42,200
1,550,834
33,467
18,047,239
2,169,928
862,261
835,834
26,427
1,471,335
98,873
15,714,956
1,296,100
447,853
447,353
2,092,880
125,981
17,105,238
1,846,225
649,661
649,661
1,946,229
126,596
14,599,521
1,445,721
509,281
509,281
2,302,877
256,308
9,416,514
967,153
333,705
332,291
1,414
4,961,039
357,498
11,984,273
1,459,866
799,426
320,058
Returns without net income:
Total compiled receipts
479,368
2,621,876
147,324
PUBLIC UTILITIES: CCMJUNICATION
Total number of returns of active corporations:
2,713
1,720
2,964
1,836
2,901
1,498
2,752
1,498
2,655
1,572
2,413
1,768
2,265
1,819
2,118
1,334
2,235
1,526
2,260
1,334
f Thousand
dollars)
8,426,150
1,340,164
676,750
676,414
336
134,660
27,409
6,256,352
1,203,838
586,996
581,132
5,864
97,661
14,713
5,720,214
999,961
482,550
478,510
4,040
60,206
4,669
5,U3,917
898,921
423,335
419,728
3,607
74,065
8,348
4,542,509
740,037
282,773
280,818
1,955
62,254
8,018
3,424,906
372,006
136,452
136,452
327,078
17,334
3,776,284
539,006
135,611
135,611
107,629
12,472
2,734,834
429,517
111,066
111,066
625,522
13,958
2,920,553
575,766
156,450
155,851
599
239,322
15,682
2,719,948
703,925
315,776
131,917
Returns without net income:
183,860
Deficit
224,457
14,812
PUBLIC UTILITIES: ELECTRIC AND GAS UTILITIES
Total number of returns of active corporations;
948
200
1,000
266
779
172
966
260
1,000
261
968
276
969
306
985
270
995
232
998
291
Returns with net income:
(Thousand
dollars)
11,319,574
2,037,228
1,052,310
1,052,255
55
137,435
10,409
10,274,173
2,069,716
1,052,634
1,046,639
5,995
91,025
7,154
9,454,933
1,961,278
991,720
982,516
9,204
67,64S
4,413
8,604,059
1,749,717
858,586
849,168
9,418
64,371
5,035
7,583,716
1,503,114
607,550
600,102
7,448
226,189
5,201
6,897,649
1,324,234
461,774
461,774
73,202
4,070
6,436,644
1,177,202
409,692
409,692
124,907
5,486
5,537,267
1,110,079
383,484
383,434
234,869
20,139
5,122,601
1,157,471
399,341
393,920
421
123,560
6,798
4,850,911
946,526
422,978
260,294
Returns without net income:
162,633
Deficit
134,154
32,757
OTHER PUBLIC UTILITIES
Total number of returns of active corporations:
1,185
900
1,332
962
1,278
978
1,234
764
1,176
722
1,155
74«
1,075
736
1,081
561
1,138
505
1,098
562
( Thousand
dollars)
Total compiled receipts
244,528
48,804
21,449
21,434
15
20,262
2,955
234,996
47,491
21,107
20,957
150
42,129
2,722
225,507
41,537
18,336
18,130
206
23,313
2,979
223,384
44,757
17,671
17,517
154
15,273
2,293
187,215
33,074
11,164
11,082
82
16,421
2,051
161,966
31,703
10,119
10,119
31,111
2,897
164,739
31,799
9,840
9,840
14,700
1,658
132,812
28,355
9,446
9,446
28,352
2,160
114,9%
25,779
8,567
8,545
22
27,361
3,509
117,623
23,577
9,425
7,374
Returns without net income:
Total compiled receipts
Deficit
2,051
10,103
TOTAL TRAIE
Total number of returns of active corporations:
143,432
95,091
143,602
84,758
148,365
72,949
150,670
65,639
148,655
60,684
129,320
74,705
138,304
53,444
133,192
44,105
122,132
29,379
t Thousand
dollars)
147,772,449
4,356,658
1,892,842
1,890,522
2,320
25,530,723
708,896
147,516,638
4,524,569
2,068,465
1,984,308
84,157
22,482,505
591,929
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
4,387,406
1,492,595
1,492,595
15,834,124
547,048
126,237,227
6,128,574
2,127,938
2,127,938
11,268,073
370,213
115,730,631
6,368,344
2,221,121
2,221,121
7,601,462
237,417
92,867,195
5,714,293
2,028,250
1,946,115
32,135
3,866,349
132,262
Returns without net income:
2,623,717
76,211
Deficit
NOTE: For explanatory slalcmente and comparability of data, aee the texts for the 1954. tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-54 appears in the annual volume for those yeara.
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
163
ALL ACTIVE CORPORATION RETURNS
T«bl. 42.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BV INCOME AND DEFICIT STATUS— Conlinuod
Major indust-ial group, St?lected items
TRAIE: TOTAL WHOLESALE
Total number of returns of active corporations:
tlth net income
nthout net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
^cess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
TRAIE: WHOLESALE: CCMICSSION MEHCHAinS
Total number of returns of active corporations:
With net income
Without net incoir.e
Returns with net incone:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
OTHER WHOLESALERS
Total number of returns of active corporations;
With net income
Without net income
Returns with net income:
Total cOEipiled receipts.
Net income t
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts.
Deficit
TRADE: TOTAL RETAIL
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
TRADE : RETAIL: FOOD
Total number of returns of active corporations:
With net income
Without net income
Returns with net income :
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts.
Deficit
50,788
26,276
49,591
24,510
50,178
21,94«
52,209
19,383
51,054
17,803
42,346
25,581
44,144
20,696
41,380
14,659
38,416
9,241
(nouaand dotlmra)
71,725,007
1,793,44«
758,290
1,158
11,614,446
263,018
6,617
4,114
70,856,614
1,898,780
855,033
816,863
38,170
10,643,400
230,924
5,978
3,962
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
1,266,004
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
61,360,756
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
147,433
5,412
2,751
45,508,531
2,329,733
843,439
791,494
51,945
2,064,949
61,175
4,862
1,938
(Thousand dollars)
3,452,4«a
118,142
43,908
43,828
830,799
24,821
44,171
22,162
3,234,380
125,666
50,255
47,913
2,342
804,417
24,940
43,613
20,548
3,878,704
149,769
59,411
3,314
780,047
17,704
44,075
18,467
4,062,132
200,582
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
4^,112
44,112
615,305
24,741
36,905
21,319
,402,451
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
49,906
2,836
188,086
7,004
33,554
7,303
(Thousand dollars)
68,272,519
1,675,306
715,540
714,462
1,078
10,783,647
238,197
80,003
59,950
67,622,234
1,773,114
768,950
35,828
9,838,983
205,984
82,160
52,471
71,501,992
1,926,831
894,183
848,829
45,354
8,489,130
161,082
86,194
45,260
75,188,756
2,682,320
1,186,522
119,444
7,609,909
176,060
87,593
41,635
69,872,477
2,722,016
1,092,178
1,007,552
84,626
4,389,641
104,623
37,343
33,155
52,770,432
1,554,081
531,367
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
133,120
75,157
23,879
43,233,722
2,173,555
790,697
741,588
49,109
1,876,863
54,171
68,343
16,415
(Ihoosand dollars)
68,498,994
2,329,795
1,040,519
1,039,508
1,011
12,738,536
395,041
6,287
4,310
69,025,683
2,389,283
1,116,920
1,074,417
42,503
10,743,524
316,330
6,166
3,809
67,945,544
2,555,472
1,203,314
1,147,981
55,333
7,546,736
231,946
6,338
3,937
66,132,301
2,770,945
1,269,493
1,205,317
64,176
6,617,613
205,332
5,553
4,054
64,790,656
3,392,545
1,340,220
1,249,728
90,492
4,331,659
162,977
5,449
3,744
54,105,286
2,449,197
838,773
338,773
6,553,323
247,296
5,257
3,808
55,563,939
3,246,640
1,132,177
1,132,177
3,870,917
149,241
5,006
3,604
49,854,715
3,182,265
1,109,272
1,109,272
2,890,588
106,551
4,522
2,843
39,698,040
2,905,584
996,380
26,777
1,374,376
56,343
4,813
1,646
(Thousand dollars)
19,017,478
425,858
205,188
352
935,648
22,382
18,056,993
394,009
202,521
190,353
11,668
773,675
17,309
16,771,339
343,324
175,022
165,323
9,699
1,030,511
19,976
14,829,198
299,322
142,453
5,504
1,047,738
21,918
12,953,945
336,996
142,940
133,273
9,667
675,913
14,962
11,820,096
312,969
113,290
113,290
666,244
16,555
11,426,685
271,382
97,900
97,900
692,206
16,562
10,019,503
269,267
97,556
97,556
490,792
11,933
7,946,405
275,960
99,049
913
184,167
4,033
23,838
6,843
31,011,130
1,249,108
675,842
232,796
443,046
1,277,514
33,274
3,861
1,457
1,593,788
95,542
46,722
17,641
29,031
133,321
4,247
24,977
5,336
29,412,392
1,153,566
215,155
413,965
1,144,193
29,026
57,682
13,527
27,983,634
1,922,222
334,669
765,037
1,030,694
33,333
4,199
1,353
5,883,869
161,626
83,444
35,063
53,380
162,760
2,764
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables. "Description of the Sample and Limitations of
Ifeta" for each of the years 1951-54 appears In the annual volume for those years.
164
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVE CORPORATION RETURNS
T«bl« 42.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFIOT, AND TAXES, BY MAJOR INDUSTRIAL QROUP AND BY INCOME AND DEFICIT STATUS— Continiisd
Major industrial group, selected items
TRAIE: RETAIL: GENERAL MERCHANDISE
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts-
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
TRAEE: RETAIL: APPAREL AND ACCESSORIES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
TRADE: RETAIL: FimNITUHE AND HOUSEFURNISHINOS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income :
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
RETAIL: AUlOIOTrVE DEALERS AND
FILLING STATIONS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
IRAK: RETAIL: DRUG STORES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
4,833
2,712
5,208
2,738
■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
(Thouiand dollart)
16,277,192
975,099
494,793
484,663
130
963,017
28,116
11,133
7,336
16,716,888
991,815
517,356
497,203
20,153
579,888
23,963
11,010
6,259
16,485,930
1,039,940
551,436
521,354
30,082
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
880,4«0
325,0%
325,096
632,940
21,356
9,743
6,213
14,934,673
1,131,960
419,563
419,563
265,391
9,043
10,847
3,971
13,765,796
1,085,585
401,682
401,682
326,663
10,413
10,446
2,983
12,538,956
1,154,066
434,672
426,590
8,082
87,843
4,771
10,043
2,015
(Thousand dallBi
4,559,379
159,420
62,512
62,472
40
1,158,426
45,999
7,495
5,691
4,844,426
167,478
67,984
66,802
1,182
952,077
32,993
7,713
5,063
5,005,513
180,741
73,745
72,059
1,686
829,503
31,929
7,603
4,080
4,684,761
185,556
73,750
71,769
1,981
846,681
29,303
8,011
3,875
4,670,031
214,075
73,197
71,460
1,737
620,552
26,492
8,338
3,151
,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
21,883
6,647
2,518
4,773,003
291,1%
%,669
96,669
328,350
15,127
6,145
1,443
4,465,834
354,671
115,849
8,670
210,392
8,654
5,376
1,022
(Thousand dolla
2, 4%, 502
89,839
32,436
30
845,479
40,893
13,149
12,069
2,585,886
95,015
34,545
459
837,434
41,521
14,593
10,074
2,539,891
100,457
44,460
969
667,599
31,215
17,277
6,516
,587,537
120,059
46,055
44,748
1,307
513,042
23,777
18,803
5,266
2,806,230
154,471
49,307
1,856
338,385
16,027
19,778
4,000
2,017,865
97,065
29,462
29,462
515,099
24,015
16,756
6,103
2,087,874
125,533
39,105
39,105
239,185
13,056
18,136
3,284
1,998,609
147,715
47,336
47,336
181,330
7,257
15,634
2,035
1,5%, 226
153,983
51,365
50,146
1,219
60,018
3,057
11,873
1,863
( ThousHnd dollars)
13,983,005
249,408
97,225
97,164
61
5,679,978
134,371
3,975
1,941
15,044,637
332,560
134,689
2,396
4,712,0%
98,912
3,939
1,941
14,841,358
424,122
175,336
170,806
4,530
,104,638
38,922
4,368
1,672
15,999,287
604,818
254,653
244,723
9,935
1,525,791
29,640
3,970
1,638
17,121,481
872,763
332,359
307,639
24,720
644,373
18,658
3,733
1,622
12,704,437
586,696
193,549
198,549
1,552,330
50,791
3,536
1,624
12,017,520
937,347
330,272
330,272
506,955
15,265
3,521
1,384
9,031,593
837,440
294,834
294,834
189,059
6,770
3,551
1,033
4,683,231
422,639
141,089
2,143
122,237
5,391
3,452
7%
(Thousand dollars)
1,498,558
48,360
19,762
19,726
36
223,456
7,352
1,492,987
50,385
21,850
20,599
1,251
235,810
6,530
1,630,697
53,923
21,859
1,238
142,106
6,957
1,485,442
55,438
22,336
1,507
254,151
5,793
1,419,854
53,914
17,669
523
157,922
4,956
1,203,115
45,739
13,835
13,835
301,118
6,412
1,346,633
47,940
14,769
14,769
130,921
3,479
1,050,278
48,650
15,102
15,102
221,167
4,746
1,154,408
61,116
20,832
18,845
1,987
65,758
1,451
4,686
641
9,703,976
958,460
619,143
141,650
477,492
120,373
2,558
9,072
1,148
3,428,077
273,824
42,330
114,349
67,370
2,594
3,926
926
386,390
77,920
35,353
18,710
16,642
43,107
2,227
7,337
2,131
1,537,349
36,171
35,049
19,761
15,237
136,055
5,050
3,383
707
909,769
50,796
9,591
17,023
39,581
862
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables. "Description of the Sample and Lljnltatlons of
Data" for each of the years 1951-54 appears in the annual volume for those years.
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
165
ALL ACTIVE CORPORATION RETURNS
T«bl« «2.— NUMBER Of RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OK DEFICIT. AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BY INCOME AND DEFICIT STATUS— Conliound
Bjor industrial group, selected items
TRAIE: RETAIL: EATING AND DRINKINO PLACES
Total number of returns of active corporations:
With net incoine
Without net income
Returns with net income;
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
TRAIE: RETAIL: BUILDING MATERIALS AND HARMAHE
Total number of returns of active
Vith net income
Without net income
tiorporations :
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
OTHER RETAIL TRAIE
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income ;
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
TRAIE NOT ALLOCABLE
Total number of returns of active corporations
With net income
Without net income
Returns with net income;
Total cotcpiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income;
Total compiled receipts..
Deficit
TOTAL FINANCE, INSURANCE, REAL ESTATE, AND
LESSORS OF HEAL PROPERTY
Total number of returns of active corporations;
With net income
Without net income
Returns with net income;
Total compiled receipts.
Net income
Income t.ax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
7,732
10,912
1,787,845
70,229
25,965
207
927,974
39,421
10,433
5,559
4,169,649
155,171
56,561
57
818,659
34,400
14,966
9,420
4,709,386
156,411
55,381
55,283
98
1,130,899
42,107
12,641
8,865
7,548,448
233,415
92,875
92,724
151
1,177,741
50,837
138,764
66,575
26,469,350
8,293,140
2,094,190
2,093,547
643
3,326,369
289,323
8,602
9,600
8,023
8,901
7,544
9,087
6,919
8,581
6,612
8,335
6,563
7,442
6,306
6,287
7,098
4,236
( Thaut»nd dollar »}
1,935,117
71,033
25,900
1,695
806,563
29,558
10,446
1,780,401
68,351
26,452
1,727
757,907
30,071
11,397
3,854
1,606,198
62,132
23,821
22,207
1,614
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
60,871
18,322
18,322
663,439
30,090
8,120
1,474
1,322,238
61,285
18,204
18,204
576,900
27,680
9,721
1,575
1,422,149
80,980
25,459
24,154
1,305
339,806
16,624
8,686
1,444
(Thtmaand dollars}
3,952,872
142,520
51,638
1,220
745,147
29,664
14,433
8,099
4,430,448
187,762
72,842
69,941
2,901
531,715
22,511
14,830
7,709
,599,130
230,359
91 ,308
86,008
5,300
328,316
13,241
14,658
7,345
4,377,701
265,052
91,0%
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
13,178
8,029
2,691,787
191,341
60,651
60,651
151,966
6,100
14,936
6,510
3,120,839
225,273
71,811
71,811
145,060
4,544
13,514
4,384
2,302,482
167,905
51,657
50,971
686
101,174
3,193
11,951
2,545 I
( Tliouaanft dot Ian J
4,395,872
144,468
52,188
2,479
1,095,834
35,880
11,851
7,777
4,409,967
156,847
55,727
2,501
989,364
35,162
11,993
5,741
4,384,436
179,680
64,637
4,424
800,158
29,121
10,868
4,621
4,278,143
186,728
57,745
3,084
702,934
29,181
10,258
4,726
3,746,215
147,521
42,551
42,551
912,476
38,970
11,342
5,964
4,644,991
218,499
66,319
66,319
725,345
28,758
15,093
6,000
4,772,856
215,854
66,078
66,078
431,262
18,081
16,655
5,567
3,583,299
224,264
71,459
69,687
1,772
202,981
9,119
15,373
3,723
7,634,341
236,506
96,512
93,028
3,484
1,095,581
44,675
133,891
61,316
7,500,151
226,656
95,639
90,324
5,315
1,014,816
29,175
128,491
57,364
7,466,102
265,820
113,429
106,232
7,197
808,810
30,344
125,858
51,974
7,014,690
308,159
114,393
107,075
7,318
572,786
22,855
122,742
49,099
6,592,507
243,384
77,843
77,843
1,155,792
42,310
116, 587
49,690
9,312,532
466,374
155,576
155,576
895,952
34,700
112,038
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
(Thousand dol Isrs)
23,654,257
7,184,350
1,902,205
1,857,697
44,508
2,520,657
263,039
21,329,647
6,707,560
1,765,557
1,723,260
42,297
2,339,926
248,619
18,379,566
6,187,604
1,495,524
47,665
1,977,044
254,660
17,382,475
5,993,562
1,214,064
41,659
,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
813,575
12,091,327
4,113,752
648,027
648,027
925,567 1,743,622
236,402 272,230
10,829,109
4,289,105
733,346
3,317
1,562,441
284,621
6,719
3,031
,283,792
74,138
36,139
14,092
22,047
193,355
7,116
7,665
1,464
1,636,372
100,172
40,487
23,334
17,153
102,828
5,683
10,645
2,076
2,708,543
139,116
61,800
30,137
31,663
164,767
4,485
11,030
3,028
5,021,909
267,794
126,466
61,528
64,938
315,509
9,599
90,568
45,005
9,734,104
3,756,042
666,793
602,980
1,092,671
262,141
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sample and Limitations of
166
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
ALL ACTIVE CORPORATION RETURNS
T«blo 42.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL OROUP AND BY INCOME AND DEFICIT STATUS— ConUnued
Major industrial group, selected items
TOTAL FINANCE
Total number of returns of aetive corporations;
With net income
Without net income
Returns with net income :
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
FINANCE: BANKS AND TRUST COMPANIES
Total number of returns of active corporations;
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxe
Returns without net income ;
Total compiled receipts.
Deficit
FINANCE: CREDIT AGENCIES OTHER THAN BANKS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
RetiUTis without net income:
Total compiled receipts..
Deficit
HOLDING AND OTHER INVESTMENT
COMPANIES
Total number of returns of active corpcrations
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
SECURITY AND CCWMODITY-EXCHANGE
BROKERS AND DEALERS
Total number of returns of active coiTJorations;
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net InconKr
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
34,208
13,394
31,583
12,583
30,971
11,792
30,219
7,356
29,660
7,306
29,489
3,368
28,843
8,255
28,410
8,317
27,424
7,551
(Thnuaand dol li.
10,895,449
3,708,202
1,235,436
274
1,662,528
56,171
13,792
7,015,934
2,090,115
877,661
81
257,325
9,200
14,155
10,263
2,165,757
565,704
250,009
188
1,276,137
34,591
5,088
1,811
,264,610
985,932
84,812
84,812
31,424
9,040
1,173
432
449,148
66,451
22,959
22,954
5
97,642
3,340
9,643,447
3,010,685
1,099,377
1,074,718
24,659
1,356,733
61,777
13,771
715
8,670,158
2,933,686
1,049,069
1,025,623
23,446
1,091,457
69,023
13,989
817
7,493,782
2,763,875
907,191
882,162
25,029
112,239
47,215
14,130
477
6,763,677
2,578,413
690,009
668,105
21,904
106,628
91,584
14,262
548
6,303,245
2,232,930
494,973
494,973
136,617
91,087
14,235
611
5,419,035
1,902,977
424,743
424,743
181,870
39,074
14,212
660
4,379,902
1,683,230
348,655
348,655
200,079
%,252
14,222
689
4,835,715
2,018,645
447,959
446,103
1,856
108,707
69,857
14,298
613
(Thousand dollai
6,167,813
1,604,400
728,110
22,321
254,389
12,089
12,135
9,256
5,440,404
1,495,330
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
423,616
408,817
14,799
25,531
4,526
3,856
4,253
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
67,833
10,134
8,577
4,663
3,283,018
332,027
225,245
225,245
59,634
7,797
8,459
5,222
3,218,966
1,139,053
329,239
328,611
628
28,113
12,685
7,209
4,527
f Thousand dollars)
2,156,514
539,723
248,152
1,597
1,043,779
31,579
4,713
1,958
1,330,017
515,052
232,407
2,756
746,113
23,377
4,930
2,307
1,543,285
460,019
211,204
207,450
3,754
31,323
17,747
5,430
2,093
1,316,493
415,203
161,123
155,435
5,638
33,691
13,045
5,490
2,024
964,330
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
32,113
4,996
1,745
421,116
114,341
34,747
34,297
450
36,620
25,060
5,007
1,989
(Thousand dollars)
1,097,342
826,034
85,123
376
18,665
14,160
964
654
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
904,312
93,669
92,992
677
24,955
65,376
1,052
476
1,423,149
929,224
78,732
78,732
19,736
47,104
843
619
934,657
715,851
69,809
69,809
13,627
39,122
787
699
890,042
655,283
65,159
65,159
45,030
45,921
733
661
1,005,299
716,987
70,710
455
24,235
26,637
910
422
( Thouatind dollai
221,778
40,523
13,693
13,328
365
34,900
3,889
205,615
44,821
15,197
14,631
566
51,788
8,176
183,869
33,318
10,572
9,750
822
39,890
10,804
202,801
43,222
11,601
10,861
740
22,451
3,637
148,349
29,224
7,365
7,365
35,702
5,579
123,385
22,037
5,310
5,310
46,116
109,483
23,955
5,313
5,313
51,573
10,416
190,334
47,764
12,808
12,485
323
19,734
5,475
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
I^ta" for each of the years 1951-54 appears In the annual volume for those years.
"Description of the Sample and Limitations of
ACTIVE CORPORATION INCOME TAX RETURNSa945-1954
167
ALL ACTIVE CORPORATION RETURNS
T»bl© 42.— NUMBER OF RETURNS. TOTAL COMPILED RECEIPTS, NET INCOME OR DEFiaT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BY INCOME AND DEFICIT STATUS— Continued
lajor industrial group, stlected itens
TOTAL INSURANCE CARRIERS AND AGENTS
Total number of returns of active corporations:
With net income
Without net income
Returns nith net income:
Total compiled receipts-
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts. .
Deficit
Returns with net income:
Total compiled receipts
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
Total number of returns of nctive
With net income
Without net income
Returns with net income:
Total compiled receipts
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts. .
Deficit
Returns with net income:
Total compiled receipts.
Net incoise
Income tax
Excess profits taxes.
Returns without net income:
Total coapiled receipts..
Deficit
Returns with net income :
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income :
Total compiled receipts..
Deficit
9,572
3,318
9,191
3,102
8,791
2,7.i7
8,333
2,532
7,903
2,594
7,499
2,415
7,232
2,101
6,716
1,927
6,131
1,839
(ThauianrI dollars)
INSURANCE CARRIEIIS
Total number of relurns of active coi-porations:
With net income
Without net income
10,783,053
3,";86,3S0
489,229
489,183
46
457,703
29,031
2,638
366
9,875,839
3,124,609
431,151
420,199
10,952
268,340
38,357
2,508
360
8,800,252
2,767,346
343,639
8,222
434,666
26,949
2,288
372
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
66,613
66,613
1,052,786
49,742
1,840
415
3,385,006
1,478,953
67,556
67,504
52
1,012,448
70,236
1,679
447
(Thousand dotlera)
mSUEMCE AGENTS AND BROKEBS
orporations :
10,091,179
3,404,070
460,395
460,380
15
325,479
19,230
6,934
2,952
9,272,927
3,047,946
402,189
393,061
9,128
179,837
29,682
6,683
2,742
8,290,086
2,695,018
324, 560
317,989
6,571
351,427
22,472
6,503
2,375
6,699,672
2,339,863
248,233
241,646
6,587
1,072,480
46,636
6,122
2,098
6,665,125
2,314,548
227,076
220,145
6,931
392,193
27,787
5,625
2,186
6,330,697
2,293,155
244,030
244,030
119,457
12,272
5,341
2,078
5,706,382
1,897,948
111,449
111,449
173,488
15,523
5,135
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
55,102
981,749
68,225
4,452
1,392
(natisand dollai
REAL ESTATE, EXCEPT LESSORS OF REAL PROPERTY
OTHER THAU BUILDIHOS
Total number of returns of active corporations:
With net income
Without net income
691,874
82,310
28,834
28,803
31
132,224
9,801
91,706
48,115
602,912
76,663
28,962
27,138
1,824
88,503
8,675
89,493
43,467
510,166
72,328
27,301
25,650
1,651
73,239
4,477
35,189
40,948
484,103
71,216
26,466
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
380,548
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
12,402
51
30,699
2,011
65,248
30,043 I
LESSORS OF REAL PROPERTY, EXCEPT BUILDINGS
Total number of returns of active corporations
with net income
Without net income
4,520,211
981,769
316,763
294
1,177,599
196,452
3,278
1,748
3,810,579
896,199
293,448
6,233
849,449
155,160
3,624
2,164
3,577,145
860,978
295,444
288,231
7,213
784,002
143,915
3,540
1,877
3,423,831
860,492
280,484
9,774
704,842
146,115
3,512
1,720
3,267,234
834,629
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
672,736
183,821
183,821
452,478
112,109
3,745
2,947
2,356,514
668,693
178,742
177,354
1,378
409,929
126,105
3,475
2,662
(Thoaaand dollars)
270,637
116,789
50,165
29
23,539
7,669
324,392
152,857
69,332
2,664
46,135
7,305
282,092
145,550
69,183
65,767
3,416
29,801
8,732
278,178
152,153
71,041
65,457
4,584
37,572
8,287
279,864
150,287
55,980
1,477
33,220
9,073
272,285
147,963
52,065
52,065
30,525
9,941
296,576
163,280
57,307
57,307
35,124
13,269
254,288
141,380
48,938
48,938
38,279
14,127
241,874
122,814
42,375
31
31,357
18 .423
5,529
2,065
3,523,849
1,475,097
86,157
75,659
10,497
505,009
29,363
1,626
376
3,310,697
1,446,284
75,387
68,390
7,498
463,556
27,109
3,903
1,689
213,151
29,813
7,270
3,000
36,453
2,254
55,955
32,796
,859,364
423,177
108,465
23,173
464,073
144,556
3,484
2,800
205,753
103,199
42,479
33,130
9,349
32,298
20.637
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sample and Limitations of
168
ACTIVE CORPORATION INCOME TAX RETURNS. 1945-1954
ALL ACTIVE CORPORATION RETURNS
Table 42.— NUMBER OF RETURNS, TOT*L COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRUL GROUP AND BY INCOME AND DEFICIT STATUS— CoiHinu«d
Major industrial group, selected items
TOTAL SERVICES
Total number of returns of active
With net income
Without net income
corporations .
Returns with net income :
Total compiled receipts-
Net income
Income tax
Bxcess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
SEHVICES: HOTELS AND OTHER LODGING PLACES
Total number of returns of active corporations:
With net income
Wi thout net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
SERVICES: PERSONAL SERVICES
Total number of returns of active corporations:
Wi th net income
Without net income
Returns with net income:
Total compiled receipts.
Net income :
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
SERVICES: BUSINESS SERVICES
Total nuiTiber of returns of active corporations;
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net incorie
Income tax
Excess profits taxes
Returns without net income:
Total compiled receipts.
Deficit
SERVICES: AUTOMOTIVE REPAIR SERVICES AMD GARAGES
Total number of returns of active corporations:
With net income
Wi thout net income
Returns with net income:
Total compiled receipts.
Hc-t income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
34,682
30,163
10,146,369
788,143
325,917
324,432
1,485
2,446,758
197,015
3,620
3,854
1,396,336
106,269
43,273
138
451,566
30,652
7,122
5,418
1,453,944
81,410
29,635
227
413,474
19,283
9,434
6,358
3,190,456
232,734
96,381
264
460,264
49,053
3,433
2,718
483,566
34,199
11,682
52
184,940
15,116
35,477
28,040
35,084
26,563
33,265
25,003
30,164
25,069
29,463
24,510
29,412
21,044
28,154
17,821
26,169
13,479
(Thoum»nel dollara)
9,982,826
749,682
323,832
302,002
21,330
2,117,724
141,331
3,678
3,276
9,680,232
761,988
309,652
22,313
1,920,334
132,233
3,912
2,915
,862,184
768,450
329,074
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
315,255
263,800
263,800
1,094,352
91,681
3,547
1,809
6,600,362
374,592
293,069
276,818
16,251
773,183
72,063
3,469
1,336
1,365,023
103,170
44,508
1,476
375,774
24,720
7,576
5,154
1,408,594
118,985
49,644
1,651
280,039
16,934
7,156
5,093
1,325,004
119,339
48,286
1,750
315,454
20,861
7,273
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
18,944
6,689
4,922
1,314,562
131,851
43,739
43,739
231,131
16,608
6,796
4,467
1,279,330
131,831
44,077
44,077
169,270
16,878
6,515
3,490
1,206,243
139,764
46,698
45,071
1,627
132,701
11,496
6,165
2,703
1,467,957
80,917
29,099
1,619
398,043
17,608
8,743
5,698
1,346,741
78,664
28,607
1,831
350,604
15,316
9,065
5,329
1,324,633
79,133
29,658
27,680
1,978
384,308
16,401
7,671
4,954
1,205,996
74,077
22,663
21,906
757
341,716
16,173
6,673
4,699
1,191,893
78,044
22,765
22,765
316,611
16,048
6,067
4,737
1,206,188
80,430
23,180
23,180
285,781
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
74,387
21,303
558
153,850
8,231
4,598
2,878
( ITxHjsHnd dollars)
3,108,944
227,053
101,016
92,863
8,153
341,377
24,521
3,769
2,400
2,362,526
215,342
94,482
86,861
7,621
419,083
30,985
3,593
2,036
2,506,514
216,543
98,063
88,952
9,111
330,867
24,446
3,165
1,758
2,097,004
179,725
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
36,076
764
203,643
10,939
2,244
865
(ThouiMnd dotlefs)
533,963
40,870
14,042
13,567
475
160,187
7,644
509,395
43,926
14,574
689
87,584
5,821
461,572
39,038
13,113
12,517
596
74,815
4,701
348,277
32,922
9,904
9,504
400
72,861
4,105
295,236
27,911
7,911
7,911
86,292
5,445
309,205
33,439
9,356
9,356
62,007
3,684
302,973
31,413
3,696
8,696
43,659
2,675
237,330
25,586
6,893
153
29,123
1,863
22,977
12,130
5,374,674
648,697
316,519
131,970
184,543
597,319
47,002
3,129
1,105
1,004,424
111,990
53,262
25,533
27,729
91,747
8,859
5,679
2,274
821,866
59,553
13,466
9,909
136,190
5,432
4,080
2,548
1,041,843
83,389
18,981
20,919
115,539
5,829
1,982
993
149,033
10,487
2,286
1,192
32,584
1,607
NOTE: For explanatory Btatementa and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sample and Limitations of
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
169
ALL ACTIVE CORPORATION RETURNS
T«bl« 42.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, AND TAXES, BY MAJOR INDUSTRIAL GROUP AND BY INCOME AND DEFICfT STATUS— Conanaed
bjor industrial group, selected items
SERVICES: MISCELLANEOUS REPAIR SERVICES,
HAND TRAIES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
SERVICES: lOTION PICTURES
Total number of returns of active corporations;
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
SERVICES: AMUSEMENT, EXCEPT MOTION PICTURES
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income ■*
Income tax
Excess profits taxes.
Returns without net income:
Total compiled receipts..
Deficit
OTHER SERVICES, INCLUDING SCHOOLS
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
Deficit
NATURE OF BUSINESS NOT ALLOCABLE
Total number of returns of active corporations:
With net income
Without net income
Returns with net income:
Total compiled receipts.
Net income
Total tax.
Income tax
Excess profits taxes .
Returns without net income:
Total compiled receipts..
1,70^
1,883
283,137
13,605
4,977
K
189,031
9,308
3,183
2,529
,863,628
166,736
73,987
73,475
512
312,866
30,317
2,934
3,851
680,531
86,175
38,226
38,027
199
193,816
17,402
3,252
3,552
795,271
67,015
27,011
26,932
240,801
25,874
1,855
7,731
84,615
15,731
4,895
4,895
41,332
10,933
2,078
1,922
1,877
1,313
1,780
1,131
1,462
1,125
1,190
1,174
1,232
854
1,319
821
1,068
629
(Thouatnd dot tart)
401,493
20,928
7,765
749
89,083
7,610
3,215
2,903
320,231
20,106
7,829
7,196
633
108,615
4,174
3,225
2,865
355,312
22,234
8,232
810
57,265
3,336
3,320
2,769
237,415
18,917
6,368
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
2,239
2,210
29
20,889
2,039
3,424
854
(Thousnnd dollars)
1,550,103
120,092
52,407
49,864
2,543
426,612
26,077
2,987
3,436
1,754,733
131,331
55,974
2,540
312,372
25,941
3,012
3,691
1,618,094
149,506
64,009
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
,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
146,332
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
(Thousand dollai
660,685
78,991
34,249
2,256
151,106
14,651
3,426
3,251
633,279
31,416
33,356
36,426
2,430
175,448
16,353
3,244
3,321
523,216
75,425
34,800
32,563
2,237
173,249
19,152
3,535
3,135
493,686
61,281
22,285
813
166,273
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
37,092
35,680
1,412
74,007
12,203
2,579
2,258
(ThoosAOd dolla
894,658
72,661
30,087
4,559
175,542
18,300
1,089
5,361
344,733
72,213
35,288
30,370
4,918
186,539
16,209
987
4,668
747,739
66,682
30,353
26,362
3,991
154,621
13,953
1,069
4,511
590,524
52,199
16,854
1,222
156,419
15,941
1,145
4,557
535,025
48,447
14,908
14,908
171,560
14,623
902
3,579
536,835
52,750
16,347
16,347
128,339
14,750
953
3,213
512,397
52,177
16,151
16,151
125,608
14,947
2,047
3,622
375,445
41,312
12,977
12,339
138
100,327
11,879
2,211
3,268
(Thousand dollars)
67,554
9,862
3,634
4S4
31,853
16,152
89,162
10,429
3,961
3,719
242
14,036
3,875
89,319
14,006
,597
174
29,353
13,593
97,071
17,157
4,525
4,386
139
20,980
10,292
83,570
9,420
2,711
2,711
25,375
7,586
99,225
12,345
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
961
528
104,609
7,363
3,187
1,361
1,825
17,571
1,145
3,167
767
1,606,587
273,440
53,325
33,350
63,754
7,612
1,881
1,344
340,816
74,957
11,695
32,127
56,700
5,779
2,093
2,071
305,496
27,518
5,324
7,496
33,235
10,740
1,903
3,459
139,661
15,283
5,362
3,492
1,870
26,563
10.949
NOTE: For explanatory statements and comparability of data, see the texts for the 1954 tables and for these historical tables.
Data" for each of the years 1951-54 appears in the annual volume for those years.
"Description of the Sairple and Limitations of
170
ACTIVE CORPORATION INCOME TAX RETURNS, 1945-1954
CONSOLIDATED RETIRNS
Table 43.— NUMBER OF RETURNS AND SUBSIDIARIES, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, AND TAXES, BV INCOME AND DEFICIT STATUS
Item
19 5i
1953
1952
1951
1'50
II-.-
1:^-3
19-"
l'-'-.6
194 5
Number of consolidated returns:
1,510
1,2U
10,^16
1,466
942
9,670
1,351
818
9,019
1,180
760
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
6,093
(Thottaand
doIUra)
Consolidated returns with net income:
57,198,389
4,837,739
40,152
52,075,996
4,186,409
27,143
49,964,149
3,863,462
31,234
45,383,887
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
Net operating loss deduction
9,016
Total tax
2,226,557
1,894,963
1,701,228
1,955,174
1,250,111
732, b^7
880, 543
674,522
476,885
984,846
2,226,263
294
1,876,302
18,661
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
Consolidated returns without net income:
6,490,444
364,339
4,476,498
180,803
3,998,378
128,096
2,168,496
93,172
3,909,531
74,392
2,873,025
187,396
1,850,004
102,284
2,601,920
169,748
2,955,528
224,933
1,871,296
Deficit
149,595
^Includes declared value excess-profits tax of $2,201,000.
NOTE: For explanatory statements and comparability of data, see the texts for the 195i tables and for these historical tables. For "Description of the Sample and Limitations of
Data" for 1954, see p. 22- Data for 1945-53 were not subject to sampling variability since all these returns were tabulated.
5. Source Book of
Statisfics of Income,
1926-51,
1953-54
. 448404 O -57 -12
SOURCE BOOK OF STATISTICS OF INCOME
Description and use
Chart I. — Data available in the Source Book of Statistics of In-
come from corporation returns for the years 1926-51, 1953-54.. . .
Chart II. — Industrial groups for which data from corporation re-
turns are shown in the Source Book of Statistics of Income, for
the years 1926-51, 1953-54-: Years for which data are available
in major group tables and years for which data are available in
minor group tables
Page
173
174
177
172
5. SOURCE BOOK OF STATISTICS OF INCOME,
1926-1954
The Source Book consists of a series of unpublished volumes containing
tabulations of financial information frcm income and profits tax returns,
by more detailed classifications than in the published reports. Statis-
tics of Income, The Source Book volumes are maintained in the Statistics
Division of the Internal Revenue Service, and are available for research
purposes to off icials of the Federal, State, and other governmental units
and to qualified representatives of accredited organizations. Per-
mission to copy data from the Source Book may be obtained upon presen-
tation of a written request addressed to the Commissioner of Internal
Revenue.
The corporation data in the Source Book are from the income and
profits tax returns for 1926 through 1951 and 1953 through 1954- • As an
aid to acceleration of the published data, the Source Book was not pre-
pared for 1952 data. The data are tabulated in aggregate (l) for all
returns and (2) for returns with balance sheets, also segregated in both
instances as to returns with net income and returns with no net income.
For the years 1932-3'i, tabulations of data from consolidated returns
are also shown. A considerable number of corporations filing consoli-
dated returns for 1932 and 1933 were denied this privilege for taxable
years beginning after December 31, 1933, by section 14-1 of the Revenue
Act of 193A, which limited the filing of consolidated returns to common
carriers by railroad and their related holding and leasing companies.
These tabulations were made to show the shift effected by this provision
of the Revenue Act of 1934- on data from the returns for 193"+ as com-
pared with corresponding items from the returns for prior years. (Be-
ginning in 194-2, the privilege of filing consolidated returns is again
extended, in general, to all corporations.)
Beginning with 1951, a probability sample has been used as the basis
of the tabulated data. Description of the sample and limitations of
data for each year may be found in the published volume for the year.
A summary description of the data contained in the Source Book is
presented in Charts I and II. The first chart shows the years and clas-
sifications for which the items are available and the second is a de-
tailed presentation of the industries for which the items are available
in the major group tables and in the minor group tables. By use of these
two charts one can quickly determine whether or not the desired data
are available in the Source Book. For example: To determine the avail-
ability of figures representing gross sales of anthracite coal mining
companies for the years 1926 through 1951 and 1953 through 1954, the
first chart shows that gross sales will be found for the years 1926
through 1951 and 1953 through 1954 for major and minor industrial groups;
the second chart (items 17-19, under "Mining and quarrying") shows that
anthracite mining is included with bituminous, etc., for the years 1926-
27 but is tabulated separately for 1928-51 and 1953-54.
173
174
SOURCE BOOK, 1926-1951, 1953-1954
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177
Chart ti.— INDUSTRIAL GROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCE BOOK OF STATISTICS OF INCOME. FOR THE VEARS 192fl-61. 1953-84: YEARS FOR WIHCH DATA
ARE AVAILABLE IN »AJOR GROUP TABU-:S AND YEARS FOR WHICH DATA ARE AVAILABLE IN MISOR GROUP TABLES
[For list of Items available, see chart I]
Industrial group
Agriculture, forestry, nnd fishery-
Farms and agricultural services
Farming — Fruit, cotton, grain, stock, and all other
farming , including lessors
Forestry
Fishery
Related industries — Forestry, fishing, ice harvest-
ingi agricultural industries, not precisely defined;
holders and lessors
Agriculture, forestry, and fishery not allocable
Mining and qunrrying
Metal mining
Iron
Copper
I«ad and zinc
Gold and silver
Copper, lead, zinc, gold, silver
Other metal mining
Metal mining not allocable (included in No. 15 for
194a-51;53-54)
Coa] mining— Anthracite, bituminous, peat, coke
Anthracite
Bituminous coal and lignite (includes peat for 1928-
i7; see No. 26)
Crude petroleum and natural gas production
Crude petroleum, natural gas and natural gasoline
production (Oil and gas for 1926-37)
Oil- and gas-field service operations
NonmetalJic mining and quarrying
Quarrj'ing — Asbestos, stone, clay, sand, gravel,
precious and semiprecious stones, salt mines, etc.,
{includes lessors and holders for 1926)
Stone, sand, and gravel
Other mining and quarrying (nonmetallic) (includes
peat for 19^8-51; 53- 5A>
Nonmetallic mining and quarrying not allocable (in-
cluded in No. 26 for 1948-51; 53-54)
Mining and quarrying not elsewhere classified, les-
sors and holders
Mining and quarrying not alJocable (included in No.
26 for 1948-51 ; 53-54)
Construction
Building and construction above ground, including
equipping and installing machinery, wrecking, raz-
ing, or moving, etc
Other construction underground or on surface — Bridge
building, waterfront construction, related indus-
tries, etc., (includes shipbuilding for 1926, see
No. 241 for 1927-51;53-54)
General contractors
General building contractors
General contractors other than building
General contractors not allocable
Special trade contractors
Other construction (not allocable)
Manufacturing
Food products, beverages, and tobacco
Food products, including beverages
Food and kindred products
Bakery and confectionery products
Bakery products
Confectionery
Canning fruits, vegetables, and seafoods (included in
No. 52 for 1926)
Meat products
Grain mill products, except cereal preparations
Cereal preparations (included in No. 52 for 1926-37).
Dairy products (included in No. 52 for 1926-37)
Sugar
Other food products (includes No. 54 for 1926)
Food and kindled products not allocable (included in
No. 52 for 1926-37)
Beverages
Soft drinks, wine, cereal beverages, mineral water,
brewing arid distilling
Soft drinks, cider or mineral water, etc
Liquors— Wines, beer, malt extract, malt yeast,
alcohol
Malt (breweries) and malt products
Distilleries, rectifiers, blenders
Wine
Nonalcoholic beverages
Beverages not allocable ; included in No. 61 for
1948-51; 53-54)
Tobacco manufactures
Cigars
Other tobacco manufactures
Textile-mil! products (excludes No. 67 for 1941-47)..
Cotton manufactures
Woolen and worsted manufactures, including dyeing and
finishing (includes wool carpets for 1926)
Silk manufactures (includes rayon goods for 1926-37).
Years for which
data available in-
Major group
tables
1926-51; 53-54
1938-51; 53-54
1938-51 ; 53-54
1938-51; 53-54
1938
1926-51; 53-54
1938-51; 53-54
1938-51; 53-54
1938-51;53-54
1938-51;53-54
1936-51; 53-54
1938-47
1926-51; 53-54
1926-51 ; 53-54
1926-30
1931-32
1933-51; 53-54
1933-51; 53-54
1931-51; 53-54
1926-51; 53-54
1941-47
Minor group
tables
1926-37
1938-51; 53-54
1938-47
1938-47
1938-47
1948-51; 53-54
1938-51:53-54
1938-47
1926-27
1928-37
1926-51; 53-54
1938-51; 53-54
1926-37
1938-51; 53-54
1938-51;53-54
1938-47
1926-37
1926-37
1938-47
1948-51;53-54
1948-51; 53-54
1948-51; 53-54
1938-51;53-54
1938-51; 53-54
1926-37
1938-51; 53-54
1938-51; 53-54
1927-51; 53-54
1926-51;53-54
1926-51; 53-54
1938-51:53-54
1938-51:53-54
1926-51; 53-54
1926-51; 53-54
1938-51:53-54
1927-32
1933-37
1933-37
1938-51;53-54
1938-51:53-54
1938-51;53-54
1938-51;53-54
1938-47
1926-3C
1948-51:53-54
1948-51;53-54
1926-47
1926-40
Industrial group
Rayon and other synthetic textile-mill manufactures.
Rayon and silk manufactures
Yam and thread (cotton, wool, silk, and synthetic
fiber)
flroadwoven fabrics (woolen and worsted)
Broadwoven fabrics (cotton)
Narrow fabrics and other smallwares (cotton, wool,
silk, and synthetic fiber)
Knit goods
Hats, except cloth and millinery (included in No. 84
for 1926-37)
Carpets and other floor coverings (wool carpets in-
cluded in No. 68 for 1926)
Dyeing and finishing textiles, except woolen and
worsted
Eyeing and finishing textiles, except knit goods....
Textiles not elsewhere classified — Cord, felt, fur,
hospital and surgical supplies, linen, other tex-
tiles, etc
Other textile-mill products
Textile-mill products not allocable
Apparel and products made from fabrics
Men's clothing
Women's clothing
Fur goods
Millinery
Other apparel and products made from fabrics
Other apparel and accessories
Other fabricated textile products
Apparel and products made from fabrics not allocable
Lumber and wood products (Forest products)
Sawmill and planing mill products
Other wood products — Carriages, wagons, furniture,
baskets , etc
Lumber and wood (timber basic) products, except
furniture
Logging (camps) and sawmills
Planing mills
Logging camps, logging contractors, sawmills, and
planing mills
Millwork, plywood, and prefabricated wood products..
Wooden containers (Furniture and finished lumber
products for 1938-47)
Lumber and timber basic products not allocable
Other wood products
Furniture and fixtures (finished liimber products)
(See No. 93 for 1926-37)
Furniture (wood and metal) — Household, office, pub-
lic building, and professional
Partitions, shelving, lockers; and office and store
fixtures
Matches (included in No. 267 for 1948-51; 53-54)
Window and door screens, shades and Venetian blinds
(included in No. 109 for 1938-47)
Other finished lumber products; cork products
Other furniture and fixtures
Furniture and finished lumber products not allocable
(included inNo. 110 for 1948-51;53-54)
Paper and allied products
Pulp, paper, and paperboard
Pulp goods and converted paper products
Paper bags and paperboard containers and boxes...
Pulp goods and other converted paper products....
Paper and products not allocable (included in No.
116 for i948-51;53-54)
Printing, publishing, and allied industries
Newspapers
Periodicals
Books
Books and music
Commercial printing, including lithographing....
Other printing and publishing
Printing, publishing, and allied industries not
allocable
Oiemica] s and allied products
Industrial chemicals
Chemicals proper, acids, compounds, etc
Industrial inorganic chemicals
Industrial organic chemicals, including plastic
materials, synthetic rubber, and synthetic fibers.
Allied chemical substances — Drugs, oils, paints,
soaps, and other chemical substances not elsewhere
classified
Paints, varnishes, lacquers, etc
Soap and glycerin
Drugs, toilet preparations, etc
Drugs and medicines
Perfumes, cosmetics, and other toilet preparations..
Oils and fats, animal and vegetable, except edible
cooking oils
Rayon (raw material) and allied products (included
in Ho. 130 for 1948-51;53-54)
Fertilizers
Plastic materials (included in No. 130 for 1948-51;
53-54)
Other chemical products
Chemicals and allied products not allocable
Chemical products (except Petroleum and mineral oil
refining)
Years for which
data available in-
Major group
tables
1936- 51; 53-
1938-51:53-54
1926-51; 53-
1926-51;53-
Minor group
tables
1938-40
1941-47
1948-51;53-54
1948-51; 53-54
1948-51; 53-54
1948-51; 53-54
1926-51; 53-54
1938-51 ; 53-54
1927-51;53-54
1938-47
1948-51;53-54
1926-37
1938-51; 53-54
1938-51;53-54
1926-35
■51; 53-54
■51; 53-54
•51; 53-54
-51:53-54
1938-47
■51; 53-54
-51; 53-54
-51; 53-54
1938.
1938'
1938.
1938-
1948
1948'
1938
1926-37
1926-37
1938-47
1938-47
1948-51; 53-54
1948-51; 53-54
1938-51; 53-54
1938-39
1948-51; 53-54
1938-51; 53-54
1938-
1948-
1948-
51; 53-54
1938-47
51; 53-54
1938-47
51; 53-54
1938-51:53-54
1938-47
1948-51:53-54
1948-51:53-54
1938-47
1938-51;53-54
1938-51; 53-54
1938-39
, 1948-51;53-54
1940-47
1938-51;53-54
1938-51; 53-54
1938-51;53-54
1938-47
1927-37
1948-51:53-54
1948-51;53-54
1927-37
1934-51;53-54
1938-51; 53-54
1938-47
1948-51;53-54
1948-51; 53-54
1938-51 ; 53-54
1938-47
1927-51; 53-54
1938-47
1938-51; 53-54
1938-51:53-54
178
SOURCE BOOK, 1926-1951, 1953-1954
Chart U.— INDUSTRIAL GROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCE BOOK OF STATISTICS OF INCOME, FOR THE YEARS 1926-51, 1953-54; YEARS FOR WHICH DATA
ARE AVAILABLE IN MAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINOR GROUP TABLES— Continued
[For list of items available, see chart I)
146
U9
150
151
152
154
155
156
157
158
159
160
161
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
180
181
182
185
186
187
183
190
191
192
193
194
195
196
197
198
200
201
202
203
204
206
207
Industrial group
Petroleum and coal products
Petroleum and other mineral oil products
Petroleum refining
Other petroleum and coal products
Petroleum and coal products not allocable ( included
in No. 147 for 1948- 51; 53- 54)
Rubber products
Tires (auto) and (inner) tubes
Other rubber products
Bone, celluloid, and ivory products (included in No.
151 for 1926; bone and ivory products in No. 266 for
1938-49; celluloid in No. 140 for 1938-47, and No.
130 for 1948-51;53-54)
Rubber products not allocable (included in No. 151 for
1926-37, and 1940-51; 53-54)
Stone, clsy. and glass products
Cut-Stone and stone products
Structural clay products
Pottery and related products
Glass and glass products
Cement (hydraulic)
Concrete , gypsum, and plaster products
Abrasives, asbestos, and other nonmetallic mineral
products
Stone, clay, and glass products not allocable (in-
cluded in No. 161 for 1948-51;53-54}
Leather and products
Footwear, except rubber
Leather, tanned, curried, and finished (included in
No . 166 for 1926-37)
Other leather products
Leather and products not allocable (included in No.
166 for 1926-37, 1948-51; 53-54)
Metal nanufacture (products and processes)
Iron, steel , and products
Primary metal industries
Blast furnaces, steelworks, and rolling mills (in-
cludes foundries for 1926-37, for locomotives, see
No. 237)
Metal building material and supplies {equipment}
Fabricated structural metal products
Heating apparatus, except electrical and plumbers'
supplies
Tin cans and other tinware
Hardware, tools, etc
Handtools and general hardware
Cutlery, handtools, and general hardware
(Nos. 173, 174, 175, and 178 tabulated under "Fabri-
cated metal products, except ordnance, machinery,
and transportation equipment" for 1948-51;53-54) .
Firearms, guns, howitzers, mortars, and related equip-
ment (see No. 252 for 1948-51; 53-54)
Ammunition (see No. 253 for 1948-51;53-54)
Tanks (included in No. 254 for 1948-51;53-54)
Sighting and fire-control equipment (except optical)
(included in No. 254 for 1948-51;53-54)
Ordnance and accessories not elsewhere classified {in-
cluded in No. 254 for 1948-51;53-54)
Iron and steel foundries (included in No. 185 for
1938-47)
Other iron, steel, and products
Other primary metal industries
Iron, steel, and products not allocable
Primary metal industries not allocable
Fabricated metal products, except ordnance, machinery,
and transportation equipment
Metal stamping, coating, and engraving
Lighting fixtures
Fabricated wire products
Other fabricated metal products
Fabricated metal products not allocable
Metal and metal products, other than iron and steel;
refining of precious metals, manufacturing Jewelry,
etc
Precious metal products and processes. Jewelry, etc. .. .
Clocks and watches (see No. 257 for 1948-51;53-54)
Jewelry (except costume), silverware, plated ware (see
No. 264 for 1948-51;53-54) (Silverware and plated
ware included in No. 204 for 1938-39; No. 196 for
1927-37; No . 195 for 1926)
Other metal products and processes; combinations of
foundry and machine shops
Nonferrous metals and their products
NonferrouB metal basic products
Smelting, refining, rolling, drawing, and alloying of
nonferrous metals (Primary metal industries)
Nonferrous foundries (Primary metal industries)
Other manufactures of nonferrous metals and their
alloye
Nonferrous metals and their products not allocable....
Electrical machinery and equipment (Metal manufactur-
ing, 1926-37)
Electrical generating, tranamiseion, distribution, and
industrial apparatus (Wire and cable in No. 217 for
1938-39)
Electrical equipment for motor vehicles, aircraft, and
railway locomotives and cars
Years for which
data available in —
Major group
Minor group
tables
tables
1938-51;53-54
209
1936-37
1926-35
210
1938-51; 53-54
211
1938-51; 53-54
212
1938-47
213
214
1926-51:53-54
1926-51;53-54
215
1926-51; 53-54
216
217
218
1927-37
219
220
1938-39
221
1926-51; 53-54
1938-51;53-54
222
1938-51;53-54
223
1938-51; 53-54
224
1938-51; 53-54
225
1938-51;53-54
1938-51; 53-54
226
227
1938-51;53-54
228
229
1938-47
230
231
1926-51; 53-54
1926- 51; 53-54
1938-51;53-54
1926-51;53-54
1938-47
232
233
234
235
1926-37
1938-47
1948-51; 53-54
236
237
1926-51; 53-54
238
1926-37
1938-51;53-54
239
240
1938-51; 53-54
241
1938-51; 53-54
242
1927-37
243
1938-39
244
1940-51; 53-54
245
246
1942-47
247
1942-47
1942-47
248
249
1942-47
250
1942-47
1948-51; 53-54
251
1938-47
252
1948-51;53-54
1938-47
253
1948-51;53-54
254
1948-51;53-54
1948-51;53-54
255
1948-51; 53-54
256
1948-51; 53-54
1948-51;53-54
257
1948-51; 53-54
258
1926
1927-37
259
1938-47
260
261
262
1938-47
263
1927-37
264
1938-47
1938-47
194a-51;53-54
265
266
1948-51; 53-54
267
1938-47
1938-47
268
1938-51; 53-54
1926-37
1938-51; 53-54
269
270
271
1938-51:53-54
272
Industrial group
Radios, complete or parts (All other manufacturing).
Radio apparatus and phonographs
Communication equipment and phonographs
Radio, radar, and television equipment (except radio
tubes) , and phonographs
Other communication equipment and related products..
Electrical (household) appliances
Insulated wire and cable (included in No. 207 for
1940-47)
Electric lamps (included in No. 217 for 1938-39; No.
218 for 1940-47)
Other electrical machinery
Other electrical machinery and equipment
Other electrical products, including batteries
Electrical machinery and equipment not allocable....
Machinery, except transportation equipment and elec-
trical
Special industry machinery
General industry machinery
Metalworking machinery, including machine tools
Engines and turbines, except automotive, aircraft,
and railway
Construction and mining machinery
Agricultural machinery and tractors
Office equipment, etc., (included in No. 234 for 1926)
Office and store machines
Household machinery and equipment
Household and service-industry machines
Other machinei*y parts and machine shops (included in
No . 223 for 1938-47)
Factory machinery — Food production machinery,
leather, metal, paper, printing, textile, and
woodworking machinery
Miscellaneous machinery — Building, construction,
gas , mining machinery and equipment
Machinery, except transportation equipment and elec-
trical, not allocable
Transportation equifxnent, except motor vehicles ....
Railroad equipment, including locomotives and
streetcars
Airplanes (included in No. 258 for 1926; No. 260 for
1927)
Aircraft and parts, including aircraft engines
Shipbuilding (included in No. 32 for 1926)
Ship and boatbuilding and repairing
Motorcycles, bicycles, and parts
Other transportation equipment, except motor vehicles
Transportation equipment, except automobiles, not
allocable
Motor vehicles arxi equipment, except electrical
Motor vehicles, including bodies and truck trailers
(for tanks, see No. 181 for 1942-47)
Automobile accessories and parts, other than elec-
trical
Trailers for passenger cars
Motor vehicles (automobile) parts and accessories,
and passenger trailers
Automobiles and equipment, except electrical, not
allocable (Included in No. 249 for 1948-51;53-54) .
Ordnance and accessories
Guns, howitzers, mortars, and related equipment, in-
cluding small arms {see No. 179 for 1942-47)
Small arms ammunition (see No. 180 for 1942-47)
Other ordnance and accessories (see Nos. 180-183 for
1942-47)
Scienti fie instruments; photographic equipment;
watches, clocks
Professional, scientific, and controlling instru-
ments, including photographic and optical goods...
Watches, clocks, and clockwork-operated devices (see
No. 197 for 1938-47)
All other manufacturing — Airplanes, optical products,
musical instruments, metal processes, etc
Miscellaneous manufacturing
Airplanes, musical instruments, optical goods, ca-
noes, manufacturing not elsewhere specified
Musical instruments, optical goods, canoes, etc
Other manufacturing
Ice, natural or manufactured (included in No. 52 for
1926-37; 1940-51; 53-54)
Jewelry (precious metal), silverware, plated ware
{ see No . 198 for 1940-47)
Costume Jewelry, except precious metal (included in
No . 262 for 1938-47)
Fabricated plastic products, except plastic mate-
rials {Included in No. 262 for 1938-47)
Manufacturing not elsewhere classified (included in
No . 262 for 1940-47)
Manufacturing not allocable (included in No. 267 for
1948-51; 53-54)
Public utilities (Transportation and other public
utilities)
Transportation and related activities (subgroup
total, 1927-37) .
Transportation
Steam railroads
Years for which
data available in-
Major group
tables
1938-51;5J-54
1938-51; 53-54
Minor group
tables
1927-37
1938-39
1940-47
1948-51;53-54
1948-51;53-54
193a-51;53-54
1948-51 ; 53-54
1948-51;53-54
1938-39
1940-47
1948-51; 53-54
1938-51; 53-54
1938-51; 53-54
1938-51; 53-54
1938-51; 53-54
1938-51; 53-54
1938-51;53-54
1926-51; 53-54
1927-37
1938-51;53-54
1926-37
1938-51; 53-54
1948-51; 53-54
1926-37
1926-37
1938-51; 53-54
1926-51; 53-54
1928-51:53-54
1927-51 ; 53-54
1938-51:53-54
1933-51:53-54
1938-47
1936-51:53-54
1926-35
1938-51:53-54
1938-39
1938-39
1940-51:53-54
1938-47
1948-51;53-54
1948-51:53-54
1948-51;53-54
1948-51;53-54
1948-51:53-54
1948-51;53-54
1948-51:53-54
1926
1927-37
:::
1938-51:53-54
1927
1928-37
1938-39
1948-51:53-54
1948-51:53-54
1948-51;53-54
( 1938-39
\ 1948-51; 53-54
1938-47
1926-51:53-54
1938-51; 53-54
1926-37
SOURCE BOOK, 1926-1951, 1953-1954
179
Chart n.'fSDVSrmAL GROUPS FOR wmCH DATA FROM CORPORATION RETURNS ARE SUOWN IN THE SOVRCK BOOK OF STATISTICS OF INCOME, FOR THE YEARS 19^6-61. 1953-54: YEARS FOR WHICH DATA
ARK AVAILABLE IN kf.iJOH GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINOR GROUP TABLES— Continued
(For list of items available, see chart Ij
Industrial group
Railroads, switching* terminal, sleeping and dining
car companies (passenger car service companies)
Railroads, railway express
Railway express (included in No. 27^ for 19^-51;53-
W)
Electric railways, all other railroads; pullman cars;
refrigerator, stocjc, poultry and fruit cars; les-
sors
Urban, suburban, and interurban railways, with or
without buses
Local transportation, taxicab, and sightseeing buses,
drayage and delivery service; special feed storage
and packers, garages, etc
Autobus lines, taxicabs, and sightseeing companies....
Buslines, interstate and interurban
Taxicab companies (included in No. 283 for 1948-51; 53-
54)
Other highway passenger transportation
Other motor vehicle transportation, including taxicabs
and buses
Cartage and storage — Food storage; packing and ship-
ping; local transportation and related industries
not elsewhere classified (specified)
Trucking, interstate and interurban
Trucking, local; and warehousing
Trucking and wareho'osing
Air (aerial) transportation (and allied services,
1938-51:53-54) (included in No. 307 for 1926)
Pipelines (pipeline transportation) (included in No.
307 for 1926; No. 309 for 1927-33)
Water transportation
Other transportation and allied services
Services incidental to transportation
Transportation not allocable (included in No. 294 for
1948-51; 53-54)
Other transportation
Comnunication
Telephone, telegraph, and radio companies
Telephone and telegraph companies
Telephone (wire or radio)
Telegraph (wire and radio)
Radio broadcasting and television (includes television
for 1940 and subsequent years)
Other communication
Other public utilities (subgroup total, 1927-37)
Electric and gas utilities
Electric light and power
Electric light and power companies and combined elec-
tric light and gas companies
Gas distribution and manufacture
All other public utilities, aerial transportation,
waterworks, irrigation systems, pipelines, pneumatic
tube systems, toll bridges, etc
Water (companies) supply
All other public utilities — Terminal stations, toll
bridges, and toll roads, irrigation systems, etc....
Public utilities not elsewhere classified
Other public utilities not allocable (included in No.
310 for 1948-51; 53-54)
Trade
Wholesale
Commission merchants (included in No. 313 for 1938-39)
Other wholesalers
Food ( stores) , wholesale
Alcoholic beverages , wholesale
Apparel and dry goods , wholesale
Chemicals , paints , and drugs , wholesale
Hardware, electrical goods, plumbing and heating
equipment, wholesale
Lumber, millwork, and construction materials, whole-
sale
Machinery and equipment, wholesale (included in No.
324 for 1940-47)
Farm products (raw materials), wholesale (included in
No. 324 for 1940-47)
Wholesalers not elsewhere classified
Wholesalers not allocable
Retflil
General merchandise, department, dry goods, retail
General merchandise , retail
Department stores
Other general merchandise (included in No. 327 for
1938-47)
(Limited-price) variety stores, retail
Uail-order houses
Food (stores), retail
(Package) liquor stores, retail
Drug stores, retail
Apparel and accessories, retail
Furniture and housefumishings, retail
Eating and drinking places (including restaurants)
(Restaurants included in No. 443 for 1926-37)
Automotive dealers, retail
Automotive dealers and filling stations, retail
Automobiles and trucks , retail
Parts, accessories, tires, batteries, retail
Dealers in automobiles, etc., not allocable
Years for which
data available in —
Major group
Minor group
tables
tables
344
1938-47
345
1948-51;53-54
1938-47
346
347
348
1926-37
349
350
1938-51:53-54
351
352
1926
353
1927-37
1938-39
354
1938-47
1940-47
355
1948-51;53-54
356
1927-37
1938-39
357
1938-39
358
1940-51;53-54
359
1927-51:53-54
360
361
1934-51:53-54
i6?
1926-51:53-54
1938-39
363
1940-51:53-54
364
365
1938-47
1948-51:53-54
366
367
1938-51; 53-54
1926
368
1927-37
169
1938-51:53-54
1938-51:53-54
370
371
1927-51:53-54
1933-51:53-54
372
373
1938-51 ; 53-5i
374
1948-51;53-5A
1926
375
1927-51:53-54
376
1926-51:53-54
377
378
1926
379
1927-51:53-54
380
331
1927-37
1938-51:53-54
382
1938-47
333
384
1926-51; 53-54
385
336
1938-51; 53-54
1926-37
387
1940-51; 53-54
1926-37
1940-51;53-54
383
1940-51:53-54
389
1940-51:53-54
1940-51:53-54
...
1940-51:53-54
390
1940-51:53-54
1940-51:53-54
391
39?
1948-51:53-54
393
394
1948-51:53-54
395
1940-51:53-54
396
1940-51:53-54
397
398
1938-51;53-54
1926-37
399
1938-39
1940-47
400
1940-51;53-54
1948-51:53-54
401
1948-51:53-54
402
1938-39
1940-51:53-54
1938-39
1940-51:53-54
403
1933-51; 53-54
1938-47
1948-51:53-54
1938-51; 53-54
404
1938-51; 53-54
405
1938-51; 53-54
1938-51; 53-54
1938-47
1948-51; 53-54
1933-51:53-54
406
1938-51:53-54
407
1938-39
Industrial group
Filling stations
Building materials, fuel and ice (Lumber and coal
yards, 1938-39) ("Fuel and ice" included in No. 349
for 1938-39 and 1948-51 ; 53-54)
Build ing materials and hardware
Hardware (and farm equipment) , retail
Lumber and building materials
Other retail trade
Other retail stores (included in No. 349 for 1938-47)
Retail stores not allocable
Jewelry stores (included in No. 329 for 1926-27; No.
349 for 1938-47; No. 350 for 1948)
Wholesale and retail trade
All other trade, auto wreckers, film exchanges, pneu-
matic tubes, trading stamps, garages for storage,
repair service , etc
Trade not al locabl e
Finance, insurance, real estate, and lessors of real
property (excludes lessors of real property prior
to 1938) ,
Finance (subgroup total, 1940-51 ; 53-54) .
Banking and related industries (subgroup total, 1927-
37).
National banks
Banks and trust companies
State and private banks
State and private banks, savings banks, loan and
trust companies
Bank and trust companies, savings banks
Joint stock land banks
Banks and trust companies other than mutual savings
Danks
Mutual savings banks
Financing companies — Automobiles, furniture, radios,
pianos, etc. (included in No. 405 for 1930-37)
Commercial credit and finance companies
Industrial and personal loan companies
Short-term credit agencies, except banks
Sales finance and industrial credit (installment
sales finance companies in No. 373 for 1948-51;53-54) .
Personal credit
Personal credit agencies (see No. 371)
Other short-term credit agencies
Short-term credit agencies, except banks, not allo-
cable
Long-term credit agencies, mortgage companies, except
banks (Mortgage and title companies, 1938-39)
Credit agencies other than banks
Business credit agencies
Other credit agencies
Credit agencies and finance not allocable
Savings and loan, building and loan associations
Investment trusts, stock S5mdiCBtes, stock pools,
holding companies, etc
Investment trusts and investment companies
Holding and other Investment companies
Management type
Fixed or semifixed type
Installment investment plans and guaranteed face
amount certificates
Mineral, oil, and gas royalty companies
Investment trusts and investment companies not allo-
cable
Holding companies, real estate, patents, investments,
concessions, etc. (Holding companies included in
No. 419 for 1927-29; No. 405 for 1930-33; No. 382
for 1934-37)
Holding companies
Operating holding companies
Railroad securities
Other public utilities securities
Industrial securities
Bank securities
Other specified securities
Securities not specified
Other corporations holding securities
Other investment companies, including holding com-
panies
Other Investment and holding companies
Stock and bond brokers (Includes investment bankers
for 1927-29)
Stock and bond brokers, investment brokers, invest-
ment bankers ( includes investment trusts for 1930-
33; see No. 382)
Security and commodity-exchange brokers and dealers..
Loan companies {Other finance) — Building and loan as-
sociations; mortgage, note, or pawnbrokers; holding
companies (1930-33); insurance agents, promoters;
foreign exchange; financing sales of automobiles,
etc. (see No. 367 for 1926-29) (includes stock
syndicates for 1926-33; see No. 382)
Other finance companies
Finance not allocable (Included in No. 380 for 1948-
51;53-54)
Years for which
data available In —
Major group
tables
1938-47
1948-51;53-54
1938-47
1938-51;53-54
1938-47
1938-51 ; 53-54
1926-51; 53-54
1938-51; 53-54
1938-39
1938-39
1938-47
1948- 51; 53-54
1938-47
1948-51;53-54
1938-47
1940-47
Minor group
tables
1948-51; 53-54
1946-51; 53-54
1948-51; 53-54
1948-51; 53-54
1948-51; 53-54
1949-51;53-54
1927-37
1926-37
1926
1927-37
1926
1928-37
1953-54
1953-54
1940-47
1940-47
1948-51553-54
1940-47
1940-47
1948-51; 53-54
1948-51;53-54
1948-51; 53-54
1953-54
1938-47
1938-47
1938-47
1938-47
1926-28
1938-39
1940-47
1940- 51; 53- 54
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
1940-47
1948
51:53-54
1926-29
1930-37
1938-51:53-54
180
SOURCE BOOK, 1926-1951, 1953-1954
'INDUSTRIAL GROUPS FOR WHICH DATA FROM CORPORATION RKTURNS ARK SHOWN IN THE SOURCE BOOK OF STATISTICS OF INCOME. FOR THE YEARS 192e-61,
ARE AVAILABLE IN MAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN kflSOR GROUP TABLES— Continued
[For list of items available, see chart I]
19B3-M-. YEARS FOR WHICH DATA
40S
409
ilO
411
412
413
414
415
416
418
419
420
421
422
423
424
425
426
427
428
429
430
432
433
434
435
436
437
438
Industrial group
Insurance companies {subgroup total, 1927-37).
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Life insurance companies (mutual or stock)
Insurance companies, except life
Mutual insurance companies, except life
Mutual insurance companies, except life or marine..
Mutual insurance, except life or marine or fire in-
surance companies issuing perpetual policies
Other insurance carriers
Real estate (included in No. 390 for 1926),
Real estate and realty holding companies — Realty de-
velopment, holding or leasing; realty trusts, etc..
Real estate, except lessors of real property other
than buildings
Dealers and development companies, lessors of build-
ings, lessee and owner operators of. buildings
Real estate agents , brokers, and managers
Owner operators and lessors of buildings
Real estate operators, including lessors of buildings
Lessee operators of buildings
Owners for improvement
Trading for own account
Developers of real property, including traders on own
account
Title abstract companies
Real estate, including lessors of buildings not allo-
cable (included in No. 431 for 1948-51; 53-54)
Other real estate, except lessors of real property
other than buildings
Lessors of real property, except buildings
Agricultural, forest, and similar properties
Mining, oil, and similar properties
Railroad property
Public-utility property
Other real property, except buildings
Lessors of real property, except buildings, not allo-
cable (included in No. 437 for 1948-51;53-54)
Finance, insurance, real estate, and lessors of real
property not allocable
Services.
441 Hotels and other lodging place
Years for which
data available In-
Major group
tables
1938-51;53-54
1940-51; 53-54
1940-51;53-54
1938-51; 53-54
1938-51;53-54
1938-39
1926-51; 53-54
1940-51; 53-54
Minor group
tables
1938-39
1926-51;53-54
1926-39
1940-41
1942
1943-51; 53-54
1940-51; 53-54
1938-39
1938-51; 53-54
1940-47
1943-51; 53-54
1940-47
1940-47
1940-47
1948-51;53-54
1940-51; 53-54
1948-51;53-54
1938-51; 53-54
1938-51; 53-54
1938-51;53-54
1938-51; 53-54
1938-51; 53-54
1938-47
Industrial group
Personal services
Domestic service — Laundries, hotels, restaurants,
operating apartments or office buildings, etc.
(Restaurants Included in No. 338 for 1938-51;53-54).
Laundries, cleaners, and dyers
Photographic studios (Including commercial photo-
graphy)
Other personal services
Personal services not allocable (included in No. 446
for 1948-51 ; 53-54)
Business services — Detective bureaus, trade shows,
mimeographing, publishing directories, etc. (in-
cludes electrical advertising)
Business services
Advertising
Other business services
Business services not allocable (included in No. 451
for 1948-51; 53-54)
Automotive repair services and garages(see No. 354).
Miscellaneous repair services, hand trades
Amusements
Amusement, except motion pictures
Theaters, motion pictures, all other amusements, etc.
Theaters, legitimate, vaudeville, etc
Other amusements — Circuses, golf links, racetracks,
pleasure resorts , etc
Amusement not allocable
Motion pictures (production and theaters)
Motion picture producers
Motion picture theaters
Other services not elsewhere specified — Auto camps,
cemeteries, boards of trade, newspaper syndicates,
photographers, concessionaires — amusement, cloak-
rooms , etc
Other services, including schools 1938-51; 53-54
Professional services — Curative, educational, engi-
neering, legal, etc. (included in No. 465 for
1938-51; 53-54) ,
Services not allocable (included in No. 465 for
1948-51 ; 53-54 ) ,
Nature of business not allocable (not given) 1926-51;53-54
Years for which
data available in —
Major group
tables
1938-51; 53-54
1938-51;53-54
1938-51; 53-54
1940-51; 53-54
1938-39
1940-51,53-54
Minor group
tables
1926-37
1938-51; 53-54
1938-51;53-54
1938-51; 53-54
1938-51;53-54
1938-51; 53-54
1926
1927-37
1927-39
1938-39
1927- 51; 53-
1927-51;53-
i
6. Synopsis of
Federal Tax Laws,
1945-54
SYNOPSIS OF FEDERAL TAX LAWS, 1945-54
Affecting the Comparability of Historical Data in Statistics of Income
Page
Corporation income and profits tax returns:
A. Tax rates 183
B. Capital gain and loss provisions 185
C. Consolidated returns — provisions for filing and tax rates... 186
182
SYNOPSIS OF LAWS, 1945-1954
183
Table A,— T-\\ RATES UNDKR CORPORATION INCOME AND PROFITS TAX LAW. 1045-54'
Federal tax law:^
Revenue Acts amending Code
(date of enactment)
ill
Internal Revenue Code of 195A
(Aug. 16, 1954).
{Internal Revenue Code of 1939
as amended • )
Revenue Act of 1951 (Oct. 20,
1951) .
Revenue Act of 1950 (Sept. 23
1950).
Excess Profits Tax Act of 1950
(Jan. 3, 1951).
Revenue Act of 1951, excess
profits tax provisions only
(Oct. 20, 1951).
Income
yeap^
Tax base by type of tax*
(3)
Income tax:
Normal tax:
Taxable income, entire amount ■
Surtax:
Taxable income before deduction of partially tax-exempt interest:
$25,000 or less
Excess over $25,000
Consolidated return (additional tax):
Consolidated taxable income before deduction of partially tax-exempt interest (entire amount)...
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss:
Taxable years beginning before Apr. 1, 1954
Taxable years beginning on or after Apr. 1, 1954
All other taxable income
Income tax:
Normal tax:
Normal-tax net income, entire amount
Surtax:
Surtax net income:
$25,000 or less
Excess over $25,000
Consolidated return (additional tax):
Surtax net income, entire amount
Alternative tax:
Net long- term capital gain in excess of net short-term capital loss
All other normal-tax net income and surtax net income
Excess profits tax;
Adjusted excess profits net income, entire amount (terminated Dec. 31, 1953*)
Calendar years;
Income tax:
Normal tax:
Normal-tax net income, entire amount
Surtax:
Surtax net income:
$25,000 or less
Excess over $25,000 ^
Consolidated return (additional tax):
Surtax net income , entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
All other normal- tax net income and surtax net income
Excess profits tax:
Adjusted excess profits net income, entire amount
Other tax years beginning in 1951:'
Period ending Mar. 31. 1951:
Tax bases and rates same as income year 1950 period beginning July 1, 1950, and ending Mar. 31, 1951
Period beginning Apr. I. 1951:
Income tax:
Normal tax:
Normal-tax net income, entire amount
Surtax;
Surtax net income;
$25, 000 or less
Excess over $25,000
Consolidated return (additional tax):
Surtax net income, entire aiDount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss:
Taxable year beginning before J^r. 1, 1951
Taxable year beginning after Mar. 31, 1951
All other normal-tax net income and surtax net income
Excess profits tax:
Adjusted excess profits net income, entire amount
Calendar years:
Income tax:
Normal tax;
Normal-tax net income, entire amount
Sm"tax:
Surtax net income:
$25,000 or less
Excess over $25,000
Consolidated return (additional tax):
Surtax net income, entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
All other normal-tax net income and surtax net income
Excess profits tax (effective July 1, 1950):'
Adjusted excess profits net income, entire aiDount
Tax rate'
(percent)
(O
(30,22, and 2 as immedi-
ately above.)
(30,22, and 2 as immedi-
ately above.)
28 3A
25
(2S 3/4,22, and2as imme-
diately above. )
*30
(30,22, and 2 as immedi-
ately above.)
*30
(23,19, and 2 as immedi-
ately above.)
630
For footnotes, see p. 187.
184
SYNOPSIS OF LAWS, 1945-1954
Table A.— TAX RATES UNDFR CORPORATION INCOME AND PROFITS TAX LAH, 1945-54'— Continued
Federal tax law:''
Revenue Acts amending Code
(date of enactment)
ill
Income
year^
.Ml
Tax base by type of tax*
(3)
Other tax years beginning in 1950:''
Period ending June 30. 1950:
Tax bases and rates same as income year 1949,
Period beginning July 1. 1950. and ending Mar. 31. 1951:
Income tax:
Normal tax:
Normal-tax net income, entire amount
Surtax:
Surtax net income:
$25,000 or less
Excess over $25,000:
Taxable year beginning before July 1, 1950
Taxable year beginning after June 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 Mar. 31. 1951:
Tax bases and rates same as income year 1951 period beginning Apr. 1, 1951, except surtax rate which is the
same as that shown immediately above.
Income tax:
Normal tax;
Tax base and rates same as income year 19<V5.
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- terra capital loss
All other normal-tax net income and surtax net income
Income tax:
Normal tax:
Domestic corporations;
Normal-tax net income in total amount:
Not over $50,000—
First $5,000
Next $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-terra 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 -
Tax rate'
(percent)
Revenue Act of 1945 (Nov.
1945).
"1949
1948
1947
1946
Revenue Act of 1943 (Feb. 25,
1944).
(25,20,22, and 2 as imme-
diately above. )
6
22
14 of entire surtax net
income.
(6,22,14, and 2 as immedi-
ately above. )
19
31
24 of entire normal-tax
net income .
10
22
16 of entire surtax net
income .
(Same rates as immedi-
ately above.)
695
6.6
13. :■
For footnotes, see p. 187.
SYNOPSIS OF LAWS, 1945-1954
185
Table B.— PROVISIONS PFRTAINING TO CAPITAL GAINS AND LOSSES UNDER CORPORATION INCOME AND PROFITS TAX LA^*, 1946-54'
Federal tax law:^
Revenue Acts
amending Code
(date of enactment)
(1)
Income
year'
(2)
Definition of capital assets and period held
(3)
Treatment of net capital gain"^'
(1)
Treatment of net capital losa^
(5)
Internal Revenue Cede
of 195'i{Aug. 16, 195i).
(Internal Revenue Code
of 1939 as amended . )
Revenue Act of 1951
(Oct. 20, 1951).
Revenue Act of 1950
(Sept. 23, 1950).
Revenue Act of 1943
(Feb. 25, 194^).
(1) All property, whether or not connected with trade or busi-
ness, except."
(a) Slock in trade or other property which would properly
be Included in inventory, or property held primarily
for sale to customers in the ordinary course of trade
or business.
(b) Property used in trade or business of a character which
is subject to allowance for depreciation.
(c) Real property used in trade or business.
(d) Accounts and notes receivable acquired in the ordinary
course of trade or business for services rendered or
from sale of property includible in inventory or or-
dinarily held for sale.
(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 one year from date
of issue.
(f) Certain copyrights, literary, musical, or artistic
compositions, or similar properties (but not a patent
or invention ).^^
\2) Gains and losses are considered as from capital assets, under
certain conditions, 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.^*
(f) Worthless stocks and other securities.
(g) Cancellation of leases or certain distributors' agree-
ments .
\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 deduc-
tion (sec. 168) is applicable.
(b) Net loss from sales or exchanges of certain bonds, etc.,
by banks .
(c) 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
corporation.
(e) Certain sales or exchanges of depreciable property of a
controlled corporation.^'
1,4) Short-term capital gains and losses are those from capital
assets held 6 months or less; long-term gains and losses are
from capital assets held over 6 months.
Same as 1954, except:
1(d) and 2(g) were not applicable.
Same as 1954, except:
1(d), 1(f), 2(e), 2(g), and 3(e) are not applicable.
3(a) and 3(d) are applicable after Dec. 31, 1949, with respect
to taxable years ending thereafter.
Included in taxable income and taxed at
rejfuiar rates unless the net long-term
capital gain exceeds the net short-term
capital loss in which case the alternO'
tive tax may be used if It is less than
the regular tax. The alternative tax
is the sum of (1) the regular tax on
taxable Income reduced by the amount of
the excess of net long-term capital
gain over net short-term capital loss
and (2) 26 percent of such excess for
taxable years beginning before Apr. 1,
1954, or 25 percent of such excess for
taxable years beginning on or after
Apr. 1, 1954.
Same as 1954, exc^t that tax on excess
of net long-term capital gain over net
short-term capital loss was 25 percent
for taxable years begin ning before
Apr. 1, 1951, and net capital gain was
excluded from the excess profits net
income for taxable years ended after
June 30, 1950.
Same as 1954, except that for 1945 the
excess of net long-term capital gain
over net short-term capital loss was
excluded from net income for declared
value excess-profits tax and long-term
gain was excluded from excess profits
net income . The treatment for income
tax purposes was not affected by these
changes .
Carried forward and treated as a net
short-term capital loss (deductible
against any capital gains) for a
period not to exceed 5 years.
Carried forward and treated as a net
short-term capital loss (deductible
against any capital gains) for a
period not to exceed 5 years .
Capital gains and losses were excluded
in the computation of the excess
profits net income for taxable years
ended after June 30, 1950.
Carried forward and treated as a net
short-term capital loss (deductible
against any capital gains) for a
period not to exceed 5 years .
For 1945 long-term gains and losses
were excluded in computing excess
profits net income.
For footnotes, see p. 187.
186
SYNOPSIS OF LAWS, 1945-1954
Table C— CONSOLIDATED INCOMK AND PROFITS TAX RETURNS— PROVISIONS FOR FILING AND TAX RATES, 194&-64'
Federal tax law:^
Revenue Acts
amending Code
(date of enactment)
(1)
Income
year^
(2)
Type of tax for which
a consolidated return
was permitted
(3)
Type of corporation permitted
to file a consolidated return
i^)
Criterion of affiliation
(5)
Consolidated return required
or optional
16)
(7)
Internal Revenue Code
of 195A (Aug. 16,
1954).
Income tax and, under
certain conditions,
personal holding com-
pany tax.^^
Any corporation except:
(1) Corporations exempt from taxation
under 195i Code sec. 501.
(2) Life and mutual Insurance compa-
nies, but they were considered as
includible corporations if two or
more such companies alone filed e
consolidated return and each was
subject to tax under the same
section of the 195-; Code.
(3) Foreign corporations other than
certain Canadian and Mexican cor-
pofations.-"-'
(■4) Corporations subject to sec. 931
(relative to income from sources
within possessions of the United
States).
(5) Corporations organized under the
China Trade Act, 1922.
(6) Regulated investment companies
(taxable under subch. M, ch. 1,
of the 1956 Code).
(7) Unincorporated business aite^rprises
taxed as corporations under sec.
1361 of the 195i Code.
( Internal Revenue Code
of 1939 as ajDended.)
Revenue Act of 1951
(Oct. 20, 1951).
Excess Profits Tax Act
of 1950 (Jan. 3,
1951, effective as
of July 1, 1950).
Revenue Act of 1950
(Sept. 23, 1950).
Income tax, and excess
profits tax imposed
by sec. 430 of the
Internal Revenue Code
(1939).
Revenue Act of 1945
(Nov. 8, 1945).
Revenue Act of 1943
(Feb. 25, 1944).
Any corporation except:
(1) Corporations exempt from taxation
under 1939 Code sec. 101.
(2) Life and mutual insurance compa-
nies, but they were considered as
includible corporations if two or
more such companies alone filed a
consolidated return and each was
subject to tax under the same
section of the 1939 Code.
(3) Foreign corporations other thsm
certain Canadian and Mexican cor-
porations.^'
(4) Corporations subject to 1939 Code
sec. 251 (relative to income from
sources within possessions of the
United States),
(5) Corporations organized under the
China Trade Act, 1922.
(6) Regulated investment companies
(taxable under supplement Q of
1939 Code).
(7) Personal service corporations,
personal holding companies, for-
eign trade corporations as defined
in 1939 Code sec. 454(f), and
certain air mail carriers as de-
fined in 1939 Code sec. 454(g);
but such a corporation might be
included in a consolidated return
if it had filed a consent to be
treated as an includible corpora-
tion.
(S) Regulated public utilities which
elected to compute their excess
profits credit under the alterna-
tive method provided for such
companies in sec. 448 of the In-
ternal Revenue Code (1939). How-
ever, two or more such companies
alone were permitted to file a
consolidated return.
Same as 1950-53, (1) through (7). Sub-
stitute 1939 Code sees. 727(g) and (h)
for 1939 Code sees. 454(f) and (g) in
(7) above.
Income tax, and excess
profits tax under sec.
710 of 1939 Code.
Same as 1946-49.
One or more chains of in-
cliidible corporations
connected through stock
ownership with a common
parent corporation which
is an includible corpo-
ration if (1) stock pos-
sessing at least 80 per-
cent of the voting power
of all classes of stock
and at least 80 percent
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 SO percent of
the voting power of all
classes of stock and at
least 80 percent of each
class of the nonvoting
stock of at least one of
the other includible
corporations. The term
"stock" does not include
nonvoting stock which
is limited and preferred
as to dividends.
Same as 1954, except that
"80 percent" should be
read "95 percent."
Same as 1950-53.
Same as 1950-53.
Optional upon consent of all
members of affiliated groip.
Election is binding for
subsequent 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 subse-
quent taxable year, (2) the
Commissioner, forgocd cause,
grants permission to change,
or ( 3 ) amendment to the
Code or regulations makes
filing of consolidated re-
turns less advantageous to
affiliated groups asaclass.
Because of such amendments
affiliated groups filing
consolidated returns for
the preceding taxable year
were given new options with
respect to —
First return due to be
filed after Aug. 16,
1954 (including those
filed under an extension
of time for filing) or
with respect to the
first taxable year ended
after Aug. 16, 1954.
See 1954. New option granted
for the —
First return due to be
filed after July 1^ 1953,
First taxable year ending
after Mar. 31, 1951.
First taxable year ending
after June 30, 1950,
See 1954. New option granted
for—
Fiscal years ending in 1949.
Calendar year or fiscal
years ending in 1948.
Calendar year or fiscal
years ending in 1947.
Calendar year 1946.
See 1950-53.
granted for —
Fiscal years
1946.
New option
ending in
Same as nonconsolidated
returns plus 2 percent
cf taxable income before
deduction of partially
tax-exempt interest.
However, if Western Hemi-
sphere trade corpora-
tions or regulated pub-
lic utilities are in-
cluded in the consoli-
dated group, the 2 per-
cent additional tax is
applied to an amount
which excludes the tax-
able income of such cor-
porations. (See table
A, pp. 183-4.)
Same as nonconsolidated
returns plus 2 percent
of surtax net income.
However, if Western Hemi-
sphere trade corpora-
tions were included, the
two percent additional
tax was applied to an
amount which excluded
surtax net income of
such corporations, (See
table A,, pp. 183-4.)
Same as nonconsolidated
returns plus an addi-
tional surtax equal to
2 percent of surtax net
income. (See table A,
pp. 183-4.)
Same as 1946-49.
For footnotes, see p. 187.
SYNOPSIS OF LAWS, 1945-1954
187
Footnotes for synopsis of laws tables
^For income years 1909 through 1944, see Statistics of
Income for 1950. Part 2, pp. 247-282.
^Returns for the income year 1954 were filed under the
Internal Revenue Code of 1954 as amended. Returns for 1945-53
were filed under the provisions of the Internal Revenue Code
approved Feb. 10, 1939, and the various amendments thereto.
There is no one effective date for all provisions of an in-
ternal revenue law — some of the provisions may be retroactive,
some apply to the current tax period, and some to a future
tax year.
■'The income year is the calendar year and tax years begin-
ning therein.
*The tax bases are, in general, the same for all corpora-
tions and are derived from the corporation's net income after
allowance of certain statutory deductions. Net income is the
gross income (exclusive of tax-exempt interest) less the
ordinary business expenses deductible under sees. 161 through
171,173 through 176 and 248 of the 1954 Code (sec. 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 deduc-
tion against the gross income by sec. 172 of the 1954 Code
(sec. 23(s) of the 1939 Code). The net income as tabulated
in Statistics of Income is the net income for the current
year, i.e., before the deduction permitted with respect to a
loss year. Therefore, the net operating loss deduction must
be taken into accoimt in relating the tabulated net income
to the tax base. The net operating loss of any tax year is
first carried back against the net income of certain preced-
ing tax years and the excess, if any, may then be carried over
to certain succeeding tax years. The amount reported on the
return and tabulated for Statistics of Income is the net
operating loss carryover from prior tax years. The carryback
and carryover periods for a net operating loss sustained un-
der the 1954 Code is, carryback 2 years, carryover 5 years;
under the 1939 Code, the carryback for loss years 1950-53 was
1 year, the carryover 5 years; 1948-49, carryback 2 years,
carryover 3 years; and 1945-47, carryback 2 years, carryover
2 years, except that for corporations commencing business
after Dec. 31, 1945, the carryover for 1947 is 3 years.
See "Changes in Law Affecting 1954 Data," p. 10 of this vol-
ume for changes made in the computation of the net operating
loss deduction by the 1954 Code. For additional information
on the net operating loss deduction, see appropriate sections
of the 1954 and 1939 Codes.
(b) Taxable income. — Under the 1954 Code the tax base, sub-
ject to normal tax, is designated "Taxable income." It is
the net income less any net operating loss carryover and the
statutory deductions shown in the table below. As indicated
in footnote (e), under the 1954 Code these deductions can
result in a net operating loss. The surtax base is the taxa-
ble income computed without deduction of partially tax-exempt
interest.
The tax bases under the 1939 Code were computed in essen-
tially the same way but were designated "normal-tax net in-
come" and "surtax net income" and were derived from net in-
come less net operating loss deduction through use of limited
credits which could never result in complete elimination of
taxable income.
Variations in computation of the 2 tax bases in the period
1945-54 are shown in the table. Deductions used in computing
the amounts subject to normal tax are identified by the sym-
bol (n) in the table column, and those used in computing the
amounts subject to surtax are identified by the symbol (S).
The terms "taxable income" and "deductions" are used
throughout this synopsis in lieu of the "normal-tax net in-
come," "surtax net income" and "credit" designations of the
1939 Code.
percent
3f Item deductible—
1954
1952-53
1861
1960
1946-49" "^
Calen-
dar year
Other tax years''
Calen-
dar year
Other tax years''
Items for which deduction Is allowed
Part
prior to
Apr. 1
Part
after
Mar. 31
Begin-
ning
after ^
June 30*
Beginning before
July 1
1945
part
prior to
July 1
Part
after.
June 30
(1)
(2)
(3)
(4)
(5)
(a)
(7)
(8)
(9)
(10)
(11)
1. Partially tax-exer.pt Interest
100
(N)
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 sub-
ject to the Income tax (other than dividends on
certain preferred stoc< of a public utility).^
as
(N)(S)
85
(N)(S)
85
(N) (S)
85
(N) (S)
85
(N) (S)
85
(N) (S)
85
(N) (S)
86
(N) (S)
85
(N) (S)
85
(N) (S)
85
(N) (3)
3. Dividends received on certain preferred stocR of a
public utility.*
62.11S^
(N) (S)
62
(N) (S)
81
(N) (S)
59
(N) (S)
62
(N) (S)
67
(N) (S)
59
(N) (S)
86
(N)
59
(N)(S)
85
(H)
85
(N)
4. Dividends received from certain foreign corporations
doing a substantial volume of business within the
United States and derived from Income earned In the
united States. e
85
(N) (S)
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 pub-
lic utility or the net Income of the public utility
minus the deductions provided In 1 through 4 above,
whichever Is the lower. ^
26.923/
(N) (S)
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)
e. Western Hemisphere trade corporation taxable Income
computed without regard to this deduction.*^
28.92S/
(N) (S)
27
(N) (S)
28
(N) (S)
30
{N)(S)
27
(N) (S)
33
(N) (3)
30
(N) (S)
None
31
(N) (S)
None
None
7. Adjusted excess. prof Its net Income as defined in
section 710(b).'
None
None
None
None
None
None
None
None
None
None
100
(N) (S)
rSee footnote 7 for proration of deductions.
"For deductions after Mar. 31, 1951, see col. (5).
^For a tax year 1949 ended after June 30, 1950, see col. (9) for deductions
applicable after that date.
dunder the igeg Code net Income less the deduction for partially tax-exempt
Interest was designated "Adjusted net Income." (Sec. 13(a) of 1939 Code.)
^Under the 1954 Code, total deductions for dividends received (lines 2 through
4 of the table) In excess of net Income results In a net operating loss for the
year. However, If the total dividend deduction Is less than the net Income, the
deduction Is limited to 85 percent of the net Income after deduction of partially
tax-exempt Interest but before any net operating loss deduction. Under the 1939
Code the total dividends received deduction for each tax base could not exceed:
1950-53, 85 percent of the net Income adjusted by the deduction for partially
tax-exempt Interest (line i) butbefore any net operating loss deduction; 1946-49,
86 percent of the net Income adjusted by the deduction for partially tax-exempt
Interest and after net operating loss deduction; and 1945, 85 percent of the net
Income after net operating loss deduction adjusted by the deduction for Income
subject to the excess profits tax (line 7), plus, fornormal-tax net Income only,
the deduction for partially tax-exempt Interest.
/This percentage is derived from a formula contained In the Internal Revenue
Code of 1954 which relates the amount of deduction to the tax rate.
gFoT treatment of dividends paid with respect to dividends unpaid and accumu-
lated for prior tax years, and for definitions of public utility and preferred
stocks as used for this deduction, see sec. 247 of the 1954 Code and sec. 26(h)
of. the 1939 Code.
A domestic corporation, all of whose business Is done in any country or coun-
tries of North, Central, or South America, or In the West Indies, 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 tax year (or
for such part of that period as the corporation was In existence) was derived
from sources outside the United States; and (2) 90 percent or more of its gross
income for such period was derived from the active conduct of a trade or business.
*For 1945, if the excess profits tax was computed under certain special pro-
visions of the 1939 Code (shown in sec, 26(e)), the credit was 100/95 of such tax
before the application of the 60 percent limitation (footnote 6). before the
credit for foreign taxes paid (footnote 5(a)) and before any adjustment In case
of position inconsistent with prior Income tax liability (sec. 734).
448404 O -57 - 13
188
SYNOPSIS OF LAWS, 1945-1954
(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 provisions are shovm in table C of
this synopsis.
(e) The adjusted excess profits net income for 1950-53 vas
the excess profits net income less the amounts of the excess
profits credit and the unused excess profits credit adjust-
ment. A minimum credit of $25,000 was provided. Excess prof-
its net income and methods of credit computation are dis-
cussed on pages 9-11 of Statistics of Income for 1951. Part 2.
A change in the percentage of average base period net income
used in computing the excess profits credit under the income
credit method was made on July 1, 1951. For the period July 1,
1950 through June 30, 1951, this percentage was 85 percent.
Beginning July 1, 1951, it was 83 percent. The credit was
prorated for tax years which began before and ended after
July 1, 1951, and an 8A percent intermediate rate was pro-
vided 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 19'i5 the adjusted excess profits net income was 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 in-
come was obtained from the taxable 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 was added the net
short-term capital gain and the adjustment to net operating
loss deduction and there was 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.
(f) Nontaxable income of certain industries with deple-
table resources.
(2) Under the invested capital credit method, the excess
profits net income was computed as in (l) above plus (a) 50
percent of interest on borrowed capital and (b) interest on
Government obligations.
The excess profits credit provisions for \9^^ are discussed
on pp.6<;-65 of Statistics of Income for 1945. Part 2. Under
those provisions the excess profits credit based on income
consisted of 95 percent of the average base period net income
and 8 percent of the net capital addition, reduced by 6 per-
cent of the net capital reduction. The excess profits credit
based on invested capital was the sum of the following per-
centages;
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 was the excess of
the excess profits credit over the excess profits net income
for the tax year, was, for 1950-53, carried back as an unused
excess profits credit adjustment to the first preceding tax
year, and the remainder, if any, could then be carried for-
ward as an adjustment to succeeding years. The carryforward
period was 5 years. No carryback of unused excess profits
credit computed under the provisions of the Excess Profits
Tax Act of 1950 could be made to tax years ended before
July 1, 1950, and no portion of the minimum $25,000 credit
could be considered as unused excess profits credit. For
19^5 the carryback period was 2 years and the carryforward
period 2 years. For computation of the unused excess profits
credit adjustment for the years 1950-53, see sec. -432 of the
1939 Code, and for the year 19<i5, sec. 710(c) of such Code.
The unused excess profits credit adjustment shown in Statis-
tics of Income was the unused excess profits credit carry-
forward applicable to the year for which it was reported.
(f) Declared value excess-prof its tax., — The net income used
for the computation of this tax differed 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 divi-
dends received was 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-pi'ofits tax was repealed,
effective for income tax years ended after June 30, 19A6.
(g) Life insurance companies. — For 1945-54 the net income
reported by a life insurance company was the net investment
income (the gross amount of interest, dividends, and rents
less investment and real estate expenses, tax-free interest,
and depreciation). Taxable income and excess profits tax net
income were derived in the same manner as for other corpora- ■
tions except that no deduction was allowed for a net operat- ■
ing loss. Before imposition of tax, however, recognition was
made of requirements for reserve earnings, deferred dividends,
and interest paid. In lieu of deductions for these items,
for 1951-54 special income tax rates (note 5(b)) and a re-
serve interest credit for companies whose adjusted net in-
come was less than 105 percent of their required interest
were used. For 1945-50, a reserve and other policy liability
credit based on representative data for the preceding year
was allowed and the regular tax rates were imposed. These
provisions were offset, in case of nonlife insurance busi-
ness, by an adjustment for certain nonlife insurance reserves.
In computing the excess profits net income for 1950-53 and
1945, a deduction based on a reserve and other policy lia-
bility credit was allowed. The regular excess profits tax
rates were imposed. (Computation of credits and other pro-
visions are shown in sees. 801-807 of the 1954 Codeandsecs.
201-2a3A of the 1939 Code.)
(h) Mutual insurance companies. — Taxable income iscomputed
in the same manner as for life insurance companies except
that certain capital gains and losses and interest paid are
included in the computation of net income . See sec . 822 of
the 1954 Code (sec. 207 of the 1939 Code). See footnote 5(c)
for imposition of tax.
(i) Insurance companies other than life or mutual Gross
income of these companies includes investment and underwrit-
ing incomes, and deductions allowed include general business
expenses, losses, and distributions to policy holders as pro-
vided by sec. 832 of the 1954 Code (sec. 204 of the 1939
Code). Taxable income is derived as shown in (b) above and
the regular tax rates are imposed .
(J) Regulated investment companies meeting the require-
ments of subch. M, ch. 1 of the 1954 Code (Supplement Q of
the 1939 Code) are taxed only on undistributed income. One
of the requirements is that distributions to shareholders,
exclusive of capital gain dividends, shall equal 90 percent
or more of investment company taxable income (exclusive of
capital gains). The regular alternative tax is payable on
undistributed income with the maximum tax on capital gains
fixed at 25 percent . See the above-mentioned parts of the
Internal Revenue Codes for definitions and further conditions
under which these tax provisions apply.
(k) Mutual savings banks conducting separate life insur-
ance departments compute net income and tax for such depart-
ments under Internal Revenue Code provisions applicable to
life insurance companies (see par. (g) above). In tabulating
the data for Statistics of Income, the life insurance depart-
ment Income and tax are added to those reported for the bank
department . These banks were exempt from taxation under sec .
101 of the 1939 Code prior to 1952 and were exempt from fex-
cess profits tax for 1952-53 under sec. 454 of the 1939 Code.
'The tax rates shown are those applicable, in general, to
all corporations, domestic and foreign. Credits against the
tax and certain exceptions to the rates are shown in (a)
through (i) below:
(a) Credits against the tax (1) Income and profits taxes
paid to foreign countries and possessions of the United States
may be used as a credit against the income and excess profits
taxes in the manner and to the extent allowed by sec . 901 of
the 1954 Code and sec. 131 of the 1939 Code. The allowance
of this credit, and the limitations thereon, as applicable
for the year 1954, are discussed on p. 20 of this volume and
the differences in limitations under the 1954 and 1939 Codes
are discussed on p. 11.
SYNOPSIS OF LAWS, 1945-1954
189
(2) For 19-^5 a credit of 10 percent of the excess profits
tax was allowed against the excess profits tax liability.
(b) Life insurance companies. — Beginning with 1951 special
income tax rates were provided. These rates, which were the
same for 1951-54, were: 3 3/4 percent on the first $200,000 of
life insurance company taxable income and 6 1/2 percent on
such net income in excess of $200,000. (As an offset to these
rates, adjustments for nonlife reserves were multiplied by
8.) For 1945, the declared value excess-profits tax was not
applicable to life insurance companies.
(c) Mutual insurance companies, except life or marine, or
fire insurance companies issuing perpetual policies. — Sec.
501 of the 1954 Code (sec. 101 (11) of the 1939 Code) exempts
these companies from taxation if their gross income from in-
terest, dividends, rents, and premiums (including deposits
and assessments) does not exceed $75,000. When such gross
income exceeds $75,000, sec. 821 of the 1954 Code (sec. 207
of the 1939 Code) provides income taxation based, in general,
on the regular corporate rates, but with certain alternative
provisions and limitations . The excess profits tax rate was
the same as that for regular corporations with the exception
of a limitation for companies whose gross income from the
sources shown above was less than $125,000. See sec. 430(d)
of the 1939 Code.
Mutual insurance companies were not subject to the declared
value excess-profits tax in 1945.
(d) Nonresident foreign corporations, not engaged in trade
or business within the United States, are taxed, under sec.
881 of the 195i Code (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
were not subject to the excess profits and declared value
excess-profits taxes. The returns of nonresident foreign cor-
porations are not included in Statistics of Income.
Under the provisions of sec . 551 of the 1954 Code (Supple-
ment P of the 1939 Code), income of certain foreign personal
holding companies is includible in the income of the share-
holders and is not reported by the company for taxation.
(e) Corporations exempt from taxation under sec. 501 of
the 1954 Code or sec. 101 of the 1939 Code Such corpora-
tions include labor, agricultural or horticultural organiza-
tions, certain types of cooperative and mutual organizations,
corporations organized and operated exclusively for reli-
gious, charitable, scientific, literary, or educational pur-
poses, nonprofit civic, business, and social organizations,
and for 1945-51, certain mutual savings banks, building and
loan associations, and cooperative banks. Beginning with 1951
a normal tax and a surtax were imposed on the unrelated busi-
ness net income in excess of $1,000 of certain of these cor-
porations by Supplement U of the 1939 Code. Sees. 501 and
511-515 of the 1954 Code expand and continue these taxes.
The rates are similar to the regular corporate income tax
rates. However, the returns filed by these corporations are
not included in Statistics of Income, Corporation Income Tax
Returns.
(f) Additional corporations exempt from the excess profits
tax (.unless a member of an affiliated group of corporations
filing a consolidated return) Specific exemption from the
excess profits tax under the 1939 Code was granted to: (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 in-
come for the 3-year period immediately preceding the close
of the tax year was derived from sources outside of the United
States and 50 percent of such income was derived from active
conduct of a trade or business; (4) certain corporations sub-
ject to provisions of Title IV of the Civil Aeronautics Act
of 1938; and (5) beginning in 1952, certain mutual savings
banks, building and loan associations, and cooperative banks
formerly exempt from taxation under sec. 101 of the 1939
Code. In addition, personal service corporations might elect
to be exempt from the tax on excess profits , tax being im-
posed under Supplement S of the 1939 Code on the individual
shareholders .
(g) Western Hemisphere trade corporations (defined in foot-
note "h" of note 4(b) above) were exempt from the surtax for
1945-49. For exemption from the consolidated return tax for
1950-54, -eee table C of this synopsis.
(h) Corporations subject to additional tax Personal hold-
ing companies are subject to an additional tax, imposed under
sec. 541 of the 1954 Code (oh. 2, subch. A of the 1939 Code),
and based on the undistributed personal holding company in-
come . For the years 1945-54 the tax was 75 percent of the
undistributed personal holding company income not in excess
of $2,000 plus 85 percent of such income in excess of $2,000.
(See pp. 14 , 21 , and 26 of this volume for general defini-
tions and differences between the 1954 and 1939 Code provi-
sions affecting this tax.)
Corporations improperly accumulating surplus are subject
to an additional surtax imposed by sec. 531 of the 1954 Code
(sec. 102 of the 1939 Code). This tax is not applicable to
corporations subject to personal holding company tax provi-
sions and those exempt from taxation ((e) above'). The ef-
fects of the provisions of this section are not reflected in
Statistics of Income.
(i) Mutual savings hanks conducting separate life insur-
ance departments. — See note 4(k).
^Limitations on the excess profits tax. — The excess prof-
its tax under the Excess Profits Tax Act of 1950 became ef-
fective Jxily 1, 1950, and ended Dec. 31, 1953. Ceiling rates
and the alternative tax for new corporations under this act
are shownonpp. 12-13 of Statistics of Income for 1951, Part
2. For 1945 the excess profits tax: imposed by sec. 710 of
the 1939 Code was limited to the difference between the in-
come tax (other than that shown in footnote 5(h)) and 80 per-
cent of the surtax net income (computed before the credit
for income subject to the excess profits tax and without re-
gard to 80 percent of credit for dividends paid on certain
preferred stock) . For 1945 certain corporations claiming
relief under the provisions of sec. 722 of the 1939 Code were
permitted to defer payment of 33 percent of the reduction
claimed in tax. The privilege was confined to corporations
whose adjusted excess profits net income for the tax year,
computed without the benefits of sec. 722, was in excess of
50 percent of the taxable income (computed without the credit
for income subject to the excess profits tax) . The amount
tabulated for Statistics of Income was the excess profits
tax after this deferment . The excess profits tax effective
in 1945 was repealed Jan. 1, 1946.
For proration of the excess profits tax for 1953-54, 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.
''when a return is filed for a tax year during which a change
in tax rates occurs, tentative taxes are computed applying
each rate in effect during the tax year to the entire taxa-
ble income. The amounts so determined are then prorated on
the basis of the number of days in the year during which each
rate is in effect. The prorated portions of the tentative
taxes are then combined to determine the actual liability
which is the amount tabulated in Statistics of Income. To
give effect to changes in the deductions from net income used
in computing the tax bases, taxable income used in calculat-
ing each tentative tax is computed with the deductions appli-
cable to the period to which the tax rate applies .
®A tentative surtax was computed at 19 percent of the sur-
tax net income in excess of $25,000. The actual liability
was 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 imposed by the Excess Profits Tax
Act of 1950 was in effect from July 1, 1950 through Dec. 31,
1953. For tax years which began before or ended after those
dates, the tax was the prorated portion applicable to that
part of the year the tax was in effect. See footnote 7.
•"■"For tax years which began in 1949 and ended after June 30,
1950, the rates shown for the income year 1950 period begin-
ning July 1, 1950, and ending Mar. 31, 1951, were effective
after June 30, 1950. For proration of tax, see footnote 7.
190
SYNOPSIS OF LAWS, 1945-1954
^•■■For Income year 1945 returns ended after Dec. 31, 1945,
see footnote 7 for proration of surtax.
The excess profits tax effective in 1945 was repealed
Jan. 1, 1946, and the tax for noncalendar year returns was
prorated according to the number of days before that date.
The declared value excess-profits tax was repealed for in-
come tax years ending after June 30, 1946, and was not sub-
ject to proration.
^^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 tax years beginning after Sept. 23, 1950.
>-*See sees. 1231-1241, 165, 341, and 582 of the 1954 Code
(sees. 117(f) through (o) and sec. 23(g)^ ( j),and (k) of the
1939 Code).
^'Applicable to involuntary conversion of capital assets,
involuntary conversion, sale, or exchange of real property
and property subject to depreciation which was used in the
trade or business, amoimts received for timber and amounts
received or accrued for coal after Dec. 31, 1950, where dis-
posal 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 begin-
ning of tax 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 tax year beginning after Dec. 31,
1950; and livestock, except poultry, held for draft, breeding,
or dairy purposes for 12 months (prior to Dec. 31,1950, hold-
ing period was 6 months and poxiltry was not excluded). Depre-
ciable property in items 3(a) and (e) of table are excluded.
^ *)^plicable to sales or exchanges made after Nov. 19,1951.
■'■''Applicable to sales or exchanges made after May 3, 1951.
■'■^For conditions under which a consolidated return may not
be filed for personal holding company tax, see "Changes in
Law Affecting 1954 Data," p. 14.
■'^'in the case of a domestic corporation owning or control-
ling, 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 main-
tained solely for the purpose of complying with the laws of
such country as to title and operation of property, such for-
eign corporation may, at the option of the domestic corpora-
tion, be treated as a domestic corporation.
t
7. Facsimiles of
Corporation
Return Forms
for 1954
CORPORATION RETURN FORMS, 1954
Page
Form 1120: Corporation Income tax return 193
Form 1120L: Life insurance company income tax return 211
Form 112CM: Mutual insurance company income tax return 215
Form 1118: Statement in support of credit claimed for taxes paid
to a foreign country or United States possession 219
(A facsimile of Form 1120 schedule EP for 1953 from which the
excess profits tax was tabulated can be found in Statistics of
Income for 1953, Part 2.)
192
FACSIMILES OF TAX RETURNS FOR 1954
193
FORM
1120
FOR CALENDAR YEAR 19S4
or other toxoblo yeai beginning .
and ending
, 1954.
195
1954
Page 1
Do not write in spaca below
U. S. CORPORATION
INCOME TAX
RETURN
PLEASE TYPE OR PRINT PLAINLY
Nam.
Numb.> oiul Stra.1
City oi Iowa, poatal soa* Dumb«[. Stal*
Dal* iDcorpoiatad
PIqc* Incorpoialwd
Bu.Bin*u groDp Cod* Numb*r and principal buain*M activity (S«« pog* 8 of Inabuohona)
Numb*i ol piac«* oi biubi***
la iKla a con>olldal*d ittuiD? (S** In-
LI Y*. LJ No
!■ laxpoy«t a tol* prophatorablp or partnarahip *l*ctlng under aActioD 1361 to b* iai*d as a
corpoiotloD? I I I I
I I Y*a I I Ho
TAXABLE INCOME COMPUTATION
Instructlen
cmd It*m No.
0RO88 INCOME
1. Gioss soles (where inventories ore
an income-detennining iactor) $
2. Less: Cost of goods sold (from Schedule A).
3. G.'oss probt trom sales
Less: Returns and
; allowances $..
4. Gioss receipts (where inventories are not an income-determining factor) .
5. Less: Cost of operations (from Schedule B)
6. Gioss profit where inventories oie not on income-determining factox. . .
7. Dividends (from Schedule C)
8. Interest on loans, notes, mortgages, bonds, bank deposits, etc
9. Interest on corporation bonds, etc. (from Schedule C-1)
10. Interest on obligations of the United States, etc. (from Schedule O-l). . .
11. Rents
12. Royalties
13. Gains and losses (from Schedule D):
(a) Net short-tenn capital gain reduced b; any net long-term capital lose.
(b) Net long-term capital goin reduced by any net short-term capital loss
(c) Net gain (or loss) bom sale or exchange of property other than capital assets.
14. Other income (Attach schedule)
15. Total income in Items 3, and 6 to 14, inclusivd
DEDUCTIONS
16. Compensation ol 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)
23. Contributions or gifts paid (from Schedule H)
24. Losses by fire, storm, shipwreck, or other casualty, or theft (Attoch schedule) .
25. Depreciation and amortiiation (from Schedule I)
26. Depletion of mines, oil and gas wells, timber, etc. (Attach schedule)
27. Advertising
28. Amounts contributed under: (a) A pension, onnuity, stock bonus, or profit-sharing plan
(b) Other employee benefit plans
29. Other deductions (from Schedule T). (Include any special deductions not listed in Schedule K).
30. Total deductions in items 16 to 29, inclusive
31. Taxable income before net operoting loss deduction and special deductions from Schedule K (item 15 less item 30) .
32. Less: (a) Net operating loss deduction (Attach schedule)
(b) Special deductions from Schedule K (line 6, page 3)
33. Item 31 minus the sum of items 32(a) and (b) (Enter income or loss here and in line 7. page 3) .
TOTAL INCOME TAX
34. Income tax (line 11, page 3)
35. Less: Credit for income taxes paid to a foreign country oz United States poeseaaion allowed
a domestic corporation (Submit Form 1 1 18)
36. Balance of income tax (item 34 minus item 35)
37. Add: Tax under section 541 oi the Internal Revenue Code (from Schedule U20PH)
38. Total iprome tax due (item 36 plus item 37) (For installment payments, see Instructions)
Did the corporation pay anyone other than on employee for oisistanoe in the preparation of this return? I I Yes
If answer is "Yee," enter his name and address
n No
flIGNATUKE AND VERIFICATION (8e« lutmction E)
I, the undersigned, president, vice-president, treasurer, assistant treasurer, chief accounting officer (or other duly authorized officer) of the corporation
lor which this return Is made, declare under the penalties oi perjury that thin return (including any accompanying schedtUes and statements) has been
examined by me and is, to the best of my knowledge and belief, a true, correct, and complete return, made in good faith, for the taxable year stated, pur-
suant to the Internal Revenue Code and the regulations issued thereunder.
(Dot*) (Slgnohu* of ofBo*i) (TlB*)
I declare under the penalties of perjury that I prepared this return for the person named herein; and that this return (including any accompanying
schedules and statements) is, to the best of my knowledge and belief, a true, correct and complete return based on all the information relating to the
matters reqiured to be reported in this return ai which I hov* any knowledge.
dsdlvldaol or Fl» Slgaatm*)
o»-l*-70«SO-l
194
FACSIMILES OF TAX RETURNS FOR 1954
Pago 2
Schedule A.— COST OF GOODS SOLD. (See lulrnction 2)
(Wh«r« in»«ntori«« ar» an iricom«-d»l«rminino toclor)
Schedule B.— COST OF OPERATIONS
(Wh*ra InvantoTies ara not an incon\a-cleteimining factor)
1 . Inventory at beginning of year
2. MeichandiBO bought for maouiacture or sale. . .
3. Salaries and wages
4. Other costs per books. (Attach schedule)
5. Total
6. Less: Inventory at end of year
7. Cost of goods sold (Enter here and as item 2,
page I)
1 . Salaries and wages
2. Other costs (to be detailed):
(a)
(b)
(c)
W)
(e)
3. Total (Enter here and as item 5, page 1)
Schedule C
.—INCOME FROM DIVIDENDS
1. Name of Declaring Coipoiation
2. ■Domestic Cotporatiofis
Taxable Under Cnaptet 1.
Internal Revenue Code
3, Certain Preferred Stock ol
Public Utilities Taxable Under
Chapter 1, Internal Revenue
Code
4 Foreign Corporations
S other Corporations
$
$
s
$
Totals
$
$
$
S
Total of columns 2, 3, 4, and 5. (Enter here and as item
s
*Exo*pt (a) dlrldanda on cartalu prafansd (lcx:k of public utllitiaa, which should b* •ntervd In column 3; and (b) diridenda, which should b« •ntarsd in column 5, r*coiT«d tiom China
Tiad* Ad corporotion*. froin corporaHona to which Bactiop 931 appllep, god from corporaKone a»ampl (Tom tar nndar aactions SOI and 521.
Schedule C-1.— INTEREST ON CORPORATION BONDS AND OBLIGATIONS OF THE UNITED STATES
(See InstructionB 9 and 10)
1. Gross Amount of Interest
2. Amortiiable Bond Premium
3. Column 1 less Column 2
1. Interest on corporation bonds, etc. (Enter amount in column 3 as item 9, page 1.)-
s
$
$
2. Interest on obligations of the United States, etc.:
(a) Issued prior to March 1, 1941 — (1) U. S. savings bonds and Treasury bonds
owned in exoess of the principal amount of $5,000, and (2) obligations of
$
$
$
(b) ObUgationa issued on or after March 1, 1941, by the U. S. or any agency or in-
3. Total of lines 2 (a) and 2 (b). (Enter total in column 3 as item 10, page 1.)
$
$ ^s
Schedule D. — Separate Schedule D (Form 1 120) should be uaed in reporting soles or exchanges of property and £iled with this return.
(See Instruction 13)
Schedule E.— COMPENSATION OF OFFICERS
). Name and Address of OfTicel
2. Official Tille
3. Time Devoted lo
Business
Percentage of Corporation'sStock
Owned
6. Amount of
Compensation
A. Common
5. Preferred
$
Total compensation of officers. (Enter here and as item 16, pa
gel.)
$
Schedule P.— BAD DEBTS. (See butrnctiaii 20)
Amount of notes and accounts receivable outstandini at—
4. Taiable(or Net)
Income Reported
S. Sales on Account
6 Bad Debhol Corpo-
ration il No Reserve Is
Carried on Books
If Corporation Carries a Reserve
I. Tuabli
Vear
2. Basinning of YMr
3. End of Year
7. Gross Amount Added
to Reserve
8. Amount Charged
Ajainsl Reserve
1951
»
s
$
$
$
$ „
$
1952 ....
1953 ....
1954...
NOTE:
^wuritlM wblob at* copl
al oMata and which b«c
am« worthlMi within tha
azobleT«araliould b« i
ported la i«paiat« Schec
ul«D.
Schodnl* O^TAXES. (Se« IwtrnctioB 22)
Schedol* H.— CONTRIBUTIONS OR GIFTS PAID
(See Instraclion 23)
Niture
Amount
Nami and Address of Orsamiation
Amount
$
$
Total. (Enter here and as item 22, page 1.) . .
s
Total. (Enter here and as item 23, page 1,
subject to 5 percent limitatiOD.)
$
flchedul* I.— DEPRECIATION AND AMORTIZATION (WHEREVER CLAIMED). (See Inttrnctlon 2S)
Attach a detailed ichednla in snpport of each of the llnei in this schedale
Part A.— DEPRECIATION CLAIMED
1. Straight line method
2. Declining balance method
3. Sum of the years-digits method . . . .
4. Depreciation based on
(a) Units of production
(b) Hours of machine operation .
5. Other methods
6. Total depreciation claimed
Part B.— AMORTIZATION CLAIMED
7. Emergency facihties
8. Grain storage facilities
9. Research or experimental expenditures
10. Exploration and development ezpendihirei
(Sec. eiSaudSec. 616)
11. Organizational expenditures
12. Total amortization claimed .
Part C
13. Enter here the total of lines 6 and 12
14. Less: Amounts of depreciation and amortization claimed in Schedules A or B or elsewhere on return.
13. Balance — Enter here and as item 25, page 1
MettI 0« AM Uv«ltt4« ■nvMtla«tl«n of bond pnmlum uniUi BmUoh 171.
oB-l»— TOWCHl
i
FACSIMILES OF TAX RETURNS FOR 1954
195
Pago 3
Sch*dul* I.— OTHER DEDUCTIONS. (Sec Inrtniolion 29)
$
$
Total (Enter heie and as item 29, page 1)....
$
^* Schedule K.— SPECIAL DEDUCTIONS. (See Inalznclion 32 (b))
1. Deduction for partially tax-exempt interest (line 2 (a) in column 3 of Schedule C-1) .
2. Dividends leceived deductiona:
(a) 85% oi column 2, Schedule C
(b) 62.115% of column 3, Schedule C
(c) 85% of dividends received from certain foreign corporations
Total dividends received deductions (sum of lines 2 (a), (b), and (c), but not to exceed 85 percent of the excess of item 31, page
1, over the sum of lines 1 and 5 of this Schedule)
Deduction for dividends paid on certain preferred stocks of public utilities.
Deduction for Western Hemisphere trade corporations.
6. Total special deductions (Enter as item 32 (b), page 1) .
TAX COMPUTATION FOR CALENDAR TEAR 1954 AND TAXABLE TEARS ENDING ON OR BEFORE MARCH 31, 19SS
For othai taiabl« years attach Schedule 1120FY. (S** tax computation instructioTii)
7. Item 33, page 1, $ plus line 1, Schedule K, above $ (Enter total here).
8. If omount of line 7 is;
(a) Not over $25,000; enter 30 percent of line 7 (32 percent if a consolidated return)
(b) Over $25,000; enter 52 percent of line 7 (54 percent if a consoUdated return) $
Subtract $5,500, and enter difference
9. Less: Adjustment for partially tax-exempt interest; enter 30 percent of line 1, Schedule K, above, but not in excess of 30
percent of line 7
10. Normal tax and surtax (sum of lines 8 and 9)
11. Total tax (line 10, or line 20 of separate Schedule D). Enter here and as item 34, page 1
ADDITIONAL INFORMATION REQUIRED
1. Is this the corporation's first return?
(Answer "Yes" or "No.")
7. Is the corporation a cooperative association?
If "Yes," check whether—
(a) LJ completely new business, or
(b) □ successor to previously existing business, which was
organized as
(1) CD a corporation,
(2) □ a partnership,
(3) LJ sole proprietorship, or
(4) n other (indicate)
If "Yes," check whether—
(a) [_] farmers' marketing or a farmers' purchasing
cooperative association,
(b) LJ consumers' cooperative association, or
(c) □ other cooperative association.
8. Check whether this return was prepared by the
(a) Q cash method,
(b) □ accrual method, or
(c) □ other. If other method used, explain
of the previous business organization.
9. Did the corporation use inventories at the end of the taxable
year?
2. District 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 1953 $
If "Yes," check method used —
(a) O cost,
(b) [_] cost or market, whichever is lower;
(c) D last-in, &rst-out;
4. The corporation's books are in care of
Located at
(d) 1 1 Other. (If other method is used, explain fully in sepa-
rate statement, giving date inventory was lost recon-
ciled with stock.) (See Specific Instruction 2.)
10. Did the corporation pay social security taxes for any employees
S. Is the corporation a personal holding company within the
meaning of section 542 of the Internal Bevenue Code?
(Answer "Yes" or "No.")
for any quarter of 1954?
(Answer "Yes" or "No.")
If answer is "Yes"—
Enter employer identification number(s),
if any _
11. Did the corporation make a return of information on Forms
If "Yes," attach appropriate Schedule 1120 PH. See Instructions.
€. If this is not a consolidated return
(a) did the corporation at ony time during the taxable year
Instruction G-(l).) (Answer "Yes" or "No.")
12. Has any transaction described in General Instruction G-(3)
occurred on or after January 1, 1951? (Answer "Yes" or
"No.")
own 50 percent or more of the voting stock of another
corporation either domestic or foreign?
(Answer "Yes" or "No.")
13. Did the corporation, during the taxable year, have any con-
tracts or subcontracts subject to the Renegotiation Act of 19S1?
(b) did any corporation, individual, partnership, trust, or
association at any time during the taxable year own 50
percent or more of the corporation's voting stock?
(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 subcontiacts. (See General Instruction
G-(4).) $
(If either answer is "Yes," attach separate schedule shovnng: (1)
Name and address; (2) percentage of stock owned; (3) date stock
14. Did the corporation at any time during the taxable year own
directiy or indirectly any stock of a foreign corporation?
(Answer "Yes" or "No.")
was acquired; and (4) the District Director's office in which the income
tax return of such corporation, individual, partnership, trust, or associ-
ation for the last taxable year was tiled.)
If answer is "Yes," attach statement as required by General
Instruction fC
o9-ia~70B3O-l
196
FACSIMILES OF TAX RETURNS FOR 1954
Pa9e4
Schedule 1.— BAIAMCE SHEETS, (g— fantmctioiM)
BeElfinlng of Taiabia Vut
End of Tiiable Year
Amsunt
Tout
Amount
Tatal
1 Cosh
$
»— -— —
$ _
,
3. Inventories:
(a) Other than last-in, fint-out
J -
t -^ -
S. Invertments in Governmental obligationfl:
(a) Obligations ol a State, Territory, or a pos-
seBslon oi the United Slates, oi any
political subdivision of any ol the tori-
going, or oi the District o! Columbia. . .
(b) Obligations ol the United States and its
$ --
$ ^. ^..,
7. Buildings and other tied depreciable assets:
(a) Less: Accumulated amortization in lieu of
depreciation
(Line 7 less line 7(a))
(b) Less: Accumulated, depreciation
8. Depletable assets
(a) Le^s: Accumulated depletion
9. Land (net oi any amortization)
10. Intangible asscH^ (amortizable only)
$
$
$
$
$ —
$ - -
$ -
$
12. Total Assets
s
$
LIABILtflES AND CAPITAI.
s
$
14. Bonds, notes, and mortgages payable (matur-
ing less than one year Irom date oi balance
sheet)
15. Accrued expenses (Attach schedule)
16. Reserves for estimated expenses (Attach
-
17. Bonds, notes, and mortgages payable (matur-
ing more than one year from date of balance
sheet)
18. Prepaid income (Attach schedule)
19. Other liabihties (Attach schedule)
20. Capital stock: Enter number as at end of year —
Shares Shareholders
22. Surplus reserves (Attach schedule)
24. Total UabiliHes ond Capital
$
$
i
Schedule M.— RECONCILIATION OF TAXABLE INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS
1. Total distributions to stockholders charged to
•omed surplus during the taxable yeaf:
(a) Cash
(b) Stock of the corporation
(c) Other property
2. Contributions in excess of 5% limitation.
3. Federal income and excess profits taxes.
4. Income taxes of foreign countries or United
States possessions if claimed as a credit in
whole or in part in item 33, page 1
5. Insurance premiums paid on the life of any
officer or employee where the corporation
is directly or indirectly a beneficiary
6. Unallowable interest incurred to purchase or
carry tax-exempt interest obhgations
7. Excess of capitol losses ovei copital gains
8. Additions to surplus reseives (Attach schedule).
9. Other unaUowable deductions (Attach sched-
ule)
10. Adjustments for tax purposes not recorded on
books (Attach schedule)
II. Sundry debits to earned surplus (Attach
schedule)
12. Earned surplus and undirided profits at cloM
of the taxable year (Schedule L)
13. Total of lines 1 to 12
Earned surplus and undivided profits tit end
of preceding taxable yeai (Schedule L) . . .
Taxable income before net operating loss
deduction and special deductions (Item 31,
page 1)
Nontaxable interest on:
(a) Obhgations of a State, Territory, or a
possession of the United States, or any
polibcal subdivision of any of the fore-
going, or of the District of Columbia , . ,
(b) Obhgations of the United Slates issued
on or before Sept, 1, 1917; all postal
savings bonds
Other nontaxable income (Attach schedule).
Charges against surplus reserves. deducted
from income in the return (Attach schedule)
Adjustments for tax purposes not recorded
on books (Attach schedule)
Sundry credits to earned surplus (Attach
schedule)
21.
Total of lines 14 to 20 $
o»-I0~708S<HI
FACSIMILES OF TAX RETURNS FOR 1954
197
How To Prepare Your 1954 Corporation
Income Tax Keturn
PAGE 1
(References are to the Internal Revenue
ON FORM 1120 Code of 1954, unless otherwise indicated)
GENERAL INSTRUCTIONS
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 (Section 501),
whether or not having any taxable income, must file a return.
The term "corporation" is defined by the Code to include associ-
ations, joint-stock companies, and insurance companies.
Partnerships and proprietorships may elect to be taxed as
domestic corporations if an election is made not later than 60
days after the close of the taxable year and if certain qualifications
are met. (Section 1361.) If the return is filed by a proprietor-
ship or partnership, electing to be taxed as a corporation under
section 1361, it must be signed by the proprietor or a partner.
If a receiver, trustee in dissolution, trustee in bankruptcy, or
assignee has possession of or holds title to all or substantially all
the property or business of a corporation, whether or not the
property or business is being operated, he must make a return of
income for the corporation in the same manner and form required
of other corporations. (Section 6012.)
A mutual savings bank not having capital stock represented
by shares; a domestic building and loan association, a domestic
savings and loan association, a Federal savings and loan associa-
tion, substantially all the business of which is confined to making
loans to members; and a cooperative bank without capital stock,
operated for mutual purposes and without profit, are subject
to income tax and must file returns.
B. Period to be covered by return. — Returns shall be filed for
the calendar year 1954 or fiscal year beginning in 1954 and ending
in 1955. A fiscal year is an accounting period of 12 months
ending on the last day of a calendar month other than December,
but if a taxpayer has made the election provided in section 441 (f ) ,
the term "fiscal year" means an annual period varying from 52
to 53 weeks. If a taxpayer has no annual accounting period, or
keeps no books, or has an accounting period which does not
qualify as a fiscal year, the return must be filed for the calendar
year, except as provided in section 443.
For the procedure to follow in changing an established account-
ing period, see your District Director.
C-(l). Accounting methods. — Taxable income shall be com-
puted in accordance with the method of accounting regularly used
by the taxpayer in maintaining its books and records. In all cases
the method adopted should clearly reflect taxable income. The
basic methods of accounting are the "cash receipts and disburse-
ments method" and the "accrual method." Section 446 permits
the use of these methods or any other method permitted under the
Code or any combination of these methods in accordance with reg-
ulations. If a taxpayer engages in more than one trade or business,
it may, with respect to each trade or business, use a different
method of accounting. Each method must, however, clearly
reflect the income of the particular trade or business with which
it is used, and separate profit and loss statements for each trade or
business must be submitted. Except in those cases where the law
specifically permits it, a taxpayer may not change the method
of accounting upon the basis of which it has reported its income in
prior years (for its income as a whole or with respect to any sepa-
rate trade or business) without first securing consent. For proced-
ure to be followed in securing consent, see your District Director.
Cash receipts and disbursements method. — Under this method,
a taxpayer includes all items of taxable income (whether cash,
property, or services) in the year when it is actually or construc-
tively received and claims as deductible expenses only those
expenses actually paid. Income is constructively received when
the amount is credited to the taxpayer's account, or set aside
for it, and is unconditionally subject to its command. This in-
cludes uncashed checks, bank interest credited, matured bond
coupons, and other similar items which can be immediately turned
into cash. Do not deduct capital expenditures.
Accrual method.— Under this method income is reported in
the year when the taxpayer first has a definite right to income,
the amount of which can be ascertained with reasonable accuracy
while deductions are taken in the year in which there is first estab-
lished a specific liability, the amount of which can be ascertained
with reasonable accuracy. Where the right to income or the
liability for expense is uncertain, or the amount of such income
or expense cannot be ascertained with reasonable accuracy, accrual
is generally postponed until a determination is possible.
Other methods.' — Separate provisions are contained in section
453 for installment method of accounting. For other information
on accounting methods, see your District Director.
C-(2). Special items.
Prepaid income. — Prepaid income is income (other than income
tieated as gain from the sale or other disposition of a capital asset)
received in a transaction in which a taxpayer assumes a liability
(to render services, furnish gocJds or other property, or allow the
use of property) which extends beyond the end of the taxable
year. A taxpayer receiving such income may elect, with respect
to each separate trade or business, to take it into account in por-
tions m the year of receipt and subsequent taxable years (not to
exceed five except with the consent of the Commissioner) to which
the liability extends. This may be done only when the method
of accounting used in the trade or business in connection with
which such income arises is other than the cash receipts and dis-
bursements method. The election, when made, will apply to all
prepaid income of the particular trade or business with respect to
which it is made. A taxpayer desiring to defer prepaid income to
subsequent taxable years will elect to do so by attaching to its
return a statement indicating that the election is being made and
showing: (a) the method of accounting used in the business for
which the election is made; (6) the nature of each item of prepaid
income; {c) the period over which the liability extends; Cd) the
amount of income to be taken into account in the present and in
each future taxable year; and (e) the method of allocating to
taxable years. The amount of prepaid income deferred to later
taxable years will be entered on line 18 of Schedule L.
Estimated expenses. — Estimated expenses are those expenses,
part or all of which would, under section 461, be taken into
account in some subsequent taxable year but which will, when
incurred, be attributable to income received in the present taxable
year and which can, in the opinion of the Commissioner, be esti-
mated with reasonable accuracy. These do not include deductions:
(a) attributable to income of a taxable year prior to the one
in which an election to claim estimated expenses is first made;
(b) attributable to prepaid income with respect to which the
taxpayer has made an election under section 452; or (c) allow-
able as an addition to a reserve for bad debts under section 166.
A taxpayer having estimated expenses may elect, with respect to
each separate trade or business, to take into account in computing
taxable income a reasonable addition to a reserve for these ex-
penses. This may be done only when the method of accounting
used in the trade or business in connection with which such
estimated expenses arise is other than the cash receipts and dis-
bursements method. The election, when made, will apply to all
estimated expenses of the particular trade or business with respect
to which it is made. A taxpayer desiring to deduct additions to
reserves for estimated expenses will elect to do so by attaching to
its return a statement indicating that the election is being made
and showing: (a) the method of accounting employed in the
business for which the election is made; (6) the nature of the
estimated expenses; (c) whether the estimated expense is on
account of a guaranty or warranty contract and the period of
time for which such contracts extend; and (d) a schedule show-
ing in detail the manner in which the estimated expense with
respect to the taxable year was computed. The reserves for
estimated expenses will be entered on line 16 of Schedule L.
Expenses attributable to income received in a taxable year prior
to that in which the above election is made are deductible in
the year in which incurred.
em — 1 a— 70924-1
198
FACSIMILES OF TAX RETURNS FOR 1954
PAGE 2
D. FUing of return and payment of tax. — Returns of domestic
and resident foreign corporations must be filed on or before the
15th day of the third month following the close of the taxable
year with the District Director of Internal Revenue for the district
in which the corporation's principal place of business or principal
office or agency is located. Returns of exempt cooperative associ-
ations taxable under section 522 must be filed on or before the
15th day of the 9th month following the close of the taxable
year. (Section 6072.)
Request for automatic extension of 3 months for filing of return
must be made on Form 7004. (Section 6081 (b).)
The tax must be paid in full when the return is filed or in
two installments, 50 percent on or before the 15th day of the
third month and 50 percent on or before the 15th day of the
sixth 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 District Director. The tax may
be paid in cash or by check or money order drawn to the order
of "District Director, I. R. S." Cash payment should be made
only in person at the District Director's office.
Effective for taxable years ending on or after December 31, 1955,
section 6016 provides that a corporation subject to income tax
shall make a declaration of estimated tax for the taxable year
if its income tax liability for such taxable year, reduced by the
amount which the corporation estimates as the sum of any credits
against tax provided by the 1954 Code, can reasonably be expected
to exceed $100,000. Filing requirements will not become effective
until September of 1955. Before that time instructions and forms
will be made available.
E. Signature and verificatiop. — The return must be signed either
by the president, vice-president, treasurer, assistant treasurer or
chief accounting officer, or by any other corporate officer author-
ized to sign. A receiver, trustee, or assignee must sign any return
which he is required to file on behalf of a corporation. The
statement at the bottom of page 1 of the return is required to be
signed by any person, firm, or corporation who prepared the tax-
payer's return. If the return is prepared by a firm or corporation,
it should be signed in the name of the firm or corporation. The
statement is not required if the return is prepared by a regular,
full-time employee.
F. Failure to file, etc. — Substantial additions to the tax 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 in the course of its trade or business of ( I ) interest,
rents, commissions, or other fixed or determinable income of
$600 or more during the calendar year 1954 to an individual,
a partnership, or a fiduciary, or (2) salaries or wages of $600
or more shall make returns 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-2 are furnished. If a por-
tion of such salary or wage payments was reported on a With-
holding Statement (Form W-2), only the remainder must be
reported on Form 1099.
Except as stated below, the returns on Forms 1096 and 1099
shall also include dividend payments totaling $10 or more during
the calendar year 1954 to each shareholder who is an individual
(citizen or resident of the United States), a resident fiduciary, or
a resident partnership any member of which is a citizen or resident.
In the case of a building and loan association, a cooperative bank,
a homestead association, a credit union, or a savings and loan asso-
ciation, such total shall be $600 or more. In the case of a cor-
poration described in sections 501 (c) (12), (15), (16), 521 and
522, or in the case of a national farm loan association or a produc-
tion credit association, such total shall be $100 or more.
The returns on Forms 1096 and 1099 shall also include (except
in the case of insurance companies taxable under Subchapter L
and corporations exempt under section 501 (c) (12) or (15))
patronage dividends, rebates, and refunds totaling $100 or more
during the calendar year 1954, whether in casli, merchandise,
capital stock, revolving fund certificates, retain certificates, certifi-
cates 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 cor-
poration or for the liquidation of the whole or any part of its
capital stock, render a correct return on Form 966 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 1954.
G-(3). Certain transfers of property on or after January 1,
1951. — Under certain circumstances the $25,000 exemption from
surtax and the $60,000 accumulated earnings credit are not
allowed or may be reduced to a lesser figure. Section 1551 pro-
vides that if a corporation on or after January 1, 1951, transfers
all or part of its property (other than money) to another corpora-
tion which was created for the purpose of acquiring such property
or which was not actively engaged 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 corpora-
tion during any part of the taxable year of such transferee cor-
poration, the transferee corporation shall not for such taxable year
(except as may be otherwise determined under section 269 (b) )
be allowed either the $25,000 exemption from surtax provided in
section 11 (c) or the $60,000 accumulated earnings credit pro-
vided in section 535 (c), 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. For this purpose 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.
Rules are provided in sections 544 and 1551 for determining own-
ership of stock. For allocation of the surtax exemption and the
accumulated earnings credit in certain cases, see section 269 (b).
G— (4). Information regarding renegotiable contracts. — Every
corporation which held, during the taxable year, contracts or sub-
contracts which were subject to the Renegotiation Act of 1951
shall, in answer to question 13, 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 con-
tracts and/or subcontracts.
H. Returns of certain corporations. Domestic corporations
entitled to benefits of section 931. — 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.
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
income derived from sources within the United States. (Section
882.)
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 sections 861 through 864) consisting of fixed or determinable
annual or periodical income and of certain gains derived from
the disposal of timber and coal. They are required to make
returns on Form 1 120NB with respect to such income onlv 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 802 shall make returns on Form 1120L.
Mutual insurance companies subject to tax imposed by section 821
shall make returns on Form 1120M. Insurance companies de-
scribed in section 831, and mutual savings banks described in
section 594 and conducting life insurance business, shall make
returns on Form 1120. There should be filed with the return
a copy of the 1954 annual statement approved by the National
Convention of Insurance Commissioners which contains the under-
writing and investment exhibit.
Regulated investment companies. — If for any given year the
investment company satisfies the requirements of section 851 it
will be considered a regulated investment company. (See Tax
Computation Instructions, item 8.)
Personal holding companies. — Section 541 imposes a tax upon
the undistributed personal holding company income (as defined
in section 545) of corporations classified as personal holding
companies. Every personal holding company must file a schedule
1120PH with its return.
Under the provisions of section 542, a corporation is a "personal
holding company" if at least 80 percent of its gross income for the
taxable year is personal holding company income as defined in
section 543, and if 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 indi>
viduals. (Sections 541-547.) cor-ia-70924-i
FACSIMILES OF TAX RETURNS FOR 1964
199
Foreign personal holding companies. — Section 551 (a) requires
that the undistributed foreign personal holding company income
of a foreign personal holding company, as defined in section 552,
shall be included as a dividend in the gross income of the United
States shareholders in the amount provided by subsection (b).
Schedule 1 1 20PH is not required, but monthly and annual infor-
mation returns on Forms 957 and 958 must be filed by the officers,
"directors, and certain United States shareholders as provided by
sections 6035 (a) and (b).
A foreign corporation which is a personal holding company, as
defined in section 542 but not within the definition of section 552,
is subject to the tax imposed by section 541 on undistributed per-
sonal holding company income and must file a schedule 1120PH
with its return.
I. Consolidated returns. — Subject to the provisions of sections
1501 through 1552 and the regulations, an affiliated group of cor-
porations may make a consolidated income 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 affiliated group consent
to all the consolidated return regulations prescribed under section
1502 prior to the last day prescribed by law for the filing of such
return. The common parent corporation, when filing a consoli-
dated return, shall attach thereto a schedule showing the names
and addresses of all the corporations included in the return. Form
851, Affiliations Schedule, should be obtained from the District
Director of Internal Revenue and filed as a part of the return.
Each subsidiary must prepare two duplicate originals of Form 1 122
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 District Director for the sub-
sidiary'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 taxable income ; one column for a total of like
items before adjustments are made; one column for intercompany
elimination:; 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 affected, and suitable
explanations appended, if necessary. Similar schedules shall also
contain in columnar form a reconciliation of surplus for each cor-
poration, 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 return
in a form similar to that required for reconciliation of surplus.
J. Tax on improperly accumulated earnings. — In order to pre-
vent accumulation of earnings and profits for the purpose of
PAGE 3
enabling shareholders to avoid the tax on individuals, section 531
provides an additional tax upon the accumulated taxable income
of corporations formed or availed of for the purpose of such tax
avoidance.
K. Stock ownership in foreign corporations. — In addition to the
information to be shown in Schedule C of the return, a corporation
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 com-
pany, attach a statement setting forth in complete detail the infor-
mation required by section 551 (d).
L. Balance sheets. — The balance sheets, Schedule L, should
agree with the books of account or any differences should be recon-
ciled. The balance sheets for a consolidated return of affiliated
corporations should be furnished in accordance with Instruction I.
All corporations reporting to the Interstate Commerce Commis-
sion or to any National, State, municipal, or other public officer,
may submit, in lieu of Schedule L, copies of their balance sheets
prescribed by such authorities as at the beginning and end of the
taxable year.
Line 9, Schedule L, should show land less any accumulated
amortization of the land as an emergency facility under the author-
ity of sections 124 and 124A of the Internal Revenue Code of
1939 or section 168 of the Jnternal Revenue Code of 1954.
Line 16, Schedule L, should include those reserves accumulated
by charges made under the election provided in section 462, and
only such reserves. A taxpayer who does not make, or is not quali-
fied to make, such an election but who has set up accounts for esti-
mated expenses should include the total of such reserves in line 22,
Schedule L (surplus reserves). (See instruction C— (2).)
Line 18, Schedule L, should reflect only those items of prepaid
income deferred for reporting in subsequent taxable years under
the election provided by section 452. Other income items classi-
fied by the taxpayer for financial accounting purposes as prepaid
income (including installment sales profits deferred under section
453) should be included either in line 19, or line 22, Schedule L.
(See instruction C-(2).)
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
information requested in items 1 to 33, page 1, except that a rail-
road company may submit with the return a statement on Form
1090. In such cases the taxable income will be reconciled by
means of Schedule M with the net profit shown by the income and
expense statement submitted, and should be entered as item 33,
page 1.
SPECIFIC INSTRUCTIONS (Numbered to correspond with item numbers on page 1 of return)
2. Cost of goods sold. — If the production, manufacture, pur-
chase, or sale of merchandise is an income-determining factor in
the trade or business, inventories of merchandise on hand should
be taken at the beginning and end of the taxable year, and may
be valued at cost, or at cost or market, whichever is lower, or by
any other permissible method.
An inventory method once properly adopted is controlling until
permission to change is obtained from the Commissioner. Appli-
cation for permission to change an inventory method 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. In case the inventories reported do not agree with
the balance sheet, attach a statement explaining the difference.
A corporation electing to use the last-in, first-out method of
valuing inventory provided for in section 472 must file Form 970
with the return for the first year of the election. Thereafter,
attach separate schedule showing : ( 1 ) a summary of all inven-
tories; (2) with respect to any inventories computed under section
472, the computation of the quantities and cost by acquistion
levels.
9. Interest on corporation bonds, etc. — Enter net amount of
interest from column 3, line 1, of Schedule C-1, page 2, on bonds,
debentures, notes, or certificates or other evidences of indebtedness,
issued by any corporation and bearing interest, with interest cou-
pons 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 included in the
inventory of the taxpayer if on hand at the close of the taxable
year, or any such obligations 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, see section 171.
10. Interest on obligations of the United States, etc. — Enter
from column 3, Schedule C-1, the total of lines 2 (a) and 2 (b).
Also enter in Schedule L, the amounts of the various obligations
owned. Enter on line 16, Schedule M, all interest received or
accrued during the year on the various obligations listed therein.
The total amount of interest reported on line 2 (a) in column 3 of
Schedule C-1, page 2, is also allowable as a deduction. See para-
graph 32 (b) of these instructions. The amount of interest re-
ceived or accrued on obligations issued on or after March 1, 1941,
by the United States or any agency or instrumentality thereof
should be entered on line 2 (b). Schedule C-1. For provisions
relating to amortizable bond premium, see section 171.
For special rules applicable to dealers in securities, with respect
to premium attributable to certain tax-exempt securities, see sec-
tion 75.
Non-interest-bearing obligations issued at a discount. — Tax-
payers on the cash basis may elect, as to all non-interest-bearing
obligations issued at a discount and redeemable for fixed amounts
increasing at stated intervals (for example, United States Savings
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. Attach
statement listing obligations owned and computation of the in-
crease. (Section 454.)
11. Rents. — Enter the gross amount received for the rent of
property. Any expenses, including repairs, interest, taxes, and
depreciation, should be included in the proper items of deductions
on page 1. In the case of a lease entered into prior to January 1,
1954, if both lessor and lessee are corporations and if under the
lease the lessee is obligated to pay any part of the lessor's income
osi — 1»— 70*24-1
200
FACSIMILES OF TAX RETURNS FOR 1954
PAGE 4
tax on the rental payment, this tax is excluded from lessor's gross
income and and may not be deducted by lessee. (Section 110.)
12. Royalties. — Enter the gross amount received as royalties. If
a deduction is claimed for depletion, it must be reported in item
26, page 1.
13. Gains and losses from sales or exchanges of capital assets
and other property. — The computation of gains and losses from
sales or exchanges of capital assets and property other than capital
assets should be made 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 capital gain exceeds the net short-term capital loss, or in
case of onlv a net long-term capital gain, a computation of the
alternative tax should be made on separate Schedule D.
14. Other income. — Enter total amount of other income not
reported elsewhere in the return and attach schedule showing
details.
18. Rent. — Enter rent paid or accrued for business property m
which the corporation has no equity. With respect to leases en-
tered into prior to January 1, 1954, see instruction No. 11.
19. Repairs. — Enter the cost of incidental repairs, including
labor, supplies, and other items, which do not add to the value or
appreciably prolong the life of the property. Expenditures for
new buildings, machinery, equipment, or for permanent improve-
ments or betterments which increase the value of the property are
chargeable to capital account.
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. (Sec-
tion 166.)
A taxpaver filing a first return of income may select either of
the two methods, and that method must be followed for subse-
quent years, unless permission is granted by the Commissioner
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 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 bad debt deduction is claimed,
or for a previous year.
For treatment of bad debts of 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 without profit, see section
593 and the regulations thereunder.
21. Interest. — Enter interest paid or accrued on business indebt-
edness. 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 on
which is wholly exempt from income tax. (Section 265.)
See section 267 for limitation on deductions for unpaid expenses
and interest in the case of transactions between related taxpayers.
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 United States possession income
taxes if any credit is claimed in item 35, page 1 ; Federal taxes
paid on bonds containing a tax-free covenant, nor taxes not im-
posed upon the taxpayer. See section 164 (d) regarding appor-
tionment of taxes on real property between seller and purchaser.
23. Contributions or gifts paid. — Enter contributions or gifts
actually paid within the taxable year to or for the use of ( 1 ) a
State, a Territors'. a possession of the United States, or any political
subdivision of any of the foregoing, or the United States or
the District of Columbia 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 of the United States, or of any State or Territory,
or of the District of Columbia, or of any possession of the United
States, organized and operated exclusively for religious, charitable,
scientific, literary, or educational purposes or the prevention of
cruelty to children or animals (but in the case of contributions or
gifts to a trust, chest, fund, or foundation only if such contribu-
tions or gifts are to be used within the United States or any of its
possessions exclusively for such purposes), no part of the net earn-
ings of which inures to the benefit of anv private shareholder or
individual, and no substantial part of the activities of which is
carrying on propaganda, or otherwise attempting to influence leg-
islation; (3) posts or organizations of war veterans, or auxiliary
units of, or trusts or foundations for, anv such posts or organiza-
tions, if such posts, organizations, units, trusts, or foundations are
organized in the United States or any of its possessions, and if no
part of their net earnings inures to the benefit of any private share-
holder or individual; or (4) nonprofit cemetery or burial com-
panies. The amount claimed shall not exceed 5 percent of the
corporation's taxable income computed without regard to ( 1 )
this deduction, (2) the "special deductions" in Schedule K and
(3) any net operating loss carryback to the taxable year under
section 172.
In the case of a corporation on the accrual basis, any contribu-
tion or gift will, at the election of the taxpayer, made at the time
the return is filed, be considered as paid during the taxable year
if payment is actually made on or before the fifteenth day of the
third month following the close of the taxable year, and if the
contribution or gift has during the taxable vear been authorized
by the board of directors of the corporation. A copy of such
authorization must be attached to the return. Do not deduct as
a business expense charitable contributions which come within the
above description, but which are unallowable in whole or in part
because of the limitation contained in section I 70.
Any contributions paid during the taxable year in excess of the
amount deductible may be carried over and deducted in the two
succeeding taxable years subject to the 5 percent limitation pro-
vided in section 170 (b) (2).
24. Losses by fire, storm, shipwreck, or other casualty, or theft. —
Enter losses sustained during the year, arising from fire, storm,
shipwreck, or other casualty. The amount deductible is based on
the difference between the fair market value of the property dam-
aged or destroyed immediately before the casualty and the fair
market value immediately after the casualty. This difference or
the adjusted basis, whichever is less, should then be reduced by any
insurance or other reimbursement to arrive at the deductible loss.
Theft losses are deductible only in the year in which discovered.
25. Depreciation and amortization. — The summary of deprecia-
tion and amortization allowances shown in lines 1 to 12 of Sched-
ule I of the return must be supported by detailed schedules giving
information necessary to sustain the allowances claimed. These
schedules must include: description of the property or expendi-
tures; date of acquisition of the property or dates of expenditures;
the cost or other basis of the asset, or the unamortized amount
of the expenditures in the case of organizational, research and
experimental, and exploration and development expenditures; the
amount of depreciation or amortization allowed and allowable in
prior years; the method under which the depreciation allowance
is being claimed; rate of depreciation, expected useful life, or
amortizable period over which such expenditures are to be ratably
deducted, or units used as the basis for amortization ; and deprecia-
tion or amortization allowance this year.
Depreciation. — A reasonable allowance for the exhaustion,
wear and tear, and obsolescence of property used in the trade
or business or of property held by the taxpayer for the production
of income shall be allowed as a depreciation deduction. The
allowance does not apply to inventories or stock-in-trade nor to
land apart from the improvements or ph\sical development added
to it. Depreciation on leasehold improvements, patents and copy-
rights shall be included in Part .\, Schedule I.
The useful life of an asset can be measured in units of pro-
duction or machine hours (for machiner\ ) or in miles of operation
(for automotive equipment), etc., but the ordinary practice is to
measure useful life in years. Business experience, engineering
information, and other relevant factors provide a reasonable
basis for estimating the useful life of property. The cost (or other
basis) to be recovered should be charged off over the expected
useful life of the property. For guidance, comprehensive tables
of "average useful lives" of various kinds of buildings, machines,
and equipment in many industries and businesses have been pub-
lished in a booklet called Bulletin F, which may be purchased for
30 cents from the Superintendent of Documents, Government
Printing Office, Washington 25, D. C.
(a) Straight line method. — The most common method of com-
puting depreciation is the "straight line ' method. It allows for
the recovery of cost in equal annual amounts over the life of the
property, with only salvage value remaining at the end of its
useful life. To compute the deduction, add the cost of improve-
ments to the cost (or other basis) of the asset and deduct both
the estimated salvage value and the total depreciation allowed
or allowable in past years. Divide the result by the number of
vcars of useful life remaining to the asset — the quotient is the
depreciation deduction.
(6) Declining balance method. — Under this method a uniform
rate is applied each vear to the remaining cost or other basis of
propirt\- (without adjustment for salvage value) determined at
the beginning of such year. For property acquired before .Jan-
uary 1, 1954, or used property whenever acquired, the rate of
depreciation under this method may not exceed one and one-half
times the applicable straight-line rate.
cnr — ID— 70924-1
FACSIMILES OF TAX RETURNS FOR 1954
201
(c) special rules for new assets acquired after December 31,
1953. — The. cost or other basis of an asset acquired after Decem-
ber 31, 1953, may be depreciated under m.ethods proper in the
past; or, it may be depreciated under any of the following methods
provided (1) that the asset is tangible, (2) that it has an estimated
useful life of three years or more, and (3) that the original use
of the asset commenced with the taxpayer and commenced after
December 31, 1953. If an asset is constructed, reconstructed, or
erected b\ the taxpayer, so much of the basis of the asset as is
attributable to construction, reconstruction or erection after De-
cember 31, 1953, may be depreciated under methods proper in
the past; or, it may be depreciated under any of the following
methods provided that the asset meets qualifications (1) and (2)
above.
(/) Declining balance method. — This method may be used
with a rate not in excess of twice the applicable straight-line rate.
(2) Sum of the years-digit method. — Under this method annual
allowances for depreciation are computed by applying changing
fractions to the taxpayer's cost or other basis of property (reduced
by estimated salvage).
The deduction for each year is computed by multiplying the
cost or other basis of the asset (reduced by estimated salvage
value) by the number of years of useful life remaining (including
the year for which the deduction is computed) and dividing the
product by the sum of all the digits corresponding to the years
of the estimated useful life of the asset. In the case of a 5-year
life this sum would be 15 (5 + 4 + 3 + 2-fl). For the first year
five-fifteenths of the cost reduced by estimated salvage value would
be allowable, for the second year four-fifteenths, etc.
(3) Other methods. — A taxpayer may use any consistent method
which does not result in accumulated allowances at the end of
any year greater than the total of the accumulated allowances
which would have resulted from the use of the declining balance
method. This limitation applies only during the first two-thirds
of the useful life of the property.
Amortization. — The law makes special provisions for amortiza-
tion of certain kinds of assets and expenditures.
(a) Emergency facilities. — A corporation is entitled at its elec-
tion, to a deduction with respect to the amortization of the
adjusted basis (for determining gain) of an emergency facility,
such amortization to be based on a period of 60 months. The term
"emergency facility" means any facility, land, building, machinery,
or equipment, or any part thereof, the construction, installation,
or acquisition of which was completed after December 31, 1949,
and with respect to which a certificate has been issued. The
cost or other basis subject to amortization is limited to the portion
thereof which has been certified as attributable to defense purposes
by the appropriate certifying authority. The corporation may
elect to take such a deduction starting with the month following
the month in which the facility is completed or acquired, or witti
the succeeding taxable year by filing a statement with the return
for the taxable year in which falls the first month of the period
so elected. The portion of the basis qf such a facility not subject
to amortization may be recovered by deductions for depreciation
under section 167. A corporation may elect to terminate its
amortization deductions at any time by filing a written statement
with the District Director of Internal Revenue. If the taxpayer
elects to discontinue amortization deductions, the unamortized
basis of the facility is subject to the depreciation provisions of law.
(Section 168.)
(t) Grain storage facilities. — A corporation may elect to amor-
tize the adjusted basis (for determining gain) of a grain storage
facility ratably over a 60-month period. The term "grain storage
facility" means ( 1 ) any public grain warehouse permanently
equipped for receiving, elevating, conditioning, and loading out
grain, and (2) any corncrib, grain bin, or grain elevator, or any
similar structure suitable primarily for and intended for the stor-
age of grain produced by the taxpayer. Such term does not
include any facility any part of which is an "emergency facility."
The amortization deduction is allowable only if the facility is
completed after December 31, 1952, and only with respect to
property of a character which is subject to the allowance for
depreciation under section 167. If a structure is converted
through alteration or remodeling into a structure so described
and if the alteration or remodeling is completed after December
31, 1952, then such alteration or remodeling shall be treated as
the construction of a grain storage facility. The 60-month period
shall, at the election of the taxpayer, begin with the month follow-
ing the month in which the facility is completed or acquired,
or with the succeeding taxable year. The election must be made
by a statement in the return for the year in which the period
begins, and may be terminated at any time by filing a written
statement to that effect with the District Director of Internal
Revenue. If the taxpayer elects to discontinue amortization
PAGE 5
deductions, the unamortized basis of the facility is subject to the
depreciation provisions of law. (Section 169.)
(c) Research and experimental expenditures. — A corporation
may treat research or experimental expenditures paid or incurred
by it during the taxable year as expenses not chargeable to capital
account and may deduct them. As an alternative, such expendi-
tures, if they are chargeable to capital account, may at the tax-
payer's election, be treated as deferred expenses, and amortized
ratably over a period of not less than 60 months beginning with
the month in which the taxpayer first realizes benefits from such
expenditures. However, if the property resulting from such ex-
penditures has a determinable useful life, the capitalized expendi-
tures must be amortized over such life in accordance with the
provisions of section 167.
Expenditures which are chargeable to property of a character
subject to an allowance for depreciation or depletion, expendi-
tures for land, and expenditures for the purpose of ascertaining
the existence, location, extent, or quality of any deposits of ore
or other mineral (including oil or gas) are not subject to amor-
tization as deferred expenses for research and experimentation.
A corporation electing to amortize research and experimental
expenditures may make an election by attaching a statement to
the return for the first taxable year to which the election is
applicable. The method or period selected for such amortization
cannot be changed unless prior approval is secured. (Section 174.)
(d) Exploration expenditures. — Under section 615 a corpo-
ration may deduct expenditures paid or incurred by it during the
taxable year for ascertaining the existence, location, extent or
quality of any deposit of ore or other mineral (other than oil
or gas) in an amount not exceeding $100,000 paid or incurred
before the beginning of the development of such deposit. At
its election it may treat such expenditures (in an amount not
exceeding $100,000 in a taxable year) as deferred expenses de-
ductible on a ratable basis as the units of produced ores or
minerals (discovered or explored by reason of such expenditures)
are sold. Such election must be made on the return or by filing
a statement not later than 6 months after the filing of the return,
for any taxable year to which such election is applicable. The
election shall be binding for the taxable year with respect to
which it is made. No further deduction or election may be taken
or exercised under section 615 if in any four preceding years
(not necessarily consecutive) the taxpayer or certain transferors
of such mineral or property have been allowed a deduction or
made such election. (Section 615.)
(e) Development expenditures. — A corporation may deduct
expenditures paid or incurred during the taxable year for the
developing of a mine or any other natural deposit (other than
an oil or gas well) if paid or incurred after the existence of ores
or minerals in commercially marketable quantities has been dis-
closed. At its election it may treat such expenditures as deferred
expense deductible on a ratable basis as the units of produced
ores or minerals benefited by such expenditures are sold. Such
election must be made on the return or by filing a statement not
later than 6 months after filing the return for the taxable year for
which the election is applicable. (Section 616.)
(/) Organizational expenditures. — A corporation may elect to
amortize expenditures which are incident to the creation of the
corporation ratably over a period of not less than 60 months
(beginning with the month in which the corporation begins busi-
ness). These expenses must be chargeable to capital account and
of a character which, if expended incident to the creation of a
corporation with limited life, would be amortizable over such life.
Amortization may not be taken on such expenditures paid or
incurred before August 16, 1954. Such election may be made
by filing a statement with the return for the year in which the
election is made. The statement shall set forth the description
and amount of the expenditures and the number of months over
which such expenditures are to be deducted. Once a period for
amortization has been selected it may not be changed. (Section
248.)
(g) Election statements. — For details concerning the informa-
tion which must be furnished in the statements of election re-
quired above, consult your District Director.
26. Depletion of mines, oil and gas wells, timber, etc. — If a
deduction is claimed on account of depletion, procure from the
District 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
necessary to bring your depletion schedule up to date, setting forth
in full statement of all transactions bearing on deductions from
or additions to value of physical assets during the taxable year with
explanation of how depletion deduction for the taxable year has
been determined. (Sections 611, 612, and 613.) Expenditures
to be deferred and deducted ratably under the election provided
cnr— 16— 70924-1
202
FACSIMILES OF TAX RETURNS FOR 1964
PAGE 6
in sections 616 (b), relating to certain expencHtures in the devel-
opment of mines, and 615 (b), 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 611.
28 (a). Amounts contributed under a stock bonus, pension, profit-
sharing or annuity plan. — Enter in item 28 (a) the total amount
deductible under section 404. A corporation claiming a deduction
under section 404 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 401 (a), and if trusteed, whether or not the
trust is exempt under section 501 (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.
28 (b). Amounts contributed under other employee benefit
plans. — Enter in item 28 (b) deductions for contributions to em-
ployee benefit plans other than those claimed in item 28 (a), such
as insurance, health, or welfare plans. Submit with the return a
schedule for each plan showing ( 1 ) the nature of benefits, i. e.,
group term life insurance, group permanent life insurance, non-
insured death benefit, hospitalization, surgical, medical, sickness,
accident, major medical expense, or other welfare benefits;
(2) method of financing, i. e., insured, industry or areawide fund,
self-insured fund, or direct benefit payments; (3) the amount of
deduction; (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.
29. Other deductions authorized by law. — Enter in item 29 any
other authorized deductions for which no space is provided on the
return. Any deduction claimed should be explained in Schedule J.
No deduction is allowable for the amount of any item or part
thereof allocable to a class of exempt income, other than wholly
tax-exempt interest income. However, for interest on indebted-
ness incurred or continued to purchase or carry tax-exempt
securities, see instruction 21. Items directly attributable to
wholly exempt income shall be allocated thereto, and items directly
attributable to any class of taxable income shall be allocated to
such taxable income. If an item is indirectly attributable 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. 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
domestic building and loan associations, any amounts paid or cred-
ited to the accounts of depositors or holders of accounts as divi-
dends 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 computing
taxable income. (Section 591.)
Under section 592 a special deduction in computing taxable
income is allowed a mutual savings bank not having capital stock
represented by shares, a 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 September 1, 1951, by the
United States or its wholly owned agencies, or by a mutual
fund established under the authority of State law.
For deductions on account of research and experimental ex-
penditures, and exploration and development expenditures in the
case of mines, see instruction 25.
32 (a). Net operating loss deduction. — The "net operating loss
deduction" is the sum of the net operating loss carryovers and
carrybacks to the taxable year. (Section 172 (a).) A net oper-
ating loss for taxable years ending after December 31, 1953, may
be carried back 2 years (1 year for excess profits tax purposes)
and carried over 5 years. The net operating loss must first be
carried to the earliest of the 7 taxable years to which it may be
carried, then to the next earliest year, etc. The portion of such
loss which shall be carried to each of the other 6 taxable years
shall be the excess, if any, of the amount of such loss over the
sum of the taxable income for each of the prior taxable years to
which such loss may be carried. (Section 172 (b).)
The term "net Operating loss" means, for taxable years ending
after December 31, 1953, the 'excess of allowable deductions over
gross incopie computed with the following modifications:
{a) No net operating loss deduction is allowed.
(6) The special deductions provided in section 242 (partially
tax-exempt interest) and section 922 (Western Hemisphere trade
corporations are not allowed).
(c) The special deductions allowed by section 243 (dividends
received by corporations), section 244 (dividends received on cer-
tain preferred stock of public utilities), and section 245 (dividends
received from certain foreign corporations) are computed without
regard to the limitation provided in section 246 (b).
(d) The special deduction allowed by section 247 (dividends
paid on certain preferred stock of public utilities) is computed
without regard to the provisions of subsection (a) (1) (B) of such
section.
As stated, the net operating loss deduction is the sum of the
carryovers and carrybacks. However, the following modifications
must be taken into account in determining the taxable income
for any year which must be subtracted from a net operating loss
to determine the portion of such loss which will still be available
to carry to a subsequent year;
(a) The special deductions provided in sections 242 (partially
tax-exempt interest) and 922 (Western Hemisphere trade corpora-
tions) are not allowed.
(fc) The special deductions allowed by sections 243, 244, and
245 are computed with regard to the limitations provided in sec-
tion 246 (b).
(c) The special deduction allowed by section 247 is computed
with regard to the provisions of subsection (a) (1) (B) of such
section.
(d) The amount of the net operating loss deduction is deter-
mined without regard to the net operating loss for the loss year or
any taxable year thereafter.
For further information on computation of amount of carryovers
and carrybacks, see section 172 (b).
With respect to all taxable years, whether they begin before, on,
or after, January 1, 1954, in determining the amount of any net
operating loss carryback or carryover to any taxable year, the
necessary computations involving any other taxable year must be
made under the law applicable to such other taxable year. (Sec-
tion 172 (e).)
The determination of any taxable year to which a net operating
loss sustained in a taxable year ending before January 1, 1954,
may be carried, must be made under the Internal Revenue Code
of 1939; such determination for a net operating loss sustained in
any taxable year ending after December 31, 1953, shall be made
under the 1954 Code. (Section 172 (g).)
If the corporation desires prompt adjustment for an overpay-
ment attributable to a net operating loss can^back, an appli-
cation for a tentative 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. (Section 6411.)
For treatment of net operating loss carryovers in certain corpo-
rate acquisitions, see section 381.
For special limitation on net opesating loss carryovers in case
of a corporate change of ownership, see section 382.
Section 852 (b) (2) provides that no net operating loss deduc-
tion shall be allowed in the case of a regulated investment
company.
32 (b). Special deductions from Schedule K. (Sections 241-
247.) (Numbered to correspond to line numbers on page 3.)
(/) Partially tax-exempt interest.- — Enter the amount received
as interest on obligations of the United States or on obligations
of corporations organized under Act of Congress which are
instrumentalities of the United States, but only if ( 1 ) such
interest is included in gross income; and (2) such interest is
exempt from normal tax under the Act authorizing the issuance
of such obligations. This deduction must be reduced by any
amortizable bond premium as provided in section 171.
(2)(a) Dividends received from a domestic corporation. —
Enter an amount equal to 85 percent of the amount received
as dividends (except dividends on certain preferred stock of
public utilities) from a domestic corporation subject to income
tax. Amounts received as dividends from mutual savings banks,
cooperative banks, and domestic building and loan associations and
allowed as a deduction to such banks or building and loan asso-
ciations shall not be treated as dividends. In the case of divi-
dends received from a regulated investment company, see section
854 regarding limitations on amount deductible.
(b) Dividends received on certain preferred stock of public
utilities. — Enter 62.115 percent for taxable years beginning after
December 31, 1953, and prior to April 1, 1955 (59.681 percent
for taxable years beginning on or after April 1, 1955), of the
amount received as dividends on the preferred stock of a public
utility which is subject to income tax and is allowed a deduction,
as provided in section 247, for dividends paid.
(c) Dividends received from certain foreign corporations. —
Enter 85 percent of dividends received from certain foreign cor-
CBI — 1«— 70924-1
FACSIMILES OF TAX RETURNS FOR 1954
203
porations. See section 245 for qualifications and limitations on
the amount of this deduction.
{3) Dividends paid on certain preferred stock of public utili-
ties.— In the case of a public utility there is allowed, in accordance
with section 247, an amount equal to 26.923 percent, for taxable
years beginning after December 31, 1953, and prior to April 1,
1955 (29.787 percent for taxable years beginning on or after
April 1, 1955), of the lesser of (I) the amount of dividends
paid on its preferred stock during the taxable year, or (2) the
taxable income for the taxable year computed without regard
lo the deduction provided in section 247.
{4) Western Hemisphere trade corporation. — In the case of
a Western Hemisphere trade corporation, as defined in section
921, there is allowed under section 922 a deduction equal to
26.923 percent, for taxable years beginning after December 31,
1953, and prior to April 1, 1955 (29.787 percent for taxable
years beginning on or after April 1, 1955), of the taxable income
of such corporation computed without regard to the deduction
provided in section 922.
33. Taxable income.— Under the provisions of section 443
(b) (1) if a corporation changes its accounting period, the tax-
able income for the short period beginning on the day after the
close of the former taxable year and ending at the close of the
day before the day designated as the first day of the new taxable
year shall be placed on an annual basis by multiplying the amount
thereof by 12 and dividing by the number of months in the short
period. The. tax shall be that same part of the tax computed on
the annual basis which the number of months in the short period
is of 12 months.
However, taxpayers may elect to compute the tax for the
short period according to the method described below if an' appli-
cation to do so is filed not later than the date when (giving effect
PAGE 7
to any extensions granted) the return for the first full taxable
year after the beginning of the short period must be filed. (Sec-
tion 443 (b) (2).) For details concerning the form and content
of such an application, consult the District Director.
If a proper application is filed, the taxpayer may elect to pay
whichever tax under the following two methods is greater, in place
of the short period tax under section 443 (b) (1) : (1) Establish
the actual taxable income for the 12 months beginning with the
first day of the short period; then compute the tax on that income.
Then determine as a short period tax that part of the tax so com-
puted which bears the same proportion to the total tax so com-
puted as the taxable income of the short period bears to the taxable
income of the 12 months. However, a taxpayer which distributes
substantially all its assets before the end of the 12-month period
described above, shall employ in the above computation the 12-
month period ending with the last day of the short period.
(2) Compute a tax on the taxable income of the short period as
if the short period were a full taxable year.
In annualizing income of a short period consisting of 7 days
or more, by reason of a change to a 52-53 week fiscal year, the
annualization is made on a daily basis as provided in section
441 (f) (2) (B) (iii).
35. Credit for taxes. — If, in accordance with section 901, a credit
is claimed by a domestic corporation in item 35, 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 District Director may require- a bond on Form
1119 as a condition precedent to the allowance of the credit.
TAX COMPUTATION INSTRUCTIONS
1. Normal tax. — Section 1 1 provides a normal tax for taxable
years beginning before April 1, 1955, equal to 30 percent of
taxable income. In the case of a taxable year beginning after
March 31, 1955, the normal tax is equal to 25 percent 'of taxable
income.
2. Surtax. — Section 1 1 provides a surtax equal to 22 percent
of the amount by which the taxable income (computed without
regard to the deduction, if any, provided in section 242 for par-
tially tax-exempt interest) exceeds $25,000.
3. Exceptions. — The tax imposed by section 1 1 shall not apply
to a corporation subject to a tax imposed by — (1) section 594
(relating to mutual savings banks conducting life insurance
business), (2) subchapter L (section 801 and following, relat-
ing to insurance companies), (3) subchapter M (section 851
and following, relating to regulated investment companies), or
(4) section 881 (a) (relating to foreign corporations not engaged
in business in United States).
4. Consolidated returns. — Section 1503 provides that the tax
imposed under section 11 (c) or section 831 shall be increased
for any taxable year for which an affiliated group of includible
corporations makes or is required to make a consolidated return
by 2 percent of the consolidated taxable income (computed with-
out regard to the deduction, if any, provided in section 242 for
partially tax-exempt interest). 1/ the affiliated group includes
one or more Western Hemisphere trade corporations or one or
more regulated public utilities, the increase of 2 percent shall
be applied only on the amount by which the consolidated taxable
income of the affiliated group exceeds the portion (if any) of
the consolidated taxable income attributable to the Western
Hemisphere trade corporations and regulated public utilities in-
cluded in such group.
5. Insurance companies other than life or mutual. — All insurance
companies (other than life or mutual insurance companies) in-
cluding mutual marine insurance companies and mutual fire in-
surance companies exclusively issuing either perpetual policies
or policies for which the sole premium charged is a single deposit
are subject to the taxes imposed by section 1 1 . The taxable
income of such insurance companies is defined in section 832 and
differs from the taxable income of other corporations. This para-
graph does not apply to foreign insurance companies not carrying
on arr insurance business within the United States. (Section 831.)
6. Life insurance departments of mutual savings ban!;s. — A
mutual savings bank not having capital- stock represented by
shares, authorized under State law to conduct a life insurance
business and which conducts such business in a separate depart-
ment the accounts of which are maintained separately from the
accounts of other departments of the bank is taxable under section
594 provided the life insurance department would, if it were
treated as a separate corporation, qualify as a life insurance
company under section 801.
The tax consists of the sum of — (1) a partial tax computed
under section 1 1 upon the taxable income of the bank determined
without regard to any items of gross income or deductions properly
allocable to the business of the life insurance department; and
(2) a partial tax upon the taxable income (computed as pro-
vided in section 803) of the life insurance departmerft deter-
mined without regard to any items of gross income or deductions
not properly allocable to such department, at the rates and in
the manner provided in subchapter L with respect to life insurance
companies.
Tax computation. — For the purpose of computing the first par-
tial tax, a mutual savings bank should use Form 1120, filling in
all applicable items (except items 34 and 36, 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.
The first partial tax should be added to the second partial tax and
the sum thereof entered in item 34 as the total income tax. Sub-
tract from item 34 the sum of any credits in item 35 and enter
in item 36 the balance of income tax. Fornr 1120L properly
filled in should be attached to and made a part of Form 1120
and properly identified as an accompanying schedule. However,
any Form 1120L so used need not be separately executed under
the penalty of perjury.
7. Resident foreign corporations. — Foreign corporations en-
gaged in trade or business within the United States are subject to
tax on their incomes from sources within the United States at
the rates specified in section 1 1. (Section 882.)
8. Regulated investment companies. — For provisions relating to
the method of taxation of regulated investment companies, see
sections 851 through 855.
U. S. GOVERNMENT PRINTING OFFICE CDI 10 70924-1
448404 O -57 - 14
204
FACSIMILES OF TAX RETURNS FOR 1954
PAGE 8
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 (item 1), plus gross receipts (item 4), plus all other income (items 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." fVhere receipts are derived from two or more of the detailed industry
groups listed below, show only one which is the major source of receipts. Use the appropriate group under 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
811 F>rm« «nd SKricuIlural services.
081 Forestry, deluding logging camps.
091 Fuheries.
MINING
Metal mining;
101 Iron ore.
102 Copper, lead, zinc, gold, silver ores.
109 Other metal mining.
Coal mining:
111 Anthracite coal.
121 Bituminous coal and lignite.
Crude petroleum and natural gas extraction;
131 Crude petroleum, natural gas, and
natural gasoline.
138 Oil- and gas-field contract services.
Nonmetallic 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.
169 Other construclion.
MANUFACTURING
Beverages:
191 Bottled soft drinks and carbonated
TtrafprS
192 Malt liquors and malt.
194 Wines.
195 Distilled, rectified, blended liquors.
F«od and kindred products:
201 Meat products.
202 Dairy products, except market
milk dealers.
203 Canning and preserving fruits,
vegetables, and seafoods.
204 Grain-mill products, except cereal
preparations.
205 Bakery products.
206 Sugar, cane and beet.
207 Confectionery, related products.
208 Cereal preparations.
209 Other, including manufactured ice
and flavoring sirups.
Tobacco manufacturers:
212 Cigars.
219 Otber.
Tcit3e-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 fiber).
225 Knitting mills.
226 Dyeing and finishing textiles
(except knit goods).
227 Carpets, rugs, and other floor
coverings.
228 Hals, except cloth and millinery.
229 Other, including rayon and silk
broad-woven fabric.
Apparel and ether finished products made
from fabrics and similar materials:
231 Men's and boys* clothing and
furnishings* except fur and
rubber.
333 Women's clothing, and children's
and infants' wear, except fur and
rubber.
236 Millinery.
237 Fur goods.
338 Other apparel and accessories
including gloves, robes, and
raincoats.
330 Other fabricated textile products
including curtains, bags, and
awnings.
Lumber and wood products (except fur-
niture):
241 Logging camps, logging contrac-
tors, sawmills, and planing mills.
243 Millwork, plywood, and prefabri-
cated structural wood products.
244 Wooden containers.
249 Other wood products.
Furniture and fiitures (wood or metal):
261 Furniture — household, office, pub-
lic building, and professional.
Code
254 Partitions, shelvinp;, 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:
261 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 tbe
printing trade.
Chemicals and allied products:
281 Industrial inorganic chemicals.
282 Industrial organic chemicals, in-
cluding plastic materials, syn-
thetic rubber, and synthetic
fibers.
283 Dnigs and medicines.
284 Soap and glycerine, cleaning and
polishinfr preparations, etc.
285 Paints, varnishes, lacquers, 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 Glass and glass products.
324 (dement (hydraulic).
326 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, and other non-
metallic mineral products.
Primary metal industries:
331 Blast furnaces, steel works, and
rolling mills.
332 Iron and steel foundries.
333 Primary and secondary smelting,
refining, rolling, drawing, and
alloymg of nonferrous metals
and alloys.
336 Nonferrous foundries.
339 Other, including iron and steel
forgmgs and wire drawing.
Fabricated metal products (etcept ord-
nance, machinery, and transportation
equipment):
341 Tin cans and other tinware.
342 Cutlery, band tools, and general
hardware.
343 Heatmg apparatus (except elec-
tric) and plumbers' supplies.
344 Fabricated structural metal prod-
ucts, including boiler shop
prooucts.
346 Metal stamping, coating, and en-
graving.
347 Lighting fixtures.
348 Fabricated wire products.
349 Other, including screw machine
prooucts.
Machinery (except electrical):
361 Engines and turbines, except auto-
motive, aircraft, and railway.
362 Agricultural mchy. and tractors.
353 Construction and mining machin-
ery and equipment.
354 Metalworking machinery includ-
ing machine tools.
355 Special-industry machinery.
356 General industry machinery 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, equip'ment, 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 Otber communication equipment
and related products.
369 Miscellaneous electrical products
including batteries.
Transportation equipment (except electri-
cal and motor vehicle 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 Otber transportation equipment.
Motor vehicles and motor vehicle equip-
ment (except electrical equipment):
381 Motor vehicles, including bodies
and truck trailers.
384 Motor vehicle parts and accesso-
ries, including engines, and trail-
ers for passenger cars.
OrdnaiKe and accessories:
361 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 matches.
TRANSPORT ATION.COMMUNICATION,
AND OTHER PUBLIC UTILITIES
Transportation:
461 Railroads, railway express.
462 Urban, suburban, and interurban
railways (with and without
busses) .
463 Trucking and warehousing.
464 Other motor vehicle transporta-
tion. Including taxicabs and
busses.
466 Petroleum pipelines.
466 Water transportation.
467 Air transportation.
468 Services, supplementary to trans-
portation.
469 Other transportation.
Communication:
471 Telephone (wire or radio).
472 Telegraph (wire and radio).
473 Radio broadcasting and television.
479 Other communication.
Electric and gas utilities:
481 Electric light and power.
482 Gas production and distribution,
except natural gas production.
Other public utilities:
491 Water supply.
499 Other public utilities.
WHOLESALE TRADE
SOI Commission merchants.
Other wholesalers:
611 Food, including milk.
612 Alcoholic beverages.
613 Apparel and dry goods.
614 Chemicals, paints, and drugs.
616 Hardware, electrical goods, plumb-
ing and oeatlng equipment, etc.
Code
616 Lumber, millwork, and construc-
tion materials.
617 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:
f31 Department stores.
532 Mail-order houses.
f,33 Variety stores.
.^39 Other general merchandise.
S41 Apparel and accessories.
551 Furniture, home furnishings, etc.
Automotive dealers, dealers in parts and
accessories, and filling stations:
f61 Automobiles and trucks.
563 Parts, accessories, tires, batteries.
564 Filling stations.
571 Drug stores.
581 Ealing and drinking places.
Lumber, building materials, and hardware:
591 Lumber and building materials.
695 Hardware and farm implements.
Other retail trade:
601 Liquor stores.
607 Jewelry stores.
6(19 Other retail stores.
FINANCE. INSURANCE, AND REAL
ESTATE
621 Banks and trust companies.
622 Mutual savings banks.
632 Savings and loan associations.
Credit agencies other than banks:
634 Personal credit agencies.
635 Business credit agencies.
(►39 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
receipts from investments).
651 Security and commodity brokers,
dealers, eichanges, and services.
Insurance carriers:
661 Life insurance.
662 Mutual, except life or marine, and
except mutual fire insurance com-
panies issuing perpetual policies.
669 Other.
€71 Insurance agents, brokers, and service.
Real estate:
6til Real estate owners and operators.
Including lessors of buildings
(excludes developers of real
property and lessors of real
property other than buildings).
683 Developers of real property, in-
cluding traders on own account.
684 Agents, brokers, managers, etc.
686 Title abstract companies.
689 Other real estate.
Lessors of real property, except buildings:
691 Agricultural, forest, and similar
properties.
692 Mining.oil, and similar properties.
693 Railroad property.
694 Public-Utility property.
699 Other real property except build-
ings.
SERVICES
701 Hotels, rooming and bearding houses,
camps.
Personal services:
721 Laundries, cleaning and dyeing.
723 Photographic studios including
commercial photography,
729 Other personal service.
Business services:
731 Advertising.
739 Other business services.
751 Automobile repair services and garages.
761 Other repair services.
Motion pictures:
781 Motion picture production, dis-
tribution and service industries.
783 Motion picture theaters.
791 Amusement and recreation services
eicept motion pictures.
801 Otbei scrtices, including schools.
OUT— 16— 70924-1
FACSIMILES OF TAX RETURNS FOR 1954
205
SCHEOOLE D
Form 1120
U. S. TT«a«urT D«pai1m«nt
Intamal Ravsnu* S«rvlc*
SCHEDULE OF GAINS AND LOSSES FROM SALES
OR EXCHANGES OF PROPERTY
1954
or other taxable year beginning
FOR CALENDAR YEAR 1954
, 1954, and ending
, 195
Nome and address
(I) CAPITAL ASSETS
■. Descfiption ot Property
b. Oste
Acquired
Mo. Oay Vr. Mo. Day Vr
d. Gross Sales Price
(Contrict price)
e. Depreciation Allowed (or
allowable) Since Acquisi-
tion or March 1. 1913
(Furnish deUils)
(. Cost or Other Basis and
Cost of Improvements Sub-
sequent to Acquisition or
March 1. 1913
g. Expense ot Sale
h. Gain or Loss (Column d
plus column e less the sum
ot columns f and g)
Short-Term Capital Gains and Losses — Assets Held for Not More Than 6 Months
1.
$
$
$
s
$
2. Unused net capital loss carrv.over from five orecedina taxable years (attach statementl _ _
3. Total of short-term capital
gains or losses or difference between short-tenn capital qains and losses
s
Long-Term Capital Gains and Losses— Assets Held for More Than 6 Months
4.
$
$
$
s. .
$
5. Total of long-term capital gains or losses or difference between long-term capital gains and losses
$
Summary of Capitol Gains and
Classitiution
Gain or Loss To Be Taken Into Account
a. Gain
b. Loss
6. Net short-tenn capital gain or loss from line 3
S
S
S
.«
8. Net short-term capital gain (line 6. col. a) reduced by any net long-term capital loss {line 7.
S
xxxxxxxxxx
9. Net long-term capital gain (line 7, col. a) reduced by any net short-term capital loss (line 6,
«
xxxxxxxxxx
10. Excess of losses over gains in lines 6 and 7. This excess is not allowable
xxxxxxxxxx
$
Alternative Tax Computation £or Calendar Year 1954 and Taxable Years Ending on or Before March 31, 1955
For other loxaUa y«aia oMacli Tonn IIZOFT
1 1 . Line 7, page 3, Form 11 20
(When deductions are allowoble under sections 243, 244. 245. 247. 922, and 941, disregard lines 11 and 12 and compute taxable income
for purposes ol the allemative tax (line 13) according to the "Alternative tax" instrucbons on the reverse side.)
12. Net long-term capital gain reduced by any net short-term capital loss (line 9 of summary)
13. Line 1 1 minus line 12
14. If amount of line 13 is;
(a) Not over $25,000; enter 30 percent of line 13 (32 percent if a consolidated return)
(b) Over $25,000; enter 52 percent of Hne 13 (54 percent if a consolidated return) $ ,
Subtract $5,500 and enter difference
15. Less: Adjustment for partially tax-exempt interest; enter 30 percent of line 1, Schedule K, Form 1120, but not in excess
of 30 percent of hne 13
16. Partial tax
17. 26 percent of line 12 (25% for years beginning on or after April 1, 1954)
18. Alternative tax (line 16 plus line 17)
19. Normal tax and surtax (line 10. page 3.- Form 1120)
20. Tax liability (line 18 or 19, whichever is lesser). Enter here and as line 1 1, page 3. Form 1 120.
{II) PROPERTY OTHER THAN CAPITAL ASSETS
a. Description ol Property
b. Date
Acquired
Mo. Oay Yr.
c. Date
Sold
Mo. Day Yr.
d Gross Sales Price
(Contract price)
e. Depreciation Allowed (or
allowable) Since Acquis>~
tion or March 1. 1913
(Furnish details)
f. Cost or other easis and
Coslot ImprovementsSub-
sequent to Acquisition or
March 1, 1913
g. EipenseorSale
h. Gain or Loss (Column d
plus column e less the sum
o( columns f and B)
1.
«
s
$
s
$
2. Total net gain (or loss). Enter here and as item 13 (c), page 1. Form 1 120
$
State with respect to each item of property reported in Schedule D (I) and (II): (1) How property was acquired .
(2) Whether at time of sale or exchange — (Check appropriate block(s))
r~| (a) purchaser owned directly or indirectly
more than 50 percent in value of your
outstanding stock.
rj (b) where purchaser was a corporation, more
than 50 percent m value of its capital stock
and 50 percent m value of your capital stock
was owned directly or indirectly by or for the
same individual or his family, and
Q (c) where purchaser was a cxjrporation,
whether more than 50 percent in value of its
capital stock was ovrtied directly or indirectly
by you.
State name and address of purchaser .
206
FACSIMILES OF TAX RETURNS FOR 1954
INSTRUCTIONS
(IMamtcM on to th* Internal RavMiu* C«d*)
Instructions For Insurants Companies Using This Scheduit
Compaoies taxable under section 831 and having losses from capital assets
sold or exchanged in order to obtain funds to meet abnormal insurance losses,
etc., shall attach a schedule corresponding to Schedule E, Form 1120M.
For companies taxable under section 831 or section 821 (a) (1) or (b),
"net capital loss" means the amount by which the losses for the taxable year
from sales or exchanges of capital assets exceed the sum of the gains from
such sales or exchanges and the lesser of (1) the taxable income (computed
without reeard to gains or losses from sales or exchanges of capital assets or
to the deduction for partially tax-exempt interest provided in section 242)
or (2) losses from the sale or exchange of capital assets sold or exchanged to
obtain funds to meet abnormal insurance losses and to provide for the pay-
ment of dividends and similar distributions to policyholders.
For companies taxable under section 821 (a) (1) or (b), all references to
"item" or "line" numbers. Form 1120, shall be considered as references to
the appropriate "item'" or "line" in Form 1120M. It will be necessary for
such companies to substitute for lines 14, 15. and 16 on other side a computa-
tion conforming to that on pages 2 and 3 of Form 1120M.
GENERAL INSTRUCTIONS
Gains and losses from sales or exchanges of capital assets and other
property. — Report sales or exchanges of capital assets and sales or exchanges
of property other than capital assets in Schedule D on other side. Every sale
or exchange of property, even though no gain or loss may be indicated, must
be reported in detail.
Losses from sales or exchanges of capital assets shall be allowed only to the
extent of gams from such sales or exchanges. 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 short-term capital loss to the extent not allowed as a deduction against any
net capital gains of any taxable year intervening between the taxable year in
which the net capital loss was sustained and the taxable year to which carried.
Definition of capital assets. — The term "capital assets" means property held
by the taxpayer (whether or not connected with its trade or business), but
docs not include (1) 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;
or (2) profierty used in the trade or business, of a charaaer which is subject
to the allowance for depreciation provided in section 167, or real property
used in the trade or business of the taxpayer; or ( 3 ) certain copyrights, literary,
musical, or artistic compositions, or similar properties; or (4) accounts or
notes receivable acquired in the ordinary course of trade or business for services
rendered or from the sale of property described in ( 1 ) above; or (5) an obli-
gation of the United States or any of its possessions, or of a State or Territory,
or any political subdivision thereof, or of the Distria of Columbia, issued on
or after March 1, 1941, on a discount basis and payable without interest at a
fixed maturity date not exceeding 1 year from the date of issue.
Classification of capital gains and losses. — The phrase "short-term" applies
to the category or gains and losses arising from the sale or exchange of capital
assets held for 6 months or less, and the phrase "long-term" to the category
of gains and losses arising from the sale or exchange of capital assets held for
more than 6 months.
Enter full description of each item of property sold or exchanged, even
though no gain or loss may be indicated. Such description should include
the following facts: {a) For real estate, location and description of land,
description of improvements, details explaining depreciation; {b) for bonds
or other evidences of indebtedness, name of issuing corporation, description
of the particular issue, denomination, and amount; (r) 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 acauired before March 1, 1913. 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 1016, whichever is greater, but in determining
LOSS the basis is cost so adjusted. If property was acquired after February
28. 1913, basis for both gain and loss is the cost of such property, except as
otherwise provided. The exceptions arise chiefly where property was acquired
by bequest, gift, tax-free exchange, involuntary conversion, or wash sale of
stock; see sections 1014, 1015, 1031, 1033, and 1091, respectively- 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 e. on other side, the amount of depreciation, exhaustion,
wear and tear, obsolescence, amortization, and depletion in respect of the prop-
erty. This amount shall be the sum of the following:
{a) The amount of depreciation, exhaustion, wear and tear, obsolescence,
amortization, 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 December 31, 1951, the amount of depreciation, etc, allowed
(and which is in excess of the amount allowable) shall be disregarded to the
extent that such excess does not result in a reduction for any taxable year of
the taxpayer's income or excess profits taxes. In respect 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 e/cess profits taxes only if an election
is made in accordance with regulations. See section 1020; and
(b) The amount of depreciation, exhaustion, wear and tear, obsolescence,
amortization, and depletion actually sustained prior to March 1, 1913, if the
property was acquired before that date.
Subsequent improvements to be entered in column f. include expenditures
for additions, improvements, renewals, and replacements made to restore the
property or prolong its useful life. Do not include ordinary repairs, interest,
or taxes in column f. or elsewhere in computing gain or loss.
If emergency facilities are sold or exchanged, see section 1238.
Losses on securities becoming worthless. — If any securities (as defined
below) become worthless within the taxable year and are capital assets, the
loss resulting therefrom shall, in the case of a taxpayer other than a bank, as
defined in section 581, be considered as a loss from the sale or exchange, on
the last day of such taxable year, of capital assets. Section 165 (g) ( 1 ).
Definition of security. — For the purpose of determining capital losses under
section 165, the term "security" means a share of stock in a corporation; a
right to subscribe for, or to receive, a share of stock in a corporation; or a
bond, debenture, note, or certificate, or other evidence of indebtedness, issued
by a corporation or by a government or political subdivision thereof, with
interest coupons or in registered form. However, securities issued by certain
affiliated corporations shall not be deemed capital assets. Section 165 (g) (3).
Losses not allowable. — No loss shall be recognized in any sale or other dis-
position of shares of stock or securities where (here has been acquired substan-
tially identical stock or securities or there has been entered into a contract or
option to acquire substantially identical stock or securities within 30 days
before or after the date of such sale or disposition, except in cases of dealers
in stocks and securities and with respect to transactions made in the ordinary
course of such business. Section 1091.
Except in the case of distributions in liquidation, no deduction shall be
allowea in respect of losses from sales or exchanges of property, directly or
indirectly, between an individual and a corporation in which such individual
owns, directly or. indirectly, more than 50 percent in value of the outstanding
stodc; or (except in the case of distributions in liquidation) between two
corporations more than 50 percent in value of the outstanding stock of each
of which is owned, directly or indirectly, by or for the same individual, if
either one of such corporations, with respect to the taxable year of the cor-
poration preceding the date of the sale or exchange was, under the law appli-
cable to such taxable year. ( 1 ) a personal holding company, as defined in
section 542, or (2) a foreign personal holding company, as defined in section
552. (For the purpose of determining the ownership of stock, in applying
this paragraph, see section 267.)
Cain on sales by a "controlled" corporation. — In the case of a sale or ex-
change, directly or indirectly, of property between an individual and a cor-
poration more than 80 percent in value of the outstanding stock of which is
owned by such individual, his spouse, and his minor children and minor grand-
children, any gain recognized to the transferor from such sale or exchange
shall be treated as gain from the sale or exchange of property which is neither
a capital asset nor property described in section 1231, if such property in the
hands of the transferee is depreaable under section 167, Section 1239,
Gains and losses from involuntary conversion and from the sale or exchange
of certain property used in the trade or business. — The term "property used
in the trade or business," as used in section 1231, means property which has
been held more than 6 months, which is used in the trade or business, and
which is either real property or property subject to depreciation under section
167, and which is hot (a) property of a kind which would properly be includi-
ble in the inventory of the taxpayer if on hand at the close of the taxable year,
{b) property held by the taxpayer primarily for sale to customers in the ordi-
nary course of its trade or business, or (c) certain copyrights or similar prop-
erties. Such term also includes timber and coal with respect to which section
631 applies as well as unharvested crops to which section 1231 (b) (4) 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 1231 provides special treatment for the gains and losses upon the
sale or exchange of "property used in the trade or business" and upon the
compulsory or involuntary conversion of ( 1 ) such property and (2) capital
assets held for more than 6 months. Such gains and losses during the taxable
year are 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, however, such gains do not exceed such losses,
such gains and losses shall not be treated as gains and losses from the sale or
exchange of capital assets.
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. TTie limitation of section 1211 on the
dedurtibility 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 or coal, see section 631,
Alternative tax. — If for any taxable year the net long-term capital gain
exceeds the net short-term capital loss, or if there is only a net long-term
capital gain, section 1201 imposes an alternative tax in lieu of the normal tax
and surtax imposed upon taxable income, if any, only if such tax is less than
the tax imposed by section 11 (relating to normal tax and surtax on corpora-
tions), sections 821 and 831 (relating to normal tax and surtax on insurance
companies, other than life insurance companies), or section 511 (a) (1)
(relating to taxation of business income -or certain organizations described io
section 511 (a) (2)). The alternative tax is the sum of (1) a partial tax,
computed at the normal tax and surtax rates on the taxable income decreased
by the amount of the excess of the net long-term capital gain over the net
short-term capital loss, and (2) 26 percent of such excess for taxable years
beginning before April 1, 1954, determined without regard to sertion 21, or
25 percent for years beginning after March 31, 1954.
If the corporation computes an alternative tax imder section 1201 and is
entitled to special deductions for dividends received (sections 243, 244, 245);
the special deduction for dividends paid (section 247); the special deduction
for a Western Hemisphere trade corporation (section 922); or the special
deduction for a China Trade Act corporation (section 94 1) the amount to be
entered on line 13 shall be computed as follows:
(1) Add back to the taxable income (item 33, page 1, Form 1120) any
deductions claimed in item 29 or item 32 (b), page 1, Form 1120,
under the authority of sections 243. 244, 245, 247, 922, and 94l.
(2) Subtract from this total the excess of net long-term capital gain over
net short-term capital loss (line 9 of Schedule D).
(3) Recompute the special deductions allowable under sections 243, 244,
245, 247, 922, and 941. For the purpose of this recomputation. the
term "taxable income" employed in these sections and in section 246
shall be considered to be the result in (2) above.
(4) Subtract from the result in (2) above the special deductions recom-
puted in (3) above and enter the difference, plus line 1, Schedule K,
Form 1120. in line 13-
Bonds, etc., losses of banks. — In the case of a bank, as defined in section
581, if the losses in the taxable year from sales or exchanges of bonds, deben-
tures, notes, or certificates, or other evidences of indebtedness, issued by any
corporation (including one issued by a government or political subdivision
thereof) with interest coupons or in registered form, exceed the gains from
such sales or exchanges, such excess shall be considered as an ordinary loss
and deductible in full against other income. Section 582.
Dealers in securities. Capital gains and ordinary losses. — Under the pro-
visions of section 1236. gain by a dealer in securities from the sale or exchange
of a security, as defined in section 1236, shall in no event be considered as gain
from the sale or exchange of a capital asset unless (a) the security was. before
the expiration of the thirtieth day after the date of its acquisition, clearly iden-
tified in the dealer's records as a security held for investment or, if acquired
before October 20, 1951, was so identified before November 20. 1951; and
(i) the security was not, at any time after the expiration of such thirtieth day,
held by the dealer primarily for sale to customers in the ordinary course of
trade or business, A loss from the sale or exchange of a security shall, if
section 582 (c) is not applicable, be considered a capital loss if at any time
afitr November 19. 1951, the security was clearly identified in the dealer's
records as a security held for investment.
Short sales of capital assett. — For rules regarding tax consequences of cer-
tain short sales of stock or other securities (including those dealt with on a
"when issued" basis), and transactions in commodity futures, see seaion 1233.
U- S GOVOINMENT PRirmNG OfTlCt l««-O-S0732e
I
FACSIMILES OF TAX RETURNS FOR 1954
207
SCHEDULE PH
Form 1120
COMPUTATION OF U. S. PERSONAL HOLDING COMPANY TAX
1954
or other taxable year beginning
FOR CALENDAR YEAR 19S4
, 1954, and ending
. 193
Noma and addrvM
In.i>^«ion UNDISTRIBUTED PERSONAL HOLDING COMPANY INCOME COMPUTATION
and Itam No.
1. Taxabla income before net operating loes deduction and epeclal deductions from Schedule K. Fcnn 1120 (item 31, page 1,
Form 1 120)
S. Amount to be Included In Income where lien In favor of the United States Is satisfied or released .
3. Expenses and depreciation applicable to property of the taxpayer In excess of amount allowable under section 545 (b) (8).
(From Schedule A)
4. Total of items 1 to 3, inclusive
B. Additional contributions or gifts deductible under section 545 (b) (2). (Not Included In computing
item 1.) (From Schedule 6}
9* Federal income and excess profits toxes. (Attach schedule) .
T« Income, wor-prohts and excess profits taxes of a foreign country or U. S. possession (not deducted in com-
putlng item 1). (From Schedule Q
8. Net operating loss for the preceding taxable year deductible under section 545 (b) (4) .
9. Excess of net long-term capital gain over net short-term capital loes (item 13
(b), page 1, Form 1120)
10. Less: Income tax attributable to such excess. (Attach computation If
f amount is dilferent from line 17, separate Schedule D, 1120)
11. Amount of a lien in favor of the United States
12. Special deduction for bank affiliates allowable under section 545 (b) (6)
13. Deduction for dividends paid (eTcludlng dividends paid after close of taxable year). (From Schedule D) .
14. Amounts used or Irrevocably set aside to pay or retire indebtedness of any kind Incurred prior to January
1, 1934. (From Schedule E)
18. Total ol items 5 to 14, Inclusive
16. Undistributed personal holding company Income before deducting dividends paid after close of taxable year (item 4 minus Item 15) .
IT. Less: Dividends paid after close of taxable year (excluding deficiency dividends as defined In section 547 (d)) but nui In
excess of the lesser of Item 16 or 10% of line 3, Schedule D
18. Undistributed personal holding company income (item 16 minus Item 17).
COMPUTATION OF TAX
19. Tax on portion of item 18. not In excess of $2,000, at 75%
20. Tax on portion of Item 18, in excess of $2,000, at 85%
21. Total Personal Holding Company tax due (total of Items 19 and 20). (Enter here and as Item 37, page 1, Form 1 120) .
$
SCHE33ULE REQUIRED UNDER SECTION 6S01(f)
(a) PezBonal Holding Company Incozn*
1. Dividends
$
2. Interest
7. Amounts received from estates and trusts and gains from the sale or other disposition of any Interest in an estate or trust
9. Amounts received as compensation for use of corporation property by shareholder
10. Rents
12. Total personal holding company Income
$ -_-
(b) Stock Ownership
Enter 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:
Nimt
Adlrm
HIghait pemntags ol shares owned during last half or taxabla year
FM«ni
Common
0)
(2) ,
(•*)
(5)
208
FACSIMILES OF TAX RETURNS FOR 1954
Pago 2
NCOME FROM
PROPERTY NOT ALLOWABLE UNDER SECTION 5U (b) (»■ (t— Inrtructlon S)
I. Kind of Property
i. Dale
Acquirad
3. Cost or Other Besli
4. Depredetion
i. Repairi, Iniurance. and Other
Lxpenses (section 162)
(Itemite below)
6, Agecegate ol Lipenses
and Depreciation in
Colunini4 and 5
7. Income tiom Rent Of
Other Compenulion
8. Excess (Column 6
minui Column 7)
(a) . ._.
$
$
$ _ _
$
$ „...
$
(b) .
(d
(d)
Total excess of expenses and depreciation over rent or other compensation. (Enter here and as item 3, page 1)
$
Explanation of expenses entered In column 5 .
State 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 .
SchaduU B.— ADDITIONAL CONTRIBUTIONS OR GIFTS PAID. (Not deducted In computing Item 1, pafo 1) (See Instruction S>
Name and Address of Orsanlzation
Amount
Name and Address ol Orcaniiation
Amount
$
$.....
Total. (Enter here and as item 5, page 1, subject to appropriate percentage limitations)
$
Scliodula C.-INCOME
WAR-PROFITS, AND EXCESS-PROFITS TAXES OF A FOREIGN COUNTRY OR U
(S«« Instruction 7)
S. POSSESSION.
Netore of Tax
Taiahle Year
Amount
Nature ol Tax
Taxable Year
Amount
$
$.
Total. (Enter here and as Item 7,
page 1)
s
Schodula D.— DEDUCTION FOR DIVIDENDS PAID. (Sm Imtructlon 13)
1. Taxable dividends paid, excluding (a) dividends paid in current taxable year and claimed in the preceding year linder section
563, arid Cb) deficiency dividends as defined in section 547
2. Consent dividends. (Submit schedule)
3. Taxable distributions (total of lines 1 and 2)
4. Dividend carry-over from first and second preceding taxable years. (Submit schedule of computation)
B. Deduction for dividends paid (total of lines 3 and 4). (Enter here and as item 13, pxaqe 1)
Sch«dulB E.— AMOUNT USED OR SET ASIDE TO PAY OR RETIRE INDEBTEDNESS INCURRED PRIOR TO JANUARY 1, 1934. <Sm Instruction U)
I
II
III
$
S -
$
B. Amount used or set aside prior to January 1, 1934, to pay or retire such
9. Excess of indebtedness on January 1, 1934, over total amount used or set
«
$
T
7. Aggregate of amounts used or set aside to retire such indebtedness in taxable
years beginning on and after January 1, 1934 (not including taxable year
$
$
$
8. Amount used or Irrevocably set aside during the taxable year covered by
a
«
$
$
T
$
$
f
$
11. Indicate separately:
(a) Amount actually used during the taxable year covered by this return
f
$
$
(b) Amount Irrevocably set aside during the taxable year covered by
this return to pay or retire the Indebtedness, but not actually used
f
s
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 14, page 1)
S
$
$
Indicate by check mark whether the deduction claimed In Item 14, page 1 of this return, represents:
A D Amount actually used during the taxable year to pay or retire the indebtedness;
B D Amount Irrevocably set aside during the taxable year to pay or retire the indebtedness; or
C D Combination of both A and B.
There must be furnished all of the facta and circumstances upon which the taxpayer relies to establish the reasonableness of the amount claimed as a
deduction. Describe fully In an attached statement the plan for payment or retirement of the obligations, Indlcallnq date and method of adoption, and, where
the plan is covered by a mandatory sinking fund agreement or similar arrangement, submit a copy o! the indenture or agreement by which the f' nd was
established and under which It is maintained.
If the amount claimed as a deduction In Item 14, page I of this return, represents on amount Irrevocably set aside to pay or retire the Indebtedness, explain
fully in on attached utatement il^ clroumstancea and method by which it was irrevocably set aside.
V. I, •OYIManlNI MiHTiHa OPflCI oO^lft — TISTIV-I
FACSIMILES OF TAX RETURNS FOR 1954
209
INSTRUCTIONS FOR SCHEDULE PH 1120
COMPUTATION OF U. S. PERSONAL HOLDING COMPANY TAX
(Under Subtitle A, Internal Revenue Code)
(R«ff«nno«* an to th* Intarnal R*v*nu* Cod* of 19S4 unlM* othvrwiM noted)
GENERAL INSTRUCTIONS
Corporations which must file Schedule PH (1120).— Every corporation which
comes within the classification of a "personal holding company" must file a Sched-
ule PH. The term "personal holding company" means any corporation, other than
those listed in the exceptions below, if at least 80 percent of its gross income for
the (axiblc year is personal holding comjiany income and if 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 5 individuals. For purposes
of determining such stock ownership, an organization described in section 503 (b)
or a portion of a trust permanently set aside or to be used exclusively for the pur-
poses described in seaion 642 (c) or a corresponding provision of a prior income
tax law shall be considered an individual. (See section 542 (a).)
In the case of corporations filing consolidated returns, see section 542 (b).
The term "personal holding company," as referred to above, does not include
any of the following:
(1) A corporation exempt from tax under subchaptci F (sec, 501 and
following) ;
(2) a bank as defined in section 581;
(3) a life insurance company;
(4) a surety company;
(5) a foreign personal holding company as defined in section 552;
(6) a licensed personal finance company as defined in section 542 (c) (6);
(7) a lending company as defined in section 542 (c) (7);
(8) a loan or investment corporation as defined in section 542 (c) (8);
(9) a finance company as defined in section 542 (c) (9); and
(10) a foreign corporation the gross income and stock ownership of which falls
within the provisions of section 542 (c) (10).
A fordgD corporation, whether resident or nonresident, which is classified as a
personal holding company under section 542 (not including a foreign personal
tolding company as defined in section 552) is subjea to the tax imposed by section
541 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 881 (a). (See section 861.) The term "personal holding company" as
xised in subtitle A does not include a foreign corporation if (1) its gross income
from sources within the United States for the period specified in section 861 (a)
(2) (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 ahen individuals, whether direcdy or indirectly through other
foreign corporations.
Personal holding company income. — The term "personal holding company
income" is defined by section 543 as the portion of the gross income which con-
sists of:
(1) DivmBNDS, ETC — Dividends, interest, royalties (other than mineral, oil,
or gas royalties), and annuities. This paragraph shall not apply to interest con-
stituting rent as defined in paragraph (7) or to interest on amounts set aside in
A reserve fund under section 511 or 607 of the Merchant Marine Act, 1936.
(2) Stock and securities TiLANSACnoNS. — Except in the case of regular
dealers in stock or securities, gains from the sale or exchange of stock or
securities.
(3) CoMMOomES TRANSACnoNS. — Gains from futures transactions in any
commodity on or subject to the rules of a board of trade or commodity exchange.
This paragraph shall not apply to gains by a producer, processor, merchant, or
handler of the commodity which arise out of bona fide hedging transactions
reasonably necessary to the conduct of its business in the manner in which such
business is customarily and usually conducted by others.
(4) Estates and trusts. — Amounts includible in computing the taxable
income of the corporation under part I of subchapter J (sec. 641 and following,
relatmg to estates, trusts, and beneficiaries); and gains from the sale or other
disposition of any interest in an estate or trust.
(5) Personal service contracts. —
(A) Amounts received under a contract under which the corporation is to
^umisb personal services; if some person other than the corporation has the
rigQl to designate (by name or by description) the individual who is to perform
me services, or if the individual who is to perform the services is designated
(tjv name or t)y description) in the contract; and
(B) amounts received from the sale or other disposition of such a contrart.
This paragraph shall apply with respect to amounts received for services under
t particular contraa only if at some time during the taxable year 25 percent or
nore in value of the outstanding stock of the corporation is owned, directly or
indirectly, by or tor the individual who has performed, is to perform, or may be
cesignated (by name or by description) as the one to perform, such services.
(6) Use of corporation property by shareholder. — Amounts received
ts compensaUon (however designated and from whomsoever received) for the
i3e of, or right to use, property of the corporation in any case where, at any time
during the taxable year, 25 percent or more in value of the outstanding stock of
the corporation is owned, directly or indirectly, by or for an individual entitled
to the use of the property; whether such right is obtained directly from the cor-
poration or by means of a sublease or other arrangement. This paragraph shall
apply only to a corporation which has personal holding company income for the
taxable year, computed without regard to this paragraph and paragraph (7), in
excess of 10 percent of its gross income.
(7) Rents. — Rents, unless constituting 50 percent or more of the gross income.
For purposes of this paragraph, the term "rents" means compensation, however
designated, for the use of, or right to use, property, and the interest on debts owed
to the corporation, to the extent such debts represent the price for which real
properly held primarily for sale to customers in the ordinary course of its trade
or business was sold or exchanged by the corporation; but does not include
amounts constituting personal holding company income under paragraph (6).
(8) Mineral, oil, or gas royalties. — Mineral, oil, or gas royalties, unless —
(A) such royalties constitute 50 percent or more of the gross income, and
(B) the deductions allowable under section 162 (relating to trade or busi-
ness expenses) other than compensation for personal services rendered by the
shareholders, constitute 1 5 percent or more of the gross income.
Stock ownership. — Section 544 contains the following provision with reference
to stock ownership.
(a) Constructive Owt>jership. — For purposes of determining whether a cor-
poration is a personal holding company, insofar as such determination is based on
stock ownership under section 542 (a) (2), section 543 (a) (5), or section 543
(a) (6)-
( 1 ) Stock not owned by individual. — Stock owned, directly or indirectly,
by or for a corporation, partnership, estate, or trust shall be considered as being
owned proportionately by its shareholders, partners, or beneficiaries.
(2) Family and partnership ownership. — An individual shall be consid-
ered as owning the stock owned, directly or indirectly, by or for his family or by
or for his partner. For purposes of this paragraph, the family of an individual
includes only his brothers and sisters (whether by the whole or half blood),
spouse, ancestors, and lineal descendants.
(3) Options. — If any person has an option to acquire stock, such stock shall
be considered as owned by such person. For purposes of this paragraph, an
option to acquire such an option, and each one of a series of such options, shall
be considered as an option to acquire such stock
(4) Appucation of family-partnership and option rules. — Paragraphs
(2) and (3) shall be applied—
(A) for purposes of the stock ownership requirement provided in section
542 (a) (2), if, but only if, the effect is to make the corporation a personal
holding company;
(B) for purposes of section 543 (a) (5) (relating to personal service con-
tracts), or of section 543 (a) (6) (relating to the use of property by share-
holders), if, but only if, the effect is to make the amounts therein referred to
includible imder such paragraph as personal holding company income.
(5) Constructive ownership as actual ownership. — Stock constructively
owned by a person by reason of the application of paragraph (1) or (3) shall,
for purposes of applying paragraph (I) or (2), be treated as actually owned by
such person; but stock constructively owned by an individual by reason of the
appUcation of paragraph (2) shall not be treated as owned by him for purposes
of again applying such paragraph in order to make another the constructive owner
of such stock
(6) Option rule in lieu of family and partnership rule. — If stodc may
be considered as owned by an individual under either paragraph (2) or (3) it
shall be considered as owned by him under paragraph ( 3) -
(b) CONVERTIBLB SECURITIES. — Outstanding securities convertible into stock
(whether or not convertible during the taxable year) shall be considered as out-
standing stock—
(1) for purposes of the stock ownership requirement provided in section 542
(a) (2), but only if the effect of the inclusion of all such securities is to make
the corporation a personal holding company;
(2) for purposes of section 543 (a) (5) (relating to personal service con-
tracts), but only if the effect of the inclusion of all such securities is to make
the amounts therein referred to includible imder such paragraph as personal hold-
ing company income; and
(3) for purposes of secuon 543 (a) (6) (relating to the use of property by
shareholders), but only if the effect of the inclusion of all such securities is to
make the amounts therein referred to includible under such paragraph as personal
holding company income.
The requirement in paragraphs (l), (2), and (3) that all convertible securities
must be included if any are to be included shall be subject to the exception that,
where some of the outstanding securities are convertible only after a later date than
in the case of others, the class having the earlier conversion date may be included
although the others are not included, but no convertible securities shall be included
unless all outstanding securities having a prior conversion date are also included.
SPECIFIC
The following instructions are numbered to correspond with item numbers on
page 1 of this schedule.
1. Taxable income before net operating loss deduction and special deductions
from Schedule K, Form 1120. — Enter here the amount shown on line }1, Form
1120, computed in accordance with the provisions of subtitle A, but without regard
to section 443 (b) (relating to income placed on an annual basis). In the event
such taxable income in item 1 includes any amount wuh respect to coal loyaJties
NSTRUCTIONS
to which section 631 (c) is applicable, see section 631 (c) and the regulations
thereunder.
In the case of a nonresident foreign corporation (not engaged in trade or business
within the United States) which quaUfies as a personal holding company under
seaion 542 but not as a foreign personal holding company under section 552, the
amount to be entered in item 1 must be computed under section 861 rather than
under section 881 (a). The taxable income so computed will reflect, in addition
it— 1»— 7UT»-1
210
FACSIMILES OF TAX RETURNS FOR 1954
to iocome from all other sources within the United States, gains from sales or
exchanges made within the United Slates of capital assets including stocks, securi-
ties, and commodities. Although such gains may not be subject to tax under
section 881 (a), they are subjea to tax imposed by section 541.
2. Amount to be included in income where lieo in favor of the United States
is satisfied or released. — The sum of the amounts deducted from taxable income
under section 545 (b) (9) with respect to any lien in favor of the United States
must be added to taxable income, in computing undistributed personal holding
company income, in the taxable vcar in which the lien is satisfied or released. Where
u amount is so added to taxable income, the shareholders of the corporation may.
pursuant to regulations prescribed by the Secretary or his delegate, elect to compute
the income tax with respect to such dividends as are attributable to such amount
as though they were received ratably over the period the lien was in effect
3. Expenses and depreciation applicable to property of the taxpayer in excess of
amount allowable under section 54S (b) (8). — 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 cotmection therewith and deductible under section
162 and the depreciation allowable under section 167, Schedule A should be filled
in and the excess of the expenses and depreciation over the rent or other compensa-
tion shown therein should be entered as item 3, page 1. This adjustment must be
made unless the taxpayer establishes, in accordance with section 545 (b) (8), that
the rent or other compensation received was the highest obtainable, or, if none was
received, that none was obtainable; that the property was held in the course of a
business carried on bona fide for profit; and either that there was reasonable expec-
tatioD that the operation of the property would result in a profit, or that the property
was necessary to the conduct of the business.
The burden of proof will rest upon the taxpayer to sustain the deduction of the
aggregate of the expenses and depreciation allowed under subtitle A 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 daim 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;
(b) 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 ;
(i^) 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 preceding years and the
smount 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 obtainable and
if none was received or accrued, a statement of the reasons therefor;
(g) A copy of the contract, lease, or rental agreement;
(i> The purpose for which the property was used;
(/) The business carried on by the corporation with respect to which the prop-
erty 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;
(;) 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;
(i) Any other information on which the corporation relies.
5. Additional contributions or gifts deductible under section 545 (b) (2) (not
deducted in computing item 1). — For purposes of the persorxal holding company
tax, section 545 (b) (2) provides for a larger limitation on deductions for chari-
table contributions than the 5 percent limitation for purposes of determining the
corporate tax The limitations on charitable deductions of individuals are appli-
cable but are to be applied to the amount of taxable income to which the 5 percent
limitation applied. (See Specific Instruction 23, Form 1120.) However, a further
adjustmenr for this purpose is that the taxable income shall also be computed
without the deduction of the amount disallowed under section 545 (b) (8)
(relating to expenses and depreciation applicable to property of the taxpayer).
6. Federal income and excess profits taxes. — Section 545 (b) (1) provides that
there shall be allowed as a deduction Federal income and excess profits taxes (other
than the excess profits tax imposed by subchapter E of chapter 2 of the Internal
Revenue Code of 1939 for taxable years beginning after December 31. 1940)
accrued during the taxable year, but not including the accumulated earnings tax
imposed by section 531. the personal holding company tax imposed by section 541,
or the taxes imposed by corresponding sections of a prior income tax law. How-
ever, a taxpayer shall deduct Federal income and excess profits taxes under this
paragraph when paid if for each taxable year in which it was subject to tax imposed
by section 500 of the Internal Revenue Code of 1939 it deducted such taxes when
paid, unless it elects, in its return for a taxable year ending after June 30, 1954,
to deduct the taxes described in this paragraph when accrued. Such an election
shall be irrevocable and shall apply to the taxable year for which the election is
made and all subsequent taxable years.
7. Income, war^profiis, and excess profits taxes of a foreign country or U. S.
possession (not deducted in computing item 1)- — 1^^ credit allowed to domestic
corporations by section 901 for income, war-profits, and excess profits taxes of
foreign countries and U. S. possessions is not allowed as a credit with respect to the
personal holding company tax. However, there shall be allowed as a deduction
the income, war profits, and excess profits taxes of foreign countries and possessions
of the United States accrued during the taxable year, even though the taxpayer
claims a credit for such taxes in computing its income tax.
Foreign corporations should treat such taxes as deductions to be allocated in
accordance with section 861 in computing income from sources within the United
I. MVUNMINT MIHTIN*
States, and In such cases taxes of this nature will be reflected in taxable income
stated in item 1 instead of being stated separately as a deduction in item 7.
8. Net operating loss for the preceding year deductible under section 545 (b)
(4)- — Section 545 (b) (4) provides that in lieu of the net operating loss deduction
provided in seaion 172 there shall be allowed the amount of the net operating loss
(as defined in section 172 (c)) for the preceding taxable year.
11. Lien in favor of the United States.— The taxpayer may deduct the amount.
not to exceed its taxable income, of any lien in favor of the United States (notice
of which has been filed as provided in section 6323 (a) (1), (2), or (3)) to which
the taxpayer is subject at the close of the taxable year.
13. Deduction for dividends paid. — Enter as item 13 the amount of the dividends-
paid deduction as computed in Schedule D. The deduction for dividends paid is
the sum of ( 1 ) the dividends paid during the taxable year, ( 2 ) the consent dividends
for the taxable year, and (3) the dividend carryover from the two preceding taxable
years
In general, a consent dividend is not an aauaJ corporate distribution but is a
hypothetical distribution evidenced by shaieholders' consents to treat as a dividend
an amount which would constitute a dividend if distributed in money to such share-
holders on the last day of the taxable year of such corporation. Such consent divi.
dend may be availed of only if the person filing such consent owns common stock
(or participating preferred stock, the participating rights of which are unlimited),
and the amount specified in the consent is pro rata, with no preference to any share
of stock as compared with other shares of the same class, and with no preference
to one class of stock as compared with another class except to the extent that the
former is entitled to such preference. The effect of the consent is that the amount
of the consent dividend is treated both as a dividend and as a contribution to the
capital of the corporation by the shareholder on the last day of the taxable year
of the corporation. A consent shall be filed in duplicate on Form 972 at any time
but not later than the due date of the corporation's income tax return for the taxable
year for which credit is claimed. In addition. Form 973 must be filed by the
taxpayer corporation.
The dividend carrrover to a taxable year shall be determined as follows:
(1) For each of the 2 preceding taxable years there shall be determined the tax*
able income computed with the adjustments provided in section 545 (relating to
the computation of undistributed personal holding company income) (whether or
not the taxpayer was a personal holding company for either of such preceding
taxable years), and there shall also be determined for each such year the deduction
for dividends paid during such year as provided in section 561 (but determined
without regard to the dividend carryover to such year).
(2) There shall be determined for each such taxable year whether there is aa
excess of such taxable income over such deduction for dividends paid or an excess
of such deduaion for dividends paid over such taxable income, and the amount of
each such excess.
(3) If there is an excess of such deductions for dividends paid over such taxable
income for the first preceding taxable year, such excess shall be allowed as a divi-
dend carryover to the taxable year.
(4) If there is an excess of such deduaion for dividends paid over such taxable
income for the second preceding taxable year, such excess shall be reduced by the
amount determined in paragraph (5), and the remainder of such excess shall be
allowed as a dividend carryover to the taxable year.
(5) The amount of the reduction specified in paragraph (4) shall be the amount
of the excess of the taxable income, if any, for the first preceding taxable year over
such deduction for dividends paid, if any, for the first preceding taxable year.
14. Amounts used or irrevocably set aside to pay or retire indebtedness of any
kind incurred prior to January 1, 1934. — Enter as item 14 the total amount
reflected in line 12, Schedule E. Section 545 (b) (7) provides that in determining
undistributed personal holding company income there shall be allowed as a deduc-
tion amounts used or irrevocably set aside to pay or retire indebtedness of any kind
incurred before January 1, 1934, if such amounts are reasonable with reference
to the size and terms of such indebtedness.
17. Dividends paid after dose of taxable year (exduding deficiency dividends as
defined in section 547 (d)). — Enter as item 17 and not in Schedule D, the amount
of the dividends paid after the close of the taxable year and before the 15th day of
the third month thereafter, if the taxpayer elects in its return for the taxable year
to have such dividends considered as paid during such taxable year. The amoimt
allowed as a dividend under this paragraph with respect to any taxable year shall
not exceed either the undistributed personal holding company income of the cor-
poration for the taxable year, computed without regard to the dividends paid
pursuant to this paragraph (Item l6 of page 1 of this Schedule) or 10 percent of
the sum of the dividends paid during the taxable year, computed without regard
to this paragraph (i. e. 10 percent of line 3, Schedule D).
Neither item 13 nor item 17 should include "deficiency dividends." The term
"deficiency dividends" means in general only those dividends which are paid by a
corporation pursuant to a specific procedure set forth in section 547, which includes
a requirement that there must first be a determination by a court, by closing agree-
ment, or (under regulations) a written agreement signed by the District Director
and by or on behalf of the taxpayer relating to the liability of the corporation for
personal holding company tax.
Schedule required under section 6501 (0- — Section 6501 (f) provides as
follows:
(f) Personal Holding Company Tax. — If a corporation which is a personal
holding company for any taxable year fails to file with its return under chapter 1
for such year a schedule setting forth —
(1) the items of gross income, described in section 543 (a), received by the
corporation during such year, and
(2) the names and addresses of the individuals who owned, within the mean-
ing of section 544 (relating to rules for determining stock ownership), at any
time during the last half of such year more than 50 percent in value of the
outstanding capital stock of the corporation,
the personal holding company tax for such year may be assessed, or a proceeding
in court for the collection of such tax may be begun without assessment, at any
time within 6 years after the return for such year was filed,
orrici 00— 1«— TISTS-I
FACSIMILES OF TAX RETURNS FOR 1954
211
1120 L
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
FOR CALENDAR YEAR 1954
1954
Do not write in apace below
PLEASE TYPE OR PRINT PLAINLY
Number and Strsel
City or town, postal sone number. Stale
Dote Incorporated
Place InooTporotad
GROSS INCOME
1. Interest on:
(cO WhoUv exempt obllgoUons.
sd States Savings Bond _ _ ,
( principal amount ol $5,000 Issued prior to March 1, 1941. ,
tioUv exempt obligations. (Attach aehadule)
(b) United States Savings Bonda and Treoeury Bonds owned In excea* of
(c) Obligations of InstrumantallUes of the United Stoles Issued prior to
March 1, 1941
(d) Obbgotlona Issued on or after March 1, 1941. by the Untied States
or any agency or InstrumentaLtY thereof, (Atlaoh echedula) ......
(e) Loons, notes, mortgages, bank deposits, bonds, debentures, etc
Totals
1 Interest Received
2. Accrual of Discount
Dividends on stock of:
(a) Domestic corporations subjecHo taxation under Subtitle A ol the Internal Revenue Code oi 1954. (See Specific Instruction 2) .
(b) Public utility corporations subject to taxation under Subtitle A of the Internal Revenue Code of 1954
(c) Foreign corporations
(d) Other corporations
Rents. (Attach scKedule)
Total income in Itemii 1 to 3
DEDUCTIONS
Interest wholly exempt from lax (item 1 (a), column 4)
Investment expenses. (Attach schedule)
3.
4.
S.
6.
7.
8. Real estate t
9. Depreciation. (Attach schedule) . . .
10. Total deductions in items 5 to 9.
Taxes .
II. Taxable income before special deductions for partially tax-exempt interest and dividends received (item 4 minus item 10) .
i. Total
(In Csso of Item 1, Column 1 Plus
Column 2 Less Column 3>
12* Taxable income before special deductions (item 11)
13. Less: Interest partially exempt from tax (item 1 (b) and (c), column 4).
14. Item 12 less item 13
15. Less: Dividends received deductions —
(a) Enter 85 percent of item 2 (a)
(b) Enter 62.1 15 percent of item 2 (b)
(c) Enter 85 percent of dividends received from certain foreign
corporations
Enter sum of (a), (b), and (c) but not lo exceed
(d) Total dividends received deductions.
85 percent of item 14
IS. Taxable income
17. Adjustment for certain non-life insurance reserves (applicable only to contracts other than life insur-
ance or annuity contracts) —
(a) 3J^ percent of mean of imeamed premium.^ and unpaid losses on
such other contracts at beginning and end of year
(b) 3)4 percent of 25 percent of net premiums on such other contracts
written during year
(c) 3?4 percent of mean of unpaid losses on such other contracts at
beginning and end of year
(d) Item (b) plus item (c) .-
(e) Item (a) or (d), whichever is greater
(f) Item (e) multiplied by 8
18. Sum of items 16 and 17 (f)
19. Less: Reserve interest credit (from line 6, Schedule C)
20. 1954 life insurance company taxable income
COMPUTATION OF TAX
21* Tax. If amount in item 20 is:
Not over $200,000, enter 3H percent of item 20.
Over $2CX).000, enter $7,500 plus 63^ percent of excess over $200,000.
Less: Credit for income taxes paid to a foreign country or United States possession allowed a domestic corporation (Attach
Form 1118) ;
22.
23. Total income tax due
Did the corporation pay anyone other than an employee for assistance in the preparation of this return? D Yes
If answer is "Yes," enter his name and address.
D No
SIGNATURE AND VERIFICATION (See lutnxction E)
I, the undersigned, president, vice president, treasurer, assistant treasurer, chief accounting officer (or other duly authorized officer) of the corporation for
which this return is made, declare under the penalties of perjury that this return (including any accompanying schedules and statements) hag been examined
by me and is, to the best of my 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.
(Dote) Signature of otbcer) (Title)
I declare under &e penalties of perjury that I preprared tfiis return for the person named herein; and that this return (including any accompanying schedules
and statements) is, to the best of my knowledge and belief, a true, correct, and complete return based on all the information relating to the matters required
to be reported in this return of which I have any knowledge.
dndlvldual or ttrm signature)
la— 71347-1
212
FACSIMILES OF TAX RETURNS FOR 1954
IcIit^iJ* )L-SXTX roK KZltSVE AND OTBZR POltCT LIABItlTV CMBIT rOR TBI meCEIDINO TAXABLE TIAS (Sm Inrinixlon <«t «el>.<ib A)
1. Nifufe of Reservs
cure. Annuity, Etc.)
2. Assumed
Morbidity
Of Mortality
Tablo
S.Atsumed
Interest
flale
4. Method of
Computation
(Illinois Standard.
Etc)
5. Amount of Adjusted Reserve
at Beginning of taxable Year*
6. Amount ol Adjusted Reserve
at End ot Taxable Year*
7. Mean ot Columns
(5) and (6)
8. Column (3) Times
Column (7)
1.
$
s
$
-<f
2-
3. .„
4.
S. Totals
s
$
Average rate of interest assumed in computing life insurance reserves (total of column 8 above divided by total of column 7 above) .
35 percent of line 6
2. 1 125 percent (65 percent of 3}i percent)
Reserve earnings rote {line 7 above plus line 8 above)
Total of column 7 multiplied by line 9 above
2 percent of the reserve held for deferred dividends
Interest paid or accrued
Total of lines 10, 11, and 12 above
Taxable income before special deductions for partially tax-exempt interest and dividends received (item 1 1, page 1).
Interest wholly exempt from tax (item 5, page 1 )
Adjustment for unearned premiums and unpaid losses on non-life insurance reserves (item 17 (e), page 1)
2.1125%
• In the case ol reserves computed on a preliminary term basis. 107% of the amount of the reserve.
Schwdnla B.— INVESTED ASSETS BOOK VALUES (Sm luatrnctieB 6)
(Sehcdnle B need not b« (ill*«l in if no dadnclion U cldinivd far any general expense* that are alleealed
lo InTeetmeat Income]
Real estate
Mortgage loans
Collateral loans
Policy loans, including premium notes
Bonds of domestic corporations
Stocks of domestic corporations
Government obligations, etc. (Submit detailed schedule)
Bank deposits bearing interest
Other interest-bearing assets (Attach statexnent)
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 U)
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 Une 16
Limit on deduction for investment exp)ense3 (line 13 plus line 17)
1. Beginning ot taxable year
2. End of taxable year
$
Schednle C— RESERVE INTEREST CREDIT (See XaatnietienlS)
1. Sum of items 5 and 1 1 , page 1
2. 50 percent of item 17 (e), page 1
3. Adjusted taxable income (line 1 minus line 2)
4a Required interest —
(a) Total of column 8 (line 5), Schedule A
(b) 2 percent of reserve for deferred dividends
(c) Interest paid
(d) Sum of lines (a), (b), and (c)
S. Line 3 divided by Une 4 (d). Enter percentage
6- Reserve interest credit — If percentage on line 5 is:
105 or more, enter zero
100 or less, enter 50 percent of item 16, page 1
more than 100 but less than 105, enter *— % of item 16, page 1
* MulHply by 10 the difference between 105 percent and percenlaqe on line 5 and enter percentage thus obtained.
— %
ADDITIONAL INFORMATION REQUIRED
1. Was a return filed under the same name for the preced-
ing taxable year? □ Yes □ No
2. State amount of deferred dividend funds at end of
taxable year, exclusive of any amount held for pay-
ments in follovring taxable year $.. ^
3. Is this a consolidated return? O Yes O No
If "Yes," procure from the District Director of Internal
Revenue for vour district Form 851, Affiliations
Schedule, which shall be filled in and filed aa a pari
of this return.
4. ,If this is not a consolidated return —
(a) did the company at any time during the taxable
year own 50 percent or more of the voting stock of ^
another corporation either domestic or foreign? □ Yes \_J No
(b) did any corporation, individual, partnership, trust,
or association at any time during the taxable year
own 50 percent or more of your voting stock? LJ Yes LJ No
If either answer Is "Yes," attach separate schedule
showing: (1) Name and address; (2) percentage of
stock owned; (3) dale stock was acguired; and (4) the
District Director's office in which the income tax return
of such corporation, individual, partnership, trust, or
association for the last taxable year was filed.
8. Did the company make a return of information on Forma
1096 and 1099 or Fonn W-2 for the calendar year
1954 (See General Instruction H)? D Yes D No
6. Did the company at any lime during the taxable year
own directly or indirectly any stock of a foreign
corporation? D Yes Q No
If answer is "Yes," attach statement required by General
Instruction I.
7. Did the company file with the District Director of Internal
Revenue a copy of the annual statement for the preced-
ing year as required by General Instruction K? LH Yes \_j No
If answer is "Yes," state District Director's office in which
statement was filed.
8. If a copy of the annual statement required by General Instruction K does
not accompany this return, state reason why the statement la not
attached.
If the company Is a burial or funeral benefit insurance company, state
whether It la engaged directly in the manufacture of funeral supplies
or in the performance of funeral services.
FACSIMILES OF TAX RETURNS FOR 1954
213
1954
INSTRUCTIONS FOR FORM 1120 L
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
(References are to the Internal Revenue Cods of 1954 unless otherwise noted)
ToxpoTttn will find it halp£ul to x«ad th* Oenarol Instructions A to L before commencing to fill In their returns
1954
A. Conxponiee required to file a return. — Every domestic life insurance
company and every foreign life insurance company carrying on on insurance
business within the United States (if with respect to its United States business
It would qualify as a Ufe Insurance compxiny), which is engaged In the busi-
ness of issuing life insurance and annuity contracts (either separately or com-
bined with health and accident insurance) or noncancellable contracts of
health and accident insurance and of which the Ufe insurance reserves, plus
unearned premiums and unpaid losses on noncancellable life, health, or
accident policies not included in life insurance reserves, comprise more than
50 percent of its total reserves, shall file a return on this form. (See section
801.)
li a receiver, trustee in dissolution, trustee in bankruptcy, or assignee has
possession of or holds title to all or substantially all the property or business
of a corporation, whether or not the property or business is being operated,
he must make a return of income for the corporation in the same manner and
form required of other corporations. (See section 6012.)
B. Period covered. — The return shall be for the calendar year ended
December 31. 1954, and the taxable income computed on Ihe calendar year
basis in accordance with the Slate laws regulating insurance companies.
C. Accounting Methods. — A return on this form shall be hied using the
cash or accrual method of accounting, except that whichever method is adopted
in filing the company's first return must be followed until the consent of the
Commissioner is received to change the method.
D. Time and place for filing. — The return must be sent to the District
Director of Internal Revenue for the district in which the company's principal
place of business or principal office or agency is located, on or before March
15, 1955.
E. Signature and verification. — The return must be signed either by the
president, vice-president, treasurer, assistant treasurer or chief accounHng
officer, or by any other corporate otiicer authorized to sign. A receiver, trus-
tee, or assignee must sign any return which he is required to file on behalf of
a corporation. The statement at the bottom of page 1 of the return is required
to be signed by any person, firm, or corporation who prepared the taxpayer's
return. If the return is prepared by a farm or corporation, it should be signed
in the name of the firm or corporation. The statement is not required if the
return is prepared by a regular, full-time employee.
r. Payment of tax. — The tax must be paid in full when the return is faled
or in two installments, 50 percent on or before the 15th day of the third month
and 50 percent on or before the 15th day of the sixth 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
District Director. The tax may be paid in cash or by check or money order
drawn to the order of "District Director, I. R. S." Cash payment should be made
only in person at the District Director's office.
G. Penalties. — Failure to Ele, etc. — Substantial additions to the tax are
GENERAL INSTRUCTIONS
imposed for falling to file a return, for late Hllng, and for filing a false or fraud-
ulent return.
H. Information at source. — Every insurance company making payments
in the course of its trade or business of (1) Interest, rents, commissions, or other
fixed or determinable income of $600 or more during the calendar year 1954
to an individual, a partnership, or a fiduciary, or (2) salaries or wages of $600
or more shall make returns 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 slatemenis on Form
W-2 ore furnished. If a portion of such salary or wage payments was reported
on a Withholding Statement (Form W-2), only the remainder must be reported
on Form 1099.
The returns on Forms 1096 and 1099 shall also include dividend payments
totaling $10 or more during the calendar year 1954 to each shareholder who
is an individual (citizen or resident of the United States), a resident fiduciary,
or a resident [Xirtnership any member of which is a citizen or resident.
1. Information by corporations — 1. Contemplated dissolution or
liquidation. — Every corporation shall, within 30 days after the adoption by
the corporation of a resolution or plan for the dissolution of Ihe corporation or
for the liquidation of the whole or any part of its capital stock, render a correct
return on Form 966 setting forth the terms of such resolution or plan. (See
section 6043.)
2. Distribution in liquidation. — 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 1954.
J. Stock ownership in foreign corporations. — In addition to the schedule
required by Specific Instruction 2, a corporation ovming 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 oulstanding stock of a foreign personal holding company,
attach a statement setting forth in complete detail the information required
by section 551 (d).
K. Aruiual statement. — A copy of the annual statement for life insurance
companies adopted by the National Convention of Insurance Commissioners
for the year 1954, as filed with the Insurance Department of the Stale, Terri-
tory, 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. Sim-
ilar 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 in-
eurance business within the United States, Ihe 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-
fxinying the return, giving for each a brief title and the schedule number.
Place name and address of company on each schedule.
SPECIFIC INSTRUCTIONS
The following uutmctiona cure numbered to correspond with item nnmbers on the first poge of the return
1. Interest. — Enter interest received or accrued from all sources during the
taxable yeor. The gross amount of interest reported as gross income shall be
decreased by the amortization of premium and increased by the accrual of dis-
count attributable to the taxable year on bonds, notes, debentures, or other evi-
dences of indebtedness, determined (1) in accordance with the method regu-
larly employed, if reasonable, or (2) in accordance with regulations prescribed
by the Secretary or his delegate. (Attach statement showing method and
computation.)
2. Dividends. — Enter as item 2 (a) the amount received or accrued as divi-
dends from o domestic corfxjration which is subject to taxation under Subtitle A,
except dividends on certain preferred stock of a public utihty, dividends re-
ceived from a corporation entitled to the benefits of section 931, 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 sub-
ject to taxation under Subtitle A. Enter as item 2 (c) dividends from foreign
corporations. Enter as item 2 (d) dividends from all other corporations, in-
cluding dividends on share accounts in Federal savings and loan associations
issued on or after March 28, 1942. Enter in item 1 (c) 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 or accrued from tenants.
5. Interest wholly exempt from tax. — Enter the amount of interest which
is wholly exempt from taxation under the provisions of section 103.
6. Investment expenses. — Enter expenses paid or incurred which are
properly chargeable to investment expenses, the total amount of which, if there
be any allocation of general expenses to investment expenses, should not exceed
one-fourth of 1 percent of the mean of the invested assets reported on line 12,
Schedule B, plus, in cases where the taxable income computed without any
deduction for (1) investment expenses and (2) tax-free interest, exceeds 3?^
percent of the book value of such mean of the invested assets, one-fourth of
such excess. Submit a schedule showing the nature and amount of the items
included herein, the minor items being grouped in one amount. (See section
803 (g) (2).)
7. 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 803 (g) (3).
Do not include taxes assessed against local benefits of a kind tending lo in-
crease the value of the property assessed, as for paving, sewers, etc. (For
limitation on deduction, see Instruction 10 (b).)
8. Real estate expenses. — Enter all ordinary and necessary building
expenses, such as fire insurance, heat, light, labor, etc., and the cost of
incidental repairs which neither materially add to the value of the property
nor appreciably prolong its life, but keep it in an ordinarily efhcient operat-
ing condibon. Do not include any amount paid out for new buildings or for
permanent improvements or betterments made to increase the value of any
property or any amount expended on foreclosed property before such property
is held forth for rental purposes. (For limitalion on deduction, see Instruction
10 (b).)
9. Depreciation. — The amount deductible on account of depreciation is an
amount reasonably measuring a portion of the investment in depreciable
property which, by reason of exhaustion, wear and tear, or obsolescence, 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 803 (a).
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.
(a) Straight line method. — The most common method of computing depreci-
ation is the "straight line" method. It allows for the recovery of cost in equal
annual amounts over the life of the property, with only salvage value remaining
at the end of its useful life. To compute the deduction, add the cost of improve-
ments to the cost (or other basis) of the asset and deduct both the estimated
salvage value and the total depreciation allowed or allowable in past years.
Divide the result by the number of years of useful life remaining to the asset;
the quotient in the depreciation deduction.
(b) Declining balance method. — Under this method a uniform rate is
applied each year to the remaining cost or other basis of property (vrithout
adjustment for salvage value) determined at the beginning of such year. For
Ift— T1M7-I
214
FACSIMILES OF TAX RETURNS FOR 1954
property acxrulred before lonuary 1 , 1 954, or used property whenever acquired,
the rote of depreciation under this method may not exceed one and one-half
times the applicable straight line rate.
(c) Special rulas for new assets acquired after December 31, 1933. — The
cost or other basis of an asset acquired after December 31, 1953, may be
depreciated under methods proper in the past; or, it may be depreciated under
any of the following methods provided (1) that the asset is tangible, (2) that it
has an estimated useful life of three years or more, and (3) that the original use
of the asset commenced with the taxpayer and commenced after December 31,
1953. If an asset Is constructed, reconstructed, or erected by the taxpayer,
so much of the basis of the asset as is attributable to construction, reconstruction
or erection after December 31. 1953, may be depreciated under methods
proper in the past; or, it may be depreciated under any of the following methods
provided the asset meets qualifications (1) and (2) above.
(1) Declining balance mathod. — This method may be used with a rate
not in excess of twice the applicable straight Une rate.
(2) Sum o! the yeaxB-digits method. — Under this method annual allow-
ances for depreciation are computed by applying changing fractions to the
taxpayer's cost or other basis of property (reduced by estimated salvage value).
A deduction for each year is computed by multiplying the cost or other basis
of the asset (reduced by estimated salvage value) by the number of years of
useful life remaining (including the year for which the deduction is computed)
and dividing the product by the sum of all the digits corresponding to the years
of the estimated useful life of the asset. In the case of a hve-year life this sum
would be 15 (5 plus 4 plus 3 plus 2 plus 1). For the first year 5-15th of the
cost reduced by estimated salvage value would be allowable, for the second
year 4-1 5th, etc.
(3) Other methods. — A taxpayer may use any consistent method which
does not result in accumulated allowances at the end of any year greater than
the total of the accumulated allowances which would have resulted from the
use of the decUning balance method. This limitaHon applies only during the
first two-thirds of the usehil life of the property.
If a deduction is claimed on account of depreciation, a schedule should be
filed with the return showing: (1) description of the properly; (2) date of acquisi-
tion of the property; (3) the cost or other basis of the asset; (4) the amount of
depreciation allowed and allowable in prior years; (5) the method under
which the depreciation allowance is being claimed; (6) rate of depreciation,
and expected usehil life; and (7) depreciation allowance this year. In case
obsolescence is included, state separately amount claimed and basis upon
which it is computed. Cost or value of land is not subject to depreciation,
and when land and building were purchased for a lump sum the cost of the
buildings subject to depreciation must be established.
The adjusted property accounts and the accumulated depreciation shown in
the schedule should be reconciled vrith those accounts as reflected on the books
of the taxpayer. For limitation on deduction, see Instruction 10 (b) below.
10. Total deductions. — (a) Enter the total of items 5 to 9, inclusive.
(b) LlmltaUon on d«ductlon» rwloUng to r*al Mtat* owi\«d and occupied. — Tho doduc-
tJcMi included In Itemo 7 to 9 on account ol real ©stale ovmod ond occupied In whole or In part
by the company shall be limited to an amount which bears the same ratio to such deduction
(compute! without regard to section 803 (h)) as the rental value of the space not so occupied
bears to the rental value ol the entire property. (Submit detailed schedule.)
(e) Item* not deductibU.— No deduction la allowable for the amount of any Item or part
thereof allocoble to a class of exempt income, other thon Interest. Items directly attrtbutable
to such exempt Income shall be allocated thereto, and Items dlrecUy attributable to ony class of
taxable Income aholl be allocated to such taxable Income. If an Item Is indirectly attributable
to both taxable Income and exempt Income, o reasonable proportion thereot, determined In the
light of all the facts and clrcumstonces In each case, shall be allocated to each. Apportion-
meflts must in all cases be reasonable. A taxpayer receiving ony exempt Income, other than
interest, or holding any property or engaging In any activity the Income from which ts 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 insurance
companies (including foreign life insurance companies carrying on a life
insurance business within the United States) are subject to the tax imposed
by section 802. For taxable years begirming in 1954, section 802 (b) provides
for a tax equal to 3% percent of the hrst $2{X).000 of 1954 life insurance
company taxable income and 6}-^ percent of the amount in excess of $200,000.
No consideration is to be given in the computation of the tax to any amount
of the reserve and other policy liability deduction provided in section 804.
The term "1954 life insurance company taxable income" is defined as the
taxable income plus 8 times the amount of the adjustment for certain non-
life Insurance reserves provided in section 806 and minus the reserve interest
credit, if any, as defined in section 805 (b). The taxable income of a foreign
life insurance company carrying on a life insurance business within the United
States consists of that portion of its taxable income from the United States
business (shown on the form approved for life insurance companies by the
National Association of Insurance Commissioners) computed under the pro-
visions of section 807.
IS, Dividends received deductions. — The deductions provided in line 15
are as follows: (a) 85 percent of the amount received as dividends (except
dividends on certain preferred stock of public utilities) from a domestic cor-
poration subject to income tax. Amounts received as dividends from mutual
Bovinge banks, cooperative bankr. and domestic building and loon associa-
tions and allowed as a deduction to such bonks or building and loan ossocia-
tionfl shall not be treated as dividends. In the case of dividends received
from a regulated Investment company, see section 854 regarding limitations
on amount deductible; (b) 62.1 15 percent of the amount rdCelved aa dividends
on the preferred stock of a public utility which is subject to Income tax and is
allowed a deduction, as provided In section 247, for dividends paid; and (c)
85 percent of dividends received from certain foreign corporations. See
section 245 for qualifications and limitations on the amount of this deduction.
Dividends received from a corporation described in section 246 (a) (China
Trade Act Corporation, etc.) should be entered in Item 2 (d).
17. Adjustment for certain non-life insiirance 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 taxable income S}'* percent of the unearned premiums and impaid
losses on such other contracts which are not included in life insurance reserves,
but not less than 35i percent of unpaid losses plus 3% percent of 25 percent
of the net premiums written during the taxable year on such other contracts.
Section 805 (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 re-
serves provided in section 806.
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 taxable
income and required interest is such that the adjusted taxable income is less
than 105 percent of the required interest. The term "adjusted taxable in-
come" is defined as the taxable income computed without any deduction for
tax-free interest or wilhout the benetit of the special deductions provided by
sections 242 through 245, 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 omounts obtained by multiplying (a) each rate ol interest assumed in com-
puting the Ills insurance reserves by (b) the means ol the omounts oi the adjusted reserves
computed at that rate at the beginning and end oi the tozable yeai;
(2) Two percent ol the reserve for delerred dividends, and
(3) Interest paid.
If the adjusted taxable income is 105 percent or more of the required interest,
the reserve interest credit is stated as zero. If the adjusted taxable income is
100 percent or less of the required interest, the reseive interest credit is deter-
mined as an amount equal to 50 percent of the taxable income. If the ad-
justed taxable income is more than 100 percent but less than 105 percent
of the required interest, the reserve interest credit is computed by multiplying
the taxable income by ten times the difference between 105 percent and the
actual percentage established. The percentage established by comparing
adjusted taxable income lo the required interest should be carried to at least
the nearest one-tenth of a percentage point with the result that the multiplica-
tion by ten of the difference between 105 percent and such percentage will be
productive of a more accurately graduated tigure 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 901, a credit is claimed by a
domestic corporation in item 22, on account of income, war-protits 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 re-
ceipt for each such tax payment. In case credit is sought for taxes accrued
but not paid, Ihe form must have attached lo it a certified copy of the return
on which each such accrued tax was based, and the District Director may re-
quire 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 LIA-
BILITY CREDIT FOR THE SUCCEEDING TAXABLE YEAR
Data for succeeding taxable year. — The following data shall be fur-
nished in Schedule A by every tife insurance company for the computation
of the tigure, for the succeeding year, to be proclaimed by the Secretary to
determine the reserve and other policy liability credit
0) Re«erve» (lli\«» 1 to S, inclusive}. — List data pertaining to Uf© Insurance reserves.
Describe fully the nature of the reserve, the method ol computation, the Interest rate used, and
the amount of each such reserve at the beglruiing cud end of the taxable year. Include mor-
tality and morbidity reserves on noncancellable life, health, or accident contracts. Do not
include pro rata unearned premiums or unpaid losses on cancellable Occident and health
contracts. For reserves computed on a modlhed basis, such as llllnolB Standard, or Select and
Ultimate, list )07 percent ol the amount ol such reserves. (For definition ol ilia Insurance re-
serves, see section 803 and the regulations thereunder.) (For reserves computed on a modified
basis, see section 803 and the regulations thereunder.)
(2) Reaerva •amings rote (lirteS). — Reserve earnings rate means a rote computed by adding
2.1125 percent (65 percent ol 3M percent) and 35 percent ot the average rate ol Interest as-
sumed in computing hie Insurance reserves.
(3) Raaerr* for deferrad dividends (Una 11). — Enter an amount egual to 2 percent ol the
reserve held at the end oi the taxable year lor delerred dividends the payment of which Is
deferred lor a period of not less than 5 years from the date of the policy contract Do not Includa
In such reserve dividends payable during the loUovrtng taxoble year.
(4) Int«r*at paid oi accrued (line 12). — Enter the amount oi interest paid or accrued
during the taxable year on the oompony's Indebtedness, etcept on Indebtedness Incurred or
conbnued to purchase or corry obllgabons (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, and all amounts In the nature ol interest, whether or not
guaranteed, paid or accrued within the taxable year on Insurance contracts (or contracts
arising out ol insurance contracts) which do not Involve, at the tlino ol payment, llfo, health,
or accident contingencies. Interest on dividends held on deposit and surrendered during the
taxable year should be Included In this Item. Do not Include any Interest on delerred dividends
which were included under (3) abovs.
IS offici 19— 7iMT-l
FACSIMILES OF TAX RETURNS FOR 1954
216
FORM 1120 M
n. S. Treasury Department
Internal Revenue Service
U. S. MUTUAL
INSURANCE COMPANY
INCOME TAX RETURN
For Mutual Companies
Other than Life or Marine
Insurance Companies or
Fire Insurance Companies
Issuing Perpetual Policies
roR
CALENDAR
YEAR
19S4
PLEASE
TYPE OR PRINT PLAINLY
Nama
Number and sli«et
Oty or lown
postal
""*
number. Stale
Dal« Incorporated
Place Incorporated
1954
Do not write In space boloi
CROSS INCOME
1. Interest Receiwed
1. Interest on:
(a) Wholly exempt obligations (AHoch achedulo)
(b) United States Savings Bonds and Treasury Bonds owned m excess ol the
principal amount of $5,000 Issued prior to March 1, 1941
(c) Obligations ot Instrumentalities ot the United Slates Issued prior to
March 1 ,1941
(d) ObligaUons issued on or olter March 1, 1941. by the United States or
any agency or tnstru mentality thereol (Attach schedule)
2. Accrual ot Discount
$
(e) Loons, notes, mortgages, bank deposits, bonds, debentures, olc
Totals
2. Dividends on stock of:
(o) Domestic corporations subject to taxation under Subtitle A of the Internal Revenue Code of 1954. {See specific Instruc-
tion 2)
(b) Public utility corporations subject to taxation under Subtitle A of the Internal Revenue Code of 1954
(c) Foreign corporations
(d) Other corporations ,
3. Rents (Attach schedule)
4. Net gain from sale or exchange of capital assets (from separate Schedule D (Form 1 120))
5. Total income in items 1 to 4
DEDUCTIONS
6* Interest wholly exempt from tax (item 1 (a), column 4) ,
7. Investment expenses (Attach schedule)
6. Taxes
9.
10.
11.
12.
13.
4. Total
(In Case ot Item 1. Column 1 Plus
Column 2 Less Column 3)
Real estate expenses
Depreciation (Attach schedule)
Interest paid or accrued
Other capital losses (from Schedule B) .
Total deductions in items 6 to 12 . .
14. Taxable income before special deductions for partially tax-exempt interest and dividends received (item 5 minus item 13) .
15.
16.
17.
18.
Less: Interest partially exempt from tax (item 1 (b) and (c), column 4)
Item 14 less item 15
Less: Dividends received deductions —
(a) Enter 85 percent of item 2 (a)
(b) Enter 62.115 percent of item 2 (b)
(c) Enter 85 percent of dividends received from certain foreign corporations
(d) Total dividends received deductions. Enter sum of (a), (b), and (c), above, but not to exceed 85 percent of item 16-
Mutual insurance company taxable income
23.
COMPUTATION OF TOTAL TAX
Limitation under section 82 1 (c) (line 26, page 2)
Alternative tax (line 20, separate Schedule D (Form 1 120)) if less than line 22, page 2 or line 19 above, whichever is appli-
cable, and if company is taxable under section 82 1 (a) (1) or (b)
Total income tax (line 22, page 2, or line 19 or 20 above, whichever is applicable) $
Less: Credit for income taxes paid to a foreign country or United States possession ollowed a
domestic corporation ]
Income tax due
ADDITIONAL INFORMATION REQUIRED
1. Did the comjiany file a return under the same name for
the preceding taxable year? CD Yes O No
2. Did the company at any time during the taxable year
own 50 percent or more of the voting stock of another
corporation, either domestic or foreign? Q Yes C] No
If "Yes," attach separate schedule showing: (1) Name
and address; (2) percentage of stock owned; (3) date
stock was acquired; and (4) the District Director's office
in which the income tax return of such corporation for
the last taxable year was filed.
3. Did the company make a return of information on Forms
1096 and 1099, or Form W-2 for the calendar year
1954? (See General Insti-uction H) D Yes D No
4. Did the company at any time during the taxable year ov/n
directly or indirectly any stock of a foreign corporation?, dl Yes IH No
11 "Yes." attach statement required by General Instructions.
n No
5. Did the company file with the District Director of Internal
Revenue a copy of the annual statement for the preced-
ing year as required by General Instruction K? Q Yes
If "Yes," state District Director's office in which state-
ment was filed.
6. If a copy of the annual statement required by General In-
struction K does not accompany this return, state reason
why the statement is not attached.
7. Has the cash receipts and disbursements method been
used in preparing this return? CD Yes CD No
If "No," describe fully in separate statement
Did the corporation pay anyone other than an employee for assistance in the preparation of this return? , CD Yes CD No
If "Yes," enter his name and address.
SIGNATURE AND VERIFICATION (See Instruction E)
I, the undersigned, president, vice president, treasurer, assistant treasurer, chief accounting officer (or other duly authorized officer) of the corfMration for which
this return is made, declare under the penalties of perjury that this return (including any accompanying schedules and statements) has been examined by me and
la, to the best of my 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.
(Signature of olhoer)
(Title)
L declare under the penalties of perjury that I prepared this rehjrn for the person named herein; and that this return (including any accompanying schedules
and statements) is, to the best of my knowledge and belief, a true, correct, and complete return based on all the information relating to the matters required to be
reported in this return of which I have any knowledge.
(Individual or Firm Slgnoture)
1ft— 71877-1
216
FACSIMILES OF TAX RETURNS FOR 1954
Page 2
NORMAL TAX AND SURTAX COMPUTATIONS
1. Mutual insurance company taxable income (item 18, page 1)
Zm Taxable income before special deductions (item 14, page 1)
3. Less: Dividends received deductions from item 17 (d), page 1.
4. Surtax net income
Except interinffureis ond reciprocal underwriters
Iitterinsurers and reciprocal underwriters
Normal Tax
5. 60 percent of excess of line 1 over $3,000 when 8. 60 percent of excess of line 1 over $50,000 when line
line 1 is over $3,000 and not over $6,000 $ 1 is over $50,000 and not over $100,000
6. 30 percent of line 1 when over $6,000 $ _ 9, 30 percent of line 1 when over $100,000
Surtax
7. 22 percent of excess of line 4 over $25,000.
10. 33 percent of excess of line 4 over $50, OCX) when line
4 is over $50,000 and not over $100,000
11. 22 percent of excess of line 4 over $25,000 when
line 4 is over $100,000
i2. Total normal tax and surtax under section 821 (a) or (b) (sum of lines 5 through 7 or sum of lines 8 through 11) .
COMPUTATION OF TAX ON GROSS AMOUNT OF INCOME
(Section 821 (a) (2)) (Not Applicable to Interinsurers and Reciprocal Underwriters)
13.
14.
15.
16.
17.
18.
19.
20.
21.
Total gross income in items 1 to 3, inclusive, page 1 .
Net I
t premiums .
Total gross amount of income (line 13 plus line 14) $.
Less: Dividends to policyholders $ _ .__ _ I
Interest wholly exempt from tax (item 1 (a), column 4, page 1)
Gross amount of income Oine 1 5 minus the sum of lines 1 6 and 17)
Over $75,000 and Not Over $150,000
Tax (2 percent of excess of line 1 8 over $75,000)
Over $150,000
Tax (1 percent of line 18)
Tax under section 821 (a) (2) (line 19 or 20), whichever is applicable ,
Tax Under Section 821 (a) (1) or (2). or (b)
Line 12 for interinsurers and reciprocal underwriters; line 12 or 21, whichever is greater, for others
Limitation of Tax Under Section 821 (c)
Gross amounts received from interest, dividends, rents and premiums of over $75,CXX) and less than $125,CXX)
Interest, dividends, and rents (line 13 above)
Gross premiums received
Total of lines 23 and 24
Limitation under section 821 (c) (line 22, above, multiplied by the ratio which the excess of line 25, above, over $75,000 bears to
$50.000)
Schedule A.— INVESTED ASSETS BOOK VALUES (See Instruction 7)
(Schedule A Need Not Be Filled In if No Deduction Is Claimed for Any General Expenses That Are Allocated to Investment Income)
1. Beginning of taxable year
2. End ot taxable year
1. Real estate
$
S
3. Collateral loans
S. Bonds of domestic corporations
6. Stocks of domestic corporations
7. Government obligations, etc. (Attach Schedule)
10. Totals of lines 1 to 9
$
$
11. Total of columns 1 and 2, line 10
$
12. Mean of the invested assets for the taxable year (one-half of line 11)
S
13. One-fourth of 1 percent of the mean of the invested assets
«
$
15. 3% percent of line 12
16. Excess (if any) of line 14 over line 15
1^
^
18. Limit on deduction for investment expenses (line 1 3 plus line 17)
$
Schedule B.— OTHER CAPITAL LOSSES (See Instruction 12)
Capital Assets Sold or Exchanged To Meet Abnormal Insurance Losses and To Provide for the Payment of Dividends and Similar Distribution to Policyholders
Dividends and similar distributions paid to policyholders .
Losses paid
Expenses paid
Total of lines 1 to 3, inclusive
Less: Interest received (item 1, column 4. page 1, adjusted to cash method if on accrual method) .
Dividends received (item 2, page 1, adjusted to cash method if on accrual method)
Rents received (item 3, page 1, adjusted to cash method if on accrual method)
Net premiums received (line 14, p>age 2, adjusted to cash method if on accrual method) . . . .
Excess (if any) ot line 4 over sum of lines S. 6, 7. and 8
I. Description of capital a»el
2 Dale acquired
3. Gross sales price
(contract price)
I. Cost or clher basis
and cost of im-
provements sub-
sequent to acquisi-
tion or March 1,
1913
S. Eipense of sale
6. Depreciation allowed (or
allowable) since acquisition
or March 1. 1913 (furnish
details)
7. Lou (Column 3
minus the sum
andS)
10.
Total
S
Total gross receipts irom sales, line 10, column 3, should not exceed the amount shown in line 9. If necessary, gross receipts from a particular sale should be
appcrUoned in the above schedule and the excess reported in separate Schedule D (Form 1 120).
Sales (except the apportionment mentioned above) reported in this schedule should not be reported in separate Schedule D (Form 1 120).
Enter total other capital losses (line 10, column 7) as item 12, page 1. lo— 7ist7-i
FACSIMILES OF TAX RETURNS FOR 1954
217
GENERAL INSTRUCTIONS
A. Companies Required To File a Rehim. — Every mutual insurance
company other than a liie or marine insurance company and other than a lire
insurance company subject to the tax imposed by section 831 (except a foreign
mutual insurance company other than a life or marine insurance company or a
fir© insurance company subject to the tax imposed by section 831 — not carrying
on an insurance business within the United States) with gross amount received
from interest, dividends, rents, and premiums {including deposits and assess-
ments), in excess of $75,000 shall file a return on this form. (See section 501 (15).)
If a receiver, trustee in dissolution, trustee in bankruptcy, or assignee has
possession of or holds title to all or substantially all the property or business of
Q corporation, whether or not the property or business is being operated, he
must make o return of income for the corporation in the same manner and form
required of other corporations. (Section 6012.)
B. Period Covered. — The return shall be for the calendar year ended
December 31, 1954, and the taxable income computed on the calendar year
basis in accordance with the State laws regulating insurance companies.
C. Accounting Methods. — A return on this form shall be filed using the
cash or accrual method of accounting, except that whichever method is adopted
in filing the company's first return must be followed until the consent of the
Commisrioner is received to change the method.
D. Time and Place for Filing. — The return must be sent to the District
Director of Internal Revenue for the district in which the company's principal
place of business or principal office or agency is located, on or before March
15, 1955.
E. Signature and Veriiication. — The return must be signed either by the
president, vice president, treasurer, assistant treasurer or chief accounting
officer, cr by any other corporate officer authorized to sign. A receiver, trustee,
or assignee must sign any return which he is required to file on behalf of a
corporation. The statement at the bottom of page 1 of the return is required to be
signed by any person, firm, or corporation who prepared the taxpayer's return.
If the return is prepared by a firm or corporation, it should be signed in the name
of the firm or corporation. The statement is not required if the return is prepared
by Q regular, hill-time employee.
F. Payment o£ Tax. — The tax must be paid in full when the return is filed
or in two installments, 50 percent on or before the 15th day of the third month
and 50 percent on or before the 15th day of the sixth 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
District Director. The tax may be paid in cash or by check or money order
drawn to the order ol "District Director, I. R. S." Cash payment should be made
only in person at the District Director's office.
G. Failure To File. Etc. — Substantial additions to the tax are Imposed for
failing to file a return, for late filing, and for filing a false or fraudulent return.
H. Information at Source. — Every insurance company making payments
in the course of its trade or business ol (1) interest, rents, commissions, or other
fixed or determinable income ol $600 or more during the calendar year 1954
to an individual, a partnership, or a fiduciary, or (2) salaries or wages of $600
or more shall make returns on Forms 1096 and 1099, except that the making
of such return will not be required with respject to salary or wage payments
included on Form W-2, provided copieg of withholding statements on Form W-2
ore furnished. If a portion of such salary or wage payments was reported on a
Withholding Statement (Form W-2), only the remainder must be reported on
Form 1099.
The returns on Forms 1096 and 1099 shall also include dividend payments
totaling $10 or more during the calendar year 1954 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 Iiiqui>
dation. — 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, setting forth the terms of such resolution or plan. (See
section 6043.)
2. Distributions in Liqiaidation. — 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 1954.
J. Stock Ownership in Foreign Corporations. — In addition to the schedule
required by Specific Instruction 2, a corporation 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 corpwration 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
551 (d).
K. Annual Statement. — A copy of the annual statement for mutual insurance
companies adopted by the National Convention of Insurance Commissioners for
the year 1954. as filed with the Insurance Department of the State, Territory, or
District of Columbia, together with copies of Schedule A (real estate) and Sched-
ule D (bonds and stocks), must accompany the return. Similar copies for the
preceding year must also be furnished, if not filed for such year.
L. List of Attached Schedules. — Attach a list of the schedules accompanying
the return, giving for each a brief title and the schedule number. Place name
and address of company on each schedule.
SPECinC INSTRUCTIONS
The Following InstTuctior\s ore Numbered to Correspond With Item Numbers on Page 1 of the Return Unless Otherwise Indicated
1. Interest. — Enter interest received or accrued from all sources during the
taxable year. The gross amount of interest reported as gross income shall be
decreased by the amortization of premiums and increased by the accrual of
discount attributable to the taxable year on bonds, notes, debentures or other
evidences of indebtedness, determined (1) in accordance with the method
regularly employed, if reasonable, or (2) in accordance with regulations pre-
scribed by the Secretary or his delegate. (Attach statement showing method
and computation.)
2. Dividends. — Enter as item 2 (a) the amount received or accrued as
dividends from a domestic corporation which is subject to taxation under Subtitle
A, except dividends on certain preferred stock of a public utility corporation,
and dividends received from a corporation entitled to the benefits of section
931 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 tax under Subtitle A. Enter as item 2 (c) dividends from for-
eign corporations. Enter as item 2 (d) dividends from all other corporations
including dividends on share accounts in Federal savings and loan associations
issued on or after March 28, 1942. Enter in item 1 (c) dividends on share ac-
counts 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 or accrued from tenants.
4. Gains and Losses From Sales or Exchanges o£ Capital Assets. —
Report sales or exchanges of capital assets in separate Schedule D (Form 1 120)
(but see Schedule B, page 2). 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 capital
assets sold or exchanged in order to obtain funds to meet abnormal insurance
losses and to provide for the payment of dividends and similar distributions to
policyholders) shall be allowed to the extent of gams from such sales or exchanges,
with resp)ect to companies taxable under section 821 (a) or (b). The net capital
loss for such companies shall be the amount by which losses for such year from
sales or exchanges of capital assets exceed the sum of the gains from such sales or
exchanges and (1) the corporation surtax net income (computed without regard
to gains or losses from sales or exchanges of capital assets) or (2) losses from the
sale or exchange of capital assets sold or exchanged to obtain funds to meet
abnormal insurance losses and to provide for the payment of dividends and
similar distributions to policyholders, whichever is the lesser. However, the
amount of a 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 short-term capital loss to the extent not allowed as a deduction
against any net capital gains of any taxable year intervening between the
taxable year in which the net capital loss was sustained and the taxable year
to which carried.
For further information relating to gains and losses from sales or exchanges
of property, see instructions on back of separate Schedule D (Form 1 120).
6. Interest Wholly Exempt From Tax. — Enter the amount of interest which
is wholly exempt from taxation under the provisions of section 103.
7. Investment 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 f>ercent of the mean of the invested assets reported on line 12,
Schedule A, plus, in cases where the taxable income computed without any deduc-
tion for (1) investment expenses and (2) tax-free interest exceeds 35i 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 822 (c) (2).)
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 vrithout reimbursement as provided in section 822 (c) (3) . Do not
include taxes assessed against local benefits of a kind tending to increase the
value of the property assessed, as for paving, sewers, etc. For limitation on
deduction, see Instruction 13 (b) below.
9. Real Estate Expenses. — Enter all ordinary and necessary building ex-
penses, paid or accrued, such as fire insurance, heat, light, labor, etc., and the
cost of incidental repairs which neither materially add to the value of the property
nor appreciably prolong its life, but keep it in an ordinarily efficient operating
condition. Do not include any amount paid out for new buildings or for perma-
nent 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 purpxsses. For limitation on deduction, see Instruction 13 (b) below.
10. Depreciation. — The amount deductible on account of depreciation is an
amount reasonably measuring a portion of the investment in depreciable
property which, by reason of exhaustion, wear and tear, or obsolescence, is
18—71377-1
218
FACSIMILES OF TAX RETURNS FOR 1954
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 803 (a).
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.
(a) Straight Line Method. — The most common method of computing depreci-
ation is the "straight line" method. It allows for the recovery of cost in equal
annual amounts over the life of the property, with only salvage value remaining
at the end of its useful life. To compute the deduction, add the cost of improve-
ments to the cost (or other) basis of the asset and deduct both the estimated
salvage value and the total depreciation allowed or allowable in past years.
Divide the result by the number of years of useful life remaining to the asset; the
quotient in the depreciation deduction.
(b) Declining Balance Method. — Under this method a uniform rate is
applied each year to the remaining cost or other basis of property (without
adjustment for salvage value) determined at the beginning of such year. For
property acquired before January 1, 1954, or used property whenever acquired,
the rate of depreciation under this method may not exceed one and one-hall
times the applicable straight line rate.
(c) Special Rules for New Assets Acquired After December 31 , 1953. — The
cost or other basis of an asset acquired after December 31, 1953, may be
depreciated under methods proper in the past; or, it may be depreciated under
any of the following methods provided (1) that the asset is tangible, (2) that it
has an estimated useful life of 3 years or more, and (3) that the original use
of the asset commenced vrtth the taxpayer and commenced after December 31,
1953. If an asset is constructed, reconsh'ucted, or erected by the taxpayer, so
much of the basis of the asset as is attributable to construction, reconstruction
or erection after December 31, 1953, may be depreciated under methods proper
in the past; or, it may be depreciated under any of the following methods provided
the asset meets qualifications (1) and (2) above.
(1) Declining Balance Method. — This method may be used with a rate not
in excess of twice the applicable straight line rate.
(2) Sum of the Years-Digits Method. — Under this method annual allow-
ances for depreciation are computed by applying changing fractions to the
taxpayer's cost or other basis of property (reduced by estimated salvage value).
A deduction for each year is computed by multiplying the cost or other basis
of the asset (reduced by estimated salvage value) by the number of years of
useful life remaining (including the year for which the deduction is computed)
and dividing the product by the sum of all the digits corresponding to the years
of the estimated useful life of the asset. In the case of a live-year life this sum
would be 15 (5 plus 4 plus 3 plus 2 plus 1). For the hrst year 5-15th of the
cost reduced by estimated salvage value would be allowable, for the second
year 4-15lh, etc.
(3) Other Methods. — A taxpayer may use any consistent method which does
not result in accumulated allowances at the end of any year greater than the
total of the accumulated allowances which would have resulted from the use of
the declining balance method. This limitation applies only during the first
two-thirds of the useful life of the property.
If a deduction is claimed on account of depreciation, a schedule should be
filed with the return showing: (1) description of the property; (2) date of acquisi-
tion of the property; (3) the cost or other basis of the asset; (4) the amount of
depreciation allowed and allowable in prior years; (5) the method under which
the depreciation allowance is being claimed; (6) rate of depreciation, and
expected useful life; and (7) depreciation albwance this year. In case obsoles-
cence is included, state separately amount claimed and basis upon which it
is computed. Cost or value of land is not subject to depreciation, and when
land and building were purchased for a lump sum the cost of the buildings
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. For limitation on deduction, see Insh-uction 10 (b) below.
11. Interest. — Enter the amount of interest paid or accrued during the taxable
year on the company's indebtedness, except on indebtedness incurred or con-
tinued to purchase or carry obligations (other than obligations of the United
States issued after September 24, 1917, and originally subscribed for by the
taxpayer) the interest upon which is wholly exempt from 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 policyholders. Capital
assets shall be considered as sold or exchanged to provide 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 sum 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 B.)
13. Total Deductions. — (a) Enter the total of items 6 to 12, inclusive.
(b) Limitation on deductions relating to real estate owned and occu-
pied.— 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
section 822 (d) (1)) 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 wholly
tax-exempt interest income. However, for interest on indebtedness incurred or
continued to purchase or carry tax-exempt securities, see instruction 11. Items
directly attributable to wholly exempt income shall be allocated thereto, and
items directly attributable to any class of taxable income shall be allocated to
such taxable income. If an item is indirectly attributable 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. A tax-
payer 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
shovm separately).
15. Interest Partially Exempt From Tax. — Enter as item 15 the amount of
interest included in gross income which is partially exempt from taxation and for
which a special deduction is allowed under the provisions of section 242.
17. Dividends Received Deductions. — The deductions provided in line 15
are as follows: (a) 85 percent of the amount received as dividends (except
dividends on certain preferred stock of public utilities) from a domestic corpora-
tion subject to income tax. Amounts received as dividends from mutual savings
banks, cooperative banks, and domestic building and loan associations and
allowed as a deduction to such banks or building and loan associations shall
not be treated as dividends. In the case of dividends received from a regulated
investment company, see section 854 regarding limitations on amount deductible;
(b) 62.1 15 percent of the amount received as dividends on the preferred stock
of a public utility which is subject to income tax and is allowed a deduction, as
provided in section 247, for dividends pxiid; and (c) 85 percent of dividends
received from certain foreign corporations. See section 245 for qualifications
and limitations on the amount of this deduction.
Dividends received from a corporation described in section 246 (a) (China
Trade Act Corporation, etc.) should be entered in Item 2 (d).
Page 1 — 22. Credit for Income Taxes Paid to a Foreign Country or United
States Possession. — If, in accordance with section 901, a credit is claimed 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 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 District Director 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.
Page 2 — 14. Net Premiums. — Enter as line 14 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 insur-
ance contract but depends upon the experience of the company or the discretion
of the management are not to be included in return premiums but are to be
treated as dividends to policyholders and included in line 16. (See section
823 (1).)
Pago 2 — 16. Dividends to Policyholders. — Enter as line 16 dividends and
similar distributions paid or declared {depending upon the method of accounting
regularly employed) to policyholders. (See section 823 (2).)
I or^lcl I«— 71377-1
FACSIMILES OF TAX RETURNS FOR 1954
219
FORM 1 1 1 O
REV. NOV. 1954
U. S. Treasury Departmer\t — Internal Revenue Service
STATEMENT IN SUPPORT OF CREDIT CLAIMED BY DOMESTIC CORPORATION FOR TAXES PAID
OR ACCRUED TO A FOREIGN COUNTRY OR A POSSESSION OF THE UNITED STATES
For Calendar Year 19-
Or other taxable year beginning 19 , and ending .
Name of Corporation
., 19..
Address
(Street and number)
(City or town, postal zone number)
(Stale)
Claim for credit is made for taxes ', as follows:
(Paid or accrued)
SCHEDULE A.— Credit Claimed Against Income Tor
Taxes Paid or Accrued During the Taxable Year to a Foreign Country or a Possession of the United States'
Name of foreign country or possession of United States imposing tax _ _ _ Character of tax .
(Income, war profits, or excess profits)
Statutes imposing tax
(To be named fully and clearly so as to be easily identified)
1. Tax withheld at source on dividends (attach receipt or return)
2. Tax paid or accrued (exclusive of tax withheld at source on dividends) (attach
receipt or return) '
3. Tax deemed to have been paid or accrued by a related corporation (Item 10,
Schedule B)
4. Total taxes (sum of Items 1, 2, and 3)
LIMITATION
5. Dividends received from sources in this foreign country or U. S. possession (exclud-
ing dividends from a foreign corporation doing 50 percent or more of its business
in the United States to the extent of the deduction under sections 245 and 246) "* ' . .
6. Other taxable income (or loss) from sources in this foreign country or U. S. pos-
session (exclusive of dividends received) *
7. Total taxable income in Items 5 and 6
In foreign currency ^
xxxxxxxx
Conversion rate *
xxxxxxxx
xxxxxxxx xxxxxxxx $
8. Taxable income from all sources (Item 33, Page 1, Form 1120) $_
9. Total United States income tax (Item 34, page 1, Form 1120) $_
10. Ratio of taxable income from sources in this foreign country or U. S. possession to taxable income from all sources (Item 7 divided
by Item 8)
!!• Amount of tax which may be claimed as credit under limitation of Section 904 (Item 9, multiplied by Item 10, but not in excess of Item 4) . . $_
SUMMARY OF TAXES ALLOWABLE AS A CREDIT (FROM SCHEDULE A, ABOVE, AND FROM ANY ADDITIONAL FORMS 1118)=
(Fill in summary on only one Form 1118)
Amount of tax
claimed aa credit
(Schedule A, Item II of
Name of foreign country or U. S. possession each Form 1118)
$-.
12. Total amount of taxes which may be cloimed as a credit. Enter as Item 35, page 1, Form 1120.
(See Notes on Page 3)
16 — 48638-6
448404 O -57 - 15
220
FACSIMILES OF TAX RETURNS FOR 1954
Page 2
SCHEDULE B. — Taxes Paid or Accrued to a Foreign Country or a Possession of the United States by (1) a Related Foreign Corporation or (2) a Related
Domestic Corporation Entitled to the Benefits of Section 931 or 941 « '" "
{Where Section 902(b) applies, mal^e computation thereunder first. Attach another Schedule B appropriately completed)
Foreign
corporation,
or aomestic
corporation
entitled to
benefits of
Sec. 931
or 941 •
Name - Incorporated under the laws of .
Address .
(Street and number)
Number of shares outstanding
Capital stock Number of shares owned by domestic corporation.
Which slock has full voting rights?
(City or town)
(Country)
Name of foreign country or possession of United States imposing tax _. _ — Character of tax
(Income, war profits, or excess profits)
Statutes imposing tax .
(To he named fully and clearly so as lo be easily Identified)
1. Amount received during the taxable year as dividends from such related foreign corporation' less the amount of the deduction allowable under Sections
245 and 246' -. — - which (converted at an exchange rate
{In foreign money)
of ') equals in dollars
(Submit computation or reference to item and line numbers on corporation income tax return)
Date and amount of each dividend payment .
2. Dividends segregated according to years when profits from which they were paid were
accumulated "
3. Total profits of related foreign corporation before tax was deducted therefrom ' " '•
4. Accumulated profits (total profits less tax thereon) out of which dividends were paid
which, converted at an exchange rate of
equals in dollars
5. Amount of taxes paid by the related foreign corporation or deemed to have been paid by
it " under Section 902 (based upon attached tax receipts") or taxes accrued, in foreign
money upon Item 3
which, converted at an exchange rate of
equals in dollars
6. Ratio of accumulated profits to total profits (Item 4 divided by Item 3)
7. Tax paid on or with respect to accumulated profits (Item 5 multiplied by Item 6)
8. Ratio of amount of dividends received to accumulated profits (Item 2 divided by Item 4) . . . ,
9. Amount of tax payments deemed to have been paid on profits distributed as dividends
(Item 7 multiplied by Item 8) ■ i
Toxabte periods of related foreign corporation from income of wliich dividends
were paid "
10. Total of tax payments deemed to have been paid on profits distributed as dividends (total of Item 9). Enter as Item 3, Schedule A. .
(See Notes on Page 3)
SIGNATURE AND VERIFICATION
I, the undersigned, president, vice president, treasurer, assistant treasurer, chief accounting officer (or other duly authorized officer) of the corporation for which
this statement is made, declare under the penalties of perjury that this statement has been examined by me and is, to the best of my knowledge and belief, a true
and complete statement of facts relating to the credit for tax as provided in sections 901 to 905, inclusive, of the Internal Revenue Code of 1954.
Date ....
10— 4063S-6
.., 19..
(Signature of oificer)
(TlUe)
FACSIMILES OF TAX RETURNS FOR 1954
221
' If the corporation elects under Section 905 to claim credit for taxes accrued,
write "accrued" in the space provided. (See Section 905 and Instructions on
page 4.)
" Where there is more than one foreign country or possession of the United
States to which taxes are paid by the domestic corporation, or more than one
related foreign corporation, or more than one foreign country or possession of
the United States to which taxes are paid on behalf of a related foreign corpo-
ration, additional schedules should be attached, and the amount of the credit
shown on each such schedule should be included in the summary.
• State this amount in the currency of the foreign country or possession of the
United States (e. g., pounds, francs, marks).
' Give rate of exchange used and attach a statement describing in rpason-
able detail why and how this particular rate was determined.
' Include total tax paid or accrued whether or not the income upon which
the tax was based was subject to United States Federal income tax.
• Include any dividends received from a foreign subsidiary of the related
foreign corporation.
' For the purpose of Sections 901-905 dividends received from a foreign
corporation shall be treated as income from sources without the United States
only to the extent such dividends exceed the amount of the deduction allow-
able under Sections 245 and 246 in respect of such dividends. (See Section
861 (a) (2) (B).)
' Include all income taxable (or losses allowable) by the United States whether
or not toxable (or allowable) by the foreign country or United States possession.
• The term "foreign corporation" as used in Schedule B includes a domestic
corporation entitled to the benefits of Section 931 or 941. {See Section 901 (c)
below.)
"• If the required ownership of at least 10 percent of the voting stock was
attained or relinquished during the year by the domestic corporation claiming
credit, state the date when such change took place.
NOTES Page 3
" For purposes of this form, a foreign corporation is considered a "related
foreign corporation" if the domestic corporation owns at least 10 percent of
the voting stock of a foreign corporation from which it receives dividends.
Effective for dividends received in taxable years beginning after Dec. 31, 1950.
'^ Each column relates to that part of total dividends paid from accumulated
profits shown therein.
'3 Where payments were of taxes accrued for only 1 year, give dates of
beginning and ending of such year in first column. Where the payments were
of taxes accrued for more than 1 year, give in separate columns the dates of
each annual period during which any part of the tax payments accrued.
" If dividends received during the taxable year from a related foreign corpo-
ration must be considered under the statute to be paid out of the income of such
corporation for a period of more than 3 years, a separate schedule containing
the information required in Items 2 to 9, inclusive, of Schedule B, shall be
submitted covering all years involved. The total of the amounts entered in
Item 2 must agree with the amount shown in Item 1 of Schedule B.
'* The amount to be shown as total profits under Item 3 of Schedule B should
be the profits from all sources whatsoever (whether or not subjected to foreign
tax), from which, after deduction of the foreign tax shown in Item 5, the divi-
dends may be deemed to have been paid by the foreign corporation.
" Conversion to be made at same exchange rate as that used for dividends
in Item 1 of Schedule B.
" The portion of the taxes paid by the foreign subsidiary of the related
foreign corporation, which is deemed to have been paid by the related foreign
corporation, will be computed by the same method employed in computing the
portion of the tax paid by the related foreign corporation, which is deemed to
have been paid by the domestic corporation.
^^ Enter in each column for the annual period named at the top, the amount
of the tax payment which accrued with respect to income of such period.
EXTRACTS FROM SECTIONS 901-905 OF THE INTERNAL REVENUE CODE OF 19S4
(Foreign Tax Credit)
Sec. 901. Taxes of Foreign Countries and of Possessions of
United States — (a) Allowance of Credit. — If the taxpayer
chooses to have the benefits of this subpart, the tax imposed by
this chapter shall, subject to the limitation of section 904, be
credited with the amounts provided in the applicable paragraph
of subsection (b) plus, in the case of a corporation, the taxes
deemed to have been paid under section 902. Such choice may
be made or changed at any time prior to the expiration of
the period prescribed for making a claim for credit or refund
of the tax against which the credit is allowable. The credit
shall not be allowed against the tax imposed by section 53 1
(relating to the tax on accumulated earnings), against the
additional tax imposed for the taxable year under section 1333
(relating to war loss recoveries), or against the personal holding
company tax imposed by section 541.
(b) Amount Allowed. — Subject to the limitation of section 904,
the following amounts shall be allowed as the credit under
subsection (a):
(1) Citizens and domestic corporations. — In the case of a
citizen of the United States and of a domestic corporation, the
amount of any income, war profits, and excess profits taxes
paid or accrued during the taxable year to any foreign
country or to any possession of the United States; and
*******
(c) Corporations Treated as Foreign. — For purposes of this
subpart, the following corporations shall be treated as foreign
corporations:
(1) a corporation entitled to the benefits of section 931, by
reason of receiving a large percentage of its gross income from
sources within a possession of the United States; and
(2) a corporation organized under the China Trade Act,
1922 (15 U. S. C, chapter 4), and entitled to the deduction
provided in section 941.
*******
Sec. 902. Credit for Corporate Stockholder in Foreign
Corporation — (a) Treatment of Taxes Paid by Foreign Corpora-
tion.— For purposes of this subpart, a domestic corporation which
owns at least 1 0 percent of the voting stock of a foreign corpora-
tion from which it receives dividends in any taxable year shall
be deemed to have paid the same proportion of any income, war
profits, or excess profits taxes paid or deemed to be paid by such
.foreign corporation to any foreign country or to any possession
of the United States, on or with respect to the accumulated profits
of such foreign corporation from which such dividends were
paid, which the amount of such dividends bears to the amount
of such accumulated profits.
(b) Foreign Subsidiary of Foreign Corporation. — If such
foreign corporation owns 50 percent or more of tlie voting stock
of another foreign corporation from which it receives dividends
in any taxable year, it shall be deemed to have paid the same
proportion of any income, war profits, or excess profits taxes
paid by such other foreign corporation to any foreign country
or to any possession of the United States, on or with respect to
the accumulated profits of the corporation from which such
dividends were paid, which the amount of such dividends bears
to the amount of such accumulated profits.
(c) Applicable Rules. —
(1) The term "accumulated profits", when used in this
section in reference to a foreign corporation, means the
amount of its gains, profits, or income in excess of the income,
war profits, and excess profits taxes imposed on or with respect
to such profits or income; and the Secretary or his delegate
shall have full power to determine from the accumulated
profits of what year or years such dividends were paid, treat-
ing dividends paid in the first 60 days of any year as having
been paid from the accumulated profits of the preceding year
or years (unless to his satisfaction shown otherwise), and in
other respects treating dividends as having been paid from
the most recently accumulated gains, profits, or earnings.
(2) In the case of a foreign corporation, the income, war
profits, and excess profits taxes of which are determined on
the basis of an accounting period of less than 1 year, the word
"year" as used in this subsection shall be construed to mean
such accounting period.
222
FACSIMILES OF TAX RETURNS FOR 1954
(d) Special Rules for Certain Wholly-Owned Foreign Corpora-
tions.— For purposes of this subtitle, if —
(1) a domestic corporation owns, directly or indirectly, 100
percent of all classes of outstanding stock of a foreign corpora-
tion engaged in manufacturing, production, or mining,
(2) such domestic corporation receives property in the form
of a royalty or compensation from such foreign corporation
pursuant to any form of contractual arrangement under which
the domestic corporation agrees to furnish services or property
in consideration for the property so received, and
(3) such contractual arrangement provides that the prop-
erty so received by such domestic corporation shall be ac-
cepted by such domestic corporation in lieu of dividends and
that such foreign corporation shall neither declare nor pay
any dividends of any kind in any calendar year in which such
property is paid to such domestic corporation by such foreign
corporation,
then the excess of the fair market value of such property so
received by such domestic corporation over the cost to such
domestic corporation of the property and services so furnished
by such domestic corporation shall be treated as a distribu-
tion by such foreign corporation to such domestic corporation,
and for purposes of section 301, the amount of such distribu-
tion shall be such excess, in lieu of any amount otherwise
determined under section 301 without regard to this subsec-
tion; and the basis of such property so received by such
domestic corporation shall be the fair market value of such
property, in lieu of the basis otherwise determined under
section 301 (d) without regard to this subsection.
Sec. 903. Credit for Taxes in Lieu of Income, Etc., Taxes. —
For purposes of this subpart and of section 164 (b), the term
"income, war profits, and excess profits taxes" shall include a
tax paid in lieu of a tax on income, war profits, or excess profits
otherwise generally imposed by any foreign country or by any
possession of the United States.
Sec. 904. Limitation on Credit — (a) Limitation. — The amount
of the credit in respect of the tax paid or accrued to any country
shall not exceed the same proportion of the tax against which
such credit is taken which the taxpayer's taxable income from
sources within such country (but not in excess of the taxpayer's
entire taxable income) bears to his entire taxable income for
the same taxable year.
*******
Sec. 905. Applicable Rules — (a) Year in Which Credit
Taken. — The credits provided in this subpart may, at the op-
tion of the taxpayer and irrespective of the method of accounting
employed in keeping his books, be taken in the year in which
the taxes of the foreign country or the possession of the United
States accrued, subject, however, to the conditions prescribed
Page 4
in subsection (c). If the taxpayer elects to take such credits
in the year in which the taxes of the foreign country or the
possession of the United States accrued, the credits for all sub-
seguent years shall be taken on the same basis, and no portion
of any such taxes shall be allowed as a deduction in the same
or any succeeding year.
(b) Proof of Credits. — The credits provided in this subpart
shall be allowed only if the taxpayer establishes to the satis-
faction of the Secretary or his delegate (1) the total amount of
income derived from sources without the United States, deter-
mined as provided in part I, (2) the amount of income derived
from each country, the tax paid or accrued to which is claimed
as a credit under this subpart, such amount to be determined
under regulations prescribed by the Secretary or his delegate,
and (3) all other information necessary for the verification and
computation of such credits.
(c) Adjustments on Payment of Accrued Taxes. — If accrued
taxes when paid differ from the amounts claimed as credits by
the taxpayer, or if any tax paid is refunded in whole or in part,
the taxpayer shall notify the Secretary or his delegate, who
shall redetermine the amount of the tax for the year or years
affected. The amount of tax due on such redetermination, if
any, shall be paid by the taxpayer on notice and demand by
the Secretary or his delegate, or the amount of tax overpaid,
if any, shall be credited or refunded to the taxpayer in accord-
ance with subchapter B of chapter 66 (sec. 651 1 and following).
In the case of such a tax accrued but not paid, the Secretary
or his delegate, as a condition precedent to the allowance of
this credit, may require the taxpayer to give a bond, with sure-
ties satisfactory to and to be approved by the Secretary or his
delegate, in such sum as the Secretary or his delegate may
require, conditioned on the payment by the taxpayer of any
amount of tax found due on any such redetermination; and the
bond herein prescribed shall contain such further conditions as
the Secretary or his delegate may require. In such redeter-
mination by the Secretary or his delegate of the amount of tax
due from the taxpayer for the year or years affected by a refund,
the amount of the taxes refunded for which credit has been
allowed under this section shall be reduced by the amount of
any tax described in section 901 imposed by the foreign country
or possession of the United States with respect to such refund;
but no credit under this subpart, and no deduction under section
164 (relating to deduction for taxes) shall be allowed for any
taxable year with respect to such tax imposed on the refund.
No interest shall be assessed or collected on any amount of tax
due on any redetermination by the Secretary or his delegate,
resulting from a refund to the taxpayer, tor any period before
the receipt of such refund, except to the extent interest was
paid by the foreign country or possession of the United States
on such refund for such period.
INSTRUCTIONS
When Credit for Taxes May Be Taken. — The credit for taxes
provided by section 901 (a) may ordinarily be taken either in
the return for the year in which the taxes accrued or in which the
taxes were paid, dependent upon whether the accounts of the
taxpayer are kept and its returns filed upon the accrual method
or upon the cash receipts and disbursements method. Where a
taxpayer keeps its books of account on the accrual method, a
credit for taxes paid to a foreign country must also be taken on
that method and the time of payment of the taxes has in such case
nothing to do with the time of credit. A taxpayer whose books of
account are kept on the cash receipts and disbursements method
has the privilege of taking the credit for foreign taxes on an
accrual method, but if it elects to do so, the credit for foreign
taxes with respect to all subsequent years must be taken upon
the same method.
U. S. GOVERNMENT PRINTING OFFICE 10 — 40638-0
INDEX
(For data by industrial divisions, major groups, and minor groups, see "Industrial divisions and groups.")
Page
Accounting methods 18-19 , 87
Accounting periods 18
Annual aooounting period by month ended.. 19, 89-94,
98-103, 121
Gross receipts and sales from operations.... 89-94,
98-103
Income and excess profits taxes 19, 95-96
Inventories 121
Major industrial group 89-94, 98-103
Net income or deficit 19, 88-103
Net income or deficit, size of 19, 95
Returns with net income 19, , 5-96, 97-103
Total assets, size of 96
Total assets, returns with balance sheets... 88-94,
96-103
Accounting period — 52-53 week year 13
Accounts and notes payable 23, 54-79
Accounts and notes receivable. (See Notes and ac-
counts receivable.)
Accounts payable 44-53, 110-119, 123-128
Accrued expenses 44--53, 110-119, 123-128, 142
Active and inactive corporations 5, 10
Advertising (cost item in deduction).... 37-53, 104-119,
123-128
Affiliated corporations, (See Consolidated re-
turns . )
All (active) corporations 5, 9, 10, 15, 32, 37,
43, 122
Alternative tax 10-11, 23, 82, 183-184
Amortization 23, 142, 151-154
Amortization and depreciation 23, 24, 37-53,
104-119, 123-128
Amo\ints contributed under other employee benefit
plans 24, 37-53, 104-119, 123-128
Amounts contributed under pension plans, etc.... 13, 26,
37-53, 104-119, 123-128
Assets and liabilities (returns with balance
sheets) :
Classification and summary data.... 5, 15-17, 23, 27
Consolidated returns 123-128
Industrial divisions or groups 44-51, 54-79,
88-94, 110-117, 123, 126
Inventories, beginning and end of year 19,
120-121
Total 16, 44-79, 88-94, 96-103, 110-120, 123-128
Total assets, size of 16, 52-79, 96, 118-119,
124-125, 127-128, 130
Audit revisions not tabulated 15
Authority for publication of "Statistics of
Income" Ill
B
Bad debts 37-53, 104-119, 123-128
Reserve 44-53, 110-119, 123-128
Balance sheets, returns with (See also Assets
and liabilities.) 44-79, 85, 88-94,
96-103, 110-120, 123-128
Beginning and end of year inventories... 19, 27, 120-121
Benchmark data, guide to 4
Page
Bonds, Government. ( See Government obligations^
Bonds and mortgages payable 54-79
Bonds, notes, mortgages, payable 23, 44-53,
110-119, 123-128
Calendar year accounting period. (See Account-
ing periods. )
Capital assets, gross: (For 1954 tabulated
separately as depletable, depreciable, and
intangible assets and land, which see.)
Except land, 1945-53 142-143, 153-154
Gain or loss from sale or exchange of. (See
Capital gain and loss. Also Synopsis of
Federal tax laws . )
Land, 1945-53. 153-154
Reserves, 1945-53 153-154
Capital assets less reserves, 1954 23, 54-79
Capital gain and loss:
Changes in law affecting 1954 data 13
Definitions 23-24
Net long-term capital gain reduced by any
net short-term capital loss 37-53, 82,
104-119, 123-128
Net short-term capital gain reduced by any
net long-term capital loss 37-53, 104-119,
123-128
Capital stock:
Common and preferred, separately.... 44-53, 110-119,
123-128
Total 24, 54-79
Carryback changes not tabulated 15
Cash 44-79, 110-119, 123-128
Cash dividends paid 18, 35
Categories of active corporation returns 5, 15-16
Changes in law affecting 1954 data 10-15
Characteristics of 1954 tabulations 15-22
Common stock 44-53, 110-119, 123-128
Comparison, 1954 and prior years. (See also
Historical data. ) 9, 10, 14
Compensation of officers 37-53, 104-119, 123-128
Compiled deductions. (See Compiled receipts and
com.piled deductions.)
Compiled net profit less total tax 9, 37-53,
104-119, 123-128
Compiled net profit or net loss 9, 37-79,
104-119, 123-128
Compiled receipts and compiled deductions:
Balance sheets, returns with 43-53, 110-119,
123-128
Consolidated returns 123-128
Industrial group 37-42, 44-51, 104-116
Returns with net income 104-119
Textual discussion 9-10, 24
Total assets, size of 52-79, 118-119,
124-125, 127-128
Total compiled deductions 9, 37-53, 104-119,
123-128
Total compiled receipts 9, 15, 16, 28, 32-79,
104-119, 123-128
223
224
INDEX
Consolidated returns:
Assets and liabilities 123
Changes in law affecting 1954 data U
Compiled deductions 123
Compiled receipts 123
Criterion of affiliation lA, 20
Industrial divisions K, 123,
Provisions for filing and tax rates, 19A5-
1954
Number of returns and subsidiaries.. 14, 26, 123
Returns with net income 126
Tax rates
Textual discussion
Total assets, size of 124-125,
Contributions or gifts 24, 37-53, 104-119,
Cost of goods sold, and cost of operations,
separately 24, 37-53, 104-119,
Credits:
Against net income:
Reserve interest credit of life insur-
ance companies 17-18,
Taxes paid to foreign countries or posses—
sionoof the United States 129-132, 134,
127-
123-
Page
-128
24
-128
■128
24
126
142
■128
■128
186
20
■128
•128
123-128
188
135
Page
Facsimiles of returns 193-222
Federal tax laws, synopsis of, 1945-1954 181-190
New provisions affecting 1954 returns 10-15
First returns, filed in 1954 25, 122
Fiscal year returns. (See Accounting periods.)
Foreign corporations, dividends received from... 37-53,
83, 104-119, 123-130, 132, 134-135
Foreign taxes — Corporations claiming credit for
taxes paid to a foreign country or United
States possession 11, 20-21, 129-132, 134-135
Forms :
Facsimiles of corporation returns:
Form 1120 — Corporation income tax re-
turn 193-210
Form 1120L — Life insurance company in-
come tax return. 211-214
Form 1120M — Mutual insurance company in-
come tax return 215-218
Form 1118 — Statement in support of
credit claimed for foreign taxes paid. 219-222
Debts, bad 37-53, 104-119, 123-128
Reserve 44-53, 110-119, 123-128
Deductions, compiled. (See Compiled receipts and
compiled deductions.)
Deduction due to net operating loss of preceding
taxable years 25, 37-53, 104-119, 123-128
Deficit, sise of 80-84, 135
Deficit (without net income). (See Net income
or deficit. )
Depletable assets 44-53, 110-119, 123-128
Less: Accumulated depletion 44-53, 110-119,
123-128
Depletion 12, 24, 37-53, 104-119, 123-128
Change in rates 12
Depreciable assets 44-53, 110-119, 123-128
Less: Accumulated amortization 24, 44-53,
110-119, 123-128
Less: Accumulated depreciation 24, 44-53,
110-119, 123-128
Deprec iation 12
Methods 12
Depreciation and amortization 24, 37-53, 104-119,
123-128
Description of tables 16
Dividends paid:
By size of net income and deficit 80-81, 84
By size of total assets 52-79, 118-119, 124-125,
127-128
Cash and assets other than corporation's own
stock 24, 37-81, 84, 104-119, 123-128
Corporation's own stock 37-53, 84,
104-119, 123-128
Industrial divisions and groups 37-42, 44-51,
54-81, 104-117, 123, 126
Dividends received and paid 11, 18, 24, 28
Dividends received from domestic and foreign
corporations separately 24, 37-53, 83, 104-119,
123-130, 132, 134-135
E
Employee benefit plans, amount contributed under
other 24, 37-53, 104-119, 123-128
Excess profits tsix:
Amount of tax 10, 15, 19, 32-53, 80-82,
95-96, 104-119, 123-128
Number of returns 10, 15, 19, 80-81, 95-96
Termination of tax 10, 25
Explanation of terms 23-28
Exploration expenditures 13
Gain, net capital. (See Capital gain and loss.)
Gain or loss, net sales of property other than
capital assets 25, 37-53, 104-119,
Geographic distribution of returns — not pub-
lished for 1954.
Gifts, contributions 24, 37-53, 104-119,
Government obligations:
Interest on taxable, subject to surtax only,
and tax-exempt, separately 25, 37-
104-119,
Investments 25, 44-53, 110-119,
Gross capital assets (except land) 142-143,
Gross receipts from operations 25,
104-119,
Gross sales 25, 37-53, 104-120,
Gross sales and gross receipts from operations..
32-36, 54-79, 88-94,
123-128
123-128
53, 83,
123-128
123-128
153-154
37-53,
123-128
123-128
97-103
H
Historical data, 1909-1943. (See "Statistics of
Income for 1949, Part 2.")
Historical data, 1945-1954 139-170
Assets and liabilities 153-154
Comparability 142-145
Compiled net profit less total tax 151-154
Compiled net profit or net loss 151-154
Consolidated returns 142, 170
Dividends paid, by type 149-154
Excess profits tax 143, 149-170
Income tax 149-170
Industrial groups (number of returns, total
compiled receipts, net income or deficit,
and taxes) 143-144, 155-169
Laws, synopsis of Federal tax 181-190
Net income or deficit 144, 149-170
Net income or deficit, size of 147-150
Net operating loss deduction 151-154, 170
Number of returns 147-151, 153-170
Receipts and deductions 151-154
Sampling of returns 145
Source book 171-180
Total assets 149-150, 153-154
Total assets, size of 147-150
Total compiled receipts 149-170
Total tax 1.49-170
INDEX
225
Page
Inactive corporations 10, 25, 26
Income. (See Net income; Compiled receipts.)
Income, other than dividends, from foreign
sources 25, 129-130, 132, 134-135
Income tax 10, 15
Balance sheets, returns with.... <i3-53, 96, 110-119,
123-128
Calendar, noncalendar and part year account-
ing period 19, 95-96
Consolidated income tax returns 123-128
Credit for taxes paid to foreign countries or
possessions of the United States 129-135
Defined 25
Industrial divisions and groups 32-42, 44-51,
80-81, 104-117, 123, 126
Net income, size of 80-82, 95
Rates 10
Synopsis of Federal tax laws 183-184, 186
Total assets, size of 52-79, 96, 118-119,
124-125, 127-128, 130, 134
Type of tax liability 82
Industrial divisions and groups :
Assets and liabilities 44-51, 54-79, 88-94,
97-103, 110-117, 123
Classification and textual discussion... 17, 143-144
Compiled deductions 37-42, 44-51, 104-117
Compiled receipts 32-42, 44-51, 54-79, 104-117
Divisions only 14, 15, 80-81, 85, 123, 126
Major groups 37-42, 44-51, 54-79, 86-94,
97-117, 122, 129, 131-133
Minor groups 32-36
Net income and deficit, size of 80-81
Total assets, size of 54-79
Industry measurements 17-18
Insurance carriers and agents:
Life • 17-18, 36, 144
Credit against net income 17-18
Facsimile of return. Form 1120L 211-214
Mutual, except life or marine or fire insur-
ance companies issuing perpetual policies. 17-18,
36
Facsimile of retiirn. Form 112QM 215-218
Intangible assets 25, 44-53, 110-119, 123-128
Interest paid 37-53, 104-119, 123-128
Interest received^ not on Government obligations 37-53,
104-119, 123-128
Interest received on Government obligations,
taxable, subject to surtax only, and tax-
exempt separately 25, 37-53, 83, 104-119, 123-128
Internal Revenue Code of 1954 10
Inventories 19, 44-79, 110-119, 123-128
Beginning and end of year inventories 19, 27,
120-121
Inventory valuation methods 25, 86
Investments :
Government obligations 25, 44-53,
110-119, 123-128
Other than Government obligations 25, 44-53,
110-119, 123-128
Total, by major industrial groups 25, 54-79
Loss — Continued Page
Net operating loss deduction 11, 25, 37-53,
104-119, 123-128
Returns without net income.... 10, 15-16, 18-19, 25,
80-85, 95, 133-136
M
Major and minor industrial groups. (See
Industrial divisions and groups.)
Manufacturing and trade corporations 19, 120, 121
Methods of depreciation 12
Mortgages, bonds, notes, payable 23, 44-53,
110-119, 123-128
Mortgages, bonds, payable 54-79
Mutual insurance companies, except life or marine
or fire ins\irance companies issuing perpetual
policies 17, 18, 36
N
Net capital gain. (See Capital gain or loss.)
Net gain or loss, sales other than capital
assets '25, 37-53, 104-119, 123-128
Net income or deficit:
Accounting periods 19, 88-96, 97-103
Balance sheets, returns with 43-79, 96, 110-119,
124-125, 127-128
Calendar and part year 88, 95-97
Classification and definition 9-10, 25
Consolidated income tax returns 123-128
Industrial divisions only... 10, 15, 80-81, 123, 126
Industrial groups 32-42, 44-51, 54-79, 88-94,
97-117, 129, 132-133
Size of 16, 18, 80-84, 95, 130, 135
Summary for current year ■ 9-10
Total assets, size of 16, 54-79, 96, 118-119,
124-125, 127-128, 130, 134
Type of tax liability 82
Net long-term capital gain reduced by any net
short-term capital loss 23-24, 37-53, 82,
104-119, 123-128
Net loss, sales other than capital assets.... 25, 37-53,
104-119, 123-128
Net operating loss deduction 11, 25, 37-53,
104-119, 123-128
Net profit or loss, compiled 37-79, 104-119, 123-128
Net short-term capital gain reduced by any net
long-term capital loss 23-24, 37-53,
104-119, 123-128
New businesses and successor businesses 20, 122
Noncalendar year returns. (See also Accounting
periods . ) 26
Nontaxable returns 11, 15, 82
Notes and accounts receivable... 44-53, 110-119, 123-128
Less reserves 54-79
Reserves for bad debts 44-53, 110-119, 123-128
Notes, bonds, mortgages, payable 23, 44-53,
110-119, 123-128
Number of returns. (See also specific type of
return or classification. ) 10, 26
0
land (capital assets) 25, 44-53, 110-119, 123-128
Laws, Federal tax, synopsis, 1945-1954 181-190
Length of taxable year 13
Liabilities. (See Assets and liabilities.)
Life insurance companies 17-18, 36
Limitations of data, sample and other 22-23
Loss:
Net loss, sales other than capital assets... 37-53,
104-119, 123-128
Organizational expenditures
Other "Statistics of Income" publications.
13
IV
Part year accounting period 26, 88, 95-97
Partnerships 14-15
Pension plans, amounts contributed under 13, 26,
37-53, 104-119, 123-128
226
INDEX
Personal holding company schedules:
Additional tax on undistributed income
Changes in law affecting 1954- data
Explanation of terms
Facsimile of return (Schedule PH)
General characteristics
Tabulations 22,
Preferred stock A^-53, 110-119,
Prepaid expenses and supplies 27
110-119,
Prepaid income 11, 27, 44-53, 110-119,
Prior year loss deduction 11, 25
104-119,
Profit or loss, compiled net 9, 37-79,
Profits, surplus and undivided.
28
110-119,
Page
21-22
14
26-27
207-210
21-22
136-137
123-128
44-53,
123-128
123-128
37-53,
123-128
104-119,
123-128
44-79,
123-128
Rates of tax 10, 183-184, 186
Receipts:
Compiled. (See Compiled receipts and com-
piled deductions.)
Gross from operations... 25, 37-53, 104-119, 123-128
Gross sales and gross receipts from opera-
tions 32-36, 54-79, 88-94, 97-103
Partially and wholly tax-exempt. (See
Government obligations . )
Rent paid on business property 13, 37-53,
104-119, 123-128
Rents, received 13, 27, 37-53, 104-119, 123-128
Repairs (deduction) 27, 37-53, 104-119, 123-128
Research and experimental expenditiores 12
Reserves (accumulated amortization, depletion,
and depreciation) 44-53, 110-119, 123-128
Reserve for bad debts 44-53, 110-119, 123-128
Reserves for estimated expenses 11, 27, 44-53,
110-119, 123-128
Reserves, surplus 44-53, 110-119, 123-128
Returns, number of.- (See also specific type of
return . ) 10
Ret\irns for calendar, noncalendar, and part year
periods 88-103
Return forms for 1954 (facsimiles) 193-222
Returns included 15
Returns with annual accounting period ended 89-94,
98-103
Returns with balance sheets... 16, 18, 27, 43-53, 54-70,
110-119, 121, 123-128
Retxirns with both beginning and end of year in-
ventory data 27, 120-121
Returns with net Income 10, 15-16, 18-19, 27-28,
32-36, 80-85, 95-96, 118-119, 127-128
With no income tax liability 11, 82
Returns without net income 10, 15-16, 18-19, 27,
80-83, 85, 95, 133-134
Royalties, received 28, 37-53, 104-119, 123-128
Page
Soil and water conservation expenditures 13
Sole proprietorships 14, 15
Source book 173-180
Description and use 173
Industrial groups available 177-180
Items and classifications available 174-176
Sources of data 15
States and Territories — not prepared for 1954 .
Stock:
Capital, total 24, 54-79
Common and preferred, separately 44-53, 110-119,
123-128
Stock dividends paid 37-53, 84, 104-119, 123-128
Subsidiaries, number of 14, 26, 123-128
Surplus and undivided profits 28, 44-79, 110-119,
123-128
Surplus reserves 44-53, 110-119, 123-128
Summary of 1954 data 9-10
Synopsis of Federal tax laws, 1945-1954 181-190
16
Tables for corporation income tax returns,
tables 1-37
Tax. (See Excess profits tax; Income tax; Total
tax. )
Tax base by type of tax 183-184
Tax forms. (See Forms.)
Tax laws. Federal, synopsis, 1945-1954 182-190
Tax liability, type of 82, 183-184
Tax rates 183-184, 186
Tax year 28
Taxable income 28, 187
Taxes paid (other than income and excess profits
taxes ) 13, 28, 37-53, 104-119, 123-128
Taxes paid to foreign countries or possessions
of the United States 129-130, 132, 134-135
Tax-exempt interest. ( See Government obliga-
tions . )
Terms , explanation of 23-28
Territories — not prepared for 1954.
Total assets, size of 16, 52-79, 96, 118-119,
124-125, 127-128, 130, 134
Total tax 9, 28, 37-79, 82, 104-119, 123-128
Balance sheets, returns with 44-79, 110-119,
123-128
Industrial divisions and groups 37-51, 54-79,
104-117, 123, 126
Net Income and deficit, size of 82, 130
Total assets, size of 52-79, 96, 118-119,
124-125, 127-128, 130
Trade and manufacturing corporations 19, 120-121
Type of dividend paid 84
Type of tax liability 82
U
Sale of capital assets . (See Capital gain and
loss. )
Sales, gross 25, 37-53, 104-120, 123-128
Sales of property other than capital assets, net
gain or loss 25, 37-53, 104-119, 123-128
Sample, description of, and limitations of data. 22-23
Securities with wholly or partially tax-exempt
interest. (See Investments, Government
obligations . )
Undivided profits, surplus and 28, 44-79, 110-119,
123-128
Unincorporated businesses filing corporation
returns 13
Western Hemisphere trade corporations 21, 131-135
Wholly tax-exempt interest . (See Government
obligations . )
U. S. GOVEKNMENT PRINTING OFFICE: 1957 O -448404
DOB NOT CIRCUlM
\
k
Guide to
Table Subject
Characteristics of
1954 Corporate Data
Explanation
of Terms
Tables for
Tax Year 1954
For ease of locating major sections of the
book, black indicators have been placed
in line with the arrows. Fanning the
pages brings the indicators into easy view.
Historical Data
Synopsis of
Federal Tax Laws
Facsimiles of
Return Forms
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