BOSTON PUBLIC LIBRARY
//f4"i"
3 9999 06317 274 4
J
STATISTICS OF INCOME . . . 1955
INCOME TAX
RETURNS
for tax years ended
July 1955-June 1956
'*\
■■R«B»:
U. S. TREASURY DEPARTMENT • INTERNAL REVENUE SERVICE
-KjcuMSPiT %oom
OCCIDENTAL COLLEGE
JUL 1 5 1958
LIBRARY
OFPGsrroRi
Statistics of Income / 1955
Corporation
INCOME TAX
RETURNS
for tax years
ended
July 1955-June 1956
rnwf£?-PN PUBLIC LIBRARY
GOVERNMENT DOCUMENTS DEPARTMENT |
p__RECE»VED
MAY 1 1 2000 I
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
U. S. TREASURY DEPARTMENT
Internal Revenue Service • Publication No. 16 {6-58)
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1958
For sale by the Superintendent of Documents, U. 8. Oovernment Printing Office, Washington 2S, D. C. - Price $i.« (P.P*r cover)
LETTER OF TRANSMITTAL
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington, D. C. , May 21, 1958.,
Sir: I have the honor to submit the report entiled Statistics of
Income — 1955, Corporation Income Tax Returns for Tax Years Ended July
1955— June 1956. This report was compiled in accordance with the pro-
visions of section 6108 of the Internal Revenue Code of 1954 which re-
quires the annual preparation and publication of statistics reasonably
available with respect to the operation of the Federal income tax laws.
Since the inception of this annual publication, these statistics have
been widely used, not only with respect to the operation and adminis-
tration of the income tax laws, but also as benchmarks in estimating the
national income.
This volume presents information 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
1955 through June 1956.
Respectfully,
Russell C. Harrington,
Commissioner of Internal Revenue,
Hon. Robert B. Anderson,
Secretary of the Treasury.
Ill
OTHER STATISTICS OF INCOME PUBLICATIONS
Individuals Statistics of Income — 1955, Individual IncomeTax Returns
Adjusted gross income, taxable income, income tax, self-
employment tax, soiirces of income, exemptions, tax
credits, classified by size of adjusted gross income.
Taxable income by taxable income size for applicable tax
rates. Selected sources of income by States and Terri-
tories. Sole proprietorship income, receipts, net profit
or loss, classified by size of total receipts, industry
groups. Historical summary 19'+6-55. (117 pp., 70^)
Fiduciaries Statistics of Income — 1954, Fiduciary Income Tax Returns
Total income, taxable income, income tax, sources of in-
come, deductions, exemptions; classifiedby size of total
income. Selected sources of income by States and Terri-
tories. Taxable income and income tax by size of taxable
income. (56 pp., 40^)
Estates Statistics of Income — 1954, Estate Tax Returns
Gross estate, deductions, net estate, tEixes, and tax
credits. Classifications by size of gross estate, size
of net estate before specific exemption. Selected estate
tax data by States and Territories. (26 pp., 25#)
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.,
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., A5i)
Farmers' Statistics of Income — 1953, Farmers' Cooperative Income
cooperatives Tax Returns
Receipts, deductions, net income or deficit, tax, assets,
liabilities, special deductions and adjustments. Classi-
fications by size of business receipts, size of total
assets, net income status. States and Territories, type
of service performed, exemption status. ('+2 pp., <+0#)
statistics of Income publications are for sale by the Superintendent of Documents, U. S. Government
Printing Office, Washington 25, D. C.
IV
Confents
Page
1 . Guide to subjects and categories 2
2. Corporation income tax returns, July 1 955-June 1956 V
Selected data for tax years 1955 and 195i, 7
New data relating income size and asset size 8
Inventories °
Classification of returns 8
Description of sample and limitations of data 11
Explanation of terms 12
3. Tables from corporation income tax returns, July 1 955-June 1956 18
^. Source Book of Statistics of Income, 1926-1951, 1953-1955 132
5. Facsimiles of corporation income tax return forms, 1955 l'^2
Index
V
183
7. Guide to Subjects
and Categories
Guide to TABLES BY SUBJECT
Industry measurement:
Minor industry receipts, costs, net income, taxes
Major industry income statements
Major industry balance sheet and related income statements
Major industry asset size distribution, selected balance sheet and income statement
items
Industrial division income size distribution, net income, taxes, dividends paid
Industrial division asset size and income size distribution, total assets, net income
or deficit, dividends paid
Asset size and income size distributions:
Balance sheets and related income statements, by size of total assets
Major industry selected balance sheet and income statement items, by size of total
assets
Industrial division net income, taxes, and dividends paid, by size of net income or
deficit
Total assets, net income or deficit, and dividends paid, by size of net income or
deficit, by size of total assets, by industrial division
Type of tax liability, by size of net income
Dividend and selected interest receipts, by size of net income or deficit
Type of dividend^ paid, by size of net income or deficit
Dividends summary;
Dividend receipts by size of net income or deficit
Type of dividends paid by size of net income or deficit
Accounting periods:
Calendar and noncalendar periods related to income size
Net income or deficit, and tax, by month in which accounting period ended
Inventories:
Manufact\xring and trade beginning and ending, related sales and total assets
Manufacturing and trade beginning and ending, total assets, by month accounting period
ended
Returns with net income.
District of filing, net income or deficit, and tax.
Asset size distribution, balance sheets and related income statements.
Foreign tax credit claimed:
Major industry distribution
Asset size distribution
Income size distribution
Western Hemisphere trade corporations:
Major industry distribution
Asset size distribution
Income size distribution
Table
No.
1
2
3
17
18
13
Payments on declaration of estimated tax, net income, tax, foreign tax credit, by size of
net income, by month in which accounting period ended 19
Consolidated returns:
Industrial division, balance sheets and income statements
Page
No.
20
25
31
41
67
70
4-
39
5
A-1
6
67
7
70
8
90
9
91
10
92
9
91
10
92
11
93
12
93
112
113
u
96
15
102
16
110
95
116
20
117
22
120
21
118
23
121
24
123
25
124
26
124
27
125
28
128
29
129
Guide to.
NUMBER OF CORPORATION INCOME TAX RETURNS
WITHIN PRINCIPAL CATEGORIES
The number of returns from which data are summarized varies for different groups
depending on category of returns covered.
200
THOUSANDS OF RETURNS
400
600
800
ACTIVE
Financial data are available for 807,303
active corporations
No financial data are available for 34,822
inactive corporations
Data relating to 807,303 ACTIVE CORPORATIONS are tabulated for:
WITH NET INCOME
WITHOUT NET INCOME
513,270 Returns with net income
294,033 Returns without net income
with net tncoirw
WITH BALANCE SHEETS
without net income
y- m ,
OZ
52 =
ACCOUNTING PERIOD
|i
195
A
J
U
tr
<v,
uiz
> a:
i
A
s
0
N
DECEMBER
J
F
M
M
N
E
746,962 Returns with balance sheets
60,341 Returns without balance sheets
420,076 Calendar year returns
336,902 Noncalendar year returns
50,325 Part-year returns
SEPARATE TABULATIONS are made for:
12,583 Returns showing payment of estimated tax
2,906 Consolidated returns
1,759 With net income
2,836 With balance sheets
3,688 Returns with foreign tax credit ,
3,084 With Form 1118
668 Western Hemisphere trade corporation returns
278 With credit claimed for foreign taxes
390 Without credit claimed for foreign taxes
3
2. Corporation Income
Tax Returns,
July 1955-June 1956
2. CORPORATION INCOME TAX RETURNS FOR
TAX YEARS ENDED JULY 1955 - JUNE 1956
This report summarizes data compiled from a sample
of all corporation income tax returns covering ac-
counting periods ended July 1955 through June 1956.
The total number of corporation returns filed for
this period was 842,125, of which 807,303 were for
active corporations.
In processing data for this complete report cer-
tain revisions were made of some of the figures
which appeared in the Preliminary Report, Statistics
of Income — 1955, Corporation Income Tax Returns,
published in March 1958.
The provisions of the 1954- Internal Revenue Code
under which these returns were filed were substan-
tially the same as those in effect during the
preceding tax year.
SELECTED DATA FOR TAX YEARS 1955 AND 1954
Corporation returns filed for accounting periods
ended July 1955 through June 1956 were characterized
by a marked increase over the preceding period in
both gross receipts and profits. Gross receipts
from sales and from operations totaled nearly $613
billion, an increase of $84 billion. Similarly,
corporate profits after taxes increased from $19.9
billion in the preceding period to $26. 2 billion.
Table A.-ALL ACTIVE CORPORATIONS: RECEIPTS, DEDUCTIONS, TAX. PROFITS, 1955 AND 1954
Chart I. -CORPORATE PROFITS. BEFORE AND AFTER TAXES
$36.7
Bi 1 1 ion
Accounting periods ended—
Item
July 1955-
Jone 1956
July 1954-
June 1955
(Billion dottmtt)
612.7
29.6
528.9
25.9
6*2.2
554.8
4i8.6
145.7
389.7
128. 4
59<.3
518.1
47.9
21.7
36.7
16.9
26.2
19.9
Corporation income tax liability for the period
amounted to $21.7 billion, up $4.9 billion over the
preceding tax year. Chart 1 and tables A and B
provide summary data for these two tax years.
The increase in corporate receipts was general.
Profits after taxes, however, decreased slightly
for the agriculture and construction divisions as
well as certain industries in the finance and
service sectors. In the manufacturing division all
industries reported an increase in profits except
ordnance and accessories. Tables 2 and 14 of this
report provide detailed information from corporate
income statements for periods ended July 1955 through
June 1956.
Of the 807,303 active corporation returns filed,
746,962 provided balance sheet data. The value of
total assets reported for these corporations was
nearly $889 billion, over $83 billion more than the
total reported for the 1954 tax year. Balance sheet
data are shown in detail by industry group in tables
3 and 15 of this report.
Table B.— NUMBER OF CORPORATION RETURNS. NET INCOME OR DEFICIT,
AND TAX, 1955 AND 1954
Accounting periods
ended —
Increase or
decrease (-)
Item
July 1955-
June 1956
July 1954-
June 1955
Number or
amount
Percent
Nujnber of returns :
807,303
34,822
722,805
31,214
84,498
3,608
11.7
Inactive corporations
11.6
Total
342,125
754,019
88,106
11.7
Active corporations;
Returns with net income;
Number of returns^
Net income thousand dollars..
Income tax:
513,270
50,328,887
451,406
21,740,890
294,033
2,850,616
441,177
39,572,830
391,522
16,823,241
281,628
3,244,395
72,093
10,756,057
59,884
4,917,649
12,405
-393,779
16.3
27.2
15.3
Amount thousand dollars . .
Returns without net income;
Number of returns
Deficit thousand dollars..
29.2
4.4
-12.1
"^Returns with net income but with no tax liability occur as a result of special
statutory deductions from net income. The tax liability tabulated is before foreign
tax credit.
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
JJEW DATA RELATING INCOME SIZE AND ASSET SIZI
This volume of Statistics of Income contains nevi
information relating size of net income and size of
total assets. Table 7, pages 70-89, shows the
number of returns, total assets, net income or
deficit, tax, and dividends paid cross-classified
by size of total assets, size of net income or
deficit, within six industry divisions. This is
the first time such detail has been available.
In addition to the new data mentioned above,
several tables provide the distribution of data by
size of net income or by size of total assets which
are carried regularly in Statistics of Income re-
ports. Data relating to income, taxes, interest,
dividends, and total assets are distributed by size
of net income or deficit in tables 6-10. Of the
513,270 returns with net income about 4-7 percent had
a net income under $5,000. Thirty-five returns which
showed a net income of over $100 million accounted
for 25 percent of all net income tabulated. Infor-
mation relative to size of taxpayer corporation is
provided in several tables showing data classified
by size of total assets. Data for seventy-one
income statement and balance sheet items are dis-
tributed among fourteen asset classes in table A-.
Table 16 provides a similar distribution of data
for returns with net income. In table 5 seventeen
major income statement and balance sheet items are
shown by asset size for each major industrial group.
A summary of the n\miber of returns, total assets,
total compiled receipts, and net income or deficit,
by size of total assets appears in table C.
Table C — RETURNS WITH BAHNCE SHEET5— NUMBER, TOTVL \3SETS, TOTAL COMPILED
RECEIPTS, AND NET INCOME OR DEFICIT. BV SIZE OF TOTAL ASSETS, JULY 1955-JUNE 1956
Size of total assets
Number
of
returns
Total
assets
(Thotiaand
dollaiai
Total
compiled
receipts
(Thousand
doltaia)
Net income
or deficit
(ThouaBftd
dollars)
(1)
(2)
(3)
(4)
Under $25,000
185,260
114,304
131,510
150,350
70,433
39,301
23,486
12,367
6,794
4,663
1,583
834
607
420
2,112,894
4,167,461
9,480,603
23,922,504
24,560,243
27,381,704
44,556,771
43,393,092
47,606,180
71,794,509
54,677,516
57,695,846
91,919,320
385,352,627
6,724,238
9,546,573
19,810,649
48,805,215
48,144,225
48,675,268
58,141,532
39,440,971
35,488,974
44,789,912
32,464,345
32,559,537
51,316,224
158,600,445
87,833
$50,00 jnder $100,000
$250,000 under $500,000
$500,000 under $1,000,000
1,635,409
2,541,148
2,239,063
$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
3,515,744
2,926,907
3,097,814
4,862,847
746,962
888,621,270
634,503,108
'Deficit.
INVENTORIES
Two special tables show inventory data from manu-
facturing and trade corporation returns. Table 17
relates gross sales and total assets to inventories
for manufacturing industries and retail and whole-
table 18 beginning and ending
shown by industry and accounting
shows the overall change in
for the manufacturing and trade
percent of inventory increase for
is shown by accounting period in
sale trade. In
inventories are
period. Chart 2
inventory values
sectors. The
these sectors
Chart 3.
Chart 2.-BEGINNINe AND ENDING INVENTORIES OF MANUFACTURING
AND TRADE CORPORATIONS
Tai Years Ended luly 1955-lune 1956
Bin Ions of dollars
Bill Ions of dollars
Beginning of year
End of year
inj
MANUFACTURING WHOLESALE TRADE RETAIL TRADE
CLASSIFICATION OF RETURNS
Returns of active corporations are classified on
the basis of net income, total assets, industry,
district where filed, accounting period, and the
applicability of special tax provisions. Except
for the number of returns filed, shown in table
B, data were not tabulated for inactive corpora-
tions.
Par
20
Chart 3.-PERCENT OF INVENTORY Ih
MANUFACTURING AND TRADE C
IN VfHICH ACCOUNTIN
cent
MANUFACTURING
CRE
ORP
G P
ASE DURING T
ORATIONS. BY
ERIOD ENDED
AX
MO
YEAR FOR
4TH
1 — 1
10
1 1
—
0
20
_
LA.
WHOl
ESALE TKADE
10
-
—
-
1 — 1
0
20
RETAIL TRADE
s
10
1 1
"
' — 1
— 1
0
1 1
JUL
•US SEP
9S
OCT NOV OEC
JAN FEB MAfl APR HAY JUN
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
Table D.— INCOME STATEMENT ITEMS FOR RETURNS WITH OR WITHOUT B\LANCE SHEETS,
JULY 1955-JUNE 1956
-NUMBER OF RETURNS WITH BVL\NCE SHEETS. BY SIZE OF NET INCOME OR DEFICIT
JULY 1955-JUNE 1956
Number of returns
Receipts :
Gross sales
Gross receipts from operations
Interest en Government obligations
(less amortizable bond preroiuni) :
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
Repai rs
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 or net loss {16 less
34).
Net income or deficit (35 less 6)
Net operating loss deduction
Income tax
Compiled net profit less income tax (35
less 38).
Dividends paid:
Cash and assets other than own stock..
Corporation's own stock
Returns with
and without
balance
sheets
(1)
Returns with
balance
sheets
(2)
Re tu ms
without
balance
sheets
(3)
746,962
514,863,881
97,818,849
2,287,260
78,898
471,045
10,369,502
5,176,124
698, 387
46,123
2,204,875
1,017,495
2,571,769
772,177
3,871,651
642,248,036
390,323,098
58,242,078
10,480,700
5,682,349
5,623,940
1,652,827
7,058,356
14,202,627
414,759
2,590,333
13,418,787
2,805,495
6,601,835
3,296,205
1,146,863
70,187,103
594,298,720
47,949,316
47,478,271
836,133
21,740,890
26,208,426
13,592,432
1,996,477
508,765,508
96,642,591
2,264,101
77,003
456,942
10,269,153
5,048,198
687,939
44,509
2,138,515
981,431
2,546,107
768,390
3,817,721
634,508,108
385,647,201
57,524,994
10,306,757
5,594,590
5,553,044
1,626,185
6,976,978
14,031,385
411,082
2,572,324
13,240,470
2,779,102
6, 509, 596
3,273,575
551,678
586,906,971
47,601,137
47,144,195
814,861
21,536,239
26,064,698
13,467,937
l,i(80,257
6,098,373
1,176,258
23,159
1,895
14,103
100,349
127,926
10,448
1,614
66,360
36,064
25,662
3,787
53,930
4,675,897
717,034
173,943
87,759
70,896
26,642
81,378
171,242
3,677
18,009
178,317
26,393
92,239
22,630
9,652
19,687
1,016,304
7,391,749
348,179
334,076
21,272
204,651
143, 528
124,495
16,220
Returns With Balance Sheets
Certain classifications of data in this report are
confined to returns with balance sheets. Table D
provides a comparison of forty-one items tabulated
from returns with balance sheets and without balance
Returns with net income
Returns without net income
Size of net income and deficit
Nujuber
of
returns
Number
of
balance
sheets
Percent
of
returns
with
balance
sheets
Nujuber
of
returns
Number
of
balance
sheets
Percent
of
returns
with
balance
sheets
(1)
(2)
(3)
(4)
(5)
(6)
Under $1,000
$1,000 luider $2 000
110,207
50,820
35,150
25,935
20,804
69,304
42,073
29,632
29,509
45,788
23,018
16,729
6,405
3,633
3,199
491
346
124
68
35
100,013
47,542
33, 324
24,661
19,992
67,133
41,041
28,977
28,831
44,906
22,662
16,447
6,322
3,548
3,139
484
343
124
63
35
90.8
93.5
94.8
95.1
96.1
96.9
97.5
97.8
97.7
98.1
98.5
98.3
98.7
97.7
98.1
98.6
99.1
100.0
100.0
100.0
128,138
35,781
21,743
16,096
12,602
32,783
14,654
8,420
4,919
10,367
5,030
2,405
683
255
140
9
8
106,745
31,206
19,544
14,520
11,404
29,960
13,791
7,810
4,583
9,768
4,755
2,241
659
233
134
9
8
83.3
$3 000 under $i 000
$4,000 under $5,000
90.5
$10,000 under $15,000
94 1
$20,000 under $25,000
93 2
$50 000 under $100 000
94 5
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000....
$5,000,000 under $10,000,000...
$10,000,000 under $25,000,000..
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
93.2
96.5
91.4
95.7
100.0
100.0
Total
513,270
489,592
95.4
294,033
257,370
87.5
sheets. Table E relates the number of returns with
and without balance sheets to the size of net income
or deficit.
Returns With Net Income
Classification as returns with or without net
income is based on current year net income before
allowance for net operating loss deduction and
other special deductions. The application of these
deductions causes some returns with net income to
be nontaxable. Returns with deficit and returns
with neither net income nor deficit, that is with
equal income and deductions, are classified as
returns without net income. Of the 807,303 ret\irns
of active corporations, 513,270, or 64 percent,
showed net income. Table F shows summary data by
nine industrial divisions for returns with net
income and returns without net income. Detailed
statistics for returns with net income are shown
separately in tables 14, 15, and 16.
Industry Classification
The industrial classification system used in this
report is the same as that used for the preceding
volume. Statistics of Income — 1954, Corporation
Table F.— NUMBER OF RETURNS,
TOT\L COMPILED RECEIPTS. NET INCOME OR DEFICIT, \ND TAX,
BV INDUSTRKL DIVISION
JULY 1956-JUNE 1956
Total number
of active
corporation
returns
Returns with net incomt.
Returns without net income
Number of
returns
Percent of
division
total
Total
compiled
receipts
(Thausanrl
dollersi
Net income
{Thousand
dolUrs)
Income tax
Number of
returns
Percent of
division
total
Total
compiled
receipts
( Thousand
dollars)
Industrial division
Number of
returns
Amount
frfiouaand
dollar!)
Deficit
(Thousand
dollars)
CD
(2)
(3)
(4)
(5)
(6)
(7)
C8)
(9)
(10)
(11)
807,303
10,303
10,718
41,569
129,828
33,017
264,968
234,019
72,892
9,989
513,270
5,543
5,145
25,246
85,838
20,982
171,794
155,630
40,909
2,183
63.6
53.8
48.0
60.7
66.1
63.5
64.8
66.5
56.1
21.9
584,975,387
2,125,028
7,971,916
16,472,036
288,244,880
44,547,463
184,738,925
28,918,357
11,873,565
83,217
50,328,887
134,972
1,335,346
653,006
26,978,873
5,955,490
5,729,871
8,559,494
920,632
11,203
451,406
4,523
4,335
22,045
74,902
18,453
150,104
141,601
33,809
1,634
21,740,890
67,968
607,001
253,670
13,014,764
2,903,011
2,461,884
2,062,530
366,907
3,155
294,033
4,760
5,573
16,323
43,990
12,035
93,174
78,389
31,983
7,806
36.4
46.2
52.0
39.3
33.9
36.5
35.2
33.5
43.9
78.1
57,272,649
460,970
1,838,814
3,566,347
18,213,713
3,672,017
22,995,548
3,888,363
2,603,746
28,131
2,850,616
Agriculture, forestry, and fishery
61,741
255,037
175,163
Manufacturing
968,420
179,750
Trade .
606,496
Finance, insurance, real estate, and lessors of real
369,108
216,534
Nature of business not allocable
18,362
10
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
Income Tax Returns. The Standard Industrial
Classification issued by the Office of Statistical
Standards, Bureau of the Budget, Executive Office
of the President, has been adapted for Statistics
of Income use. Since the Standard Industrial
Classification is designed for establishment classi-
fication, its adaptation to the classification of
corporation income tax returns, which are filed on
an ownership basis, has necessitated considerable
change in the content and number of groups used.
In Statistics of Income returns are classified into
225 minor industrial groups, 65 major groups and 9
industrial divisions.
The industrial classification of a return is
determined by the business activity accounting for
the largest percentage of total receipts. Because
many corporations, virtually all of the large firms,
carry on business in more than one of the 225 indus-
tries, 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 frommergers, other altera-
tions in corporate structure, and the election to
file consolidated returns.
In the finance, insurance, and real estate divi-
sion, data for savings institutions and insurance
carriers reflect special provisions of income tax
law. Enactment of the "Life Insurance Company Tax
Act for 1955" affects comparability of the 1955 data
with that for prior years. See facsimile of Form
1120L, page 161 and subchapter L of chapter 1 of the
1954 Code as revised.
District Where Filed
Table 13 shows the number of returns, net income
or deficit, and tax by Internal Revenue regions and
districts. This table is a geographic distribution
based on the place of filing and not necessarily on
the location of business activity. A corporation
is required to file its returns in the district in
which its principal office or place of business is
located. However, there is no way of determining
from income tax returns the amount of income origi-
nating in a specific State or the amount of tax paid
on such income. For example, a corporation doing
business on a nationwide scale files its return in
a single district and all data from that return are
classified in that district. A map of the Internal
Revenue regions and districts is shown on page 94-.
Consolidated Returns
A single income tax return may contain the com-
bined financial data of two or more corporations
meeting the following requirements:
(1) A common parent corporation owns at least 80
percent of the voting power of all classes
of stock and at least 80 percent of each
class of nonvoting stock (except stock which
is limited and preferred as to dividends) of
at least one member of the group.
(2) These same proportions of stock of each other
member of the group are owned within the
group.
In tabulating corporation statistics, a consoli-
dated return is treated as a unit, each classification
being determined on the basis of the combined data
of the affiliated group. Corporate changes to or
from a consolidated return basis affect year-to-year
comparability of data in each classification into
which the individual companies or affiliated group
would normally fall.
Data for 13,872 corporations (2,906 parent corpo-
rations and 10,966 active and inactive subsidiaries)
were reported on 2,906 returns and included in the
tabulations in this volume. Table G shows the dis-
tribution of these companies by nine industrial
divisions. Tables 20 through 23 show detailed
financial data from consolidated returns separately.
Table G.-NUMBER OP CONSOLIDATED RETURNS AND SUBSIDIARIES,
1955 \ND 1954
BV INDUSTRIAL DIVISION,
Industrial division
Number of consolidated
returns for accounting
periods ended—
Number of subsidiaries
for accounting periods
ended —
July 1955-
June 1956
July 195A-
June 1955
July 1955-
June 1956
July 1954-
June 1955
U)
(2)
(3)
(4)
2,906
13
137
110
797
277
682
607
274
4
2,723
21
U3
122
759
264
62i
602
216
10,966
64
395
278
2,761
1,640
2,211
2,037
1,573
10,416
41
352
311
2,748
1,642
2,017
1,998
1,305
2
Agriculture, forestry, and fishery...
Mining and quarrying
Trade
Finance, insurance, real estate and
lessors of real property
Nature of business not allocable
Affiliated groups electing to file consolidated
returns are subject to an additional surtax of 2
percent of taxable income computed (1) before de-
duction of partially tax-exempt interest, and (2)
by excluding taxable income of regulated public
utilities and Western Hemisphere trade corporations.
Returns Showing Payments on Declarations of
Estimated Tax
Declarations of estimated tax were first required
for tax years ended December 31, 1955. Only corpo-
rations taxed under sections 11, 1201(a), or
subchapter L and with an expected tax liability of
more than $100,000 after any tax credits are
required to file declarations. The declaration and
the first payment are due, in general, by the 15th
day of the 9th month of the tax year. The second
payment is due by the 15th day of the 12th month of
the tax year. For tax years ended on or after
December 31, 1955, and before December 31, 1956, the
total required payment was 10 percent of the esti-
mated tax. Estimated tax is defined as the amount
of expected total tax liability in excess of
$100,000 and expected credits.
Table 19 contains data from those returns for
periods ended on or after December 31, 1955, and
before July 1, 1956, which showed payments on esti-
mated tax. The credit for taxes paid to foreign
countries or United States possessions shown in
this table is the only credit currently allowed
against the income tax of corporations.
CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
11
Foreign Tax Credit Claimed
A credit for taxes paid to a foreign country or
Iftiited States possession can be taken against the
United States income tax by domestic corporations
receiving income from outside the Iftiited States.
The credit claimed for taxes paid to each foreign
country or possession cannot exceed the amount of
United States tax allocable to income from the
country or possession determined by using the ratio
of taxable income from the foreign source to total
taxable income.
Tables 24, 25, and 26 show the amount of credit
claimed, together with related income and tax data,
distributed by major industrial groups, size of
total assets, and size of net income.
Form 1118 (facsimile, page 179) is used to compute
the allowable credit and provides additional data
about foreign income and tax for these tables. Not
all of the supporting statements were available for
tabulation.
The amount of foreign tax credit claimed by cor-
porations making payments on • declarations of
estimated tax is shown in table 19. This credit is
used in computing the estimated tax.
Corporations not claiming a foreign tax credit
can take foreign taxes paid as an ordinary deduc-
tion in computing net income but these taxes are
not identifiable on the return. Corporations
organized under the China Trade Act, 1922, and
corporations receiving sufficient gross income from
sources within a possession of the United States to
receive the benefits of section 931 of the 1954 Code
are treated as foreign corporations and denied the
use of the foreign tax credit.
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. When included in an affiliated group
filing a consolidated return, their income is exempt
from the 2 percent additional tax imposed on con-
solidated taxable income.
Tables 27, 28, and 29 show data for these corpo-
rations distributed by industrial groups, size of
total assets, and size of net income or deficit.
Income and tax data in these tables are not fully
representative of Western Hemisphere trade corpora-
tions since aggregate data from 52, predominantly
large, consolidated returns of affiliated groups
were included in the tabulations. Data from a
consolidated return are included if any member of
the affiliated group qualifies as a Western
Hemisphere trade corporation although in many cases
the consolidated report reflects only a small amount
of Western Hemisphere trade corporation experience.
Data for returns without net income are probably
understated since Western Hemisphere trade corpora-
tions are frequently identifiable only by their
special deduction from taxable income.
DESCRIPTION OF THE SAMPLE AND LIMITATIONS
OF DATA
The population. — The population which consisted
of all corporation income tax returns covering ac-
counting periods ended between July 1, 1955 and
June 30, 1956, numbered 842,125. This figure
includes returns filed on Forms 1120, 1120L (life
insurance), and 1120M (mutual insurance). It
includes 34,822 returns of inactive corporations,
although no statistics were tabulated from these
returns. It excludes tentative returns and amended
returns not associated with an original return.
Tax forms in the 990 series, filed by exempt organi-
zations, were not used.
The sample design. — The sample design was charac-
terized by stratification, optimum allocation, and
the use of prescribed serial number endings to de-
signate returns included in the sample.
The population was stratified by type of return,
by volume of business, by tax status, that is by
taxable or nontaxable returns, and by the 64 district
offices. Sampling instructions directed that all
consolidated returns, life and mutual insurance
company returns, and returns with overpayments of
tax be included in the sample. Other retijrns in the
population were stratified 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. Medium 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, sample rate, and estimated popu-
lation for the strata based on volume of business
and type of return are given below:
1955 Corporation Sample
Sampling ratios
(.„_.,._, „, ,„_ Kunber of returns — J7~
Sanpltng stratum ^ — rre-
filed In sample scribed. Achieved
Special:
1120L 1,258 1,258 1.00 1.000
1120M 766 766 1. 00 1. 000
1120 consolidated. 2,906 2,906 1.00 1.000
Large:
Controlled byname^ 10,456 10,456 1.00 1.000
Other 126,119 118,838 1.00 0.942
Medium 207,390 39,756 0.20 0.192
Small 493,230 47,274 0.10 0.096
Total,all returns. 842,125 221,254
^Returns with net income or deficit of $1,000,000
or more, or total assets of $5,000,000 or more.
468791 O -58 -2
12 CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
The method of estimation. — The size of the popu- balance of taxable income, and was reported only if
lation, or total number of returns, was determined it was less than the regular normal tax and surtax,
by counts made in each of the district offices and Alternative tax was tabulated in "Income tax,"
submitted to the Statistics Division. Sample Comparability of data with that for prior years is
return data were extended to the population levels affected by reduction of the maximum tax rate for
by application of appropriate adjustment factors. net long-term capital gain reduced by net short-term
The adequacy of the sample size was tested by capital loss from 26 percent to 25 percent for taxa-
app lying the prescribed sampling rates to the number ble years beginning on or after April 1, 1954-.
of returns of various types filed and comparing Alternative tax imposed on gross income of insurance
this expected sample size with the number of sample companies by subchapter L of chapter 1 cf the 195^+ Code
returns actually received. If the number of sample is tabulated with the regular normal and surtax,
returns received was insufficient, adjustments were Amortization is the sum of (1) deductions taken
made. The prescribed and achieved sampling ratios in lieu of depreciation for emergency facilities
are shown in the preceding table. (under section 168 of the 1954- Code), and grain
Sampling errors. — The area of 100 percent coverage storage facilities (section 169), and (2) the amounts
is large and therefore the sampling error on an of deferred expenses written off in 1955 for re-
overall basis for most amounts is only a fraction search and experimental expenditures (section 174-),
of 1 percent. exploration and development expenditures (sections
The maximum sample variability in the basic totals 615 and 616), and organizational expenditures
for all industry groups and asset sizes combined are (section 24-8).
as follows: Assets and liabilities were tabulated as of
Percent December 31, 1955, or close of fiscal year nearest
Total number of returns 40.25 ^^Tt^°- .. ^h^ liability items "Accounts payable"
Net income less deficit ^KJ.IO l"}^ "Capital stock, common" may be overstated in the
Net income ^O. 08 ^^^^^?^ ^ir^^°^' T^?"" .,'? ""^^^^ ^'""''P ^'"^'^^^
Deficit +1 00 agencies other than banks," due to taxpayer report-
Gross sales +o'o6 ^'^ °^ some savings and loan association savings
Gross receipts! ............. +o! 19 accounts as such liability items rather than as
T . To'n^ "Other liabilities" where they were typically re-
Income tax +0.06 . , ™ .. ,,„ , •' ^ •'^ J- -J J
Total aqsp+q +0 PD ported. The item "Earned siirplus and undivided
~ ' profits" was reduced by all deficits reported in
These limits will be exceeded in the long run in paid-in, capital, or earned svirplus and undivided
about 5 out of 100 similar samples of the 1955 profits.
corporation ret\irns. Bonds, notes, mortgages payable. — The income tax
The sampling error for the various characteristics return specifies that the maturity of these obliga-
for the industry groups with even the smallest tions be computed from the date of the balance
frequencies — forestry, anthracite mining, tobacco sheet. Therefore, obligations with maturity of less
manufacturing, and ordnance and accessories — is than one year include both short-term obligations
extremely small because the large corporations, all and long-term obligations nearing maturity. Prior
of which are included in the sample, account for to 1954 the tax return specified classification of
most of the money values as well as for 75 percent these obligationsby original maturity date. Because
or more of gross sales. of this changeover during the accounting periods
Nonsampling errors. — In addition to sampling covered by the Statistics of Income, 1954, the pub-
variability the data are subject to certain biases lished data for 1954 as tabulated by maturity date
due to processing, incomplete coverage, and taxpayer was subject to inconsistencies in definition. Some
errors since the data were derived from unaudited inconsistency in definition may have been continued
retiorns. Control over coverage was exerted through in the reporting of the 1955 data,
an extensive system of sample management. On an In table 5 "Bonds and mortgages payable" are those
overall basis, the amount of bias in money amounts, tabulated as "Maturity one year or more."
as estimated from audited returns, may somewhat Capital assets less reserves in table 5 include
exceed the sampling variabilities given above. 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
EXPLANATION OF TERMS or exchange of "capital assets" as defined by sec-
tion 1221 of the 1954 Code, and the aggregate net
Facsimiles of the return forms for 1955 referred to in gain from sale or exchange of certain "property used
the explanations are shown on pages 141 - 182. in the trade Or business" and from involuntary con-
version of such property and of "capital assets"
Accounts and notes payable, shown in table 5, held for more than 6 months as provided in section
consists of amounts tabulated as bonds, notes, and 1231.
mortgages payable with maturity of less than 1 year An alternative tax may be computed for returns
and accounts payable. with a net long-term capital gain in excess of net
Alternative tax under section 1201 consists of a short-term capital loss,
tax of 25 percent of net long-term capital gain re- Losses from sale or exchange of capital assets are
duced by any net short-term capital loss, plus allowed only to the extent of capital gains, but a
normal tax and surtax at the usual rates on the net capital loss, reduced by capital gains in inter-
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
13
vening years, may be carried over to the five suc-
ceeding taxable years. An aggregate net loss from
sale or exchange of "property used in the trade or
business" and from involuntary conversion of such
property and of "capital assets" is treated as an
ordinary loss.
In computing capital gains and losses —
"Capital assets" (as defined by section 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 ordi-
narily held for sale; (A) Government obligations
issued on or after March 1, 1941, on a discount
basis and payable without interest at a fixed
maturity date not exceeding one year from date of
issue; and (5) certain copyrights, literary, musical,
or artistic compositions or similar properties.
"Property used in the trade or business" means
real property and depreciable property, used in the
business and held for more than 6 months (but not
certain copyrights, etc.), and certain timber, coal,
unharvested crops, and livestock.
"Short-term" pertains to gains or losses from
property held 6 months or less; "long-term" to prop-
erty held over 6 months.
Consolidated returns are defined in text, page 10.
Contributions or gifts. — Deductions for charita-
ble contributions are limited by law to 5 percent
of the net income (before this deduction). The
amount reported included contributions carried over
from 1954 under provisions of the 1954- Code which
permits excess contributions to be deducted (within
the above limit) from incomes of the two following
years.
Cost of goods sold and cost of operations. —
Identifiable amounts of taxes, depreciation, amorti-
zation, depletion, advertising, pension and other
employee benefit plan contributions reported in
these costs were transferred to their specific
headings.
"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 claimed for foreign taxes paid and state-
ment filed in support thereof. — See text, page 11.
Deficit . — See "Net income or deficit," below.
Depreciation . — This deduction is a composite amount
resulting from the application of the following
methods of depreciation allowed by the 1954 Code:
straight line, declining balance, sum of the years-
digits, and other methods. The accelerated methods
of depreciation are applicable, in general, to
tangible property acquired after December 31, 1953.
Amounts of depreciation identifiable in the "Cost
of goods sold" and "Cost of operations" schedules
were transferred to this amount of depreciation.
Income statements on return forms used by corpo-
rations with accounting periods ended in the period
July through November 1955 provided a single, com-
bined entry for depreciation and amortization.
Schedules attached to the returns were used to
identify and tabulate the separate amounts where
possible. When schedules were not available, the
combined entry was tabulated as depreciation.
Dividends from foreign sources in tables 24-29
were tabulated from Form 1118 and exclude dividends
received from foreign corporations doing 50 percent
or more of their business in the United States to
the extent that such dividends were deducted from
taxable income under sections 245 and 246 of the
1954 Code and were not eligible for use in computing
the foreign tax credit. (Sections 245 and 246 per-
tain to the special deductions allowed corporations
for dividends received. )
Prior to 1955 dividends from foreign sources shown
in the foreign tax credit and Western Hemisphere
trade corporation tables were tabulated from sched-
ule C of Form 1120 and represented the total divi-
dends received from foreign corporations.
Dividends received. — "Dividends, domestic corpo-
rations" excludes dividends from domestic corpora-
tions not subject to income tax under chapter 1 of
the Internal Revenue Code (1954). The excluded
dividends are tabulated in "Other receipts" and
include dividends from China Trade Act corporations,
corporations deriving a large percentage of their
gross income from sources within a possession of
the United States, and corporations exempt from in-
come tax under sections 501 and 521 of the 1954
Code.
"Dividends, foreign corporations" include all
dividends received from foreign corporations and
reported on the return. See "Dividends from foreign
sources," above, for limitation in tables 24-29.
Deductions from the net income are allowed with
respect to a portion of the dividends from domestic
corporations and certain dividends from foreign
corporations doing a substantial volume of business
within the United States. Under the 1954 Code, if
the sum of these deductions is larger than the net
income, a net operating loss (subject to the carry-
back and carryover provisions of section 172) results
and the return is nontaxable.
Earned surplus and undivided profits is a net
figure after deduction of negative amounts reported
in either "Paid-in or capital surplus" or "Earned
surplus and undivided profits."
Employee benefit plans other than those within
the purview of section 404 of the 1954 Code include
insurance plans, noninsiored death benefits, health,
accident, and other welfare benefits deductible un-
der section 162.
Estimated tax. — See text, page 10.
Foreign tax credit. — See text, page 11.
Form 1118 statements. — See "Foreign tax credit
claimed," page 11.
Gross sales and gross receipts from operations. —
Gross sales, less returns and allowances, is re-
ported when inventories are an income-determining
factor. Gross receipts from operations is reported
when inventories are not an income-determining fac-
tor. Costs are shown as deductions.
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. Re-
turns of inactive corporations were not included in
14
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
the tabulations, but the number filed is shovm in
table B.
Income, other than dividends, from foreign sources
is the net amount of taxable income or loss, exclu-
sive of dividends, from foreign countries or United
States possessions, reported on line 6 of Form 1118.
(See facsimile, page 179. )
Prior to 1955 the amount tabulated was the total
net taxable income or loss from foreign countries
(line 7, Form 1118) reduced by total dividends re-
ceived from foreign corporations. Comparability of
the 1955 data with that for prior years is affected
by the different concepts of "Dividends from foreign
soiorces" shown in the explanation of that item above.
Income tax consists of normal tax, surtax, and
alternative tax. The normal and surtax rates are 30
and 22 percent, respectively, of taxable income as
defined below. The alternative tax is explained
above. The income tax also includes the 2 percent
additional tax imposed on consolidated taxable in-
come as explained on page 10. Tabulated with the
income tax for returns with net income is a small
amount of tax reported on returns without net income
under the special provisions applicable to certain
life and mutual insurance companies and to mutual
savings banks having separate life insurance depart-
ments .
The income tax tabulated is before credit for
foreign taxes paid and does not include tax un-
der section 54-1 of the 1954. Code.
Industrial divisions and groups. — See description
of industrial classification used in Statistics of
Income, page 9.
Intangible assets. — The corporation income tax
return provides for the reporting of intangible as-
sets subject to amortization for this item. Since
definition, valuation, and life of intangible assets
varies from business to business no definitive
description of this item can be given.
Interest on Government obligations. — Interest on
obligations issued by the United States or its in-
strvmientalities on or after March 1, 1941, is wholly
taxable. Interest on United States savings bonds
and Treasury bonds owned in excess of the principal
amount of $5,000 issued prior to March 1, 1941, and
interest on obligations of instrumentalities of the
United States issued prior to March 1, 1941, is
subject to surtax only.
Interest on obligations of States, Territories,
United States possessions, or their political
subdivisions, or of the District of Columbia, and
interest on United States obligations issued on or
before September 1, 1917, and on all postal savings
bonds is wholly tax-exempt. All amounts tabulated
are less amortizable bond premium.
Internal revenue regions and districts.— See text,
page 10.
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 instrumentalities of the United
States. Investments which were not identified on
the return as either "Ctovernment" 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
facilities. 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 (l) depreciable and real property used in trade
or business; (2) accounts and notes receivable ac-
quired in the ordinary course of trade or business
for services rendered or from sale of property in-
cludible in inventory or ordinarily held for sale;
(3) Government obligations issued on or after
March 1, 1941, on a discount basis and payable with-
out interest at a fixed maturity date not exceeding
one 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 taxable income and the total deductions
reported, exclusive of the net operating loss de-
duction and special statutory deductions. See also
"Taxable income."
Net operating Joss 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 operat-
ing losses or prior years remaining as a carryover
offset to net income for the year tabulated. It
does not take 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 carryforward for losses sustained after
December 31, 1949, and before January 1, 1954. The
1954 Code provides a two year carryback and a five
year carryforward for losses sustained after
December 31, 1953.
The 1954 Code made a number of changes in the
computation 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 section 172 of the
1954 Code for further explanation of the net operat-
ing loss deduction.
NoncpJendar year returns. — This classification ,
for returns ended in the periods July 1955 through
November 1955 and January 1956 through June 1956
excludes returns for part years.
Nontaxable returns with net income. — The net in-
come tabulated for this report is the amount computed
before taking the special deductions allowed cor-
porations with respect to net operating losses of
prior years, dividends received, certain dividends
paid by public utilities, and Western Hemisphere
trade. When these deductions equal or exceed the
net income, the return is nontaxable.
CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
15
Number of returns excludes returns of inactive
corporations except in table B, where inactives are
included in the total number of returns. Returns of
imincorporated businesses electing to be taxed as
corporations under section 1361 of the 1954- Code are
also excluded from all tables except table B where
they are included in the data for accounting periods
ended July 1954- through June 1955.
Number of subsidiaries consists of the number of
affiliated corporations other than the common par-
ent corporations which were included in consolidated
income tax returns.
Other assets are those not reported separately on
the return and include sinking f\mds; other funds;
deferred charges; suspense items; interest, discount,
coupons, and dividends receivable; and guaranty de-
posits. "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 (1) salaries and wages
not deducted elsewhere on the returns, (2) losses
by abandonment, fire, storm, shipwreck, or other
casualty (including war losses), and theft, (3)
negative amounts reported under income, and (<+)
amoimts not otherwise reported, such as: Adminis-
trative, general, and office expenses; bonuses and
commissions; delivery charges; freight and shipping
expenses; payments in connection with lawsuits;
sales discount; selling cost; travel expenses; un-
realized profits on installment sales; and Federal
Deposit Insurance Corporation 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
outstanding 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
operations; bad debts recovered; cash discounts;
income from claims, license rights, judgments, and
joint ventures; net amount under operating agree-
ments; 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
cancellation of contracts, for insurance, management
expenses, and processing taxes; and income from
sales of scrap, salvage, or waste.
Paid-in or capital surplus is the sum of positive
amounts reported. Negative amounts were tabulated
with "Earned surplus and \mdivided profits."
Part year returns are retxirns for accounting per-
iods of less than 12 months. Part year returns used
for this volume were those with the greater
part of the accounting period in calendar 1955.
Short accounting periods result from reorganiza-
tions, newly organized businesses, liqiiidations, and
changes to new annual accounting periods.
Payments on declarations of estimated tax. — See
text, page 10.
Pension plans include pension, anniiity, stock
bonus, profit-sharing, or other deferred compensa-
tion plans, contributions to which are deductible
by the employer under section 4-0'+ of the 1954 Code.
Rents received consist of gross amounts. Depre-
ciation, repairs, interest, taxes, and other expenses,
which were deductible from gross rents, were included
in the respective deduction items.
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 14-6) 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
loss deduction and special statutory deductions)
equal to or exceeding gross taxable income.
Returns with regular tax include all taxable re-
turns except those with alternative tax computed
under section 1201 of the 1954 Code.
Royalties consist of gross amounts received.
Depletion based on royalties was reported in deduc-
tions.
Surplus and undivided profits in table 5 consists
of "Paid-in or capital surplus," "Earned surplus and
undivided profits," and "Surplus reserves" less
negative amounts reported.
Taxable income. — Income subject to normal tax is
the current year net 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 (l) 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 cove-
nant 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 excludes nontaxable income
other than tax-exempt interest on certain Government
obligations. For items included, see table 2.
Western Hemisphere trade corporations. — See text,
page 11.
3. Tables from Corporation
Income Tax Returns,
July 1955-June 1956
TABLES FROM CORPORATION INCOME TAX RETURNS,
JULY 195 5 -JUNE 195 6
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 tax,
by minor industrial group 20
2. Income statements, by major industrial group 25
3. Balance sheets and related income statements, by major in-
dustrial group 31
U. Balance sheets and related income statements, by size of
total assets 39
RETURNS WITH BALANCE SHEETS
5. Selected assets, liabilities, receipts, and costs, tax,
and dividends paid, by size of total assets, by major in-
dustrial group 41
ALL ACTIVE CQRPCRATION RETURNS
6. Net income or deficit, tax, and dividends paid, by size
of net income or deficit, by industrial division 67
7. Total assets, net income or deficit, tax, and dividends
paid, by size of net income or deficit, by size of total
assets, by industrial division 70
8. Regular and alternative tax liability, by size of net income 90
9. Dividends received and interest received on Government ob-
ligations, by size of net income or deficit 91
10. Type of dividends paid, by size of net income or deficit... 92
11. Net income or deficit and tax, by calendar and noncalendar
year accounting period, by size of net income or deficit. 93
12. Net Income or deficit, and tax, by month in which accounting
period ended 93
13. Net income or deficit, and tax, by district in which returns
were filed 95
RETURNS WITH NET INCOME
14. Income statements, by major industrial group 96
15. Balance sheets and related income statements, by major in-
dustrial group 102
16. Balance sheets and related income statements, by size of
total assets 110
MANUFACTURING AND TRADE CORPORATION RETURNS
17. Beginning and ending inventories, related gross sales and
total assets, and aggregate gross sales, for selected in-
dustrial groups 112
MANUFACTURING AND TRADE CORPORATION RETURNS WITH BALANCE SHEETS
18. Beginning and ending inventories and total assets, by month
in which accounting period ended 113
RETURNS WITH PAYMENTS ON DECLARATION OF ESTDMTED TAX
19. Net income, tax, foreign tax credit claimed, and payments
of estimated tax, by size of net income, by month in which
accounting period ended, December 1955-June 1956 116
18
TABLES FROM CORPORATION INCOME TAX RETURNS,
JULY 195';-JUNE 1 95 6 — Cont inued
19
Page
CONSOLIDATED RETURNS
20. Balance sheets and related income statements, by indiistrial
division 117
21. Balance sheets and related income statements, by size of
total assets 118
CONSOLIDATED RETURNS WITH NET INCCME
22. Balance sheets and related income statements, by industrial
division 120
23. Balance sheets and related income statements, by size of
total assets 121
RETURNS WITH FOREIGN TAX CREDIT
24-. Net income, taxes, foreign tax credit claimed, and income
from foreign sources, by major industrial group 123
25. Net income, taxes, foreign tax credit claimed, and income
from foreign sources, by size of total assets 12<+
26. Net income, taxes, foreign tax credit claimed, and income
from foreign sources, by size of net income 124
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
27. Net income, Western Hemisphere trade corporation deduction,
taxes, foreign tax credit, and income from foreign sources,
by major industrial group 125
28. Net income, Western Hemisphere trade corporation deduction,
taxes, foreign tax credit, and income from foreign sources,
by size of total assets 128
29. Net income, Western Hemisphere trade corporation deduction,
taxes, foreign tax credit, and income from foreign sources,
by size of net income 129
20
CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
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r- m r^
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CM (M C- P
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u-v en -J^^
tn -o ^_^cM_^r-_^>
TO TO en ^ to TO lO -st -4^ TO tc
e'
rH CTl tn rH ON rH TO
i
bO
'^
-.P
jsk" s'^-sY' s
CM en en \£
vT^^in in -I > O <?> >t m
TO nO lA rH U"
rH P^ rH nD %t to P-
O i 't^
^O
vO
to «-
5 m m TO CO
.H ^ O
ry m n£
C
TO CM rH O P- ON TO
Oi n r-( >D CM
<n
c
^ Nt rH
o
P- y3 lA CM CM
c:
b' to i~.
n
'"'
c to
c
C^ CM
;:
'^
c
a
(^ t^ c
0)
1
0)
tJ
i
to
to
i
1
o
0> 0
5
i
o
■s
■a
B
a
3
'o.
3
s
CO
Its
D. O.
I
^
^
*
1
1
1
(0
>
I
i
•
'
1
3
S
a
2
■a
§
II
s!
O H
i
J
1
3
1
i
c
>
I
i
C
i
c
to 01 O.
C ^ as
:U
11:
01
■5 -S S J
1
•i
■ 1
rH
Is
01 IT
°;
1
'1
X
'C
1
C •
Id ■
5"
r >ss
1
to Q -— ja ill oi +■
^^5 § S „ A "
1
it
to rH 0 0 -I
** O J3
■S S C C
•a
c c
SSr;
o."''
Number of reti
Receipts:
Gross sales
Gross recei]
Interest on
bond premii
Wholly ta:
Subject ti
Wholly ta:
C
J
•J
2£
♦^ o
capital lo
Net gain, si
Dividends, i
Dividends,
5
jductions :
Cost of goo
Cost of ope
Compensatio
Rent paid o
T
Interest pa
Taxes paid.
Contributio
Amortizatio
Depreciatio
Advertising
Amounts con
Amounts con
Net loss, s
1
1
H S to a
a
O z z n t.
3 Q
-^
^
-1 «i
> c-
0
O
s
t
i:
s:^
^
3 E
I 0
5S
1 t^
o
J c
4 o
-?
ii*
<S
J ?
\ c
■1 f
?ss
i e!
5 S
5?
- et
§
? 5
;3l
•SS
.J
to -a
ai c
C
A 01
CO O
10 >i
3 O
a2,s.i
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
31
ALL ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP
All active
corporation
returns
Returns
without
balance
sheets
Returns with balance sheets by major industrial group
All
industrial
groups
Agriculture^ forestry, and fishery
Total
agriculture,
forestry,
and fishery
Farms and
agricul-
tural
services
Forestry
Fishery
Mining and quarrying
Total
mining and
quarrying
Metal
mining
Anthra-
cite
mining
Bituminous
coal and
lignite
mining
(1)
(2)
(3)
K)
(5)
(6)
(7)
(8)
Number of returns.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less : Accumulated amortization
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, comoion^
Surplus reserves
Paid-in or capital surplus
Earned 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
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 or net loss (A7 less 65)....
Net income or deficit (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
1^)
(10)
(11)
9,683
(Thottaand dallari)
514,863,881
97,818,849
2,287,260
78,898
471,045
10,369,502
5,176,124
698,387
46,123
2,204,875
1,017,495
2,571,769
772, IT?
3,871,651
642,248,036
390,323,098
58,242,078
10,430,700
5,682,349
5,623,940
1,652,827
7,058,356
14,202,627
414,759
2,590,333
13,418,787
2,805,495
6,601,835
3,296,205
1,146,863
571,365
70,187,103
594,.
8,720
47,949,316
47,478,271
836,133
21,740,890
26,208,426
13,592,432
1,996,477
6,098,373
1,176,258
23,159
1,895
14,103
100,349
127,926
10,448
1,614
66,360
36,064
25,662
3,787
53,930
4,675,897
717,084
173,943
87,759
70,896
26,642
81,378
171,242
3,677
18,009
178,317
26,393
92,239
22,630
9,652
19,687
1,016,304
348,179
334,076
21,272
204,651
143,528
124,495
16,220
37,374,680
194,584,388
2,805,009
4,731,472
31,760,054
34,428,722
2,954,486
19,613,872
103,118,214
9,165,557
179,557,970
288,806,668
102,789,320
10,885,773
4,513,323
11,727,919
2,947,625
676,517
17,748,539
888,621,270
45,590,043
30,457,910
98,398,667
22,663,336
386,063,359
15,795,695
96,832,085
14,264,860
33,425,641
145,129,624
,621,270
508,765,508
96,642,591
2,264,101
77,003
456,942
10,269,153
5,048,198
687,939
44,509
2,U8,515
981,431
2,546,107
768,390
3,817,721
634,508,108
385,647,201
57,524,994
10,306,757
5,594,590
5,553,044
1,626,135
6,976,978
14,031,385
411,082
2,572,324
13,240,470
2,779,102
6,509,596
3,273,575
1,137,211
551,678
69,170,799
586,906,971
47,601,137
47,144,195
814,861
21,536,239
26,064,898
13,467,937
1,980,257
206,911
271,936
3,050
1,871
106,693
175,384
53,750
8,773
79,535
8,549
240,899
1,593,435
713,992
49,902
15,303
456,019
10,351
342
68,250
193,192
300,367
373,693
47,535
96,860
39,203
342,097
58,208
150,347
438,069
2,599,576
2,022,222
378,343
1,604
44
303
4,369
18,922
7,166
320
39,934
4,013
5,539
619
24,623
2,508,021
1,503,650
166,778
153,347
38,610
30,492
6,305
23,549
47,120
1,085
931
103,923
2,340
13,847
4,302
2,321
1,285
280,581
121,555
121,252
9,903
66,674
54,881
45,545
4,389
196,079
258,793
2,992
1,843
105,055
168,533
52,357
3,258
76,320
7,837
229,742
1,510,997
678,478
19,437
4,191
447,047
3,254
342
65,379
2,470,483
135,247
290,092
359,437
42 ,946
90,307
38,674
794,711
56,684
133,538
478,847
1,950,097
350,426
1,543
44
303
4,118
18,471
7,160
317
33,433
3,469
5,401
619
23,407
2,398,813
1,451,746
149,997
149,959
17,933
23,380
6,157
22,535
45,033
1,064
930
102,656
1,385
13,678
4,260
2,163
1,264
266,168
112,950
112,647
9,282
62,505
50,445
43,875
4,389
7,265
6,643
6,451
139
1,443
346
4,039
29,366
16,202
29,792
10,776
7,879
14
1,881
3,841
1,980
9,104
3,591
2,335
83
30,038
1,312
15,630
443
68,857
35,733
5,430
165
408
5,705
471
3
43,076
25,205
2,778
1,036
27
186
127
290
903
11
1,514
955
34
42
633
38,141
9,935
9,935
335
3,746
6,189
1,355
3,567
6,495
33
23
1,544
400
754
67
1,772
316
7,068
53,072
19,312
673
336
1,093
2,083
990
9,104
8,295
10,152
998
3,718
451
17,348
212
1,179
3,779
60,236
36,392
22,487
26,699
14,003
2,352
645
1,926
21
724
1,129
10
1
4,753
19
10,025
62, 4o
^1,330
^1,330
286
423
'1,753
1,119,269
1,719,943
13,799
8,078
230,791
392,436
169,024
53,670
864,735
98,759
1,465,931
9,011,812
"4,206,635
3,489,956
1,598,931
175,299
131,673
43,914
196,671
13,2M,768
1,025,216
555,096
2,067,159
688,760
442,198
249,929
2,417,358
326,373
1,541,377
3,950,802
13,264,768
7,337,754
1,948,604
14,244
67
854
19,178
22,485
44,313
2,886
86,441
10,318
83,620
2,029
57,893
4,126,689
1,201,359
113,317
44,003
131,376
13,305
85,535
262,200
6,522
34,665
532,230
731,201
15,376
127,047
20,467
14,698
979,563
3,545,653
1,085,033
1,084,179
24,638
602,561
482,472
780,475
55,694
245,413
311,735
1,586
2,046
43,995
87,155
72,134
13,691
519,613
29,489
545,734
1,746,372
703,031
872,653
409,416
33,344
13,140
5,414
63,842
318,993
66,123
630,478
241,135
155,102
52,904
676,123
44,440
461,319
834,347
3,480,964
1,723,538
49,052
7,220
23
141
0,547
3,455
3,949
278
11,509
585
42,251
106
5,266
1,855,920
863,254
25,885
8,095
2,242
24,057
333
17,605
82,407
1,320
66, 584
53,993
174,758
1,080
12,984
3,549
2,523
140,052
1,430,776
375,144
375,003
3,275
207,255
167,389
228,012
1,485
33,273
40,895
1,249
7,414
24,158
996
28,523
1,268
83,011
200,446
152,370
107,658
43,931
7,062
43
2
6,039
44,541
9,599
22,341
10,902
3,775
9,994
43,758
12,591
72,747
103,309
339,057
249,674
33,554
63
624
852
660
27
2,106
42
12,537
3
1,429
302,167
211,229
19,798
2,651
1,146
5,425
433
958
8,192
113
26
9,489
3,944
1,029
7,052
1,956
250
24,810
3,666
3,603
347
2,708
958
170,481
327,785
1,863
4,564
33,945
48,895
28,601
21,896
81,744
34,547
298,243
1,587,800
790,173
404,446
173,902
17,600
3,821
336
23,984
161,455
92,508
236,619
67,055
70,864
63,432
377,171
71,554
263,055
723,365
1.692,269
204, 131
2,087
24
374
2,540
7,059
2,616
360
26,493
313
7,604
310
12,231
1,276,654
133,553
19,743
7,672
34,909
1,750
10,017
42,930
826
2,568
86,567
57,078
2,146
76,332
9,440
5,210
128,679
62,337
61,963
6,968
28,622
33,715
39,943
2,168
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of 1
32
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
ALL ACTIVE CORPORATION RETtRNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Number of returns.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated -. . . .
Prepaid expenses and supplies
Investments^ Goverruiient obligations:
States, Territories, and United States pos
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Depletable assets
Less : Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization.
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, cononon^
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less
aiDortizable 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
Repa i rs
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 or net loss {^1 less 65).
Net income or deficit (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less ft9)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Mining and quarrying —
Continued
Crude petro-
leum and
natural gas
production
(12)
Nonmetallic
mining and
quarrying
(13)
Returns with balance sheets by major industrial group— Continued
Construction
Manufacturing
Total
manufacturing
(15)
Beverages
(16)
2,962
Food and
kindred
products
(17)
Tobacco
manufacture
(18)
Textile-mill
products
Apparel and
products
made from
fabrics
(20)
Lumber
and wood
products,
except
furniture
(a)
5,968
(Thouaand dollarn)
493,<171
831,213
5,270
403
38,811
180,795
47,246
12,119
166,644
24,771
411,347
4,399,745
2,056,130
1,954,992
918,817
72,294
97,474
37,382
75,999
5,839,225
395,593
316,330
1,033,356
313,304
159,679
100,398
992,110
105,812
668,993
1,753,595
5,839,225
2,424,011
1,535,482
3,167
2
192
6,319
8,127
33,466
2,154
40,253
9,145
19,898
1,607
31,039
1,058,544
946,052
53,267
25,407
26,450
8,449
47,726
95,330
3,051
13,083
298,146
466,186
6,235
24,633
3,513
6,180
535,223
497,332
497,140
10,959
290,103
207,229
446,116
42,056
176,631
208,315
3,831
1,065
51,626
51,433
20,047
4.641
68,211
8,684
127,546
1,077,449
504,431
150,202
47,365
44,999
17,195
280
26,807
1,478,444
104,629
70,486
143,865
56,364
47,778
23,201
328,196
92,476
75,263
536,186
1,248,262
126,335
1,182
10
84
1,148
2,992
3,622
6,080
233
1,330
3
7,928
717,008
76,571
35,061
7,536
40,535
2,285
9,279
33,291
1,212
2,404
84,035
79,235
4,836
6,046
2,039
535
150,794
146,554
1A6,470
3,089
73,873
72,681
55,333
9,985
1,051,562
4,553,221
23,227
23,034
454,978
214,831
63,003
19,400
108,753
20,749
892,950
2,872,532
1,409,500
38,218
14,267
146,572
32,399
2,043
275,644
1,959,261
904,377
784,415
373,724
1,596,362
135,610
1,211,192
80,711
203,265
2,069,942
9,318,859
2,580,071
16,847,100
2,207
50
532
9,987
46,535
5,591
1,403
49,393
5,019
13,563
2,321
152,792
2,036,408
14,402,469
602,056
71,190
86,385
20,288
60,124
213,943
8,743
2,175
353,818
5,437
41,336
33,396
27,437
4,307
1,217,783
479,319
478,787
36,019
251,205
228,114
84,842
30,108
15,999,082
33,106,319
726,185
4,057,539
13,430,138
21,934,754
1,513,388
491,012
11,756,364
2,935,745
18,911,387
116,123,951
53,187,155
5,637,704
2,345,219
2,536,792
1,703,020
. 577,104
3.058,271
19,064,036
6,788,534
22,426,208
12,392,526
9,696,036
6,740,926
36,245,169
6,067,506
12,834,434
69,104,928
201,360,303
293,360,412
5,169,684
235,575
2,227
U,143
252,341
431,724
293,303
6,337
722,045
13,797
894,585
589,222
1,226,041
303,211,441
213,405,717
2,651,511
3,485,710
1,439,372
4,330,858
236,815
1,152,299
7,284,079
239,153
1,538,473
5,854,494
1,801,649
3,696,327
2,053,625
739,993
136,445
27,293,439
277,395,459
25,815,982
25,801,839
311,700
12,391,469
12,924,513
6,770,490
1,185,464
387,450
561,672
9,331
292,689
429,759
328,853
41,323
11,194
109,037
13,303
370,941
2,236,398
877,083
10,896
2,158
81,020
47,377
1,983
107,989
295,205
152,253
583,794
192,235
249,103
202,849
508,352
65,842
253,355
1,631,84S
4,139,841
6,569,916
25,935
2,002
35
258
5,568
5,308
3,389
119
9,830
322
5,905
217
30,706
6,659,560
3,848,191
10,466
58,109
20,090
50,195
3,518
30,703
1,052,240
4,391
1,092
133,726
914
298,692
22,214
11,000
1,958
705,545
6,253,049
i06,511
406,253
8,889
208,553
197,953
114,501
6,277
1,261,193
2,194,357
43,849
388,464
1,327,416
1,810,186
169,047
31,247
453,959
124,470
1,108,802
7,964,721
3,561,351
25,650
11,994
293,324
97,604
1,124
212,392
13,844,514
1,242,634
859,670
1,563,329
756,052
416,379
643,492
2,751,789
466,707
547,699
4,596,763
13,844,514
37,607,008
154,513
8,609
29
716
18,792
26,094
9,019
403
26,511
1,986
17,238
33,340
94,987
30,390,361
55,828
271,178
134,670
301,682
24,280
107,816
394,040
16,939
5,130
477,611
1,988
737,954
112,573
59,255
10,840
3,415,361
36,517,506
1,431,739
1,481,023
34,934
756,319
725,420
379,058
48,269
120,362
560,601
3,179
179,680
651,363
1,056,988
17,630
3,300
11,449
1,387
76,331
379,053
176,790
33
10,935
4,467
320
15,795
2,909,590
79,922
328,830
626,974
221,215
12,362
218,853
546,836
55,102
129,107
690,389
2,909,590
3,831,304
3,067
64
384
1,081
1,365
90
2,655
2,094,477
3,363
9,974
2,449
6,860
942
29,389
991,897
1,224
42
19,742
162,599
9,312
2,901
1,205
131,697
3,468,073
379,986
379,922
110
196,310
133,176
103,934
539
730,656
1,639,177
22,677
260,963
1,000,215
1,234,791
57,695
34,141
289,253
24,321
779,197
5,674,535
2,508,770
7,319
3,105
71,022
13,766
1,172
117,350
736,602
546,875
917,276
375,860
250,743
457,712
1,693,054
210,510
544,818
3,665,227
9,393,677
13,315,367
203,902
5,547
129
633
12,790
22,426
6,565
960
21,294
1,593
12,032
4,140
55,921
10,864,206
127,619
177,557
58,495
130, 591
10,615
63,140
205,495
11,209
5,264
277,177
909
88,327
41,185
20,614
38,266
955,407
587,273
586,640
36,490
323,601
263,672
161,290
45,689
404,881
1,099,665
21,642
20,365
695,292
716,823
23,618
3,068
34,234
10,211
242,888
312,026
383,846
5,396
2,729
22,930
10,183
204
90,356
761 ,870
394,276
221,804
205,343
146,333
164,480
763,603
38,813
111,412
975,031
9,458,096
492,542
799
12
48
2,981
5,386
7,221
295
3,968
427
2,366
640
30,717
10,005,498
7,590,054
379,919
268,004
91,783
20,401
11,267
33,352
124,945
6,222
286
63,524
36
97,206
29,536
19,775
2,543
1,056,266
210,379
210,331
16,233
113,939
96,390
31,941
13,510
362,585
645,703
11,450
51,662
373,265
4«3,687
45,962
7,038
1U,104
130,857
271,142
2,044,107
951,285
462,339
42,237
32,859
8,179
254
96,600
4,179,913
342,919
292,247
320,049
200,305
148,243
83,455
917,316
81,104
202,046
,591,729
4,179,913
6,104,583
102,781
3,011
53
187
5,837
10,659
3,373
646
226,569
1,959
5,289
29
55,144
4,694,964
70,326
113,377
24,879
52,913
8,346
25,570
108,042
4,329
7,782
U9,280
209,784
25,590-
13,495
5,561
1,130
508,710
496,042
495,855
U,076
194,621
301,421
94,041
11,260
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
33
ALL ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Returns with balance sheets by major industrial group — Continued
Furniture
and
fixtures
Paper and
allied
products
Printing,
publishing,
and allied
industries
Manufacturing^Continued
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
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
Number of returns.
Assets;
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations;
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less; Accumulated anortization and depre-
ciation.
Depletable assets
Less; Accumulated depletion
Land
Intangible assets
Less ; Accumulated amortization
Other assets
Total assets.
Liabilities;
Accounts payable
Bonds , notes , iDortages payable ;
Maturity less than 1 year
Maturity 1 year or more
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Paid-in or capital surplus
Earned 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
floyalties
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
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
CoiDpiled net profit or net loss (A7 less 65).
Net income or deficit (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid;
Cash and assets other than own stock
Corporation's own stock
(Thousand dollai
189 . 127
500, 06A
12,-^5
23, ,474
353,657
230,731
15,174
3,617
60,639
17, 147
98,659
782,542
338,870
11,988
3,265
27,152
4,561
185
31,359
1,995,126
255,902
127,506
128,698
134,600
93,674
56,284
391,080
29,269
75,841
702,272
4,123,571
9,915
1,433
6
87
1,605
3,438
623
6,051
200
1,774
1,206
20,525
4,170,489
3,056,702
3,965
110,228
33,784
24,336
8,265
12,508
60,051
4,187
710
51,145
1,018
51,643
13,949
8,167
249
482,246
247,336
247,249
8,509
124,656
122,660
38,352
12,994
690,482
894,890
19,535
69,215
569,535
484,981
62,385
14,250
486,237
115,634
995,754
5,471,994
2,208,256
278,712
54,399
97,430
9,654
1,930
172,380
497,464
190,057
1,116,450
467,363
235,578
309,815
1,413,187
207,870
676,690
3,0W,939
8,129,413
9,543,418
23,848
10,826
70
6o9
8,715
8,034
3,140
128
71,845
615
18,166
12,449
42,610
9,744,533
6,618,573
4,079
125,211
44,450
215,685
6,185
47,196
158,858
11,555
66,920
241,054
14,735
60,119
64,135
19,281
6,961
934,220
8,639,217
1,105,316
1,104,647
10,426
546,589
558,727
250,218
118,556
815,201
1,275,158
48,936
30,620
401,235
308,914
60,118
35,983
297,776
65,432
749,127
2,969,506
1,261,509
27,669
12,093
140,169
256,357
2,586
219,424
612,323
241,871
525,772
440,942
480,170
312,613
957,033
229,898
233,553
2,294,390
6,328,565
9,044,690
702 , 563
7,075
135
659
5,767
21,014
15,044
124
23,873
1,098
26,494
5,398
81,543
9,935,477
6,113,753
367,412
320,829
98,421
44,480
24,719
33,423
142,656
14,293
1,326
170, 526
233
54,895
63,353
19,477
3,137
1,655,020
9,127,953
807,524
806,865
18,638
392,382
415,142
158,547
21,296
1,438.858
2,263,847
55,784
123,663
1,094,425
1,926,325
107, 673
78,210
690,267
922,275
2,377,090
12,201,472
5,423,946
237,838
95,303
221,966
149,597
35,671
268,775
1,306,434
371,956
2,777,195
1,419,819
521,260
826,175
2,956,675
343,966
1,921,274
6,046,823
18,491,577
21,006,632
87,151
23,979
851
2,730
18,670
18,074
o5,888
488
33,872
252
173,259
42,970
66,596
12,931,243
25,867
263,063
78,530
371,375
16,672
111,556
271,093
19,589
235,902
649,690
68,522
696,727
185,792
39,689
10,000
2,593,344
18,568,654
2,972,758
2,970,028
45,143
1,444,105
1,528,653
967,876
131,706
1,700 414
3,759,105
180, 163
557,740
575,222
1,598,013
298,809
34,018
1,673,201
180,661
5,021,160
24,002,034
11,640,403
3,328,924
1,486,894
474,762
812,439
487,072
305,559
30.527,529
3,013,017
296,397
3,544,896
885,860
375,441
366,072
8,155,289
894,765
2,608,104
10,387,688
30,527,529
29,430,548
1,105,233
32,449
195
648
40,012
174,948
62,189
1,314
83,749
269
408,842
172,947
284,236
22,387,462
403,328
47,908
270,753
413,604
13,786
132,996
700,947
16,041
231,228
912,756
1,259,321
145,484
233,366
77,302
5,593
2,506,806
29,758,681
2,038,898
2,038,250
6,213
827,269
1,211,629
1,116,231
318,487
222,411
913,356
16,982
104,329
582,760
299,332
12,357
9,248
150,635
9,084
218,883
1,814,811
946,916
3,678
1,915
20,833
3,054
612
16,403
341,811
66,242
693,369
251,287
95,885
131,356
374,632
151,908
167,917
1,140,342
3,414,749
5,755,817
17,252
2,771
5
71
3,967
4,932
1,818
12
2,630
12
18,325
33,607
12,250
4,232,212
366
34,703
26,798
88,770
8,717
25,000
153,000
2,625
11,359
105,213
1,572
59,125
34,599
12,690
959
602,508
5,400,216
453,253
453,182
2,258
225,781
227,472
101,549
9,949
153,925
420, 679
8,148
22,666
226,332
300,854
10,000
3,635
29,921
10,726
176,183
442,543
222,471
2,595
667
13,968
6,297
185
25,913
1,614,766
216,123
112,599
138,986
90,306
59,015
61,773
303,711
55,595
61,361
515,297
3,362,324
10,398
694
10
97
1,290
2,052
450
47
2,653
36
1,131
77
14,854
,662,107
6,253
73,155
21,753
17,135
3,389
12,143
50,807
3,264
258
28,844
73
38,395
10,947
8,475
627
308,869
3,246,494
150,119
150,022
5,905
75,749
74,370
31,289
8,054
597,058
912,339
23,516
42,857
487,011
411,239
61,471
20,905
525,121
73,074
434,417
4,220,944
1,892,050
120,594
43,866
84,056
10,755
1,556
62,306
388,098
120,054
498,504
484,650
183,598
141,190
1,307,815
229,726
427,645
2,321,879
6,103,159
7,780,433
47,575
10,258
39
607
6,576
7,119
8,485
30
20,081
212
11,648
40,166
28,486
7,961,715
,948,216
27,927
121,573
30,326
193,619
8,009
25,252
137,426
12,760
41,566
220,599
81,340
57,955
62,884
19,049
2,917
809,378
6,800,796
1,160,919
1,160,312
4,959
588,019
572,900
246,222
128,476
1,567,066
2,525,794
64,608
818,435
1,199,630
1,622,565
189,182
40,091
1,249,227
953,603
1,428,470
16,388,030
8,264,947
1,016,974
548,694
237,259
26,331
4,929
165,116
20,544,595
1,679,769
264,079
3,015,777
1,333,248
808,661
993,603
3,613,920
748,667
1,013,221
7,073,650
20,544,595
25,488,584
378,527
33,864
118
1,722
41,236
35,623
10,351
64
23,226
326
62,131
6,943
54,612
26,137,327
13,110,830
203,876
165,312
81,309
1,166,316
8,512
147,486
456,880
29,721
600,108
553,011
149,972
77,270
303,137
83,963
10, 580
1,109,089
23,257,372
2,879,955
2,878,233
9,250
1,463,166
1,416,789
641,136
59,495
(31)
872,368
1,731,079
36,020
266,128
1,471,675
950,654
61,997
30,545
245,185
43,224
525,954
4,367,332
1,876,729
30,404
9,863
142,263
32,550
3,691
126,484
8,971,539
474
701
543
416
280
1,629
159
530
3,359
886
394
,142
672
276
129
390
845
737
8,971,539
15,167,034
88,798
4,747
48
2,704
6,711
12,493
5,741
378
21,212
1,100
16,852
25,359
74,963
15,428,190
11,115,607
50,024
353,329
80,113
195,773
20,122
49,894
228,159
12,830
29,006
269,731
471
164,843
91,153
47,430
8,942
1,576,854
14,294,281
1,133,909
1,131,205
20,633
574,244
559,665
231,063
48,977
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
34
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
ALL ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Returns with balance sheets by major Industrial group — Continued
Manufacturing — Continued
Machinery,
except
transpor-
tation
equipment
and
electrical
Electrical
machinery
and
equipment
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 utlUtles
Total public
utilities
Transpor-
tation
Communi -
cation
(32)
(33)
(3i)
Number of returns
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
United States obligations ,
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less : Accurrulated amortization
Other assets
Total assets
Liabilities;
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Ma turity 1 year or more
Accrued expenses
Other liabi lities
Capital stock, preferred
Capital stock, comroonf
Surplus reserves
Paid-in or capital surplus
Earned 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
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 under other employee
benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss (i7 leas 65).
Net income or deficit (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash end assets other than own stock
Corporation's own stock
(35)
(36)
(37)
(38)
(39)
(40)
(11)
2,110
10,468
(TTiouBMnd dollars)
1,582,152
3,495,666
66,648
602,145
2,636,770
2,039,533
94,227
22,649
9U,174
73,065
1,072,387
7,933,599
3,535,338
38,532
15,533
199,964
55,811
14,844
222,362
1,689,732
670,207
1,839,605
1,022,536
841,240
543,739
3,376,642
543,331
782,966
6,089,675
17,399,673
21,862,297
598,669
16,279
104
897
23,489
31,313
39,409
582
43,195
1,197
27,618
37,456
85,070
15,112,568
85,899
399,957
110,504
322,240
25,008
96,062
388,714
24,703
85,214
526,272
5,849
250,187
202,338
70, 638
11,659
2,975,733
20,693,545
2,074,030
2,073,133
17,203
1,085,108
988,922
451,574
93,761
726,600
2,148,953
29,481
44,878
1,433,545
1,366,580
47,521
73,936
483,272
55,032
1,034,796
3,646,800
1,401,851
4,176
1,580
70, 619
31,735
5,247
219,023
1,374,825
364,671
1,195,684
801,638
424,835
230,497
1,507,985
284,361
762,521
3,002,390
9,949,407
15,166,193
55,417
8,660
163
826
15,693
16,392
23,193
182
23,944
767
22,211
22,182
52,529
11,004,918
25,529
151,523
67,898
143,478
11,977
57,093
343,894
11,375
55,936
263,408
271
265,999
143,668
48,255
1,616,737
14,220,017
1,188,340
1,187,514
11,256
617,970
570,370
371,132
24,124
594,332
2,221,131
5,667
2,668
664,982
1,749,238
39,245
1,817
109,445
78,686
155,343
2,150,083
1,084,206
1,772
1,551
57,446
13,509
939
62,928
6,810,262
830,133
308,575
580,411
427,126
1,707,617
69,668
673,810
143,983
476,800
1,587,139
6,810,262
10,717,866
924,702
3,608
5
58
8,594
4,006
13,044
27
15,311
397
6,320
7,534
27,542
11,729,014
,695,547
720,066
57,753
45,204
158,754
3,203
28,602
191,758
7,444
57,025
103,481
46
29,152
94,680
43,245
755
615,082
10,851,802
877,212
877,154
4,150
455,442
421,770
185,387
22,826
895,736
1,711,078
12,411
37,133
901,736
2,273,293
44,930
6,087
3,459,124
6,603
1,308,731
7,540,171
3,207,153
5,036
2,367
95,620
66,111
423
396,553
15,525,648
1,741,160
154,378
816,306
1,611,733
1,859,435
410,464
1,107,428
956,556
695,945
6,171,743
15,525,648
26,875,473
16,463
52,473
167
100
13,209
6,836
6,453
162
34,333
162
47,229
128,636
54,981
27,237,227
19,298,690
4,491
69,863
27,816
298,025
3,071
36,450
911,199
13,152
80,132
432,782
365
136,836
241,888
130,236
3,861
1,244,775
22,933,682
4,303,545
4,303,445
18,613
2,225,786
2,077,759
903,791
17,904
27, 9U
39,507
467
871
37,847
10,334
1,922
1,213
23,271
23,718
90,137
49,238
2,781
330
4
3,463
22,970
9,002
7,303
9,470
6,881
9,359
29,240
18,915
9,250
91,214
213,604
324,115
5,053
23
263
303
82
165
2,659
333,399
230,040
1,299
4,272
1,345
4,641
156
662
6,560
373
375
6,253
428
2,693
3,525
1,129
1,731
33,237
299,219
34,180
34,157
76
18,468
15,712
8,347
1,213
227,489
679,204
11,689
85,059
612,033
268,269
18,900
2,846
241,636
9,001
189,347
1,399,090
647,653
6,422
2,247
35,745
20,572
3,977
34,401
3,159,443
232,195
155,695
315,760
265,459
199,517
81,425
506,444
73,120
430,612
899,221
3,159,448
4,146,302
44,105
3,642
11
53
4,633
3,927
5,169
263
5,736
265
3,733
11,067
20,868
4,249,829
2,612,566
35,572
69,377
27,985
57,767
3,895
18,644
92,403
5,570
15,314
83,807
68
95,269
48,492
26,108
1,110
589,742
465,640
465,582
4,165
240,834
224,806
115,619
11,849
429,822
913,294
21,557
31,830
703,933
407, 566
32,152
21,924
106,197
17,899
252,067
.,592,018
726,439
10,707
2,759
52,669
21,781
3,196
85,335
526,860
286,203
291,372
251,337
163,394
145,776
760, 199
73,108
171,452
1,255,492
3,925,193
6,678,291
66,225
2,383
33
281
5,059
10,266
2,524
19,019
597
4,475
2,604
31,537
6,823,405
,792,430
33,037
213,950
60,017
52,218
12,161
27,357
113,015
5,357
5,393
114-862
3,734
99,867
27,404
15,753
3,414
871,813
361,113
360,837
14,566
192,008
169,110
66,842
30,248
3,634,331
3,949,055
45,126
23,288
772,547
1,827,182
306,760
39,734
2,678,448
1,031,640
5,686,352
108,793,255
26,277,221
260,469
103,939
624,721
170,162
18,649
3,029,900
106,377,909
3,665,353
1,493,493
38,727,234
4,440,534
3,705,845
5,037,967
25,145,471
1,212,206
5,469,713
17,475,043
106,377,909
2,578,470
44,078,551
45,730
1,002
1,807
117,623
552,295
30,894
1,470
158,334
12,434
150,261
14,073
240,240
1,933,253
26,721,321
393,259
1,055,904
114,820
58,771
1,392,984
2,738,573
27,092
880,490
3,190,750
71,156
169,892
478,963
146,233
30,493
2,710,738
42,220,202
5,763,032
5,761,225
76,335
2,895,354
2,867,678
2,379,783
87,127
2,174,473
2,221,647
11,527
1,306
85,604
324,857
161,125
29,691
942,371
344,519
4,036,241
42,319,901
1^,084,361
113,492
65 , 570
334,916
98,695
8,675
1,429,147
43,452,852
2,433,564
595,895
13,217,871
1,486,951
1,956,307
1,030,438
9,036,252
422,941
1,176,524
12,096,109
43,452,852
357,331
23,767,643
26,002
248
1,329
61,169
477,535
16,279
1,138
114,008
3,951
106,118
2,9U
170,481
245,821
16,486,279
233,791
909,955
48,909
20,045
527,603
1,255,904
10,044
561,124
1,233,342
24,682
97,224
102, 576
55,343
22,071
1,521,661
23,461,874
1,649,321
1,647,992
62,827
805,126
344,195
599,335
24,450
350,797
392,019
6,446
18,995
553,377
101,198
35,292
4,037
1,369,247
50,568
549,091
19,262,817
5,045,469
5,535
1,346
67,601
54,453
9,222
899,763
18,651,807
426,399
103,075
5,460,959
1,165,276
395,026
263,281
6,784,316
34,717
1,915,248
1,603,510
18,651,807
2,052,029
7,635,788
13,212
740
131
10,764
49,418
8,774
155
5,048
2,035
28,634
2,538
11,069
1,635,480
4,111,175
41 ,474
105,580
50,016
20,833
183,789
531,931
6,245
8,044
659,600
13
44,070
224,543
55,147
1,163
513,264
8,192,417
1,677,968
1,677,837
6,565
359,956
318,012
562,039
12,648
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
35
ALL ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Number of returns
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Governnient obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated aioortization and depre-
ciation.
Depletable assets
Less : Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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
Paid-in or capital surplus
Earned surplus and undivided profits
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less
amortizable bond premitan):
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
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 or net loss {d,! less 65)....
Net income or deficit (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less Income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Returns with balance sheets by major industrial group — Continued
Public utilities —
Continued
Electric
and gas
utilities
(42)
Other
public
utilities
2,503
Total trade
(AA)
2^8,071
Total
wholesale
(45)
Commission
merchants
(46)
12,951
Other
wholesalers
(47)
Total
retail
(48)
(49)
General
merchandise
(50)
Apparel
and
accessories
(51)
18,519
(ThiMiaand dollara)
1,052,116
1,273, 1&4
26,190
2,966
127,117
887,358
105,423
4,150
358,801
122,913
1,026,149
45,747,479
8,887,554
132,354
39,751
186,988
8,328
604
669,856
42^756,063
764,648
704,212
19,437,620
1,744,567
759,466
3,658,540
9,034,156
743,691
2,313,049
3,596,114
42,756,063
160,911
12,344,142
6,343
14
276
44,401
23,100
4,445
67
32,044
282
12,720
8,622
49,190
12,686,557
56,945
57,225
963
21
6,449
13,769
4,920
1,856
7,529
13,640
74,871
1,463,058
259,337
4,088
1,772
35,216
8,686
148
31,134
1,517,137
40,742
95,311
610,834
43,740
95,046
85,708
290,747
10,857
64,892
179,310
8,199
280,973
71
1,289
2,242
1,396
60
7,284
1,116
2,789
9,500
315,097
6,807,799
20,880,383
593,749
611,079
11,514,013
9,453,097
474,822
95,485
1,083,328
201,880
5,152,553
17,763,149
7,630,628
231,075
97,037
1,507,584
273,215
10,676
1,395,367
69,112,739
12,662,807
6,797,216
5,794,555
3,015,971
2,975,592
1,879,595
12,486,527
1,005,005
2,463,777
20,031,694
69,112,739
199,014,843
3,362,461
22,861
473
2,44S
198,360
322,174
44,081
6,471
161,276
13,609
141,824
82,277
1,551,285
204,924,443
2,964,929
11,316,748
234,163
270,214
5,316,571
4,114,338
165,714
43,929
489,396
93,851
2,919,670
5,698,580
2,400,241
132,467
51,509
406,096
97,917
4,730
558,632
31,898,959
7,289,284
3,549,305
2,524,883
1,152,056
1,306,991
731,801
5,381,809
401,597
1,218,083
8,343,150
31,898,959
95,198,405
2,330,454
10,162
128
1,542
82,043
95,514
37,101
3,094
77,926
5,271
95,899
67,899
550,272
380,642
1,083,253
15,163
3,093
101,501
100,950
10,822
5,599
65,023
17,704
368,547
286,050
118,957
39,235
13,930
22,009
11,291
1,395
62,868
2,408,642
683,238
242,801
135,040
82,232
111,529
65,322
390,229
26,991
59,703
611,002
2,408,642
102,924
6,001,528
53,334
38,353
14,339
17,332
658,061
973,298
10,529
310,967
1,215,637
46,083
28,154
150, 144
35,204
7,249
639,959
10,303,095
2,383,462
2,383,186
6,677
1,205,640
1,177,822
1,199,832
48,215
4,033
122,839
9,660
2,016
1,556
511
23,531
27,445
274
355
31,671
378
444
1,700
539
10
35,854
262,816
52,281
52,210
266
24,632
27,649
18,027
1,813
161,446,977
1,418,287
3,335,530
2,058,259
457,821
370.503
530,254
1,751,812
72,037
40,418
1,444,332
13,906
2,034,018
230,112
90,202
27,156
24,453,711
199,825,335
5,099,103
5,096,660
195,524
2,434,683
2,664,425
992,960
268,129
82,374,333
1,040,956
1,471,223
420,303
146,627
146,669
251,205
710,301
29,505
28,386
491,495
9,254
503,136
111,728
33,372
10,455
8,493,300
96,272,803
2,282,907
2,281,365
89,612
1,041,108
1,241,799
368,228
107,416
4,717,048
1,186,199
1,284
8
87
11,730
3,931
3,768
809
7,549
494
11,780
250
35,032
5,984,969
2,584,287
10,233,495
219,000
267,121
5,215,070
4,013,938
154,892
38,330
424,373
76, U7
2,551,123
5,412,530
2,231,284
93,232
37,579
384,087
86,626
2,835
495,764
29,490,317
6,606,046
3,306,504
2,389,843
1,069,774
1,195,462
665,979
4,991,580
374,606
1,158,375
7,732,148
29,490,317
90,461,357
1,144,255
8,878
120
1,455
70,313
36,533
33,333
2,285
70,377
4,777
84,119
67,649
515,240
3,481,640
8,335,456
324,930
307,538
5,562,788
4,350,043
286,226
49,021
571,978
92,295
2,010,251
10,871,637
4,701,419
59,833
24,082
987,070
155,690
5,621
749,302
33,314,716
4,592,942
2,923,694
2,973,272
1,687,719
1,477,304
1,041,591
6,271,774
560,062
1,107,533
10,678,825
33,314,716
92,570,741
4,301,257
457,652
184,612
34,637
5,403
9,636
14,156
27,185
2,190
1,134
26,221
1,573
33,403
13,463
1,616
1,169
694,503
5,809,810
175,159
175,072
12,012
71,540
103,619
27,411
6,082
78,073,126
583,304
1,286,611
385,671
141,224
137,033
237,049
633,116
27,315
27,752
465,274
7,681
469,733
98,265
31,756
9,286
7,798,797
90,462,993
2,107,748
2,106,293
77,600
969,568
1,138,180
340,817
101,334
94,330,174
822,261
11,789
318
762
103,045
202,372
3,170
3,033
70,619
7,747
39,646
14,357
925,975
689,351
464,201
9,671
77,810
776,305
355,726
55,774
6,776
53,516
17,261
269,032
!, 122, 753
874,189
9,648
3,796
140,739
23,177
558
122,041
825,052
165,228
503,661
259,095
172,901
221,938
611,053
59.235
203,312
1,269,921
4,296,396
71,591,942
322,953
1,642,925
1,546,676
230,972
197,107
252,332
933,255
39,249
8,196
852,914
2,609
1,418,072
156,761
53,095
13,634
14,658,237
93,970,929
2,569,389
2,568,627
93,949
1,273,687
1,295,702
577,586
150.994
21,998,604
75,136
793
54
103
5,603
17,447
409
97
9,054
408
2,871
2,109
55,035
973,685
2,656,930
164,270
130,116
1,043,808
1,767,359
81,249
27,395
384,089
23,788
729,379
3,255,529
1,387,990
5,020
1,582
321,586
26,119
288
122,206
9,994,128
1,106,038
278,463
879,183
671,562
268,291
378,961
1,659,091
304,656
405,793
4,042,090
9,994,128
17,739,508
38,371
135,869
209,871
68,283
9,522
25,100
161,212
6,281
327
188,520
156
166,907
41,101
21,974
2,166
2,903,343
21,719,011
443,712
448,609
5,815
227, 346
221,366
89,381
46,260
18,482,602
130,145
7,601
28
276
33,083
75,005
377
64
10,310
79
15,378
12,202
164,468
349,201
685,347
19,530
47,003
599,644
469,876
25,400
7,063
48,336
15,432
224,921
808,125
400, 278
4,316
1,976
35,362
16,779
574
62,590
2,977,037
544,396
167,341
236,549
141,566
107,886
137,034
584,945
20,382
135,478
901,410
2,977,037
18,931,613
12,141,849
22,140
157,066
334,855
67,041
37,026
54,965
266,448
13,773
1,765
135,371
62
463,293
84,062
6,990
2,422
3,924,012
17,813,640
1,117,978
1,117,702
4,489
571,155
546,823
315,478
35,979
6,232,673
51,922
894
77
154
3,723
31,175
66
3,952
338
7,431
6,425,639
4,048,741
9,020
178,007
326,665
18,306
16,330
16,223
75,909
3,960
731
69,973
80
160,875
5,903
4,009
1,512
1,329,499
6,265,743
159,891
159,737
12,867
73,237
31,654
35,365
23,695
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
36
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
ALL ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Returns with balance sheets by major industrial group — Continued
Trade — Continued
Retail — Continued
Furniture
and house -
furnishings
Automotive
dealers and
filling
stations
Drug
stores
Eating and
drinking
places
Bxiildlng
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
coQ^nies
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(59)
(60)
(61)
Number of returns.
26,549
21,854
(Thousand dollars)
Assets :
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories;
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Governjuent obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accujnulated amortization and depre-
ciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization.
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortages payable:
Maturity less than 1 year
Maturity 1 year or more
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, comimn^
Surplus reserves
Paid-in or capital surplus
Earned 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
Aii]Ortlzation
Depreciation
Depletion
Advertising
Amounts contributed under pension plans...
AiiKiunts 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 65)....
Net income or deficit (66 less 37) ;
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
160,369
1,102,196
38,168
6,255
354,073
306,917
12,703
1,128
15,652
5,435
111,477
334,538
151.997
3,249
1,310
31,397
5,096
134
55,329
340,536
279,686
166,436
77,386
259,050
66,714
497,697
55,225
54,023
517,452
3,786,422
48,682
519
6
46
10,735
6,186
319
1,208
4,044,774
2,475,580
7,834
156,828
99,352
10,343
30,323
19,875
47,341
2,153
308
31,420
96
129,519
2,217
1,771
546
942,155
87,113
87,067
16,630
41,841
45,272
12,330
5,864
577,682
1,335,626
34,497
21,640
1,412,439
908,879
45,923
1,963
26,653
12,574
276,381
1,479,431
588,695
12,809
4,316
246,688
9,780
767
203,922
536,671
1,294,423
459,555
234,733
240,250
79,211
1,087,733
43,120
78,686
1,889,233
5,943,615
26,742,507
302,639
723
82
66
33,420
28,247
328
1,287
21,019
3,235
2,626
24
219,974
23,252,362
150,199
393,814
177,520
39,153
42,659
73,959
147,522
5,439
1,630
127,243
670
311,341
6,172
7,062
3,077
2,295,812
315,543
315,477
25,573
154,644
160,899
46,121
20,313
90,927
74,837
788
2,537
178,946
125,338
6,463
386
4,804
1,524
36,188
266,415
126,047
2,551
1,282
8,612
3,483
462
11,617
691,109
131,259
26,109
54,348
38,175
22,001
10,169
160,423
3,034
23,961
216,625
691,109
1,893,934
11,701
145
2
447
6,674
20
2,024
15,588
1,931,891
1,291,346
1,782
62,733
61,310
7,747
983
3,309
24,499
971
184
22,518
27
21,717
3,539
1,115
243
371,020
1,875,548
56,343
56,339
1,504
25,240
31,103
11,813
2,328
148,947
94,936
872
1,442
46,352
38,906
22,140
741
10,722
3,573
71,282
917,059
393,300
4,959
1,763
55,149
30,240
1,763
52,506
1,101,256
168,918
95,143
201,946
61,560
75,616
25,066
257,421
9,217
48,857
157,512
1,101,256
2,883,549
57,596
26
929
12,042
927
1,290
1,139
3,436
2,986,144
1,481,130
24,342
117,751
130,OLJ
31,456
1,320
10,606
64,948
1,319
934
77,747
83
26,395
4,001
4,293
2,137
950,803
56,317
56,291
3,225
33,416
22,901
13,334
1,973
207,537
940,412
24,942
11,226
629,664
487,878
14,139
1,079
11,903
5,031
129,813
681,04^
315,9911
11,590
4,916
78,851
6,369
117
38,690
2,909,258
399,376
323,637
185,839
87,843
89,431
52,356
742,893
20,506
59,791
942,536
5,834,390
46,536
26
10,014
9,091
374
75
1,419
1,414
4,542,652
25,675
190,812
39,760
16,120
24,894
23,300
62,663
2,585
244
59,259
1,286
43,229
3,934
2,727
341
771,272
5,811,258
169,780
169,754
6,570
72,332
97,448
25,931
10,539
283,941
980,971
32,192
9,509
521,057
389,114
22,430
2,490
16,303
7,677
161,773
;, 006, 743
462,925
5,691
2,641
68,686
29,642
953
80,401
540,696
288,614
280,755
115,799
241,373
70,092
670,513
39,637
97,632
742,046
,475,493
97,904
484
59
61
10,091
16,505
620
156
6,324
740
3,258
1
103,113
4,618,274
42,590
245,045
117,331
22,523
34,050
24,490
82,708
2,768
2,073
90,363
149
94,796
5,332
3,154
1,135
1,170,321
6,557,602
157,712
157,651
12,276
69,476
88,236
27,333
4,043
361,230
1,228,179
34,656
33,327
634,654
488,166
22,882
2,535
21,954
15,734
222,632
1,192,932
528,968
38,775
21,446
114,418
19,603
325
37,433
3,899,064
780,581
324,217
296,400
176,196
191,297
106,203
832,944
43,346
133,161
1,009,719
3,399,064
9,486,264
209,746
910
27
144
8,272
24,233
3,310
294
12,731
591
6,279
21
75,033
7,430,652
54,378
221,332
91,275
30,222
26,727
26,717
108,256
3,283
3,336
99,923
2,043
112,810
11,623
3,735
3,067
1,302,174
,581,603
246,812
246,668
11,963
119,888
126,924
47,146
9,719
57,210,399
128,164,672
1,364,210
829
20,299
25,456
244,207
18,875,049
86,372,987
4,805,714
145,626,065
24,338,543
5,933,800
1,115,998
312,449
5,425,527
459,102
12,087
9,295,722
5,623,150
12,552,449
25,696,792
1,178,419
366,857,473
1,427,561
16,397,881
5,291,078
9,374,052
29,959,163
474,858,023
180,097
12,944,650
1,937,102
72,976
436,293
9,647,080
3,364,264
233,041
24,021
858,552
915,364
1,219,426
65,309
421,300
32,319,975
112,570
4,105,593
1,536,708
418,690
241,186
391,336
3,593,065
1,337,922
45,282
3,630
1,036,153
101,931
238,980
236,049
38,197
327,212
9,402,295
23,776,799
3,543,176
8,106,383
104,939
2,030,361
6,512,815
2,238,488
326,666
52,430,223
124,247,874
1,337,514
2,590
681
75,664
12,882,229
71,421,153
4,662,974
55,239,720
3,409,649
604,539
409,505
95,733
350,660
315,231
3,128
2,406,836
3,084,189
9,056,189
9,961,850
527,998
265,366,998
910,682
9,678,501
4,352,121
7,724,273
15,201,269
325,864,070
12,645
2,770,505
1,567,535
69,541
281,713
6,832,162
190,033
93,841
13,674
603,797
166,171
795,271
61,306
223,559
7,839
89,022
936,018
150,601
49,191
871,415
2,873,383
353,746
29,504
1,206
215,673
59,714
193,684
173,103
28,013
281,977
3,648,889
9,967,978
3,763,775
3,482,062
26,400
1,116,194
2,647,581
1,717,244
217,204
43,542,176
103,420,849
1,050,676
1,112
40,102
12,468,438
68,563,028
3,687,243
9,921,495
2,315,521
329,135
24,466
666
153,030
296,398
35
1,715,741
29,115
350,378
94,558
149,379
229,204,759
45,203
4,703,478
2,094,250
1,212,686
11,885,231
249,769,087
1,205
1,015,581
1,490,279
67,259
271,618
4,488,970
149,671
2,230
3,279
64,320
1,785
52,737
423
78,770
7,688,127
1,509
1,150
654,519
85,839
33,990
402,357
1,401,041
253,690
21,458
176
159,581
323
104,551
142,000
22,304
276,614
2,271,021
5,837,623
1,850,504
1,578,836
5,508
712,100
1,138,404
575,004
140,059
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
37
ALL ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Returns with balance sheets by major industrial group — Continued
Finance, insurance, real estate, and lessors of real property — Continued
Finance — Continued
Credit
agefticies
other than
banks
Holding and
other
investment
companies
Security and
commodity-
exchange
brokers emd
dealers
Insurance carrier^ and agents
Total
insiirance
carriers^and
agents
Insurance
carrier^
Insurance
agents and
brokers
Real estate,
except lessors
of real
property other
than buildings
Lessors of
real property,
except
bui Idings
(62)
(63)
(64)
(65)
(66)
(67)
(68)
WjlDber of returns.
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Governnient obligations:
States, Territories, and United States possessions .
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depreciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization.
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, comnon^
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities.
Heceipts:
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
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 coDipiled deductions
Compiled net profit or net loss (i? less 65)
Net income or deficit (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
3,285,190
19,751,393
284,709
874
323
29,820
69,798
1,995,927
583,591
33,629,140
751,408
128,246
22,422
6,276
106,306
6,838
348
395,737
60,209,188
2,393,235
7,915,838
8,795,827
266,799
34,031,886
457,461
1,977,817
1,947,547
671 , 147
1,751,631
60,209,188
2,157
1,499,955
53,062
899
1,406
2,321,545
27,509
147
1,574
30,078
7,591
33,136
8,877
75,430
4,063,366
919
44,448
193,217
50,701
8,102
467,737
1,415,973
77,170
4,054
471
44,376
117
80,495
23,765
4,439
4,596
1,031,427
3,452,007
611,359
609,953
12,302
283,025
328,334
192,923
16,265
(Thousand dollsru)
499,567
631,369
1,946
604
100
2,997
299,352
531,442
114,037
11,026,560
281,956
116,905
362,200
88,660
66,735
8,634
2,732
106,703
13,722,013
183,510
369,390
717,588
81,667
1,722,342
372,630
2,865,088
274,229
5,801,401
1,334,168
13,722,013
3,591
70,855
13,803
247
4,992
66,390
11,077
91,394
6,712
491,481
9,489
697,245
51,359
54,832
1,573,467
3,271
7,233
23,179
4,169
1,003
430
38,437
17,166
3,244
475
7,839
58,687
1,609
2,353
361
456
169,978
339,890
1,233,577
1,228,585
5,607
96,155
1,137,422
938,441
50,838
153,290
444,263
183
258
2,745
44,641
330,756
278,103
662,525
60,764
30,303
417
136
24,589
3,411
13
188,655
2,163,782
478,329
420, 583
353,877
30,153
408,011
35,388
132,118
36,095
39,039
230,189
5,692
184,114
10,391
1,136
3,697
5,257
1,776
70
2,109
17,918
147,306
12,153
647
14,527
406,793
2,140
36,191
65,103
9,892
1,096
891
17,932
10,720
74S
84
3,877
87
7,029
4,985
909
311
176,463
338,458
68,335
64,638
2,983
24,914
43,421
10,875
10,042
3,000,197
875,447
6,433
500
16,270
5,461
5,905,871
14,668,869
54,043
83,204,728
1,097,678
78,928
2,630
1,183
24,511
58,919
318
6,067,070
114,895,332
646,855
85,980
60,685
76,987
99,692,047
29,550
1,640,079
651,246
328 ,939
11,682,964
114,895,332
75,299
7,874,897
361,897
3,231
152,297
2,671,792
264,722
192
970
64,795
2,484
379,992
3,673
56,141
53,741
3,410,762
181,315
84,356
4,729
7,366
10,647
248,324
4,330
405
104,410
845
28,228
56,035
5,385
1,797
3,939,469
, 142 , 144
3,770,238
3,617,941
10,918
504,072
3,266,166
296,896
37,758
2,746,349
332,327
2,917
16,263
1,277
5,902,330
14,651,069
51,349
82,981,766
985,957
33,148
13,716
17,473
27
6,021,552
88,613
33,766
21,676
49,528
99,609,940
11,956
1,501,902
604,282
307,918
11,450,763
113,680,344
67,070
7,030,239
361,398
3,204
152,251
2,66B,927
260,935
30
717
62,437
2.247
372,678
2,200
48,551
51,327
3,291,092
2?, 065
56,707
2,934
2,949
7,298
234,992
2,978
?31
91,180
300
15,900
49,791
2,811
1,231
3,491,718
7,332,504
3,700,380
3,548,129
6,866
476,273
3,224,107
278,592
85,947
253,846
543,120
3,516
4,134
3,541
17,800
2,694
222 ,952
111,721
40,780
2,622
1,183
10,795
41,446
291
45,518
1,214,988
553,242
52,214
39,009
27,459
32,107
17,594
133,177
46,964
21,021
232,201
1,214,9
8,229
844,653
499
27
45
2,865
3,787
162
253
2,358
237
7,314
1,473
7,590
1,914
119,670
153,250
7,649
1,795
4,417
3,349
13,332
1,352
174
13,230
45
12,323
6,244
2,574
566
447,751
809,640
69,858
59,812
4,052
27,799
42,059
18,304
1,811
1,619,635
2,937,092
17,111
829
17,196
7,399
161,002
76,410
241,070
66,375
5,314,379
18,456,656
4,970,534
202,030
71,108
4,869,630
32,214
7,841
755,451
31,250,734
1,697,053
3,357,533
14,718,335
520,133
1,728,384
417,895
4,217,201
260,814
1,435,305
2,908,075
31,260,734
83,824
2,289,475
6,265
150
2,059
91,611
2,810,402
6,625
8,605
172,565
745,582
41,305
215
127,240
44,040
603,513
411,868
177,965
185,488
12 ,462
6^14,556
700,995
11,077
4,921
749,954
1,933
65,727
5,381
4,303
41,583
,773,192
5,480,953
905,088
903,019
64,783
362,311
542 ,777
157,289
21,496
110,344
104,259
3,152
13
1,106
2,080
10,539
41,395
22,322
367,238
1,864,560
279,599
501,783
144,420
180,676
2,688
800
56,355
2,837,887
195,048
52,747
955,921
53,301
70,044
69,434
862,100
25,397
385,535
166,860
8,329
9,773
214
1,515
99,107
132,382
772
17,294
1,127
2,857
115
14,860
289,794
5,950
2,295
7,507
5,758
1,778
93
29,479
29,857
371
2,098
15,115
39,439
341
530
495
1,355
40,745
185,719
104,075
103,861
2,838
47,784
56,291
67,059
208
See footnotes at end of table. See text for explanatory statements end for "Description of the Sample and Limitations of Data.
38
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
ALL ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP-
Returns with balance sheets by major Industrial group — Continued
Total
services
Hotels and
other
lodging
Personal
services
Business
services
Autoraotive
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
(70)
(71)
(72)
(73)
IT.)
(75)
(76)
(77)
(78)
Number of returns.
Assets;
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last- in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States posses-
sions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and deprecia-
tion.
Depletable assets
Less: Accumtllated depletion
Land
Intangible assets
Less: Accumulated amortization.
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
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities.
Receipts;
Gross sales
Gross receipts from operations
Interest on Government obligations (less ainorti-
zable 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
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 or net loss (47 leas 65)
Net income or deficit (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69).
Dividends paid:
Cash and assets other than own stock
Corporation • s own stock
6,106
f77ioua«nd dollara)
1,296,295
l,8i2,753
34,441
5,703
227,624
396,216
128,256
30,087
172,012
61,367
1,402,748
7,735,603
3,404,260
53,919
21,626
819,421
161,846
11,327
401,513
1,251,668
992,802
2,412,699
507,738
646,922
246,691
1,922,029
218,636
842,584
2,221,940
H,263,7IJ9
1,669,350
11,841,356
4,580
164
537
19,384
289,101
29,052
1,177
60,778
6,343
30,453
12,538
137,482
14,102,795
960,936
6,823,371
668,945
465,668
159,416
28,112
127,423
342,899
11,092
16,470
659,380
918
248,259
59,987
21,811
8,204
2,795,588
13,403,479
699,316
698,779
54,135
361,003
338,313
173,370
22,680
158,826
152,335
2,588
1,033
18,305
17,172
29,392
8,176
16,696
7,303
203,186
2,341,731
928,464
16,170
6,836
329,960
8,020
792
56,532
2,426,207
131,014
225,693
965,926
95,954
101,227
53,668
376,374
24,947
190,744
260,660
2,426,207
621,377
1,111,318
625
II
85
4,218
146,951
509
362
12,730
532
4,147
1,019
19,211
1,923,795
348,320
427,998
41,356
101,629
62,367
3,864
45,326
90,105
1,615
359
128,928
204
35,043
3,570
5,349
967
553,314
1,350,314
73,481
73,396
6,598
43,102
30,379
33,257
4,096
126,068
183,190
3,113
1,024
33,164
39,578
19,590
1,036
11,358
4,933
73,309
973,914
491,430
10,869
5,271
51,341
33,539
595
51,223
1,119,232
118,329
82,318
145,783
53,268
55,381
32,672
266,880
9,445
39,554
314,597
254,253
1,807,101
27
348
4,755
747
118
863
1,271
8,397
125,473
,068,954
131,005
66,800
24,529
4,377
10,115
48,216
1,731
489
79,500
27
34,547
3,114
4,877
757
405,615
72,915
72,888
4,909
33,993
33,922
13,927
6,179
399,920
724,419
17,333
1,258
37,167
36,880
21,418
12,213
54,299
13,519
463,287
1,262,652
539,282
9,557
3,484
41,558
35,010
689
114,069
2,665,943
492,930
219,020
313,341
139,100
196,017
58,017
431,605
43,764
191,019
576,130
201,462
3,870,952
1,169
22
126
4,414
38,897
13,716
311
15,909
1,660
12,413
3,032
26,703
132,396
2,263,419
243,768
72,946
18,766
8,128
19,614
54,229
3,139
2,177
146,036
333
37,548
35,078
4,738
1,166
903,450
238,855
238,729
10,287
118,839
120,016
49,533
6,003
62,575
105,971
1,424
363
14,778
11,413
13,123
354
1,664
621
31,018
706,061
262,174
6,717
2,290
65,093
3,844
262
20,653
778,103
69,017
150,245
207,044
26,183
29,633
12,565
127,141
5,430
15,480
135,360
778,103
137,665
589,717
41
2
II
1,502
28,228
30
153
1,272
940
778,388
37,943
273,590
41,993
54,317
11,312
1,651
12,987
21,445
349
265
115,371
69
7,153
399
419
540
112,466
742,369
36,019
36,008
3,705
14,033
21,986
4,391
1,828
33,065
93,054
779
1,326
22,210
25,530
2,414
18
1,930
40
5,930
103,167
45,804
667
275
3,625
1,934
83
7,445
46,377
26,220
21,894
18,551
16,656
4,133
53,489
3,525
14,126
55,443
265,414
173,706
384,576
357
1,125
112,642
260,486
35,641
10,9X
2,733
1,226
1,748
9,359
171
249
11,152
15
5,351
1,101
1,711
74
88,847
543,940
19,433
19,433
1,343
9,231
10,202
1,387
251
263,544
349,157
3,948
503
76,223
254,367
25,939
630
45,173
16,400
513,372
1,414,390
769,587
2^363
1,267
217,397
43,688
7,434
80,775
269,339
179,267
500,749
94,815
120,892
47,820
318,473
36,034
315,170
594,131
147,535
2,100,906
55
5,413
48,939
8,077
66
5,570
1,737
9,182
8,474
45,749
2,382,635
79,401
1,432,623
48,562
87,739
19,792
3,258
22,971
51,071
1,473
11,940
103,754
89
86,094
4,790
1,371
1,833
292,023
2,248,839
133,796
133,741
15,358
72,586
61,210
43,262
1,896
125,345
52,878
1,604
142
7,459
3,569
10,089
1,359
18,878
13,755
58,048
595,462
240,724
4,367
969
78,734
18,713
908
35,059
779,652
50,357
62,794
180,229
34,719
46,923
22 ,973
200,205
9,202
35,441
136,809
779,652
71,356
328,725
583
49
25
762
14,847
3,890
37
4,013
660
1,617
11
16,308
942,883
37,900
456,457
33,992
38,535
12,639
2,363
9,208
44,408
1,373
278
51,346
171
23,695
1,653
328
1,627
157,037
879,065
63,318
63,793
6,124
36,571
27,247
16,641
1,050
121,952
176,749
3,152
54
18,318
7,707
6,291
6,296
22,009
4,796
53,598
328,176
126,795
3,209
1,234
31,713
17,098
564
35,747
701,963
73,805
46,745
77,728
45,148
79,683
14,84j
147,862
26,289
41,050
148,810
701,968
61,446
,148,061
697
70
208
1,865
5,359
2,022
93
2,446
76
851
2
14,693
36,861
644,844
87,628
32,668
7,278
3,245
5,454
23,566
736
713
23,293
10
13,328
10,277
2,518
1,140
277,336
60,999
60,791
5,361
32,648
28,351
10,972
1,372
(79)
49,032
96,106
1,222
2,971
9,366
776
2,052
1,154
179,085
74,388
26,129
8,532
52
35,984
5,857
375
27,201
465,384
140,360
68,576
110,862
18,179
46,071
38,208
164,361
4,637
46,092
^171,962
465,384
22,239
71,842
25
831
698
393
424
34
1,836
5,565
15,996
28,305
12,385
2,894
690
750
6,695
2,832
76
72
5,340
14
1,061
94
50
1,878
32,101
111,233
^5,384
^5,409
1,618
2,929
'3,313
^Capital stock which was not definitely designated as either common or preferred was tabulated under comiKin stock.
^Loss or deficit.
'Loss after total taxpayment.
'For Items reported and computation of tax by life and mutual insurance companies, see facsimiles of return Forms 1120L and 1120M, pp. 161 and 175.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
39
ALL ACTIVE CORPORATION RETURNS
Table 4.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
All active
corporation
returns
Returns
without
balance
sheets
Returns with balance sheets 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)
(2)
(3)
(1)
(5)
(6)
(7)
(8)
(9)
Number of returns
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, f irst-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accujmilated amortization and depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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
Paid-in or capital surplus
Earned 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
Repa irs
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
Tota 1 compiled deductions
Compiled net profit or net loss (A7 less 65)
Net income or deficit (66 leas 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
60,3il
185,260
114,304
131,510
150,350
39,301
(Thouaand dollari)
514,863,881
97,818,849
2,287,260
78,898
471,045
10,369,502
5,176,124
698,387
46,123
2,204,875
1,017,495
2,571,769
772,177
3,871,651
642,248,036
390,323,093
58,242,078
10,480,700
5,682,349
5,623,940
1,652,827
7,058,356
14,202,627
4U,759
2,590,333
13,418,787
2,805,495
6,601,835
3,296,205
1,146,863
571,365
70,187,103
594,298,720
47,949,316
47,478,271
836,133
21,740,890
26,208,426
13,592,432
1,996,477
6,098,373
1,176,258
23,159
1,895
14,103
100,349
127,926
10,448
1,6U
66,360
36,064
25,662
3,787
53,930
4,675,897
717,084
173,943
87,759
70,896
26,642
81,378
171,242
3,677
18,009
178,317
26,393
92,239
22,630
9,652
19,687
1,016,304
7,391,749
348, 179
334,076
21,272
204,651
143,528
124,495
16,220
87,374,680
194,584,388
2,805,009
4,731,472
31,760,054
34,428,722
2,954,486
19,613,872
103,118,214
9,165,557
179,557,970
288,806,668
102,789,320
10,885,773
4,513,823
11,727,919
2,947,625
676,517
17,748,539
,621,270
45,590,043
30,457,910
98,398,667
22,663,386
386,063,359
15,795,695
96,832,085
14,264,860
33,425,641
145,129,624
1,621,270
508,765,508
96,642,591
2,264,101
77,003
456,942
10,269,153
5,048,198
687,939
44,509
2,138,515
981,431
2,546,107
768,390
3,817,721
634,508,108
385,647,201
57,524,994
10,306,757
5,594,590
5,553,044
1,626,135
6,976,978
14,031,385
411,082
2,572,324
13,240,470
2,779,102
6,509,596
3,273,575
1,137,211
551,678
69,170,799
586,906,971
47,601,137
47,144,195
814,861
21,536,239
26,064,898
13,467,937
1,930,257
347,873
464,566
6,036
6,252
162,591
128,485
24,923
937
3,977
2,785
105,231
1,194,792
606,345
44,565
25,636
96,664
50,601
2,220
118,739
521,382
340,029
342,297
110,237
231,220
56,454
1,180,785
9,953
123,314
'303,277
2,112,894
4,131,909
2,360,525
379
9
18
5,694
111,573
7,371
1,662
16, 620
39,073
933
37
48,435
6,724,238
2,977,579
1,383,587
570,069
256,571
37,837
15,013
28,402
116,272
'1,293
1,975
133,278
1,438
71,571
2,466
3,826
18,924
1,228,997
6,849,098
'124,860
'124,878
41,919
31,094
'155,954
29,796
620
530,476
909,089
13,974
10,980
371,956
302,757
36,722
2,137
11,367
6,375
234,031
2,140,344
923,080
52,452
23,579
276,496
70,684
4,548
176,276
4,167,461
751,581
512,194
634,192
163,038
335,155
77,698
1,475,072
20,295
144,347
53,389
4,167,461
6,939,913
2,232,855
574
77
201
10,157
167,206
8,247
961
20,630
54,812
2,669
264
58,007
9,546,573
5,140,348
1,371,324
622,622
236,251
51,843
21,148
49,783
160,751
2,139
1,632
195,512
4,293
39,325
3,064
7,323
6,733
1,494,393
9,458,539
88,034
87,833
41,038
69,962
18,072
33,333
1,363
1,033,667
2,192,852
42,467
17,110
922,642
694,135
76,103
5,786
37,298
19,732
681,560
4,550,603
1,888,034
120,140
56,939
643,917
102,773
4,512
319,237
9,4^0,603
1,54? 246
1,115,426
1,474,409
337,281
555,773
148,398
2,709,333
55,566
322,263
1,219,853
9,480,603
15,160,052
3,976,776
1,311
115
110
23,460
338,964
8,352
1,385
37,028
115,328
5,134
75
142,559
19,310,649
11,661,263
2,491,774
1,013,180
354,813
98,636
48,773
111,688
305,902
5,458
3,316
379,671
5,182
180,656
8,293
12,915
11,213
2,765,247
19,457,930
352,669
352,559
74,569
171,453
131,216
68,084
8,664
2,430,564
5,930,130
108,561
56,100
2,397,012
1,805,941
189,478
22,744
141,932
70,653
1,980,760
10,366,264
4,379,246
24B,983
101,487
1,546,320
167,294
9,254
666,377
23,922,504
3,590,250
2,803,963
3,830,019
839,403
1,419,774
424,149
5,570,344
130,341
680,846
4,583,415
23,922,504
39,911,641
7,304,408
4,548
219
633
99,375
757,245
35,748
5,444
93,716
206,000
23,062
525
362,651
48,305,215
31,607,315
4,738,226
1,851,713
587,771
218,425
121,033
285,486
687,734
16,254
13,876
844,354
27,198
420,499
29,458
35,457
19,785
6,121,153
47,625,737
1,179,478
1,178,345
108,842
478,059
701,419
185,648
39,806
2,290,484
6,483,352
127,226
45,116
2,555,946
1,790,236
185,255
40,775
263,112
104,421
2,299,578
10,478,482
4,202,950
270, 242
124,919
1,434,820
152,500
11,150
632,169
24,560,243
3,471,586
2,953,758
3,970,190
879,362
1,641,840
491,736
4,710,389
220,607
775,381
5,445,394
24,560,243
40,300,450
6,351,481
7,561
313
1,122
135,573
643,862
32,114
4,029
99,817
151,236
27,630
2,500
386,532
32,392,749
4,299,452
1,385,687
445,173
204,801
112,991
294,184
649,584
19,927
13,186
767,512
26,007
402,572
44,466
39,935
12,814
5,742,036
46,853,076
1,291,149
1,290,027
87,307
562,129
729,020
190,822
68,110
2,659,482
7,063,649
129,543
72,310
2,735,162
1,835,377
201,540
121,720
665,715
217,934
2,992,685
10,984,787
4,421,218
305,585
126,666
1,395,246
126,267
9,785
691,457
27,331,704
3,401,570
2,987,351
4,251,184
986,338
3,016,621
609,061
4,440,563
315,584
848,914
6,524,463
27,381,704
41,203,603
6,024,280
17, 7U
972
2,945
191,321
531,894
39,162
4,259
122,486
118,233
46,406
1,076
370,918
48,675,268
33,204,099
4,097,793
1,117,085
391,213
206,236
103,321
313,476
655,462
24,961
15,592
772,863
45,091
427,523
73,862
47,293
14,136
5,526,403
47,036,914
1,633,354
1,635,409
80,249
756,720
881,634
242,173
79,331
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
40
CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
ALL ACTIVE CORPORATION RETURNS
Table 4.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— Continued
Returns with balance sheets by size of total assets — Continued
$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
(10)
(11)
(12)
(13)
Number of returns-
Assets:
Cash
Notes and accounts receivable...
Less: Reserve for bad debts..
Inventories:
Last-in, first-out
Other than last-in, first-out.
Not stated '.
Prepa id expenses and supplies
Investments, Governroent obligations:
States, Territories, and United States possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depreciation...
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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
Paid-in or capital surplus
Earned 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-lerra 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 under other employee benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions.
Compiled net profit or net loss ("i? less 65)
Net income or deficit {66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69).
Dividends paid:
Cash and assets other than own stock.
Corporat ion ' s own stock
(U)
(15)
(16)
(17)
28,486
6,794
(Thoitaand dollara)
4,978,633
11,579,058
174,929
162,852
3,593,113
2,423,583
258,254
468,716
3,297,939
715,871
5,565,041
14,944,197
6,061,576
492,672
203,337
1,417,476
183,678
15,757
931,287
44,556,771
4,225,348
3,767,832
5,512,253
1,421,535
10,806,734
992,329
5,910,719
628,687
1,530,020
9,761,314
5,246,850
11,099,844
173,383
181,554
2,688,885
1,748,718
188,774
970,167
4,997,631
866,681
6,586,094
11,311,358
4,480,075
569,640
173,423
933,988
136,945
17,795
710,639
5,761,432
11,780,027
162,302
258,423
,363,491
,625,041
178,963
44,556,771
48,687,893
7,500,684
79,659
2,582
12,531
395,382
570,400
46,085
6,945
161,007
119,149
95,314
3,212
460,689
38,626,246
5,019,966
1,105,311
414,235
281,042
125,399
438,141
895,354
38,086
34,152
981,405
84,635
563,121
146,188
71,275
28,698
6,734,599
55,587,853
2,553,679
2,541,148
96,493
1,251,065
1,302,614
452,478
167,546
2,874,668
2,553,549
4,344,621
1,154,188
17,038,240
789,473
4,303,356
686,402
1,522,792
8,125,803
43,393,092
32,568,810
5,172,879
114,902
3,377
26,905
529,913
346,886
45,655
3,792
171,699
42,589
105,684
7,704
300,176
39,440,971
25,470,660
3,335,296
615,297
254,723
240,091
101,798
374,045
679,733
32,516
39,840
699,295
106,887
412,497
148,473
61,905
43,613
4,558,334
37,175,003
2,265,968
2,239,063
56,920
1,087,299
1,178,669
428,796
112,105
1,431,049
6,516,027
678,840
8,901,292
10,544,949
4,152,882
718,512
192,319
644,295
124,116
11,230
598,456
47,606,180
7,928,637
15,816,610
216,134
482,139
2,927,562
2,556,019
233,850
2,335,789
10,926,824
695,959
15,552,297
16,099,976
6,242,408
1,023,730
290,102
757,617
202,469
19,065
1,022,740
71,794,509
2,398,862
2,176,655
3,626,548
1,035,849
22,506,427
755,117
4,054,077
897,845
1,776,806
8,377,994
47,606,180
29,179,802
4,724,565
144,115
2,368
31,016
664,171
127,692
39,934
3,095
173,824
30,447
111,774
9,074
247,097
35,483,974
22,319,521
3,083,269
433,847
241,584
252,160
117,987
403,263
730,333
31,210
48,976
617,558
79,993
443,561
163,965
64,355
28,054
4,133,918
33,193,554
2,295,420
2,264,404
44,552
1,090,445
1,204,975
484,844
110,680
2,969,742
2,311,857
5,671,338
1,523,881
36,576,763
1,054,719
5,379,495
1,588,722
2,850,391
11,862,601
5,678,448
12,147,657
191,167
402,492
1,874,450
1,910,624
205,477
1,798,834
8,621,037
349,828
11,960,567
13,139,306
5,021,317
926,777
424, 305
380, 707
115,148
25,588
829,041
71,794,509
37,355,854
4,994,061
235,475
4,982
50,830
1,040,761
182,225
91,403
3,692
249,451
29,019
222,126
31,678
298,355
27,946,698
2,853,708
449,939
297,945
399,234
186,651
672,761
943,002
42,130
116,947
839,319
171,938
599,135
279,754
89,118
58,537
5,276,472
41,223,338
3,566,574
3,515,744
43,424
1,673,108
1,888,466
912,623
167,047
2,058,965
1,455,749
3,993,985
1,265,307
27,583,180
994,281
3,828,600
1,262,835
2,533,281
9,701,333
54,677,516
26,669,250
4,039,052
184,423
3,474
36,869
774,269
76,992
54,998
1,315
206,841
23,871
166,641
26,345
200,005
19,300,266
2,485,316
242,781
198,626
381,424
126,007
479,404
836,443
29,379
109,799
619,782
179,270
407,927
218,435
70,742
38,159
3,726,809
29,500,569
2,963,776
2,926,907
32,623
1,360,443
1,603,333
809,896
130,323
5,615,052
12,216,530
176,738
455,085
1,462,684
2,342,550
167,060
1,690,185
8,234,604
515,825
11,989,106
16,954,104
5,964,128
925,857
374,562
374,423
133,331
30,333
1,115,211
57,695,846
2,256,417
1,439,570
5,655,230
1,377,652
26,616,643
1,211,466
5,028,855
1,203,295
3,039,493
9,817,225
57,695,646
25,976,614
4,786,605
182,529
4,729
38,085
674,129
128,994
91,235
1,937
153,546
28,800
263,768
92,535
136,031
32,559,537
19,165,612
2,677,442
178,722
252,918
358,702
99,625
475,026
703,464
24,742
149,216
664,217
173,124
445,849
220,418
59,293
30,868
3,739,400
29,423,638
3,135,899
3,097,814
22,224
1,412,505
1,723,394
1,063,919
193,529
8,979,145
19,342,1U
277,903
992,245
2,394,629
3,786,938
260,759
2,395,371
12,163,997
1,039,923
16,314,040
30,230,697
9,301,410
514,490
169,016
649,425
137,859
20,297
1,986,314
91,919,320
33,338,937
77,558,760
1,004,646
1,588,814
5,309,931
11,478,318
747,323
8,329,662
47,186,754
3,880,230
93,895,633
135,366,809
45,144,151
4,672,128
2,227,533
1,176,025
1,243,960
494,933
7,950,596
385,352,627
3,773,974 11,747,952 22
1,837,439
12,019,340
2,446,720
40,125,587
2,340,191
8,496,992
1,842,438
4,790,712
14,240,927
91,919,320
40,086,485
8,725,733
265,780
7,434
58,043
938,246
193,815
48,121
2,636
247,159
14,570
247,602
112,820
367,730
29,644,758
4,571,947
212,800
330,899
605,512
135,462
755,254
1,191,352
35,653
437,233
1,159,247
145,733
790,495
367,064
85,262
74,836
5,801,272
46,395,334
4,920,890
4,862,847
46,077
2,304,713
2,616,177
1,653,265
218,783
4,202,538
43,073,061
9,117,545
197,609,402
5,850,623
39,743,450
5,352,290
12,437,081
56,218,685
385,352,627
120,593,232
28,398,687
1,025,132
46,297
197, 6X
4,786,702
370,450
139,514
3,357
384,691
8,304
1,227,364
480,545
438,536
158,600,445
86,190,087
15,115,394
507,704
1,281,868
2,217,101
310,477
2,296,065
5,425,499
107,279
1,586,534
4,566,457
1,723,313
1,254,865
1,567,669
488,512
165,253
12,321,761
137,126,338
21,474,107
21,276,473
38,619
9,282,244
12,191,863
6,912,260
631,795
^Includes stock not designated as to type.
^Loss or deficit.
'loss after total taxpayment.
NOTE: See text for explanatory statements and for
'Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
41
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CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
65
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CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
67
ALL ACTIVE CORPORATION RETURNS
Table 6.— NETT INCOME OR DEFICIT, TAX, AND DIVIDENDS PAID, BY SIZE OF NET INCOME OR DEFICIT, BY INDUSTRIAL DIVISION
Industrial division and size of net income or deficit
Returns with net income
Number of
returns
(1)
43,807
73,946
86,641
89,982
93,162
500,015
518,409
515,160
665,792
1,567,925
1,609,794
2,607,946
2,239,680
2,528,521
6,772,750
3,405,128
5,371,952
4,253,637
4,706,540
12,677,898
184,972
87,179
41,294
29,133
21,963
17,964
61,875
38,942
28,134
28,483
44,034
22,196
16,250
6,249
3,555
3,121
475
337
120
67
35
8,996
17,092
20,811
21,549
22,109
128,065
137,341
142,175
186,955
505,737
634,459
1,126,369
1,009,050
1,143,698
3,070,474
1,533,267
2,412,763
1,955,284
2,100,184
5,562,436
4,917
4,123
3,684
3,360
3,083
12,856
10,438
8,127
7,896
16,519
10,781
9,366
4,043
2,587
2,600
437
318
114
62
29
13,614
17,121
10,739
13,366
15,760
68,167
64,458
60,475
78,501
222,746
247,521
428,857
374,044
501,996
1,790,401
1,041,155
1,780,663
1,441,223
1,622,614
3,607,239
45,090
271
92
199
78
190
329
878
852
1,001
3,424
1,147
3,290
2,129
2,890
1,995
26,325
ALL INDDSIRIAL DIVISIONS
Total 513,270 50,328,887 451,406 '21,740,890 105,340 13,400,660
Under $1,000 110,207
$1,000 under $2,000 50,820
$2,000 under $3,000 35,150
$3,000 under $4,000 25,935
$4,000 under $5,000 20,804
$5,000 under $10,000 69,304
$10,000 under $15,000 42,073
$15,000 under $20,000 29,632
$20,000 under $25,000 29,509
$25,000 under $50,000 45,786
$50,000 under $100,000 23,018
$100,000 under $250,000 16,729
$250,000 under $500,000 6,405
$500,000 under $1,000,000 3,633
$1,000,000 under $5,000,000 3,199
$5,000,000 under $10,000,000 491
$10,000,000 under $25,000,000 346
$25,000,000 under $50,000,000 124
$50,000,000 under $100,000,000 68
$100,000,000 or more 35
AGRICULTURZ, FORZSTRY, AND FISHERY
Total
Dnder $1,000 983 375 736 76 62
$1,000 under $2,000 502 739 420 174 31
$2,000 under $3,000 517 1,308 350 218 80
$3,000 under $4,000 326 1,135 256 224 27
$4,000 under $5,000 260 1,155 203 257 30
$5,000 under $10,000 713 5,061 580 1,144 88
$10,000 under $15,000 575 6,955 488 1,607 119
$15,000 under $20,000 341 5,634 276 1,363 100
$20,000 under $25,000 329 7,416 260 1,806 79
$25,000 under $50,000 534 18,155 504 5,510 185
$50,000 under $100,000 232 15,279 208 4,954 60
$100,000 under $250,000 167 25,637 158 9,573 73
$250,000 under $500,000 38 13,624 38 5,972 25
$500,000 under $1,000,000 17 12,131 17 4,753 13
$1,000,000 under $5,000,000 7 13,063 7 5,608 3
$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 or more
ihnins and qdahryins
Total 5,145 1,335,346
Dnder $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 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
CONSTRDaiON
Total 25,246 653,006 22,045
Under $1,000 5,420 2,214 4,294 452 116
$1,000 under $2,000 2,335 3,449 1,859 788 133
$2,000 under $3,000 1,876 4,625 1,506 1,090 90
$3,000 under $4,000 1,122 3,901 914 889 82
$4,000 under $5,000 1,115 5,021 990 1,216
$5,000 under $10,000 3,422 24,568 3,048 6,280 308
$10,000 under $15,000 2,205 27,085 2,017 6,962 203
$15,000 under $20,000 1,500 26,059 1,397 7,038 248
$20,000 under $25,000 1,864 42,162 1,807 11, 8U 243
$25,000 under $50,000 2,416 81,591 2,310 25,957 469
$50,000 under $100,000 980 69,024 929 27,365 329
$100,000 under $250,000 641 97,332 626 42,621 286
$250,000 under $500,000 210 71,858 209 33,156 125
$500,000 under $1,000,000 83 59,117 82 27,186 57
$1,000,000 under $5, 000, COO 51 100,077 51 47,666 36
$5,000,000 under $10,000,000 6 34,923 6 13,193
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
718
324
395
173
217
571
429
354
215
677
403
318
145
95
78
(Thousand
dollors)
309
485
957
601
975
4,193
5,174
6,130
4,926
23,572
28,049
49,040
51,036
64,704
153,172
128,797
123,647
63,481
128,423
497,673
Dividends paid in cash
and assets other tftan
own stock
Number of
returns
549
249
321
114
174
474
357
303
198
612
355
292
135
93
Amount
(Thousand
dollars)
(4)
222
116
210
973
1,161
1,526
1,296
6,815
9,699
19,932
20,448
28,422
63,688
54,512
54,276
32,885
58,002
247,656
Number of
returns
C5)
79
40
47
105
92
118
163
154
76
63
62
2,813
Amount
(Thousand
dollars)
(6)
124
231
796
251
329
1,350
1,326
1,820
483
6,345
9,151
14,313
17,887
31,783
96,201
60,600
67, 565
24,468
62,570
367,745
81,065
Returns without net income
Nujnber of
returns
(7)
294,033
128,138
35,781
21,743
16,096
12,602
32,783
14,654
8,420
4,919
10,367
5,030
2,405
683
255
140
4,760
1,232
574
300
284
256
783
508
205
101
330
111
32
40
5,573
1,478
375
265
255
180
608
417
328
176
644
270
237
91
26
18
(Thousand
dollars)
(8)
2,850,616
36,741
52,089
53,639
55,804
56,342
232,278
178,348
145,878
109,540
357,259
347,312
361,772
236,327
176,662
253,175
56,347
141,103
61,741
430
831
746
1,004
1,162
5,479
6,241
3,542
2,206
11,250
7,704
4,524
13,702
2,920
Dividends paid in cash
and assets other than
own stock
Number of
returns
(9)
8,706
2,366
1,018
734
467
408
1,079
627
423
294
486
333
270
104
46
38
743
293
437
156
290
1,096
111.
1,039
2,090
3,776
4,919
10,295
9,924
7,328
25,984
11,919
16,323
6,194
1,615
1,332
955
807
1,975
989
576
316
656
494
144
53
14
3
366
565
646
905
610
5,819
5,158
5,787
3,948
22,764
19, 529
34,832
32,545
16,607
35,634
14,326
1,975
2,319
3,275
3,249
3,622
14,420
12,126
10,016
7,103
30,047
34,609
20,835
18,103
10,155
3,314
(^)
Amount
(Thousand
dollars)
33
23
53
24
28
21
27
17
2
(10)
191,772
24,770
6,376
4,055
3,795
4,907
10,489
5,126
11,711
3,554
13,316
24,695
21,252
11,309
9,775
25,248
4,872
(^)
243
14
43
41
2
( = )
(^)
1,530
658
717
894
641
2,651
5,272
2,668
41
1,068
1,908
4,597
275
121
307
250
42
128
39
331
334
179
2,497
59
6
68 CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
ALL ACTIVE CORPORATION RETURNS
Table 6.— NET INCOME OR DEFICIT, TAX, AND DIVIDENDS PAID, BY SIZE OF NET INCOME OR DEFICIT, BY INDUSTRIAL DIVISION— Continued
Industrial division and size of net income or deficit
Returns with net income
Number of
returns
(Thousand
dollars)
Number of
returns
Amount
(Thouaand
dollars)
Dividends paid in cash
and assets other than
own stock
Number of
returns
Amount
(Thousand
dollars)
Returns without net income
Number of
returns
(Thous,
efollOi
Dividends paid in cash
and assets other than
own stock
Number of
returns
(1)
MANUFACTURING
Total
Under $1,000
$1,000 under $2,000
$2,d00 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 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
PUBLIC UTILITIES
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 $15,0000
$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 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
TRADE
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
5250,000 under $500,000
500,000 under $1,000,000
1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
FINANCE, INSUMNCE, REAL ESTATE, AND LESSORS OF
REAL PROPERlTf
(4)
(6)
(7)
(8)
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 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 or more
85,838
26,978,873
74,902
23,263
43,990
968,420
11,870
6,076
4,169
3,102
2,713
9,713
6,666
5,044
5,473
10,055
7,092
5,609
3,009
1,899
1,765
275
180
65
40
23
20,982
4,835
8,974
10,271
10,743
12,164
70,272
83,068
87,849
123,404
351,460
501,680
1,048,812
1,061,711
1,329,296
3,838,824
1,916,156
2,729,206
2,226,779
2,777,127
8,786,242
9,210
4,565
3,212
2,265
2,134
8,021
5,814
4,701
5,168
9,393
6,317
6,435
2,964
1,868
1,754
274
179
65
40
23
18,453
968
1,867
2,270
2,128
2,573
16,686
20,768
23,798
33,952
113,103
203,212
477,205
507,811
642,429
1,904,107
954,452
1,367,552
1,110,468
1,386,264
4,243,151
550
420
435
388
329
1,437
1,420
1,199
1,350
3,399
3,193
3,770
1,969
1,397
1,462
256
165
61
40
23
2,607
1,519
1,304
1,018
1,303
6,472
7,437
7,667
14,908
38,367
61,527
150,610
146,340
203,016
773,253
437,540
760,294
654,767
883,036
2,612,225
12,439
4,764
3,203
2,629
2,014
6,188
3,169
2,026
1,263
2,992
1,803
1,010
270
126
81
4,180
7,075
7,895
9,151
9,023
44,147
38,913
35,133
28,180
103,142
124,870
155,064
92,934
35,908
138,465
29,629
292
147
127
106
69
233
162
120
100
184
158
154
54
29
25
12,035
4,246
2,268
1,294
1,146
392
2,645
1,659
1,069
1,106
1,754
1,014
855
370
253
237
63
64
36
171,794
1,732
3,279
3,128
3,990
3,986
19,150
20,564
13,666
24,327
60,236
72,124
134,819
123,464
179,050
509,168
455,285
1,022,649
1,259,154
530,533
1,504,686
5,729,871
3,390
1,801
1,103
1,024
755
2,373
1,489
1,011
1,043
1,666
969
818
355
246
233
62
63
36
150,104
377
699
771
1,014
941
4,817
5,263
5,125
6,715
19,197
28,440
58,086
57,878
83,984
244,890
221,903
498,234
623,693
267,516
773,468
2,461,834
209
211
141
130
146
520
364
352
286
613
440
443
229
162
197
54
63
34
7
3
30,823
445
437
556
363
696
2,431
2,777
2,396
4,933
3,059
10,245
23,653
25,081
39,619
233,402
216,376
442,349
492,007
288,436
554,259
983,132
5,445
1,450
896
534
569
1,266
584
304
201
330
195
133
93,174
1,606
2,041
2,234
2,017
2,531
9,132
7,041
5,127
4,553
11,360
13,646
23,021
13,773
11,494
40,767
12,392
16,465
606,496
41
27
36,936
17,488
11,902
9,220
7,241
24,802
14,313
10,518
10,397
15,060
7,143
4,384
1,350
571
398
34
27
4
5
1
155,630
15,273
25,402
29,429
31,956
32,482
179,947
175,670
182,363
234,725
513,362
498,216
667,473
455,986
391,482
788,296
241,477
442,066
133,175
346,062
334,524
,559,494
28,938
13,896
9,727
7,697
6,114
22,011
13,303
10,081
10,042
14,616
6,982
4,332
1,333
567
395
34
27
3
5
1
141,601
2,941
5,684
7,106
7,590
7,376
46,402
47,187
51,367
66,404
170,588
204,478
302,637
221,356
187,219
381,791
120,358
225,704
52,404
181,150
172,142
'2,062,530
1,517
1,388
1,172
1,100
951
4,509
3,436
2,515
2,570
4,862
3,075
2,226
771
384
284
27
27
3
36,124
3,346
7,492
2,444
2,799
3,199
21,900
19,252
16,370
20,800
52,877
60,618
75,702
55,561
61,600
148,578
57,281
140,852
35,588
123,853
73,010
34,342
12,908
8,247
6,349
4,964
12,101
5,344
2,786
1,672
2,973
1,036
350
75
18
9
11,609
18,876
20,335
22,161
22,200
85,446
65,049
43,266
37,405
101,180
70,065
50,607
25,600
12,106
15, 590
524
391
272
214
186
400
216
190
82
156
82
50
10
2
3
78,389
369,103
2,112
37,277
17,020
11,505
8,342
5,593
21,629
12,891
8,560
3,374
12,616
5,115
3,078
1,068
503
582
80
62
17
12
6
14,335
24,650
28,503
28,938
29,932
155,165
158,835
150,483
189,291
423, 374
353,627
479,422
371,463
416,489
1,209,991
537,524
98?, 544
571,048
873,107
1,554,773
30,692
14,378
10,216
7,724
5,228
20,401
12,383
8,329
3,259
12,341
4,940
2,957
1,004
572
523
68
55
14
11
5
3,211
6,340
7,289
7,681
7,879
41,378
43,512
41,695
54,031
135,007
123,455
175,233
123,881
134,516
339,354
130,524
231,029
135,334
183,931
125,019
1,966
1,560
1,544
1,331
1,318
5,094
4,133
3,127
2,989
6,012
3,134
2,112
725
441
500
67
50
14
5,218
6,333
4,519
7,727
9,245
31,597
27,580
25,259
30,466
98,141
90,990
138,211
104,445
130,328
475,047
227,535
347,883
234,393
238,384
46,961
9,082
4,584
2,955
2,163
5,479
2,344
1,432
768
1,471
729
316
62
37
11,298
13,059
11,270
10,167
9,610
38,561
28,334
24,736
15, 894
50,438
50,574
46,424
23,167
26,437
8,089
1,036
295
158
89
82
167
109
32
13
51
43
18
7
See footnotes at end of table. See text for explanatory etatements and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
69
ALL ACTIVE CORPORATION RETURNS
Table 6.— NET INCOME Or uttlCIT, TAX, AND DIVIDENDS PAID, BY SIZE OF NET INCOME OR DEFICIT, BY INDUSTRIAL DIVISION— Continued
Industrial division and size of net income or deficit
Returns with net income
Number of
returns
( TheusMnd
dolUra)
Number of
returns
Amount
(Thousand
doltarm)
Dividends paid in cash
and assets other than
own stock
Number of
returns
Amount
(Thouaand
dollaral
Returns without net Income
Number of
returns
(Thoaaand
doltara)
Dividends paid in cash
and assets other than
own stock
Number of
returns
Amount
(Thouaand
doltara)
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 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 or more
NATUHE OF BUSINESS NOT ALLOCABLE
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 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 or more
(4)
40,909
11,750
4,564
3,299
2,451
1,531
5,600
3,160
2,099
1,701
2,614
1,039
677
214
112
80
13
5
2,183
(6)
(7)
(8)
(9)
920,632
33,809
168,396
31,983
4,410
6,611
8,140
8,535
6,802
40,257
38,946
36,460
37,94i
89,087
71,795
105,413
75,050
76,252
158,941
85,149
70,840
11,203
,007
324
243
357
193
480
53
183
142
645
209
1,402
175
2,112
47
811
50
1,097
62
2,088
1
486
1
1,218
8,703
3,464
2,536
1,916
1,249
4,795
2,926
1,989
1,641
2,545
996
632
210
110
80
12
5
859
1,377
1,729
1,852
1,509
9,551
10,294
10,084
10,686
29,066
27,856
43,077
33,301
35,184
77,742
36,772
35,968
377
320
142
261
162
775
671
467
324
795
387
302
123
70
54
12
5
847
674
482
769
481
2,872
4,334
3,567
3,705
10,284
8,924
12,783
12,677
20,432
34,941
29,404
21,220
13,977
4,494
2,570
1,882
1,498
3,948
1,193
703
412
755
332
143
56
14
5
4,350
6,534
6,340
6,455
6,692
27,691
14,192
12,234
9,045
26,051
22,074
20,816
16,503
9,035
11,316
17,206
183
101
41
27
45
30
34
20
23
25
2
8
2
7,806
667
162
162
53
117
172
165
49
,2\
64
f2j
116
55
148
334
/2)
587
179
254
494
247
628
2
200
6,070
519
341
203
151
235
106
60
10
16
927
789
848
695
692
1,583
1,294
982
206
507
4,240
5,599
(10)
8,496
620
1,313
236
29
153
538
147
40
198
1,855
16
360
1,441
46
1,504
^Included in the total but not in the detail is $76,000 of tax reported on returns without net income. See "Explanation of Terms," Inccane tax p.
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 Eteta."
70
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
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CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
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CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
75
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28,899
83,383
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11,657
20.033
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76
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
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258,643
117,716
120,669
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768,925
478,820
151,675
637,111
661,853
292,915
892,248
581,879
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CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
85
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86
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
;si,
t^ (T\ -^ iD
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CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
87
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r^ ^ O ^ ^
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88
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
o
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C\J O- CTi O
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3 3 o o 8
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I- o o o c
a> o o o c
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CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
89
^ CO
a- -^
03 ^
\0 ■!>
1 to o
o o>
t I I I I >
a ' '
'S
_ -I >n
'O O O l/^ -H a)
(4 a> 01 01
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-O O Q O O -
■«■*> <*>o» ■«» -W- <»
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c =>«>*»-«•
Fh (4 Fi
3 O 000
H-«0^ *S-«9- t, I-, 1
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§ § §c
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3 - -C
3 O O C
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■ C\i r^ -4 ^ --t
<D U t^ h it t~
O -O T3 -O -O -O
^ «» ^--to^ I. I
• 00 o o £
• o o o o c
-0000
^^» <»«>-«o<o <o
00 Q C
o o o c
000c
^»<»»»<o«> <0 -««■«»«»■«
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90
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
36,741
52,089
53,639
55,804
56, X2
tM (-1 CO m r«j
<M -H r-( rH n
3^7,312
361,772
236,327
176,662
253,175
O
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t^ -^ O C C^
00 m (M rH -O
p- *o --a- o' fn
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c^
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CO m ^ o c\j
(N n <M rH rH
cy -^ to ^ O
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12
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tT> f^ "^ '^ fN
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CO -f M
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r\j m n c^ r-
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in *o CD [^ 00
r- >f oj n -o
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t\J D- O 0> C--
cdrsoi^i^ 3So>d?=^ ^^s^i^ a^JKKS
eo-o^t^(N •OO'D^^ (NsFa«aieo o^cy>jr4so
e-8
a -2
o m
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r-( en in .-j iH tn o
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ry fn nj m O
^ !C 'J; "5 S 15 '!!'::? o '^ >r o o CO to rv (^ to -1 cm
>IC^\D-i)(-l Or-(\Op.(n tO'-tfVOCO fnc\t
f»liO(NtOO ■.DO'tOOm
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lO >0 CT- -^ <-l
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(M m o ^ to
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H -J O O O
t \D m irt r
00 CM to to P-
(N)C~-C-rH(N CT'tn-J-., , _
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OiHOrni~H O^r-l-OOOC^ >£)
c^MincMnj mmfycjioo
f^rHrHtOO in-4->t\Ot*>
coto»nc-r^ (^nnomnj
>0 CT' cvj o^ en
^S^Z^^S; "{^'^^''^E: o»ovoto>r p-tn^ivj^o
S;?;;::?'^9 :S;if^'^'^ m-Dmovo ^o^Dootocn
o^OeomrH otnn-to>r^ -*fno>o-f njc^ry--' -
oor^OrHni ooc^fNjiOm >icoCT-fno tniNmc
■^njiNoj (Mfn^toO <n(NQ-j-c- cnHmovd
r^i-(fH.-tu-, •OrHO'HO m-fO^rHu*
S;S^25 r^O^og^ry O'^JtpfNjiA rvinm^c
tOCT-OOO-H O-JrHC-CT* C^O^Su-iC- --HO\.OiA0
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^C*-0OCOtJ« OrHrH\0>0 OQ'^c^'t*■ OC--moc^
■Atninsou-i ^o*c\l>nt^ -^cnnit^^o
•H iHnjcNcy^D (nin'^^-vTcy'
fcP'^S:^ ^tnoj^to ooc^infno^ ih«o^cou
ooj-ntng CD c; m o CO ^ nj o m o^ o^ >i og vo d
nitor-tijvoo (no^m^- ot^>f'0'-« -i<nr-!
OOinmO t^c^JO^lJ^'n fn^DvDrntn
C T3
5S
oj o
c
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0.
ce
O
u
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5 O O
3«e^«>S-«J-^ ^^
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O (h
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
91
ALL ACTIVE CORPORATION RETURNS
Table 9.— DIVIDENDS RECEIVED AND INTEREST RECEIVED ON GOVERNMENT OBLIGATIONS, BY SIZE OF NET INCOME OR DEFICIT
Size of net income
Returns wUli net income
Total
number of
returns
Dividends received from —
Domestic corporations Foreign corporations
Number of
returns
(Thousand
dollsra)
Number of
returns
(Thotiaarxl
dollars)
Interest received on Government obligations
(less anortizable bond premium)
Wholly taxable
Number of
returns
(Thousanri
dollars)
Subject to surtax only Wholly t8X-exeT,pt
Nujiiber of
returns
( Thousand
dollars)
Number of
returns
( Thousanrl
dollars)
CD
(2)
(3)
(i)
(5)
(6)
(7)
(a)
(9)
(10)
(11)
Total
Under $1,000
$1,000 imder $2,000
$2,000 under $^,000
$3,000 under $i,000
$i,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 uner $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 under $25,000,000.,
$25,000,000 under $50,000,000.,
$50,000,000 under $100,000,000,
$100,000,000 or more
513,270
41,370
2,533,766
44,941
77, 512
110,207
50,820
35,150
25,935
20,804
69,304
42,073
29,632
29,509
45,788
23,018
16,729
6,405
3,633
3,199
491
346
124
68
3,007
1,856
1,322
1,340
1,198
4,731
3,266
2,614
2,603
5,943
4,121
4,012
1,904
1,282
1,454
299
236
1,795
1,634
1,543
1,110
1,750
10,933
7,772
6,351
8,225
35,747
46,839
111,847
102,856
132,277
379,337
224,499
291,545
223,060
240,155
70i,441
203
90
145
95
302
235
338
215
229
389
97
114
54
30
23
12
35
111
250
101
468
117
894
946
3,142
6,858
10,281
50, 382
29,844
121,433
116,839
36,733
340,930
1,973
1,403
1,154
1,108
1,185
4,362
3,887
3,206
3,284
7,522
4,880
4,508
2,232
1,605
1,829
339
267
105
58
34
2,737
3,465
3,354
5,653
9,191
27,797
28,716
39,806
49,377
166,038
159,329
199,587
141,104
140,683
363,028
94,737
213,068
130,973
126,291
248,795
185
122
93
99
72
376
356
315
354
1,146
911
675
309
207
247
39
43
12
15
114
74
73
108
77
1,061
1,022
667
1,263
3,562
3,522
4,640
3,503
5,174
18,232
5,141
17,188
8,560
1,764
1,767
177
264
228
191
317
1,380
1,624
1,400
1,617
4,018
2,398
1,888
842
558
696
122
108
46
33
22
300
792
734
508
1,170
5,359
6,609
6,084
8,235
30,833
32,643
39,982
28,963
33,488
98,484
44,403
54,913
28,130
21,300
20,031
Size of deficit
Returns without net income
Total
number of
returns
Dividends received from—
Domestic corporations
Number of
returns
(Thousand
dollarw)
Foreign corporations
Number of
returns
(Thouaand
dollars)
Interest received on Government obligations
(less amortisable bond premium)
*'holly taxable
Number of
returns
(Thousand
dollars)
Subject to surtax only Wholly tax-exempt
Number of
returns
( Thouaeod
dollars)
Number of
returns
(Thouaattd
dollars)
Total.
Under $1,000
"$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
Jf5,000 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
(12)
(13)
(14)
(15)
(lb)
(17)
(IS)
(19)
(20)
(21)
294,033
6,954
38,003
'),2,'!8
133,531
128,138
35,781
21,743
16,096
12,602
32,783
14,654
8,420
4,919
10,367
5,030
2,405
683
255
140
2,202
519
454
298
368
957
442
330
174
426
353
230
103
51
40
6,211
605
412
194
411
1,220
897
1,663
764
4,730
4,210
7,235
2,124
2,063
2,327
209
2,723
(')
(M
(')
(')
32
95
5
177
762
585
178
301
4,450
550
413
424
319
805
508
411
166
457
377
218
76
79,515
3,792
470
1,214
319
5,801
2,757
1,931
548
2,073
5,277
4,474
5,013
6,347
13,667
199
134
(M
(')
241
50
(')
(')
668
22
113
202
9
131
46
106
3
330
49
42
37
7
104
36
19
27
50
(22)
8,084
2,008
600
466
624
9
564
233
59
70
268
670
676
190
740
^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."
468791 O -58 -7
92
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
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 o;"
returns
(Thousand doltara)
Only corporation's own
stock
^fumbe^ of
returns
Amount
(Thauaand dollata)
Both cash and assets other than own stock,
and corporation's own stock
Flumber of
returns
Amount of
cash and
assets other
than own stock
{Thoaaand dollara)
Amount of
rorporation's
own 3tock
(Thoaasnd dollara)
(1)
(2)
(3)
M
(5)
(6)
(7)
(8)
Total
Under $1,000
$1,000 under $2,000
$:?,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
:f5,000 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 under $25,000,000..
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
513,270
240,480
1,724,911
110,207
50,820
35,150
25,935
20.804
69,3(>i
42,073
29,632
29,509
45,788
23,018
16,729
6,405
3,633
3,199
491
34o
124
4,376
4,0o9
3,633
3,332
3,015
12,669
10,190
7,927
7,630
15,931
10,346
3,930
3,797
2,413
2,331
334
2T7
»3
13,497
15,684
10,737
13,231
15,683
67,469
63,071
59,246
76,622
215,461
239,240
412,510
358,462
470,394
1,577,245
942,399
1,600,485
1,278,008
1,497,039
3,354,080
185
117
53
57
64
321
299
272
348
572
353
250
125
46
2,357
3,405
2,289
1,049
1,405
6,006
9,049
10,922
12,327
30,498
31,377
40,273
43,162
24,815
18,219
2,827
28
38
187
243
20O
266
538
435
436
246
174
269
53
41
16
117
1,437
2
85
77
698
1,337
1,229
1,879
7,285
8,281
16,347
15,582
31,602
213,156
98,756
180,178
163,215
125,575
253,159
60
146
100
961
367
3,180
6,060
6,476
9,987
28,127
68,551
78,666
33, ice
84,333
391,518
148,305
253,733
167,417
109,308
283,987
Size of deficit
Retiims without net income
Total
number of
returns
Dividends paid
Only cash and assets other
than own stock
Number of
returns
(Thoam^nd dollata)
Only corporation's own
stock
Number of
returns
(ThouaBnd dol lara)
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
(Thouaend dollara)
Amount of
corporation's
own stock
(Thauaand dollara)
(9)
(10)
(U)
(12)
(13)
(14)
(15)
(16)
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 under $10,000,000.
$10,000,000 or more
294,033
3,580
187,329
123, 138
35,781
21,743
16,096
12,602
32,783
14,654
8,420
4,919
10, 367
5,030
2,405
683
255
140
2,320
1,002
723
467
401
1,068
625
420
292
475
334
265
102
43
35
24,672
6,369
3,984
3,795
4,887
10,423
5,120
11,694
3,305
13,278
24,605
20,985
9,940
9,582
23,296
4,872
6,522
(')
(')
1,810
46
950
(')
399
168
7
372
11
858
2
1,070
3
445
2
1,364
11
627
4
6,435
5
513
2
(M
(')
(M
(')
17
249
38
90
267
1,369
193
1,952
665
2
403
664
639
323
3,026
771
381
2,670
Sampling variability of this item was to large to warrant showing it separately.
NOTE: See text for explanatory statements and for "Description of the Sample ar.3
However, this value
LiiillatioDS of Data,"
ras included in each total.
CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
93
ALL ACTIVE CORPORATION RETURNS
Table 11.— NET INCOME OR DEFICIT AND TAX, BY CALENDAR AND BONCALENDAR YEAR ACCOUNTING PERIOD, BY SIZE OF NET INCOME OR DEFICIT
Accounting period and size of net iDcome or deficit
Returns with net income
Number of
returns
( Thotiaand
rioliara)
Number of
returns
(Thouasnd
doltara)
Returns without net
income
Number of
returns
( Thotiaand
dotUraj
(3)
(■4)
(5)
Grand total
Annual noncalendar year accounting periods:
Total
ISider $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 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
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 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 or more
^Included in the grand total, but not in the detail, is $76,000 of tax reported on returns without net inci
NOTE; See text for explanatory statements and for "Description of the Sample and Limitations of Data."
513,270
50,328,887
451,406
'21,740,890
294,033
216,647
10,282,483
188, 103
4,425,858
120,255
44,246
21,013
15,132
10,697
9,569
30,476
18,597
13,283
14,004
19,529
9,184
6,331
2,280
1,1B6
919
116
61
12
10
2
296,623
17,865
30,611
37,342
37,131
42,977
219,520
228,580
231,289
316,254
662,732
640,506
976,449
792,420
823,088
1,960,089
774,852
921,613
394,019
736,609
438,537
40,046,404
34,297
16,622
12,083
8,835
8,108
26,972
17,098
12,623
13,462
18,659
3,793
6,099
2,225
1,151
887
109
58
10
10
263,303
3,519
6,763
8,579
8,614
9,936
55,471
60,334
63,725
88,330
211,851
251,398
424,552
3&4,035
377,716
925,998
368,171
429,018
162,374
382,553
222,921
46,821
M,647
8,929
6,913
5,323
14,891
6,998
4,007
2,456
5,215
2,471
1,201
250
80
49
173,778
65,961
29,807
20,018
15,238
11,235
38,828
23,476
16,349
15,505
26,259
13,834
10,398
4,L25
2,447
2,280
375
285
112
58
33
25,942
43,335
49,499
52,851
50,185
280,495
289,829
283,871
349,538
905,193
969,288
1,631,499
1,447,260
1,705,433
4,812,661
2,630,276
4,450,339
3,859,618
3,969,931
12,239,361
52,882
24,672
17,050
13,128
9,856
34,903
21,844
15,511
15,021
25,375
13,403
10,151
4,024
2,404
2,234
366
279
110
57
33
5,477
10,329
12,232
12,935
12,173
72,594
77,007
78,450
98,625
293,886
383,061
703,817
645,015
765,982
2,144,476
1,165,096
1,983,745
1,792,910
1,717,631
5,339,515
81,317
21,134
12,814
9,183
7,279
17,892
7,656
4,413
2,463
5,152
2,559
1,204
433
175
91
13,898
21,470
22,103
23,961
23,746
105,632
85,487
69,634
54,463
179,586
168,466
178,005
66,133
54,976
86,358
21,212
22,843
30,619
31,536
31,843
32,596
126,646
92,861
76,244
55,077
177,673
178,846
153,767
150,194
L21,686
166,817
35,135
126,692
See "Explanation of Terms," Income tax , p. 1^
ALL ACTIVE CORPORATION RETURNS
Table 12.-
-NET INCOME OR DEFICIT, AND TAX, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED
Accounting period ended
Total
number of
returns
Returns with net income
Number of
returns
( Thousand
dollara)
Income tax
Number of
returns
Amount
( Thousand
dollars)
Returns without net
income
Number of
returns
(Thousand
dot tars)
Annual returns:
July 1955
August 1955
September 1955
October 1955
November 1955
January 1956
February 1956
March 1956
April 1956
May 1956
June 1956. ,
Total, noncalendar year periods
December 1955
Part year returns
Total
22,451
24,828
37,711
26,632
18,569
24,775
24,748
41,365
29,714
27, 520
58,589
336,902
420,076
50,325
807,303
C2)
(3)
14,026
15,587
23,369
17,125
12,604
16,461
15,736
26,187
19,100
17,436
39,016
622,820
631,821
1,176,050
1,157,059
925,870
1,249,845
578,865
933,051
654,615
651,739
1,650,748
12,011
13,579
20,193
14,988
10,941
14,327
13,459
22,673
16,363
15,136
34,433
273,127
273,951
494,204
490,507
402,355
581,285
242,720
416,696
260,495
279,112
711,406
8,425
9,241
14,342
9,507
5,965
8,314
9,012
15,178
10,614
10,084
19,573
216,647
275,337
21,236
10,282,483
39,320,163
726,241
188,103
243,195
20,108
4,425,858
17,005,222
309,310
120,255
144,739
513,270
50,323,387
451,406
21,740,390
(7)
84,949
85,071
166,064
105,164
77,600
80,091
72,290
144,712
91,381
109,208
193,011
1,434,896
2,350,616
See text for explanatory statements and for "Description of the Sample and Limitations of Data."
94
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
j •
i
'"t/l
* Vk\
II
r-
to
CO
M
a
M
o
e
D
M
C
_o
"S>
«
Of
CL
O
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
95
ALL ACTIVE CORPORATION RETURNS
Table 13.— NET INCOME OR DEFICIT, AND TAX, BY DISTRICT IN WHICH RETURNS WERE FILED
Internal revenue region and district
Returns with and without
net income
Returns with net income
Number of
Net income or
deficit
Number of
Net income
Income tax
returns
(ThouaBnd
returns
(Thousand
(Thousand
dolUn)
dotUrai
dotlara)
(1)
(2)
(3)
(4)
(5)
807,303
47,478,271
513,270
50,328,387
21,740,890
73,015
2,096,660
47,868
2,295,073
962,182
9,779
361,001
6,616
391,260
170,454
6,236
267,695
4,324
286,440
115,357
6,358
148,516
4,167
162,261
69,066
13,867
585,845
9,500
625,183
274,222
3,896
63,960
2,621
75,333
30,420
24,314
385,480
14,309
450,124
130,093
8,565
284,163
5,831
304,472
122,570
68,526
2,604,074
42,388
2,857,754
953,793
4,461
92,310
2,716
104,448
44,095
39,013
1,435,620
24,309
1,556,495
480,931
1,692
41,934
1,026
47,242
12,531
14,554
337,300
9,118
907,342
318,584
2,375
71,100
1,240
80,220
31,708
6,431
125,760
3,979
162,007
65,949
91,849
10,198,060
61,764
10,544,960
5,044,942
39,721
3,381,647
26,639
3,526,212
1,646,170
25,198
5,579,857
17,538
5,718,835
2,838,215
19,456
861,206
12,510
907,647
381,100
7,474
375,350
5,027
392,266
179,457
80,137
4,884,607
55,784
5,156,134
2,353,287
8,232
851,053
5,860
375,973
399,279
19,103
1,726,205
12,859
1,835,551
876,959
5,677
206,287
3,918
223,039
93,943
16,991
679,584
12,097
730,513
311,163
6,293
312,488
4,372
330,072
149,834
6,442
169,155
4,449
181,274
74,884
11,896
462,229
8,141
490,055
213,970
5,503
477,606
4,068
439,602
233,255
50,498
1,947,066
32,792
2,184,654
912,527
1,782
15,786
1,090
32,334
13,221
16,299
756,789
10,125
338,027
333,172
13,511
491,878
8,892
564,150
237,250
3,531
68,662
2,406
77,175
30,347
8,469
254,508
5,799
285,354
121,252
6,906
359,443
4,480
337,614
176,785
184,045
12,966,465
109,573
13,539,673
5,827,167
8,032
464,931
4,654
480,981
232,563
50,892
401,327
28,356
507,623
211,036
11,981
603,235
7,877
638,797
301,339
39,213
7,218,458
23,596
7,409,666
3,010,614
6,557
249,360
4,280
263,273
124,293
67,370
4,029,154
40,810
4,234,333
1,946,822
67,738
2,866,814
45,307
3,075,049
1,302,808
1,995
21,405
1,203
24,401
8,911
1,494
4,137
820
16,702
6,288
7,599
267,189
4,461
302,764
131,506
8,542
326,405
6,058
345,033
137,064
1,985
23,247
1,307
25,756
6,574
7,690
376,146
5,176
399,818
162,868
5,299
166,310
3,661
179,555
70,638
12,771
700,576
8,757
735,317
338,302
13,579
729,787
9,264
773,571
316,930
6,784
251,612
4,600
271,627
123,677
104,072
6,409,803
63,825
6,781,192
2,759,576
17,996
601,172
11,390
666,721
273,910
8,649
173,636
4,959
193,774
85,943
39,062
1,251,414
23,486
1,347,566
389,378
19,970
1,295,133
12,627
1,397,137
584,401
10,514
1,399,508
6,275
1,447,463
698,869
4,112
418,003
2,417
442,787
225,114
3,769
1,270,937
2,671
1,235,744
501,961
37,423
3,504,722
53,969
3,894,393
1,624,603
2,106
52,125
1,377
56,812
21,356
2,775
50,106
1,824
56,106
22,749
1,627
70,496
933
77,875
32,862
38,989
1,269,089
23,636
1,443,330
619,364
3,240
43,747
1,895
65,263
27,281
6,664
213,088
4,020
236,949
94,968
1,094
17,707
586
26,588
11,101
3,515
72,982
2,123
92,119
38,660
15,698
1,295,878
10,367
1,330,340
572,425
11,715
419,504
7,208
459,011
183,337
AJll regions and districts
Atlanta Region
Atlanta „
Bimdnghain
Columbia
Greensboro
Jackson
Jacksonville ^.
Nashville
Boston Region
Augusta
Boston
Burlington
Hartford
Portsmouth
Providence
Chicago Region
Chicago
Detroit
Milwaukee
Springfield
Cincinnati Region
Cincinnati
Cleveland
Columbus
Indianapolis ^
Louisville
Parkersburg
Richmond ,
Toledo
Dallas Region
Albuquerque
Austin
Dallas
Little Rock
New Orleans
Oklahana City
New York City Region
Albany
Brooklyn
B\if f alo
Lower Uanhattan
Syracuse
Upper Manhattan
Onaha Reg ion
Aberdeen
Cheyenne
Denver
Des Moines
Fargo
Kansas City
Omaha ,
St . Louis
St . Paul
Wichita
Philadelphia Region
Baltimore^
Camden
Newark
Philadelphia '
Pittsburgh
Scranton
Wilmington
San Francisco Region
Boise
Helena
Honolulu
Los Angeles
Phoenix _
Portland
Reno
Salt Lake City
San Francisco
Seattle^ \
'includes the District of Columbia.
^Includes Alaska.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data
96
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102
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE. 1956
RETURNS WITH NET INCOME
Table 15.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP
Returns
wl tbout
balance
sheets
Returns with baleince sheets by major Industrial group
All
industrial
groups
Agriculture, forestry, and fishery
Total
agriculture]
forestry,
fishery
Farms and
agricul-
tural
services
Fishery
Min<r>g and quarrying
Total
mining and
quarrying
Uetal
mining
Anthra-
cite
mining
) 1 tufflinous
coal and
lignite
mining
(1)
(2)
M
C5)
(6)
(7)
(8)
(9)
(10)
111)
Number of returns with net income.
Assets;
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories :
Last- in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Govemment obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Oepletable assets
Less: Accumulated depletion
Land
Intangible assets
l£Ss: Accumulated amortization..
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 stoclc, preferred
Capital stock, common^.
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less am
tizable 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
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 (<i7 less 65)
Net income ( 66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
23,678
4,968
(Jhouaand dallara)
■472,446,756
86,549,420
2,153,729
77,512
462,961
8,721,185
4,223,224
638,296
38,602
2,087,257
880,547
2,533,766
769,527
3,392,605
355,657,242
50,494,097
8,843,876
4,744,704
5,227,167
1,142,986
5,322,854
12,980,981
410,195
2,401,022
11,854,586
2,629,134
5,929,347
3,194,624
1,071,319
364,436
61,914,969
534,183,539
50,791,848
50,328,887
836,133
21,740,890
29,050,958
13,400,660
1,965,391
4,790,572
815,782
21,810
1,817
14,062
83,647
83,388
8,772
1,115
59,460
29,460
24,804
3,786
39,895
5,978,370
3,619,303
492,887
105,589
52,040
53,722
16,819
50,905
125,478
3,453
15,355
123,767
21,001
70,025
19,806
7,197
1,489
677,708
521,826
507,764
21,272
204,651
317,175
99,615
14,768
82,292,840
180^043,026
2,589,627
4,550,503
28,663,154
31,490,479
2,551,572
19,239,053
98,271,919
8,067,932
145,735,048
260,021,313
93,351,055
8,775,337
3,934,739
9,321,337
2,543,563
633,403
16,038,736
797,037,038
39,084,008
24,300,814
81,771,848
21,532,913
345,184,736
14,407,570
86,023,006
12,020,248
29,637,339
143, IX, 556
797,097,038
467,656,184
85,733,638
2,131,919
75,695
448,899
8,637,538
4,139,836
629,524
37,487
2,027,797
351,087
2,508,962
765,741
3,352,710
578,997,017
352,037,939
50,001,210
8,738,287
4,692,664
5,173,445
1,126,167
5,271,949
12,855,503
406,742
2,385,667
11,730,819
2,608,133
5,859,322
3,174,818
1,064,122
362,947
61,237,261
8,726,995
50,270,022
49,821,123
814,861
21,536,239
28,733,783
13,301,045
1,950,623
171,849
211,499
2,523
1,098
67,961
106,515
49,168
8,498
78,443
7,520
189,508
1,196,842
552,856
33,791
11,736
255,711
5,093
323
53,373
143,061
136,316
172,812
40,040
73,021
31,255
613,399
56, 165
99,279
504,083
1,869,431
1,657,868
323,120
1,518
41
266
3,415
13,171
6,722
90
33,894
3,457
5,048
593
19,083
2,068,291
,194,174
132,406
136,711
30,244
21,169
2,103
12,437
37, 101
1,066
631
75,649
2,655
12,107
4,227
2,628
690
221,400
180,893.
180,627
9,903
66,674
114,219
44,953
4,306
163,122
200,905
2,489
1,075
66,709
99,846
48,733
7,978
75,240
6,971
181,699
1,149,457
528,705
8,624
1,990
250,427
2,996
323
51,482
1,781,757
137,331
132,359
161,372
36,007
69,762
30,777
577, o26
54,762
89,117
492,644
1,608,354
303,696
1,462
41
266
3,224
12,748
6,718
87
28,055
3,022
4,911
593
18,800
1,991,982
1,159,150
121,972
134,166
29,793
20,069
2,087
11,915
35,782
1,046
631
72,633
1,715
11,965
4,185
2,033
671
213,155
169,014
168,748
9,282
62,505
106, 509
43,410
4,306
6,596
6,407
81
6,432
137
1,443
346
1.753
27,038
15,291
25,167
9,746
4,520
1,580
56,905
3,657
401
8,504
3,489
1,639
83
26,689
1,264
9,435
1,744
56,905
33,714
4,330
158
397
5,224
435
24,165
2,132
912
19
98
8
216
708
10
1,356
940
34
42
585
34,208
10,159
10,159
335
3,746
6,413
footnoteeat end of table. See text for explanatory statements and for "Description of the Sample and Limitations of
2,131
4,187
23
1,171
237
298
67
1,760
203
6,056
20,347
8,860
764
2,083
2,073
3,556
2,936
544
1,620
395
9,084
139
727
9,695
30,769
15,800
15,094
3
615
134
206
10,859
8,302
1,633
432
1,002
8
306
611
10
1,660
108
10
19
5,262
30,222
1,720
1,720
286
423
1,297
865,184
1,359,927
10,083
7,890
195,511
301,007
127,240
51,896
801,450
73,042
1,101,738
6,231,501
3,122,103
2,161,109
1,203,795
105,471
66,071
23,734
101,980
9,191,302
544,969
226,492
702,702
581,503
256,342
183,354
1,661,682
251,204
960,144
3,822,910
9,191,302
6,098,640
1,484,210
13,240
55
784
11,049
16,128
30,267
1,800
73,170
1,955
82,116
1,627
37,147
7,852,188
3,279,627
862,255
85,349
29,701
107,062
7,114
33,218
204,986
6,370
36,705
380,873
657,215
12,252
104,631
14,489
5,065
701,420
6,528,332
1,323,856
1,323,072
24,638
602,561
721,295
761,767
54,501
181,998
277,325
1,581
2,044
30,674
79,907
59,223
13,153
493,279
18,546
362,290
888,750
504,039
622,441
386,021
15,488
7,125
5,350
22,754
112,221
11,157
57, 160
227,104
67,033
51,472
395,067
42,675
256,856
957,261
2,178,006
1,545,447
37,384
131
4,U0
1,754
3,512
41
11,256
15
42,186
89
3,746
1,656,738
752,137
17,094
5,890
1,337
12,359
253
2,820
69,878
1,317
19,610
39,570
159,625
886
11,708
1,031
655
98,503
462,065
461,934
3,275
207,255
254,810
227,205
1,485
12,640
12,980
938
5,699
203
280
21,078
294
72,614
38,750
28,037
2,649
1,490
6,248
4
1
895
21,992
1,866
1,703
3,695
1,780
60
33,371
6,009
3,432
70, 628
144,536
53,778
25,873
19
116
119
1
12,510
94,648
45,218
16,320
1,142
681
2,340
16
266
1,362
112
1
2,901
700
64
1,146
184
77,844
16,804
16,785
347
2,708
14,096
151,502
285,013
1,481
4,560
32,183
44,666
24,058
21,546
71,062
24,220
279,519
1,302,535
637,748
338,621
134,545
11,934
949
60
18,961
128,601
65,497
206,603
56,287
47,048
58,293
316,426
48,041
238,673
672,026
1,421,515
165,113
1,742
16
364
2,194
5,914
1,913
317
24,357
213
7,353
234
8,524
1,639,769
1,051,875
100,955
15,363
6,474
32,723
1,598
8,458
35,801
786
2,440
70,243
53,728
2,030
63,829
8,718
555
102,710
81,483
81,119
6,968
28,622
52,861
38,992
2,168
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
103
RETURNS WITH NET INCOME
Table 15.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Number of returns with net income
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories :
Last- in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and s\^plies
Investments, Govemiuent obligations;
States, Territories, and Itaited States pos-
sessions.
Iftiited States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Depletable assets.
Less : Accuniulated depletion
Land
Intangible assets
Less : Accumulated amortization
Other assets
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Ac crued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves
Paid-in or capital surplxis
Earned surplus and undivided profits
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable 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 •-
Compensat ion 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
Ccanpiled net profit {.m less 65)
Net income (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Returns with balance sheets by major industrial group — Continued
Mining and quarrying —
Continued
Crude petro-
leum and
natural gas
production
(12}
2,258
Nonmetallic
mining and
quarrying
(13)
Construction
Manu fa c tur i ng
Total
manufacturing
(15)
Beverages
(16)
Food and
kindred
products
Tobacco
nanufactures
(17)
Textile-mill
products
(18)
Apparel and
products
made from
fabrics
(20}
Lumber
and wood
products,
except
furniture
!21)
^litaaiand dollari)
351,207
601,985
2,457
221
80,055
Ul,530
26,498
11,994
149,356
21,754
277,356
3,053,098
1,498,775
1,067,926
637,910
43,035
56,203
18,062
37,216
3,752,230
208,566
103,733
327,654
241,552
100, 360
53,443
651,621
75,832
404,237
1,585,232
3,752,230
1,931,896
1,145,116
2,894
2
188
3,527
5,876
21,188
1,424
31,073
1,525
18,786
1,299
17,176
787,864
662,099
31,585
14,758
22,271
3,140
U,848
67,311
2,954
12,290
196,652
366,410
5,221
21,965
2,651
3,555
360,136
167,837
182,624
3,626
1,065
46,900
44,701
17,181
4,535
66,675
8,228
109,959
948,368
453,504
129,472
43,829
23,766
1,790
261
22,154
73,589
44,239
109, 582
52,865
40,121
20,086
265,197
78,647
56,946
537,763
1,146,004
110,724
1,L45
10
82
1,072
2,465
3,401
16
201
1,2«1
2,575,710
606,260
606,072
10,959
290,103
316,157
430,785
40,863
642,533
65,787
31,369
6,451
37,369
2,107
6,826
30,634
1,201
2,364
71,507
76,752
4,051
5,983
1,905
292
134,688
917,857
3,583,703
18,774
15,568
345,157
172,337
48,405
16,306
103,605
18,200
773,623
2,225,943
1,118,875
32,417
11,591
112,740
23,083
1,814
209,985
7,447,875
1,467,537
584,603
502,215
329,994
1,223,584
102,941
938,550
68,167
169,803
2,060,478
7,447,875
2,133,142
13,872,345
2,063
49
445
8,632
35,589
5,055
1,268
42,307
3,042
18,031
2,298
131,431
1,704,666
11,743,471
484,282
54,183
69,185
13,282
40,303
171,093
8,316
1,999
283,253
5,159
31,763
29,900
22,362
2,225
944,196
157, 24A
157,162
3,089
73,873
83,371
54,647
9,985
15,609,643
15,228,504
30,880,100
679,257
3,933,936
17,027,112
20,583,250
1,390,361
482,746
11,644,738
2,902,397
18,153,045
109,878,556
50,520,570
5,475,516
2,291,826
2,367,742
1,582,752
570,854
2,757,947
17,455,222
5,440,650
20,321,446
12,024,470
9,209,257
6,251,026
33,771,858
5,893,532
11,955,066
57,903,668
190,226,195
275,225,829
4,744,071
232,529
2,154
13,911
233,326
402,337
282,993
5,359
690,930
9,214
835,203
587,801
1,138,852
199,317,198
2,351,150
3,049,639
1,269,334
4,151,682
198,651
1,018,641
5,898,538
238,142
1,483,469
5,483,542
1,775,976
3,467,103
2,011,104
753,005
49,895
25,198,905
360,474
509,485
8,237
285,506
347,028
312,308
35,413
10,926
105,450
9,941
235,382
1,952,650
745,785
5,301
185
68,671
42,347
1,976
95,584
3,670,383
260,382
116,222
471,311
185,326
230,840
186,160
424,406
62,790
215,162
.,517,284
3,570,383
5,943,639
18,194
1,810
35
254
3,653
3,583
3,381
107
7,979
273
5,830
217
27,862
6,016,817
258,725,979
545,064
545,519
36,019
251,205
394,859
80^279
29,109
25,734,080
25,720,169
311,700
12,891,459
13,842,611
6,719,217
1,171,781
3,431,871
5,121
48,132
16,405
43,027
2,912
24,720
964,692
4,376
1,073
116,731
894
270,334
21,332
9,600
1,347
524,875
1,199,567
2,025,163
40,806
375,740
1,212,534
1,569,035
152,716
30, 582
4^7, 169
123,452
1,066,859
7,309,153
3,239,322
24,291
11,64A
267,891
81,428
804
184,310
12,877,834
1,103,339
716,591
1,422,372
728, 122
373,428
590,639
2,525,130
446,601
454,973
4,505,589
12,877,834
34,688,502
128,585
8,444
29
704
17,801
22,850
8,632
385
24,385
1,205
16,915
33,309
87,023
35,038,769
429,275
429,021
3,889
203,553
220,722
113,332
4,713
27,864,275
49,074
235,564
111,632
283,733
20,451
94,958
355,289
16,885
4,927
437,031
1,797
706,078
110,514
54,836
7,490
3,118,635
33,484,170
118,853
557,143
3,143
179,470
649,377
1,053,169
17,532
3,300
11,449
1,387
73,248
373,147
173,607
33
10,785
2,301
320
14,794
2,888,928
78,307
325,556
625,738
221,005
12,017
218,010
539,769
55,010
127,414
684,102
2,888,928
3,806,234
8,067
64
306
1,031
2,118
1,206
90
2,310
2,075,547
3,363
9,378
2,335
6,825
833
29,287
989,643
1,224
39
19,438
151,341
9,303
2,874
179
123,430
633,368
1,416,490
18,841
231,213
819,430
1,043,707
47,731
30,730
272,985
21,313
680,573
4,747,096
2,106,746
3,830
1,331
57,580
11,597
951
93,832
500,070
383,732
743,115
339,447
208,190
347,804
1,381,118
165,405
417,018
3,397,266
7,934,166
11,463,053
174,115
5,088
92
518
9,379
15,323
5,505
317
18,943
1,237
10,723
4,137
45,321
1,554,599
1,553,895
34,934
756,319
798,280
376,426
47,404
381,740
331,675
110
195,810
184,930
103,965
539
,243,606
108,338
144,534
42,012
112,687
7,779
47,089
174,552
11,012
5,039
228,953
903
77,913
33,275
17,550
4,273
793,302
355,524
929,208
13,382
18,128
600,010
601,775
18,361
2,838
31,324
8,109
199,509
644,108
300,995
4,969
2,618
17,577
8,851
164
57,053
3,185,690
617,368
291,675
171,594
179,740
120,836
139,112
586,351
37,330
31,577
950,106
3,135,690
8,045,221
367,094
689
9
39
2,541
4,528
7,042
289
2,830
83
2,171
533
26,041
1,459,215
696,420
695,902
36,490
323,601
372,819
153,370
43,817
6,435,528
280,423
215,235
58,759
15,167
8,284
24,328
101,970
6,197
251
51,152
28
81,453
25,592
16,394
1,214
856,751
346,145
586,591
10,014
50,234
325,617
452,343
41,743
7,038
112,847
130,765
245,559
1,837,237
868,183
449,381
40,981
74,313
5,451
231
86,150
272,274
231,757
259,119
191,276
136,074
73,260
322,259
79,973
189,932
1,575,537
3,832,511
,593,231
86,896
2,974
53
165
5,385
9,765
2,818
642
220,969
1,748
5,050
,189,731
269,484
269,445
16,233
113,939
155,495
30,541
13,472
4,253,041
58,110
100,530
21,152
48,905
6,650
20,602
98,743
4,317
7,463
134,267
20S 393
23,074
13,343
4,914
652
455,443
5,457,655
523,356
523,191
13,076
194,521
328,735
92,364
11,115
See footnotesat end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
104
RETURNS WITH NET INCOME
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
Table 15. -BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP-ConClnued
Number of returns with net income.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last- in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and Ifeited States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated ajDortization and depre-
ciation,
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less : Accumulated amortization
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, comroon^
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable 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
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 (47 less 65)
Net income (66 less 37) [[[[ [['
Net operating loss deduction !"!!...
Income tax ' ]
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Returns with balance sheets by major industrial group— C ont inued
Furniture
and
fixtures
(i2)
3,293
Paper and
allied
products
(23)
Printing,
publishing,
and allied
industries
(24)
Manufacturing — Continued
Chemicals
and allied
products
Petroleum
and coal
products
Rubber
products
(27)
Leather
ajid
products
m)
1,857
179,435
454,241
10,761
23,458
313,098
203,003
13,160
3,488
58,642
16,857
91,295
689,459
297,470
11,841
3,259
23,827
3,286
177
24,645
208,635
95,280
104,915
126,704
85,217
47,867
340,090
28,051
62,754
698,555
1,793,063
3,713,029
8,627
1,365
6
87
1,473
2,681
455
33
5,377
129
1,717
1,206
18,575
671,673
852,645
18,751
68,724
539,099
467,805
59,493
14,068
484,397
115,534
986,659
5,257,454
2,154,063
276,562
54,244
94,101
7,084
932
167,714
(1h€xiaand dottara)
Stone,
clay,
and glass
prcKjucts
(29)
Primary
metal
industries
(30)
Fabricated
metal prod-
ucts, except
ordnance,
machineiy ,
and trajis-
portation
equipment
_(31i.
461,934
160,239
995,779
458,858
230,575
302,414
1,351,059
202,341
660,740
3,010,983
7,834,972
2,723,401
3,337
95,090
27,039
22,511
6,878
9,842
53,230
4,169
702
44,945
953
47, la
13,620
7,505
195
426,293
9,145,043
22,846
10,788
70
662
8,562
7,767
3,100
128
71,185
602
13,015
12,433
41,063
779,830
1,154,205
41,367
29,770
370,436
281,545
55,649
35,748
295,971
64,712
723,155
2,750,198
1,163,728
25,126
10.970
134,696
239,177
2,547
201,308
529,702
189,579
454,794
425,287
424,581
298,037
362,478
223,001
204,004
2,311,951
5,923,414
267,929
267,842
8,509
124,656
143,273
37,886
12,994
6,299,835
3,444
115,419
39,436
210,633
5,009
41,412
153,347
11,452
56,762
231,057
14,664
58,798
63,868
18,107
1,081
887,588
8,398,495
634,654
7,022
134
647
5,492
20,024
14,097
114
22,612
268
24,916
5,398
73,217
1,398,101
2, 177, ■'66
53,500
118,870
1,029,727
1,865,059
97,116
77,572
633,191
921,794
2,354,999
11,742,514
5,265,507
208,655
86,194
213,362
136,857
35,526
249,568
17,834,424
1,245,992
285,907
2,642,143
1,406,992
507,214
771,323
2,785,830
338,660
1,855,103
5,995,260
1,631,488
3,726,629
179,998
557,612
571,698
1,563,780
294,144
33,926
1,669,985
180,610
4,993,539
23,777,315
11,549,523
3,273,654
1,462,192
471,656
812,346
437,063
297,902
30,232,508
17,834,424
9,207,090
8,211,912
,130,352
,129,690
10,426
546,589
583,763
249,784
118,523
5,638,573
325,773
286,262
85,273
41,044
19,494
29,132
132,577
14,210
1,269
156,730
233
50,018
62,445
18,126
2,296
1,492,862
20,300,704
34,344
23,899
350
2,729
18,157
17,166
65,485
485
32,782
172,979
42,795
63,532
2,981,303
280,243
3,408,729
381,732
358,652
350,351
3,114,469
893,469
2,591,449
10,372,106
215,792
897,183
16,003
103,997
579,750
274,781
11,475
9,203
150,353
9,084
217,523
1,761,102
919,387
1,699
630
20,151
2,436
611
14,834
30,232,508
329,777
55,606
672,014
248,957
94,263
129,623
350,409
151,563
162,552
1,137,963
3,332,732
20,826,598
850,768
350,121
18,633
392,382
458,336
157,539
21,220
12,410,413
24,646
243,033
73,499
355,130
15,283
104,743
259,975
19,575
229,741
629,521
61,133
668,060
183,894
39,167
5,656
2,484,777
17,308,351
29,116,704
1,101,755
32,428
195
648
39,330
174,654
60,258
1,313
83,082
225
408,826
172,721
282,670
31,474,809
22,124,893
402,005
45,272
269,064
411,676
13,662
127,793
693,300
16,040
229,275
397,297
1,252,042
144,984
232,371
77,093
1,757
2,479,020
145,353
382,635
7,583
21,994
197,216
277,436
8,289
3,635
28,657
10,624
168,120
403,001
200,620
2,246
465
12,926
5,856
185
22,839
186,487
89,876
129,327
85,072
49,501
55,323
266,579
55,056
56,479
507,822
585,129
874,141
22,597
41,655
458,036
394,125
58,292
20,679
522,584
72,811
415,675
4,078,368
1,820,362
108,344
36,783
77,830
7,876
1,022
55,513
5,890,294
5,644,140
17,239
2,764
5
69
3,941
4,768
1,814
12
18,324
33,607
11,930
5,741,157
3,018,247
3,015,518
45,143
1,444,105
1,574,142
960,570
131,639
29,422,549
2,052,260
2,051,612
6,213
827,269
1,224,991
1,114,689
318,487
See root.,ot«at end of table. See text for explanatory statements and for ■■Description of tr,e San,ple and Limi
4,143,198
360
32,462
25,912
88,099
8,354
24,296
148,354
2,596
11,351
102,201
1,571
57,974
34,361
12,161
894
589,284
3,072,145
3,356
662
10
1,216
1,912
1,081
18
13,199
357,717
96,567
467,343
477,774
174,335
133,179
1,241,213
227,022
411,805
2,303,339
5,890,294
3,101,950
457,729
457,660
2,258
225,781
231,948
101,424
9,949
2,415,242
4,952
63,134
18,444
16,213
2,722
10,522
46,166
3,263
250
25,837
73
36,270
10,845
7,937
357
277,656
7,508,408
43,996
10,182
38
599
6,364
6,748
8,467
30
18,819
113
11,392
40,166
26,756
1,528,644
2,435,262
63,413
789,868
1,151,259
1,585,432
179,423
39,862
1,231,697
942,398
1,411,165
15,874,663
8,123,615
936,046
547, 521
224,152
23,321
4,436
153,158
19,817,365
1,604,003
218,244
2,733,365
1,317,502
794,772
974,291
3,519,089
736,475
955,537
6,964,087
825,525
1,589,545
32,418
255,339
1,336,905
895,470
54,970
30,392
240,619
41,516
492,877
3,933,393
1,697,455
26,586
8,503
129,153
25,653
2,982
102,974
,290,064
19,817,365
7,682,078
4,742,397
25,327
111,311
27,762
189,271
7,401
23,285
131,587
12,741
41,538
210,633
78,583
55,284
62,671
18,650
24,681,370
369,557
33,372
118
1,717
40,978
35,257
9,910
58
22,579
253
61,962
6,622
51,995
380
624
516
388
260
1,455
155
490
3,261,
,929
,598
173
514
219
796
363
402
643
14,062,023
79,006
4,610
40
2,703
6,351
11,053
5,225
318
19,402
851
16,577
25,359
68,901
25,315,748
1,299
766,944
162,067
161,970
5,905
75,749
86,318
31,143
7,640
6,506,684
1,175,394
1,174,795
4,959
568,019
587,375
244,768
128,274
17,423,852
198,138
152,526
79,016
1,154,186
7,416
138,669
444,045
29,648
582,675
536,013
146,706
74,493
299,296
82,431
2,945
1,037,213
14,302,419
22,369,288
2,926,460
2,924,743
9,250
1,463,166
1,463,294
639,707
53,944
10,217,030
43,913
311,246
69,028
166,977
17,763
42,182
207,307
12,704
27,569
241,802
459
155,627
86,640
43,962
2,948
1,432,663
13,101,820
1,200,599
1,197,896
20,638
574,244
626,355
228,457
48,449
tations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
105
RETURNS WITH NET INCOME
Table 15.— BALANCE SHEETS AND RELATED INCOME STATQffiNTS, BY MAJOR INDUSTRIAL GROUP^-Continued
Number of returns with net income
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last- in, first-out
Other than last- in, first-out
Not stated
Prepaid expenses and si^plies
Investments, Govemjuent obligations:
States, Territories, and United States pos-
sessions.
l^ited States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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
Paid-in or capital surplus
Earned surplus and undivided profits
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable 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
Deduct ions :
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on bxisiness 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 (<17 less 65)
Net incane ( 66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Gash and assets other than own stock
Corporation's own stock
Returns with balance sheets by major industrial group — Continued
Uanuf ac tur ing — Continued
Public utilities
Machinery,
except
transpor-
tation
equipment
and
electrical
(32)
Electrical
machinery
and
equi potent
(33)
Transpor-
tation
equipCDent ,
except
motor
vehicles
(34)
Motor
vehicles and
equi{BDent ,
except
electrical
(35)
Ordnance
and
iccessories
(36)
Scientific
instruments;
photographic
equipment;
watches,
clocks
(37)
1,335
Other
manufac-
turing
(38)
Total public
utilities
(39)
19,762
Transpor-
tation
(40)
14,468
(JhouKand dollataj
1,487,968
3,196,635
60,174
587,728
2,4i5,622
1,891,938
T?,9iS
21,538
891,872
66,328
982,601
7,257,297
3,209,816
35,866
14,496
183,916
43,838
13,873
187,285
1,505,393
506,619
1,672,469
957,237
777,928
497,061
3,089,252
522,537
667,774
5,863,751
16,060,021
20,313,139
584,497
15,581
84
882
21,726
27,397
37,159
476
39,328
477
26,765
37,274
78,010
13,889,034
79,278
345,008
93,635
299,494
18,412
81,754
358,087
24,530
76,959
480,707
5,792
223,540
194,856
66,680
6,821
2,742,478
18,987,065
2,195,730
2,194,848
17,203
1,085,108
1,110,622
441,685
93,401
681,861
2,045,295
26,445
43,515
1,340,966
1,237,834
42,221
73,678
480,206
54,758
997,073
3,445,031
1,317,726
3,772
1,306
64,769
14,830
4,243
200,343
9,426,452
1,287,180
286,285
1,121,875
771,896
400,822
211,381
1,402,428
270,401
680,865
2,993,319
9,426,452
14,379,727
50,922
8,595
166
808
15,008
L4,909
22,419
172
22,817
457
22,149
22,182
43,132
14,603,463
10,354,674
22,959
130,972
60,107
136,184
10,224
50,633
327,782
11,367
53,210
246,729
134
255,427
141,152
46,073
2,875
1,507,153
574,018
1,955,773
5,165
2,638
643,359
1,713,703
37,561
1,817
109,368
77,756
144,379
2,013,076
1,009,004
1,559
1,509
54,248
11,415
936
51,331
786,844
250,380
360,890
414,143
1,687,081
62,997
621,298
144,748
446,749
1,600,257
6,375,387
10,457,738
834,056
3,587
58
8,520
3,174
13,000
9
14,746
371
5,998
7,534
24,685
11,373,481
13,357,655
1,245,808
1,245,000
11,256
617,970
627,838
365,640
23,547
1,474,340
638,703
50,672
42,106
155,134
2,759
24,133
184,721
7,440
55,483
96,450
46
27,391
93,486
41,942
606
580,940
827,444
1,640,291
11,420
37,133
877,775
2,143,608
42,132
6,087
3,450,007
6,603
1,213,984
7,234,096
3,087,493
5,036
2,367
86,208
65,335
319
390,305
14,924,445
1,630,527
140,186
727,115
1,594,060
1,828,345
404,732
994,001
936,395
652,478
6,016,606
14,924,445
25,810,578
10,319
52,342
167
100
12,682
5,745
6,316
147
33,552
153
44,384
128,330
53,181
26,157,996
10,476,352
897,129
897,071
4,150
455,442
441,687
183,507
22,808
18,366,640
1,293
64,151
24,334
276,966
2,802
31,539
866,015
13,149
77,909
415,343
365
109,699
233,708
126,503
1,675
1,186,858
26,683
35,675
442
35,179
9,725
1,817
1,213
23,271
22,208
81,375
43,682
2,311
13
4
2,522
20,329
7,503
6,751
8,570
6,443
9,359
21,725
18,744
8,463
89,477
197,364
310,452
5,053
23
258
181
32
165
1,270
21,798,949
4,359,047
4,358,947
18,613
2,225,786
2,133,261
903,435
17,904
218,239
1,299
3,B75
1,234
4,230
134
627
6,060
373
834
5,480
428
2,580
3,465
1,119
681
31,316
216,805
647,045
11,129
34,253
573,050
257,444
17,421
2,779
240,681
8,677
179,464
1,344,699
620,759
5,849
2,214
34,098
17,269
8,866
30,984
3,017,550
210,553
137,074
299,927
260,535
132,251
77,493
473,958
71,348
416,469
387,387
3,017,550
3,962,832
42,549
3,627
11
58
4,560
3,731
5,131
231
5,025
250
3,730
11,067
19,669
281,974
36,218
36,195
76
18,468
17,750
8,347
1,218
2,474,453
35,192
60,966
24,772
56,960
3,654
17,130
89,162
5,555
14,198
80,092
68
91,314
48,048
25,728
1,030
554,468
3,582,790
388,288
791,054
13,663
27,081
609,941
337,675
25,754
21,647
101,513
17,363
207,189
1,321,614
605,717
9,870
2,364
43,411
14,135
2,636
61,394
3,349,094
419,646
193,592
205,162
223,012
137,373
109,386
603,099
69,724
135,317
1,247,278
3,349,094
5,809,422
62,343
2,239
33
230
4,643
8,085
2,123
17,275
310
4,411
2,504
26,224
5,939,939
4,097,106
36,097
184,717
46,377
45,579
9,775
19,940
95,934
5,313
4,952
95,123
3,706
87,780
26,019
13,653
1,624
742,451
5,516,151
479, 681
479,623
4,165
240,834
238,847
114,962
11,249
423,783
423,508
14,566
192,008
231,780
65,626 I
29,475
3,334,689
3,554,277
39,399
23,135
755,653
1,706,157
256,212
37,223
2,648,301
965,519
5,315,889
101,889,250
24,245,379
159,385
80,348
507,232
127,861
13,170
2,778,658
99,680,745
3,153,883
1,268,326
36,025,562
4,270,330
3,314,428
4,779,401
23,462,444
1,123,030
5,148,916
17,133,875
99,688,745
2,533,423
40,625,566
44,369
998
1,572
109,567
497,418
28,659
1,298
143,267
10,301
146,951
13,937
216,521
1,953,746
24,210,114
329,093
905,419
105,891
44,219
1,285,462
2,609,362
26,720
814,669
2,962,264
69,034
158,699
473,037
137,165
17,146
2,339,583
33,442,123
5,936,774
5,935,202
76,335
2,895,354
3.041,420
2,346,663
86,357
1,898,600
1,874,916
6,638
1,212
70,964
710,091
115,347
27,188
914,071
779,417
3,684,614
35,927,403
10,203,340
114,700
63,460
237^245
74,027
7,376
1,204,433
37,352,914
1,960,390
419,732
10,721,239
1,327,465
1,588,376
786,527
7,567,707
336,611
910,280
11,734,537
37,352,914
317,021
20,524,714
24,635
244
1,097
53,361
423,772
15,491
1,026
104,710
7,897
102,879
2,913
154,029
Cotnnunl-
catlon
(41)
336,136
370,030
5,983
13,988
552,682
99,228
31,337
4,029
1,368,347
50, 106
543,736
19,091,905
5,001,388
4,881
1,535
61,659
43,616
5,126
390,415
405,949
75,092
5,373,701
1,159,985
836,466
254,188
6,731,669
34,210
1,903,270
1,628,483
18,453,013
21,733,339
21^,737
14,109,619
234,052
764,379
41,119
6,799
427,175
1,085,350
9,729
497,531
1,078,786
23,828
87,145
97,402
46,583
9,897
1,206,324
19,938,955
1,794,834
1,793,787
62,327
805,126
939,758
567,293
23,680
2,049,493 33
7,557,422 34
13,184
740
131
10,693
43,974
8,773
150
4,619
2,061
28,573
2,452
10,564
9,737,834
1,635,346
4,035,495
34,381
100,784
49,375
19,822
180,742
528,101
6,236
6,004
647,911
13
43,118
224,183
55,010
442
474.796
8,041,759
1,696,075
1,695,944
6,565
859,956
836,119
561,694
12,648
See footnotesat end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data
106
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
RETURNS WITH NET INCOME
Table 15.
-BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Returns with balance sheets by major industrial group — Continued
Public utilities-
Continued
Electric
and gas
utilities
Other
public
utilities
Total trade
Total
wholesale
Commission
merchants
Other
wholesalers
Total
retail
General
merchandise
Apparel
and
accessories
(42)
(■43)
(■W)
(45)
(-46)
(48)
(49)
(50)
(51)
Number of returns with net income.
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories :
Last- in, first -out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Depletable assets
Less : Accujmilated depletion
Land
Intangible assets
Less: Accumulated amortization.
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, corajBon^
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities.
Receipts:
Gross sales
Gross receipts from operations -.
Interest on Government obligations (less amor-
tizable 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-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
Amortisation
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 (-;? less 65)
Net Income ( 66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid :
Cash and assets other than own stock
Corporation's own stock
8,772
52,090
91,313
(Thoumand dollars)
1,047,092
1,265,098
26,109
2,966
126,186
883,688
104,836
4,150
358,602
122,356
l,020,75i
45,564,705
8,813,578
37,118
14,719
185,366
7,702
601
656,733
42,532,345
757,373
695,037
19,360,052
1,742,392
752,794
3,655,153
8,935,051
743,229
2,280,492
3,610,772
42,532,345
158,942
12,288,327
6,327
14
273
44,382
23,018
3,899
67
31,957
227
12,719
8,622
48,762
101,642
5,961,121
52,609
38,096
14,246
17,279
655,289
970,664
10,482
310,945
1,209,052
45,063
28,068
149,894
35,071
6,801
633,933
10,240,275
2,387,261
2,386,988
6,677
1,205,640
1,181,621
1,199,708
48,216
52,861
44,233
669
5,821
13,150
4,692
7,281
13,540
66,785
,305,237
226,573
2,686
1,084
23,012
2,516
67
27,077
1,342,473
30,171
78,915
570,570
40,538
86,792
83,533
228,017
8,980
54,874
160,083
7,962
255,103
173
71
1,131
1,654
496
55
6,931
116
2,780
4,C21
103,879
8,051
1,660
1,151
319
22,256
25,747
273
189
26,515
130
348
1,558
501
221,134
58,554
58,483
266
24,632
33,922
17,968
1,813
6,242,321
18,798,156
535,514
563,436
10,062,148
8,264,984
407,457
91,058
1,022,832
188,256
4,749,373
15,455,564
6,634,811
189,231
84,730
1,342,354
200,399
7,782
1,151,153
61,465,885
10,884,774
5,426,781
4,842,193
2,842,569
2,564,781
1,620,389
10,401,422
941,907
2,175,823
19,765,246
61,465,885
177,527,095
2,956,477
21,615
391
2,407
180,672
274,856
42,732
5,435
146,690
9,914
139,460
82,069
,330,100
143,732,240
1,223,753
2,795,354
1,712,719
401,953
310,187
436,751
1,557,983
71,178
35,663
1,247,535
12,942
1,771,624
272,342
82,599
12,077
21,380,900
5,661,613
5,559,206
195,524
2,434,683
3,226,930
971,453
264,476
2,727,559
10,328,329
211,771
247,417
4,797,853
3,672,019
144,887
40,663
448,767
87,408
2,721,565
5,078,242
2,140,729
108,780
45,746
355,312
77,640
4,049
476,454
28,920,600
6,432,513
3,017,158
2,177,545
1,098,353
1,167,965
632,920
4,652,346
333,827
1,120,099
8,237,673
28,920,500
85,079,581
2,081,148
9,399
116
1,524
75,074
85,673
36,499
2,420
72,079
4,362
94,525
67,744
479,770
74,272,235
926,795
1,297,206
362,032
132,481
124,387
216,373
548,234
29,273
26,401
436,330
8,552
453,083
106,786
30,525
5,557
7,525,337
86,501,703
2,488,212
2,486,638
89,512
1,041,108
1,447,104
357,297
105,503
332,119
906,157
13,044
2,417
77,405
78,159
8,734
5,582
63,507
15,893
332,563
240,438
98,557
29,643
12,907
18,201
9,263
1,756
49,435
2,044,352
553,642
177,266
112,272
75,660
87,123
54,720
308,943
25,660
53,895
595,166
2,044,352
3,982,195
1,021,593
87
10,047
3,126
3,614
777
6,731
321
11,550
247
29,863
3,519,448
389,350
156,07
28,061,
4,605
6,001
10,834
23,352
2,160
1,088
21,769
1,439
28,153
12, 2U
1,367
327
575,162
195,076
194,989
12,012
71,540
123,536
26,595
5,032
2,395,440
9,422,172
198,727
245,000
4,720,448
3,593,860
136,153
35,031
335,160
70,515
2,338,997
4,837,804
2,042,162
79,137
32,839
347,111
68,372
2,293
427,019
25,375,243
5,878,971
2,839,892
2,065,374
1,022,693
1,080,837
578,200
4,343,403
358,167
1,055,204
7,642,507
26,876,248
82,097,386
1,059,555
8,169
103
1,437
65,027
77,547
32,385
1,543
55,348
4,041
32,866
57,497
449,907
70,652,787
537,435
1,141,130
333,964
127,876
113,336
205,539
624,882
27,113
25,313
414,561
7,113
424,935
94,572
29,259
5,240
5,950,175
81,720,280
2,293,136
2,291,599
77,500
959,568
1,323,568
330,701
100,471
3,193,255
7,380,330
292,352
234,879
4,719,087
4,181,597
244,935
47,903
554,702
35,820
1,832,524
9,355,577
4,035,120
44,052
18,046
875,637
113,633
3,627
602,616
3,796,786
2,154,453
2,436,177
1,579,930
1,241,793
903,274
5,093,849
517,091
950,873
10,489,321
29,168,557
83,082,337
584,448
11,378
243
749
93,409
158,423
2,842
2,745
63,020
5,159
38,838
14,304
783,110
62,355,477
253,800
1,316,683
1,278,143
242,836
164,451
198,954
813,111
38,699
6,596
724,849
2,448
1,220,485
154,236
48,663
5,138
12,747,114
82,081,733
2,874,272
2,873,523
93,949
1,273,687
1,600,585
568,410
148,362
565,865
423,762
8,535
76,823
749,215
325,235
51,600
6,643
52,606
16,824
257,532
,914,814
792,641
7,570
3,191
133,965
16,533
459
108,231
747,977
125,542
449,302
244,109
157,052
209,545
531,817
57,978
191,672
1,288,348
4,003,442
20,866,382
63,859
782
54
102
5,361
14,964
400
77
3,327
198
2,777
2,109
51,448
21,015,340
16,839,312
33,064
112,556
192,515
62,605
8,397
21,434
150,629
5,262
215
171,135
147
155,087
40,574
21,206
1,133
2,728,896
471,523
471,521
5,315
227,346
244,277
39,454
46,105
946,288
2,550,183
159,195
127,592
976,555
1,702,906
77,943
27,109
380,077
23,593
705,826
3,141,312
1,341,197
3,770
1,100
312,017
25,040
142
114,130
1,026.507
237,784
832,635
562,759
250,711
363,601
1,556,742
296,338
388,512
3,997,074
9,512,713
17,784,021
121,179
7,497
27
271
30,959
57,511
200
63
10,076
40
15,307
12,160
148,567
11,645,485
15,524
141,909
353,734
54,727
33,779
51,520
255,621
13,748
1,664
178,268
52
434,941
33,556
5,795
931
3,761,519
17,054,934
1,142,894
1,142,523
4,489
571,155
571,739
313,733
35,915
301,219
578,633
16,194
41,211
474,921
373,692
20,833
7,010
45,156
14,244
204,951
553,146
322,088
3,622
1,714
30,328
U,690
492
46,813
405,750
111,773
139,741
127,50*
37,924
99,047
434,734
18,795
107,240
391,492
2,475,001
5,215,363
39,984
154
3,339
24,672
52
53
79
7,263
4
78,395
3,375,574
6,024
137,926
258,557
15,094
13,254
12,510
63,086
3,909
552
56,230
62
131,546
5,650
3,634
378
1,086,551
5,171,547
202,360
202,206
12,867
73,237
124,123
34,803
22,760
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
107
RETURNS WITH NET INCOME
Table 15.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Furniture
and house-
furnishings
Number of returns with net income
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories:
Last-in, first-out
Other than last- in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortizatioD
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 , coramoni ■
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits
Total liabilities
Receipts:
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable 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
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
Ccanpiled net profit (<i7 less 65)
Net income (66 less 37}
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Returns with balance sheets by major industrial grou[J — Continued
Trade — Cont inued
Re ta i 1 — Cont i nued
(52)
Automotive
dealers and
filling
stations
(53)
Drug
stores
(5^)
4,249
Eating and
drinking
places
(55)
Building
materials
and
hardware
(56)
Other
retail
trade
(57)
Trade not
allocable
(58)
13,389
Finance, insurance, real estate, and
lessors of real property
Total finance
insurance,
real estate,
and lessors of [Total finance
real property
(59)
Banks and
trust
companies
(61)
15,075
(Thousand dollars)
134,119
894,697
i8,929
3,649
269,972
237,316
9,559
1,052
14,493
4,037
77,695
256,263
113,511
2,032
960
24,313
4,137
110
37,258
1,827,082
252,166
191,128
113,646
68,024
203,286
45,424
365,370
43,151
32,344
512,543
3,039,871
37,660
472
6
46
9,664
4,875
12
3,877
142
1,146
3,244,153
1,981,245
5,498
123,201
73,177
8,253
24,514
13,538
37,978
2,021
172
23,980
96
98,291
2,006
1,582
177
730,186
3,125,915
118,238
118,192
16,630
41,841
76,397
11,923
5,383
495,510
1,112,466
27,390
16,212
1,110,161
683,323
35,966
1,705
20,917
10,781
228,636
1,154,224
455,307
9,157
3,589
199,606
6,050
472
160,967
410,479
934,822
338,437
209,409
201,425
62,389
808,839
35,827
55,415
1,706,881
4,763,923
21,868,061
249,006
615
15
63
29,450
20,913
275
1,077
17,913
2,070
2,457
24
180,821
18,957,923
119,888
318,809
133,063
31,541
32,071
52,102
119,128
5,326
1,265
101,081
575
252,778
5,939
5,876
1,211
1,838,317
21,976,893
395,867
395,804
25,573
154,644
241,223
42,677
19,910
84,226
67,890
770
1,732
157,813
107,121
5,636
376
4,781
1,491
34,362
230,816
109,327
2,157
1,097
8,181
6,168
329
9,191
107,482
19,602
40,249
34,991
19,216
9,105
132,916
7,980
20,075
218,802
610,418
1,658,714
10,189
408
5,882
5
2,001
14,019
1,127,628
1,235
52,166
51,133
6,702
767
2,553
20,761
963
130
19,389
19,585
3,464
1,004
91
322,387
62,001
61,997
1,504
25,240*
36,761
11,793
2,328
126,901
74,246
558
1,114
31,489
27,622
14,124
676
9,917
3,463
59,183
595,699
251,921
2,905
1,005
43,334
16,286
1,012
29,935
782,893
101,739
51,335
115,023
47,852
40,086
18,469
159,764
6,573
25,508
216,539
782,898
2,073,126
39,714
184
5
23
756
7,639
904
1,245
949
3,427
2,146,570
1,069,713
14,998
75,305
86,149
21,618
661
6,622
43,635
1,246
535
50,662
79
18,700
3,710
3,296
423
658,595
188,848
84^,005
22,628
9,173
529,362
413,931
11,754
1,062
10,955
4,837
117,669
580,921
272,362
9,126
3,650
67,471
4,134
96
32,799
2,527,361
325,932
269,865
145,281
82 ,406
77,279
42,582
603,655
19,581
50,362
910,418
2,527,361
5,174,-634
39,491
405
5
25
9,314
7,630
372
63
8,732
1,155
1,360
2
61,023
90,623
90,600
3,225
33,416
57,207
13,241
1,973
4,019,607
21,363
161,902
31,260
13,925
21,876
19,907
54,604
2,542
168
50,464
1,232
36,263
3,738
2,492
236
668,282
249,279
834,443
28,153
7,373
419,598
305,501
17,570
2,270
14,790
6,550
146,610
324,382
376,766
3,713
1,740
55,922
21,600
515
63,292
2,565,719
417,754
212,502
211,808
102,876
204,819
53,112
505,012
30,862
79,750
747,224
5,402,165
83,366
61
9,158
14,337
576
151
521
3,100
87,058
5,607,212
321,507
1,089,497
31,391
31,140
X5,208
411,263
17,585
2,492
19,363
15,023
195,284
1,020,745
453,962
36,399
20,938
101,405
9,121
106
72,083
3,376,723
655,375
255,170
223,370
164,286
155,018
84,195
650,227
40,989
104,846
1,036,252
3,376,728
8,365,177
190,881
838
27
134
7,189
20,760
3,391
270
11,591
393
6,096
21
67,220
5,109,961
194,255
194,230
6,570
72,332
121,923
24,707
10,425
3,847,989
36,106
192,909
88,560
18,371
29,132
18,768
66,669
2,682
1,895
73,590
130
73,294
5,549
2,778
608
951,771
196,411
196,350
12,276
69,476
126,935
26,069
3,563
6,594,528
43,158
131,965
72,539
26,636
21,349
21,424
96,633
3,206
2,666
86,356
1,942
98,051
11,320
3,310
1,322
1,108,449
54,387,253
120,078,478
1,274,337
758
11,904
20,770
179,655
18,526,975
81,813,005
3,854,429
114,220,310
17,440,595
4,543,764
684,786
233,956
4,004,082
423,410
10,992
8,688,430
418,271,791
4,492,658
10,650,603
17,610,913
1,012,450
328,044,831
1,252,784
13,777,394
3,498,223
3,445,631
29,436,254
418,271,791
145,044
11,344,697
1,812,200
71,862
429,002
3,067,866
2,670,703
206,941
21,172
838,528
307,890
1,202,143
64,832
366,164
28,549,094
50,003,433
116,894,802
1,252,323
2,289
469
63,798
12,593,685
67,030,921
3,729,619
26,171,544
2,673,524
473,043
283,720
72,461
247,003
310,410
2,881
2,135,802
280,405,316
2,657,650
8,412,260
8,068,244
480,514
227,450,821
824,729
8,593,147
2,624,168
7,012,358
14,231,425
280,405,316
12,512
2,560,356
1,447,843
68,493
275,542
5,315,289
166,942
73,439
11,971
594,511
146,015
733,122
60,905
194,130
47,977,556
93,411,627
1,000,391
1,112
39,194
12,255,202
65,921,694
3,444,206
8,980,129
2,206,761
321,342
24,466
666
144,272
296,123
15
239,996,953
27,016
344,718
93,132
148,348
220,340,949
40,024
4,635,556
1,862,757
1,197,418
11,307,035
239,996,953
8,374,859
299,129
293,995
11,963
119,888
179,241
45,746
9,611
89,401
3,791,165
1,316,082
341,892
184,102
530,125
2,353,906
1,103,904
44,320
5,989
811,957
84,649
222,019
223,834
33,646
272,639
8,260,071
19,674,701
8,874,393
3,445,391
104,939
2,030,361
6,844,032
2,208,330
320,430
11,711,120
7,680
73,488
822,171
134,350
43,657
516,397
1,397,003
319,518
29,141
605
189,509
43,307
146,860
162,421
25,624
265,019
3,207,581
7,885,331
3,325,789
3,550,247
26,400
1,116,194
2,709,595
1,696,626
212,137
1,205
1,005,435
1,419,248
67,202
266,341
4,261,227
145,549
2,218
2,890
59,476
772
46,566
423
75,894
7,354,496
1,509
950
637,674
83,562
33,099
371,493
1,204,106
246,096
21,417
146
155,360
823
100,006
138,825
21,649
263,354
2,213,352
5,498,421
1,356,075
1,589,734
5,503
712,100
1,143,975
573,236
139,959
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
468791 O -58 -8
108
CORPORATION INCOME TAX RETTURNS, JULY 1955- JUNE 1956
RETURNS WITH NET INCOME
Table 15.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY HAJOR INDUSTRIAL GROUP— Continued
Number of returns with net income.
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories:
Last- in, first-out
Other than last-in, first-out
Not states
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions.
United States obi igations ,
Not stated
Other investments
Depreciable assets
Less: Accumulated amortizatiOTi and depreciation-
Deple table assets
Less ; Accumulated depletion.
Land ,
Intangible assets , ...
Less: Accumulated ajnortization.
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, comnon^
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities.
Receipts:
Gross sal es
Gross receipts from operations
Interest on Government obligations (less amorti gable
premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest ,
Rents
Royalties
Net short-term capital gain reduced by net long-tenn
capital loss.
Net long-term capital gain reduced by net short-tenn
capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations. ,
Dividends , foreign corporations .,
Other receipts
Total coiqjiled receipts..
Deductions:
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on business property.
Repai rs
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 ccii?)iled deductions
COTipiled net profit (AV less 65)
Net income ( 66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less income tax {66 less 69).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
fietums with balance sheets by major industrial group^Continued
Finance, insurance, real estate, and lessors of real property — Continued
Finance — Cantinued
Credit
agencies
other than
banks
(62)
1^,627
Holding and
investment
conpanies
(63)
Securitj' and
ponmodity-
ex change
brokers and
dealers
(«)
Insurance carriers^and agents
Total insurance
carrier^ and
agents
(65)
Insurance
2
carriers
(66)
Insurance
agents and
brokers
(67)
Real estate,
except lessors
of real
property other
than buildings
(68)
Lessors of
real property,
except
buildings
fThaoM^td dollai
1,448,790
17,606,961
250,639
573
111
25,144
44,697
352,463
133,960
,,590,895
253,811
67,508
11,421
2,654
35,740
3,915
250
283,179
2,026,794
7,510,953
7,333,739
252,142
5,165,039
413,930
1,438,820
479,180
564,719
1,285,293
26,470,609
2,143
1,340,536
U,185
106
938
985,347
9,569
76
1,089
27,725
4,914
32,273
8,877
51,749
447,803
517,385
623
604
100
2.193
251,256
501,316
106,612
10,099,543
180,524
63,836 I
247,735 I
69,112 .
55,523 !
7,457
2,606
93,432
12,375,306
170,644
251,416
526,867
52,320
1,645,243
342,729
2,414,036
262.833
5,217,311
1,491,907
134,284
358,829
170
258
2.267
42,530
305.448
44.841
500.977
37,428
19,857
98
29
11,473
2,915
10
141.166
12.375.306
2,476,577
909
43,486
106,806
39,804
3,951
144,420
653,870
49,739
3,888
211
25,122
111
40,257
16,676
2,985
1,317
699,509
643,516
642,528
12,302
283,025
360,491
174,911
11,332
3,472
58,302
13,116
232
4,984
63,802
10,857
71,123
6,134
489,857
9,16*
692.365
50,966
53,688
1,528,072
433,196
305,173
114,506
27,704
299,590
28,046
104,735
19,398
32,910
197,190
5,692
156.033
4,294
953
3,229
4,913
957
22
1,858
17,453
131.165
11,918
639
12,849
2,920,839
785,973
5,204
81
14,805
3,975
5,847,722
14,475,093
47,350
83,0U,715
1,065,691
70,097
2,339
1,013
21,709
49,411
205
5,982,106
114,152,290
553,162
70,942
50,520
73,140
99,306,056
27,777
1,545,847
629,376
305,017
11,590,453
114,152,290
351.975
3.122
868
20.770
2,961
813
275
28,675
14,527
3,094 i
171
6,067
42,804
504
2,221
235
319
151,440
278,866
1,249,206
1,244,222
5,607
96,155
1,153,051
937,826
50,838
2,140
28.184
56,921
8,023
794
709
10.352
9.156
742
77
2.960
69
6,093
4,699
755
29
143,280
274,983
76,992
73,763
2,983
24,914
52,078
10,653
10,008
64,269
7,497,616
357,456
3,176
151,201
2,669,255
263,348
189
857
61,120
2,364
375,832
3,658
53,515
2,695,602
317,060
2,256
14,798
1,007
5,845,929
14,458,757
45,009
82,799,702
974,033
37.345
8
12,446
17,442
27
5.944,088
113,086,253
82,405
29,121
19,850
47,865
99,239,112
11,066
1,432,946
582,910
285,829
11,355,149
113,086,253
11,503,856
46,774
3,255,563
152,796
77,441
4,285
6,377
9,570
239,414
4,283
339
101,294
843
25,513
54,999
4,509
1,276
3,714,012
7,699,288
3,804,568
3,653,367
10,918
504,072
3,300,496
295,579
87,692
57,267
6,772,147
357,015
3,149
151,156
2,666,621
260,013
27
58,860
2,160
368,587
2,186
47,732
225,237
468,913
2,948
1,793
16,336
2,341
212,013
91,658
32,752
2,331
1,013
9,263
31,969
178
38,018
470,757
41,821
30,670
25,275
66,944
16,711
112,901
46,466
19,188
235,304
1,066,037
10,747,524
45,045
3,151,174
26,212
55,052
2,871
2,666
6,852
228,045
2,954
190
90,368
798
15,358
49,024
2,621
1,141
3,343,922
7,024,293
3,723,231
3,572,075
6,866
476,273
3,246,958
277,350
85,927
7,002
725,469
441
27
45
2,634
3,335
162
253
2,260
204
7,245
1,472
5,783
1,365,565
2,322,819
13,680
758
9,521
4,505
105,244
75,029
215,907
60,704
4,835,056
12,352,386
3,794,123
140,015
48,830
3,595,907
61,616
7,127
525,874
21,807,147
1,153,280
2,135,312
8.873,093
416,060
1,235,379
345,197
3,083,924
223,906
984,188
3,356,808
21,807,147
756,332
1,729
104,389
126,584
22,389
1,414
3,711
2,718
U,369
1,329
149
10,926
45
10,155
5,975
1,888
135
370,090
674,995
81,337
81,292
4,052
27,799
53,538
18,229
1,765
See footnotes at end of table. See text for explanatory statements and for "Description of the Sanple and Limitations of Data."
60,199
1,778,876
5,632
149
2,045
81,975
',162,781
5,879
7,577
165,703
658,725
40,341
204
103,997
28,459
460,519
335,334
127,058
134,639
6,762
433,580
523,310
10,587
3,745
508,293
1,347
49,322
5,906
3,429
6,083
1,304,322
3,943,195
1,130,888
1,128,843
64,783
362,311
768,577
149,383
20,504
(69)
92,416
74,884
3,130
13
991
1,638
10,539
41,084
16,756
201,995
.,343,994
206,501
258,711
111,652
139,458
1,973
779
44,648
1,907,038
128,566
32,089
619,056
42,736
52,575
55,081
554,476
20,773
144,118
257,568
1,907,038
8,064
7,849
214
1,347
77,632
127,434
767
17,194
786
2,848
115
14,472
260,035
6,488
1,595
5,781
3,043
1,521
89
18,753
21,662
309
1,300
12,861
38,652
324
508
84
261
33,656
146.887
113,148
112,934
2,838
47,784
65,364
66,792
97
CORPORATION INCOME TAX RETURNS. JULY 1955-JUNE 1956
109
RETURNS WITH NET INCOME
Table 15.
-BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP — Continued
Returns with balance sheets by major industrial group — Continued
Total
services
Hotels and
other
lodging
places
Personal
services
Business
services
Automotive
repair
services
and garages
lliscel-
laneous
repair
services,
hand trades
notion
pictures
Aniuseraent,
except
motion
pictures
Other
services,
including
schools
Nature of
business
not
allocable
(70)
(71)
(72)
(73)
(74)
(75)
(76)
(77)
(78)
Number of returns with net income.
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories :
l^st-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
sions.
United States obligations
Njt stated
Other investments
Depreciable assets
Less: Accumulated amortization ajid deprecia-
tion-
Depletable assets
Less : Accumulated depletion
lAnd
Intangible assets
Less : Accumulated amortization
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 ',
Paid-in or capital surplus
Earned surplus and undividal profits.
Total liabilities.
Receipts :
Gross sales
Gross receipts from operations
Interest on Government obligations (less amor-
tizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest ■
Rents
Royalties
Net short-term capital gain reduced by 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 under other employee benefit
plans .
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit (^iV less 65)
Net income ( 66 less 37 ) ,
Net operating loss deduction
Income tax
Compiled net profit less income tax (66 less 69).
Dividends paid :
Cash and assets other than oim stock
Corporation's own stock
2,293
(Thouamd doll an)
1,129,266
1,545,597
29,468
4,632
196,298
92,501
24,210
157,498
57,839
1,216,651
5,673,906
2,603,534
37,516
16,239
621,912
112,188
4,372
295,166
8,841,104
921,687
558,414
1,582,024
428,106
492,399
182,901
1,359,705
187,715
673,981
2,454,172
8,841,104
1,320,437
9,825,452
4,187
145
498
16,724
229,093
25,918
863
52,438
5,282
29,760
12,477
110,202
756,933
5,666,133
532,191
347,339
121,877
19,965
85,259
270,290
10,555
6,514
483,079
492
183,051
55,554
18,183
3,104
2,170,726
902,131
901,633
54,135
361,003
541,128
166,835
19,663
130,801
124,481
1,821
901
U,826
13,124
19,839
3,107
14,4«i
6,911
174,982
1,579,140
667,043
9,580
5,429
227,955
5,443
704
37,288
1,684,865
82,219
98,179
585,507
74,868
63,681
39,273
234,707
20,209
144,762
341,4*0
460,523
812,781
756
5
53
3,732
109,741
301
136
11,534
251
4,076
1,018
12,845
258,533
300,839
29,351
72,043
45,436
2,188
27,362
63,731
1,409
23C
37,339
189
24, 5M
3,047
4,649
110
386,895
1,308,881
108,871
108,818
6,598
43,102
65,769
32,823
4,096
112,459
14^,445
2,646
930
28,690
32,842
14,600
1,032
10,336
3,813
62,247
745,964
365,155
3,664
3,970
39,328
26,456
352
38,707
902,890
83,262
49,980
102,108
44,063
40,652
26,156
198,873
6,386
25,331
326,079
902,890
210,504
1,419,102
27
715
3,848
744
99
532
1,201
102,781
830,430
100,054
48,347
18,392
3,595
6,959
37,333
1,689
300
60,396
4
27,233
2,977
3,539
413
310,268
1,554,710
93,089
93,062
4,909
33,993
59,095
13,254
6,172
363,177
627,720
16,427
737
32,214
29,917
15,943
12,218
48,886
12,137
399,050
,040,905
463,903
5,939
2,549
26,514
27,172
355
96.079
391,413
141,188
227,115
126,618
176,505
43,923
327,871
38,513
151,579
630,644
168,118
3,476,019
1,047
10
125
3,314
31,873
11,170
289
U,523
1,467
12,257
3,032
22,055
108,239
2,027,261
210,987
61,727
16,379
6,313
:4,142
-.7,371
3,019
631
U3,638
101
24,110
32,357
4,363
668
780,396
237,897
287,772
10,237
113,339
169,058
5,314
51,803
82,082
1,098
168
3,942
8,619
3,762
354
1,614
556
23,370
438,477
191,988
5,207
2,136
54,230
2,128
124
U,544
556,015
49,309
95,771
126,850
13,598
21,532
U,686
38,794
3,600
11,149
128,726
555,015
110,064
.454,372
1,226
24,394
382
930
68,034
209,958
31,359
40,631
3,913
1,224
9,210
17,460
343
255
81,376
•6
5,441
375
354
432
35,194
561,075
46,253
46,242
3,705
14,033
32,220
2,337
28,313
76,693
595
1,239
18,469
19,473
1,655
4,027
79,397
33,385
495
271
3,093
1,419
72
5,698
36,769
16,415
14,911
15,684
11,641
2,820
37,540
8,497
4,423
59,165
207,865
143,033
302,660
316
932
1,104
1,723
92, U5
205,256
26,636
7,918
1,924
1,021
1,340
7,526
142
142
8,512
15
4,051
393
1,209
30
65,319
424,559
25,411
25,411
1,843
9,231
15,180
1,353
131
237,453
297,893
3,027
497
75,479
216,850
20,275
559
43,074
15,174
467,353
1,068,804
599,082
902
289
195,419
30,819
1,804
55,329
197,068
99,978
386,546
80,791
84,077
33,689
252,779
78,483
295,390
514,878
128,230
1,752,702
816
1
55
4,557
42,117
8,028
58
5,105
1,474
8,893
8,414
39,743
2,000,208
69,764
1,200,833
35,686
67,751
15,798
2,283
16,929
43,037
1,405
4,726
72,882
68
66,245
4,547
1,031
1,006
223,300
172,412
172,357
15,358
72,586
99,825
41,308
535
103,799
39,431
1,293
89
5,982
2,504
6,742
1,088
18,567
13,553
40,782
426,588
186,957
2,870
538
52,794
12,213
490
25,636
563,415
30,068
27,201
89,980
28,104
34,985
13,785
127,820
8,906
27,045
175,521
563,415
47,102
651,381
570
48
21
574
11,654
3,639
32
3,580
636
1,551
11
12,963
733,782
25,269
357,689
30,435
24,354
9,251
927
5,083
34,086
1,857
90
35,504
99
17,833
1,588
729
259
102,076
647,529
86,153
86,132
6,124
36,571
49,582
15,349
1,050
100,956
148,852
2,551
21
14,595
6,208
4,683
5,852
18,904
4,662
44,340
244,531
96,021
2,859
1,007
21,079
6,533
471
22,335
547,001
51,579
29,702
49,007
39,330
59,325
11,569
91,321
23,116
14,302
177,699
547,001
52,863
955,935
607
70
206
1,780
4,524
1,945
87
1,977
9
805
2
11,028
32,198
533,847
57,183
24,068
5,784
2,409
3,734
19,246
691
140
17,932
10
13,608
9,870
2,309
136
216,578
949,793
32,045
81,839
5,351
32,648
49,397
10,852
1,298
(79)
15,917
31,289
272
1,410
5,922
573
2,047
730
14,911
29,155
9,163
1,586
18
4,093
2,706
352
2,044
20,217
3,129
11,978
3,401
6,093
3,519
36,552
305
8,646
3,870
102,710
14,706
57,700
14
787
541
227
202
1,523
32
250
2
3,210
9,954
20,763
9,085
1,828
524
521.
972
1,746
75
28
2,657
11
699
89
45
106
20,060
69,174
10,218
10,204
1,618
2,929
7,289
^Capital stock which was not definitely designated as either comDon or preferred was tabulated under common stock.
^For items reported and computation of tax by life and mutual insurance ccnipanies, see facsLniles of return Forms 1120L and L12CM, pp. 161 and 175.
NOTE: See text for explanatory statements and for "[tescription of the Saople and Liaitations of Data."
110
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
RETURNS WITH NET INCOME
Table 16.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
Returns
without,
balance
sheets
Returns with balance sheets 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)
(2)
(3)
(-1)
(5)
(7)
(8)
(9)
Number of returns with net income.
Assets:
Cash
Notes £ind accounts receivable...
Less: Reserve for bad debts..
Inventories:
Last-in, flrst-oul
Other than last-in, fIrst-out..
Not stated
Prepa id expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions
United States obligations
Not sta ted
Other investments
Depreciable assets
Less: Accumulated amortization and depreciation..
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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, comrnon^
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities
Receipts:
Gross sales
Gross receipts f rcra operatiuns
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 pa id
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 (47 less 65)
Net income ( 66 less 37)
Net operating loss deduction
Income ta x
Compiled net profit less income tax (66 less 69).
Dividends paid:
Cash and assets other than own
Corporation's own stock
32,272
(Thouaand dol lara)
472,446,756
86,549,420
2,153,729
77,512
462,961
8,721,185
4,223,224
638,296
38,602
2,087,257
880,547
2,533,766
769, 527
3,392,605
584,975,387
355,657,242
50,494,097
8,843,876
4,744,704
5,227,167
1,142,986
5,322,854
12,980,981
410,195
2,401,022
11,854,586
2,629,134
5,929,347
3,194,624
1,071,319
364,436
61,914,969
534,183,539
50,791,848
50,328,887
836,133
21,740,890
29,050,958
13,400,660
1,965,391
4,790,572
815,782
21,810
1,817
14,062
83,647
83,388
8,772
1,115
59,460
29,460
24,804
3,786
39,895
5,978.370
3,619,303
492 ,887
105,589
52,040
53,722
16,819
50,905
125,478
3,453
15,355
123,767
21,001
70,025
19,806
7,197
1,489
677,708
521,826
507,764
21,272
204,651
317.175
99.615
14,768
82,292,840
180,tK3,026
2,589,627
4,550,503
28,663,154
31,490,479
2,551,572
19,239,053
98,271,919
8,067,932
145,735,048
260,021,313
93,351,055
8,775,337
3,934,739
9,321,387
2,543,563
633,403
16,038,736
797,097,038
39,084,008
24,300,814
81,771,848
21,532,913
345,184,736
14,407,570
86,023,006
12,020,248
29,637,339
143,134,556
797,097,038
467,656,184
85,733,638
2,131,919
75,695
448,899
8,637,538
4,139,836
629,524
37,437
2,027,797
851,087
2.508,962
765,741
3,352,710
578,997,017
352,037,939
50,001,210
8,738,287
4,692,664
5,173,445
1,126,167
5,271,949
12,855,503
406,742
2,365,667
11,730,819
2,608,133
5,859,322
3,174,818
1,064,122
362,947
61,237,261
528.726,995
50,270.022
49,821,123
814,861
21,536,239
28,733,783
13,301,045
1,950.623
205,122
240,998
3,126
2,249
74,199
55,302
10,374
603
2,635
1,607
53,830
537.208
268.766
19,822
11,016
47.604
21,069
613
49.997
1,039.098
182 ,498
108.511
111,121
55,670
85,334
13,042
448,729
5,110
41,032
^11,949
2,005,085
1,293,625
227
6
16
3,861
62,870
5,431
1,149
11,068
27,953
792
37
26,326
1,396,831
699,823
306,056
117,102
17,072
4,273
11,901
56,853
646
385
60,191
1,123
32,522
1,150
1,732
3,479
574,928
147,189
147,173
41,919
31,094
116,095
23,584
251
393,259
578,779
8,436
6,195
212,319
176,609
19,912
1,605
6,124
3,746
141,332
1,259,244
546,749
28,173
12,515
169,046
36,300
2,244
96,012
383,245
234,026
321,363
109,791
154,398
33,388
795,714
15,596
74,629
436,561
2,558,711
4,442,165
1,563,363
450
77
196
7,004
122,310
5,974
718
16,595
44,267
2,388
256
37,417
3,237,073
910,586
423,009
139,428
32,184
11,846
26,992
102 ,406
1,782
864
117,541
3,647
52,852
2,112
3,675
1,250
920, 507
5,987,754
275,428
275,232
41,038
69,962
205,466
28,962
1,382
872,911
1,577,681
30,440
11,705
620,838
468,730
47,692
4,611
28,495
15,140
464,419
3,023,253
1,260,428
79,711
41,777
438,880
59,672
2,573
188,509
963,681
616,350
866,223
262,233
355,139
84,117
1,699,497
40.253
185,251
1,494,035
6,567,029
11,131,655
3,039,133
987
102
100
17,205
262,693
6,427
1,012
29,285
102,649
4,540
73
103,431
14,699,492
8,464,024
1,348,804
775,297
245,153
67,293
31,224
68,415
220,836
4,977
1,879
258,029
4,136
123,658
6,269
8,881
2,148
1,937,165
14,068,188
631,304
631,204
74,569
171,453
459,851
59.891
8,104
2,083,500
4,723,259
65,942
39,567
1,836,496
1,393,228
134,554
17,108
111,484
57,753
1,433,236
6,096,515
3,309,470
179,272
83,638
1,133,525
105,718
4,954
471,654
13,332,665
2,585,619
1,827,202
2,564,841
669,445
1,003,429
278,015
4,038,266
151,166
453,910
4,740,770
18,332,665
32,732,911
5,915,611
3,542
190
522
81,107
623,665
27,544
4,527
80,580
177,341
22,021
484
290.214
40,010,459
25,764,246
3,759,886
1,553,701
452,888
170,717
91,500
195,377
545,563
15,421
6,262
642,262
20,789
320,504
24,882
27,767
5,413
4,841,460
38,438,638
1,571,821
1,571,299
108,842
478,059
1,093,762
179,139
37,322
1,990,669
5,459,827
106,836
36,700
2,130,032
1,482,813
144,071
34,638
227,750
92,064
1,674,219
8,121,384
3,329,314
155,901
74,754
1,068,672
104,857
9,275
483,003
2,726,365
2,177,511
2,724,546
776,679
1,191,608
369, 184
3,641,231
172,669
520, 180
5,384,576
19,686,569
35,199,644
5,273,241
6,587
216
1,009
113,943
529,054
29,271
3,319
89,294
135,234
26,456
2,437
331,901
41,741,606
26,169,076
3,519,411
1,215,715
367,379
167,235
91,019
214,198
541,178
19,363
9,167
615,527
22,031
333,013
40,022
32,917
4,419
4,790,327
40,152,01';
1,589.589
1,583,580
67,307
562,129
1,027.460
182,722
66,176
2,393,160
6,183,390
112 , 596
58,267
2,358,434
1,591,631
161,973
105,391
603,429
201,749
2,170,652
8,639,951
3,630,896
205,395
97,122
1,066.685
94,793
7,127
548,061
22,535,420
2,726,250
2,250,457
2,929,891
639,425
2,447,158
475,517
3,633,202
256,226
587,469
6,337,605
22,535,420
37,139,359
5,076,907
16.345
943
2.646
159,807
427,157
32,255
3,307
110,946
104,370
44,971
1,051
323,553
43,444,117
29,800,994
3,408,970
1,007,653
330,461
177,025
84,423
229,331
560,100
24,573
11,677
625,463
36,975
370,591
69,038
40,812
5,266
4,789,022
41.573.074
1,871,043
1,666.397
80, 249
756,720
1,114,323
234,346
77,849
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations oi Data."
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
111
RETURNS WITH NET INCOME
Table 16.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— Continued
Number of returns with net income
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions
United States obligations
Not stated
Other investments
Deprec iable assets
Less: Accumulated amortization and depreciation
Deple table assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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
Paid-in or capital surplus
Earned 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-tenn 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
Repa irs
Bad debts
Interest pa id
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 (i>7 less 65)
Net income (66 less 37)
Net operating loss deduction
Income tax
Compiled net profit less inccroe tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Returns with balance sheets by size of total assets
$1,000,000
under
$2,500,000
(10)
?3,531
$2,500,000
under
$5, OX, 000
(11)
$5,000,000
under
$10,000,000
{\2)
$10,000,000
iinder
$25,000,000
(13)
:i,ii,e
$25,000,000
under
$50,000,000
(14)
1,319
$50,000,000
under
$100,000,000
(15)
$100,000,000
under
$250,000,000
(Thousonrf liollnrt)
$250,000,000
or more
(17)
4,522,836
10,260,039
153,302
143,799
3,219.583
2,133,693
208,470
442,201
3,100,115
663,418
3,739,790
11,477,635
4,948,444
275,835
130.491
1,096,192
132,535
10,784
745,127
36,948,247
1,471,116
2,884,490
3,427,445
1,299,979
9,163,572
844,694
4,853,903
477,812
1,121,284
9,403,952
36,948,247
U, 527, 774
6,461,550
75,542
2,340
11,788
317,687
411,867
39,743
5,672
146,665
105,349
91,097
2,935
397,751
35,160,764
4,255,713
1,007,439
354,341
244,712
95,401
298,321
760,138
37,725
28,389
792,796
67,421
493,808
136,472
62,178
9,656
5,945,967
49,751,261
2,846,499
2,834,711
96,493
1,251,065
1,595,434
443,779
163,312
4,804,680
10.084,707
158,192
159,397
2,450,225
1,582,609
154,819
941,640
4,759,404
818,166
3,896.366
9,139,457
3,846,084
368,881
127,698
700,023
104,712
11,314
584,291
2,377,553
2,118,289
2,704,014
1,037,901
14,217,545
698,569
3,700,893
507,733
1,166,482
7,877,110
36,406,039
29,977,378
4,443,042
109,842
3,239
26,021
406,935
257,132
40, 153
< 3,579
161,602
37,222
103,370
7, (Ml
266,180
23,322,432
2,825,527
566,266
225,456
211,915
68,380
252,639
580,445
32,060
32,900
531,123
37,738
361,723
138,762
55, W9
13,922
4,039,569
33,396,056
5.227,920
10,515,639
146,381
230,474
2,129,462
1,463,534
153,094
1,352,131
6,054,343
587,292
4,213,668
8,832,439
3,613,988
323,062
127,125
530,901
101,380
11,051
500,367
2,001,198
1,687,728
2,478,477
969,562
17,198,878
629,173
3,431,939
619,116
1,299,425
8,001,669
38,317,166
,26,835,214
4,195,496
132,671
2,178
30,399
438,138
104,150
35,926
2,833
165,248
25,551
103,693
9,020
210,256
20,440,071
2,747,370
392,967
205,489
228,733
64,122
246,060
634,675
31,011
41,098.
525,320
65,528
394,170
155,690
58,568
17,397
3,632,198
7,125,012
14,444,431
197,627
454,336
2,795,441
2,309,999
212,593
2,293,634
10,023,111
422,492
7,423,358
13,850,946
5,536,232
702,560
213,541
647,246
187,134
18,544
851,365
57,784,214
2,683,294
1,883,933
4,014,796
1,459,383
26,957,893
934,972
4,826,231
1,076,321
2,445,953
11,501,438
57,784,214
35,046,078
4,358,097
211,158
4,618
49,765
644,546
148,658
84,530
3,187
238,445
25,932
217,770
31,273
250,880
41,315,037
29,830,467
2,4^7,140
2,421,119
56,920
1,087,299
1,359,841
413,696
109.371
2,410,306
2,379,907
44,552
1,090,445
1,319,861
469,746
108 . 191
25,989,299
2,453,220
404,555
260,438
369,949
86,523
376,771
874,685
42,093
101,212
732,046
151,401
564,549
252,243
83,017
30,987
4,823,530
37,606,518
3,708,519
3,658,754
43,424
1,578,108
2,030,411
893,099
166.959
5,220.010
11,121,055
172,768
392,328
1,779,489
1.733,274
168,457
1,753,012
7,993,633
■ 224,363
6,588,116
11,300,817
4,612,239
724,805
368 , 582
352,922
82,629
9,331
763,486
1,866,437
1,255,225
2,991,542
1,222,272
21,282,423
931,932
3,577,194
915,865
2,324,258
9,218,324
45,585,477
25,129,963
3,751,957
167,420
3,398
35,955
520,291
65,192
48,578
772
201,236
21,070
164,040
26,191
187,630
17,995,709
2,341,637
219,218
179,971
368,505
64,032
283,858
846,334
29,344
93,462
559,273
153,708
386,159
207,659
66,274
30.458
3,465,305
27,295,906
3,027,787
2,991,332
32 , 628
1,360,443
1,657,344
794,156
l.-'5,017
5.253,574
11,188,822
159,145
434,427
1,427,591
2,172,804
153,325
1,663,940
7,635,494
442,389
7,506,402
15,498.440
5,538,278
636,082
265,135
339,252
133,319
30.333
1,022,375
49,520.795
2,138,321
1,315,486
4,675,984
1,338,512
21,468,706
1,160,410
4,437,557
978,189
2,546,375
9,461,255
49,520,795
24,695,520
4,496,323
164,961
4,727
37,225
482,338
103,019
38,522
1,876
150,644
23,121
261,467
91,928
130,615
30,732,785
18,054,930
2,479,421
165,435
233,594
345,604
50,354
320,062
668,603
24,631
134,000
621,446
157,648
428,360
211,459
56,069
27,874
3,578,350
27,557,840
3,174,946
3,137,721
22,224
1,412,505
1,762,441
1,050,775
192,324
8,521,275
17,575,053
256,112
992,245
2,324,905
3,510.906
238,895
2,354,039
11,370,569
721,419
13,427,991
27,728,796
8,673,214
403,710
153,612
631,008
137,756
20,277
1.887,573
82,722,930
3,367,852
1,742,721
10,330,396
2,375,371
34,798,219
2,284,075
7,952,756
1,606,255
4,529,185
13,735,600
82,722,930
38,540,924
8,406,413
239,309
7,366
57,000
746,576
172,494
45,801
2,180
242,901
13,385
245,055
112,814
361,306
28,451,032
4,362,171
199,618
356,481
567,582
82,297
575,133
1,142,221
35,531
377,930
1,090,011
114,303
761,181
357,855
80, 137
53,744
5,533,425
44,245,759
5,047,755
4,990,755
45,077
2,304,713
2,743,052
1,532,965
212.070
33,542,912
76,089,345
998,672
1,588,814
5,304,140
11,365,147
742,843
3,274,500
■ 45,355,328
3,816,334
92,996,669
132,015,228
44,236,953
4,672,123
2,227,533
1,099,231
1,241,589
494,933
7,846,411
379,092,523
11,606,379
4,198,885
41,630,709
9,046,690
194,860,429
5,670,482
38,985,894
5,197,915
12,341,885
55,553,360
379,092,628
120,107,014
27,438,680
1,002,878
46,295
196,257
4,697,480
849,375
139,369
3,356
383,268
7,143
1,221,302
480,239
435,250
157,007,906
85,791,438
14,388,671
501,158
1,224,433
2,204,919
300,773
2,172,385
5,321,466
107,265
1,541,442
4,509,791
1,721,635
1,236,202
1,561,204
486,946
156,934
12,260,507
135,487,220
21,520,686
21,324,429
38,619
9,282,244
12,238,442
6,889,185
681,795
Includes stock not designated as to type.
'Deficit.
aOTZ: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
112 CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
MANUFACTURING AND TRADE CORPORATION RETURNS
Table 17. —BEGINNING AND ENDING INVENTORIES, RELATED GROSS SALES AND TOTAL ASSETS, AND AGGREGATE GROSS SALES, FOR SELECTED INDUSTRIAL GROUPS
Total manuracLuring
and trade
Manufacturing and trade corporation returns
Returns with both beginning and end of year inventory data
corporat
LOn returns
Gross
Gross
Total
Inventories,
Gross
Total
Inventories,
Inventories,
Number of
sales
Number of
sales
assets
end of
Number of
sales
assets
beginning
end of
returns
returns
year
returns
of year
year
fn»~m<
rTlnuun*
(ThouMiind
(Thou»»nd
(Thousartd
(Thouaand
(Thouaaitd
dolUrt}
dolUtmi
dolUra)
dot la f}
dollar,)
doltarmi
dollar, i
dollar,)
(1)
(2)
(3)
(4)
15)
(6)
(7)
(8)
(9)
(10)
Ul)
129,828
296,481,234
124,199
293,360,412
201,360,303
44,422,431
100,265
287,694,795
197,086,510
39,694,533
43,765,488
3,062
6,638,946
2,962
6,569,916
4,139,841
1,051,301
2,644
6,447,148
4,027,557
1,024,868
1,016,310
11,343
37,811,064
10,809
37,607, CX)8
13,844,5U
3,526,066
9,335
37,037,824
13,601,179
3,330,979
3,487,637
154
3,861,420
148
3,831,304
2,909,590
1,888,531
117
3,815,896
2,897,911
1,943,046
1,884,386
5,699
13,408,727
5,545
13,315,367
9,398,677
2,495,969
4,404
12,955,048
9,085,595
2,279,941
2,449,684
14,383
9,520,342
13,808
9,458,096
3,783,515
1,432,480
10,010
8,942,022
3,514,660
1,239,898
1,372,406
6,322
6,237,326
5,968
6,104,583
4,179,913
913,614
4,540
5,757,715
3,925,148
806,896
874,176
5,068
4,163,635
4,873
4,123,571
1,995,126
607,862
4,322
3,988,368
1,919,656
502,191
591,695
3,251
9,810,741
3,144
9,543,418
8,129,413
1,123,731
2,806
9,407,905
8,055,474
982,878
1,112,661
14,800
9,117,969
14,011
9, 04'., 690
6,328,565
740,769
9,699
8,395,322
5,786,452
686,927
734,350
7,975
21,333,385
7,516
21,006,632
18,491,577
3,144,413
6,493
20,363,666
17,914,145
2,813,923
3,053,851
754
29,708,027
714
29,430,548
30,527,529
2,730,975
576
29,111,181
30,189,435
2,533,873
2,678,433
845
5,758,260
843
5,755,817
3,414,749
986,421
737
5,651,386
3,382,301
837,995
981,481
2,760
3.394,765
2,665
3,362,824
1,614,766
549,852
2,323
3,310,108
1,578,525
502,531
538,933
4,535
7,831,021
4,353
7,780,433
6,103,159
941,107
3,728
7,671,381
6,016,481
836,400
927,091
3,395
25,605,932
3,322
25,488,584
20,544,595
3,640,630
2,741
25,183,860
20,295,855
3,276,428
3,609,327
12,492
15,515,945
12,038
15,167,084
8,971,539
2,688,457
10,044
14,843,671
3,754,798
2,206,632
2,652,329
12,701
22,317,639
12,247
21,862,297
17,399,673
5,328,448
10,041
21,448,240
16,996,902
4,577,582
5,251,332
4,300
15,340,619
4,068
15,166,193
9,949,407
2,845,003
3,355
15,037,809
9,813,036
2,608,659
2,822,738
1,391
10,740,389
1,253
10,717,866
6,810,262
2,416,888
1,002
10,675,897
6,773,007
2,270,985
2,412,327
1,326
26,946,875
1,235
26,875,473
15,525,648
3,212,172
1,103
26,755,201
15,464,717
2,476,998
3,191,959
99
324,115
99
324,115
213,604
49.052
42
320,402
206,016
59,896
48,481
2,215
4,301,047
2,110
4,146,302
3,159,448
965,361
1,829
4,102,086
3,121,865
884,243
952,231
10,958
6,793,045
10,468
6,678,291
3,925,193
1,143,329
8,374
6,472,659
3,765,795
1,010,764
1,121,670
264,968
201,716,280
248,071
199,014,843
69,112,739
21,578,189
193,701
185,458,232
63,866,105
18,565,141
20,778,605
86,280
96,352,791
83,001
95,198,405
31,898,959
9,701,673
59,237
86,973,576
28,683,419
8,530,017
9,408,769
154,931
95,754,304
143,216
94,330,174
33,314,716
10,720,369
118,799
89,720,309
31,636,947
9,019,358
10,274,329
23,757
9,609,185
21,854
9,486,264
3,899,064
1,156,147
15,665
8,764,347
3,545,739
1,015,766
1,095,507
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....
Itechinery, except transportation equipment
and electrical
Electrical machinery and equipment
Transportation equipment, except motor
vehicles
Uotor vehicles a.nd equipment, except elec-
trical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks
Other manufacturing.
Trade
Wholesale
Retail
Not allocable
N01£: See text for explanatory statements aDd for "Descriptitui of the Saiif)le and Limitations of Data.'
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
113
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CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
115
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116
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
BETIRNS SHOWING PAYMENT OF ESTIMATED TAX
Table 19.— «ET INCOME, TAX, FOREIGN TAX CREDIT CLAIMED, AND PAYMENTS OF ESTIMATED TAX, BY SIZE OF NET INCOME, BY MONTH IN WHICH ACCOUNTING PERIOD
ENDED, DECEMBER 1955-JUNE 1956
Size of net income
Number ol"
retllms
(ThotoJind
dollars)
Credit Tor
taxes paid
to foreign
countries or
Uni ted States
doltara)
Payments on
declaration
of estimated
tax
(Thtamand
iumber of
returns
(Thotnand
dollara)
doltara)
Credit for
taxes paid
to foreign
countries or
United States
possessions
(Thousand
dollaraj
Payments on
declaration
of estimated
tax
(Thoaaand
dollara)
Total
Period ended December 1955
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
Hetoms without net income..
Grand total
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
Hetoms without net income..
Grand total —
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
Hetums without net income..
Grand total
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
Hetums without net Income..
Grand total
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
Betomg withcMt net income..
Grand total
2,883
3,738
2,550
2,468
402
498
12,539
44
12,583
426,240
1,333,611
1,785,775
5,247,560
2,805,238
24,978,542
36,577,016
'8,447
36,568,569
201,785
647,342
862,253
2,470,192
1,298,770
11,210,494
16,690,836
361
2,759
4,607
28,460
22,626
597,515
656,328
12,772
34,371
62,152
206,381
116,737
962,543
218
1,395,174
2,282
2,880
2,004
2,012
344
459
9,981
38
10,019
331,104
1,027,916
1,409,261
4,288,065
2,399,678
23,569,373
33,025,397
'7,680
33,017,717
156,424
497, 368
676,525
1,999,916
1,094,726
10,497,018
14,921,977
14,921,977
328
2,656
3,921
22,411
20,865
591,734
641,915
641,915
Period ended January 1956
Period ended February 1956
83
164
101
91
7
7
453
14,117
58,372
69,438
197,882
52,464
537,494
929,767
929,767
6,822
28,548
34,859
96,549
27,049
277,065
470,892
8
819
1
433
410
1,196
2,018
6,745
3,395
23,388
37,152
6,584
22,979
22,545
70,684
38, 361
160,449
321,602
3,129
11,091
10,923
35,161
19,681
75,535
155,520
875
1,327
Period ended llarch 1956
Period ended April 1956
92
16,026
7,593
144
51,010
24,857
98
67,318
33,024
67
146,976
69,153
8
57,145
29,458
7
190,714
98,666
416
529,189
262,751
2
'58
-
418
529,131
262,751
844
573
233
628
1,264
2,256
5,022
1,928
7,931
19,029
85
104
73
59
6
3
330
15,405
36,921
50,590
117,965
36,711
57,553
315,146
7,349
18,323
24,949
58,624
18,653
27,677
155,575
2
120
495
87
1,921
2,625
Period ended liay 1956
Period ended Jiine 1956
234
1
9,756
26,687
39,157
61,407
51,800
163,931
352,738
'302
352,436
■ 4,616
13,044
19,223
30,169
25,662
84,446
177,160
177,160
17
386
621
463
636
1,326
2,533
2,290
5,975
13,223
156
276
166
145
21
1
774
27,491
99,253
115,528
308,761
144,498
207,871
903,502
'150
903,352
13,249
49,214
56,893
156,471
70,796
106,990
453,613
Part year returns, period ended January-June 1956
5,757
10,473
11,838
55,819
24,631
91,157
199,675
2,603
4,897
5,857
24,149
12,745
43,097
93,348
93,348
1,267
2,564
316
508
1,096
3,278
1,316
2,593
9,107
9,471
26,444
49,167
169,619
98,992
904,226
1,257,919
195
1,258,114
i58
601
711
2,874
1,695
6,495
12,634
403
955
1,680
4,824
1,556
2,186
11,609
2
11,611
4
818
32
2,767
441
3,898
1,870
11,486
479
5,565
1,040
9,749
3,866
34,283
-
^')
34,283
^Deficit.
^ess them $%0.
KSE: See tert
'or explanatory statements and for "Description of the Sample and LiiuitatioDS of Data."
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
U7
CONSOLIDATED RETl'RNS
Table 20.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY INDUSraiAL DIVISION
Returns
Returns with balance
sheets by industrial division
Agri-
Finance,
Total
without
balance
All
industrial
culture,
fores-
Mining
and
Con-
struc-
yanufac-
turing
Public
utilities
Trade
insurance,
real estate.
of
sheets
divisions
try, and
^luarrying
tion
and lessors,
fishery
of real
property
allocable
(1)
(2)
;3)
(4)
(5)
(6)
(7)
18)
(9)
(10)
(11)
(12)
2,906
70
2,836
17
134
109
775
268
670
593
266
4
10,966
210
10,756
62
390
277
2,684
1,616
2,177
2,007
1,536
7
(IhouM^nd dolUraJ
5,249,673
24, U6
166,662
36,507
1,960,630
1,360,871
316,548
1,198,907
185,387
15
_
_
10,864,510
39,810
225,675
192,562
4,418,085
1,219,452
666,846
3,888,545
213,057
478
-
-
279,230
865
3,324
330
203,858
20,829
14,669
32,662
2,693
-
_
_
657,377
27
38
72
622,143
20,251
14,342
_
504
.
-
-
1,893,389
36
9,896
1,479
873,132
598,930
344,054
1,786
64,026
_
-
~
3,886,025
2,713
127,259
9,430
2,410,074
906,260
265,264
18,378
146,647
_
-
-
574,373
35,995
25,433
3,998
366,769
82,479
21,353
18,633
19,210
3
-
-
564,978
6,351
540
377
41,662
4,243
10,736
500,968
101
-
_
_
5,689,252
49,896
56,166
9,192
2,136,198
1,710,688
93,369
1,613,999
19,744
_
-
-
378,703
-
15,827
776
295,581
530,515
9,515
9,987
16,502
-
-
-
11,853,302
40,177
187,693
69,890
5,174,693
3,095,169
225,545
2,508,066
551,597
472
-
-
85,952,039
402,027
1,699,047
175,814
22,327,073
58,673,642
829,304
1,001,602
842,975
55
-
-
25,609,774
200,734
851,182
44,392
10,231,452
13,287,784
328,874
211,702
403,647
7
_
_
3,363,093
23
729,443
447
2,473,951
48,224
24,487
36,310
208
.
-
-
1,629,876
-
347,599
214
1,242,823
19,649
5,405
14,177
9
_
_
_
1,205,743
4,587
30,631
17,079
516,949
265, U4
56,717
125,438
189,178
_
-
_
931,565
6
35,932
913
366,278
28,161
16,704
5,732
27,763
26
-
-
497,740
_
17,413
1
479,226
704
201
115
80
_
-
-
2,529,149
14,895
23,381
14,157
349,790
1,676,607
92,513
293,943
53,862
1
-
-
108,126,551
419,090
2,119,155
487,756
32,625,649
56,891,690
2,639,148
U,018,688
1,924,332
1,043
-
-
5,829,987
16,822
137,229
85,965
3,295,465
1,358,891
534,191
246,918
154,407
99
_
_
2,543,966
7,123
112,347
53,968
472,244
473,829
233,947
1,112,213
67,793
2
_
-
23,387,696
2,440
312,469
132,576
4,280,722
21,082,342
361,916
2,277,255
437,945
31
-
-
3,623,504
6,786
97,758
9,974
931,303
2,363,824
81,567
62,802
69,476
9
-
-
8,281,540
U,033
43,416
92,959
747,103
2,135,757
135,567
5,052,914
62,773
18
-
-
3,343,768
13
60,317
3,634
547,983
2,486,287
126,671
80,363
37,817
183
_
-
24,369,155
207,453
377,905
30,282
8,258,636
14,573,186
252,989
473,171
189,955
578
-
-
2,505,005
26,061
54,604
6,964
1,302,409
685,688
45,007
311,963
72,309
_
-
_
7,729,213
3,949
333,407
16,292
2,820,879
3,516,305
204,744
483,485
344,921
231
-
-
21,012,717
137,410
589,203
50,142
9,968,900
8,210,581
657,549
912,104
486,936
^108
-
-
108,126,551
419,090
2,U9,155
487,756
32,625,649
56,891,690
2,639,148
u,oie,68e
1,924,332
1,043
46,161,984
167,804
45,994,180
417,528
1,101,129
20,729
33,845,461
2,235,273
8,139,659
90,860
143,541
24,002,360
46,623
23,955,737
100,238
377,640
470,951
1,478,124
19,021,946
231,590
1,054,793
1,220,442
13
103,120
228
102,892
895
1,339
126
40,318
24,532
1,761
33,324
597
2,130
-
2,130
21
7
_
240
792
48
1,021
1
_
U,704
63
11,641
158
46
37
772
553
147
9,879
49
_
358,278
3,730
354,548
634
2,472
422
82,124
79,701
7,465
177,605
4,125
_
602,821
1,637
601,184
1,737
5,605
6,024
181,986
292,072
19,826
48,229
45,700
5
104,599
107
104,492
31
5,063
4,042
45,702
21,841
913
18,390
3,010
_
3,538
6
3,532
-
117
4
1,815
139
372
1,071
14
-
221,354
2,042
219,312
885
12,000
3,567
105,286
38,668
8,932
44,731
5,243
-
42,064
145
41,919
1,041
5,532
549
1,422
5,398
552
27,202
223
-
568,016
687
567,329
328
6,478
1,760
407,324
90,285
7,192
45,974
7,988
.
232,549
1
232,548
457
98
688
193,355
12,114
7,062
10,384
8,390
_
321,408
2,683
318,725
3,000
12,205
5,272
146,640
31,540
30,722
10,174
29,137
35
72,735,925
225,756
72,510,169
526,953
1,529,731
514,171
36,530,569
21,904,854
8,456,241
1,574,137
1,473,460
53
35,890,953
124,765
35,766,188
275,254
801,553
17,226
26,033,646
1,753,626
6,732,937
68,728
33,218
13,759,935
30,631
13,729,304
775
212,254
398,017
643,372
11,203,590
131,221
295,274
844,801
_
342,348
1,810
341,038
89,318
11,442
8,524
106,924
36,302
35,101
32,581
20,832
14
968,223
3,779
964,449
15,272
9,798
2,554
■273,144
493,587
92,120
31,414
46,558
2
765,359
2,163
763,196
797
18,206
3,038
638,495
60,543
14,312
12,978
14,327
_
88,516
481
38,035
141
1,039
628
25,044
25,791
7,552
25,264
2,576
_
1,232,038
3,166
1,228,872
330
16,281
6,431
214,930
762,226
25,635
185,441
17,546
2
2,440,736
5,215
2,435,571
10,561
50,090
6,419
712,980
1,475,161
67,097
76,226
37,033
4
36,610
75
36,535
23
918
121
17,535
12,398
1,963
2,576
946
_
663,311
248
663,063
1
4,648
6
268,572
381,711
5,421
394
2,310
_
2,665,347
7,931
2,657,416
16,843
77,944
14,515
388,129
1,483,238
55,312
66,283
55,148
4
1,136,600
1,491
1,135,109
3
117,976
578
971,730
33,793
1,961
8,994
24
_
443,039
3,450
439,589
1,158
3,936
1,093
252,973
61,737
64,227
10,390
44,075
_
615,665
543
615,122
828
23,691
2,029
243,608
305,885
22,399
10,033
6,599
-
193,367
617
192,750
1,170
5,258
447
96,978
76,424
8,843
2,092
1,538
-
66,945
409
66,536
2
1,430
112
36,569
11,633
4,172
11,658
956
4
5,575,514
35,893
5,539,621
61,574
146,220
38,620
2,712,691
791,107
1,056,041
529,982
203,346
40
66,885,061
222,667
66,662,394
474,050
1,502,684
500,353
34,137,420
18,968,752
8,326,869
1,370,358
1,381,833
70
5,850,864
3,089
5,847,775
52,903
27,047
13,813
2,393,149
2,936,102
129,372
203,779
91,627
^17
5,839,160
3,026
5,836,134
52,745
27,001
13,776
2,392,3T7
2,935,549
129,225
193,900
91,578
^17
83,180
978
82,202
450
1,401
1,545
32,762
30,972
4,686
7,183
3,203
_
2,784,540
3,064
2,781,476
23,560
24,757
3,596
1,047,428
1,478,470
72,884
79,374
46,407
_
3,066,324
25
3,066,299
29,343
2,290
5,217
1,34', 721
1,457,632
56,438
124,405
45,220
'17
2,691,476
734
2,690,742
27,045
53,758
9,486
1,097,990
1,326,385
37,614
93,989
44,475
272,705
-
272,70^-
-
380
434
245,342
19,098
580
6,325
7C
-
Number of consolidated returns.
Number of subsidiaries
Assets:
Cash
Notes and actiounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
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 and
depreciation.
Depletable assets
Less: Accximulated depletion..
Land
Intangible assets
Less: Accumulated amortization.
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less tlian 1 year
Maturity 1 year or more
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserve
Paid-in or capital surplus
Earned 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 induced by
net short-tenn 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
Advert islng
Amounts contributed under pension plans.
Amounts contributed under other employee
plans.
Net loss, sales other than capital
assets.
Other deductions
Total compiled deductions.
Compiled net profit or net loss (4fl less
66).
Net income or deficit (67 less 38)
Net operating loss deduction
Income tax
Compiled net profit less income tax (67
less 70).
Dividends paid:
Cash ajid assets other than own stock
Corporat ion ' s own stock
^Includes stock not designated as to type.
^Loss or deficit.
'Loss after total taxpayroent,
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data.'
118
COPPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
CONSOLIDATED RETURNS
Table 21.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
Returns
without
balance
sheets
Returns with balance sheets 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
(2)
O)
(4)
(5)
(6)
(7)
(8)
Number of consolidated returns
Number of subsidiaries
Assets :
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
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 and depreciation
Depletable assets
Less : Accumulated depletion
Land
Intangible assets
Less: Accumulated amortisation
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
Paid-in or capital surplus
Earned 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
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 or net loss (i8 less 66)
Net income or deficit (67 less ^8)
Net operating loss deduction
Income tax
Compiled net profit less income tax (67 leas 70)
Dividends paid;
Cash and assets other than own stock
Corporation's own stock
2,906
10,966
46,161,984
24,002,360
103,120
2,130
11,704
358,278
602,821
104, 599
3,538
221,354
42,064
568,016
232, 549
321,408
35,890,953
13,759,935
342,848
968,228
765,359
88,516
1,232,038
2,440,786
36,610
663,311
2,665,347
1,136,600
443,039
615,665
193,367
66,945
5,575,514
66,885,061
5,850,864
5,839,160
83,180
2,784,540
3,066,324
2,691,476
272,705
70
210
2,836
10,756
U8
209
340
444
392
649
(Thmiannd liollm
167,804
46,623
63
3,730
1,637
107
6
2,042
145
687
1
2,683
124,765
30,631
1,810
3,779
2,163
481
3,166
5,215
75
248
7,931
1,491
3,450
543
617
409
35,893
3,089
3,026
978
3,064
25
5,249,673
10,864,510
279,230
657,377
1,893,389
3,886,025
574, 373
564,978
5,689,252
878,703
11,853,302
85,952,039
25,609,774
3,363,093
1,629,876
1,205,743
981,565
497,740
2,529,149
10^126,551
5,829,987
2,543,966
28,887,696
3,623,504
8,281,540
3,343,768
24,369,155
2,505,005
7,729,213
21,012,717
108,126,551
45,994,180
23,955,737
102, 892
2,130
11,641
354,548
601,184
104,492
3,532
219,312
41,919
567,329
232, 548
318,725
72,510,169
35,766,188
13,729,304
341,038
964,449
763,196
83,035
1,223,872
2,435,571
36,535
663,063
2,657,416
1,135,109
439,589
615,122
192,750
66,536
5,539,621
66,662,394
5,847,775
5,836,134
82,202
2,781,476
3,066,299
2,690,742
272,705
131
195
19
2
71
481
311
3,833
121
1,253
129
215
25
881
25
99
'5,912
669
6,927
2,418
9,479
5,476
1,177
203
221
16
55
55
109
6
2
597
33
=374
'375
61
299
677
241
51
457
1,152
621
704
282
1,344
210
225
154
929
12
154
'1,454
2,560
5,713
2,923
4,109
1,445
535
480
66
46
61
157
12
1
166
112
1
26
9
1,861
9,087
'115
'115
39
3154
1,152
2,775
165
3
662
871
1,283
5,176
2,568
271
145
3
582
2,686
1,339
2,144
424
950
474
3,14«
114
1,773
'2,647
10,405
18,684
8,011
70
368
127
105
11
14, 322
4,317
1,317
1,239
162
203
158
533
28
355
31
51
28,370
'617
'617
157
118
3735
6,307
15,411
305
89
3,146
7,477
645
19
339
172
6,144
27,556
14,449
326
45
1,836
606
4
2,527
57,797
13,976
6,978
10,913
3,270
4,330
2,741
22,683
421
4,256
'11,771
57,797
1U,769
28,534
2
238
928
118
1
836
334
50
85,716
15,943
5,642
3,390
725
504
1,133
2,247
94
56
2,891
31
2,362
132
232
654
24,383
146,135
'181
'183
1,064
794
'975
12,656
36,595
912
176
8,874
16, 199
1,894
27
705
310
15,909
68,132
33,722
1,388
725
6,344
1,660
27
4,315
27,850
16,853
24,869
5,704
7,275
6,375
32,031
1,857
8,255
8,729
139,798
237,661
60,947
554
1,856
769
57
1,298
1,122
120
13
2,352
173,926
37,923
9,407
6,514
1,619
1,331
2,287
4,809
164
214
6,091
213
5,470
463
567
326
49,366
305,690
1,087
1,083
2,147
1,721
'634
1,019
118
(9)
413
780
23,303
67,275
1,656
319
17,163
31,694
3,275
1
2,184
403
43,515
141,287
58,349
4,136
1,318
12,527
4,196
24
46, 337
37,705
68,689
10,896
13,920
1A,530
52,736
3,285
22,411
28,510
299,019
424,619
103,001
20
1,346
3,853
743
121
2,174
1,467
226
4
4,500
332,557
65,074
12,167
3,977
3,016
2,116
4,932
8,122
198
94
10,911
366
7,347
754
782
878
83,876
542,217
'92
'112
2,339
2,907
'2,999
1,216
413
Sec footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of data.
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
119
CONSOLIDATED RETURNS
Table 21.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— Continued
Returns with balance sheets by size of total assets — Continued
$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
(10)
(12)
(U)
(U)
(15)
(16)
Number of consolidated returns
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories :
Last-in, first-out
Other than last-in, first-out
Not stated
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 and depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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, connon^
Surplus reserves
Paid-in or capital surplus
Earned 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 ,
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
Conpiled net profit or net loss (^ less 66)
Net income or deficit (67 less 38)
Net operating loss deduction
Income tax
Compiled net profit less income tax (67 less 70)
Dividends paid;
Cash and assets other than own stock
Corporation's own stock ;
504
1,263
301
1,019
213
1,036
166
1,U2
72
794
53
546
43
1,033
(Thouaand dollarg)
59,839
163, 596
3,610
2,347
37,995
71,296
8,657
1,934
10,983
1,370
145,448
381,790
156,255
13,336
8,584
30,362
8,952
318
24,208
793,347
97,522
79,463
243,543
28,348
44,133
35,721
126,232
11,907
59,460
67,018
793, 347
874,490
224,587
287
7
95
3,644
10,220
2,004
84
5,677
3,148
1,252
21
10,564
1,136,080
687,272
133,384
21,707
14,330
6,672
2,806
13,341
22,073
408
536
28, 354
2,068
15,424
2,733
1,320
4,167
172,313
1,167
1,072
4,283
8,913
^7,746
5,044
1,066
30,689
195,869
5,748
1,303
33,423
97,485
12,523
2,331
15,525
4,696
223, 569
495,398
204,536
30,727
10,629
47,179
13,871
1,644
29,003
1,061,539
111,053
100,422
373,596
77,591
63,536
53, 154
122,490
15,215
92,779
51,752
949,874
310,602
75
3,466
13,160
1,405
45
9,115
3,407
1,419
921
11,466
1,305,317
726,381
199,970
21,545
18,708
9,457
3,047
19,796
30,811
710
311
37,963
4,193
21,852
5,550
2,323
4,227
186,678
1,293,527
11,790
11,714
6,517
13,517
'1,727
6,669
1,097
126,251
246,765
6,506
10,994
50,667
134,584
16, 335
1,538
31,004
2,887
271,063
761,351
301,561
81, 170
41,072
42,038
17,515
433
48,590
139,904
135, 597
486,733
57,751
99,535
57,276
170,737
35,773
150,838
149,081
1,493,235
1,265,365
459,307
43
2,.985
14,875
3,408
137
14,695
3,765
4,735
180
14,853
958,000
308,253
18,225
24,339
14,451
2,494
26,470
46,107
637
2,188
54, 20 J
9,003
19,091
6,163
3,856
5,201
264,207
1,762,1
22,132
22,089
7,346
15,964
6,168
3,404
1,708
194,378
451,476
6,470
9,196
65,515
2U,487
22,023
8,851
33,956
22,055
456,822
1,450,780
540,221
154,704
49,312
75,467
27, X9
971
68,546
271,402
227,040
793,335
89,224
126,996
79,589
335,377
68,489
291,757
376,422
2,559,631
1,828,380
685,150
295
5,920
27,295
19,252
1,066
22,393
5,305
11,594
809
25,528
1,482,748
467, 311
28, 169
28,259
17,039
6,001
42,773
55,133
1,338
5,052
82,795
23,793
17,746
13,630
5,199
8,155
284,103
64,770
54,475
13,590
34,417
30,353
33,960
7,237
207,978
459,943
15,734
2,455
80,375
217, 105
30,004
20, 540
48,839
10, 132
488,359
1,449,793
539,943
220,361
103,921
52,493
51,837
17,001
45,251
2,723,932
234, 117
171,441
656,544
30,639
223,609
96,309
281,640
99,271
312,177
563,185
2,728,932
2,093,952
530,544
642
14,379
12,782
7,119
119
17,305
10,566
9,201
965
29,915
1,642,535
334,015
20,136
21,740
13,786
5,607
34,220
92,173
1,003
3,463
68,875
50,933
32,201
12,175
5,119
8,134
316,257
61,028
60,386
2,552
38,060
22,968
39,417
8,357
302,453
507,233
9,013
20,473
99,025
249,283
19,228
74,387
163,460
29,315
593,967
2,032,748
710,087
395,900
158,774
93,900
23,123
9,717
136,495
3,863,900
326,405
215,361
921,514
141,543
332, 177
162,679
502,435
117,686
430,604
613,494
1,102,835
590,548
4,417
15
1,560
10,923
25,327
14,385
414
17,984
4,346
15,381
14,485
16,209
1,638,896
425,899
16,285
33,171
25,623
2,210
41,576
71,338
1,117
7,933
77,074
36,523
31,674
16,887
7,945
3,435
322,324
158,919
157,359
14,042
74,145
84,774
99,776
2,244
471,767
770,700
10,289
11,484
164,871
439,444
29,495
37,153
124,327
78,583
1,393,959
3,916,933
1,172,414
64,496
9,561
212,669
29,344
161
127, 388
463,399
162,165
1,926,080
163,055
546,903
232,773
901,477
227,504
729,061
1,278,271
2,290,595
1,830,758
2,957
32
783
22,291
55, 147
4,353
138
30,379
1,396
19,507
7,471
36,587
4,312,895
1,866,725
1,242,651
21,934
75,460
36,415
5,191
78,616
119,900
1,472
40,566
123,570
15,157
64,150
20,300
7,230
17,880
379,390
4,123,708
189,187
188,404
3,442
110,474
78,713
109,234
18,561
3,761,970
7,936,000
218,739
597,527
1,330,572
2,405,823
430,013
417,646
5,257,393
728,717
8,207,731
75,219,462
21,874,637
2,396,435
1,245,838
515,602
802,822
457,435
2,033,958
,334,981
4,090,798
1,389,199
23,367,139
2,954,710
6,757,736
2,551,968
21,316,358
1,923,445
5,565,589
17,393,039
,334,981
33,781,305
19,018,407
92,184
2,015
8,120
288,712
425,319
50,886
1,345
97,273
6,230
503,826
207,578
165,049
26,142,424
10,486,941
163,756
727,521
629,149
56,419
962,904
1,982,054
29,348
502,639
2,158,198
991,733
221,629
535,746
157,595
13,367
3,447,737
49,309,325
5,339,074
5,330,954
24,558
2,480,400
2,858,674
2,380,558
231,732
^Includes stock not designated as to type.
^Loss or deficit.
'Loss after total taxpayment.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
120
CORPORATION INCOME TAX RFTURNS, JULY 1955-JUNE 1956
CONSOLIDATED RETURNS WITH NET INCOME
Table 22. —BALANCE SHEETS AND RELATED IBCOHE STATEMQITS BY INDUSTRIAL DIVISION
Returns
without
balance
sheets
Returns with balance sheets by industrial division
All
industrial
divisions
Agri-
culture,
forestry J
fishery
and
quarrying
[k>nstrucs-| Ifanuf actui»-
tion
Public
utilities
Finance,
insurance,
real estate,
and lessors
of real
property
business
not
allocable
Ci)
(2)
(3)
M
(5)
(6)
Number of consolidated returns with net
income.
Number of subsidiaries
Assets;
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States
possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortisation and
depreciation.
Depletable assets
Less: Acciimulated depletion
Land
Intangible assets
Less: Accumulated amortization
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or nore
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, common'
Surplus reserves ,
Paid-in or capital surplus
Earned 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
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 under other enployee
benefit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions.
Compiled net profit (48 less 66)
Net Income (67 less 38)
Net operating loss deduction
Income tax
Compiled net profit less income tax (67
less 70).
Dividends paid:
Cash and assets other than own stock..,
Corporation's own stock ,
(7)
(8)
(9)
(10)
(11)
1,759
7,540
1,725
7,«1
1,923
1,248
174
1,230
(Thottmand doltara)
41,830,678
22,695,498
101,626
2,119
11,603
343,674
546,693
93,875
3,020
205,022
29,984
563,785
231,376
285,056
66,944,0CB
32,269,933
12,872,197
294,389
872,495
723,808
75,216
1,114,725
2,293,029
36,304
624,753
2,486, 4i6
1,084,130
385,733
595,260
182,196
20,945
4,911,789
60,843,353
6,100,656
6,089,053
83,180
2,784,540
3,316,116
2,650,915
264,282
113,621
32,884
63
3,548
1,338
424
2,344
79,335
25,048
1,005
2,866
1,247
126
964
2,870
71
59
3,164
204
2,554
300
367
14
24,994
145,188
10,702
10,639
978
3,C64
7,638
4,897,830
10,092,393
256,789
648,150
1,753,638
3,356,450
522,351
563,536
5,635,320
853,730
10,960,857
81,500,698
24,210,419
2,879,932
1,446,725
1,009,000
926,102
479,813
2,335,824
101,542,065
5,290,334
2,075,
26,462,
3,419,
7,909,
3,020,
23,410,
2,327,
7,081,
20,545,
41,717,057
22,662,614
101,427
2,119
11,540
340,126
545,355
93,856
3,019
563,361
231,376
282,712
66,788,119
32,190,598
12,847,149
293,384
869,629
722,561
75,090
1,113,761
2,290,159
36,233
624,699
2,483,282
1,083,926
383,179
594,960
181,829
20,931
4,886,795
6C, 693, 165
6, 389,954
6,078,414
62,202
2,781,476
3,308,47g
2,65C,188
264,282
24,101
39,566
865
2,713
35,987
39,612
399,602
200,120
4,081
6
16,779
6,778
1,775
6,782
10,986
13
206,211
26,061
1,646
138,65!
415,682
417,271
100,018
893
21
158
616
1,712
30
327
457
2,994
274,756
749
89,314
15,271
787
141
238
10,538
23
16,681
3
1,156
2
61.450
473,106
52,988
52,83C
45C
23,560
29,428
99,416
136,350
596
7,954
81,011
13,501
36,230
13,480
131,283
1,046,837
528,567
325,617
185,964
11,267
267
14,232
1,202,731
67,917
30,930
132,450
41,258
12,926
44,882
251,982
26,398
130,652
463,336
691,706
296,625
1,396
3,876
2,683
91
7,552
111
5,547
4
4,875
509,196
156,793
5,544
6,156
14,637
754
5.357
31,890
897
4,155
42,862
80,027
2,518
14,184
3,333
115
79,422
957,840
57,596
57,574
1,401
24,757
32,839
43,740
424
29,084
98,604
72
72
157
5,868
2,346
377
9,078
650
21,907
69,081
27,758
407
213
10,991
58
6,819
227,456
46,992
8,690
18,555
7,284
38,858
1,332
24,924
6,678
14,311
59,832
227,456
19,719
323,624
198
2,572
4,019
3
3,080
168
1,678
688
3,530
16,340
267,246
6,980
1,741
2,189
190
1,555
3,968
116
3
6,953
553
846
1,961
348
107
26,859
337,955
21,458
21,436
1,545
8,596
12,862
7,027
404
1,824,917
4,103,122
193,699
613,503
766,173
2,049,179
345,045
41,105
2,132,405
283,759
5,007,559
21,246,403
9,889,480
2,420,103
1,228,495
488,717
856,165
478,838
321,804
30,709,447
3,087,022
323,975
3,752,680
871,970
676,641
435,494
7,991,044
1,253,349
2,599,158
9,718,114
30,709,447
30,991,353
1,438,562
40,090
240
747
76,496
175,392
42,081
1,756
405,752
192,768
135,993
23,580,717
622,925
85,406
255,728
611,176
18,340
186,150
663,458
17,553
254,256
835,757
963,363
218,357
235,569
89,943
6,790
2,448,479
31,093,967
2,508,673
2,507,926
32,762
1,047,428
1,461,245
1,087,778
237,604
1,292,339
1,149,579
18,113
20,251
598,665
865,027
76,432
4,123
1,705,317
520,645
2,982,050
56,674,442
12,772,010
47,782
19,560
189,853
24,887
671
1,589,701
54,930,739
1,254,078
449,056
20,269,118
2,309,843
2,022,403
2,334,423
14,161,042
612,405
3,431,105
8,087,266
54,930,739
2,212,630
18,223,289
24,192
788
537
78,189
268,824
20,622
127
89,871
12,114
78,780
1,732,265
10,609,980
32,089
448,577
60,138
25,184
728,188
1,427,340
12,350
358,394
1,446,439
32,054
60,772
304,779
75,283
4,752
717,103
18,075,687
2,976,653
2,976,116
30,972
1,478,470
1,498,183
1,312,234
19,098
282 , 105
539,967
10,151
13,757
315,421
191,521
18,841
10,428
90,941
9,055
189,017
698,669
274,024
14,681
3,088
48,007
13,935
182
75,831
461,637
149,315
298,968
65,314
117,336
101,078
195,545
33,790
169,005
632,743
7,179,814
213,165
144
6,104
14,885
796
80
7,002
7,017
20,535
7,459,589
5,944,776
126,390
26,555
72,289
12,162
4,964
20,487
57,835
1,943
5,357
45,990
1,438
49,687
21,411
8,538
687
907,562
151,518
151,374
72,884
78,634
35,771
351
1,167,736
3,826,433
31,145
1,686
16,156
12,365
1,592,194
9,643
2,058,977
614,867
149,985
71,136
9,396
80,602
4,368
105
269,307
10,035,514
214,631
1,061,379
1,601,285
52,057
4,973,583
74,005
398,090
297,249
406,976
956,209
10,035,514
72,205
936,725
32,903
1,019
9,861
173,454
34,259
15,875
948
42,591
22,138
45,415
9,998
8,341
1,405,737
54,891
274,780
29,395
28,162
9,028
23,637
156,740
61,459
2,407
306
39,958
6,464
8,893
9,811
1,912
7,570
467,959
222,365
212,504
7,183
79,374
142,991
92,572
6,325
178,132
198,772
2,148
504
63,582
144,975
17,834
100
19,259
16,498
530,452
750,797
368,475
183
9
175,482
26 ,416
17
43,423
141,228
45,208
383,076
64,512
56,501
29,066
181,943
71,349
323,683
489,199
132,359
1,130,606
580
1
49
3,673
43,835
7,750
14
4,061
179
7,769
8,330
27,664
1,366,870
77,657
783,286
18,101
41,705
12,444
1,880
15,046
33,671
944
2,228
48,642
24
40,950
6,417
1,303
903
177,961
98,703
98,654
3,203
46,407
52,296
44,021
76
^Includes Etock not designated 83 to type.
MOTE: See text for explanatory statements and for "Description of Ibe Saaple and Liadtations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
121
CONSOLIDATED RETURNS WITH NET INCOME
Table 23.— BALANCE SHEETS AID RELATED HKOME SIAXEMEHTS, BT SIZE OF TOTAL ASSETS
Tithaut
balance
sheets
Returns with balance sheets by size of total assets
[ftuier
»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)
2)
C3)
(4)
(5)
Number of consolidated returns with net
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable
Less: Reserve for bad debts
Inventories:
Last-in, first-out
Other than last-in, first-out
Not stated
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 and depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
Other assets .-
Total assets
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Accrued eicpenses
Other liabilities
Capital stock, preferred
Capital stock, common^
Surplus reserves ,
Paid-in or capital surplus
Earned surplus and undivided profits
Total liabilities
Receipts:
Gross sa les ,
Gross receipts from operations
Interest on Government obligations (less amort izable bood pranium);
Wholly taxable ,
Subject to surtax only ,
Wholly tax-exempt
Other interest
Rents
Royalties ...
Net short-terra capital gain reduced by net loog-teis capital loss..
Net long-term capital gain reduced by net short-term capital loss..
Net gain, sales other than capital assets. -
Dividends, dewiest ic 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 ..,,
Amort iza t ion ,
Depreciation ,
Depletion ,
Advertising ,
Amounts contributed under pensicsi plans
Amounts contributed under other employee benefit plans
Net loss, sales other than capital assets
Other deductions
Total compiled deductions ,
Compiled net profit (A8 less 66) ,
Net income {67 less 38)
Net operating loss deduction
Income tax
Compiled net profit less income tax (67 less 70) ,
Dividends paid:
Cash and assets other than own stock . .
Corporation's own stock .....
1,759
7,540
41.830,678
22,695,496
101,626
2,119
11,603
343,674
546,693
93,875
3,020
205,022
29,964
563,785
231,376
285,056
32,269,933
12,872,197
294,389
872,495
723,806
75,216
1,114,725
2.293,029
36,304
624,758
2,486,446
1,084,130
385,733
595,260
182,196
20,945
4,911,789
60,843,353
6,100,656
6,089,053
S3,iSQ
2,784,540
3,316,116
2,650,915
264,282
(6)
(7)
(8)
1,725
7,441
71
100
201
254
251
396
(TIieu»»nd dotlmrv)
101,542,065
113,621
32,884
63
3,548
1,338
19
1
1,449
424
2,344
"^,335
25,048
1,005
2,366
1,247
126
964
2,87U
n
59
3,164
204
2,554
300
367
145,138
i0,TQ2
10,639
973
3,064
-.638
4,897,830
10,092,393
256,789
648,150
1,753,638
3,356,450
522,351
563,536
5.535,320
353,730
10,960,857
81,500,698
24,210,419
2,879,932
1,446,725
1,009,000
926.102
479,813
2,335,824
5,290,334
2,075,331
26,462,907
3,419,020
7,909,234
3,020.293
23,410,731
2,327,279
7,081,536
20,545,350
101,542,065
41,717,057
22,662,614
101,427
2,119
U,540
340,126
545,355
93,856
3,019
203,573
29,984
563,361
231,376
282,712
32,190,598
12,847,149
293,384
369,629
-"22,561
75,090
1,113,761
2,290,159
36,233
624,699
2,483,282
1,083,926
383,179
594,960
181,829
20,931
4,386,795
60,698,165
6,089,954
6,078,414
32,202
2,781,476
3,308,478
2.650,188
264,282
26
129
87
180
3
31
^237
770
604
1,428
222
201
34
98
6
27
7
23
3
235
33
1,349
193
354
7
26
120
204
571
290
1,288
117
207
86
94
50
322
1
3,150
1,351
5,159
2,255
936
356
172
37
11
32
91
10
5,017
142
142
39
103
771
1,316
16
328
464
551
2,606
1,256
89
104
393
530
244
497
35
1,053
49
354
1,141
5,302
7,658
5,063
48
169
5,332
2,711
864
511
79
29
65
284
19
2
311
8
142
16
36
502
502
157
118
384
4,096
9,605
143
89
1,626
4,760
12
211
27
3,833
15,047
7,558
213
27
1,021
330
3
1,305
34,812
7,906
3,815
4,979
1,851
2,105
682
5,823
201
1,927
4,518
34,812
75,259
19,507
10
1
2
148
637
61
1
658
293
40
97,283
56,199
11,034
3,749
1,979
462
254
502
1,389
85
5
1,704
19
1,768
93
155
94,017
3,266
3,264
1,064
794
2,472
318
63
9,020
25,175
401
176
5,990
9,770
1,109
22
555
36
8,703
44,403
22,908
587
103
3,812
873
15
2,811
89,515
15,588
10,176
12,459
3,954
5,157
2,437
18,190
1,251
4,977
15,316
89,615
167,725
46,049
12
3
3
477
1,014
571
42
997
710
63
13
1,466
127,177
27,585
6,394
3,863
1,197
707
1,389
3,334
157
127
3,914
204
3,927
325
364
78
31,323
212,656
6,479
6,475
2,147
1,721
4,758
889
82
(9)
236
381
15,847
42,304
560
10,343
20,123
1,422
117
18,122
78,720
33,818
837
453
7,510
2,689
4,077
169,345
24,441
19,729
34,576
6,831
7,868
5,503
29,523
1,870
8,507
30,497
159,345
280,364
60,386
20
940
2,344
485
111
1,677
809
155
4
2,662
218,919
37,218
7,919
4,740
1,902
982
2,443
4,449
189
17
5,711
280
4,828
547
505
300
49,613
340,552
9,419
9,399
2,389
2,907
6,512
752
273
See footnotes at end of table. See text for explanatory statements and for "Descripticn of the Sample and Liinitatians of Data."
122
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
CONSOLIDATED RETURNS WITH NET INCOME
Table 23.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— Continued
Returns with balance sheets by
size of tota
L assets — Continued
$1,000,000
$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
lender
under
$2,500,000
$5,000,000
$10,000,000
$25,000,000
$50,000,000
$100,000,000
$250,030,000
or more
(10)
(11)
(12)
(13)
(14)
(15)
il6)
(17)
307
178
128
103
46
43
35
76
760
595
621
693
577
441
914
1,651
(Thouaend dollara)
41,279
57,159
88,498
138,616
148,186
265,225
406,836
3,722,066
102,491
128,328
156,139
300,384
291,123
449,363
677,578
7,908,164
2,271
2,908
2,739
2,199
10,833
6,697
8,912
218,749
1,097
1,803
8,448
3,926
2,466
20,473
11,484
597,527
27,728
23,984
29,498
48,090
74,584
99,026
101,843
1,330,572
44,476
67,105
100,623
127,412
109,079
192,027
293,500
2,381,982
4,735
5,975
9,806
15,320
15,988
17,235
21,103
428,877
1,425
2,381
1,244
8,849
20,030
74,887
37,153
417, 533
8,042
11,047
22,057
29,646
36,147
146,546
124,827
5,254,797
534
4,436
2,844
18,595
9,822
29,315
64,287
723,717
85,683
112,043
150,796
329,632
360,198
471,634
1,248,998
8,170,434
224,724
268,972
466,348
823,320
816,051
1,722,094
3,125,596
73,912,117
92,537
118,090
194,217
301,730
317,366
570,879
978,956
21,570,727
4,588
11,924
25,045
89,472
161,082
155,595
34,071
2,396,435
1,575
4,504
7,562
27,064
84,018
67,066
8,427
1,245,838
17,948
28,623
24,621
38,784
48,794
90,583
202,820
544,379
5,876
9,133
9,050
24,174
20,837
23,114
29,344
800,551
130
302
366
938
745
9,717
161
467,436
12,706
17,848
24,887
34,613
30,633
91,929
111,357
2,003,329
486,819
624,957
915,020
1,698,902
1,732,063
3,194,692
5,499,341
87,089,730
58,534
62,323
93,201
186,906
139,586
289,636
370,003
4,040,824
40,028
53,234
77,741
108,955
102,655
125,845
143,907
1,388,699
125,231
162,034
257,973
434,706
345,220
765,956
1,483,996
22,834,971
18,392
20,178
41,725
63,478
60,560
126,216
138,246
2,937,210
24,210
40,356
67,248
67,515
107,472
341,470
515,138
6,730,092
21,626
37,944
32,346
37,158
61,805
152,367
244,644
2,423,692
84,440
81,634
105,943
231,167
174,663
421,570
693,226
21,562,042
6,687
11,300
18,888
60,636
81,144
86,184
175,367
1,883,688
33,185
50,954
88,517
213,475
174,830
318,580
622,719
5,563,475
74,486
105,000
131,438
294,906
484,128
566,868
1,112,095
17,725,037
486,819
624,957
915,020
1,698,902
1,732,063
3,194,692
5,499,341
87,089,730
615,627
667,586
878,393
1,186,065
1,134,209
1,586,144
1,340,399
33,773,708
152,927
179,445
252,175
518,363
440,534
629,230
1,760,651
18,595,829
20O
272
419
860
682
4,075
2,771
92,101
2
1
45
5
4
13
32
2,013
92
58
41
291
600
1,538
780
8,114
2,376
3,086
2,581
3,816
10,538
9,583
18,968
287,561
6,121
10,250
8,169
14,954
7,559
23,791
56,053
414,266
1,500
490
643
18,522
5,513
11,842
3,427
50,801
70
42
61
695
117
393
138
1,345
4,154
7,100
11,974
18,988
15,214
15,988
29,474
97,273
2,093
2,908
2,587
3,454
8,841
4
1,860
6,280
1,179
1,110
3,085
11,340
8,925
14,448
19,467
503,536
6
523
180
807
815
13,879
7,471
207,678
6,873
7,697
7,381
21,097
22,385
14,188
34,679
163,382
793,220
880, 568
1,167,734
1,799,257
1,655,936
2,325,116
3,276,170
54,203,887
481,186
504,569
682,885
936,151
328,625
1,190,559
1,022,301
26,134,218
91,521
110,447
158,680
368,785
286,641
383,305
1,196,593
10,171,391
14,932
15,449
12,218
20,768
13,824
14,844
18,047
163,436
9,364
13,048
13,624
20,001
12, U9
30,871
65,686
693,533
4,481
6,466
9,663
11,503
13,349
20,381
23,886
629,149
1,637
1,699
1,272
2,723
2,652
1,957
4,780
56,360
7,499
8,658
15,484
23,201
17,990
33,051
60,675
942,765
13,571
16,801
27,806
39,310
69,886
57,175
102,545
1,953,495
385
531
617
1,315
999
1,104
1,471
29,348
372
243
1,608
2,958
1,820
7,933
25,508
584,106
16,968
21,149
33,610
48,510
41,293
59,687
105,172
2,144,931
1,546
2,265
3,329
16,158
33,924
22,183
12,251
991,726
9,526
14,157
12,364
11,212
23,620
30,086
49,980
221,497
1,674
3,431
4,321
9,371
9,518
13,211
16,852
535,594
1,098
1,299
2,875
4,148
3,189
5,365
5,191
157,595
736
390
717
528
1,382
2,861
952
12,909
112,217
123,613
141,651
186,639
203,227
278,101
320,236
3,421,957
768,713
344,215
1,122,724
1,703,281
1,564,073
2,152,674
3,032,126
43,344,010
24,507
36,353
45,010
95,976
91,858
172,442
244,044
5,359,877
24,415
36,295
44,969
95,685
91,258
170,904
243,264
5,351,763
4,283
6,517
7,346
13,590
2,552
14,042
3,442
24,568
8,913
13,517
15,964
34,417
38,060
74,145
110,474
2,480,400
15,594
22,836
29,046
61,559
53,798
98,297
133,570
2,879,477
3,908
5,722
6,511
31,993
33,349
94,539
102,087
2,370,073
667
241
1,479
7,189
8 , 357
2,244
11,948
231,732
Number of consolidated returns with net income.
Number of subsidiaries
Assets:
Cash
Notes and accounts receivable...
Less: Reserve for bad debts..
Inventories:
Last-in, first-out
Other than last-in, first-out.
Not stated
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 and depreciation...
Depletable assets
Less; Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
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 stocli, common^
Surplus reserves
Paid-in or capital surplus
Earned surplus and undivided profits.
Total liabilities.
Receipts:
Gross sales. . . .'.
Gross receipts from operations
Interest on Government obligations (less amortizable bond premium):
Wholly taxable
Sub.iect to surtax only
Wholly ta x-exempt
Other Interest
Rents
Royalties
Net short-term capital gain reduced by net long-term capital lostj..
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 pa id on business property .'
Repa irs
Bad debts '
Interest pa id X
Taxes pa id
Contributions or gifts
Amortization
Depreciation
Depletion '
Advert ising
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 (^S less 66)
Net income (67 less 38)
Net operating loss deduction
Income tax
Compiled net profit less income tax (67 less 70).
Dividends paid:
Cash and assets other than ovm stock.
Corporation's own stock
^Includes stock not designated as to type.
^Deficit.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
123
RETLRNS WITH FOREIGN TAX CREDIT
Table 24.— NET INCOME, TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES, BY MAJOR INDUSTRIAL GROUP
Major industrial group
Returns with and without Form 1118
statements filed in support of
credit claimed
Number
of
returns
Net
income
( Thousand
dollars)
Income tax
before
foreign
tax credit
( TbousHod
dollars)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollars)
:iz with Form 1113 statements filed in support of credit claimed
Kumber
of
returns
Net
income
( Thousand
dollars)
Income from foreign sources
Number
of
returns
(Thousand
dollars)
Income other
than dividends^
Number
of
returns
( Thousand
dollars)
Income tax
before
foreign
tax credit
(Thousand
dollars)
Foreign
taxes
f Thousand
dollars)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollars)
(3)
M
(5)
(6)
lij)
All industrial groups .
Agriculture, forestry, and fisherj".
Fanos and agricultural services..
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
Nonmetaliic 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
Priioary 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 elec-
trical.
Ortinance 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 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
v.
19
106
20
1
70
88
223
23
63
127
127
105
7
533
■46i
35
379
(^)
2
13
971
209
193
16
165
1
127
60,933
58,935
(2)
721,281
266,303
14,458
4,006
430,712
5,802
77,174
15,832,109
99,806
612,154
61,792
147,005
28,643
34,935
48,139
514,566
163,986
2,273,419
1,571,810
347,733
39,270
547,842
1,990,180
418,646
1,125,910
794,536
390,667
4,157,582
15,916
355,303
92,269
2,406, 272
881,767
1,371,325
153,180
960,558
433,399
20,997
412,402
524,613
97,319
413,297
265
I')
4,771
553
3,982
2,942,963
714,585
246,577
208,750
253,738
5,520
2,198,120
2,186,133
11,987
27,245
3,013
170,108
4,958
2,990
61,874
680
»,057
5,881
j,668
25,817
25,860
(2)
340,969
116,283
1,822
1,239
218,712
2,913
31,894
7,779,556
50,187
310,424
31,952
73,848
14,383
13,811
23,778
250,531
81,211
1,101,188
614,953
171,958
20,005
280,654
996,025
209,447
570,536
399,218
198,189
2,132,646
8,270
181,412
44,930
1,204,872
424,566
704,791
75,515
475, 514
204,459
8,901
195,558
270,038
51,837
212,166
73
(^)
1,977
251
1,377
I')
554,369
263,286
117,016
104,709
44,923
1,638
275,615
271,369
4,246
9,573
395
82,480
1,915
1,543
28,361
342
46,272
■ 2,454
1,578
959,418
11,132
10,175
(2)
216,645
32,231
260
84
184,063
5,303
587,079
1,460
20,717
171
2,302
570
219
1,109
9,905
3,117
30,357
286,423
14,533
47
18,727
53,656
14,570
31,373
13,051
5,724
71,336
72
5,122
1,353
18,185
7,786
1,249
9,150
64,039
55,315
696
54,619
8,631
1,133
6,679
3,084
(^)
13
788
39,790
32,331
4,950
6,853
20,408
150
7,347
6,597
750
39
23
17,190
464
15
11,763
129
356
,402
10
90
6
50
47
16
29
62
73
189
19
22
18
48
58
115
116
96
455
399
70
329
717
461
40
25
374
22
174
162
9,047
7,049
12)
674,020
248,854
14,458
2,398
402,695
5,615
75,534
15,022,322
87,653
522,352
61,790
136,234
26,605
14,832
47,469
472,775
155,062
2,224,538
1,380,198
347,169
37,895
406,653
1,975,^65
388,204
769,671
390,667
15,916
318,958
81,fl96
,339,969
334,665
,352,124
153,180
875,887
354,980
20,563
334,417
519,155
»7,0i7
m13,2j7
265
533
3,811
2,843,637
673,076
221,322
206,364
239,870
5,520
2,141,588
2,130,074
11,514
25,360
3,013
116,449
4,042
2,990
60,098
680
39,276
5,847
632
6
52
3
29
15
167
137
22
115
553
399
20
17
340
545,511
136
136
2,618
376
154-
2,086
2
2,385
412,468
113
30,923
95
4,120
602
23
1,221
12,325
5,419
43,079
5,327
33,601
16
38,522
7,139
25,516
21,570
7,375
165
8,517
1,923
9,278
1,973
2,448
4,857
55,592
41,202
192
41,010
14,341
2,105
12,153
(=)
(^)
55,800
52, 523
342
8,866
42,763
552
3,063
1,584
1,479
99
115
7,234
1,016
1,012
12
21
44
46
143
15
102
85
312
283
48
235
254
114
25
123
115
4,868
2,762
(2)
435,057
32,335
582
45
352,086
17, 376
808,131
3,538
12,497
529
1,804
1,304
749
1,255
17,266
4,119
52,486
506,559
9,940
150
3,993
104,679
7,407
16,327
21,637
13,917
1,419
104,575
75,986
6,559
21,131
54,505
50,484
2,250
48,234
3,740
442
1,141
I')
i,128
117,908
41,287
11,342
10,458
19,470
17
76, 527
76,237
290
90
42,319
148
17,469
22,892
596
3,304
2,347
(2)
317,835
107,215
1,822
853
205,173
2,822
31,155
7,335,341
43,924
263,819
31,952
68,871
13,426
5,754
23,539
2X,265
76,849
1,077,441
533,299
171,670
19,318
207,706
988,867
194,227
507,679
386,430
198,189
8,270
163,101
40,046
1,181,508
411,084
695,009
75,515
433,169
164,635
8,722
155,963
257,329
51,792
212,156
{')
73
(')
.^47
526,673
254,316
106, 593
103, 539
42,546
1,638
262,150
258,055
4,094
9,312
395
55,015
1,545
1,548
27,537
342
20,030
2,452
,735
778
217,141
34,352
260
73
182,454
2
5,926
609,227
1,544
19,801
131
2,271
670
226
1,129
9,781
3,535
29,675
286,493
14,839
43
17,143
87,058
14,382
23,125
13,369
5,762
72
5,248
1,352
21,789
7,578
1,204
13,007
40,333
32,023
682
31,341
3,719
1,132
6,751
(M
13
820
(^)
42,021
34,359
5,320
6,954
21,923
162
7,605
5,854
752
33
12,513
521
15
7,137
156
1,730
773
(2)
213,964
32,230
260
73
181,399
5,183
533,812
1,453
19,052
171
2,242
651
210
1,108
9,711
3,106
29,115
250,486
14,583
36
17,017
53,317
13,909
21,383
12,902
5,724
72
4,383
1,336
17,827
7,479
1,193
9,150
39,767
31,012
682
30,330
8,615
1,132
6,679
13
788
38,280
31,299
4,559
6,840
19,740
160
5,925
5,175
750
33
23
11,884
459
35
4,240
15
6,656
126
77 Hitjre of business not allocable.
^Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
^mpling variability of this item was too large to warrant showing it separately. However, this value was included in each tota
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of data."
468791 O -58 -9
124
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
RETURNS WITH FOREIGN TAX CREDIT
Table 25.— NET INCOME, TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES, BY SIZE OF TOTAL ASSETS
Size of total assets
Returns with and without Fonn 1118 state-
ments filed in support of credit claimed
Number
of
returns
Net income
( Thousand
dol lara)
Income tax
before
foreign tax
credit
(Thouaand
dollars)
Credit
claimed
for
foreign
taxes
paid
(Thetiaand
dollars)
Returns with Form 1118 statements filed in support of credit claimed
(Thailand
dollars)
Income from foreign sources
(Theuaartd
dol lars )
Income other than
dividends^
Number
of
returns
(ThousB,
dollar:
Income tax
before
foreign tax
credit
( Thousand
dollars)
Foreign
taxes
paid
f Thousaitd
dollars)
Credit
claimed
tor
foreign
taxes
paid
( Tliotisand
dollars)
(2)
(3)
M
(5)
(6)
(8)
(9)
(10)
(U)
(1^)
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
Balance sheets not available...
Grand total
101
130
218
324
441
551
375
363
404
214
174
163
164
783
1,489
7,4S6
21,224
39,946
123,439
177,410
347,433
841,307
996,790
1,388,353
2,508,007
16,607,936
248
414
2,282
7,882
14,641
52,509
73,836
160,053
398,830
464,216
673,961
1,196,977
7,398,211
76
198
871
1,638
3,960
9,597
8,592
10,687
32,175
47,012
61,614
65,499
714,150
183
239
324
482
313
327
381
197
158
141
149
459
755
6,739
18,464
30,374
107,245
157.803
321.142
8ti',512
933,467
1,293,586
2,149,885
16,035,756
202
161
165
213
106
(M
506
647
871
1,635
7,245
7,357
27,549
25,351
90,834
103,696
276,434
I')
42
98
142
182
296
177
202
238
142
129
117
142
549
2,405
3,798
9,592
24,325
17,475
23,927
72, 582
97,280
76,372
125,822
1,125,508
203
2,075
6,988
11,080
45,503
66,248
147,939
381,115
434,890
627,455
1,022,664
7,140,894
137
317
1,688
3,189
9,566
8,865
10,714
33,469
47,100
63,086
64,555
705,204
21,858,187
1,481
542,238
1,580,261
9,387,193
948,448
98,678
47,952
23,171,398
10,496,471
959,418
3,084
21,956,865
1,505
545,511
1,983
(13)
133
731
1,307
2,979
8,383
3,361
9,559
30,705
44,709
59,704
59,616
633,506
859,744
2,708
^Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
^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."
RETURNS WITH FOREIGN TAX CREDIT
Table 26.— NET INCOME, TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES, BY SIZE OF NET INCOME
Size of net income
Returns with and without Form 1113 state-
ments filed in support of credit claimed
Net income
( Thousand
dollars)
Income tax
before
foreign tax
credit
(ThotiaarsI
dollars)
Credit
clBimed
for
foreign
taxes
paid -
(Tboaaand
dollars)
Returns with Form 1118 statements filed in support of credit claimed
Number
of
returns
(Thovsarsl
dollars)
Income from foreign sources
Number
of
returns
(Thousand
dollars)
Income other than
dividends^
(Thousartd
dollars)
Income tax
before
foreign tax
credit
(Thousand
dollars)
Foreign
taxes
paid
(Thousand
dollars)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollars)
(2)
(3)
(4)
(5)
(6)
(7)
(10)
ill)
(12)
(13)
Under $2,000
$2,000 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 under $25,000,000.
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000
$100,000,000 and over
Total
78
172
83
144
349
298
539
332
381
652
163
160
75
69
291
1,173
1,093
2,506
1,394
12,603
22,076
89,689
140,520
271,177
1,562,655
1,162,202
2,477,194
2,592,779
2,937,413
11,396,554
14
58
227
213
61J
339
3,303
7,707
33,529
57,447
112,392
703,893
540,910
1,136,377
1,230,373
1,315,828
5,353,238
7
28
34
73
226
72
706
1,695
6,390
7,331
13,071
50,404
29,258
94,812
75,369
33,580
596,362
288
241
465
324
342
606
151
140
71
38
30
58
194
570
664
1,921
815
10,325
18,141
78,070
118,971
244,233
1,449,791
1,076,530
2,162,474
2,464,656
2,621,038
11,708,414
(=^)
44
15
59
9
162
102
200
140
163
298
72
82
(^)
293
42
1,064
761
2,501
4,699
9,483
44,872
26,442
111,982
113,763
54, 193
175,107
^')
36
31
74
29
130
146
282
210
215
432
120
112
67
(')
[')
113
227
1,152
XI
2,635
4,394
15,860
16,815
29,054
98,703
54,886
204,368
52,675
93,031
1,005,470
(')
{')
135
160
4i5
226
2,702
6,407
29,460
43,577
101,590
656,881
501,311
984,520
1,175,935
1,153,949
5,272,792
(^)
(^)
34
57
334
71
950
1,621
6,-350
7,753
12,004
52,991
27,624
96,041
68,482
53,053
623,801
( = )
25
53
206
62
629
1,431
5,802
6,613
10,719
48,496
25,105
83,630
64,336
49,286
560,475
23,171,393
10,496,471
959,418
3,084 21,956,865
1,505
545,511
9,935,150
Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
^Sampling variability of this item was too large to warrant showing it separately. However, this value was Included in each total.
NCTTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1955 -JUNE 1956
125
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
Table 27.— NET INCOME, WESTERN HQ1ISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT, AND INCOME FROM FOREIGN SOURCES, BY MAJOR
INDUSTRIAL GROUP
Major industrial group
Total
number of
Western
Hemisphere
trade
corporation
returns
Net income
less
deficit
dollars f
Western Hemisphere
trade corporation
deduction
Number of
returns
(Thousand
dollars)
Income tax
(Thousand
dollars)
Returns with credit claimed for foreign tajces paid
Number of
returns
Net income
(Thousand
dollars)
Western Hemisphere
trade corporation
deduction
Number of
returns
Amount
(Thousand
dollars)
Income tax
before
foreign
tax credit
(Thousand
dollars)
Credit
claimed for
foreign
taxes paid
(Thousand
dollars)
(1)
(3)
(■4)
(6)
(10)
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
ComDunlcation'
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.
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
421
62
359
54,290
54,290
79,834
68,714
^317
11,213
224
17,018
1,932,762
835
U,865
185
8
207
332
535
15,975
1,292,725
274
849
550,067
4,237
30,189
16,405
4,562
1,344,182
4,494
1,284,778
54,910
97,549
6,410
91,139
76,668
75,832
113
723
1,068
2,438
790.
790
1,646
49,817
42,524
584
396
52
344
196,393
8,198
8,198
21,807
18,491
3,239
77
1,969
133,309
225
2,548
58
56
89
144
2,241
89,220
74
35,004
1,140
902
90
1,228
6,252
1,304
53
4,895
22,142
1,746
20,396
369
144
443
1,404
796
158
24,394
24,394
30,082
25,919
4,163
5,577
814,515
312
4,132
70
121
198
7,136
504,967
98
439
268,203
1,587
15,471
8,799
1,728
687,716
1,727
660,240
25,749
81,000
39,518
2,311
37,207
41,128
40,355
195
236
287
354
656
903
212
282
212
282
620
23,357
22,180
186
107
3
104
54,142
54,142
80,224
68,714
16,927
1,816,701
835
11,661
135
207
332
535
16,011
1,177,630
274
849
550,067
4,237
30,189
16,405
4,562
1,344,405
4,717
1,284,778
54,910
142,760
66,162
1,936
64,226
76,555
75,832
790
790
49,136
42 , 520
584
107
3
104
8,158
8,158
21,724
13,491
3,233
1,943
133,297
225
2,548
58
56
39
144
2,241
39,213
74
22
35,004
1,140
902
90
1,228
6,218
1,270
53
4,895
13,137
12,787
520
12,267
339
144
195
11
213
212
212
795
158
1,610,651
24,343
24,343
30,077
25,919
4,158
5,546
771,191
312
4,132
55
70
121
198
7,136
461,962
98
439
268,203
1,537
15,471
8,799
1,728
687,687
1,698
660,240
25,749
68,432
27,330
717
26,613
41,091
40,855
236
11
283
282
282
23,092
22,179
136
416,983
10,140
10,140
27,392
23,794
1,917
348,593
311
3,928
55
63
120
197
2,977
280,424
97
2
49,968
1,399
9,373
672
945
7,756
9,973
9,737
115
9,622
183
10
135
9,055
139
See footnotes at end of table. See text for explanatory statements and for "Description of the Saii9>le and Limitations of Data.
126
CORPORATION INCOME TAX RETURNS, JULY 1955- JUNE 1956
Wt:STER^ HEMISPHERE TRADE CORPORATION RETURNS
Table 27.— NET INCOME
WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT,
INDUSTRIAL GROUP— Continued
AND INCOME FROM FOREIGN SOURCES, BY MAJOR
Major industrial group
Number of
returns
Returns with credit claimed for foreign taxes paid — Continued
Returns with Form 1118 statements filed in support of credit claimed
Net income
f Theniaand
dollars)
Western Hemisphere
trade corporation
deduction
Number of
returns
Amount
f Thousand
Hollars)
Number of
returns
Income from foreign sources
Amount
(Thousand
Hollars)
Inccxne other than
dividends
Number of
returns
Amount'
(Thousand
Hollar*)
Income tax
before
foreign
tax credit
( Thousand
dollars)
Foreign
taxes
paid
(Thouaartd
dollars)
Credit
claimed for
foreign
taxes paid
(12)
(13)
(l-i)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
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'
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.
real estate, and lessors of real
Finance, insurance,
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
248
2
2,854
2,854
74,273
68,714
16,766
1,626,162
835
11,239
185
207
■332
535
14,622
989,490
274
849
550,067
3,649
30,189
16,405
4,562
2,236
1,343,726
4,036
1,284,778
54,910
139,891
63,293
1,936
61,357
76,555
75,832
723
43
747
745
745
6,032
20,546
584
769
769
20,099
18,491
1,608
1,900
128,534
225
2,434
58
1
1
L3
3
89
14i
1,858
85,105
1
7i
1
5
3
22
35,004
982
902
90
,228
18
6,035
8
1,087
1
53
9
4,895
04
12,364
95
12,014
3
520
92
11,494
8
339
1
144
200
200
342
153
557
134,602
1,550
117,319
2,761
2,419
3,761
6,842
6,842
244
2
2,699
2,699
70,775
65,814
7,437
633,127
611
8,251
214
190
332
2,105
7,326
496,747
273
99,311
3,047
7,295
2,223
4,562
26,476
2,203
3,438
20,835
21,994
20,879
423
20,456
1,084
442
642
31
735
734
734
18,387
17,201
422
1,491,030
1,072
1,072
27,843
25,919
1,924
5,490
689,887
312
3,977
55
70
121
198
6,651
381,516
98
439
268,203
1,369
15,471
8,799
1,723
687,479
1,490
660,240
25,749
26,309
717
25,592
41,091
40,855
236
11
272
271
271
10,663
186
441,788
740
740
27,287
25,431
1,856
2,019
382,819
482
4,519
65
72
126
375
2,709
279,997
97
2
83,692
1,218
7,034
888
1,301
13,098
537
948
11,613
9,453
115
9,338
258
43
124
124
5,554
139
See footnotes at end of table. See text for explanatory statements and for "Description of the Sample ajid Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
127
WE:STER^ HEMISPHERE TRADE CORPORATION RETIRNS
Table 27.— NET INCOME, WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT, AND INCOME FROM FOREIGN SOURCES, BY MAJOR
INDUSTRIAL GROUP— Continued
Major industrial group
Returns without credit claimed for foreign taaes paid
Returns with net inccme
Number of
returns
(Thousand
dolUra)
Western Hemisphere trade
corporation deduction
Number of
returns
AiDount
(Thouaarri
dollar a)
Incooe tax
Number of
returns
Amount
(Thoamand
dollarm)
Returns without net
income
Number of
returns
f Thouaard
dot lam)
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'- .
Nonmetallic mining and quarrying^
Construction
Manufacturing^
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber eind wood products, except Aimiture..
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 transporta-
tion equipment.
Machinery, except transportation equipment and electrical
Electrical machinery and equipment
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and a'-'cessories
Scientific instruments; photographic equipment; watches, clocks^.
Other manuf ac turing
Public utilities
Transportation
Communication
Electric and gas utilities.
Other public utilities
Trade^
Wholesale'
Commission merchants
Other wholesalers^
Retail
Food
General merchandise
Apparel and accessories
Furniture and house furnishings .
Automotive dealers and filling stations.
Efrug 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
303
290
49
2^\
{2A)
(26)
(27)
(28)
(29)
(30)
155,063
148
148
177
22
224
97
U6,097
115,095
125
125
35,801
34,663
4,551
30,112
113
1,025
1,646
1,646
726
302
289
49
240
9,661
9,355
1,226
8,129
30
276
443
443
196
302
289
49
240
31
43,324
12,568
12,188
1,594
10,594
37
343
620
620
265
4,525
494
319
3-;8
348
3,276
3,276
77
3,199
Includes consolidated returns of affiliated groups of corporations where one or more of the corporations within the group was a Western Hemisphere trade corporation.
^Deficit.
Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
128
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
Table 28.— NET INCOME, WESTERN HQ1ISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT,
BY SIZE OF TOTAL ASSETS
AND INCOME FROM FOREIGN SOURCES,
Size of total assets
Total
number of
Western
Hemisphere
trade
corporation
returns
Net income
less
deficit
(Thoasend
dollar a)
Western Hemisphere trade
corporation deduction
Number of
returns
Amount
(Thousand
(Thousand
dollars}
Returns with credit claimed for foreign taxes paid
Number of
returns
Western Hemisphere trade
corporation deduction
(Thouaond
dol lara)
Number of
returns
(Thousand
delUrsi
Income tax
before
foreign
tax credit
(Thoasend
dollars)
Credit
claimed for
foreign
taxes paid
(Thousand
dollars)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
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'
Balance sheets not available....
Grand total '
165
68
122
251
1,129
6,«I9
7,228
15,046
24,480
20,633
27,024
28,932
81,150
30,139
70,617
3,336,436
33
87
309
1,754
1,847
4,263
6,521
5,557
6,527
6,753
19,665
3,324
5,036
133,094
286
1,855
2,274
5,577
8,855
7,588
10,265
10,143
31,298
14,189
32, 562
,540,334
6
16
451
1,637
4,472
3,810
15,725
14,695
22,798
26,987
81,644
29,379
70,617
3,224,247
122
441
1,100
2,370
4,216
3,941
4,944
6,674
19,665
3,319
5,036
133,094
116
483
1,354
3,079
5,688
5,334
7,740
9,916
31,298
13,749
32,562
,497,996
2
3
96
406
850
1,598
3,411
3,521
2,159
5,009
27,315
5,610
13,541
352,884
3,649,596
194,770
1,665,304
3,501,484
184,928
1,609,322
416,405
2,240
3,655,625
Returns with credit claimed for foreign taxes paid — Continued
Returns with Form 1118 statements filed in support of credit claimed
Size of total assets
Number of
returns
Net income
(Thousand
dollars)
Western Hemisphere trade
corporation deduction -
Number of
returns
(Thoasand
dollars)
Income from foreign sources
Number of
returns
Amount
(Thousand
dollars)
Income other than
dividends
Number of
returns
Amount^
(Thousand
dollars)
Income tax
before
foreign
tax credit
(Thouaartd
dollars)
Foreign
taxes paid
( Thousand
dollars)
Credit
claimed for
foreign
taxes paid
( Thousartd
dollars)
(12)
(13)
(14)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
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'
Balance sheets not available
Grand total '
16
307
1,251
4,258
7,504
13,255
14,249
22,798
25,974
75,375
21,228
56,938
2,984,819
83
337
1,042
2,019
3,551
3,811
4,944
6,402
17,954
3,310
4,631
121,597
34
724
2,786
3,333
144,641
286
941
2,507
4,391
10,229
9,146
7,300
22,402
65,160
10, 374
30,203
615,084
72
364
1,284
2,611
4,784
5,186
7,740
9,552
28,983
9,404
25,435
1,394,279
66
322
962
1,259
2,902
3,843
2,930
6,338
25,380
4,542
11,175
381,468
66
237
781
1,163
2,656
3,403
2,159
4,646
25,062
4,508
10,710
307, 597
3,227,978
169,687
152,159
779,046
1,489,701
441,191
363,043
3,603
2,584
152,159
781,630
441,788
363,631
Size of total assets
Returns without credit claimed for foreign taxes paid
Returns with net income
Number of
returns
(Thousand
dollars)
Western Hemisphere trade
corporation deduction
Number of
returns
Amount
(Thousand
dollars)
Income tax
Number of
returns
Amount
(Thousand
dollars)
Returns without net
income
Number of
returns
( Thousand
dollars)
(23)
(25)
(27)
(30)
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'
Balance sheets not available
Grand total '
35
47
127
31
117
235
684
4,850
2,792
7,031
8,755
6,130
6,674
2,022
1,108
112,139
35
47
127
30
Jl
83
187
1,313
747
1,893
2,305
1,616
1,583
79
35
47
127
30
26
45
170
1,372
920
2,493
3,167
2,254
2,525
227
440
42,333
6
78
36
242
2,448
77
494
348
340
155,063
334
'Includes consolidated returns of affiliated groups of corporations where one or more of the corporations within the group was a Western Hemisphere trade corporation.
Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1955-JUNE 1956
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
Table 29.— NET INCOME, WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT, AND INCOME FROM FOREIGN SOURCES,
BY SIZE OF NET INCOME
129
Size of net
Returns with net income
Number of
returns
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 under $25,000,000'
$25,000,000 under $50,000,000'
$50,000,000 under $100,000,000'
$100,000,000 or more'
Total'
Size of net income
Onder $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'
t50,000 under $100,000'
$100,000 under $250,000'
$250,000 under $500,000'
$500,000 under $1,000,000'
$1,000,000 under $5,000,000'...
$5,000,000 under $10,000,000'..
$10,000,000 under $25,000,000'.
$25,000,000 under $50,000,000'.
$50,000,000 under $100,000,000'
$100,000,000 or more'
Total'
(1)
18
20
5
52
31
38
13
72
73
108
54
42
35
( Thousand
dollars)
(2)
15
40
70
20
421
391
660
300
2,512
5,445
17,116
18,511
30,337
70,098
64,420
108,663
143,613
280,612
2,916,899
3,660,150
Western Hemisphere trade
corporation deduction
Number of
returns
72
105
54
41
Amount
(Thousand
dollars)
12
18
7
113
127
178
81
680
1,469
4,458
4,938
7,411
15,885
7,869
9,253
3,900
22,857
117,130
196,393
(Thousand
dollars)
(5)
U
15
6
94
76
145
66
578
1,668
5,589
6,652
11,177
25,442
26,558
49,239
71,181
123,156
1,345,886
1,667,544
Returns with credit claimed for foreign taxes paid
Number of
returns
(6)
Western Hemisphere trade
corporation deduction
(Thousand
dollars)
12
314
43
798
3,008
11,135
11,388
23,658
52,699
64,420
93,047
143,613
184,039
2,916,899
3,505,087
Hunber of
returns
(8)
(Thousand
dollars)
2
1
85
11
224
fll
2,932
3,022
5,772
11,977
7,869
9,253
3,900
22,857
117,130
185,898
Income tax
before
foreign
tax credit
(Thousand
dollars)
(10)
2
2
70
9
180
930
3,806
4,056
8,594
19,317
26,558
44,307
71,181
85,750
1,345,886
1,610,651
Credit
claimed for
foreign
taxes paid
(Thousand
dollars)
(11)
1
1
62
8
141
816
2,629
1,917
5,412
10,827
9,927
20,337
11,909
31,067
321,932
416,988
Returns with net income — Continued
Returns with credit claimed for foreign taxes paid — Continued
Number of
returns
(12)
(Thousand
dollars )
(13)
12
314
43
753
2,387
9,761
10,346
20,082
52,699
50,679
79,368
143,613
132,751
2,728,759
3,231,581
Returns with Form 1118 statements filed in support of credit claijEed
Western Hemisphere trade
corporation deduction
Number of
returns
(14)
(Thousand
dollars)
2
1
85
11
212
644
2,612
2,731
4,810
11,977
6,332
8,848
3,900
15,468
113,022
170,657
Income from foreign sources
Number of
returns
(16)
Amount
(Thtntaand
dot lara)
(17)
1,485
4,030
12,564
12,978
Income other than
dividends
Number of
returns
(18)
Amoimt
(Thousand
dollars)
(19)
2
265
43
587
1,857
7,595
6,566
17, 521
31,501
23,771
38,181
19,046
57, 361
577,321
781,630
Income tax
before
foreign
tax credit
(Thousand
dollars)
(20)
70
9
169
738
3,334
3,682
7,318
19,317
20,106
37,180
71,181
62,479
1,265,440
1,491,030
Size of net income or 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 under $25,000,000' .
$25,000,000 under $50,000,000..
-$50,CX)0,000 under $100,000,000'
$100,000,000 or more
Total'
Foreign
taxes paid
(Thousand
dollars)
(21)
1
1
62
11
187
812
2,512
2,162
5,085
12,772
6,937
22,044
14,374
21,667
353,160
4il,788
Credit
claimed for
foreign
taxes paid
(Thrujsat}d
dollars)
1
1
62
8
131
639
2,249
1,667
4,199
10,827
6,718
17,506
11,909
21,667
286,045
363,631
Returns with net income — Continued
Returns without credit claimed for foreign taxes paid
Number of
returns
(23)
(Thouaand
dollars)
(24)
38
70
16
413
379
346
257
1,714
2,437
5,981
7,123
6,679
17,399
15,616
96,573
155,063
Western Hemisphere trade
corporation deduction
Number of
returns
(25)
Amount
(Thomond
dollar a)
(26)
111
126
93
70
456
658
1,476
1,916
1,639
3,908
Number of
returns
(27)
Amount
(Thousand
dollars)
(28)
92
74
75
57
398
738
1,783
2,596
2,583
6,125
4,932
37,406
Returns without net
income
Number of
returns
(29)
^a!!!^^;;^ ^ ^™°J:"°*^ """^""^ f affiliated groups of corporations when one or more of the corporations within the group was a Western Hemisphere trade corporation.
Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
(Thousand
dollars)
81
149
242
842
678
2,448
4. Source Booiic of
Statistics of Income^
1926-51 1953-55
SOURCE BOOK OF STATISTICS OF INCOME
Page
Description and use 133
Chart I. — Data available in the Source Book of Statistics of In-
come from corporation returns for the years 1926-51, 1953-55. . . 134^
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, 1953-55: Years for which data are available
in major group tables and years for which data are available in
minor group tables 137
132
4. SOURCE BOOK OF STATISTICS OF INCOME,
1926-1955
The Source Book consists of a series of unpublished volumes contain-
ing tabulations of financial information from income and profits tax
returns, by more detailed classifications than in the published reports.
Statistics of Income. The Source Book volumes are maintained in the
Statistics Division of the Internal Revenue Service, and are available
for research purposes to officials of the Federal, State, and other
governmental units and to qualified representatives of accredited or-
ganizations . Permission to copy data from the Source Book may be
obtained upon presentation of a written request addressed to the
Commissioner oi Internal Revenue.
The corporation data in the Source Book are from the income and
profits tax returns for 1926 through 1951 and 1953 through 1955. 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 (1) for all
returns and (2) for returns with balance sheets, also segregated in both
instances as to returns with net income and returns without net income.
For the years 1932-34, 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 193<+ on data from the returns for 1934^ as compared
with corresponding items from the returns for prior years. (Beginning
in 1942, the privilege of filing consolidated returns is again extended,
in general, of 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
detailed presentation of the industries for which the items are availa-
ble in the major group tables and in the minor group tables . By use of
these two charts one can quickly determine whether or not the desired
data are available in the Source Book. For example: To determine the
availability of figures representing gross sales of anthracite coal
mining companies for the' years 1926 through 1951 and 1953 through 1955,
the first chart shows that gross sales will be found for the years 1926
through 1951 and 1953 through 1955 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 1953-55.
133
134
SOURCE BOOK, 1926-1951, 1953-1955
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135
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SOURCE BOOK, 1926-1951, 1953-1955
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137
Chart II.— INDUSTRIAL GROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCE BOOK OF STATISTICS OF INCOME, FOR THE YEARS 1926-51,
1953-55: YEARS FOR WHICH DATA ARE AVAILABLE IN MAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MIS'OH GROUP TABLES
(For list of items available, see chart I)
Industrial group
Agriculture, forestry, and fishery
Farms and agricultural services
Farming — Fruit, cotton, grain, stock, and all other
farming, including lessors
Forestry
Fishery
Related industries — Forestry, fishing. Ice harvest-
ing, agricultural industries, not precisely defined;
holders and lessors
Agriculture, forestry, and fishery not allocable
Mining and qusr rying
Netal mining
Iron
Copper
Lead and zinc
Gold and silver
Copper, lead, zinc, gold, silver
Other metal mining
Metal mining not allocable (included in No. IS for
1946-51;53-55)
Coal mining — Anthracite, bituminous, peat, coke
Anthracite
Bituminous coal and lignite (includes peat for 192S-
47; 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
Nomnetallic mining and quarrying
Quarrying — 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^-51;53-55)
Nonmetallic mining and quarrying not allocable (in-
cluded in No. 26 for 19*;6-51; 53-55)
Uijiing and quarrying not elsewhere classified, les-
sors and holdei*s
Mining and quarrying not allocable (included in No.
26 for 19^-51;53-55) .■
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;53-55)
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
Conf ec tionery
Canning fruits, vegetables, and seafoods (Incltided 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 kindred products not allocable (Included in
No. 52 for 1926-37)
Beverages
Soft drinks, wine, cereal beverages, mineral water,
brewing and 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 ; 53-55)
Tobacco Tnenufactures
Cigars
Other tobacco manufactures
Textile-mill 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 vtiicb
data available in —
Uajor group
tables
Uliior group
tables
1926-51;53-55
70
71
1938-51; 53-55
72
1926-37
73
1938-51; 53-55
74
1938-51;53-55
75
76
1926-37
77
1938
78
1926-51; 53-55
79
1938- 51; 53-55
1926-37
1938-51:53-55
80
1938-47
81
1938-47
1938-47
1948-51:53-55
82
...
1938-51:53-55
83
1938-47
84
85
1926-27
86
1938-51; 53-55
1928-37
87
88
1938-51; 53-55
1928-37
89
90
1938-51;53-55
1926-51:53-55
91
92
1938-51; 53-55
93
94
1938-51; 53-55
1926-37
95
96
1938-51:53-55
97
98
1938-51:53-55
99,
1938-47
100
101
1926-37
102
103
1938-47
104
1926-51;53-55
105
1926-37
106
107
108
1926-37
1938-47
1948-51:53-55
109
110
1948-51:53-55
111
1948-51; 53-55
1938-51;53-55
...
1938-51:53-55
112
113
1926-51;5J-55
114
115
1926-30
116
1931-32
117
1933-51; 53-55
1926-37
118
119
120
1938-51;53-55
1938-51:53-55
1927-51:53-55
121
1926-51:53-55
1926-51:53-55
1938-51:53-55
1938-51:53-55
124
1926-51:53-55
1926-51:53-55
1938-51:53-55
126
127
1933-51:53-55
128
129
1927-32
130
1933-37
131
1933-37
1938-51; 53-55
1938-51:53-55
133
1938-51:53-55
134
1938-51:53-55
135
1938-47
136
137
1931-51:53-55
1926-30
1948-51:53-55
138
1948-51:5>-55
119
1926-51:53-55
140
1941-47
1926-40
141
1926-47
1926-40
142
143
Industrial group
Rayon and other synthetic textile-mill manufactures .
Rayon and silk manufactures
Yam and thread (cotton, wool, silk, and synthetic
fiber)
Broadwoven fabrics (woolen and worsted)
Broadwoven fabrics (cotton)
Harrow 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)
Pyeing and finishing textiles, except woolen and
worsted
Hyeing and finishing textiles, fexcept 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
Vcmen's clothing
Pur 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
Lunber and wood products (Forest products)
Sawmill and planing mill products
Other wood products — Carriages, wagons, furniture,
baskets , etc
Lumber and wood (tijiiber basic) products, except
fumi ture
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 end fixtures (finished lumber products)
(See No . 93 for 1926-37)
Furniture (jrood and metal) — Household, office, pub-
lic building, and professional
Partitions, shelving, lockers; and office and store
fixtures
Matches (included in No. 267 for 1948-51:53-55)
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 in No. 110 for 1948-51; 53-55)
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 1948-51; 53-55)
Printing, publishing, and allied industries
Newspapers
Periodicals
Books
Books and music
Ccoinercial printing, including lithographing
Other printing and publishing
Printing, publishing, and allied industries not
allocable
Chemicals 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 No. 130 for 1948-51; 53-55)
Fertilizers
Plastic materials (included in No. 130 for 1948-51;
53-55)
Other chemical products
Cheanicals and allied products not allocable
Chemical products (except Petroleum and mineral oil
refining)
Years for which
data available in —
Major group
tables
1936-51; 53-55
1938-51;53-55
1938-51; 53-55
1926- 51; 53-55
1926-51; 53-55
1926-51;53-55
Minor group
tables
1938-40
1941-47
1948-51; 53-55
1948-51; 53-55
1948-51; 53-55
1948-51; 53-55
1926-51; 53-55
1938-51;53-55
1927-51; 53-55
1938-47
1948-51; 53-55
1926-37
1938-51;53-55
1938-51; 53-55
1938-
1938
1938-
1938-
1948'
1948-
1938.
1948-
1948-
1938-
1948-
1926-35
-51; 53-55
-51; 53-55
-51;53-55
-51; 53-55
1938-47
-51; 53-55
-51; 53-55
■51; 53-55
1926-37
1926-37
1938-47
1938-47
51; 53-55
51;53-55
51; 53-55
1938-39
51;53-55
1938-51; 53-55
1938-51; 53-55
1938-47
1948-51;53-55
1938-47
1948-51; 53-55
1938-51; 53-55
1938-47
1948-51;53-55
1948-51; 53-55
1938-47
1938-51; 53-55
1938-51;53-55
1938-39
, 1948-51; 53-55
1940-47
1938-51;53-55
1938-51; 53-55
1938-51;53-55
1938-47
1927-37
1948-51;53-55
1948-51 ; 53-55
1927-37
1934-51; 53-55
1938-51; 53-55
1938-47
1948-51; 53-55
1948- 51; 53- 55
1938-51:53-55
1938-47
1927-51; 53-55
1938-47
1938-51:53-55
1938-51;53-55
138
SOURCE BOOK. 1926-1951, 1953-1955
Chart II. ~- INDUSTHIAL GROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCEBOOK OF STATISTICS OF INCOME, FOR THE YEARS 1926-51,
1953-55: YEARS FOR WHICH DATA ARE AVAILABLE IN MAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MISOR GROUP TABLES— Continued
[For list of items available, see chart Ij
Industrial group
Petroieum and conJ 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 19<i8- 51; 53-55)
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;53-55)
Rubber products not allocable (included in No. 151 for
1926-37, and 1940-51;53-55)
Stone, clay, end 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; 53-55}
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;53-55)
Metal innnufacture (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 hard?fare
(Nos. 173, 174, 175, and 178 tabulated under "Fabri-
cated metal products, except ordnance, machinery,
and transportation equipment" for 1948-51;53-55) .
Firearms, guns, howitzers, mortars, and related eqilip-
ment (see No. 252 for 1948-51;53-55)
Ammunition (see No. 253 for 194a-51;53-55)
Tanks (included in No. 254 for 1948-51;53-55)
Sighting and fire-control equipment (except optical)
(Included in No. 254 for 1948- 51; 53- 55)
Ordnance and accessories not elsewhere classified (in-
cluded in No. 254 for 1948-51 ;53-55)
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 produc ts
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- 5 5)
Jewelry (except costume), silverware, plated ware (see
No. 264 for 1948-51;53-55) (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
Nonferrous 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 \
alloys
Nonferrous metals and their products not allocable....
Electrical mnchinery and equipment (Metal manufactur-
ing, 1926-37)
Electrical generating, transmission, 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; 53-55
209
1936-37
1926-35
210
1938-51;53-55
211
1938-51;53-55
212
1938-47
213
214
1926-51;53-55
1926-51; 53-55
215
1926-51; 53-55
216
217
218
1927-37
219
220
1938-39
221
1926-51; 53-55
1938-51;53-55
222
1938-51; 53-55
223
1938-51; 53-55
224
1938-51;53-55
225
1938-51;53-55
1938-51; 53-55
226
227
1938-51;53-55
228
229
1938-47
230
231
1926-51; 53-55
1926-51;53-55
1938-51; 53-55
1926-51;53-55
1938-47
232
233
234
235
1926-37
1938-47
1948-51; 53-55
236
237
1926-51;53-55
238
1926-37
1938-51;53-55
239
240
1938-51;53-55
241
1938-51;53-55
242
1927-37
243
1938-39
244
1940-51; 53-55
245
246
1942-47
247
1942-47
1942-47
248
249
1942-47
250
1942-47
1948-51;53-55
251
1938-47
252
1948-51;53-55
1938-47
253
1948-51; 53-55
254
1948- 51; 53- 55
1948-51;53-55
255
1948-51;53-55
256
1948-51:53-55
1948-51 ; 53-55
257
1948-51; 53-55
258
1926
1927-37
259
1938-47
260
261
262
1938-47
263
1927-37
264
1938-47
1938-47
1948-51; 53-55
265
266
194«-51;53-55
267
1938-47
1938-47
268
1938-51;53-55
1926-37
1938-51:53-55
269
270
271
1938-51:53-55
272
Industrial group
Radios, complete or parts (All other manufacturing) .
Radio apparatus and phonographs
Commtmication equipmen \. and phonographs
Radio, radar, and television equipment (except radio
tubes) , and phonographs
Other coiiinunication 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 machinery 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 equipment, 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 aiul boatbuilding and repairing
Motorcycles, bicycles, and parts
Other transportation equipment, except motor vehicles
Transportation equipment, except automobiles, not
allocable
Motor vehicles and equipment, except electrical
Motor vehicles, including bodies and truck trailers
(for tanks, see No. 181 for 1942-47)
Autcffliobile 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 ;53-55) .
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)
Scientific instruments; photographic equipment;
watches, clocks7 ,
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; 53-55)
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 ; 53-55)
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; 53-55
1938-51;53-55
1936-51 ;53- 55
1948-51; 53-55
1926-51; 53-55
1938-51; 53-55
Minor group
tables
1927-37
1938-39
1940-47
1948-51;53-55
1948-51; 53-55
1938-51:53-55
1948-51; 53-55
1948-51; 53-55
1938-39
1940-47
1948-51; 53-55
1938-51; 53-55
1938-51 ; 53-55
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
1926-51; 53-55
1927-37
1938-51;53-55
1926-37
1938-51; 53-55
1948-51; 53-55
1926-37
1926-37
1938-51; 53-55
1926-51; 53-55
1928-51; 53-55
1927-51;53-55
1938-51; 53-55
1938-51;53-55
1938-47
1926-35
193a-51;53-55
1938-39
1938-39
1940-51;53-55
1938-47
1948-51;53-55
1948-51;53-55
1948-51:53-55
1948-51:53-55
1948-51;53-55
1948-51;53-55
1926
1927-37
1938-51:53-55
1927
1928-37
1938-39
1948-51:53-55
1948-51:53-55
1948-51:53-55
( 1938-39
(1948-51:53-55
1938-47
SOURCE BOOK, 1926-1951. 1953-1955
139
^^'^"^l^-- """'■^^Kl'>'- OOOUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCC BOOK OF STATISTICS OF INCOME FOR THP YFAR<; iQCfi .;i
1953-55: YEARS FOR WHICH DATA ARE AVAILABLE D. MAJOK OlOUP TABLES AND YEARS F(« WHICH DAM ARE AVaEaBLE In 1926-51.
*W0« GROUP TABLES— Continued
[For list of it
available, see obart I]
274
275
277
278
279
280
281
282
283
285
286
287
288
290
291
292
293
295
296
297
298
299
300
Industrial group
Railroads, switchiiig, tenninfll, sleeping and dining
car companies (passenger car service ccmpanies)
Railroads , railway express
Railway express (included in No. 27* for 1948-51:53-
55).
Electric railways, all other railroads; pullJDan cars-,
refrigerator, stock, poultry and fruit cars; les-
sors
and interurban railways, with or
Urban, suburban
without buses ,
Local transportation, taxicab, aiKl sightseeing buses
drayage and delivery service; special feed storage
and packers, garages, etc
Autobus lines, taxicabs, and sightseeing ccmpanies..
Buslines , interstate and interurban
Taxicab companies (inclxided in No. 283 for 1948-51-53-
55)
Years for which
data available in—
llajor group
tables
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 warehousing
Air (aerial) transportation (and allied services,
1938-51;53-55) (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 ; 53-55)
Other transportation
.302
303
304
305
306
307
308
309
310
3U
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
Connunication _
Telephone, telegraph, and radio companies
Telephone and telegraph companies
Telephone (wire or radio)
Telegraph (wire and radio)
Radio broadcasting and television (inclixles 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, aijd toll roads, irrigation systems, etc
Public utilities not elsewhere classified
Other public utilities not allocable (included in No.
310 for 1948-51;53-55)
Trade .
313 for 1938-39)
Wholesale
Ccnniission merchants (included in No
Other wholesalers
Food ( stores ) , wholesale
Alcoholic beverages, wholesale'
Apparel and dry goods, wholesale
Chemicals, points, and drugs, wholesale
Hardware, electrical goods, plumbing aixi heating
equipment, wholesale
Lumber, millwork, and construction materials, whole-
sale
Uachinery 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
1938-51;53-55
1938-51;53-55
1948-51;53-55
1926-51; 53-55
1938-51;
1940-51;
1940-51;
53-55
53-55
53-55
Retnil
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
Mail-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)
Autanotlve dealers , retail
Automotive dealers and filling stations, retail....
Automobiles and trucks , retail
Parts, accessories, tires, batteries, retail
Dealers in automobiles, etc., not allocable
1938-51; 53-55
1938-39
1940-51; 53-55
1938-39
1938-39
1938-51; 53-55
1938-47
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
1938-47
1948-51 ; 53-55
Minor group
tables
1938-47
1948-51; 53-55
1926-37
1938-51; 53-55
1926
1927-37
1938-39
1938-47
1940-47
1948-51;53-55
1927-37
1938-39
1938-39
1940-51;53-55
1927-51;53-55
1934-51;53-55
1926-51;53-55
1938-39
1940-51; 53-55
1938-47
1948-51;53-55
1926
1927-37
1938-51; 53-55
1938-51;53-55
1927-51;53-55
1938-51; 53-55
1927- 51; 53- 55
1926-51;53-55
1926
1927-51;53-55
1927-37
1938-51; 53- 55
1926-37
1926-37
1940-51;53-55
1940-51; 53-55
1940-51; 53-55
1940-51; 53-55
1940-51; 53-55
1940-51;53-55
1948-51;53-55
1948-51; 53-55
1940-51; 53-55
1940-51; 53-55
1926-37
1940-47
1948-51; 53-55
194S-51;53-55
1940-51;53-55
1940-51; 53-55
1948-51;53-55
Industrial group
193S-51;53-55
1938- 51; 53- 55
1938-39
Filling stations
Building materials, fuel and ice (Lumber aixl coal
yards, 1938-39) ("Fuel and ice" Included in No. 349
for 1938-39 and 1948-51; 53-55)
Building materials and hardware
Hardware (and fam equipaent), 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 allocwble.
Finance, insurance, real estate, and lessors of real
property (excludes lessors of real property nrior '
to 1938) :..:...:.:
Finance (subgroup total, 1940-51;53-55) .
Banking and related industries (subgroup total, 1927.
37).
National banks
Banks and trust coo^ianies
State and private banks
State and private banks, savings banks, loan and
trust ccnpanies
Bank and trust companies, savli^s banks
Joint stock land banks
Banks and trust ccopanies other than mutual savings
Mutual savings banks
Financing companies — Automobiles, furniture, radios,
pianos, etc. (included in No. 405 for 1930-37)
CoBBiercial credit and finance ccxBpanles
Industrial and personal loan companies
Years for which
data available in —
Major group
tables
S»rt-teiai credit agencies, except banks
Sales finance and industrial credit {installment
sales finance companies in No.373 for 19;8-51;53-55) .
Personal credit
Personal credit agencies (see No. 371)
Other short-tern credit agencies
Short-tem credit agencies, except banks, not allo-
long-tenB credit agencies mortgage ccmpanies, except
banks (Mortgage and title caapaiiies, 1938-39)
Credit agencies other than banks
riness credit agencies
Other credit agencies
Credit agencies and finance not allocable
Savings and loan, building and loan associations
1938-47
1948-51;53-55
1938-47
1938-51:53-55
1938-47
1938-51;53-55
1926-51 ; 53-55
1938-51; 53-55
Minor group
tables
1948-51;53-55
1948-51; 53-55
1948-51 ; 53-55
1948-51;53-55
1948-51; 53-55
1949-51;53-55
1927-37
1938-39
1938-39
Inveslmjnt trusts, stock syndicates, stock pools,
holding companies, etc
Investment trusts and investment companies
Holding and other investment ccmpanies
Management type
Fixed or semifixed type
Installment investment plans aul guaranteed face
amount certificates
Mineral, oil, and gas royalty companies
Investment trusts and investment ccmpanies not allo-
cable.
Holding conpanies. 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 conqjanles ........................
Operating holding ccn^ianies
Railroad securities
Other public utilities securities
Industrial securities
Bank securities
Other specified securities
Securities not specified
Other corporations holding securities
Otiier investment caaq>anies, including holding ccxn-
panies
Other investment and holding ccmqKtnles
1926-37
1926
1927-37
1926
1928-37
1953-55
1953-55
1940-47
1940-47
1948-51; 53-55
1940-47
1940-47
1938-47
1948-51;53-55
1948-
1948-
1948-
51;53-55
51; 53-55
51; 53-55
1953-55
1938-47
1948-51;53-55
1934-37
1938-47
1938-47
1938-47
1938-47
1938-47
Stock and l»nd 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 cdnnodity-excbange brokers ani dealers..
Loan ccmpanies (Other finance) — Building aixl loan as-
sociations; mortgage, note, or pawnbrokers; holding
ccmpanies (1930-33); insurance agents, promoters;
foreign exchange; financing sales of autaix>biles,
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 ; 53-55)
1938-39
1940-47
1938-51;53-55
1938-47
1940-47
1926-28
1940-47
1940-51;53-55
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
1948-51; 53-55
468791 0-58-10
140 SOURCE BOOK, 1926-1951. 1953-1955
Chart II. — INDUSTRIAL GROUPS FOR WHICH DAIA FBOM CGRTOBATIOII RETUBHS ARE SHOUN IN THE SOURCEBOOK OF STATISTICS OF INCOME, FOR THE YEARS 1926-51,
1953-55: YEARS FOR WHICH DATA ARE AVAILABLE M MAJOB OUXIP TABLES AMD YEARS FOR WHICH DATA ARE AVAILABLE IN MINOR GROUP TABLES— Continued
[Fbr list of it«aB available, see chart I]
408
i09
ilO
ill
412
413
414
415
416
418
419
422
423
424
425
426
427
428
429
430
432
433
434
435
436
437
438
440
Industrial group
Insurance compflnies (subgroup total, 1927-37).
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Life insurance companies (mutual or stocdt)
Insurance companies, except life —
Mutual insurance companies, except life
Mutual insurance companies, except life or i
Mutual insurance, except life or marine or fire in-
surance compEinies issuing perpetual policies
Other insurance carriers
Real estflte (included in No. 390 for 1926)
Real estate and realty holding conpanies — Realty de-
velopment, holding or leEising; realty trusts, etc..
Real estate, except lessors of real pr(^)er^ otber
than bui Id ings •-
Dealers and development conqianies, 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
Trad ing for own account .-
Developers of real property, including traders co om
account ■•-
Title abstract companies ......
Real estate, including lessors of buildings not allo-
cable {included in No. 431 for 1948-51;53-»)
Other real estate, except lessors of real propertor
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 I948-51;53-55)
Finance, insurance, real estate, and lessors of real
property not allocable ..
Services.
441 Hotels and other lodging pla
Tears for which
data available in —
Ibjor gnxqi
tables
1938-51; 53-55
19«)-51; 53-55
19WJ-51; 53-55
1938-51; 53-55
1938-51 ;53-55
1938-39
1906-51; 53-55
1940-51; 53-55
grcxip
tables
1938-39
1926-51; 53-55
1926-39
1940-41
1942
1943-51; 53-55
l«a-51; 53-55
1938-39
1938-51; 53-55
1940-47
1948-51; 53-55
1940-47
1940-47
1940--;7
1948-51; 53-55
19«)-51; 53-55
1938-47
1948-51; 53-55
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
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; 53-5 5).
laundries, cleaners, and dyers
Photographic studios (including comnercial photo-
graphy)
Other personal services
Personal services not allocable (included in No. 446
for 1948-51 ;53- 55)
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 ; 53-55)
Autonotive repair services and garages (see No. 354).
Uiscellaneous repair services, hand trades
Aausefnents
Amusement, except motion pictures
Theaters, motion pictures, all other amusements, etc.
Theaters, legitimate, vaudeville, etc
Other amusements — Circuses, golf links, racetracks,
pleasure resorts , etc
AmuBonent not allocable
notion pictures (production and theaters).
Uotion picture producers
notion picture theaters
1938-51;53-55
Other services not elsewhere specified— Auto camps,
cemeteries, boards of trade, newspaper syndicates,
photographers, concessionaires — amusement, cloak-
rooms , etc
Other services, including schools
Professional services — Curative, educational, engi-
neering, legal, etc. (included in No. 465 for
1938-51;53-55)
Services not allocable (included in No. 465 for
1948-51 ;53-55)
Nature of business not allocable (not given) 1926-51;53-55
Years for which
data available in-
Major group
tables
1938-51; 53-55
1938-51:53-55
1938-51;53-55
1940-51; 53-55
1938-39
1940-51,53-55
1940-51; 53-
Minor group
tables
1926-37
1938-51; 53-55
1938-51)53-55
1938-51; 53-55
1938-51; 53-55
1938-51; 53-55
1926
1927-37
1927-39
1938-39
1927-51;53-55
1927-51;53-55
5. Facsimiles of Corporation
Income Tax Return Forms,
1955
CORPORATION INCOME TAX RETURN FORMS, 1955
Form 1120: Corporation income tax retiarn
Form 1 1 POL: Life insurance company income tax return
Form 1120M: Mutual insurance company income tax return
Form 1118; Statement in sxipport of credit claiDoed for taxes paid
to a foreign coimtry or United States possession
Page
U3
161
175
179
142
FACSIMILES OF TAX RETURNS, 1955
143
FORM
1120
U. S. Txeasnry Department
iBtcmal Revenue Service
U. S. CORPORATION INCOME TAX RETURN
FOR CALENDAR YEAR 1955
or other taxable year beginning ._
and ending
1955,
, 195
PLEASE TYPE OR PRINT PLAINLY
Noma
Number and street
City or town, postal zone number, county. State
19S5
Do not write In space below
Pagel
A. Date incorporated
B. Place incorporated
C. Business group code number and principal business activity
(See page 8 of Instructions)
G. Is taxpayer a sole proprietorship or partnership electing
under section 1361 to be taxed as a corporation?
(Answer "Yes" or "No")
H. Is taxpayer a personal holding company?
(Answer "Yes" or "No")
(If answer is "Yes," Schedule 1 120 PH must be attached.)
I.
D. Is this a consolidated return?
(Answer "Yes" or "No")
(See Instruction I)
E. 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," attach separate schedule showing: (1) Nome
and address; (2) percentage of stock owned; (3) date 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.)
F. If corporation is a cooperative association, check whether: (1) □ farm-
ers' marketing or a farmers' purchasing cooperative association,
(2) n consumers' cooperative association, or (3) n other cooperative
association.
Did the corporation, during the taxable year, have any con-
tracts or subcontracts subject to the Renegotiation Act of 195 1 ?
(Answer "Yes" or "No")
(If answer is "Yes," state the approximate aggregate gross
dollar amount billed during the taxable year under all
such contracts and/or subcontracts. (See General Instruc-
tion G-(4).) $
Did the corporation pay (or agree to pay) anyone other than
an employee for assistance in the preparation of this return?
(Answer "Yes" or "No")
If answer is "Yes," enter his name and address
FILL IN REMAINDER OF THIS PAGE AFTER COMPLETING PAGES 2 AND 3
► Enter amounts shown on page 2, line 1 , $.
line 4, $-.
line 15, $.
COMPUTATION OF TAX DUE OR REFUND
1. Total income tax (line 50, page 3)
2. Credits for amounts paid on 1955 income tax:
A. Tax paid with Form 7004 (in case of apphcation for automatic extension of time
in which to file)
B. Payments on 1955 Declaration of Estimated Tax
3. If tax Oine 1) is larger than payments Olne 2), the balance is TAX DUE. Enter such balance here-
(For inatallment payin«nt» aee Instruction D.)
4. If payments Oine 2) ore larger than tax Oine 1) Enter the OVERPAYMENT here.
5. Enter amount of line 4 you want Credited on 1956 estimated tax. ... $..
Refunded $..
SIGNATURE AND VERIFICATION (See Instruction E)
I declare under the penalties of penury that this return (including any accompanying schedules and statements) has been examined by me
and to the best of my knowledge and belief is a true, correct, and complete return.
(Dale)
(Signature of officer)
(Tille)
CORPORATE
SEAL
1 declare under the penalties of perjury that I prepared this rehirn for the person named herein; and that this rehirn (including any accompany-
ing schedules and statements) Is, to the best of my knowledge and belief, a true, correct, and complete retiirn based on all the information relating
to the matters required to be reported in this return of which I hove any knowledge.
(Dale)
(Individual or firm signature)
(Address)
FORM 1120
144
FACSIMILES OF TAX RETURNS, 1955
TAXABLE INCOME COMPUTATION
Page 2
Instrtidioa
aod Line Nol
GROSS INCOME
1. Gross sales (where inventories Less: Returns and
are on income-determining factor) $ ; allowances $
Z. Less; Cost of goods sold (Schedule A) .
3. Gross profit from sales
4. Gross receipts (where inventories are not an income-determining
factor)
$-.
5. Less: Cost of operations (Schedule B)
C Gross profit where inventories are not an income-determining factor.
7. Dividends (Schedule C)
t. Interest on loans, notes, mortgages, bonds, bank deposits, etc
9. Interest on corporation bonds, etc
M. 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 excess of the
principal amount of $5,000, and (2) obligations
of an instnamentality of the U. S
(b) Obhgations issued on or after March 1 , 1 94 1 , by
the U. S. or any agency or instrumentality thereof
Gross Amount of
Interest
Less: Amortizabte
Bond Premium
11. Kents .
IL Royalties
13. Gains and losses (from separate Schedule D) :
(a) Net short-term capital gain reduced by any net long-term capital loss
(b) Net long-term capital gain reduced by any net short-term capital loss
(c) Net gain (or loss) from sale or exchange of property other than capital assets .
14. Other income (itemize):
U.
Total income in lines 3, and 6 to 1 4, inclusive .
DEDUCTIONS
IC. Compensation of officers (Schedule E)
IT. Salaries and wages (not deducted elsewhere) .
It. Rents .
19. Repairs (Do not include cost of improvements or capital expenditures)
n. Bad debts (Schedule F)
21. Interest
2Z. Taxes (Schedule G)
23. Contributions or gifts paid (Schedule H)
24. Losses by fire, storm, shipwreck, or other casualty, or theft (Attach schedule) .
FACSIMILES OF TAX RETURNS, 1955
145
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
Amortization (Schedule I)
Depreciation (Schedule ])
Depletion of mines, oil and gas wells, timber, etc. (Attach schedule) .
Advertising (Attach schedule)
Amounts contributed under:
(a) Pension, annuity, stock bonus, or profit-sharing plans (Attach schedule).
(b) Other employee benefit plans (Attach schedule)
Other deductions (Schedule K)
Total deductions in lines 16 to 30, inclusive.
Taxable income before net operating loss deduction and special deductions.
Less: Net operating loss deduction (Attach schedule)
Taxable income before special deductions
SPECIAL DEDUCTIONS
Deduction for partially tax-exempt interest (net amount entered on line 10 (a)).
Dividends-received deductions:
(a) 85% of column 2, Schedule C
(b) 62.1 15% of column 3, Schedule C
(c) 85 % of dividends received from certain foreign corporations .
Total dividends-received deductions (sum of lines 36 (a), (b), and (c) but not to exceed 85
percent of the excess of line 32 over the sum of lines 35 and 39) (See instructions in case
of net operating loss)
Deduction for dividends paid on certain preferred stock of public utilities (See instructions
in case of net operating loss)
Deduction for Western Hemisphere trade corporations (See instructions in case of net oper-
ating loss)
40. Total special deductions
41. Line 34 less line 40 (Enter income or loss here and on line 42(b)) .
TAX COMPUTATION FOR CALENDAR YEAR 19SS AND TAXABLE YEARS ENDING ON OR BEFORE MARCH 31. I9S6
For other taxable years attach Schedule 1120 FY (See tax computation instructions)
42. (a) Amount of line 35, $ (b) plus amount of line 41, $ Enter total here ->
43. If amount of line 42 is:
(a) Not over $25,000—
Enter 30 percent of line 42 (32 percent if a consolidated return)
(b) Over $25,000—
Enter 52 percent of line 42 (54 percent if a consolidated return)
Subtract $5,500, and enter difference
$-.
5,500.00
44. Adjustment for partially fax-exempt interest. Enter 30 percent of line 35, but not in excess of 30 percent of line 42.
45. Normal tax and surtax (line 43 less line 44)
46. Income tax (line 45, or line 20 of separate Schedule D)
47. Credit allowed a domestic corporation for income taxes paid to a foreign country or United
States possession (submit Form 1118)
$.
48. Balance of income tax Qine 46 less line 47)
49. Tax under section 54 1 of the Internal Revenue Code (from Schedule 1 1 20 PH) .
50. Totol income tax (line 48 plus line 49). Enter here and on line 1, page 1 . .
$
Page 3
146
FACSIMILES OF TAX RETURNS, 1955
Schedule L.— BALANCE SHEETS (See Instructions)
Page 4
Beginning of Taxable Year
End of Taxable Year
ASSETS
Amount
Total
Amount
Total
1. Cash
$.
$
$
$
2. Notes and accounts receivable
(a) Less: Reserve for bad debts
3. Inventories:
(a) Other than last-in, first-out
$
$
(b) Last-in, first-out
4, Prepaid expenses and suppUes
$... _..
$
5. Investments in governmental obligations:
(a) Obligations of a State, Territory, or a possession of
the United States, or any political subdivision of any
(b) Obligations of the United States and its instrumentah-
6. Other investments (Attach schedule)
$
$
(a) Less: Accumulated amortization and depreciation
$ - - -
$
(a) Less: Accumulated depletion
9« Land (net of any amortization)
$
$
10. Intanaible assets famortizable onlv)
11. Other assets (Attach schedule)
$
$
12. Total Assets
$
$
LIABILITIES AND CAPITAL
$
$
14. Bonds, notes, and mortgages payable (maturing less than
16. Bonds, notes, and mortgages payable (maturing more
than one year from date of balance sheet)
17 Other liabilities f Attach schedule)
18. Capital stock: (a) Preferred stock
22. Total Liabilities and Capital
$
$
Schedule M.— RECONCILIATION OF TAXABLE INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS
1. Earned surplus and undivided
profits at end of preceding tax-
able year (Schedule L)
2. Taxable income before net operat-
ing loss deduction and special
deductions (line 32, page 3) . . . .
3. Nontaxable interest on:
(a) Obligations of a State, Terri-
tory, or a possession of the
United States, or any political
subdivision of any of the fore-
going, or of the District of Co-
lumbia
(b) Obligationsof the United States
issued on or before Sept. 1,
1917; all postal savings bonds. .
4. Other nontaxable income (Attach
schedule)
5. Charges against surplus reserves
deducted from income in the re-
turn (Attach schedule)
6. Adjustments for tax purposes not
recorded on books (Attach sched-
ule)
7. Sundry credits to earned surplus
(Attach schedule)
8. Total of lines 1 to 7
13,
Total distributions to stockholders charged to earned
surplus during the taxable year:
(a) Cash
(b) Stock of the corporation
(c) Other property
Contributions in excess of 5% limitation
Federal income and excess profits taxes
Income taxes of foreign countries or United States posses-
sions if claimed as a credit in whole or in part on line 47,
page 3
Insurance premiums paid on the life of any officer or em-
ployee where the corporation is directly or indirectly a
beneficiary
14. Unallowable interest incurred to purchase or carry tax-
exempt interest obligations
15. Excess of capital losses over capital gains
16. Additions to surplus reserves (Attach schedule)
17. Other unallowable deductions (Attach schedule)
18. Adjustments for tax purposes not recorded on books (Attach
schedule)
19. Sundry debits to earned surplus (Attach schedule)
20. Total of lines 9 to 19
21. Earned surplus and undivided profits at end of the taxable
year (Schedule L) (Line 8 less line 20 ol Schedule M) . . .
FACSIMILES OF TAX RETURNS, 1955
147
Page 5
The information required in Schedules A through K on pages 5 and 6 may be furnished on separate attachments if all the required facts
ore included and the necessary figures are carried forward to the appropriate lines on pages 2 and 3. If separate attachments are
used, detach and discard pages 5 and 6.
Name and Address (Number, street, city, postal zone, county. State)
Schedule A.— COST OF GOODS SOLD. (See Instruchon 2)
(Where inventories are an income-determining factor)
1. Inventory at beginning of year
2. Merchandise bought for manufacture or sale .
3. Salaries and wages
Other costs per books (Attach schedule)
Total
Less: Inventory at end of year
Cost of goods sold (Enter here and on line 2,
page 2)
Schedule B.— COST OF OPERATIONS
(Where inventories are not an income-determining ioctor)
1. Salaries and wages
2. Other costs (to be detailed);
(a)
(b)
(c)
(d)
(e)
3. Total (Enter here and on line 5, page 2) .
Schedule C— INCOME FROM DIVIDENDS
1. Name of Declariii( Corporation
2. Domestic Corporations
Taxable Under Chapter 1,
Internal Revenue (;ode*
3. Certain Preferred Stock
of Public Utilities Taiable
Under Chapter 1, Internal
Revenue Code
4. Foreign Corporations
5, Other Corporations
$
$
$..
$
Totals
$
$
$
it
Total of columns 2, 3, 4, and 5 (Enter here and on line 7. page 2)
$
"Except (a) dividends on certain preferred stock of public utilities, which should be entered in column 3: and (b) dividends, which should be entered in column 5, received from
China Trade Act corfX)rations, from corporations to which sechon 931 applies, and from corporations exempt irom tax under sections 501 and 521.
Schedule D. — Separate Schedule D (Form 1 120) should be used in reporting sales or exchanges of property and filed with this return
(See Instruction 13)
Schedule E.—
COMPENSATION OF OFFICERS
1. Name and Address of Officer
2. Official Title
3. Time Devoted to
Business
Percentage of Corporation's Stock
Owned
6. Amount of
Compensation
4. Common
5. Preferred
$
Total compensation of officers (Enter here and on line 1 6
, page 2)
$
Schedule F.— BAD DEBTS. (See Instruction 20)
1. Taxable Year
Outslandinf at—
4. Taxable (or Net)
Income Reported
5. Sales on Account
6. Bad Debts of Corpo-
ration if No Reserve Is
Carried on Books
If Corporation Carries a Reserve
2. Beginning of Year
3. End of Year
7. Gross Amount Added
to Reserve
8. Amount Charged
Against Reserve
1952
$
$
$
$
$.- - --
$
$
1953
1954
1955
NOTE: Securities which are capital assets and which became worthless within the taxable year should be reported in separate Schedule D.
GPO O - JS5295
148
FACSIMILES OF TAX RETURNS. 1955
Page 6
Schedule G.— TAX K.S. (See Instruction 22)
Schedule H.— CONTRIBUTIONS OR GIFTS PAID
(See Instruction 23)
Nature
Amount
Name and Address of Organization
Amount
$
$ __...
Contributions carryover (See instructions) ....
Total contributions (Enter here and on line
23, page 2, subject to 5 percent limitation) .
Total (Enter here and on line 22, page 2) .
$
$
Schedule I.— AMORTIZATION
(See Instruction 25)
fadDtiis. pain storage fadlilies. research or experimental expenditures, exploration
and devdopraent expenditures, or organizational expenditures)
2. Date Acquired,
Completed, or
Expended
3. Amount Being
Amortized
4. Amortization De-
ducted in Prior
Years
5. Amortization
Period (Number
of monttis)
6. Amortization
This Year
$ _
$
$
1 Total
3. Balance — Enter here and on line 25, page 3
$
Schedule J.— DEPRECIATION.
(See Instruction 26)
L Kiiid of Property Of buildings, state material of which con-
sbndEdX Exclude land and Other Nondepreciable Property.
Uit Assets in Groups by Depreciation Method
2. Date Acquired
3. Cost or Other
Basis
4. Depreciation
Allowed (or
allowable) in
Prior Years
5. Method
6. Rate (%) or Life
(years)
7. Depreciation
This Year
$
$
$
1 Total
3. Balance — Enter here and on line 26, pa
ge 3
$
SUMMARY OF SCHEDULES I AND J
Part A.-DEPRECIATION
Part B.-AMORTIZATION
1. Straight line method
$ . - ._
7. Emergency facilities
8. Grain storage facilities
$
10. Exploration and development expenditures
(Sec. 615 and Sec. 616)
$
6. Total depreciation claimed
12. Total amortization claimed
$
Schedule K.— OTHER DEDUCTIONS. (See Imtruction 30)
$-.
Total (Enter here and on line 30, page 3).
FACSIMILES OF TAX RETURNS, 1955
149
PAGE 1
How To Prepare Your 1955 Corporation
Income Tax Return on form 1120
(References are to the Internal
Revenue Code).
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
doziiestic 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 1955 or fiscal year beginning in 1955 and ending
in 1956. 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. Accounting methods. — Taxable income shall be computed
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 disbuTsements 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.
Rounding off to whole-dollar amounts. — If you wish, the money
items on your return or accompanying schedules required by such
return may be showu as whole-dollar amounts. This means that
you eliminate any amount less than 50 cents, and increase any
amount between 50 cents and 99 cents to the next highest dollar.
Your choice as to whether you round off to whole-dollar amounts
may not be changed after the due date for filing your return.
D. Filing of return and payment of tax. — Returns of domestic
and resident foreign corporations must be filed on or before the
15th day of the third month following the close of the taxable
year with the 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 assoa-
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 retum
must be made on Form 7004. (Section 6081 (b) .)
The balance of tax due as shown on line 3, page 1 of the return,
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 "Internal Revenue Service." Cash payment should be made
only in person at the District Director's office.
For taxable years ending on or after December 31, 1955, a
declaration of estimated tax must be made by every corporation
which is subject to income tax under section 11 or 1201 (a), or
subchapter L of chapter 1 (relating to insurance companies),
if its income ta.x for the taxable year can reasonably be expected to
exceed $100,000 plus the amount of any estimated credits against
tax. (See Form 1 120— ES.) In the case of affiUated corporations
filing a consolidated retum, see consolidated retum regulations
prescribed under section 1502.
Additional charge for underpayment of estimated tax. — ^Under-
pa>'ment of installments of estimated tax will result in additiona]
charges for the period from the due date of each installment until
paid, or until the due date for filing the tax retum, whichever
is the earlier.
The charge with respect to any underpayment of any install-
ment is mandatory and will be made unless the exceptions specified
in section 6655 (d) are applicable.
If you have an underpayment of estimated tax and believe the
additional charge should not be asserted due to the applicability
of the "relief provisions" of section 6655 (d), attach a statement
to your return explaining which of the provisions applies to you,
showing any necessary computations. If you wish, you may
obtain Form 2220 from the nearest Internal Revenue Service office
for this purpose.
E. Signature and verification. — The retum must be signed either
by the president, vice-president, treasurer, assistant treasurer or
chief accounting ofiicer, 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 retum is required to be
signed by any person, firm, or corporation who prepared the tax-
payer's retum. If the retum is prepared by a firm or corporation,
it should be signed in the name of the firm or corporation. TIic
statement is not required if the retum is prepared by a regular,
full-time employee.
cm— »— 71MS-X
150
FACSIMILES OF TAX RETURNS. 1955
PAGE 2
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 ( 1 ) interest,
rents, commissions, or other fixed or determinable income of
$600 or more during the calendar year 1955 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 returns 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 1955 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 1955, whether in cash, 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, witliin 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 1955.
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 trartsferee 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 \he 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 dasses 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 I, page 1, 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 1120J>rB with respect to such income only in the
event their tax liability has not been fully satisfied at the source.
Insurance companies. — Life insurance companies subject to
tax imposed by section 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 1955 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 9. )
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
1 120PH 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.)
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 1120PH 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 durin.g
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 signed copies of Form 1122
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
eliminations and adjustments; and one column for a total of like
items after giving effect to the eliminations and adjustments. The
items included in the column for eliminations and adjustments
should be symbolized to identify contra items 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 leconciliation of the consolidated surplus.
ooi — 1ft— 71973-1
FACSIMILES OF TAX RETURNS, 1955
151
Consolidated balance sheets as of the beginning and close of the
taxable year of the group shall accompany the consolidated ret»im
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
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
PAGE 3
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 Internal Revenue Code of 1954.
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 lines 1 to 41, pages 2 and 3, except that
a railroad 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 profits shown by the income
and expense statement submitted, and should be entered as line 41,
page 3.
SPECIFIC INSTRUCTIONS (Numbered to correspond with line numbers on pages 2 and 3 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 imtil
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 Conunissioner 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 on line 9, page 2,
the amount of interest on bonds, debentures, notes, or certifi-
cates or other evidences of indebtedness, issued by any corporation
and bearing interest, with interest coupons or in registered form.
Do not include interest on any such obligations which constitute
stock in trade of the taxpayer or any such obligations of a kind
which would properly be 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 ordi-
nary course of his trade or business. Such interest should be
entered on line 8. For provisions relating to amortizable bond
premium, see section 171.
10. Interest on obligations of the United States, etc. — Enter in
Schedule L the amounts of the various obligations owned. Also
enter on line 3, Schedule M, all interest received or accrued
during the year on the various obligations listed therein. The
net amount of interest reported on line 10 (a), page 2, is also
allowable as a deduction. See paragraph 35 of these instructions.
The amount of interest received or accrued on obligations issued
on or after March 1, 1941, by the United States or any agency or
instrumentality thereof should be entered on line 10 (b), page 2.
For provisions relating to acaortizable 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-inlerest-bearing obligations issued at a discount. — Tax-
payers on the cash basis may elect, as to all non-interest-bearing
obligations issued at a discount and redeemable for fixed amounts
increasing at stated intervals (for example. United States 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. )
1 1. 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 lines for deductions
on pages 2 and 3. 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 tax on the rental payment, this tax is excluded from lessor's
gross income 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 on line
27, page 3.
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 only 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, if spaces provided are not sufficient. /
15. Rents. — Enter rent paid or accrued for business property in
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 die 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 taxpayer 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. Apphcation 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 line 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 yezu:
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 line 47, page 3; Federal taxes
paid on bonds containing a tax-free covenant, nor taxes not im-
oni—l»— 71973-1
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FACSIMILES OF TAX RETURNS, 1955
PAGE 4
posed upon the taxpayer. See section 164 (d) reganling 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 Territory, 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 conununity 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 any private shareholder or
individual, and no substantial part of the activities of which is
carr>'ing 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, any 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 lines 35 to 39,
page 3, and (3) any net operating loss carryijack 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 year 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 wrhich come writhin the
above description, but which are imallowable in itfhole or in part
because of the limitation contained in section 170.
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 (ire, storm, shipwredc, or other casualty, or theft. —
Enter losses sustained during the year, arising from fire, storm,
shipwreck, or other casualty. For determination of the amount
deductible, see section 165 (b) and the regulations thereunder.
Theft losses are deductiCle only in the year in which discovered.
25. Amortization. — If a deduction is claimed on account of
amortization, fill in Schedule I. The law makes special provisions
for amortization of certain kinds of assets and expenditures:
(a) Emergency facilities. — A corporation is entitled at its elec-
tion to a deduction writh 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 Dc^cember 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 thq 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 with
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 of 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.)
( b ) 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 comcrib, 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-raonth 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
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 1 74. )
(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 ^ 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
(begiiming 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
oni — 16—71073-1
FACSIMILES OF TAX RETURNS, 1955
153
»™°^tization has been selected it may not be changed. (Section
(g) Election statemenls.~¥or detaUs concerning the informa-
tion which must be furnished in the statements of election re-
quired above, consult your District Director.
26. pepreciation.— If a deduction is claimed on account of
depreciauon, fill in Schedule J. 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.
1 he allowance does not apply to inventories or stock-in-trade nor
■^j J ^P-^" i^°" '^"^ improvements or physical developments
added to It Depreciation on leasehold improvements, patents
and copyrights shall be included in Schedule J
„oI''!,;!''"k"'.''.''u °^ ^" ^'''=' "° ^^ °«=^s"'^ed in units of produc-
tion, 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
h^.h P'T'^- ^^l ""'^ <'"■ °"^" ''^''^) to be recovfred 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 published in a booklet called
fn^i h" f' r^"'' "^^^ be purchased for 30 cents from the Super-
91 np "f^ D°'="m^"t5, Government Printing Office. Washington
ciati^n Follows ^""'P''°" "( the various methods of depre-
nnfinl'!)"'"^''- ''■"' '!'*'J°<'-The most common method of com-
puting depreciation is the "straight line" method. It allows for
the recovery of cost m equal annual amounts over the life o{ ^l
property with only salvage value remaining at the end of i^
Zii I'^^V. ^° ^"•P^'^the deduction, add fhe colt of i^proJ^
ments to the cost (or other basis) of the asset and deduct boA
nr Jl m"^- '^'"^Se value and the total depreciation flowed
or allowable in past years. Divide the result by the numberof
years of useful life remaining to the asset-the quotTen"^ the
depreciation deduction. M"""eui is me
Jb) Declimng balance method.—Vndet this method a uniform
nrn^^.^Pf -.1 ^^'''^ r^^ *° ^^^ remaining cost or other basis of
property (without adjustment for salvage value) determined at
Larv 7 Tq?l '""'i ^'"^ ^"^ P^P'^^ ^'=''"'^««' before Jan-
uary 1, 1954, or used property whenever acquired, the rate of
,^Z!1h r" M ""' "!"',?'^ "^y °°' ^''"ed one and one-half
times the applicable straight-line rate. ^^
rois' %""' ''"'" f°' "'"" <""*' acquired after December 31.
llr- iV \^\i°'*- °'' u"'7 ''^''^ "^ ^ ^^'" acquired after Decem-
n!=, ' ■, ' T^'J'"' d'^.Preciated under methods proper in the
IT^'a'a, mM*" depreciated under any of the foUoWinVmethods
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 tbe 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 ^ 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)
(/) Declining balance method.—Tha method may be used
with a rate not in excess of twice the applicable straight-line rate.
(^) Sum of the years-dtgit method.—VtidcT this method annual
allowances for depreciation are computed by applying changing
fractions to the taxpayer's cost or other basis of properW (reduced
by estimated salvage).
The deduction for each year is computed by multiplying the
or other basis of the asset (reduced by estimated sJvage
value) by the number of years of useful life remaining (includi^
tjZ'l"',^^'"^ the deduction is computed) and dividing thf
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
W fif 'T T"i'' ^^ 15 (5 + 4 + 3-1-2-1-1). For the first year
five-fifteenths of the cost reduced .by estimated salvage value would
be allowable, for the second year four-fifteenths, etc.
(J) Other methods— \ 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 allowance
which would have resulted from the use of the declining balan,^
S,L 7^'.V'T'!;"°" ''PP''" °"'y "^"""8 'be first ^o-thirS
of the useful life of the property. "u-us
27. Depletion of mines, oU and gas wells, timber, etc.— If a
deduction is claimed on account of depletion, procure from the
re^ \T ^"''i ^^'',°'" ^■°"°. "^ (timber), fill i„ 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
PAGE 5
Z^^T^^J^\°^ =? toamactions bearing on deductions from
or additions to value of physical assets during the taxable year with
«planat,on of how depletion deduction for the taxable year has
^£- He^"^"*-^ ^!r'°'^ 611, 612, and 613.) Expenditure
to f^^eferrcd and deducted ratably under the election provided
m sections 616 (b), relatmg to certain expenditures in the devel-
opment of mines, and 615 (b), relating to deductions for mine
explorafaon, are not to be taken into account in determining the
adjusted bas« for property for the purpose of computing a dlduc
tion for depletion under section 61 1.
28. Advertising.— Enter on line 28 the total amount paid or
incurred durmg the year for advertising. Expenditures for adver-
tismg, to be deductible, must be ordinary and necessary and bear
a reasonable relation to the business activities in which the cor-
poration IS engaged.
29 (a). Pension, atmoity, stock bonus, or profit-sharing plans.—
Enter on line 29 (a) the total amount deductible under section
W». A corporation daimmg a deduction under section 404 must
submit with Its return, in addition to the information specified in
the regulauons concerning such deduction, a statement with
respect to each plan showmg 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, groun
permanent contract, or self-insured trust. If not funded so
indicate. '
29 (b). Other employee benefit plans. — Enter on line 29 (b)
deductions for contributions to employee benefit plans other than
those d^ed on hne 29 (a), such as insurance, health, or welfare
plans. Submit «a^ the return a schedule for each plan showing
(1) the nature of benefits, i. e., group term life insurance, group
permanent Ufe nunirance, noninsured death benefit, hospitaliza-
tion, surgica^ mrfical, sickness, accident, major medical expense
or other welfare benefits; (2) method of financing, i. e., insured
^^*^J^,V^T^^ ^^^ self-insured fund, or direct benefit'
payments; (3) the amount of deduction; (4) the amount of
employee contributions; (5) the number of emplovees covered-
and (6) if a self-insured plan, the amount of benefits paid durine
the taxable year. Also show the number of employees employed
by the corporation. f r^^
30. Other deductions anthorized by law.— Enter on line 30 any
other authorized deductions for which no space is provided on the
return Any deduction claimed should be explained in Schedule K
.1. ^r '^""IT " ^'?*^'e for the amount of any item or part
•1^ ^locable to a class of exempt income, including tax-exempt
interest mcome only to the extent that amounts otherwise allow-
able under section 212 are aUocable thereto. However, for interest
on mdebtedness mcurred or continued to purchase or carry tax-
exempt securities, see instruction 21. Items directly attributable to
^•^^'^?* """t '^^}^ allocated thereto, and items directly
attributable to any clan of taxable income shall be allocated to
such taioble mcome. If an item is indirecUy attributable both
to taxable mcome^d exempt income, a reasonable proportion
^e^'^'^^'TTl'".?^'^ '•^* "f ^ '^^ f''"^ ^"d circumstances
m each case shaD be aUocated to each. A taxpaver receiving any
r^^-^^T -""""V^ *'°''^S any property or engaging in any
activity the mcome from which is exempt shall submit with its
M^k" " ^^ thereof an itemized sutement, in detail, showing
(I) the amount of each class of exempt income, and (2) the
amount of expense items allocated to each such class (the amount
aUocated by apportionment being shown separately)
J„il!j!'*K'^-°^ "H'^ '^""^ '^"'''' cooperative banks, and
-.^T^^i. *"^ ""^ 1°^ associations, any amounts paid or cred-
ited to the accounts of depositors or holders of accounts as divi-
dends on the^ deposits or %vithdrawable accounts, if such amounts
may be withdrawn on demand subject only to customary notice
of intention to withdraw, are allowable deductions in computing
taxable mcome. (Section 591.) ^
Under section 592 a special deduction in computing taxable
mcome is allowed a mutual savings bank not having capital stock
represented by diares, a domestic building and loan association,
or a cooperative bank without capital stock organized and operated
tor mutual purposes and without profit, for repayment during the
taxable year of loans made before September 1, 1951 by the
Umted Stotes or its whoUy owned agencies, or by a mutual
lund established under the authority of State law.
For deductions on account of research and experimental ex-
penditoTM, and exploration and development expenditures in the
case of mmes, see instruction 25.
33. Net operating loss deduction. — TTie "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-
atmg loss for taxable years ending after December 31, 1953, may
be earned back 2 yvstn (1 year for excess profits tax purposes)
CDi — 10 — 71973-1
154
FACSIMILES OF TAX RETURNS, 1955
PAGE 6
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 income, computed with the following modifications:
(a) No net operating loss deduction is allowed.
(b) 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 85-percent 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.
(b) 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.
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 operatmg
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 carryback, 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 operating 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.
35. 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 1 71.
36. Dividends received deductions. — (a) Dividends received
from a domestic corporation. — Enter an amount equal to 85 per-
cent 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 savings banks, cooperative banks, and domestic build-
ing and loan associations and allowed as a deduction to such banks
or building and loan associations shall not be treated as divi-
dends. In the case of dividends received from a regulated invest-
ment 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, 1956 (59.681 percent
for taxable years beginning on or after April 1, 1956), 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.
(<:) Dividends received from certain foreign corporations. —
Enter 85 percent of dividends received from certain foreign cor-
porations. See section 245 for qualifications and limitations on
the amount of this deduction.
37. Total dividends-received deductions. — In a year in which a
net operating loss occurs, sections 172 (d) and 246 (b) provide
that the 85-percent limitation on the amount of these special
deductions shall not apply.
38. Deduction for dividends paid on certain preferred stock of
public utilities. — In the case of a public utility there is allowed,
in accordance with section 247, an amount equal to 26.923 per-
cent for taxable years beginning after December 31, 1953, and
prior to April I, 1956 (29.787 percent for taxable years beginning
on or after April I, 1956), of the lesser of (1) 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 to the deduction provided in section 247. In a year in
which a net operating loss occurs, section 172 (d) provides that
this special deduction shall be computed without reg«ird to section
247 (a) (1) (B).
39. Deduction for Western Hemisphere trade corporations. — 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, 1956 (29.787 percent for taxable
years beginning on or after April 1, 1956), of the taxable income
of such corporation computed without regard to the deduction
provided in section 922. Under the provisions of section 172 (d),
this special deduction is not allowed in a year in which a net
operating loss occurs.
41. 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
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 your 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 1 2 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 1 2-
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).
TAX COMPUTATION INSTRUCTIONS
1. Normal tax. — Section 1 1 provides a normal tax for taxable
years beginning before April I, 1956, equal to 30 percent of tax-
able income. In the case of a taxable year beginning after March
31, 1956, 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).
om — 1ft— 71973-1
FACSIMILES OF TAX RETURNS, 1955
155
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). If 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 11. 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 an insurance business within the United States. (Section 831.)
6. Life insurance departments of mutual savings banks. — 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 n>aintained 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 — (I) 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
PAGE 7
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 department 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 lines 46 and 48, page 3) and sched-
ules. The first partial tax should be computed by using lines 42
to 46 on page 3 of Form 1 120. 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 sura thereof
entered on line 46 as the total income tax. Subtract from line 46
the sum of any credits on line 47 and enter on line 48 the balance
of income tax. Form 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. Credit for taxes.^If, in accordance with section 901, a credit
is claimed by a domestic corporation on line 47, page 3, 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. In case credit
is sought for taxes accrued but not paid, the District Director may
require a bond on Form 1119 as a condition precedent to the
allowance of the credit.
8. Resident foreign corporations. — Foreign corporations en-
gaged in trade or business within the United States are subject to
tax on their income from sources within the United States at
the rates specified in section 11. (Section 882.)
9. Regulated investment companies. — For provisions relating to
the method of taxation of regulated investment companies, see
sections 851 through 855.
U. S. 60VERNMENT PRrNTING OFFICE
468791 O -58 -U
156
FACSIMILES OF TAX RETURNS, 1955
PAGE 8
PRINCIPAL BUSINESS ACTIVITV
In reporting the ''Principal business activity," on page 1, give the one business activity that accounts for the largest percentage
of "total receipts." "Total receipts" means gross sales (line 1, page 2), plus gross receipts (line 4, page 2), plus all other income (lines 7
through 14, page 2). State the broad field of business activity as well as the specific prgduct or service, such as ''Mining copper,"
"Manufacturing cotton broad woven fabric," "Wholesale food," or "Retail apparel." Where receipts are derived from two or more
of the detailed industry groups listed below, show only one which is the major source of receipts. Use the appropriate group under
the heading "FINANCE" if over 50 percent of "total receipts" consists of investment income.
Enter the "business group code number" on page I from the following list. Give the code for the specific industry group
from which the largest percentage of "total receipts" is derived.
AGRICULTURE, FORESTRY, AND
FISHERIES
Code
Oil Farms snd ap'icullural services.
081 FonttTj, excluding logging camps.
091 Fuheries.
MINING
Melal mining:
101 Iron ore.
102 Copper, lead, zinc, gold, sUverores.
109 Other metal mining.
Coal mining:
HI Anthracite coal.
IZI Bituminous coal and lignite.
Crude petroleum and natural gas citractioiu
131 Crude petroleum, natural gas, ana
natural gasoline.
138 Oil- and gas-field contract services.
Nonmetallic mineral mining:
141 Stone, sand, gravel.
149 Other nonmetallic minerals, ei-
cept fuels.
CONSTRUCTION
151 General contractors: buildings.
152 General contractors: other.
153 Special trade contractors.
169 Other construction.
MANUFACTURING
Beverages:
191 Bottled soft drinks and carbonated
waters.
192 Malt liquors and malt.
194 Wines.
195 Distilled, rectified, blended liquors.
Food 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 Other.
Teitile-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 Hats, except cloth and millinery.
229 Other, including rayon and silk
broad-woven fabric.
Apparel and other 6nished products made
from fabrics and simitar materials:
231 Men's and boys' clothing and
furnishings, except fur and
rubber.
233 Women's clothing, and children's
and infants' wear, except fur and
rubber.
235 Millinery.
237 Fur goods.
238 Other apparel and accessories
including gloves, robes, and
raincoats.
239 Other fabricated textile products
Including curtains, bags, and
awnings.
Lumber and wood products (eicept for*
nilure):
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 fialures (wood or metal):
261 Furniture — household, afRee. pub-
lic building, and professional.
254 Partitions, shelving, lockers; and
office and store fixtures.
Code
256 Window and door screens, shades
and Venetian blinds.
259 Other, including restaurant ftu"-
niture.
Paper and allied products:
261 Pulp, paper, and paperboatd mills.
266 Paper bags and paperboard con-
tainers and boxes.
269 Pulp goods, and other converted
paper products.
Printing, publishing, and allied industries:
271 Newspapers.
272 Periodicals.
273 Books.
275 Commercial printing, including
lithographing.
279 Other publishing, bookbinding,
and service industries for the
printing trade.
Chemicals and allied products:
281 Industrial inorganic chemicals.
282 Industrial organic chemicals, in-
cluding plastic materials, syn-
thetic rubber, and synthetic
fibers.
283 Drugs and medicines.
284 Soap and glycerine, cleaning and
polishing 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 coals
291 Petroleum reflnhig.
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 Cement (hydraulic).
325 Structural clay products.
326 Pottery and related products.
327 Concrete, gypsum, and plaster
products, including lime.
328 Cut-stone and stone products.
329 Abrasive, asbestos, 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
alloying of nonferrous metals
and alloys.
336 Nonferrous foundries.
339 Other, including iron and steel
forgings and wire drawing.
Fabricated metal products (except ord-
nance, machinery, and Innsporlatioo
equ^ment):
341 Tin cans and other tinware.
342 Cutlery, hand tools, and general
hardware.
343 Heating apparatus (except elec-
tric) and plumbers' supplies.
344 Fabricated structural metal prod-
ucts, including boiler shop
products.
346 Metal stamping, coating, and en-
graving.
347 Lighting fixtures.
348 Fabricated wire products.
349 Other, including screw machine
products.
Machinery (except electrical):
351 Engines and turbines, except auto-
motive, aircraft, and railway.
352 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.
357 Office and store machines and
devices.
Code
358 Service industry and household
machines.
359 Other machinery parts, and
machine shops.
Electrical machinery, equipment, and aap>
plies:
361 Electrical generating, transmis-
sion, distribution and industrial
apparatus.
362 Electrical appliances.
363 Insulated wire and cable.
364 Electrical equipment for motor
vehicles, aircraft, and railway
locomotives and cars.
365 Electric lamps.
366 Radio, radar, and television equip-
^ ment, and phonographs (except
radio tubes) .
367 Other communication equipment
and related products.
369 Miscellaneous electrical products
including batteries.
Transportation equipment (except electri-
cal and motor 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 Other 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.
OrdnaiKO and accessories:
391 Guns, and related equipment in-
cluding small arms.
396 Small arms ammunition.
399 Other.
Professional, scienlific, and coni rolling
instruments; photographic and opti-
cal goods:
iOl 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 AT10N,C0MMUNICATI0N.
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.
465 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
501 Commission merchants.
Other wholesalers:
611 Food, including milk.
512 Alcoholic beverages,
513 Apparel and dry goods.
514 Chemicals, paints, and drugs.
615 Hardware, electrical goods, plumb-
ing and heating equipment, etc.
610 Lumber, millwork, and construc-
tion materials.
C17 Machinery, equipment ^supplies.
Code
518 Farm products — raw materials:
cotton, grain, wool, leaf tobacco,
livestock, etc.
619 Other wholesalers.
RETAIL TRADE
521 Food, including mOk.
General merchandise:
631 Department stores.
632 Mail-order houses.
633 Variety stores.
539 Other general merchandise.
541 Apparel and accessories.
5S1 Furniture, home furnishings, etc.
Automotive dealers, dealers in parts and
accessories, and filling stations:
561 Automobiles and trucks.
563 Parts, accessories, tires, batteries.
564 Filling stations.
571 Drug stores.
581 Eating and drinking places.
Lumber, building materials, and hardware:
591 liumber and building materials.
595 Hardware and farm implements.
Other retail trade:
601 Liquor stores.
607 Jewelry stores.
609 Other retail stores.
HNANCE, INSURANCE, AND REAL
ESTATE
Banks and trust companies:
621 Banks and trust companies (ez-
* eluding mutual savings banks).
622 Mutual savings banks.
Credit agencies other than banks:
632 Savings and loan Eissociations.
634 Personal credit agencies.
635 Business credit agencies.
639 Other credit agencies.
Holding and other investment companies:
641 Operating-holding companies
(companies which derived less
than 90 percent but more than
60 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.
Iiunrance carriers:
661 Life insurance.
662 Mutual, except life or marine, and
except mutual fire insurance com-
panies issuing perpetual policies.
669 Other.
671 Insurance agents, brokers, and service.
Real estate:
681 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 tmders on own account.
684 Agents, brokers, managers, etc.
685 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 boardint 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 garaf e«.
761 Other repair services. >
Motion pictures:
781 Motion picture production, dis-
tribution and service industries.
783 Motion picture theaters.
791 Amusement and recreation services
eicepi motion pictures.
801 Other services, including schools,
oni — 16 — 71973-1
FACSIMILES OF TAX RETURNS. 1955
157
SCHEDULE D
(Form 1120)
U. S. TREASURY DEPARTMENT— INTERNAL REVENUE SERVICE
SCHEDULE OF GAINS AND LOSSES FROM SALES
OR EXCHANGES OF PROPERTY
1955
or other taxable yecr beginninrj
FOR CALENDAR YEAR 1955
1955, and ending
, 195
Name and address
(I) CAPITAL ASSETS
a. Description of Property
b. Date
Acquired
Mo. Day Yr.
c. Date
Sold
Mo. Day Yr,
d. Gross Sales Price
(Contract price)
e. Depreciation Allowed (or
allowable) Since Acquisi-
tion or March 1. 1913
(Attach schedule)
f. Cost or Other Basis and |
CostoflmprovementsSub- i
sequent to Acquisition or i
March 1,1913 i
g. Expense of Sale
h. Gain or Loss (Column d
plus column e less the sum
of columns f and g)
Short-Tern\ Capital Gains and Losses — AEsets Held for Not More Than 6 Months
1.
S...
$
S
$
S
3. Total of short-term capital gains or losses or difference between sh
ort-term capital gain
3 and losses
$
Long-Term Capital Gains and Losses — Assets Held for More Than 6 Months
4.
$
$_
$
S
s. .
5. Total of long-term capital
gains or 1
osses or d
fference between lor
g-term capital gains
and losses
$
Summary of Capital Gains and Losses
Classification
Gain or Loss To Be Taken Into Account
a. Gain
b. loss
6. Net short-term capital gain or loss from line 3
S
iR
s
S
8. Net short-term capital gain (line 6, col. a) reduced by any net long-term capital loss Qine 7,
s
xxxxxxxxxx
9. Net long-term capital gain (line 7, col. a) reduced by any net short-term capital loss (line 6,
iR
xxxxxxxxxx
10. Excess of losses over gains in lines 6 and 7. This excess is not allowable
xxxxxxxxxx
$
158
FACSIMILES OF TAX RETURNS, 1955
Page 2
Alternative Tax Computation {or Calendar Year 1955 and Taxable Years Ending on or Before March 31, 1956
For other toxablo years attach Form 1120FY
1 1 . Line 42, page 3, Form 1 1 20
(When deductions are allowable under sections 243. 244, 245, 247, 922, and 941, disregard lines 11 and 12 and compute taxable income
for purposes of the alternative tax (line 13) according to the "Alternative tax" instructions on page 4.)
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 line 13 (54 percent if a consolidated return)
Subtract $5,500 and enter difference
$-.
5,500.00
15. Adjustment for partially tax-exempt interest; enter 30 percent of line 35, page 3, Form 1120, but not in excess of 30
percent of line 13 above
16. Partial tax (line 14 less line 15)
17. 25 percent of line 1 2
18. Alternative tax (line 16 plus line 17)
19. Normal tax and surtax (line 45, page 3, Form 1 1 20)
20. Income tax (line 18 or 19, whictiever is lesser). Enter here and on line 46, page 3, Form 1 120
(II) PROPERTY OTHER THAN CAPITAL ASSETS
a. Description of Property
b. Dale
Acquired
Mo. Day Yr.
c. Date
Sold
Mo. Day Yi.
d. Gross Sales Price
(Contract price)
e. Depreciation Allowed (or
allowable) Since Acquisi-
tion or March 1. 1913
(attacli schedule)
r. Cost or Other Basis and
Cost ol ImprovementsSub-
sequent to Acquisition or
March 1. 1913
g. Expense of Sale
h. Gain or Loss (Column d
plus column e less the sum
of columns 1 and i)
1.
$
$
$
$ ....
$
2. Total net gain (or loss). Enter here and on h
ne 13 (c), page 2, Fc
rm 1120
$
State with respect to eoch 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))
I I (a) purchaser owned directly or indirectly
more than 50 percent in value of your
outstanding stock.
State name and address of purchaser
I I (b) where purchaser was a corporation, more
than 50 percent in value of its capital stock
and 50 percent in value of your capital stock
was owned directly or indirectly by or for the
same individual or his family, and
[~| (c) where purchaser was a corporation,
more than 50 percent in value of its capital
stock was owned directly or indirectly by you.
U. S. GOVERNMENT PRINTING OFFICE : 195S— 0-355294
FACSIMILES OF TAX RETURNS, 1955
159
Detach
before
Page 3
INSTRUCTIONS
(References oie to the Internal Revenue Code)
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. Every sale or exchange of
property, even though no gain or loss may be indicated, must
be reported in detail.
Losses from sales or exchanges of capital assets shall be
allowed only to the extent of gains from such sales or ex-
changes. 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 succeed-
ing 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 con-
nected with its trade or business), but does 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) property
used in the trade or business, of a character 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 compo-
sitions, or similar properties; or (4) accounts or notes receiv-
able acguired in the ordinary course of trade or business
for services rendered or from the sale of property described
in (1) above; or (5) an obligation of the United States or
any of its possessions, or of a State or Territory, or any
political subdivision thereof, or of the District of Columbia,
issued on or after March 1, 1941, on a discount basis and
payable without interest at a fixed maturity date not exceed-
ing 1 year from the date of issue.
Classification of capital gains and losses. — The phrase
"short- term" applies to the category of gains and losses
arising from the sale or exchange of capital assets held for
6 months or less, 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 ex-
changed, even though no gain or loss may be indicated.
Such description should include the following facts: (a) For
real estate, location and description of land, description of
improvements, details explaining depreciation; (b) for bonds
or other evidences of indebtedness, name of issuing corpora-
tion, description of the particular issue, denominahon, and
amount; (c) for stocks, name of issuing corporation, class of
stock, number of shares, and capital changes affecting
basis (nontaxable stock dividends, other nontaxable distri-
butions, 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 acguired
before March 1, 1913. If the property sold or exchanged was
acguired 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 1 01 6, 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. It 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," the amount of depreciation, ex-
haustion, wear and tear, obsolescence, amortization and
depletion in respect of ttie property. 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
lanuary I, 1952, the taxpayer may disregard depreciation,
etc., which was in excess of the amount allowable and
which did not result in reduction of income or excess profits
taxes only if an election is made in accordance with regula-
tions. 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 ac-
quired 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 secur-
ities (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 indebted-
ness, 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 corpo-
rations shall not be deemed capital assets. Section 165 (g) (3).
Losses not allowable. — No loss shall be recognized in
any sale or other disposition of shares of stock or securities
where there has been acquired substantially identical stock
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 dispo-
sition, except in cases of dealers in stocks and securities which
have sustained the loss in a transaction made in the ordinary
course of business. Section 1091.
Except in the case of distributions in liquidation, no
deduction shall be allowed 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 stock; or (except in the case of distributions in
liguidation) 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 corporation preceding the date of the sale or exchange
was, under the law applicable 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
160
FACSIMILES OF TAX RETURNS, 1955
Page 4
552. (For the purpose of determining the ownership of stock,
in applying this paragraph, see section 267.)
Gain on sales by a "controlled" corporation. — In the
case of a sale or exchange, directly or indirectly, of property
between an individual and a corporation more than 80 per-
cent in value of the outstanding stock of which is owned by
such individual, his spouse, and his minor children and minor
grandchildren, 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
propel ty described in section 1231, if such property in the
hands of the transferee is depreciable 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 1 23 1, 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 not
(a) property of a kind which would properly be includible in
the inventory of the taxpayer if on hand at the close of the
taxable year, (b) property held by the taxpayer primarily
for sale to customers in the ordinary course of its trade or
business, or (c) certain copyrights or similar properties. Such
term also includes timber and coal with respect to which
section 631 applies as well as unharvested crops to which
section 1 23 1 (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 acguisition.
Section 1231 provides special treatment for the gains and
losses upon the sole or exchange of "property used in the
trade or business" and upon the compulsory or involuntary
conversion of (I) 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, how-
ever, 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. The limitation of section 121 1 on the deductibility
of capital losses does not operate to exclude any such losses
from the computation as to the excess of gains over losses, but
all such losses are included in full.
For special treatment of gain or loss upon the cutting of
timber, or upon the disposal of timber or coal under a con-
tract by which the owner retains an economic interest in such
timber or coal, see section 63 1 .
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 oi the normal tax and surtax imposed
upon taxable income, if any, only if such tax is less than the
tax imposed by section 1 1 (relating to normal tax and surtax
on corporations), sections 821 and 831 (relating to normal
tax and surtax on insurance companies, other than life
insurance companies) , or section 511 (a) ( I ) (relating to
taxation of business income of certain organizations described
in 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) 25 percent of such excess.
If the corporation computes an alternative tax under
section I20I 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
941) the amount to be entered on line 13 shall be computed
as follows:
(1) Add back to the taxable income (line 41, page 3,
Form 1 120) any deductions claimed in lines 30 or 35 to
39, inclusive, page 3, Form 1120, under the authority
of sections 941, 243, 244, 245, 247, and 922.
(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 recomputed in (3) above and enter the
difference, plus line 35, page 3, Form 1 120, on 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, debentures, 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 provisions 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 identified in the
dealer's records as a security held for investment or, if ac-
quired before October 20, 1951, was so identified before
November 20, 1951; and (b) 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 after November 19, 1 95 1, the
security was clearly identified in the dealer's records as a
security held for investment.
Short sales of capital assets. — For rules regarding tax
consequences of certain short sales of stock or other securities
(including those dealt with on a "when issued" basis), and
transactions in commodity futures, see section 1 233.
Additional Instructions For Insurance Companies Using This Schedule
Companies 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 1 1 20M.
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 (com-
puted without regard to gains or losses from sales or ex-
changes 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 payment of dividends and similar distribu-
tions to policyholders.
For companies taxable under section 821 (a) (1) or (b),
all references to "line" numbers. Form 1120, shall be con-
sidered as references to the appropriate "item" or "line"
in Form 1 1 20M. It will be necessary for such companies to
substitute for lines 14, 15, and 16 of Schedule D a compu-
tation conforming to that on pages 2 and 3 of Form 1 1 20M.
U. S. SOVERNHENT PRINTINC OFFICE
FACSIMILES OF TAX RETURNS, 1955
161
FORM 1120 L
U. S. Treasury Department
Internal Revenue Service
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
FOR CALENDAR YEAR 19SS
PLEASE TYPE OR PRINT PLAINLY
Name
Number and Street
Date incorporaled
City or town, postal zone number. Slate
Place incorporated
1955
Do not write in space below
1. Was a return filed under the same name for the
preceding taxable year? O Yes ED No
2. State amount of deferred dividend funds at end
of taxable year, exclusive of any amount
held for payments in following taxable year. $
3. Is this a consolidated return? O Yes
If "Yes," procure from the District Director of
Internal Revenue for your district Form 851,
Affiliations Schedule, which shall be filled in
and filed as a part of this return.
4. If this is not a consolidated return —
(a) did the company at any time during the tax-
able year own 50 percent or more of the
voting stock of another corporation either
domestic or foreign? O Yes
(b) did any corporation, individual, partner-
ship, trust, or association at any lime during
the taxable year own 50 percent or more of
your voting stock? Q Yes
If either answer is "Yes," attach separate
schedule showing: (1) Name and address;
(2) percentage of stock owned; (3) date stock
was acquired; and (4) the 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.
n No
D No
D No
5. Did the company make a return of information
on Forms 1096 and 1099 or Form W-2 for
the calendar year 1955? (See General In-
struction H.) n Yes n No
6. Did the company at any time during the tax-
able year own directly or indirectly any'
stock of a foreign corporation? Q Yes [I] No
If answer is "Yes," attach statement required
by General Instruction J.
7. Did the company file with the District Director
of Internal Revenue a copy of the annual
statement for the preceding year as required
by General Instruction K? Q Yes O 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 state-
ment is not attached.
9. Is the company a burial or funeral benefit
insurance company, engaged directly in the
manufacture of funeral supplies or in the
performance of funeral services? CH Yes CJ No
If "Yes," see section 801(e).
COMPUTATION OF TAX DUE OR REFUND
1. Total inccme tax (line 42 of tax compulation schedule or line 45 of separate schedule NC whichever is applicable) .
2. Less: Credit for income taxes paid to a foreign country or United States possession allowed a domestic cor-
poration (attach Form 1118)
3. Income tax due (line 1 less line 2}
4. Credits for amounts paid on 1955 income tax:
A. Tax paid with Form 7004 (in case of application for automatic extension of time in which
to file)
B. Payments on 1955 Declaration of Estimated Tax
5. If tax (line 3) is larger than payments (line 4), the balance is TAX DUE. Enter such balance here .
(S«« Instruction F.)
S. If payments (line 4) are larger than tax (line 3) .
Enter the OVERPAYMENT here -
7. Enter amount of line 6 you want: Credited on 1956 estimated tax
Refunded
SIGNATURE AND VERIFICATION (See Instruction E)
I declare under the penalties of perjury that this return (including any accompanying schedules and statements) has been examined by
me and to the best of my knowledge and belief is a true, correct, and complete return.
(Dale)
(Signature oi officer)
(Title)
CORPORATE
SEAL
I declare under the penalties of perjury that I prepared this return for the person named herein; and that this return (including any accom-
panying 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 1 have any knowledge.
(Individual or firm signature)
(Address)
FORM 1120 L
162
FACSIMILES OF TAX RETURNS, 1955
Page 2
Line and
Instruction No.
1. Interest on:
GROSS INVESTMENT INCOME
{a) Wholly exempt obligations. (Attach schedule)
{b) United States Savings Bonds and Treasury Bonds owned in excess
of the principal amount o( $5,000 issued prior to March 1. 1941
(c) Obligations of instrumentalities of the United Stales is-ued prior to
March 1. 1941
(d) Obligations issued on or after March 1 , 1 94 1 . by the United Slates
or any agency or instrumentality thereof. {Attach schedule)
1. Interest Received
2. Accrual ot Discount
$
3. Amortization o(
Premium
(e) Loans, notes, mortgages, bonk deposits, bonds, debentures, etc
Totals
2. Dividends on stock of:
(a) Domestic corporations subject to taxation under Subtitle A of tfie Internal Revenue Code of 1954. . . .
(b) Public utility corprarations subject to taxation under Subtitle A of the Internal Revenue Code of 1954.
(c) Foreign corporations
(d) Other corporations
3. Rents and royalties. (Attach schedule)
4. Income from trade or business other than insurance business
5. Leases, etc
6. GROSS INVESTMENT INCOME (Total of Lines 1 to 5)
DEDUCTIONS
7. Interest wholly exempt from tax (line 1 (a), column 4) .
8. Investment expenses. (Attach schedule)
9. Taxes
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Real estate expenses
Depreciation. (Attach schedule)
Depletion of mines, oil and gas wells, timber, etc. (Attach schedule)
Trade or business deductions, as provided in section 803 (c) (6) (Attach schedule) .
Total deductions on lines 7 to 1 3
NET INVESTMENT INCOME (Line 6 less line 14)
Less: Net investment income allocable to non-life-insurance reserves (Schedule A).
Net investment income allocable to life insurance reserves
Less: Reserve and other policy liability deduction (Schedule B)
Special interest deduction (Schedule C)
Total of lines 18 and 19
21. LIFE INSURANCE TAXABLE INCOME (Line 17 less line 20)
4. Total
(In Case of Line t. Column t
Plus Column 2 Less Column 3)
IMPORTANT NOTE: If taxpayer is a new insurance company within the meaning of section 818 and the maximum limitation
in Schedule B applies, see "Tax Computation" instructions relative to Separate Schedule NO (Form 1120L)
TAX COMPUTATION SCHEDULE
Port I — Computation under Section 802 (a)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
Life insurance taxable income (line 21 above)
Non-life insurance taxable income (Schedule D)
Taxable income (total of lines 1 and 2)
Less: Deduction for partially tax-exempt interest (line 7, Schedule E) . . .
Taxable income lor purpose of normal tax (line 3 less line 4)
Normal tax (30 percent of amount on line 5)
Surtax (22 percent of amount on line 3)
Less
Normal tax and surtax (total of lines 6 and 8)
Alternative tax under Section 1201 (a)
Taxable income (line 3 above)
5,500.00
Less: Excess of net long-term capital gain over net short-term capital loss allocable to non-life insurance tax-
able income computed under section 802 (e) (line 4, Schedule D)
Line 1 0 less line 11
Less: Deduction for partially tax-exempt interest (line 7, Schedule E)
Line 1 2 less line 1 3
Normal tax (30 percent of amount on line 14)
Surtax (22 percent of amount on line 12)
Less
Partial tax (total of lines 1 5 and 17)
25 percent of line 1 1
Alternative tax under section 1201 (a) (line 18 plus line 19)
Normal tax and surtax (line 9)
Income tax (line 20 or 21, whichever is the lesser)
$-
5,500.00
FACSIMILES OF TAX RETURNS, 1955
163
Page 3
Part II — Computed under Section 802 (c)
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
Life insurance taxable income (line 21, top of page 2)
Less: Deduction for partially tax exempt interest (line 12, Schedule E) .
Taxable income for purpose of normal tax (line 23 less line 24)
Normal tax (30 percent of amount on line 25)
Surtax (22 percent of amount on line 23)
Less
First partial tax (total of lines 26 and 28) ^^_
5,500.00
Gross investment income (line 6, page 2)
Less: Deduction for wholly tax exempt interest (line 7, page 2)
Line 30 less line 31
Percent non-lifeinsurance reserves are of qualified reserves (line 3, Schedule A)
Line 32 multiplied by line 33
Net premiums on non-life-insurance contracts (computed in the manner described in section 823)
Dividends to policyholders on non-life-insurance contracts (computed in the manner described in section 823)
Line 35 less line 36
Line 34 plus line 37
Second partial tax — 1 percent of amount on line 38
Income tax under section 802 (c) (line 29 plus line 39)
Income tax under section 802 (a) (line 22, Part I)
Income tax (line 40 or line 4 1 , whichever is greater)
-%
SCHEDULE A.— COMPUTATION OF NET INVESTMENT INCOME ALLOCABLE TO NON-LIFE-INSURANCE RESERVES
1. Non-life-insurance reserves (as defined in section 804 (d) (2))
2. Qualified reserves (as defined in section 804 (c))
3. Percent line 1 is of line 2
4. Net investment income (line 1 5, page 2)
5. Net investment income allocable to non-life-insurance reserves (line 4 multiplied by line 3) .
-%
SCHEDULE B
Port I — Reserve and Other Policy Liability Deduction
1. Net inves'ment income allocable to life insurance reserves (line 17, page 2)
2. If amount of line 1 is:
(a) Not over $1,000,000—
Enter 87H percent of line 1
(b) Over $1,000,000—
Enter $875,000 plus 85 percent of the excess over $1,000,000
3. Deduction under section 804 (a) Oine 2 (a) or line 2 (bj (Enter on line 18, page 2, if less than line 7 below) .
Part II — Limitation on Amount of Reserve and Other Policy Liability Deduction
4. (a) Total required interest on life Insurance reserves
$ - - - (Total of column 8, Schedule G) times 2
(b) Required interest on reserves for deferred dividends determined under section 805 (c) (2) .
(c) Interest paid or accrued (line 12, Schedule G)
(d) Dividends to policyholders paid or declared (other than dividends on non-life-insurance
contracts referred to in section 804 (d) (2) (A))
(e) In the case of a mutual assessment life insurance company or association, an amount
equal to two times whichever of the following is the lesser:
(1) The amount of the net investment Income on life insurance reserves described
in section 801 (b) (3) OR
(2) 3 percent of the life insurance reserves so described
5. Total of lines 4 (a) through 4 (e) -.
6. Less: Adjustments for loans on policies involving life insurance reserves:
(a) Average rate of Interest (line 6, Schedule G)
(b) Mean of the aggregates of the outstanding policy loans (Section 804 (b) (2) (A)) . .
(c) Amount of adjustment (line (a) multiplied by line (b))
7. Maximum deduction (line 5 less line 6 (c)). (If this line is less than line 3, complete lines 8 and 9)
8. Dividends received deduction (line 9, Schedule F)
9. Total of lines 7 and 8 (Enter here and on line 1 8, page 2)
$-.
164
FACSIMILES OF TAX RETURNS, 1955
SCHEDULE C— SPECIAL INTEREST DEDUCTION
(Page 3-Continued)
1. Line 7 plus line 15, top of page 2
2. 50 percent of line 16, page 2
3. Adjusted net investment income (line 1 less line 2)
4. Required interest —
(a) Total of column 8, Schedule G
(b) Reserves held for deferred dividends described in section 804 (c) (4) multiplied by
each rate of interest assumed in computing such reserve
(c) Interest paid or accrued (line 12, Schedule G)
(d) Sum of lines (a), (b), and (c)
5. Line 3 divided by line 4 (d) . Enter percentage
6. Line 17, top of page 2
7. Line 18, page 2
8. Line 6 less line 7
9. Special interest deduction — If percentage on line 5 is:
1 05 or more, enter zero
100 or less, enter 50 percent of line 8
more than 100 but less than 105, enter * — % of line 8
-%
'Multiply by 10 the difference between 105 percent and percentage on line 5 and enter percentage thus obtained-
SCHEDULE D. COMPUTATION OF NON-LIFE INSURANCE TAXABLE INCOME
Page 4
1. Net investment income allocable to non-life-insurance reserves (line 5, Schedule A)
2. Percent non-life-insurance reserves is of qualified reserves (line 3, Schedule A)
Excess of net long-term capital gain over net short-term capital loss. (Attach schedule)
Line 3 multiplied by line 2
Line 1 plus line 4
Amount of deduction for dividends received under sections 243, 244, and 245 {line 1 (d), Schedule F) .
Line 6 multiplied by line 2 •■
Non-life insurance taxable income (line 5 less line 7)
-%
SCHEDULE E.
-COMPUTATION OF DEDUCTION FOR PARTIALLY TAX-EXEMPT INTEREST
Port I — Computation loi Purposes of Section 802 (a)
1. Life insurance taxable income (line 21, top of page 2)
2. Net investment income allocable to non-life-insurance reserves (line 5, Schedule A) .
3. Line 1 plus line 2
4. Net investment income (line 1 5, page 2)
5. Peicent line 3 is of line 4
S. Amount of the deduction provided by section 242
7. Deduction for portially tax-exempt interest (line 6 multiplied by line 5)
.%
Part II— Computation for Purposes of Section 802 (c) (2) (A)
8. Life insurance taxable income (line 21, page 2)
9. Net investment income (line 15, page 2)
10. Percent line 8 is of line 9
11. Amount of the deduction provided by section 242
12. Deduction for partially tax exempt interest (line 1 1 multiplied by Ime 10).
-%
FACSIMILES OF TAX RETURNS, 1955
165
SCHEDITLE F— COMPUTATION OF DIVIDENDS RECEIVED DEDUCTION
(Page 4 - Continued)
$-.
1. Dividends received deduction —
(a) Enter 85 percent of line 2 (a), page 2
(b) Enter 62. 1 1 5 percent of line 2 (b), page 2
(c) Enter 85 percent of dividends received from certain foreign corporations
(d) Total dividends received deductions. Enter sum of (a), (b), and (c) but not to exceed 85 percent of line
15, page 2 (net investment income)
Note: Complvt* ramoindar of this •chadula only ii tho Limitation on Amount of Rea«nr« and Othar Policy Liability Daduction com*
putad in Part II, Schadula B, is applicabla
Net investment income (line 1 5, page 2)
Net investment income allocable to non-life-insurance reserves (line 5, Schedule A)
Maximum deduction under section 804 (b) (line 7, Schedule B)
Line 4 multiplied by 100/85
Total of lines 3 and 5
Line 2 less line 6
Line 7 divided by line 2
9. Dividends rec'd deduction under sec. 804 (b) (3) (line 1 (d) multiplied by line 8) (Enter here ond on line 8, Sch. B)
$
SCHEDULE G.— DATA FOR RESERVE AND OTHER POLICY LIABILITY DEDUCTION FOR THE SUCCEEDING TAXABLE YEAR
1. Nature of Reserve
(Life, Annuity, Etc.)
2. Assumed
Morbidity
or Mortality
Table
3. As-
sumed
Interest
Rate
4. Method of
Computation
(Illinois Stand-
ard. Etc.)
5. Amount of Adjusted Re-
serve at Beginning of Tax-
able Year •
6. Amount of Adjusted Re-
serve at End of Taxable
Year'
7. Mean of Columns
(5) and (6)
8. Column (3) Times
Column (7)
1
$.
$
$
$--
2
3.
4.
5. Totals
$
$
s.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Average rate of interest assumed in computing life insurance reserves (total of column 8 divided by total of column 7) .
35 percent of line 6
2.1125 percent (65 percent cf 3}t percent)
Reserve earnings rate (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 1 2 above
Net investment income (line 15, page 2)
Interest wholly exempt from tax (line 7, page 2)
Adjustment for unearned premiums and unpaid losses on non-life-insurance reserves (See instructions)
• In the case of reserves computed on a preliminary term basis, 107% of the amount of the reserve.
%
%
2.1125%
$
SCHEDULE H.— INVESTED ASSETS BOOK VALUES
(ScK*dule H need not be filled in i£ no deduction ia claimed (or any general expet\aes that are allocated to investment income)
1. Beginnint of taxable year
2. End of taxable year
1. Real estate
$
$
2. Mortgage loans
3. Collateral loans
4. Policy loans, including premium notes
5. Bonds of domestic corporations
S. Stocks of domestic corporations
7. Government obligations, etc. (Submit detailed schedule)
8. Bank deposits bearing interest
9. Other interest^bearing assets. (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)
$
13. One-fourth of 1 percent of the mean of the invested assets
«
14. Income base (line 6, page 2, less the sum of lines 9 through 13, page 2)
$
IS. 3% percent of line 12
IS. Excess (if any) of line 14 over line 15
t
17. One-fourth of line 16
f.
18. Limit on deduction for investment expenses (line 13 plus line 17)
$
U. S. GOVERNMENT PRINTING OFFICE: 1956— 0-353181
166
FACSIMILES OF TAX RETURNS, 1955
How To Prepare Your
1955 U. S. Life Insurance Company Income Tax
Return q^ p^^^ 22201
(References are to the Internal Revenue Code)
If taxpayer is a new insurance company qualifying under section 818, see separate
Schedule NC (Form 1120L).
GENERAL INSTRUCTIONS
A. Companies required to file a return— Every domestic life
insurance company and every foreign life insurance company
carrying on an insurance business within the United States
(if with resi)ect to its United States business it would qualify
as a life insurance company), which is engaged in the busi-
ness of issuing life insurance and annuity contracts (either
separately or combined with health and accident insurance)
or noncancellable contracts of health and accident insurance
and of which the life insurance reserves, plus unearned pre-
miums and unpaid losses on noncancellable life, health, or
accident policies not included in life insurance reserves, com-
prise more than 50 percent of its total reserves, adjusted in
each case for policy loans as required by section 801, shall
file a return on this form.
If a receiver, trustee in bankruptcy, or assignee has posses-
sion 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 as corpo-
rations are required to make such returns. ( See sec. 6012. ) If
a life insurance company disposes of its life insurance business
and life insurance reserves under a reinsurance agreement
with another company, but continues its corporate existence
for the purpose of winding up and liquidating its affairs, it
will not be taxable as a life insurance company after the effec-
tive date of such agreement.
B. Period covered.— The return shall be for the calendar year
ended December 31, 1955, and the taxable income computed
on the calendar year basis in accordance with the provisions of
section 843.
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 Commissioner is re-
ceived to change the method.
Rounding Off to Whole-Dollar Amounts. — If you wish, the
money items on your return or accompanying schedules required
by such return may be shown as whole-dollar amounts. This
means that you eliminate any amount less than 50 cents, and
increase any amount between 50 cents and 99 cents to the next
highest dollar. Tour choice as to whether you round oft to
whole-dollar amounts may not be changed after the due date
for filing your return.
D. Time and place for filing.^The return for 1955 must be
sent to the District Director of Internal Revenue for the dis-
trict in which the company's principal place of business or
principal office or agency is located, on or before June 15, 1956.
E. Signature and verification. — The return must be signed
either by the president, vice-president, treasurer, assistant
treasurer or chief accounting officer, or 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 corpo-
ration 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 a regular, full-time employee.
F. Payment of tax. — The tax for the year 1955 must be paid
in full when the return is filed, that is, on or before June 15,
1956.
For taxable years ending on or after December 31, 1955. a
declaration of estimated tax must be made by every corpora-
384573—56
tion which is subject to income tax under subchapter L of
chapter 1 (relating to Insurance companies), if its income tax
for the taxable year can reasonably be expected to exceed
$100,000 plus the amount of any estimated credits against tax.
(See Form 1120-ES.) In the case of affiliated corporations
filing a consolidated return, see consolidated return regulations
prescribed under section 1502.
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 mak-
ing payments in the course of its trade or business of (1) inter-
est, rents, commissions, or other fixed or determinable income
of $600 or more during the calendar year 1955 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
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 divi-
dend ijayments totaling $10 or more during the calendar year
1955 to each shareholder who is an individual (citizen or resi-
dent of the United States), a resident fiduciary, or a resident
partnership any member of which Is a citizen or resident
1. Information by corporations. — 1. Contemplated dissolution
or liquidation. — Every 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
sec. 6tM3. )
2. Distribution in liquidation. — Every corporation making dis-
tributions in liquidation of the whole or any part of its capital
stock shall also make returns on Forms 1096 and 1099L, as
required b.v instructions on Form 1096, for the calendar year
1955.
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 state-
ment showing the name and address of each company and the
total number of shares of each class of outstanding stock owned
during the taxable year. If the corporation owned 5 percent or
more in value of the outstanding stock of a foreign personal
holding company, attach a statement setting forth in complete
detail the information required by section 551 (d).
K. Annual statement. — A copy of the annual statement for
life insurance companies adopted by the Nationl (Convention of
Insurance Commis.sioners for the year 1955, as filed with the
Insurance Department of the State, Territory, or District of
Columbia, which shows the. reserves used in computing the net
income reported on the return, together with copies of Schedule
A (real estate) and Schedule D (bonds and stocks), must
accompany the return. Similar copies for the preceding year
must also be furnished, if not filed for such year. In the case of
a foreign life insurance company carrying on a life insurance
business within the United States, the copies submitted shall be
those relating to the United States business of the company.
L. List of attached schedules. — Attach a list of the schedules
accompanying the return, giving for each a brief title and the
schedule number. Place name and address of company on each
schedule.
FACSIMILES OF TAX RETURNS, 1955
167
PAGE 2
SPECIFIC INSTRUCTIONS
The Following Instructions Are Numbered To Correspond With Line Numbers on the
Second Page of the Return
1. Interest. — Enter interest received or accrued from all
sources during the taxable year. Ttie gross amount of interest
reported as gross income shall be decreased by the amortization
of premium and increased by ihe accrual of discount attributable
to the taxable year on bonds, notes, debentures, or other evi-
dences of indebtedness, determined (1) in accordance with the
method regularly employed, if reasonable, or (2) in accordance
with regulations prescribed by the Secretary or his delegate.
(Attach statement showing method and computation.)
2. Dividends. — Enter on line 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 stoclf of a public utility, dividends received from a
corporation entitled to the benefits of section 931, and from a
corporation organized under the China Trade Act, 1922. Entei
on line 2 (6) dividends received on certain preferred stock of a
public utility which is sub.iect to taxation under Subtitle A.
Enter on line 2 (c) dividends from foreign corporations. Enter
on line 2 (d) dividends from all other corporations, including
dividends on share accounts in Federal savings and loan asso-
ciations issued on or after March 28, 1942. Enter on line 1(c)
dividends on share accounts in Federal savings and loan asso-
ciations issued prior to March 28, 1942. Submit schedule, item-
izing all dividends received during the year, stating the names
of the corporations declaring the dividends and amounts received
from each,
3. Rents and royalties. — Enter the gross amount received
from these sources.
4. Income from trade or business other than insurance busi-
ness.— Enter the gross income from any trade or business (other
than an insurance business) carried on by the life insurance
company, or by a partnership of which the life insurance com-
pany is a member.
5. Leases, etc. — Enter the gross amount of income received
from the entering into (or the alteration or termination) of any
lease, mortgage or other instrument or agreement from which
the life insurance company derives interest, dividends, rents or
royalties.
7. Interest wholly exempt from tax. — Enter the amount of in-
terest which is wholly exempt from taxation under the provisions
of section 103.
8. 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 per-
cent of the mean of the invested assets reported on line 12,
Schedule H, plus, in cases where the taxable income computed
without any deduction for (1) investment expenses and (2)
tax-free interest, exceeds S% 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 (c) (2).)
9. Taxes. — Enter taxes paid or accrued exclusively upon real
estate owned by the company as provided in section 164. (For
limitation on deduction, see Instruction 14 (6).)
10. 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 efficient operating condition. Do not in-
clude any amount paid out for new buildings or for permanent
improvements or betterments made to Increase the value of any
property or any amount expended on foreclosed property before
such property is held forth for rental purposes. (For limitation
on deduction, see Instruction 14 ( 6 ) . )
11. Depreciation. — The amount deductible on account of de-
preciation is an amount reasonably measuring a portion of the
Investment in depreciable property which, by reason of exhaus-
tion, 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 (6). The amount of depreciation should
be determined ui)on the basis of the original cost (not replace-
ment 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 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 im-
provements 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 quo-
tient is the depreciation deduction.
(6) Declining balance method, — Under this method a uni-
form rate is applied each .vear to the remaining cost or other
basis of property (without adjustment for salvage value) deter-
mined at the beginning of such year. For property acquired
before January 1, 19.54, 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.
(c) Special rules lor new asuets acq^iired after December SI,
J95S. — The cost or other basis of an asset acquired after
December 31. 19.53, may be depreciated under methods proper
in the past ; or. it may be depreciated under any of the follow-
ing 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 u.se of the asset commenced with the tax-
payer and commenced after December 31, 19.53. 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 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 allowances for depreciation are computed by applying
changing fractions to the taxpayer's cost or other basis of prop-
erty (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 num-
ber 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 five-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 4-15th, 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 allow-
ances 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 sched-
ule should be filed with the return showing: (1) description
of the property; (2) date of acquisition of the property; (3)
the cost or other basis of the asset; (4) the amount of depre-
ciation 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) depre-
ciation 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 depre-
ciation shown in the schedule should be reconciled with those
accounts as reflected on the books of the taxpayer. For limi-
tation on deduction, see Instruction 14 (6) below.
12. 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.
168
FACSIMILES OF TAX RETURNS. 1955
PAGE 3
13. Trade or business deductions. — Enter the total of deduc-
tions attributable to any trade or business, the income from
which is included in the life insurance company's gross invest-
ment income under section 803 (b) (2) and is shown on line 4,
page 2 of the return. Do not include (a) losses from sales or
exchanges of capital assets, (6) sales or exchanges of property
used in the trade or business and (e) losses from the compulsory
or involuntary conversion of property used in the trade or busi-
ness. The deductions to be entered on line 13 will be disallowed
to the extent attributable to the carrying on of the insurance
business.
14. Total deductions.— ( a ) Enter the total of lines 7 to 13,
inclusive.
(6) Limitation on deductions relating to real estate owned
and occupied. — The deductions included on lines 9 to 11 on ac-
count 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 deductions (computed without regard to section
803 (d) ) 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 ex-
empt income, other than interest. Items directly attributable
to such exempt income shall be allocated thereto, and items
directly attriliutable to any class of taxable income shall be
allocated to such taxable income. If an item is indirectly at-
tributable to both taxable income and exempt income, a reason-
able proportion thereof, determined in the light of all the facts
and circumstances in each case, shall be allocated to each. Ap-
portionments must in all eases be reasonable. A taxpayer re-
ceiving any exempt income, other than interest, or holding any
property or engaging in any activity the income from which is
exempt shall submit with its return as a part thereof an itemized
statement, in detail, showing (1) the amount of each class of
exempt income, and (2) the amount of items allocated to each
such class (the amount allocated by apportionment being shown
separately).
18. Reserve and other policy liability deduction.
Section 804 provides a new rule for determining the "reserve
and other policy liability deduction" for the purpose of subpart
A of part I of subchapter L of the 1954 Code. Subject to the
limitations provided in subsection (b), subsection (a) defines
the term "reserve and other policy liability deduction" (for
the purposes of the subpart) as meaning the sum of the amounts
determined by applying the following percentages to the excess
of the net investment income over the net investment income
allocable to non-life insurance reserves (determined under sub-
section (d) ) :
(1) 87% percent of so much of the excess as does not exceed
$1 million ; and
(2) 8.5 percent of so much of the excess as exceeds $1 million.
Subsection (b) provides that the deduction for reserve and
other policy liabilities shall not exceed an amount which is
equal to the sum of the following :
(A) Two times the required interest on life insurance re-
serves ( determined under sec. 805 ( c ) ( 1 ) ) ;
(B) The required interest on reserves foi- deferred divi-
dends (determined under sec. 805 (c) (2) ) ;
(C) The amount of interest paid (as defined in sec.
805 (d)) ;
(D) The dividends to policyholders paid or declared (other
than dividends on non-life insurance contracts referred to in
subsection (d) ,(2) (A) of sec. 804) ; and
(E) In the case of a mutual assessment life insurance
company or association the maximum deduction is to be an
amount equal to two times whichever of the following is the
lesser :
(i) The amount of the net investment income on life insur-
ance reserves described in subparagraph (A) or (B) of section
801 (b) (3) ; or
(ii) 3 percent of the life insurance reserves so described.
The above sum must be reduced by the amount of the adjust-
ment for policy loans provided in section 804 (b) (2). For
the purjKises of (D) above the dividends to policyholders .shall
be construed as those paid, or those declared, according to the
method of accounting regularly employed in keeping the books
of the insurance company.
Section 804 (b) (2) provides for the application of an ad-
justment which will reduce the amount computed under para-
graph (1) by an amount equal to the mean of the aggregates
(at the begininng and end of the taxable year) of the out-
standing policy loans with respect to contracts for which life
insurance reserves are maintained, multiplied by the average
rate of interest applicable to life insurance reserves.
Section 804 (b) (3) permits an insurance company, whose
reserve and other policy liability deduction has tieen limited
by subsection (b) (1), to take as a deduction an amount cor-
responding to the dividends received deductions provided in
sections 243, 244, and 245 of the 1954 Code. SpecificaUy, sub-
paragraph (A) of section 804 (b) (3) provides that where
section 804 (b) (1) reduces the reserve and other policy lia-
bility deduction allowed by section 804, an insurance company
will be allowed, in computing life insurance taxable income
under section 802 (b) an additional deduction corresponding
to the dividends received deduction computed under the provi-
sions of subparagraph (B) of section 804 (b) (3).
The deduction computed under subparagraph (B) of section
804 (b) (3) is to be an amount which bears the same ratio to
the total intercorjxjrate dividends received deductions provided
in sections 243, 244, and 245 as the net investment income,
reduced as provided in this subparagraph, bears to the total
net in.vestment income.
19. Special interest deduction. — Schedule C on page 3 should
be used to compute the amount of the special interest deduc-
tion. The special interest deduction is allowed in instances
in which the relationship between adjusted net investment
income and required interest is such that the adjusted net
investment income is less than 105 percent of the required
interest. The term "adjusted net investment income" is defined
as the net investment income computed without any deduction
for wholly tax exempt interest minus 50 percent of the net
investment income allocable to non-life insurance reserves. The
term "required interest" means the total of —
(1) The sum of amounts obtained by multiplying (a) each
rate of interest assumed in computing the life insurance reserves
by (6) the means of the amounts of the adjusted reserves com-
puted at that rate at the beginning and end of the taxable
year ;
(2) The reserve for deferred dividends multiplied by each
rate of interest assumed in computing such reserve, and
(3) Interest paid or accrued.
If the adjusted net investment income is 105 percent or more of
the required interest, the special interest deduction is stated
as zero. If the adjusted net investment income is 100 percent or
less of the required interest, the special interest deduction is
determined as an amount equal to 50 percent of the amount by
which net investment income allocable to life insurance reseives
exceeds the reserve and otlier policy liability deduction. If the
adjusted net investment income is more than 100 percent but less
than 105 percent of the required interest, the special interest
deduction is computed by multiplying the amount by which net
investment income allocable to life insurance reserves exceeds
the reserve and other policy liability deduction by ten times
the diiference between 105 percent and the actual percentage
established. The percentage established by comparing adjusted
net investment income to the required interest should be carried
to at least the nearest one-tenth of a percentage point ■with
the result that the multiplication by ten of the difference be-
tween 105 percent and such percentage will be productive of a
more accurately graduated figure than would be possible were
no such fractional percentage to be allowed.
Tax computation. — Separate Schedule NC is an additional
tax computation schedule pi-ovided for companies qualifying as
new companies under section 818. This schedule is to be used
by such new companies in instances where the maximum lim-
itation provided in section 804 (b) on the reserve and other
policy liability deduction applies. The tax of such new com-
panies is the tax computed on Schedule NC or on the regular tax
computation schedule on Form 1120 L, whichever is less.
In the various tax computation schedules, it should be noted
that the subtraction of $5,500 must not result in a surtax figure
less than zero.
FACSIMILES OF TAX RETURNS, 1955
169
PAGE 4
SCHEDULE F.— COMPUTATION OF DIVIDENDS RECEIVED DEDUCTION
Line 1. — The deductions provided in line 1 of Schedule F are
as follows: (a) 85 i)erceiit 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 assocmtions
shall not be treated as dividends. In the case of dividends re-
ceived from a regulated investment company, see section 854
regarding limitations. on amount deductible; (6) 62.115 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 paid ; and
(c) 85 percent of dividends received from certain foreign corpo-
rations. 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 on
line 2 (d), page 2.
Lines 2-9. — These lines are to be completed only in the event
that the maximum limit applies in the computation of the re-
serve and other policy liability deduction (see line 7, Schedule
B).
SCHEDULE G.— DATA FOR RESERVE AND OTHER POLICY LIABILITY DEDUCTION FOR
THE SUCCEEDING TAXABLE YEAR
Data for succeeding taxable year. — The following data shall
be furnished in Schedule G by every life insurance company
for the computation of the figure, for the succeeding year, to be
proclaimed by the Secretary to determine the reserve and other
policy liability deduction.
Lines 1 to 5, inclusive. — Reserves. — List data pertaining to
life insurance reserves. Describe fully the nature of the reserve,
the method of computation, the interest rate used, and the
amount of each such reserve at the beginning and end of the
taxable year. Include mortality and morbidity reserves on
noncancellable life, health, or accident contracts. Do not in-
clude pro rata unearned premiums or unpaid losses on can-
cellable accident and health contracts. For reserves computed
on a modified basis, such as Illinois Standard, or Select and
Ultimate, list 107 percent of the amount of such reserves.
(For definition of life insurance reserves, see section 801 (b)
and the regulations thereunder.) (For reserves computed on
a modified basis, see section 801 (b) and the regulations there-
under.)
Lin^ 9. — Reserve earnings rate. — Reserve earnings rate means
a rate computed by adding 2.1125 percent (65 percent of 3%
percent) and 35 percent of the average rate of interest assumed
in computing life insurance reserves.
Line 11. — Reserve for deferred dividends. — Enter an amount
equal to 2 percent of the reserve held at the end of the taxable
year for deferred dividends the payment of which is deferred
"for a period of not less than 5 years from the date of the
policy contract. Do not include in such reserve dividends pay-
able during the following taxable year.
Line 12. — Interest paid or accrued. — Enter the amount of
interest paid or accrued during the taxable year on the com-
pany'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 origi-
nally subscribed for by the taxpayer) the interest upon which
is wholly exempt from taxation, and all amounts in the nature
of interest, whether or not guaranteed, paid or accrued within
the taxable year on insurance contracts (or contracts arising
out of insurance contracts) which do not involve, at the time
of payment or accrual life, health, or accident contingencies.
Interest on dividends held on deposit and surrendered during
the taxable year should be included in this item. Do not in-
clude any interest on deferred dividends which were included
on line 11.
Line 16. — Adjustment for unearned premiums and unpaid
losses on non-life insurance reserves. — In the case of a life in-
surance company writing contracts other than life insurance,
annuity, and noncancellable health and accident insurance con-
tracts (including life insurance or annuity contracts combined
with noncancellable health and accident insurance), the term
"adjustment for certain reserves" as defined in section 813
means an amount equal to 3% percent of the unearned pre-
miums and unpaid losses on such other contracts which are not
included in life insurance reserves (as defined in section 801
(b)). For purposes of this adjustment, such unearned pre-
miums shall not be considered to be less than 25 percent of the
net premiums written during the taxable year on such other
contracts.
Line 2, page 1. — 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 on
line 2, 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 ba.sed, and the District
Director may reqtiire a bond on Form 1119 as a condition prece-
dent to the allowance of a credit for such accrued taxes. A
foreign company is not entitled to claim this credit.
EXCERPTS FROM THE INTERNAL REVENUE CODE AS AMENDED BY THE
LIFE INSURANCE COMPANY TAX ACT FOR 1955
"SEC. 801. DEnNITION OF LIFE INSURANCE COMPANY.
"(a) Life Insurance Company Defined. — For purposes of
this subtitle, the term 'life insurance company' means an insur-
ance company which is engaged in the business 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, if —
"(1) its life insurance reserves (as defined In subsection
(b)). plus
"(2) unearned premiums and unpaid losses on noncancel-
lable life, health, or accident policies not included in life insur-
ance reserves,
comprise more than 50 percent of its total reserves (as defined
in subsection (c) ).
"(b) Life Insubance Reserves Defined. —
"(1) In general. — For purposes of this part, the term 'life
insurance reserves' means amounts —
"(A) which are computed or estimated on the basis of
recognized mortality or morbidity tables and assumed rates of
interest, and
"(B) which are set aside to mature or liquidate, either by
payment or reinsurance, future unaccrued claims arising from
life insurance, annuity, and noncancellable health and accident
insurance contracts (including life insurance or annuity con-
tracts combined with noncancellable health and accident insur-
ance) involving, at the time with respect to which the reserve
is computed, life, health, or accident contingencies.
"(2) Reserves must be required by law. — Except —
"(A) in the case of policies covering life, health, and acci-
dent insurance combined in one policy issued on the weekly
premium payment plan, continuing for life and not subject to
cancellation, and
"(B) as provided in paragraph (3),
in addition to the requirements set forth in paragraph (1), life
insurance reserves must be required by law.
"(3) Assessment companies. — In the case of an assess-
ment life insurance company or association, the term 'life insur-
ance reserves' includes —
"(A) sums actually deposited by such company or associa-
tion with State or Territorial officers pursuant to law as guar-
anty or reserve funds, and
"(B) any funds maintained, under the charter or articles
of incorporation or association (or bylaws approved by a State
insurance commissioner) of such company or association, exclu-
sively for the payment of claims arising under certificates of
membership or policies issued on the assessment plan and not
subject to any other use.
"(4) Amount of reseb\'E. — For purposes of this subsection,
subsection (a), and subsection (c), the amount of any reserve
(or portion thereof) for any taxable year shall be the mean of
such reserve (or portion thereof) at the lieginning and end of
the taxable year.
"(c) Total Reserves Defined. — For purposes of subsection
(a), the term 'total reserves' means —
170
FACSIMILES OF TAX RETURNS. 1955
PAGE 5
"(1) life insurance reserves,
"(2) unearned premiums and unpaid losses not included in
life Insurance reserves, and
"(3) all other insurance reserves required by law.
"(d) Adjustments in Rebebves fob Policy Loans. — For pur-
poses only of determining under subsection (a) whether or not
an insurance company is a life insurance company, the life in-
surance reserves, and the total reserves, shall each be reduced
by an amount equal to the mean of th» aggregates, at the begia-
ning and end of the taxable year, of the policy loans outstanding
with respect to contracts for which life insurance reserves are
maintained.
"(e) BuRiAi, AND Funeral Benefit Insurance Companies. —
A burial or funeral benefit Insurance company engaged directly
in the manufacture of funeral supplies or the performance of
funeral services shall not be taxable under this part but shaU be
taxable under section 821 or section 831.
"SEC. 802. TAX IMPOSED FOR 1955.
"(a) Tax Imposed. — A tax is hereby imposed for each taxable
year beginning in 1955 on the income of every life insurance
company. Except as provided in subsection (c), suck tax shall
consist of a normal tax (computed under section 11 (b)) and
a surtax (coinputed under section 11 (c) ) on the sum of —
"(1) the life insurance taxable income (as defined in sub-
section (b) ), plus
"(2) the non-life insurance taxable income (as defined in
subsection (f ) ).
"(b) Life Insurance Taxable Income Defined. — For pur-
poses of this subpart, the term 'life insurance taxable income'
means the net investment income (as defined in section 803 (c) ),
minus the sum of —
"(1) the net investment income allocable to non-life insur-
ance reserves (determined under section 804 (d) ),
"(2) the reserve and other policy liability deduction (deter-
mined under section 804), and
"(3) the special interest deduction, if any, allowed by sec-
tion 805.
"(c) Altebkative Tax in the Case or Companies Having
Non-Life Insueance Reserves. —
" (1) In General. — In the case of a life Insurance company
which has non-life insurance reserves, the tax Imposed by
subsection (a) of this section for any taxable year beginning in
1955 shall be the tax computed under such subsection (or under
.section 1201 (a) if applicable) or the tax computed under
paragraph (2) of this subsection, whichever is the greater.
"(2) Alternate i percent tax oi? non-life insitrance
BUSINESS. — The tax referred to in paragraph (1) is a tax equal
to the sum of the following :
"(A) A partial tax consisting of a normal tax (computed
under section 11 (b) ) and a surtax (computed under section 11
(c) ) on the life insurance taxable income.
"(B) A partial tax consisting of —
" (i) 1 percent of the amount which bears the same ratio to
the gross investment income (reduced by the deduction for
wholly-exempt interest allowed by section 803 (c) (1)) as the
non-life insurance reserves bear to the qualified reserves (deter-
mined under section 804 (c) ), plus
" (ii) 1 percent of the excess of the amount by which the net
premiums on contracts meeting the requirements of section 804
(d) (2) (A) exceed the dividends to policyholders on such con-
tracts. For purposes of this clause, net premiums, and divi-
dends to policyholders, shall be computed in the manner
provided in section 823.
"(d) Deductions for Partially Tax-Exempt Lntehebt. —
"(1) Computations UNDER subsection (a). — For purposes
of computing the normal tax under subsection (a), there shall
be allowed as a deduction an amount which bears the same ratio
to the amount of the deduction provided by section 242 for par-
tially tax-exempt interest as (A) the sum of the life insurance
taxable income and the net investment income allocable to non-
life insurance re.serves bears to (B) the net investment income.
"(2) Computations under subsection (c) (2) (A). — In
computing the normal tax for purposes of sub-section (c) (2)
(A), there shall be allowed as a deduction an amount which
bears the same ratio to the amount of the deduction provided by
section 242 for partially tax-exempt interest as (A) the life
insurance taxable income bears to (B) the net investment
income.
"(e) Alternative Tax on Capital <Jaihs, — In the case of a
life Insurance company which has non-life insurance reserves,
the term 'excess' used in section 1201 (a) (relating to alterna-
tive tax on capital gains of corporations) means, for purposes
of section 1201 (a), an amount which bears the same ratio to
the excess described in such section as the non-life insurance
reserves (determined under section 804 (d) ) bear to the quali-
fied reserves (determined under section 804 (c) ). For purposes
of any such computation, a net capital loss for any taxable year
beginning before January 1, 1955, shall not be taken into account.
"(f) Non-Life Insurance Taxable Lncome Defined. — For
purposes of this subpart, the term 'non-life insurance taxable
income' means the net investment income allocable to non-life
insurance reserves (determined under section 804 (d) ) —
" ( 1 ) increased by an amount which bears the same ratio to
the net capital gain as the non-life insurance reserves bear to
tlie qualified reserves ; and
"(2) decreased by an amount which bears the same ratio to
the total of the deductions provided in sections 243, 244, and 245
as the non-life insurance reserves bear to the qualified reserves.
In computing a net capital gain for purposes of paragraph (1)
of this subsection, a net capital loss for any taxable year
beginning before January 1, 1955, shall not be taken into account.
"SEC. 803. INCOME AND DEDUCTIONS.
"(a) Application of Section. — The definitions and rules
contained in this section shall apply only in the case of life
insurance companies.
"(b) Gross Investment Income. — For puriwses of this part,
the term 'gross investment income' means the sum of the follow-
ing:
"(1) The gross amount of income received or accrued
from —
"(A) interest, dividf .Js, rents, and royalties,
"(B) the entering into of any lease, mortgage, or other
Instrument or agreement from which the life insurance company
derives interest, rents, or royalties, and
"(C) the alteration or termination of any instrument or
agreement described in subparagraph (B).
"(2) The gross Income from any trade or business (other
than an insurance business) carried on by the life insurance
company, or by a partnership of which the life Insurance com-
pany is a partner. In computing gross Income under this para-
graph, there shall be excluded any item described in para-
graph (1).
In computing gross investment income under this subsection,
there shall l)e excluded any gain from the sale or exchange of a
capital asset, ami any gain considered as gain from the sale or
exchange of a capital asset.
"(c) Net Investment Income Defined. — The term 'net in-
vestment income' means the gross investment Income less the
following deductions :
"(1) Tax-free interest. — The amount of interest received
or accrued during the taxable year which under section 103
is excluded from gross income.
"(2) Investment expenses. —
"(A) Investment expenses paid or accrued during the
taxable year.
"(B) If any general expenses are in part assigned to or
included in the investment expenses, the total deduction under
this paragraph shall not exceed —
"(i) one-fourth of 1 i)ercent of the mean of the book value
of the invested assets held at the beginning and end of the
taxable year, plus
"(ii) one-fourth of the amount by which the net investment
income (computed without any deduction for investment ex-
penses allowed by this paragraph, or for tax-free interest
allowed by paragraph ( 1 ) ) exceeds 3% percent of the book
value of the mean of the invested assets held at the beginning
and end of the taxable year.
"(3) Real estate expenses. — Taxes (as provided in sec-
tion 164), and other expenses, paid or accrued during the
taxabl« year exclusively on or with respect to the real estate
OTvned bj the company. No deduction shall be allowed under
this paragraph for any amount paid out for new buildings, or
for i)ermanent Improvements or betterments made to increase
the value of any property.
"(4) Depreciation. — The depreciation deduction allowed
by section 167.
"(5) Depletion. — The deduction allowed by section 611
(relating to depletion).
"(6) Trade or business deductions. — The deductions
allowed by this subtitle (without regard to this part) which
are attributable to any trade or business (other than an insur-
ance business) carried on by the life insurance company, or by
a partnership of which the life insurance company is a partner ;
except that for purposes of this paragraph —
"(A) There shall be excluded losses from —
"(i) sales or exchanges of capital assets,
"(ii) sales or exchanges of property used in the trade or
business (as defined in section 1231 (b) ), and
FACSIMILES OF TAX RETURNS, 1955
171
PAGE 6
"(lii) the compulsory or involuntary conversion (as a re-
sult of destruction, in whole or in part, theft or seizure, or
an exercise of the power of requisition or condemnation or the
threat or imminence thereof) of property used in the trade or
business (as so defined).
"(B) Any item, to the extent attributable to the carrying
on of the insurance business, shall not be taken Into account.
"(C) The deduction for net operating losses provided in
section 172, and the special deductions for corporations pro-
vided in part VIII of subchapter B. shall not be allowed.
"(d) Rental Value of Real Estate. — The deduction under
subsection (c) (3) and (4) on account of any real estate owned
and occupied in whole or in part by a life insurance company
shall be limited to an amount which bears the same ratio to
such deduction (computed without regard to this subsection)
as the rental value of the space not so occupied bears to the
rental value of the entire property.
"(e) Amortizatioi^ of Premium am) Accrual of Discount. —
The gross investment income, the deduction for whollyTCxempt
interest allowed by subsection (c) (1). and the deduction al-
lowed by section 242 (relating to partially tax-exempt interest)
shall each be decreased to reflect the appropriate amortization
of premium and increased to reflect the appropriate accrual
of discount attributable to the taxable year on bonds, notes,
debentures, or other evidences of indebtedness held by a life
insurance company. Such amortization and accrual shall be
determined —
"(1) in accordance with the method regularly employed
by such company, if such method is reasonable, and
"(2) in all other cases, in accordance with regulations
prescribed by the Secretary or his delegate.
"SEC. 804. RESERVE AND OTHER POLICY LIABILITY DEDUCTION.
"(a) General Rule. — Except as provided in subsection (b),
for purposes of this subpart the term 'reserve and other policy
liability deduction' means the sum of the amounts determined
by applying the following percentages to the excess of the net
investment income over the net investment income allocable
to non-life insurance reserves (determined under subsection
(d)):
"(1) 87.!i percent of so much of such excess as does not
exceed $1,(X)0,000; and
"(2) 85 percent of so much of such excess as exceeds
$1,000,(X)0.
"(b) Maximum Deduction. —
"(1) In general. — The reserve and other policy liability
deduction shall in no case exceed that amount which is equal
to the sum of the following :
"(A) the amount equal to 2 times the amount determined
under paragraph (1) of section 8G5 (c) (relating to required
interest on life insurance reserves) ;
"(B) the amount determined under paragraph (2) of sec-
tion 805 (c) (relating to required interest on reserves for
deferred dividends) :
"(C) the amount of the interest paid (as defined in section
805 (d)) ;
"(D) the dividends to policyholders paid or declared (other
than dividends on contracts meeting the requirements of sub-
section (d) (2) (A)) : and
"(E) in the case of a mutual assessment life insurance com-
pany or association, the amount equal to 2 times whichever of
the following is the lesser : (i) the amount of the net investment
income on life insurance reserves described in subparagraph (A)
or (B) of section 801 (b) (3), or (ii) 3 percent of the life
Insurance reserves so described,
reduced by the amount of the adjustment for policy loans pro-
vided in paragraph (2) of this subsection. For purposes of sub-
paragraph (D) of the preceding sentence, the term "paid or
declared' shall be construed according to the method of account-
ing regularly employed in keeping the books of the insurance
company.
"(2) Reduction fob certain policy loans. — The adjustment
described in paragraph (1) of this subsection shall be an amount
equal to —
"(A) the mean of the aggregates, at the beginning and end
of the taxable year, of the outstanding ixjlicy loans with respect
to contracts for which life insurance reserves are maintained,
multiplied by
"(B) the average rate of interest applicable to life insur-
ance reserves.
For purposes of subparagraph (B) of the preceding sentence, the
term 'average rate of interest applicable to life insurance re-
serves' means the ratio obtained by dividing the sum obtained
under paragraph (1) of section 805 (c) by the sum obtained
under paragraph (1) (B) of section 805 (c).
"(3) Dividends received deduction where maximum limit
applies. —
"(A) If paragraph (1) of this subsection reduces the re-
serve and other policy liability deduction allowed by this section
or section 812 for the taxable year, then in computing life insur-
ance taxable income under section 802 (b), and in computing
life insurance company taxable income under section 811 (b),
there shall be allowed an additional deduction in an amount
determined under subparagraph (B).
"(B) The amount of the additional deduction referred to
in subparagraph (A) shall be the amount which bears the same
ratio to the total of the deductions provided in sections 243, 244,
and 245 as the net investment income reduced by the sum of —
"(i) the net investment income allocable to non-life insur-
ance reserves (or, for purposes of section 811 (b), the amount
of the adjustment for certain reserves provided in section 813),
and
"(ii) 100/85 of the maximum limitation determined under
paragraphs (1) and (2) of this subsection,
bears to the net investment income.
"(c) Qualified Reserves Defined. — For purposes of this sub-
part, the term 'qualified reserves' means the sum of the fol-
lowing :
"(1) The life insurance reserves (as defined in section 801
(b) ), plus 7 percent of that portion of such reserves as are com-
puted on a preliminary term basis.
"(2) The non-life insurance reserves (as defined In subsec-
tion (d) (2)).
"(3) The amounts (discounted at the rates of interest as-
sumed by the company) necessary to satisfy the obligations un-
der insurance and annuity contracts (including contracts sup-
plementary thereto), but only if (A) such obligations when
satisfied will reflect an increment in the nature of interest, and
(B) such obligations do not involve (at the time with respect
to which the computation is made under this paragraph) life,
health, or accident contingencies.
"(4) The amounts held at the end of the taxable year as
reserves for dividends to policyholders, the payment of which
dividends is deferred for a period which expires not earlier than
5 years from the date of the policy contract. This paragraph
does not apply to dividends payable during the year following
the taxable year.
"(5) Dividend accumulations, and other amounts, held at
interest in connection with insurance or annuity contracts (in-
cluding contracts supplementary thereto).
"(6) Premiums received in advance, and liabilities for pre-
mium deposit funds.
In applying this subsection the same item shall be countered only
once. For purposes of this section (other than paragraph (4)
of this subsection), the amount of any reserve (or portion
thereof) for any taxable year shall be the mean of such reserve
(or portion thereof) at the beginning and end of the taxable
year,
"(d) Net Investment Income Allocable to Non-Life In-
surance Reserves. —
"(1) Allocation ratio. — For purposes of this subpart, the
net investment income allocable to non-life insurance reserves is
that amount which bears the same ratio to the net investment
income as such reserves bear to the qualified reserves.
"(2) Non-life insurance reserves defined. — For purposes
of this subpart, the term 'non-life insurance reserves' means the
sum of the unearned premiums and the unpaid losses (whether
or not ascertained) — ,
"(A) on contracts other than life insurance, annuity, and
noncancellable health and accident insurance contracts (in-
cluding life insurance or annuity contracts combined with non-
cancellable health and accident insurance), and
"(B) which are not included in life insurance reserves (as
defined in section 801 (b) ) .
For purposes of this paragraph, such unearned premiums shall
not be considered to be less than 25 percent of the net premiums
written during the taxable year on such other contracts.
"(3) Adjustments with respect to certain non-life insur-
ance contracts. — For purposes of this subpart, if —
"(A) any computation under this subpart is made by refer-
ence to a contract meeting the requirements of paragraph (2)
(A) of this subsection, and
"(B) part of the reserves for such contract are life insur-
ance reserves,
then, under regulations prescribed by the Secretary or his dele-
gate, proper adjustment shall be made in the amount taken
into account with respect to such contract for purposes of such
computation.
468791 O -58 -12
172
FACSIMILES OF TAX RETURNS, 1955
PAGE 7
"SEC. 805. SPECIAL INTEREST DEDUCTION.
"(a) Special Interest Deduction. — For purposes of the tax
imposed by section 802 (and the tax imposed by section 811),
there shall be allowed a special interest deduction determined
as follows :
"(1) Divide the amount of the adjusted net investment
income (as defined in .subsection (b)) by the amount of the
required interest (as defined in subsection (c)).
"(2) If the quotient obtained in paragraph (1) is 1.05 or
more, the special interest deduction shall be zero.
"(3) If the quotient obtained in paragraph (1) is 1.00 or
less, the special interest deduction shall be an amount equal
to 50 percent of the amount by which —
"(A) the net investment income (reduced by the net in-
vestment income allocable to non-life insurance reserves),
exceeds
"(B) the reserve and Other policy liability deduction for
the taxable year.
"(4) If the quotient obtained in paragraph (1) is more
than 1.00 but less than 1.05, the special interest deduction shall
be the amount obtained by multiplying —
"(A) the amount by which (i) the net investment income
(reduced by the net investment income allocable to non-life
insurance reserves) exceeds (ii) the reserve and other policy
liability deduction for the taxable year, by
"(B) 10 times the difference between the figure 1.05 and
the quotient obtained in paragraph ( 1 ) .
"(b) AD.TUSTED Net Investment Income, — For purposes of
subsection (a) (1), the term 'adjusted net investment income'
means —
"(1) the net investment income (computed without the
deduction for wholly-exempt interest allowed by section 803
(c) (1) ), minus
"(2) 50 percent of the net investment income allocable to
non-life insurance reserves.
"(c) Required Interest. — For purposes of subsection (a)
(1), the term 'required interest' meaus the total of —
"(1) the sum of the amounts obtained by multiplying —
"(A) each rate of interest assumed in computing the tax-
payer's life insurance reserves, by
"(B) the means of the amounts of the taxpayer's life in-
surance reserves computed at such rate at the beginning and
end of the taxable year, plus 7 percent of the portion of such
reserves at such rate as are computed on a preliminary term
basis ;
"(2) the sum of the amounts obtained by multiplying —
"(A) each rate of interest assumed in computing the tax-
payer's reserves for deferred dividends described in section 804
(c) (4), by
"(B) the mean's of the amounts of such reserves computed
at such rate at the end of the taxable year ; and
"(3) interest paid.
"(d) Interest Paid. — For purposes of subsection (c) (3), the
term 'interest paid' means —
"(1) all interest paid or accrued within the taxable year
on indebtedness, except 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 taxation under this chapter ; and
"(2) all amounts in the nature of interest, whether or not
guaranteed, paid or accrued within the taxable year on insur-
ance or annuity contracts (or contracts arising out of insur-
ance or annuity contracts) which do not involve, at the time of
payment or accrual, life, health, or accident contingencies.
"SEC. 816. FOREIGN LIFE INSURANCE COMPANIES.
"(a) Carrying on United States Insurance Business. — A
foreign life insurance company carrying on a life Insurance busi-
ness within the United States, if with respect to its United
States business it would qualify as a life insurance company un-
der section 801, shall be taxable in the same manner as a domes-
tic life insurance company ; except that the determinations
necessary for purposes of this sjibtitle shall be made on the basis
of the income, disbursements, assets, and liabilities reported
in the annual statement for the taxable year of the United States
business of such company on the form approved for life insur-
ance companies by the National Association of Insurance Com-
missioners.
"(b) No United States Insurance Business. — Foreign life
Insurance companies not carrying on an insurance business
within the United States shall not be taxable under this part but
shall be taxable as other foreign corporations.
"SEC. 817. DENLllL OF DOUBLE DEDUCTIONS.
"Nothing in this part shall permit the same item to be deducted
more than once.
"SEC. 818. CERTAIN NEW INSURANCE COMPANIES.
"(a) General Rule. — If the taxable year begins not more
than 9 years after the first day on which the taxpayer was
authorized to do business as an insurance company, then —
"(1) for purposes of subpart A, the life insurance taxable
Income shall not exceed (A) the amount of the net gain from
operations after dividends to policyholders, reduced by (B) (i)
the net investment income allocable to non-life insurance re-
serves and (ii) the special reduction for dividends received
provided by subsection (c) ; or
"(2) for purposes of subpart B, the life insurance company
taxable income shall not exceed (A) the amount of the net
gain from operations after dividends to policyholders, reduced
by ( B ) the special reduction for dividends received provided by
subsection (c).
For purposes of this subsection, the net gain from operations
after dividends to policyholders shall be computed in the man-
ner required for purposes of the annual statement approved by
the National Convention of Insurance Commissioners, except
that no reduction shall be made for any Federal income tax.
"(b) Limitation. — This section shall not reduce the tax for
any taxable year below the amount which (but for this section)
would be imposed by section 802 or section 811, as the case may
be, computed without the applicable limitation on the reserve
and other policy liability deduction contained in section 804 (b)
or section 812 (c).
"(c) Special Rule for DI\^DENDS Received. — The reduction
referred to in paragraph (1) (B) (ii) and in paragraph (2)
(B) of subsection (a) shall be an amount computed under sec-
tion 804 (b) (3), except that, for purposes of such computation,
the maximum limitation referred to in section 804 (b) (3) (B)
(ii) shall be —
"(1) in the case of a taxable year with respect to which
tax is imposed by section 802, the amount by which (A) the net
investment income (reduced by the net investment income alloca-
ble to non-life insurance reserves), exceeds (B) the life insur-
ance taxable income (computed without regard to the reduction
provided by this subsection) ; or
"(2) in the case of a taxable year with respect to which
tax is imposed by section 811, the amount by which (A) the sum
of the net investment income and the amount of the adjustment
for certain reserves provided in section 813, exceeds (B) the life
insurance company taxable income (computed without regard
to the reduction provided by this subsection)."
FACSIMILES OF TAX RETURNS, 1955
173
SCHEDULE NC
(Form 1120L)
U. S. TreoBury Department — Internal Revenue Service
TAX COMPUTATION SCHEDULES FOR CERTAIN NEW INSURANCE COMPANIES 1955
QUALIFYING UNDER SECTION 818
Name and address ot company
NC-1— COMPUTATION OF LIFE INSURANCE TAXABLE INCOME UNDER SECTION 818
$-.
1. Net gain from operations after dividends to policyholders (as shown in the annual statement) plus Federal income
tax deducted in computing such net gain
2. Net investment income allocable to non-life-insurance reserves (line 5, Schedule A, Form 1 1 20L)
3. Net gain from operations allocable to life insurance (line 1 less line 2)
4. Dividends received deduction —
(a) Net investment income (line 1 5, page 2, Form 1 1 20L)
(b) Less; Line 2, above
(c) Net investment income allocable to life insurance
(d) Line 4(c) less line 3
(e) 100/85 of amount on line 4(d)
(f) Line 4(a) less line 4(e)
(g) Percent line 4(f) is of line 4(a)
(h) Dividends received deductions under sections 243, 244, and 245 (line 1(d), Schedule F) .
(i) Dividends received deduction under section 818(c) (line 4(h) multiplied by line 4(g)) . . . .
Life insurance taxable income for purposes of section 818 (line 3 less line 4(i))
NO-2— COMPUTATION OF TAX UNDER SECTION 802 (For Purpoaea of Seclion 818 (b))
PART I — Computation Under Section 802 (a)
1.
2.
3.
4.
S.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
Life-insurance taxable income for purpose of section 818 (line 5 above) . .
Non-life-insurance taxable income (Schedule D)
Taxable income (total of lines 1 and 2)
Less: Deduction for partially tax-exempt interest (line 7, Schedule E)
Taxable income for purpose of normal tax
Normal tax (30 percent of amount on line 5)
Surtax (22 percent of amount on line 3)
Less
Normal tax and surtax (total of lines 6 and 8)
Allamatin T<ix Undei Section 1201 (a)
Taxable income (line 3 above)
5,500.00
Less: Excess of net long-term capital gain over net short-term capital loss allocable to non-life-insurance
taxable income computed under section 802 (e) (line 4, Schedule D)
Line 10 less line 11
Less: Deduction for partially tax-exempt interest
Line 1 2 less line 13
Normal tax (30 percent of amount on line 14)
Surtax (22 percent of amount on line 12)
Less
Partial tax (total of lines 15 and 17)
25 percent of line 11
Alternative tax under section 1201 (a) fline 18 plus line 19)
Normal tax and surtax Oine 9)
Income tax (line 20 or 21, whichever is the lesser)
$-.
5,500.00
PART II — Computed Under Section 802 (c)
23. Life-insurance taxable income (line 1, Part I above)
24. Less: Deduction for partially tax-exempt interest (line 12, Schedule E) .
25. Taxable income for purpose of normal tax
26. Normal tax (30 percent of amount on line 25)
27. Surtax (22 percent of amount on line 23)
28. Less
29. First partial tax (total of lines 26 and 28)
5,500.00
16—72602-1
174
FACSIMILES OF TAX RETURNS, 1955
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
Gross investment income (line 6, page 2, Form 1120L)
Less: Deduction for wholly tax-exempt interest (line 7, page 2, Form 1120L)
Line 30 less line 31
Percent non-life-insurance reserves are of qualified reserves (line 3, Schedule A)
Line 32 multiplied by line 33
Net premiums on non-life-insurance contracts (computed in the manner described in section 823)
Dividends to policyholders on non-life-insurance contracts (computed in the manner described in section 823) .
Line 35 less line 36
Line 34 plus line 37
Second partial tax — 1 percent of amount on line 38
Income tax under section 802 (c) (line 29 plus line 39)
Income tax under section 802 (a) (line 22, Part I)
Income tax (line 40 or line 41, whichever is greater)
-%
NC-3— COMPUTATION OF LIMITATION OF TAX UNDER SECTION 818(b)
PART I — Computed Under Section 802(q)
1.
2,
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
5,500.00
Net investment income allocable to life-insurance reserves (line 17, page 2, Form 1 120L) .
Less; Reserve and other policy liability deduction (line 5, Schedule B, Form 1 120L) . .
Life-insurance taxable income under section 818(b) (line 1 less line 2)
Non-life-insurance taxable income (Schedule D)
Taxable income (total of lines 3 and 4)
Less: Deduction for partially tax-exempt interest (line 7, Schedule E)
Taxable income for purpose of normal tax
Normal tax (30 percent of amount on line 7)
Surtax (22 percent of amount on line 5)
Less
Normal tax and surtax (total of lines 8 and 10)
AllernaUTe Tax Under SecUan 1201 (a)
Taxable income (line 5 above)
Less: Excess of net long-term capital gain over net short-term capital loss allocable to non-life-insurance
taxable income computed under section 802(e) (line 4, Schedule D)
Line 12 less line 13
Less: Deduction for partially tax-exempt interest
Line 14 less hne 15
Normal tax (30 percent of amount on line 16)
Surtax (22 percent of amount on line 14)
Less
Partial tax (total of lines 1 7 and 19)
25 percent of line 13
Alternative tax under Section 1201 (a) (line 20 plus line 21)
Normal tax and surtax (line II)
Income tax (line 22 or 23, whichever is the lesser)
$-.
5,500.00
PART II — Computed Under Section 802(c)
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
Life-insurance taxable income (line 3, Part I above)
Less: Deduction for partially tax-exempt interest (line 12, Schedule E) .
Taxable income for purpose of normal tax
Normal tax (30 percent of amount on line 27)
Surtax (22 percent of amount on line 25)
Less
5,500.00
First partial tax (total of lines 28 and 30) .
Gross investment income (line 6, page 2, Form 1I20L)
Less: Deduction for wholly tax-exempt interest (line 7, page 2, Form 1I20L)
Line 32 less line 33
Percent non-life-insurance reserves are of qualified reserves (line 3, Schedule A)
Line 34 multiplied by line 35
Net premiums on non-life-insurance contracts (computed in the manner described in section 823)
Dividends to policyholders on non-life-insurance contracts (computed in the manner described in section 823) .
Line 37 less line 38
Line 36 plus line 39
Second partial tax — 1 percent of amount on line 40
Income tax under section 802 (c) (line 3 1 plus line 41)
Income tax under section 802 (a) (line 24, part I)
Income tax (line 42 or line 43, whichever is greater)
-%
Income tax (line 44 or line 42 of Sch. NC-2 whichever is greater). (Enter here and on line 1, page 1, Form 1120L) ,
U S. GOVERNMENT PRINTING OFFICE 16 — 72602-1
FACSIMILES OF TAX RETURNS, 1955
175
FORM 1120 M
FOR CALENDAR YEAR 1955
1955
Do nol wrile in i^poce helow
U. S. Treasury Deportment
Internal Revenue Service
PLEASE TYPE OR PRINT PLAINLY
U. S. MUTUAL
IKSURANCE COMPANY
INCOME TAX RETURN
Nsn.e
Serial No.
Nuriiber and street
For Mutual Companies
Other than Life or Marine
Insurance Companies or
Fire Insurance Companies
Issuing Perpetual Policies
City or town, postal zone number. State
Date incoiporaled
Place Incorporated
mcuon No GROSS INVESTMENT INCOME
Interest on:
(a) Wholly exempf obligations (Attach schedule) . ,
(b) United Slates Savings Bonds and Treasury Bonds owned sn excess o! Ihe
pnncipal amount of $5,000 issued prior to March 1. 1941 , ....
(c) Obligations of instrunienioiiiies of the Uniled Siotes issued prior lo
March 1 . 194 1
(d) Obligations issued on or after March 1. 1941, by Ihe United States or
any agency or instrumenlolily Iherefjf (Attach schedule) . .
1. Interest Received
2. Accrual of Discount
(e) Loans, noles, mortgages, hank deposits, bonds, di?benlures, elc
Totals ^__
2. Dividends on stock o(:
(a) Domestic corporaticns subject to taxation under Subtitle A of the Internal Revenue Code of 1954 . . .
(b) Public utility corporations subject to taxation under Subtitle A of the Internal Revenue Code of 1954
(c) Foreign corporations ,
(d) Other corpKjrations
3. Rents and royalties (Attach schedule)
4- Income from trade or business other than insurance business
5. Leases, etc
6> Net gain from sale or exchange of capital assets (from separate Schedule D (Form 1 120))
7. Gross investment income (total of lines 1 to 6)
(In Caseol
Column
4. Total
line I. Column 1 Plus
2 Less Column 3}
DEDUCTIONS
8. Interest wholly exempt from tax (line 1 (a), column 4).
9. Investment expenses (Attach schedule)
Taxes
10.
11.
12.
13.
14.
15.
16.
17.
X8.
19.
20.
21.
22.
Real estate expenses
Depreciation (Attach schedule)
Depletion of mines, oil and gas wells, timber, etc. (Attach schedule)
Trade or business deductions, as provided in section 822 (c) (8) (Attach schedule)
Interest paid or accrued
Other capital looses (from Schedule B)
Total deductions on lines 8 to 1 6
Net investment income (line 7 less line 17)
Less: Interest partially exempt from tax (line 1 (b) and (c), column 4)
Line 18 less line 19
Less: Dividends received deductions —
(a) Enter 85 percent of line 2 (a)
(b) Enter 62.1 15 percent of line 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 line 20.
Mutual insurance company taxable income
27.
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 23 above, whichever is appli-
cable, and if company is taxable under section 821 (a) (1) or (b)
Total income tax (line 22, page 2, or line 23 or 24 above, whichever is applicable)
Less: Credit for income taxes paid to a foreign country or United States possession allowed a
domestic corporation
Total income tax
30.
31.
32.
COMPUTATION OF TAX DUE OR REFUND
Total income tax (line 27)
Credit (or amounts paid on 1955 income tax: i
A. Tax paid with Form 7004 (in case of application for automatic extension of time in which to file) . , i $
B. Payments on 1955 Declaration of Estimated Tax
If tax (line 28) is larger than payments (line 29), the balance is TAX DUE Enter such balance here-
If payments (line 29) are larger than tax (line 28) Enter the OVERPAYMENT here -
Enter amount of line 31 you wont: Credited on 1956 estimated tax $ Refunded , . $
Did the company file with the District Director of Internal
Revenue a copy of tlie annual statement for the preced-
ing year as required by General Inslruction K? [H Yes
If "Ye.s," stale District Director's office in which state-
ment was filed _._
□ No
, If a copy of the annual statement required by General Instruction K does not
accompany this return, state reason why the statement is not attached.
3. Has the cash receipts and dirbursements method been
used in preparing this return? Q Yes Q No
If "No," describe fully in separate statement.
4. Did the corporation pay anyone other than an employee
for assistance in the preparation of this return? Q Yes Q No
If "Yes," enter his name and address _
SIGNATURE AND VERIFICATION
I declare under the penalties of perjury that this return (includmg any accompanying schedules and statements) has been examined by me and to the best of
my knowledge and belief is a true, correct, and complete return.
(rigncture o( olliter)
I dcf.lara under the penaliies of perjury that I prepared this return for the person named herein; and that this return (including any accompanying schedules
and stalements) is, to the beit rl my knowledge and belief, a true, correct, end complete return based on all the information reiatmg to the matters required to be
reported in this return of which I have any knowledge.
(Individual or Firm Signature)
176
FACSIMILES OF TAX RETURNS, 1955
Page 2
NORMAL TAX AND SURTAX COMPUTATIONS
1. Mutual insurance company taxable income (line 22, paga 1)
2. Net investment income (line 18, page 1)
3. Less: Dividends received deductions from line 21 (d), page 1 -
4. Surtax net income
Except interinsurers and reciprocal underwriters
5. 60 percent of excess of line 1 over $3,000 when
line 1 is over $3,000 and not over $6,000 S
6. 30 percent of line 1 when over $6,000 S .. -.
7. 22 percent of excess of line 4 over $25,000,
Interinsurers and reciprocal undenwriters
Normal Tax
8. CO percent of excess of line 1 over $50,000 when line
1 IS over $50,000 and not over $100,000
9, 30 percent of line 1 when over $100,000
10. 33 percent of excess of line 4 over $50,000 when line
4 is over $50,000 and nol over $100.000
11. 22 percent of excess of line 4 over $25,000 when
line 4 is over $100,000
12. Total normal tax and surtax under section 821 (a) (1) cr (bl (sum of lines 5 thmnqh 7 or sum of lines 3 through 11)
COMPUTATION OF TAX ON GROSS AMOUNT OF INCOME
(Section 821 (a) (2)) (Not Applicable to Interinsurers and Reciprocal Underwriters)
13. Total gross income on lines 1 to 5, inclusive, page 1
14. Net premiums
15.
16.
17.
18.
19.
20.
21.
Total gross amount of income (line 1 3 plus line 14)
Less: Dividends to policyholders
Interest wholly exempt from tax (line 1 (a), column 4, page 1)
Gross amount cf income (line 15 less the sum of lines 16 and 17)
Over $75,000 and Not Over $150,000
Tax (2 percent of excess of line 18 over $75,000)
Over $150,000
Tax { 1 percent of line 18)
Tox under section 821 (a) (2) (line 19 or 20), whichever is applicable
22.
Tax Under Section 821 (a) (1) or (2). or (b)
Line 12 for interinsurers ond reciprocal underwriters; hne 12 or 21, whichever is greater, for others
Limitation of Tax Under Section 821 (c)
Amounts received of over $75,000 and less than $125,000 from items 1 to 5. page 1, and from premiums
Total of lines 1 to 5 on page 1
Gross premiums received
Tctal 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 9)
(Schedule A Need Not Be Filled In if No Deduction Is Claimed for Any General Expenses That Are Allocated to Investment Income)
1. Real estate
2. Mortgage loans
3. Collateral loans
4. Policy loans, including premium notes
5. Bonds of domestic corporations
6. Stocks of domestic corporations
7. Government obligations, etc. (Attach Schedule)
8. Bank deposits bearing interest
9. Other interest-bearing assets (Attach Schedule)
10. Totals of lines 1 to 9
11. Total of columns 1 and 2, line 10
12. Mean of the invested ossets for the taxable year (one-half of line 11).
13. One-fourth of 1 percent of the mean of the invested assets
14. Income base (line 7, page 1, less the sum of lines 10 to 16)
15. 3?i percent of line 12
16. Excess (if any) of line 14 over line 15
17. One-fourth of line 16
18. Limit on deduction for investment expenses (line 13 pltii= line 17)
1. Beginning of taxable year
2. End of taxable year
Schedule B.— OTHER CAPITAL LOSSES (See Instruction 16)
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 cf lines 1 to 3. inclusive
Less: Interest received (line 1, column 4, page 1, adjusted to cash method if on accrual method) .
Dividends received (line 2, page 1, adjusted to cash method if on accrual method)
Lines 3 to 5, page 1, adjusted to cash melhod if on accrual method
Net premiums received (line 14, page 2, adjusted to cash method if on accrual melhod) . . . .
Excess (if any) of line 4 over sum of lines 5, 6, 7, and 8
1. Description ot capital asset
3. Gross sales price
(contract price)
. Cost orcttiet basis
and cost of im-
provements sub-
sequent to acquisi-
tion or March 1,
1913
5. Expense ol sale
6 Deoreciation allowed (or
allowable) since acquisition
or Maicti 1. 1913 (furnish
details)
7. Lo« (Column 3 plus Column 6
less the sum of Columns 4
and 5)
10.
Total
!S
I S
Total gross receipts from sales, line 10, column 3, should not exceed (he amount shown in line 9. If necessary, gross receipts frcm a particular sale should be
appcrtioned 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 nol be reported in separate Schedule D (Form 1 120).
Enter total other capital losses (line 10, column 7) as line 16, page 1. 10—72503-1
FACSIMILES OF TAX RETURNS. 1955
177
GENERAL INSTRUCTIONS
A. Companies Required to File a Return. — Every mutual insurance
company other than a Hfe or marine insurance company and other than a fire
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
fire 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 sources indicated on lines 1 to 5, page 1, in excess of $75,000 shall file a
return on this form. (See section 501 (15).)
If a mutual insurance company subject to taxation under section 821 disposes
of its insurance business and reserves or otherwise ceases to be entitled to be
taxed under section 821, but continues its corporate existence for the purpose of
winding up and liguidating its affairs, thereafter it will be taxable in the same
manner as corporations generally.
B. Period Covered. — The return shall be for the calendar year ended
December 31, 1955, and the taxable income computed on the calendar year
basis in accordance with the provisions of section 843
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
Commissioner is received to change the method.
Rounding Off to Whole-Dollar Amounts. — If you wish, the money items
on your return or accompanying schedules required by such return may be
shown as wholendollar amounts. This means that you eliminate any amount
less than 50 cents, and increase any amount between 50 cents and 99 cents
to the next highest dollar. Your choice as to whether you round off to v/hcle-
dollar amounts may not be changed after the due date for filing ycur return.
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 belore June
15, 1956.
E. Signature and Verification. — The return must be signed either by the
president, vice president, treasurer, assistant treasurer or chief accounting
officer, or 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 corporahon 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 a regular, full-time employee.
F. Payment of Tax. — The tax for the year 1955 must be paid in full when
the return is filed, that is, on or before June 15, 1956.
For taxable years ending on or after December 31, 1955, a declaration of
estimated tax must be made by every corporation which is subject to income
tax under subchapter Lof chapter 1 (relating to insurance companies), if its incomie
tax for the taxable year can reasonably be expected to exceed $100,000 plus
the amount of any estimated credits against tax. (See Form 1 120-ES.) In the
case of affiliated corporations filing a consolidated return, see consolidated return
regulations prescribed under section 1502.
Additional Charge for Underpay ment of Estimated Tax. — Underpay-
ment of installments of estimated tax will result in additional charges for the
period from the due date of each installment until paid, or until the due date for
filing the tax return, whichever is the earlier.
The charge with respect to any underpayment of any installment is mandatory
and will be made unless the excephons specified in section 6655 (d) are ap-
plicable.
If you have an underpayment of estimated tax and believe the additional
charge should not be asserted due to the applicability of the "relief provisions"
of section 6655 (d), attach a statement to your return explaining which of the
provisions applies to you, showing any necessary computations. If you wish,
you may obtain Form 2220 from the nearest Internal Revenue Service office
for this purpose.
Effect of the Life Insurance Company Tax Act for 1955 on the
Additional Charge. — In the case of mutual insurance- companies subject to
tax under section 821, any addition to the fax under section 6655 cf the code
with respect to estimated (ax for a taxable year beginning in 1955, shall in no
case be larger than such addition would have been if the "Life Insurance
Company Tax Act for 1955" (Public Law 429, 84th Congress) not been enacted.
G. Failure to File, Etc. — Substantial additions to the tax are imposed for
faihng to file a return, for lale 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 of (1) interest, rents, commissions, or other
fixed or determinable income of $600 or more during the calendar year 1955
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 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 1955 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 cihzen or resident.
1. Information by Corporations — 1. Contemplated Dissolution of Liq-
uidation.— 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 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 I099L, as required by instructions on Form 1096, for the
calendar year 1955.
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 corporation owned 5 percent or more in
value of the outstanding stock of a foreign personal holding company, attach
a statement setting forth in complete detail the information required by section
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 1955, 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.
SPECIFIC INSTRUCTIONS
The Following Instructions Are Numbered to Correspond With Line Numbers on Page 1 of the Return Unle,
; 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 on line 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 organi2ed under the China Trade Act, 1922. Enter
on line 2 (b) dividends received on certain preferred stock of a public utility
which is subject to tax under Subtitle A. Enter on line 2 (c) dividends from for-
eign corporations. Enter on line 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 on line 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 and Royalties. — Enter the gross amount received from these sources-
4. Income From Trede or Business Other Than Insurance Business. —
Enter the gross income from any trade or business (other than an insurance
business) carried on by the mutual insurance company, or by a partnership of
which the mutual insurance company is a member.
5. Leases, Etc.— Enter the gross amount of income received from the entering
into (or the alteration or termination) of any lease, mortgage or other instrument
or agreement from which the mutual insurance company derives interest divi-
dends, rents or royalties.
6. Gains and Losses From Sales or Exchanges of Capital Assets. —
Report soles 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 defail.
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 smiilar distributions to
policyholders) shall be allowed to the extent of gains from such sales or exchanges,
with respect 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 corpraration 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 accompanying separate Schedule D (Form 1 120).
8. Interest Wholly Exempt From Tax. — Enter the amount of interest which
is wholly exempt from taxation under the provisions of section 103.
9. 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 percent 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 3?i percent of
the book value of such mean of the invested assets, one-fourth of such excess.
Submit a schedule showing the nature and amount of the items included herein,
the minor items being grouped in one amount. (See section 822 (c) (2).)
10—72503-1
178
FACSIMILES OF TAX RETURNS, 1955
10. Taxes. — Enter faxes paid or accrued exclusively upon real estate owned
by the company as provided in section 164. For limitation on deduction, see
Instruction 13 (b) below.
11. Real Estate Expenses. — Enter oil 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 mcrease the value of any property or
any amount expended on foreclosed properly before such property is held forth
for rental purposes. For limitation on deduction, see Instruction 17 (b) below.
12. 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 hmited to the depreciation on the property that is used, and to the
extent used, for the purpose of producing the income specified in section 822 (b).
The amount of depreciation should be determined upon the basis of the original
cost (not replacement co.^t) 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 tjefore January 1, 1954, or used properly whenever acquired,
the rale of depreciation under this method may not exceed one and one-half
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 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 ereclion 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 Ime 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 multlpVing 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 five-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 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 allowance 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 deprociation, 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 Instruction 17 (b) below.
13. Depletion ol 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.
14. Trade or Business Deductions. — Enter the total of deductions attribut-
able to any trade or business, the income from which is included in the mutual
insurance company's gross investment income by reason of section 803 (b) (2).
Do not include (a) losses from sales or exchanges of capital assets, (b) sales or
exchanges of property used in the trade or business, and (c) losses from the
compulsory or involuntary conversion of property used in the trade or business.
The deductions to be entered on line 14 will be disallowed to the extent attribut-
able to the carrying on of the insurance business.
15. 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.
16. Other Capital Losses. — Enter on line 16 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 lines 1 to 5, page 1, and net premiums received. (See
Schedule B.)
' 17. Total Deductions. — (a) Enter the total of lines 8 to 16, inclusive.
(b) Limitation on deductions relating to real estate owned and occu-
pied.— The deductions included on lines !0 to 12 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 deduchons (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 15. Items
directly attributable to wholly exempt income shall be allocated thereto, and
items direcUy 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, suall 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
shown separately).
19. Interest Partially Exempt From Tax. — Enter the amount of interest in-
cluded in gross income which is partially exempt from taxation and for which a
special deduction is allowed under the provisions of section 242.
21. Dividends Received Deductions. — The deduchons provided on line 21
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
bonks, 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) 62.115 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 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 on line 2 (d).
Page 1 — 26. 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 on line 26, on account of income, war-profits, and excess-
profits taxes paid or accrued to a foreign country or a possession of the United
States, Form 1118 should be submitted with the return, together with the receipt
for each such tax payment. In case credit is sought for taxes accrued but not
paid, the form must have attached to it a certified copy of the return on which
each such accrued tax was based, and the 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. — Enters the amount of gross premiums (includ-
ing deposits and assessments) written or received on insurance contracts during
the taxable year, less return premiums and premiums paid or incurred for re-
insurance. Amounts returned where the amount is not fixed in the insurance
contract but depends upon the experience of the company or the discretion of the
management are not to be included in return premiums but are to be treated
as dividends to policyholders and included on line 16. (See section 823 (1).)
Page 2 — 16. Dividends to Policyholders. — Enter dividends and similar dis-
tributions paid or declared (depending upon the method of accounhng regularly
employed) to policyholders. (See section 823 (2).)
FACSIMILES OF TAX RETURNS, 1955
179
FORM 1118
REV. OCT. 1955
U. S. Treasury Department — Internal Revenue Service
STATEMENT IN SUPPOBT 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 numt)er)
(City or town, postal zone number)
(State)
Claim for credit is made for taxes ', as follows:
{Poid or accrued)
SCHEDULE A. — Credit Claimed Against Income Tax
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 (attqch receipt or return)
2. Tax paid or accrued (exclusive of tax withheld at source on divi-
dends) (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 (excluding 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. possession (exclusive of dividends received) '
7. Total taxable income in Items 5 and 6
In foreign currency '
X X X X X X X
Coaversion rote *
X X X X X X X
XXXXXXX XXXXXXX $
8. Taxable income from all sources reported on Form 1120 $_
9. Total United States income tax reported on Form 1120 $_
10. Ratio of taxable income from sources in tfiis foreign country or U. S. possession to taxable income from all sources
(Item 7 divided by Item 8)
11. Amount of tax which may be claimed as credit under limitatio"- ot 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 Burrunary on only one Form 1118)
Name of foreign country or U. S. possession
Amount of tax
claimed as credit
(Schedule A, Item 11 of
each Form 1118)
12. Total amount of taxes which may be claimed as a credit on Form 1120 $
(See Notes on Page 3) i(>-«»sa8-7
180
FACSIMILES OF TAX RETURNS, 1955
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 • 'i" "
(Where Section 902{h) applies, make compulation thereunder first. Attach another Schedule B appropriately completed)
Name _ Incorporated under the laws of —
Address
Foreign
corporation,
or domestic
corporation
entitled to
benefits of
Sec. 931
or 941 «
(Street and number)
(City or town)
(Country)
Coxntnon Total
Capital stock
Number of shares outstanding
Number of shares cwned by domestic corporation . . . .
Which stock has full voting rights?
Name of foreign country or possession of United States imposing tax _... Character of tax -.-.
(Income, war profits, or excess protits)
Statutes imposing tax
(To be nained fully and clearly so as to 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 24 5 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 profiu 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 protits (Item 2 divided
by Item 4)
Taxable periods of related foreign corporation from income of which
dividends were paid '*
$-
Year-.
$..
9. Amount of tax payments deemed to have been paid on profits distributed as
dividends (Item 7 multiplied by Item 8)
10. Total of tax payments deemed to have been paid on profits distributed as divi-
dends (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.
Dale ....
l« — 1953S-7
19..
(Signature of officer)
(Title)
FACSIMILES OF TAX RETURNS, 1955
181
NOTES
Page 3
' If the corporation elects under Section 905 to claim credit for
taxes accrued, write "accrued" in the space provided. (See Sec-
tion 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 corpora-
tion, or more than one related fcreign corporation, or more than one
foreign country or possession of the United States to which taxes are
paid on behalf of a related foreign corporation, additional schedules
should be attached, and the arr.ount 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 posses-
sion of the United States (e. g., pounds, francs, marks).
* Give rate of exchange used and attach a statement describing
in reasonable detail why and how this particular rate was de-
termined.
^ 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 90 1 -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 allowable 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 taxable (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 94 1 .
(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.
" 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.
'2 Each column relates to that part of total dividends paid from
accumulated profits shown therein.
" 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 pa.t of the tax payments accrued.
" If dividends received during the taxable year from a related
foreign corporation 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 dividends 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 901-90S OF
(Foreign
Sec. 901 . Taxes of Foreign Cbuntries and of Posses-
sions of United States — (a) Allowance of Credit. — If
the taxpayer chooses to have the benefits of this sub-
part, 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 531 (re-
lating 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 domes-
tic 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) Cbrporations 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 94 1 .
*******
Sec. 902. Credit for Corporate Stockholder in For-
THE INTERNAL REVENUE CODE OF 1954
Tax Credit)
eign Corporation — (a) Treatment of Taxes Paid by
Foreign Corporation. — For purposes of this subpart, a
domestic corporation which owns at least 10 percent
of the voting stock of a foreign corporation from which
it receives dividends in any taxable year shall be
deemed to have paid the same proportion of any in-
come, 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
the 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,
treating 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.
16 — 49638-7
182
FACSIMILES OF TAX RETURNS, 1955
(2) In the case of a foreign corporation, the in-
come, 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 account-
ing period.
(d) Special Rules for Certain Wholly-Owned Foreign
Corporations. — For purposes of this subtitle, if —
(1) a domestic corporation owns, directly or in-
directly, 100 percent of all classes of outstanding
stock of a foreign corporation engaged in manu-
facturing, 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 con-
tractual 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 property so received by such domestic corpora-
tion shall be accepted 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 prop-
et-ty so received by such domestic corporation over
the cost to such domestic corporation of the property
and services so furnished by such domestic corpora-
tion shall be treated as a distribution by such
foreign corporation to such domestic corporation,
and for purposes of section 301, the amount of such
distribution shall be such excess, in lieu of any
amount otherwise determined under section 301
without regard to this subsection; and the basis of
such property so received by such domestic corpora-
tion 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 pro-
portion 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 option of the taxpayer and irrespective
of the method of accounting employed in keeping his
books, be taken in the year In which the taxes of the
Page 4-
foreign country or the possession of the United States
accrued, subject, however, to the conditions prescribed
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 subsequent 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 succeed-
ing year.
(b) Proof of Credits. — The credits provided in this
subpart shall be allowed only if the taxpayer estab-
lishes to the satisfaction of the Secretary or his delegate
(1) the total amount of income derived from sources
without the United States, determined 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 Secre-
tary 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 rede-
termine the amount of the tax for the year or years
affected. The amount of tax due on such redetermina-
tion, 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 accordance with sub-
chapter B of chapter 66 (sec. 6511 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 sureties satisfactory to and to be
approved by the Secretary or his delegate, in such sum
as the Secretary or his delegate may require, condi-
tioned 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 redetermination by the Secretary or his dele-
gate 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, for
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 de-
pendent 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 disburse-
ments method has the privilege of taking the credit for
foreign taxes on an accrual method, but if it elects to
do so, tho credit for foreign taxes with respect to all
subsequent years must be taken upx)n the same method.
U. f . OOVERNHCNT PRIHTINS OmCI 16 49638-7
INDEX
(For data by industrial divisions, major groups, and minor groups, see "Industrial divisions and groups.")
A Page
Aooounting periods 7, 15
Annual accounting period by month ended 93,
113-116
Income tax 93, 116
Inventories 113-115
Net Income or deficit 93
Net Income or deficit, size of 93
Payment on declaration of estimated tax 116
Total assets, returns with beginning and
ending Inventories 113-115
Accounts and notes payable 12, 41-66
Accoimts and notes receivable. (See Notes and
accounts receivable. )
Accounts payable 31-40, 102-111, 117-122
Accrued expenses 31-40, 102-111, 117-122
Active and Inactive corporations 7, 13
Advertising (cost item In deduction).. 9, 25-40, 96-111,
117-122
Affiliated corporations. (See Consolidated re-
turns. )
Alternative tax under section 1201 12, 90
Amortization 9, 12, 25-40, 96-111, 117-122
Amounts contributed under other employee benefit
plans 9, 13, 25-40, 96-111, 117-122
Amounts contributed under pension plans... 9, 15, 25-40,
96-111, 117-122
Assets and liabilities (returns with balance
sheets):
Classification and summary data 8, 12
Consolidated returns 117-122
Industrial divisions or groups 31-38, 41-66,
102-109, 117, 120
Inventories, beginning and end of year 112-115
Total 8, 31-66, 70-89, 102-lli, 117-122
Total assets, size of 8, 39-66, 70-89, 110-111,
118-119, 121-122, 124, 128
Total assets, size of, by size of net income
by Industrial division 8, 70-89
Audit revisions not tabulated 12
Authority for publication of "Statistics of
Income" Ill
B
Bad debts 9, 25-40, 96-111, 117-122
Reserve 31-40, 102-111, 117-122
Balance sheets, returns with (See also Assets
and liabilities.) 8, 9, 31-66, 70-89, 102-111,
117-122
Beginning and end of year Inventories. ... 8, 15, 112-115
Bonds, Government. (See Government obligations)
Bonds and mortgages payable 12, 41-66
Bonds, notes, mortgages payable.... 12, 31-40, 102-111,
117-122
Capital gain and loss: Page
Definitions 12-13
Net long-term capital gain reduced by any
net short-term capital loss 9, 25-40, 90,
96-111, 117-122
Net short-term capital gain reduced by any
net long-term capital loss 9, 25^0, 96-111,
117-122
Capital stock:
Common and preferred, separately. . . . 31-40, 102-111,
117-122
Total 41-66
Capital surplus, or paid-in 15, 31-40, 102-111,
117-122
Carryback changes not tabulated 14
Cash 31-66, 102-111, 117-122
Categories and classification of active corpora-
tion returns 3, 8-11
Changes In law affecting 1955 data 7, 9-10
Common stock 31-40, 102-111, 117-122
Compensation of officers 9, 25-40, 96-111, 117-122
Compiled deductions. (See Compiled receipts and
compiled deductions. )
Compiled net profit less Income tax 7, 9, 25-40,
96-111, 117-122
Compiled net profit or net loss 7, 9, 25-66, 96-111,
117-122
Compiled receipts and compiled deductions:
Balance sheets, returns with 9, 31-40, 102-111,
117-122
Consolidated returns 117-122
Industrial groups or divisions 25-40, 96-109,
117, 120
Returns with net income 96-111, 120-122
Total assets, size of 39-40, 110-111, 118-119,
121-122
Total compiled deductions 7, 9, 25-40, 96-111,
117-122
Total compiled receipts 7-9, 15, 20-66, 96-111,
117-122
Consolidated returns:
Assets and liabilities 117-122
Compiled deductions 117-122
Compiled receipts 117-122
Criteria of affiliation 10
Industrial divisions 10, 117, 120
Number of returns and subsidiaries 10, 117-122
Returns with net income 120-122
Textual discussion 10
Total assets, size of 118-119, 121-122
Contributions or gifts.... 9, 13, 25-40, 96-111, 117-122
Cost of goods sold, and cost of operations:
Separately 9, 13, 25-40, 96-111, 117-122
Total 7, 20-24, 41-66
Credit, taxes paid to foreign countries or pos-
sessions of the United States 11, 116, 123-129
Calendar year accounting periods. (See also Ac-
counting periods . ) 93
Capital assets, (See also depreciable, deplet-
able, and intangible assets, and land.) 12, 41-66
D
Debts, bad 9, 25^0, 96-111, 117-122
Reserve 31-40, 102-111, 117-122
Declarations of estimated tax 10, 116
183
184
INDEX
Deductions, compiled. (See Compiled receipts Page
and compiled deductions. )
Deduction due to net operating loss of preced-
ing taxable years 9, 14, 25-40, 96-111, 117-122
Deficit (without net income). (See Net Income
or deficit. )
Deficit, size of 67-93, 129
Depletable assets 31-40, 102-111, 117-122
Less: Accumulated depletion 31— iO, 102-111,
117-122
Depletion 9, 25-4-0, 96-111, 117-122
Depreciable assets 31-40, 102-111, 117-122
Less: Accxnnulated amortization and depre-
ciation 31-40, 102-111, 117-122
Depreciation 9, 13, 25-40, 96-111, 117-122
Districts and Regions 10, 94, 95
Dividends paid:
By size of net income and deficit 67-89, 92
By size of total assets 39-66, 70-89, 118-119,
121-122
Cash and assets other than corporations own
stock 9, 25-89, 92, 96-111, 117-122
Corporation's own stock 9, 25-40, 92, 96-111,
117-122
Industrial divisions and groups 25-38, 41-89,
96-109, 117, 120
Dividends from foreign sources 13, 123-124, 126,
128-129
Dividends received from domestic and foreign
corporations, separately 9, 13, 25-40, 91, 96-111,
117-122
Earned surplus and \mdivided profits 12, 13, 31-40,
102-111, 117-122
Employee benefit plans, amounts contributed
under other 9, 13, 25-40, 96-111, 117-122
Estimated tax 10, 116
Expenses and supplies, prepaid 31-40, 102-111,
117-122
Experimental and research expenditures 12
Explanation of terms 12-15
Exploration and development expenditures 12
Facsimiles of returns 143-179
Federal tax laws, synopsis of, 1945-1954. (See
Stat ist ics of Income, 1954, Corporation Income
Tax Returns . )
New provisions affecting 1955 returns 2, 9-10
Fiscal year returns. (See Accounting periods.)
Foreign corporations, dividends received from... 9, 13,
25-40, 91, 96-111, 117-124, 126, 128-129
Foreign taxes — Corporations claiming credit for
taxes paid to a foreign country or United
States possession 11, 116, 123-129
Forms, fasoimiles of corporation returns:
Form 1120 — Corporation income tax return.... 143-160
Form 1120L — Life insurance company income
tax return 161-174
Form 1120M — Mutual insurance company income
tax return 175-178
Form 1118 — Statement in support of credit
claimed for foreign taxes paid 179-182
Gain, net capital. (See Capital gain and loss. )
Gain, net or net loss from sales of property
other than capital assets 9, 14, 25-40, 96-111,
117-122
Gifts, contributions 9, 13, 25-40, 96-111, 117-122
Page
Government obligations 14, 31-40, 102-111, 117-122
Interest on — taxable, subject to surtax onlj5
and tax-exempt, separately 9, 14, 25-40, 91,
96-111,^ 117-122
Gross receipts from operations.... 9, 13, 25-40, 96-111,
117-122
Gross sales 9, 13, 25-40, 96-112, 117-122
Gross sales and gross receipts from operations.. 7, 13,
20-24, 41-66
Guide to tables by subject 2
Guide to categories by returns 3
H
Historical data, 1909-1949. (See Statistics of
Income for 1949, Part 2.)
Historical data, 1945-1954. (See Statistics of
Income, 1954, Corporation Income Tax Returns.)
Inactive corporations 7, 11, 13, 15
Income. (See Net income; Compiled receipts. )
Income (other than dividends) from foreign
sources 14, 123-124, 126, 128-129
Income tax:
Balance sheets, returns with 9, 31-66, 70-89,
102-111, 117-122
Before credit for taxes paid to foreign
countries or possessions of the United
States 123-129
Calendar, noncalendar, and part year account-
ing periods 93, 116
Consolidated income tax returns 10, 117-122
Defined 14, 15
Districts and Regions 95
Industrial divisions or groups 9, 20-38, 41-89,
96-109, 117, 120
Net income, size of 67-90, 93, 116, 129
Payment on declaration of estimated 116
Summarized 7
Total assets, size of 39-66, 70-89, 110-111,
118-119, 121-122, 128
Type of tax liability 90
Industrial divisions and groups:
Assets and liabilities 31-38, 41-66, 102-111,
117, 120
Classification and textual discussion 9-10
Compiled deductions 25-38, 96-109, 117, 120
Compiled receipts 9, 20-38,' 41-66, 96-109,
117, 120
Divisions only 9, 67-89, 117, 120
Major groups 25-38, 41-66, 96-109, 123, 125-127
Minor groups 20-24
Net income and deficit, size of 8, 67-89
Total assets, size of 8, 41-66, 70-89
Industry measurement 2
Intangible assets 14, 31-40, 102-111, 117-122
Less: Accumulated amortization 31—40, 102-111,
117-122
Interest paid 9, 25-40, 96-111, 117-122
Interest received, not on Government obligations. 9,
40, 96-111, 117-122
Interest received on Government obligations,
taxable, subject to surtax only, and tax-
exempt, separately.. 9, 14, 25-40, 91, 96-111, 117-122
Internal Revenue Regions and Districts 10, 94, 95
Inventories 8, 31-66, 96-111, 117-122
Beginning and end of year inventories 8, 15,
112-115
Investments:
Government obligations.. 14, 31-40, 102-111, 117-122
Other than Government obligations 14, 31-40,
102-111, 117-122
Total, by major industrial groups 41-66
INDEX
185
L
Page
Land (capital assets) 1A-, 31-40, ' 102-111, 117-122
Laws, Federal tax, synopsis, 194-5-1954. (See
Statistics of Income, 1954, Corporation Income
Tax Returns- )
Liabilities. (See Assets and liabilities. )
Limitations of data, sample and other 11-12
Loss:
Net loss, sales other than capital assets... 9, 14,
25-4-0, 96-111, 117-122
Net operating loss deduction. 9, 14, 25-40,
96-111, 117-122
Returns without net income 7, 9, 15, 67-93, 116
M
Major and minor industrial groups. (See
Industrial divisions and groups.)
Map of Internal Revenue Regions and Districts... 94
Month in which accounting period ended. (See
Accounting periods.)
Mortgages, bonds, notes, payable 12, 31-40,
102-111, 117-122
Mortgages, bonds, payable 41-66
N
Net capital gain. (See Capital gain or loss.)
Net gain, sales other than capital assets 9, 14,
25-40, 96-111, 117-122
Net income or deficit:
Accounting periods 93 , 116
Balance sheets, returns with 9, 31-66, 70-89,
102-111, 117-122
Classification and definition 9, 14
Consolidated income tax returns 117-122
Districts and Regions 95
Industrial divisions only 67-89, 117, 120
Industrial groups 20-38, 41-66, 96-109,
123, 125-127
Size of 8, 9, 67-93, 116, 124, 129
Summary for current year 7, 9
Total assets, size of 8, 39-66, 70-89, 110-111,
118-119, 121-122
Type of tax liability 90
Net long-term capital gain reduced by any net
short-term capital loss 9, 12, 25-40, 90,
96-111, 117-122
Net loss, sales other than capital assets 9, 14,
25-40, 96-111, 117-122
Net operating loss deduction 9, 14, 25-40,
96-111, 117-122
Net profit, compiled, less income tax 7, 9, 25-40,
96-111, 117-122
Net profit or loss, compiled 7, 9, 25-66, 96-111,
117-122
Net short-term capital gain reduced by any
net long-term capital loss 9, 25-40, 96-111,
117-122
Noncalendar year returns 14, 93
Nontaxable returns with net income 14, 90
Notes and accounts receivable 31-40,
102-111, 117-122
Less reserves 41-66
Reserves for bad debts 31-40, 102-111, 117-122
Notes, bonds, mortgages payable 12, 31-40, 102-111,
117-122
Number of retxirns. (See specific type of return
or classification.)
Summarized 3, 7
'^ Page
Paid-in or capital surplus 15, 31-40, 102-111,
117-122
Part year accounting period 15, 93, 113-116
Payments on declaration of estimated tax 10, 116
Pension plans, amounts contributed under 9, 15,
25-40, 96-111, 117-122
Personal holding company schedules: Data
published biennially. (See Stat ist ics of
Income, 1954, Corporation Income Tax Returns.)
Population of returns 7, 11
Preferred stock 31-40, 102-111, 117-122
Prepaid expenses and supplies... 31-40, 102-111, 117-122
Prior year loss deduction. (See Net operating
loss deduction.)
Profit, compiled net, less income tax 7, 9, 25-40,
96-111, 117-122
Profit or loss, compiled net 7, 9, 25-66, 96-111,
117-122
Profits, earned surplus and undivided 13, 31-40,
102-111, 117-122
Profits, surplus and undivided 15, 41-66
K
14
Organizational expenditures.
12
Rates .of tax, income
Receipts:
Compiled. (See Compiled receipts and com-
piled deductions.)
Gross from operations 9, 25-40, 96-111, 117-122
Gross sales and gross receipts from opera-
tions 7, 13, 20-24, 41-66
Partially and wholly tax-exempt interest.
(See Government obligations.)
Regions and Districts 10, 94, 95
Regular and alternative tax 15, 90
Rent paid on business property 9, 25-40, 96-111,
117-122
Rents, received 9, 15, 25-40, 96-111, 117-122
Repairs (deduction) 9, 25-40, 96-111, 117-122
Research and experimental expenditures 12
Reserves (accumulated amortization, depletion,
and depreciation) 31-40, 102-111, 117-122
Reserves for bad debts 31-40, 102-111, 117-122
Reserves, surplus 31-40, 102-111, 117-122
Return forms for 1955 (facsimiles) 143-182
Returns included in this Report 11
Returns, number of. (See aiso specific type of
return.) 3, 7, 9, 15
Returns by size of net income or deficit by size
of total assets by industrial division 70-89
Returns for calendar, noncalendar, and part year
periods 93
Returns of Western Hemisphere trade corporations. 125-129
Returns showing payment of estimated tax 10, 116
Returns with balance sheets 8, 9, 31-66, 70-89,
102-111, 117-122
Returns with foreign tax credit 123-129
Returns with net income 7, 9, 20-24, 67-93,
95-111, 120-122
With no income tax liability 90
Returns without balance sheets 9, 31, 39, 102,
110, 117, 118, 120, 121
Returns without net income 7, 9, 15, 67-93, 116
Returns with regular tax 15, 90
Royalties received 9, 15, 25-40, 96-111, 117-122
Sales, gross 9, 13, 25-40, 96-112, 117-122
Sales of property other than capital assets, net
gain or loss 9, 14, 25-40, 96-111, 117-122
Sample, description of, and limitations of data. 11-12
Securities with wholly and partially tax-exempt
interest. ( See Investments, Government obli-
gations. )
186
INDEX
Page
Selected data for tax years 1955 and 195^ 7, 10
Source book 133-1'40
Description and use 133
Industrial groups available 137-1-40
Items and classifications available 13<+-136
Sources of data 7
States and Territories. (See Districts and
Regions . )
Stock:
Capital, total <il-66
Common and preferred, separately.... 31-AO, 102-111,
117-122
Stock dividends paid 9, 25-^0, 92, 96-111,
117-122
Subsidiaries, number of 10, 15, 117-122
Supplies. (See Prepaid expenses and supplies.)
Surplus and undivided profits 15, Al-66
Surplus, earned, and undivided profits... 12, 13, 31-'i0,
102-111, 117-122
Surplus, paid-in or capital 15, 31-'iO, 102-111,
117-122
Surplus reserves 31-AO, 102-111, 117-122
Summary of 1955 data 7-15
Surtax 1'^, 15
Synopsis of Federal tax laws, 19'i5-1954.. (See
Statistics of Income, 1954, Corporation Income
Tax Returns . )
Tax. (See Income tax.) Page
Taxable income 15
Tax forms. (See Forms.)
Tax liability, type of 90
Tax rates lA
Tax year. (See aiso Accounting periods.) 15
Taxes paid (other than income tax) 9, 15, 25-AO,
96-111, 117-122
Taxes paid to foreign countries or possessions
of the United States 11, 123-129
Tax-exempt interest. (See Government obliga-
tions. )
Terms, explanation of 12-15
Territories. (See Districts and Regions.)
Total assets, size of 8, 39-66, 70-89, 110-111,
118-119, 121-122
Type of dividend paid 92
Type of tax liability 90
U
Undivided profits, earned surplus and.... 12, 13, 31-AO,
102-111, 117-122
Undivided profits, surplus and 15, -41-66
Unincorporated businesses filing corporation
returns 15
Tables for corporation income tax returns,
tables 1-29 2, 18-19
Western Hemisphere trade corporations 11, 125-129
Wholly tax-exempt interest. (See Government
obligations. )
tli. S. GOVERNMENT PRINTING OFFICE ; 1958 O - 468791
Dots W\
cmCViVA^^
Guide to
Table Subject
Explanation
of Terms
Tables for
Tax Year 1955
Source Book
1926-55
For ease of locating major sections of tfie
book, black indicators have been placed
in line with the arrows. Fanning the
pages brings the indicators into easy view.
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