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BOSTON PUBLIC LIBRARY
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J
STATISTICS OF INCOME . . . 1956-57
with accounting periods ended i^j
July 1956- June 1957
.^5|PP5
OCCIDENTAL COLLEGE
y
/4^\ 4 1959
LIBRARY
U. S. TREASURY DEPARTMENT • INTERNAL REVENUE SERVICE
^>^CfT'
« J5-1f^r%T»T- BTk^-i/^-y-i
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Statistics of Income / 1956-57
Corporation
INCOME TAX
RETURNS
with accounting
periods ended
July 19 56- June 1957
^<
BOSTON PU^UCL^JPJ^jj-,
GOVERNMENT OOCU»»ENTS OEPAR^Mtn
0
MAY 1 i 2000
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
U. S. TREASURY DEPARTMENT
Internal Revenue Service • Publication No. 16 (3-59)
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1959
For sale hy tbe Superintendent of Documents. U. S. Qovernment Printing Office. Washington 25, D. C.
Price tl .2S (paper cover)
LETTER OF TRANSMITTAL
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington, D. C, March 3, 1959.
Sir: I have the honor to submit the report, Statistics of Income-
1956-57 , Corporation Income Tax Returns with accounting periods ended
July 1956- June 1957. This report was prepared under section 6108 of
the Internal Revenue Code of 1954 which requires publication of annual
statistics with respect to tl}e operation of the income tax laws. These
statistics are widely used, not only with respect to the operation and
administration of tax laws, but also as benchmarks in estimating the
national income.
Corporation income, deductions, assets, liabilities, tax liability,
and dividends are shown in detail. Additional statistics show operation
of provisions covering alternative tax for capital gains, payments on
declarations of estimated tax, consolidated returns, foreign tax credit.
Western Hemisphere trade corporations, and personal holding company tax.
Historical tabulations of significant items are also included.
Respectfully,
Dana Latham,
Commissioner of Internal Revenue.
Hon. Robert B. Anderson,
Secretary of the Treasury.
Ill
CONTENTS
Page
1. Corporation income tax returns, July 1966-June 1957:
Guide to tables by subject 2
C omparison with preceding report period 3
New frequency data 3
Description of the sample and limitations of data 4
Explanation of terms 5
2. Tables from corporation income tax returns, July 1956-June 1957 12
3. Corporation income tax returns, historical data, 19^,7-^8 through 1956-57 . . . 118
4. Source Book of Statistics of Income, 1926-1951, 1953-1956 134^
5. Synopsis of Federal tax laws, 1 9i,7-l 956 144
6/ Facsimiles of corporation income tax return forms, 1956 154
Index 203
V
1. Corporation /ncome
Tax Returns,
July 1956-June 1957
Table
Pate
No.
No.
1
lA
2
19
3
25
35
5
35
10
70
11
73
13
75
14
76
GUIDE TO TABLES BY SUBJECT
Industry measurement:
Minor industry receipts, costs, net income, taxes, dividends
Major industry income statements
Major industry balance sheet and related income statements
Major industry asset size distribution, selected balance sheet and income statement
items
Major industry sales and receipts from operations, net income, total assets, by month
accounting period ended 7 62
Industrial division income size distribution, net income, tax, dividends 10 70
Asset size and income size distributions:
Balance sheets and related income statements, by size of total assets 4 33
Major industry selected balance sheet and income statement items, by size of total
assets
Industrial division net income, tax, dividends, by size of net income or deficit
Type of tax liability, by size of net income
Dividend and selected interest receipts, by size of net income or deficit
Type of dividends paid by size of net income or deficit
Payments on declarations of estimated tax, net income, tax, foreign tax credit, by size of
net income , by accounting period 12 74
Dividends summary:
Dividend receipts by size of net income or deficit 13 75
Type of dividends paid by size of net income or deficit 14 76
Accounting periods:
Net income or deficit, and tax, by month in which accounting period ended 6 61
Major industry sales and receipts from operations, net income, total assets, by month
in which accounting period ended
Calendar and noncalendar periods related to size of total assets
Calendar and noncalendar periods related to size of net income or deficit
Returns with net income 15-18 77-99
Consolidated returns:
Industrial division, balance sheets and related income statements 19,21 100, 103
Asset size distribution, balance sheets and related income statements 20,22 101, 104
Foreign tax credit claimed, net income, foreign income, taxes 23-25 106, 107
Western Hemisphere trade corporation deduction, net income, foreign income, taxes, foreign
tax credit 26-28 108-112
Personal holding company income, undistributed income, tax, total assets 29-33 113, 114
Frequency of item entries on tax returns:
Major industry receipts of dividends, rents, royalties 34 115
Ma jor industry deductions for depreciation, amortization 35 116
Historical data:
Number of returns , 1947-48 through 1956-57 36 120
Receipts, net income, taxes, dividends, 1947-48 through 1956-57 37 120
Major industry specified current assets and liabilities, investments, total assets, net
worth, and related receipts, 1948-49 through 1956-57 38 121
Asset size distribution, returns, total compiled receipts, total assets, 1947-48 through
1956-57 39 131
2
7
62
8
69
9
69
CORPORATION INCOME TAX RETURNS WITH ACCOUNTING
PERIODS ENDED JULY 1956-JUNE 1957
Every corporation, unless expressly exempt, must
file an income tax return regardless of the amount
of its income. This report provides summary finan-
cial statistics derived from a sample of all corpo-
ration income tax returns filed with accounting
periods ended July 1956 through June 1957. There
were 925 thousand such returns filed, of which
nearly 886 thousand were for active corporations.
These statistics were compiled from returns as
filed by the taxpayer. The provisions of the 195<+
Internal Revenue Code under which corporation re-
turns were filed were substantially the same as
those in effect during the preceding year.
COMPARISON WITH PRECEDING REPORT PERIOD
Gross sales and receipts from operations tabulated
for this report amounted to nearly $647 billion, an
increase of $3'+ billion over the preceding report
period. Costs, however, rose relative to gross
sales and receipts with the result that the net
income of $46.9 billion was slightly lower in this
period. Table A summarizes these developments.
Oiort l.-CORPaUTrOH INCOME
OROSS StUS INO RECEIPTS
NET IMCOIE IS PERCEKT OF
FHOII OPERtTIONS
GROSS SUES INO RECEIPTS
gnu
400"
ni of doU.r.
FRON OPERiriONS
Percent
10
200-
100-
f
tlNOFICTORING COIPOtlTIONS
igSl-S7 I9S9-9I
IHI-t; ll99-9(
nioni of dolUi
400"
300-
200-
Porcont
10 —
NONIIINUFICTOIIINC CORPORITIONS
1
Tabic A.— ACTIVE CORPORXTION RETURNS: RECEIPTS, DEDUCTIONS, TAX, AND PROFITS
Accounting periods ended—
Item
July 1956-
June 1957
July
June
1955-
1956
fSi/lioi,
doilara>
646.7
33.2
612.7
29.6
679.9
642.2
473.3
159.2
448.6
145.7
632.5
594.3
47.4
21.4
47.9
21.7
26.0
26.2
Reported tax liability also declined somewhat,
dropping from $21.7 billion to $21.4 billion. The
declines in net income and tax were principally in
manufacturing and only partially offset by increases
in nonmanuf acturing sectors. Brief summary compari-
sons are given in table B and chart 1.
About 94 percent of all active corporation re-
turns, including almost all returns of large corpo-
rations, show balance sheet data. The value of
total assets reported for these corporations (table
C) was $949 billion, an increase of $60 billion
over the preceding report period. Tables 3 and 16
of this report provide balance sheet and related
income statement data by industry group.
NEW FREQUENCY DATA
Information about the frequency with which certain
receipts and deductions are reported on tax returns
is contained in this volume of Statistics of Income.
Table 34 shows the number and percentage of returns
in each industry which have receipts from dividends,
rents, and royalties. Table 35 provides similar
inf oimation about returns with deductions for depre-
ciation and amortization.
Table B.— CORPORA HON RETURNS: NUMBER, NET INCOME OR DEFICIT, AND TAX
Accounting periods
ended —
Increase or
decrease (-)
Item
July 1956-
June 1957
July 1955-
June 1956
Number or
amount
Percent
(1)
(2)
(3)
(4)
924,961
885,747
39,214
559,710
50,184,217
489, %6
21,364,290
326,037
3,299,305
842,125
807,303
34,822
513,270
50,328,887
451,406
21,740,890
294,033
2,850,616
82,836
78,444
4,392
46,440
-144,670
38,560
-376,600
32,004
448,689
9.8
9.7
12.6
Active corporations:
Returns with net income:
9.0
Net Income thousand dollars..
Income tax:
-0.3
8.5
Aniount thousand dollars . .
Returns irithout net Income:
-1.7
10.9
15.7
^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 1956 -JUNE 1957
TshleC— RETURNS WITH BVLVNCE SHEETS- TOTAL VSSETS, TOTAL COMPILED RECEIPTS,
AND NET INCOME OR DEFICIT, BY SIZE OF TOTAL ASSETS, JULY 1956 ■ JUNE 1957
Size of total assets
Number of
returns
Total
assets
(Thauaand
dollara)
Total
compiled
receipts
(Thouaand
dollara)
Net income
or deficit
doltara)
(1)
(2)
(3)
(4)
Total
827,916
948,951,108
673,492,895
46,659,411
Under $25,000
$25,000 vmder $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
202,925
129,760
150,165
171,122
76,929
41,336
27,703
12,158
7,295
4,774
1,773
896
627
453
2,241,663
4,678,935
10,733,548
27,157,a2
26,752,743
28,774,775
43,236,568
42,647,358
51,199,894
73,851,861
61,034,745
62,303,942
96,406,244
417,931,620
7,328,601
10,709,095
22,472,911
53,507,241
50,180,784
48,809,687
57,899,311
39,848,994
38,048,767
49,899,050
33,532,596
36,598,253
55,215,750
169,441,855
'114,822
125,324
416,088
1,282,470
1,361,381
1,592,172
2,563,490
2,136,241
2,305,330
3,796,288
2,794,812
3,387,818
4,886,190
20,126,629
'Deficit.
DESCRIPTION OF THE SAMPLE AND LIMITATIONS
OF DATA
The statistics in this report reflect the activ-
ities of all corporations filing returns with
accounting periods ended July 1956 through June 1957.
The total number of such returns was estimated to
be 925 thousand. This figure includes returns filed
on Forms 1120, 1120L (life insurance), and 1120M
(mutual insurance). It includes about 39 thousand
returns for inactive coi^orations, although no
analysis was made of these returns.
The estimate of the total number of corporation
returns with accounting periods ended July 1956
through June 1957 allows for delinquent filing of
income tax returns pertaining to these fiscal peri-
ods. Since allowance for returns to be filed in the
future was not made in the past tabulations, this
difference in procedure accounts for a small part of
the increase in the total number of returns filed.
The total number of returns does not include ten-
tative returns and amended returns not associated
with original returns. It does not include returns
of tax exempt organizations filing returns in the
990 series. It does not include unincorporated
businesses filing on Form 1120, which were estimated
to number about 200.
The sample.— The sample was characterized by strat-
ification, optimum allocation, and the use of pre-
scribed serial number endings to designate returns
included in the sample. The returns were stratified
by type of return, by volume of business, by taxable
and nontaxable status, by the 6^ district offices
and the International Operations Division.
The returns were sorted and numbered in several
groups by the district offices for their own opera-
tions. For sampling purposes these groups were
combined into three sample classes which can be
identified as follows:
Sample class A: Consolidated returns, life and
mutual insurance company returns, returns with over-
payments of tax, and nonconsolidated returns with
gross sales, gross receipts, or total income of
$1,000,000 or more
Sample class B: Returns in which at least one of
the items — gross sales, gross receipts, or total
income — was between $100,000 and $l,000,000but none
with $1,000,000 or more.
Sample class C: Returns with gross sales, gross
receipts, or total income, each less than $100,000.
For each of these classes the number of returns
filed, the number of returns in the sample, the pre-
scribed sampling rates, and the achieved sampling
rates are given below:
Corporation Sample Glasses
Sampling rates
Number of returns-
Sample class
A
B
C
Total
Filed
88,056
295,755
5'+3,150
924,961
In sample
88,056
53.703
^9.355
191,11'+
Pre-
scribed
1.00
0.20
0.10
Achieved
1.000
0.183
.0.091
Method of estimation, — The total number of returns
filed was determined from counts made in each of the
district offices and submitted to the Statistics
Division. The adequacy of the sample size was tested
by applying the prescribed sampling rates to the
number of returns of various types filed and compar-
ing this expected sample size with the number of
sample returns actually received. Sample data were
extended to the sample class totals by weights ob-
tained by dividing the total number of returns filed
in a sample class by the number of sample returns
in that class. Since the number of sample returns
finally received was less than the number prescribed,
this was reflected in the weights.
Limitations of data. — The returns in sample class
A, all of which were included in the sample, account
for a large part of most money amounts and, there-
fore, the maximum sampling variability on an overall
basis is only a fraction of 1 percent for these
items. For example, the maximum sampling variabil-
ity in the basic totals for all industry groups sind
asset sizes combined are as follows:
Item Percent
Total number of returns ±0.25
Net income less deficit iO.lO
Net income ±0.08
Deficit ±1.00
Gross sales i0.06
Gross receipts i0.19
Income tax ±0.06
Total assets ±0. 20
The estimated value would fall outside these limits
in only 5 out of 100 similar samples of 1956-57
corporation returns.
The sampling variability of the principal charac-
teristics of the industry groups with the smallest
frequencies — forestry, anthracite mining, tobacco
manufacturing, and ordnance and accessories — is also
extremely small because the large corporations, all
of which are included in the sample, account for
most of the money values as well as for 75 percent
or more of gross sales.
In addition to sampling variability, the data are
subject to certain limitations arising from process-
ing, incomplete coverage, and inaccuracies in esti-
mating the total number of returns filed. While
these biases exist, they were minimized by an exten-
sive system of sampling management. On an overall
basis, biases in money amounts due to taxpayer
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
errors, as estimated from audited returns, may some-
what exceed the sampling variabilities given above.
EXPLANATION OF TERMS
These explanations include definitions and limitations based
on income tax law, descriptions and limitations of classifi-
cations used, and adjustments made in tabulating the data.
They apply particularly to current year data but are also appli-
cable to items shown in the historical tables 36-39. When
using historical data, the Synopsis of Federal Tax Laws,
pages 144-151, should also be consulted. Facsimiles of the
return forms for 1956, referred to in the explanations, are
shown on pages 154-202.
Accounts and notes payable, shown in table 5,
consist of amounts tabulated as accounts payable
and bonds, notes, and mortgages payable with maturity
of less than 1 year.
Alternative tax under section 1201 is explained in
the facsimile of Schedule D, pages 169-172, column 2.
Alternative tax imposed on gross income of insur-
ance companies by subchapter L of chapter 1 of the
195<+ Code is tabulated with the regular normal tax
and surtax.
Amortization is the suai of (1) deductions taken
in lieu of depreciation for emergency facilities
(under section 168 of the 1954 Code), and grain
storage facilities (section 169), and (2) the amounts
of deferred expenses written of f in 1956 for research
and experimental expenditures (section 17^+) explora-
tion and development expenditures (sections 615 and
616), organizational expenditures (section 24-8), and
trade-mark and trade name expenditures (section 177).
Section 177 was added to the 1954 Code by Public Law
629, 84th Congress, and is effective for tax years
beginning after December 31, 1955. Provisions of
law governing this deduction are shown on page 164,
paragraph 25.
Assets and liabilities were tabulated ft-cm end-of-
year balance sheets. The liability items "Accounts
payable" and "Capital stock, common" may be over-
stated in the finance division, major industry group,
"Credit agencies other than banks." This occurs
because of taxpayer reporting of some savings and
loan association savings accounts as such liability
items rather than as "Other liabilities" where they
were typically reported.'
Bad debts. — Bad debts occurring during the year
or a reasonable addition to a bad debt reserve may
be taken as a deduction. In the case of mutual sav-
ings banks, domestic building and loan associations,
and cooperative banks without capital stock and
operated for mutual purposes without profit the
amount claimed is deemed reasonable, by law, so long
as it does not exceed the lesser of (1) taxable in-
come before the bad debt deduction, or (2) the excess
of 12 percent of deposits at end of year over the
sum of surplus, undivided profits, and reserves at
the beginning of the year.
Bonds, notes, mortgages payable. — For 1956-57
length of time from maturity is based on date of
balance sheet rather than date of issue. Accord-
ingly, long-term obligations nearing maturity were
classified, together with short-term obligations,
as "Maturity less than 1 year." Treatment for
prior years is shown under "Current liabilities. "
In table 5 "Bonds and mortgages payable" are those
tabulated as "Maturity one year or more."
Capital assets less reserves in table 5 include
depreciable, depletable, and intangible assets plus
land, reduced by accumulated amortization, deprecia-
tion, and depletion.
Capital gain or loss. — Net short- and long-term
capital gains and losses are computed under pro-
visions of the Internal Revenue Code permitting an
alternative tax on long-term capital gain. (Net
capital gain is reported and tabulated whether the
alternative tax is used or not.) See facsimile of
Schedule D of the tax return, pages 169-172, for def-
initions and other explanatory material.
Consolidated returns. — A single income tax ret\UTi
may contain the combined 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,
A consolidated return (filed by the common parent)
is treated as a unit, each classification being
determined on 'the basis of the combined data of the
affiliated group. Filing changes, to or from a
consolidated return basis, affect year-to-year com-
parability of data in each classification into which
the individual companies or affiliated group would
normally fall. The nvmiber of consolidated returns
filed and the number of subsidiaries (exclusive of
the common parent corporation) are shown in table D.
T.ble D.-NUMBER OF CONSOLIDXTED RETURNS AND SUBSIDIARIES, BV INDUSTRUI. DIVLSION
Industrial division
All industrial divisions
Agriculture, forestry, and fishery..
Mining and quarrying
Construction
Manufacturing
Public utilities
■Trade
Finance, Insurance, real estate and
lessors of real property
Services
Nature of business not allocable...
Number of consolidated
returns for accounting
periods ended —
NuiDber of subsidiaries
for accounting periods
ended —
July 1956-
June 1957
(1)
24
153
139
883
345
826
856
363
July 1955-
June 1956
(2)
18
137
110
797
277
682
607
274
July 1956-
June 1957
(3)
13,131
89
492
278
2,964
1,780
2,806
2,801
1,915
July 1955-
June 1956
(4)
10,966
64
395
278
2,761
1,640
2,211
2,037
1,573
An additional surtax of 2 percent of taxable in-
come computed (1) before deduction of partially
tax-exempt interest, and (2) by excluding taxable
income of regulated public utilities and Western
Hemisphere trade corporations is imposed on affil-
iated groups filing consolidated returns.
For more detailed information and treatment prior
to 1956-57, see table C, Synopsis of Laws,
Contributions or gifts, — See paragraph 23, page
164, for limitations and carryover provisions.
Cost of goods sold and cost of operations, — Iden-
tifiable amounts of taxes, depreciation, amortiza-
tion, depletion, advertising, and pension and other
employee benefit plan contributions reported in
these costs were transferred to their specific
headings.
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
"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. See "Gross sales and gross
receipts from operations" for use of net profit or
loss for certain industrial groups.
Table E summarizes receipts and deductions for
1956-57.
-\CTIVE CORPORATION RETURNS: INCOME STATEMENT ITEMS FOR RETURNS WITH OR
WITHOUT BALANCE SHEETS. JULY 1956-JUNE 1957
Returns with
and without
balance
sheets
Number of returns :
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 (16 less
3i).
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
balance
sheets
Returns
without
balance
sheets
(Thousand dollars)
540,039,596
106,632,639
2,388,101
74,806
527,736
12,067,541
6,(X2,049
787,977
44,704
2,331,975
1,024,377
2,688,181
758,292
4,460,194
679,868,168
409,018,021
64,262,359
11,045,160
6,274,115
6,130,840
1,920,401
8,280,952
15,038,562
417,996
2,625,949
14,952,881
3,084,301
7,061,631
3,&45,380
682,338
76,711,212
632,455,520
47,412,&48
46,884,912
917,670
21,364,290
26,048,358
14,498,400
2,725,210
535,213,755
105,465,272
2,373,155
74,441
524,230
11,994,830
5,910,661
780,723
43,584
2,279,635
1,000,411
2,663,353
754,722
4,414,123
673,492,895
405,212,934
63,599,705
10,897,467
6,201,024
6,074,154
1,903,111
8,201,675
14,907,990
414,102
2,620,521
14,788,998
3,056,747
6,993,574
3,626,038
669,013
75,843,813
626,309,254
47,183,641
46,659,411
894,081
21,221,546
25,962,095
14,358,799
2,718,189
4,825,341
1,167,367
U,946
365
3,506
72,711
131,388
7,254
1,120
52,340
23,966
24,828
3,570
46,071
6,375,273
3,805,087
663,154
U7,693
73,091
56,686
17,290
76,277
130,572
3,894
5,423
163,883
27,554
68,057
19,342
13,295
867,399
6,146,266
229,007
225,501
23,589
142,744
86,263
139,601
7,021
Credit claimed for foreign taxes paid and state-
ment filed in support thereof. — See facsimile of
Form 1118 with extracts from the Internal Revenue
Code, pages 197-200. Supporting statements. Form
1118, were not available for tabulation for all re-
turns on which foreign tax credit was claimed.
Current assets. — In historical table 38 specified
current assets consist of cash, notes, and accounts
receivable less reserve for bad debts, and inven-
tories. For 195-4-55 and subsequent years they also
include prepaid expenses and supplies.
The balance sheet schedule on the income tax return,
facsimile page 158, does not require classification
of assets and liabilities as current or noncurrent.
Therefore "Specified current assets" include only
the accounts shown above.
Current liabilities. — In historical table 38 for
19';8-<49 through 1953-5-; specified current liabili-
ties consist of accounts payable, and bonds, notes,
and mortgages payable with original maturity of
less than one year. For 1954-55 through 1956-57
they consist of accounts payable, bonds, notes, and
mortgages payable with maturity less than one year
from date of balance sheet, and accrued expenses.
(See also Statistics of Income-1954 , Corporation
Income Tax Returns, page 23, for explanatory note
concerning the change in definition of current bonds,
notes, and mortgages payable.)
The balance sheet schedule on the income tax
return, facsimile page 158, does not require classi-
fication of assets and liabilities as current or
noncurrent. Therefore "Specified current liabili-
ties" include only the accounts shown above.
Declaration of estimated tax. — See facsimile of
Form 1120ES and instructions, pages 201 and 202, and
"Payments on declarations of estimated tax" below.
Deficit. — See "Net income or deficit."
Depletion may be based on cost or, in the case of
natural deposits, on a fixed percentage of gross
income, less rents and royalties paid, from the
depletable property. Percentage depletion may not,
however, exceed 50 percent of the taxable income
from the property, computed without the depletion
deduction. Percentage depletion rates for each type
of deposit are listed in section 613 of the Code
and range from 5 to 27-1/2 percent.
Depreciable assets. — For life and mutual insurance
carriers (Forms 1120L and 1120M, facsimiles on pages
179-196) and for all other insurance carriers which
filed balance sheets in the form required by state
laws in lieu of the income tax schedule, depreciable
assets include only the home and branch office build-
ings and equipment. All other real estate holdings
of these companies were tabulated as "Other invest-
ments."
For the industry group "Real estate, except lessors
of real property other than buildings," land and
buildings were tabulated as "Other investments,"
"Depreciable assets," or "Land" according to the
method of reporting used on the return.
Depreciation. — See discussion of this deduction
for income tax purposes, page 165, paragraph 26.
Dividends from foreign sources in tables 23-28
were tabulated from line 5, Form 1118 (facsimile,
pages 197-200) 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 in-
come 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 pertain
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" exclude 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.
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
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 195<4
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 23-28.
For deductions from net income of a portion of div-
idends received, see computation of special deduc-
tions, page 157, and paragraphs 36 and 37, page 166.
Earned surplus and undivided profits is a net
figure after deduction of negative amounts reported.
Employee benefit plans other than those within
the purview of section 4-04. of the 1954- Code include
insurance plans, noninsured death benefit plans, and
health, accident, and other welfare benefit plans,
contributions to which are deductible under section
162.
Estimated tax. — See facsimile of return Form 112CIES
and instructions, pages 201-202, and "Payments oh
declarations of estimated tax" below.
Excess profits tax. — The excess profits tax shown
in historical table 37 is that imposed by section
<430 which was added to the 1939 Code by the Excess
Profits Tax Act of 1950, effective July 1, 1950. The
amounts tabulated are after limitation and certain
adjustments and before credit for foreign taxes paid.
This tax terminated December 31, 1953, and for re-
turns with accoimting periods beginning before and
ending after that date the tax is a prorated amount
determined according to the number of days in the
accounting period before January 1, 195-4.
Foreign tax credit.— See Form 1118, pages 197-200,
for computation and explanation of foreign tax credit.
A few Form 1118 's for returns showing credit were
not available for tabulation.
Form 1118 statements. — See "Foreign tax credit"
above.
Gross sales and gross receipts from operations. —
Gross sales, less returns and allowances, were re-
ported when inventories were an income-determining
factor. Gross receipts from operations were reported
when inventories were not an income-determining
factor. Costs are shown as deductions.
Rents reported as a principal business income by
certain types of manufacturing, public utility, and
service corporations were included in gross receipts
from operations. These corporations include manu-
facturers who, frequently rent rather than sell
products, such as tabulating equipment, lessors of
public utility facilities such as docks, warehouses,
and pipelines, and rental services such as automo-
bile and clothing rental agencies.
Sales and receipts reported on certain nonconsoli-
dated returns of financial corporations were subject
to special treatment in preparing the statistical
tabulations. In lieu of gross sales and cost of
goods reported by investment and holding companies
(other than operating-holding companies), security
and commodity-exchange brokers and dealers, and
developers of real property, including traders on
own account, the net profit or loss from sale of
securities or real estate was tabulated in "Net
gain (or loss), sales other than capital assets."
Net gain or loss from other sales reported by these
companies and by insursinoe carriers other than life
or mutual were included in "Other receipts" or
"Other deductions."
Throughout the finance division, if gross receipts
from operations were itemized on the return they
were included in specific income items (e.g., inter-
est, rents) with the exceptions of interest reported
by automobile finance companies and rent and coop-
erative apartment assessment rent reported by real
estate operators. These two types of income were
tabulated as gross receipts from operations.
Inactive corporations are defined as those which
reported no item of income or deduction. Returns
are filed by inactive corporations in accordance
with the regulation that a corporation having an
existence during any portion of a taxable year is
required to file a return. Returns of inactive cor-
porations were not included in the tabulations, but
the number filed is shown in tables B and 36.
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 197.)
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
1956-57 data with that prior to 1955 is affected by
the different concepts of "Dividends from foreign
sources" mentioned in the explanation of that item
above.
Income tax. — Computation of the regular corporate
income tax on Form 1120 is shown on page 157 or
page 170 if the alternative tax is used. The amount
tabulated for this report is taken from line A6,
page 157. Computation of life insurance company
income tax is shown on pages 180-181 and 191-192.
The amount tabulated is that reported on line 1,
page 179. For mutual insurance companies other
than life, see pages 194- and 193. The amount tab-
ulated is taken from line 25, page 193. Instruc-
tions are shown on pages 166 and 167 (Form 1120),
and page 186 (Form 1120L). Table A of the Synopsis
of Laws shows the tax rates and bases for the last
10 years.
Industrial divisions and groups.— Industrial clas-
sification of each return was determined by the
business activity accounting for the largest per-
centage of the total receipts. Because many cor-
porations, virtually all of the large firms, carry
on business in more than one of the standard indus-
trial groups, the classification of corporation data
by industry is necessarily subject to limitations.
Year-to-year changes in the classification of spe-
cific corporations result from mergers, other altera-
tions in corporate structiire, and from filing of
consolidated returns.
The classification system used for this report
contains 225 minor industrial groups, 65 major groups,
and 9 divisions and was adapted to an ownership basis
from the 1945-49 Standard Industrial Classification
issued ^ the Office of Statistical Standards, Bureau
of the Budget, Executive Office of the President.
There have been no changes in the classification used
for Statistics of Income since 1952. Summary data
for the 9 industrial divisions are shown in table F.
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
Table F.— ACTIVE CORPORATION RETURNS: TOTAL COMPILED RECEIPTS. NET INCOME OR DEFICIT, AND T\X. BY NET INCOME ST\TUS \ND INDUSTRIAL DIVISION, JULY 1956-JUNE 1957
Industrial division
Total
number of
returns
Returns with net income
Number of
returns
Percent of
division
total
Total
compiled
receipts
( Thoumand
dollmrm)
(Thousand
doUmra)
Number of
returns
( Thousand
dollars)
Returns without net income
Number of
returns
Percent of
division
total
Total
compiled
receipts
(Thousand
dollars)
( Thousand
dollar*)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
All industrial divisions
Agriculture, forestry, and fishery
Mining and quarrying
Construction
Uanuf acturing
Public utilities
Trade
Finance, Insurance, real estate, and lessors of real
property
Services
Nature of business not allocable
885,747
10,973
11,743
48,292
132,835
36,181
286,252
265,005
81,598
12,868
559,710
5,768
5,519
29,506
89,208
22,916
135,469
172,377
46,086
2,861
63.2
52.6
47.0
61.1
67.2
63.3
6i.8
65.0
56.5
22.2
614,857,002
2,193,807
9,107,747
20,037,334
300,009,759
48,339,737
192,213,927
29,228,503
13,609,941
111,247
50,184,217
191,201
1,468,368
843,094
25,678,144
6,180,388
5,957,583
8,791,668
1,057,087
16,684
489,966
4,606
4,760
25,932
77,802
20,031
162,193
154,461
37,941
2,240
21,364,290
68,375
648,655
328,794
12,289,618
3,024,761
2,547,725
2,038,036
413,670
4,656
326,037
5,205
6,224
18,785
43,627
13,265
100,783
92,628
35,512
10,007
36.3
47.4
53.0
38.9
32.8
36.7
35.2
35.0
43.5
77.8
65,011,166
560,655
1,764,303
3,471,520
19,303,987
3,968,733
25,953,050
7,018,911
2,921,295
48,662
(11)
62,254
303,136
166,297
,049,395
a8,035
715,000
555,768
a3,805
15,615
Intangible assets. — The coi^oration 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-
strumentalities 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, 19'Vl, and
interest on obligations of instrumentalities of the
United States issued prior to March 1, 19<il, is
subject to surtax only.
Interest on obligations of States, Territories,
United States possessions, or their political sub-
divisions, 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. Amounts tabiilated are
less amortizable bond premium.
Interest paid. — See page 163, paragraph 21.
Inventories. — Amounts reported as inventories on
nonconsolidated returns by investment and holding
companies (other than operating-holding companies),
security and commodity-exchange brokers and dealers,
and developers of real property, including traders
on own account are tabulated as "Other investments."
Inventories reported by insurance carriers other
than life or mutual are included in "Other assets. "
Inventories include growing crops reported as assets
by agricultural concerns.
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 "Government" or "Other" were
included in "Other investments."
For the industry groups "Insurance carriers" and
"Real estate, except lessors of real property other
than buildings," see explanation of "Depreciable
assets" above.
Land. — See second paragraph of return instruction
L, page 163.
Liabilities. — See "Assets and liabilities" above.
Net gain or loss, sales other than capital assets,
is the amount derived from sale or exchange of prop-
erty not includible in the computation of capital
gain or loss for alternative tax purposes. (See in-
structions for computing capital gain or loss, pages
171-172. Amounts reported as profit or loss from
sale of securities and real estate by investment
and holding companies (other than operating-holding
companies) and by security and commodity-exchange
brokers and dealers, and profit or loss from sale of
real estate by developers of real property were
specifically added to this item during tabulation.
Net income or deficit is the sum of the amounts
reported on line 32, Form 1120, facsimile on page
157; line 15, Form 1120L, page 180; and line 18,
Form 1120M, page 193. Distribution of returns by
size of net income or deficit is shown in table G.
Table c.— NUMBER OF RETURNS WITH BALANCE SHEETS, BY SIZE OF NET INCOME OR DEFICIT,
JULY 1956 . JUNE 1957
Returns with net income
Returns without net Income
Number
of
returns
Returns with
balance sheets
Number
of
returns
Returns with
balance sheets
Size of net income and deficit
Number
Percent
Number
Percent
(1)
(2)
(3)
(4)
(5)
(6)
Total
559,710
537,275
96.0
326,037
290,641
89.1
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
258,203
82,082
48,643
33,027
31,916
51,053
23,735
16,510
6,486
3,515
3,409
548
347
127
69
35
241,293
79,384
47,653
32,513
31,445
50,474
23,355
16,311
6,408
3,461
3,355
543
344
127
69
35
93.5
97.3
93.0
98.4
98.5
98.9
98.4
98.8
98.8
98.5
98.4
99.1
99.1
100.0
100.0
100.0
233,338
38,830
17,403
9,736
5,707
U,796
5,485
2,437
322
271
182
22
8
203,085
36,210
16,443
9,283
5,493
11,316
5,209
2,351
783
261
177
22
8
87.0
93.3
94.5
95.3
96.3
95.9
95.0
96.5
95.3
96.3
97.3
100.0
100.0
Net operating loss deduction. — The net operating
loss deduction under the 1954- Code is described on
pages 165-166, paragraph 33. The amount tabulated
for Statistics of Income is the carryover only.
Modifications in computation of net income or loss
under the 1939 Code, for tax years ended before
January 1, 1954-, are shown in section 122 of the
1939 Code. For losses incurred prior to 1954 and
carried to 1956, the carryback period was one year
and the carryover period 5 years.
Net worth in historical table 38 consists, in
general, of capital stock and surplus. The items
used were preferred and common stock, paid-in or
capital sxirplus, surplus reserves, and earned sur-
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
plus and undivided profits. For 195A-55, reserves
for estimated expenses, reported separately for that
year only, were included.
Noncalendar year returns. — This classification
includes returns with full-year accounting periods
ended in the months July 1956 through November 1956
and January 1957 through June 1957. See "Part year
returns. "
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.
Number of returns excludes returns of inactive
corporations except in tables B and 36, where inac-
tives are included in the total number of returns.
Returns of unincorporated businesses electing to be
taxed as corporations under section 1361 of the
1954- Code are excluded from all tables. See also
corporations required to file a return, page 161,
paragraph A.
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 funds; other
funds; deferred charges; suspense items; interest,
discount, coupons, and dividends receivable; and
guaranty deposits. "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 assets" of banks include assets held in trust
if included in the banks ' assets on the return.
Other deductions include administrative, general
and office expenses; salaries and wages not reported
elsewhere on the return; bonuses and commissions;
delivery charges; freight and shipping expenses;
payments in connection with lawsuits; sales discount;
selling costs; travel expenses; unrealized profits
on installment sales; losses by abandonment, fire,
storm, shipwreck, or other casualty (including war
losses), and theft; negative amounts reported under
income; and Federal Deposit Insurance Corporation
assessments reported by banks. See also paragraph
30, page 165.
Other liabilities include deferred and suspense
items; dividends payable; funds held in trust; bor-
rowed securities; outstanding coupons and certifi-
cates; and overdrafts. "Other liabilities" of life
insurance companies include the net value of out-
standing policies and annuities, and borrowed money.
"Other liabilities" of banks include deposits (time,
savings, demand, etc. ) and bank notes in circulation.
Other receipts include amounts not elsewhere re-
ported on the return such as : Profits from sales
of commodities other than the principal commodity in
which the corporation deals; income from minor op-
erations; 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, manage-
ment expenses, and processing taxes; and income from
sales of scrap, salvage, or waste.
Paid-in or capital surplus is a net figure after
deduction of any negative amounts reported.
Part year returns are for accounting periods of
less than 12 months resulting from reorganizations,
newly orgsmized businesses, liquidations, mergers,
and changes to new annual accounting periods. Part
year returns used in preparing this volume were
those with accounting periods ended in the months
July 1956 through June 1957. Formerly, part year
return data were included in the Stat ist ics of
Income covering the calendar year in which the
greater number of months in the short accounting
period fell.
Payments on declarations of estimated tax. — See
facsimile of return Form 1120ES and instructions,
pages 201-202. Corporations with accounting periods
ended July through November 1956 were required to
pay 10 percent of the estimated tax in lieu of the
20 percent shown in paragraph 6, page 202, and the
installments, paragraph 7, were 5 percent.
Pension plans include pension, annuity, stock
bonus, profit-sharing, or other deferred compensa-
tion plans, contributions to which are deductible
by the employer under section 4-04 of the 195<+ Code.
Personal holding company schedules are filed by
corporations meeting the tests prescribed on page 17d
Such companies are subject to an additional tax on
undistributed income (exclusive of long-term capital
gains) imposed by section 541 of the Internal Revenue
Code. Computation of undistributed personal holding
company Income and the tax rates are shown on page
173 and the items are explained on pages 177-178.
"Personal holding company income" is defined on
page 176 and reported in schedule on page 174.
It does not necessarily represent the total gross
income of the corporation. Line 1 of the return,
facsimile on pages 173-178, was used as the source of
"corporate net income or deficit"; line 18, as the
source of "undistributed personal holding company
income"; and the schedule at the top of the second
page of the return, as the source of personal hold-
ing company income and its components. Personal
holding company schedules filed by nonresident for-
eign corporations were not used in compiling these
statistics.
Receipts from operations. — See "Gross sales and
gross receipts from operations."
Rents received. See page 163, paragraph 11.
Returns with balance sheets. — About 94 percent of
all active corporation returns contained balance
sheet data. These returns accounted for more than
99 percent of all reported receipts. In order to
associate related income statement and balance sheet
data, returns with balance sheets were classified
separately in many of the tables. Returns with
balance sheets are compared with all active corpora-
tion returns in tables E and G.
Returns with or without net income. — Classification
is based on line 32, Form 1120, facsimile page 157
(line 15, Form 1120L,page 180 or line 18, Form 1120^,
page 193). Returns having equal income and deduc-
tions are tabulated as returns without net income.
10
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
Returns with regular tax include all taxable re-
turns except those with alternative tax computed
under section 1201 of the 1954 Code.
Royalties. — See page 163, paragraph 12.
Specified current assets. — See "Current assets."
Specified current liabilities. — See "Current lia-
bilities."
Surplus and undivided profits in table 5 consists
of "Paid-in or capital surplus," "EEimed surplus and
undivided profits," and "Surplus reserves" less
negative amounts reported.
Taxable income. — Derivation of income subject to
normal tax and surtax is shown on page 157, lines
32-4-2. (See also instructions, pages 165-166.) The
amount on line 32 is the net income tabulated for
Statistics of Income. Lines 33 through 39 show
statutory deductions (explanation on pages 165-166).
Partially tax-exempt interest, line 35, is subject
to surtax at 22 percent, but not to normal tax.
Taxes paid. — See page 163, paragraph 22.
Total compiled receipts.— This amount includes the
gross taxable receipts before deduction of cost of
goods sold, cost of operations, and net loss from
sale of property other than capital assets. It
further includes nontaxable interest, but excludes
all other nontaxable income recognized by the cor-
poration. For items included, see table 2.
Western Hemisphere trade corporations. — A Western
Hemisphere trade corporation is defined by the
Internal Revenue Code as a domestic coi^oration
(1) all of whose business (except incidental pur-
chasing) 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 de-
rived from sources outside the United States; emd
(3) 90 percent or more of whose gross income for
such period was derived from active conduct of a
trade or business.
These corporations are granted a tax concession in
the form of a deduction from taxable income equal to
approximately 27 percent of such income. When in-
cluded in an affiliated group filing a consolidated
return, their income is exempt from the 2 percent ad-
ditional tax imposed on consolidated taxable income.
Income and tax data shown for Western Hemisphere
trade corporations are not fully representative
since aggregate data from <+7, predominantly large,
consolidated returns of affiliated groups were in-
cluded in the tabulations. Data from a consolidated
return are included if any member of the affiliated
group qualifies as a Western Hemisphere trade cor-
poration 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.
2. Tables from Corporation
Income Tax Returns,
July 1956'June 1957
501112 O -59 -2
TABLES FROM CORPORATION INCOME TAX RETURNS,
JULY 1956-JUNE 1957
ACTIVE CORPORATION RETURNS Page
1. Gross receipts from sales and from operations, cost of
goods sold and of operations, net income or deficit, tax,
and dividends paid, by minor industrial group K
2. Income statements, by major industrial group 19
3. Balance sheets and related income statements, by major in-
dustrial group 25
4-. Balance sheets and related income statements, by size of
total assets 33
RETURNS WITH BALANCE SHEETS
5. Selected assets, liabilities, receipts, and cost, tax, and
dividends paid, by size of total assets, by major indus-
trial group 35
ACTIVE CORPORATION RETURNS
6. Number of returns, net income or deficit, tax, and percent-
age distributions, by month in which accounting period
ended , 61
7. Gross receipts from sales and from operations, net income
or deficit, and total assets, by month in which accoimting
period ended, by major industrial group 62
8. Net income or deficit, tax, and total assets, by calendar
•and noncalendar year accounting period, by size of total
assets 69
9. Net income or deficit, and tax, by calendar and noncalendar
year accounting period, by size of net income or deficit. 69
10. Net income or deficit, tax, and dividends paid, by size of
net income or deficit, by industrial division 70
11. Regular and alternative tax liability, by size of net in-
come 73
12. Net income, tax, foreign tax credit claimed, and payments
on declarations of estimated tax, by size of net income,
by accounting period 74-
13. Dividends received and interest received on Government ob-
ligations, by size of net income or deficit 75
14. Type of dividends paid, by size of net income or deficit... 76
RETURNS WITH NET INCCME
15. Income statements, by major industrial group 77
16. Balance sheets and related income statements, by major in-
dustrial group 83
17. Balance sheets and related income statements, by size of
total assets 91
18. Gross receipts from sales and from operations, net income,
and total assets, by month in which accounting period
ended, by major industrial group 93
CONSOLIDATED RETURNS
19. Balance sheets and related income statements, by industrial
division 100
20. Balance sheets and related income statements, by size of
total assets 101
12
18
TABLES FROM CORPORATION INCOME TAX RETURNS,
JULY 1956-JUNE 1957 — Cont inued
CONSOLIDATED RETURNS WITH NET INCOME _ Page
21. Balance sheets and related income statements, by industrial
division ^"'^
22. Balance sheets and related income statements, by size of
total assets ^^
RETURNS WITH FOREIGN TAX CREDIT
23. Net income, taxes, foreign tax credit claimed, and income
from foreign sources, by major industrial group 106
2^. Net income, taxes, foreign tax credit claimed, and income
from foreign sources, by size of total assets 107
25. Net income, taxes, foreign tax credit claimed, and income
from foreign sources, by size of net income 107
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
26. Net income. Western Hemisphere trade corporation deduction,
taxes, foreign tax credit claimed, and income from foreign
sources, by major industrial group 10°
27. Net income. Western Hemisphere trade corporation deduction,
taxes, foreign tax credit claimed, and income from foreign
sources, by size of total assets HI
28. Net income. Western Hemisphere trade corporation deduction,
taxes, foreign tax credit claimed, and income from foreign
sources, by size of net income 112
PERSONAL HOLDING CCMPANY SCHEDULES
29. Net income, undistributed personal holding company income,
and personal holding company tax, by income status 113
30. Personal holding company income, by soiirce
31. Personal holding company income, undistributed income, and
tax, by size of personal holding company income H^
32. Personal holding company income, undistributed income, and
tax, by size of undistributed income ^^'^
33. Total assets, personal holding company income, undistrib-
uted income, and tax, by size of total assets H-^
ACTIVE CORPORATION RETURNS
3A. Returns with receipts from dividends, rents, and royalties,
by major industrial group • • • • 115
35. Returns with deductions for depreciation and amortization,
by major industrial group 116
14
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
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CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
c a. > a) a
to 01 (h £ L'
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CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
26
ACTIVE CORPORATION RtTlRNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL CROUP
Number of returns
Assets:
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories:
last-in, first-out
Other than last-in, flrst-out
Not stated '.
Prepaid expenses and supplies
Investments, Government obligations:
Slates, Territories, and United States pos-
sessions.
Unl ted 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
Uaturity 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 :
Cross sales
Qross 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 coi^xirations
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 (^7 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
All active
corporation
returns
(1)
88 5, v*:?
Returns
*i thout
baluncc
sheets
12)
Returns with balance sheets by major Industrial group
All
Industrial
groups
(3)
827,916
Agriculture, forestry, and fishery
Total
agriculture,
forestry,
and fishery
K)
9,892
Farms and
agricul-
tural
services
(5)
Forestry
(6)
Fishery
(7)
Mining and quarrying
Total
mining and
quarrying
10,661
Metal
mining
(9)
Anthra-
cite
mining
(10)
Bltumlnouii
coal and
lignite
mining
(11)
(ThouMMnd datlara)
540.039,596
106,632,639
2,388,101
74,806
527,73b
12,067,541
6,042,049
1,024,377
2,688,181
758,292
4.460,194
409,018,016
64,262.864
11,045,160
6,274,115
6,130,840
1,920,401
8,280,952
15,033,562
417,996
2,625,949
14,952,881
3,084,301
7,061,631
3,645,380
1,302,922
682,338
76,711,212
632,455,520
47,412,643
45,884,912
917,670
21,364,290
26,018,358
14,498,400
2,725,210
4,825,841
1,157,367
14,946
365
3,506
72,711
131,388
7,254
1,120
52, XO
23,966
24,828
3,570
46.071
3,805,087
663,154
147,693
73,091
56,686
17,290
76,277
130,572
3,894
5,428
163,883
27,554
68,057
19,342
7,564
13,295
867,399
5,145,266
229,007
225,501
23,589
142,744
86,263
139,601
7,021
89,779,927
213,587,866
3,196,265
5,184,792
33,308,052
39,250,739
3,676,280
19,812,202
95,835,945
6,422,263
198,829,079
315,824,335
112,466,713
11,596,090
4,542,205
13,005,851
3,134,245
789,564
19,597,191
948,951,108
50,835,772
34,229,954
103,927,833
22,901.286
404,339,101
15,626,603
103,976,949
15,238,510
38,985,119
153,789,981
948,951,108
535,213,755
105,465,272
2,373,155
74,441
524,230
11,994,830
5,910,661
780.723
43,584
2.279.635
1,000,411
2,663,353
754,722
4,414,123
405,212,929
53.599,710
10,397,467
5,201,024
5,074,154
1,903,111
8,204,675
14.907.990
414,102
2,620,521
14,738,998
3,056,747
6,993,574
3,626,038
1,295,358
669,043
75,843,813
626,309,254
47,183,641
46,659,411
394,081
21,221,546
25,962,095
14,358,799
2,718,189
198,722
385,851
2,531
9,087
150,255
144,848
20,119
11,265
86,588
8,675
250,293
1,635,564
765,559
35,235
14,449
435,772
3,522
1,396
69,897
233,175
316,945
384,542
52,041
107,475
40,970
859,229
57,410
132,930
492,951
2,677,768
2,105,117
473,326
2,420
20
175
6,242
22,760
8,434
399
45,155
2,602
5,315
2,327
25,000
1,517,299
242,508
70,923
47,190
45,794
2,945
27,356
52,234
1,300
1,514
113,027
2,981
16,600
4,072
2,413
2,482
416,276
2,567,025
133,267
133,092
13,840
57,955
65,302
44,452
735
188,806
370,708
2,462
9,087
147,738
139,377
19,067
11,216
85,700
8,675
251,340
1,593,023
747,788
18,718
5,598
428,055
7,274
815
68,081
214,770
308,437
370,912
49,716
102,126
39,557
832,160
56,425
131,510
484,599
2,590,212
2,035,173
448,281
2,391
20
175
5,155
21,844
8,432
386
40,269
2,333
5,255
2,327
24,430
1,461,173
227,768
68,414
46,914
42,865
2,874
26,697
50,646
1,17J
1,338
109,579
2,500
15,530
4,051
2,407
2,418
405,088
2,472,533
125,999
125,824
13,385
65,203
60,795
43,711
735
7,429
8,488
456
1,635
205
2,533
9,873
5,429
16,517
8,851
7,750
1,233
581
1,042
4 5,447
12,218
1,184
5,083
930
3,948
1,011
15,933
442
503
3,190
45,447
39,795
2,067
4,272
219
35,224
754
372
143
90
106
740
61
131
458
481
43
21
10
,194
41,338
6,142
6,142
33
2,001
4,141
2,487
6,655
69
2,061
836
847
5,420
33,768
13,442
957
15
5,187
7,324
7,647
1,395
1,401
402
11,136
543
912
5,162
42,109
30,148
22,978
20,902
14,086
1,637
133
2,839
72
563
848
53
45
2,330
27
6
54
8,994
53,154
1,070,731
1,343,584
15,797
17,170
325,545
413,425
187,525
64,955
736,082
232,047
1,574,117
9,358,659
4,487,982
3,707,438
1,587,714
160,033
146,430
60,768
229,704
14,015,234
1,198,175
649,281
2,069,495
723,156
373,482
299,230
2,368,727
323,255
1,824,176
4,181,197
14,015,234
8,200,334
2,118,937
22,535
60
1,848
25,015
28,804
54,173
1,832
111,489
8,652
81,875
4,040
72.039
10,732,138
4,778,113
1,341,779
131,823
47,908
164,940
10,356
99,122
237,637
7,774
83,605
583,601
845,256
15,205
128,101
25,539
10,320
1,014,468
9,575,613
1,125
1,126
422
761
365
1,156,520
1,154,672
50,270
540,435
516,084
337,002
43,553
214,774 25,783
342,316 47,592
2,138 3,568
2,768
141,251
53,624
72,807
9,941
388,064
177,673
606,094
1,778,077
783,168
394,867
458,109
27,373
12,774
4,335
74,765
365,143
59,029
531, &12
245,199
97,654
74,079
631,521
63,547
474,148
1,011,455
3,554,417
1,930,796
60,345
12,707
10
172
11,954
4,247
5,276
631
7,830
45
38,278
1,545
4,739
961,330
34,827
8,732
2,982
37,592
519
20,563
92,880
2,118
67,152
64,254
203,309
621
14,663
5,494
2,329
173,123
385,737
385,565
16,293
219,605
155,131
6,194
11,559
16,235
9,838
32,161
274
92,262
198,348
145,919
101,118
50,911
2,018
1,248
232
7,791
352,393
42,672
15,325
21,323
10,691
9,522
9,925
42,459
11,^03
100,951
87,621
352,393
314,584
39,878
826
2
17
324
986
430
15
3,576
145
14,913
263
2,676
379,135
251,322
24,349
2,981
2,350
5,779
540
1,599
9,396
298
9
7,302
8,474
1,528
5,850
2,003
415
27.165
352,375
26,760
26,743
7,532
4,358
22,402
173,917
372,221
2,187
5,774
38,945
49,223
31,258
23,931
88,000
28,037
382,993
1,536,465
756,555
408,706
166,037
17,709
3,535
153
23,900
209,492
92,484
261,203
84,407
60,331
70,141
355,621
56,579
344,617
778,697
2,108,215
239,3/5
575
4,458
7,361
4,354
135
43,505
369
10,744
97
12,305
,594,471
163,886
22,917
7,489
51,136
1,653
13,129
51,552
911
1,902
98,560
75,464
1,854
74,354
11,855
2,260
141,080
119,299
118,723
9,047
48,530
70,669
57,883
5,465
Fdotnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
26
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
ACTIVE CORPORATION RETURNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Item
Returns
with balance sheets by major industria
, group — Continued
Mining and
Conti
luarrying—
lued
Construction
Manufacturing
Crude petro-
leiim and
natural gas
production
Nonmetallic
mining and
quarrying
Total
manufacturing
Beverages
Food and
kindred
products
Tobacco
manufactures
Textile-mill
products
Apparel and
products
made from
fabrics
Lumber
and wood
products ,
except
furniture
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
1
5,151
2,632
45,223
128,457
2,934
10,212
180
5,523
13,075
6,712
1
Assets :
(Thousand dollars}
2
3
480,538
857,875
6,435
1,573
93,404
207,008
56,976
25,796
165,016
10,919
461,145
4,583,462
2,212,471
2,142,489
854,687
70,844
124,53-i
55,719
78,728
170,719
223,580
2,469
861
41,386
82,285
16,596
5,285
62,841
15,144
131,618
1,211,807
589,868
160,308
57,970
42,089
4,338
318
44,520
1,184,191
5,195,879
28,623
13,852
601,865
313,196
67,942
20,510
126,427
29,074
706,374
3,246,816
1,626,527
43,050
12,393
160,441
24,779
894
320,336
15,514,348
37,010,756
734,835
5,373,830
19,130,417
25,283,986
1,779,247
548,503
9,313,156
749,950
21,162,085
127,764,334
58,407,928
6,411,653
2,432,733
2,759,614
1,882,257
646,830
3,401,546
354,707
629,841
9,623
277,532
370,302
312,244
48,563
13,547
78,416
12,103
387,150
2,335,131
952,666
13,442
3,253
82,287
62,668
6,135
111,522
1,236,367
2,323,494
44,061
466,306
1,409,051
1,876,825
174,438
33,277
443,193
48,066
1,179,424
8,256,279
3,709,013
U,755
3,638
295,897
86,970
2,022
209,912
123,001
549,212
2,923
189,CfciO
690,090
1,073,207
25,402
1,418
10,316
1,894
69,106
419,035
191,562
100
39
11,911
2,260
600
16,718
628,986
1,603,863
24,987
226,749
1,064,761
1,309,416
62,274
35,543
214,159
23,041
872,208
5,811,876
2,587,630
22,311
7,220
72,219
12,158
1,356
131,312
378,945
1,037,371
21,090
28,777
674,263
653,499
27,047
5,478
28,180
10,000
215,648
834,956
404,256
2,662
1,019
21,017
8,408
350
83,224
329,747
719,523
13,722
54,851
408,596
578,984
56,043
7,645
117,299
94,297
324,296
2,318,239
1,046,060
741,253
52,581
96,923
10,218
479
97,569
2
Notes and accounts receivBble
Less : Reserve for bad debts
Inventories:
3
4
5
6
■7
6
7
3
9
in
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
9
10
11
12
13
15
16
17
11
12
Depreciable assets
Less: Acciimulated amortization and depre-
ciation.
13
14
15
16
17
18
19
?n
19
Other assets
20
21
6,230,995
1,562,752
10,385,795
216,363,356
4,117,778
14,295,520
2,987,586
9,469,683
3,583,260
4,842,641
21
Accounts payable
Bonds, notes, mortgages payable:
22
-)1
465,964
395,888
1,110,458
322,050
161,568
121,251
986,738
121,311
833,702
1,712,065
113,904
86,554
144,364
60,819
44,407
23,384
351,388
75,315
70,758
591,359
2,271,499
971,819
731,324
484,177
1,975,193
122,035
1,377,927
99,731
224,727
2,127,358
20,653,535
8,684,473
26,121,285
12,130,041
9,785,305
6,364,482
38,559,003
5,354,309
16,259,817
72,451,106
290,525
183,691
556,284
181,917
135,252
195,774
514,614
77,549
228,798
1,653,374
1,429,177
969,777
1,675,567
713,542
415,822
590,019
2,784,094
410,740
503,129
4,803,653
76,451
380,147
602,780
202,812
24,869
217,813
545,533
65,975
127,083
744,073
775,131
613,928
1,000,610
373,818
203,445
412,101
1,613,083
183,494
574,325
3,714,748
700,884
386,395
218,627
208,122
137,198
132,003
703,931
33,491
103,658
958,946
364,480
354,699
611,611
177,946
174,016
78,043
956,290
75,132
349,595
1,700,829
22
23
24
■>'i
24
25
26
27
28
Capital stock, preferred
27
28
29
30
11
30
Earned surplus and undivided profits
Total liabilities
31
32
6,230,995
1,562,752
10,385,795
216,363,356
4,117,778
14,295,520
2,987,586
9,469,683
3,583,260
4,842,641
32
1?
Receipts :
2,449,530
1,671,050
4,602
862
6,575
12,246
40,303
1,009
50,515
7,613
15,467
2,034
41,988
1,397,709
108 , 289
2,147
3
221
1,204
"3,964
3,815
42
6,063
480
2,473
1
10,281
3,913,010
19,022,523
2,899
65
876
11,622
51,381
3,828
1,395
54,812
4,936
13,942
2,666
172,768
305,318,460
5,735,928
282,692
3,712
16,298
283,715
460,333
349,628
9,007
791,531
18,094
889,783
541,554
1,478,763
6,746,984
22,478
2,376
9
252
5,660
5,721
3,997
68
7,097
211
2,923
269
31,596
37,885,817
164,436
9,720
97
1,248
26,604
23,037
10,241
599
25,320
1,151
18,541
38,524
96,453
3,990,648
1,978
273
56
904
1,054
229
651
1
789
94
1,447
13,017,512
165,031
6,014
301
1,080
12,672
20,723
7,399
215
26,697
1,883
12,030
4,635
60,914
8,982,483
486,939
657
31
119
2,664
5,490
7,834
323
3,923
927
2,568
798
27,510
6,051,141
138,418
4,130
33
474
6,846
11,041
3,319
1,395
234,804
2,025
5,025
33
48,402
33
Ii'
34
?S
Interest on Government obligations (less
amortiEable bond premium):
35
36
■^7
37
38
39
39
I'D
40
41
42
43
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
41
42
43
44
^"i
45
4fi
46
47
Total compiled receipts
4,303,794
1,536,692
23,257,223
316,679,498
6,829,641
38,301,788
3,998,124
13,337,106
9,522,266
6,507,586
47
^ft
Deductions :
1,138,542
1,059,874
58,090
27,249
27,966
5,767
53,399
98,335
3,013
10,964
323,697
474,607
6,461
26,959
4,178
4,513
497,293
832,448
58,843
39,103
7,828
41,467
1,887
10,432
35,514
1,434
3,578
89,788
83,412
4,742
6,275
1,994
303
175,807
3,159,459
16,146,376
717,433
87,764
101,909
26,154
72,901
249,394
10,277
1,877
398,764
6,248
45,433
39,339
23,818
4,900
1,484,888
222,473,601
2,853,359
3,560,249
1,564,832
4,713,944
269,739
1,366,650
7,613,353
234,406
1,517,893
6,505,215
1,987,680
4,010,933
2,306,292
917,772
115,703
30,164,069
3,858,744
7,587
60,542
22,497
52,782
3,493
34,143
1,141,914
5,034
966
142,874
1,360
314,545
26,322
12,693
13,055
765,216
30,628,438
60,969
255,525
128,499
309,556
26,532
121,300
399,411
13,864
6,267
431,048
4,036
746,859
108,802
64,494
8,356
3,514,433
2,183,417
10,421
2,858
7,153
782
31,264
990,583
1,295
54
22,459
191,712
18,281
2,305
91
137,156
10,522,698
101,041
171,062
60,955
132,875
11,707
75,923
211,375
10,021
5,625
295,591
1,856
92,312
42,134
20,944
26,718
959,915
7,137,742
375,716
258,742
92,734
18,970
11,478
34,655
126,497
6,098
434
64,077
291
89,369
23,314
16,676
1,440
1,052,636
4,721,478
91,2U
123,006
23,119
51,947
11,413
35,290
110,549
3,136
3,463
159,985
227,596
27,251
13,276
4,310
1,565
541,477
48
(■9
49
50
51
51
5?
53
54
'i'i
55
56
'i'7
57
58
■iS
59
60
61
62
63
1^4
Amounts contributed under pension plans
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets
61
62
63
64
65
Total compiled deductions
3,820,907
1,394,855
22,577,434
292,175,695
6,463,767
36,373,439
3,599,831
12,743,752
9,311,469
6,155,075
65
66
Compiled net profit or net loss (47 less 65)
482,887
482,025
24,149
293,982
188,905
459,516
30,008
141,837
141,616
3,149
73,860
67,977
56,820
8,079
679,789
678,913
60,848
326,085
353,704
79,531
35,313
24,503,803
24,487,505
317,699
12,208,664
12,295,139
7,120,571
1,965,415
365,874
365,622
6,964
199, (Kl
166,833
84,506
17,486
1,423,349
1,422,101
32,709
723,692
699,657
390,134
34,194
398,293
398,237
36
206,999
191,294
118,330
857
593,354
592,274
36,377
309,575
283,779
165,936
11,535
210,797
210, 678
16,114
111,878
93,919
32,129
10,696
352,511
352,037
11,619
143,450
209,061
91,708
26,892
66
67
6R
68
^^9
69
70
Compiled net profit less income tax (66 less 69)
Dividends paid:
70
71
72
Corporation ' s own stock
72
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS. JULY 1956-JUNE 1957
27
\(;TI\K ((IKIM)H M IIIN lUI I UN-
Tabic 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BV MAJOR INDUSTRIAL GROUP— Continued
^
Item
Returns
with balance sht:ets by iwjor industrial group — Continued
Mtinufacturinc — Continued
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 prod-
ucts, except
ordnance,
machinery,
and trans-
portation
equipment
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
4,724
2,787
15,041
7,656
788
875
2,715
4,420
3,590
12,991
1
Assets:
(Thoitamnd riottun)
2
191,232
495,368
11,317
29,684
361,151
248,693
19,434
3,524
70,838
11,814
102,039
822,788
358,717
9,172
1,357
27,617
5,114
561
35,989
581,209
944,774
21,560
88,612
622,285
606,812
67,609
34,296
550,319
17,018
1,181,178
6,098,612
2,434,873
415,004
62,387
100,620
13,960
2,060
121,414
1,373,211
56,377
40,026
416,410
392,225
73,943
39,616
317,502
53,686
796,600
3,226,823
1,370,592
12,669
5,826
151,097
262,539
2,838
226,429
1,356,759
2,650,310
57,710
139,499
1,159,816
2,154,071
128,570
85,837
1,388,967
67,600
2,517,423
13,334,423
6,104,802
294,242
99,443
222,915
109,598
10,610
302,467
1,756,720
4,357,054
180,477
627,645
713,100
1,855,256
342,360
70,732
1,475,672
123,309
5,847,031
26,709,809
12,877,725
3,760,893
1,604,465
504,312
1,003,951
567,405
400,680
216,031
1,015,255
17,036
104,504
593,667
351,359
12,790
7,866
79,387
9,161
236,662
1,930,040
1,007,534
3,922
2,261
21,259
4,799
477
18,758
151,655
447,460
8,040
21,779
217,821
317,125
12,145
6,431
18,048
13,703
181,141
468, U5
229,984
1,488
676
13,848
3,471
93
27,210
582,670
936,299
22,454
52,732
558,562
435,412
76,419
21,590
430,618
36,901
497,625
4,844,239
2,082,906
134,928
47,874
94,519
5,403
1,156
60,961
1,493,806
2,781,760
42,235
1,414,308
1,300,541
1,549,927
200,261
62,663
1,567,355
67,780
1,693,864
17,615,785
8,953,711
895,127
516,468
324,913
18,137
2,006
191,159
851,245
1,878,485
35,496
258,677
1,440,022
1,236,662
74,033
26,871
187,327
30,785
634,410
4,794,847
2,0'/l,489
31,156
7,297
150,391
28,003
6,014
126,146
2
3
4
S
Inventories:
5
6
T
7
8
9
m
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
9
10
11
12
13
K
15
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and deprp-
ciation.
Depletable assets
11
'.2
13
14
15
16
17
Land
17
18
11
Intangible assets
19
Tl
20
21
Total assets
Uabilities:
Accounts payable
2,062,505
8,922,842
6,724,828
19,639,932
34,318,502
3,578,152
1,662,677
6,614,488
21,662,966
9,628,769
21
22
250,230
140,231
144,624
137,886
97,689
45,253
407,273
24,025
69,328
745,965
480,922
156,699
1,370,935
502,259
244,492
260,560
1,533,041
195,580
808,301
3,370,053
661,770
292,573
601,939
452,581
518,742
286,296
1,001,062
212,835
289,653
2,407,371
1,373,905
455,148
2,869,719
1,343,121
560,766
746,930
3,122,938
355,918
2,429,193
6,382,294
3,394,453
532,795
4,359,337
952,514
394,196
398,344
9,464,160
957,589
3,625,895
10,239,219
331,815
74,875
726,103
278,449
94,170
122,178
373,943
146,493
204,489
1,225,637
204,920
120,244
140,422
98,042
42,615
72,933
323,0.2
59,381
76,765
524,283
446,951
164,630
659,667
445,302
196,701
221,732
1,317,833
182,351
523,281
2,456,040
1,876,510
361,661
3,523,296
1,365,106
736,<j59
876,344
3,508,294
609,734
1,373,156
7,432,206
930,903
624,582
796,465
575,927
416,047
233,086
1,724,450
155,845
579,679
3,541,785
22
23
i{
24
25
26
27
'>ft
28
iq
29
V)
30
^1
31
32
Total liabilities
2,062,505
8,922,842
6,724,828
19,639,932
34,318,502
3,578,152
1,662,677
6,614,438
21,662,965
9,523,769
32
11
Receipts :
4,181,345
8,073
1,723
1
79
1,457
4,717
514
58
4,269
110
352
1,413
22,706
10,288,407
28,447
14,356
18
864
10,881
11,675
6,376
151
110,310
789
16,748
9,288
45,221
9,803,223
706,294
8,599
143
1,337
6,536
18,873
20,692
220
46,585
527
29,199
5,826
83,240
22,331,125
89,638
31,837
1,038
2,379
24,348
19,283
72,417
994
56,612
■ 389
169,997
61,592
87,693
32,474,625
1,209,644
46,979
480
1,553
48,722
192,815
68,388
1,590
48,980
1,882
409,083
178,294
469,586
5,671,791
18,597
2,688
6
107
4,914
4,301
1,615
11
2,343
13
8,621
34,733
10,779
3,434,976
10,257
764
4
114
2,291
2,258
406
46
2,239
170
1,327
60
15,337
7,732,550
52,325
11,512
33
1,246
4,341
8,711
10,630
95
26,508
194
15,791
11,625
30,390
26,874,287
461,193
45,485
157
1,445
25,790
12,635
12,657
271
44,814
1,760
60,530
11,154
56,824
15,835,885
105,708
5,020
109
714
7,407
16,089
5,941
283
19,545
1,412
14,984
25,668
77,493
33
1/
34
IS
Interest on Government obligations (less
amortizable bond premium):
35
36
17
37
38
■v>
39
iTI
40
41
ii2
43
long-term capital loss.
Net long-tenu capital gain reduced by net
short-term capital loss.
Net gain, sales other than capital assets
41
42
43
44
45
4ft
46
47
Total compiled receipts
4,227,317
10,544,031
10,731,294
22,949,372
35,152,621
5,760,519
3,469,999
7,906,451
27,609,002
16,116,258
47
48
Deductions:
Cost of goods sold ._.— *
3,093,347
3,875
110,244
33,645
24,769
7,558
14,295
62,953
4,018
1,004
53,065
37
54,874
14,511
7,920
674
488,212
7,087,980
14,800
120,736
45,876
241,412
7,265
54,977
172,814
12,663
65,555
275,835
20,554
75,554
74,126
20,869
1,868
972,609
6,644,429
388,844
330,732
101,199
48,777
29,132
38,373
153,873
15,476
1,506
189,486
135
59,092
70,926
17,973
2,233
1,776,705
13,782,363
23,191
228,713
89,878
365,165
18,358
121,625
336,327
23,821
236,495
723,141
75,700
784,611
212,134
45,946
5,158
2,921,057
24,430,804
401,797
51,158
333,865
514,137
14,547
153,157
779,634
16,337
254,035
999,899
1,374,548
164,818
252,487
73,497
2,588
3,170,544
4,113,952
826
35,246
33,194
94,134
9,352
29,076
177,514
2,210
10,634
117,333
223
69,225
38,780
20,836
1,376
564,219
2,728,320
5,832
73,544
22,562
19,682
3,790
14,568
51,411
3,526
147
31,629
78
38,864
11,773
7,357
2,231
319,828
4,903,210
27,738
125,135
32,170
210,831
7,988
29,042
144,037
9,058
37,513
243,225
112,112
62,302
65,772
23,394
1,729
834,293
19,208,200
215,241
174,834
66,511
1,305,159
11,535
159,002
486,907
25,551
572,061
500,812
158,632
87,366
336,027
104,502
12,164
1,277,726
11,566,941
52,279
368,964
88,440
211,059
23,646
64,644
242,317
13,716
24,978
289,654
547
160,518
106,326
47,325
6,672
1,682,799
48
49
50
51
S")
52
51
53
'>i'i
54
*>•>
55
'>ft
56
57
"iR
58
Vi
59
fiO
60
61
62
63
ft4
Amounts contributed under pension plans
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets
61
62
63
64
ftS
3,975,001
9,265,493
9,868,891
19,993,683
32,987,862
5,318,140
3,335,142
6,869,549
24,802,331
14,960,825
65
66
ft?
Compiled net profit or net loss (47 less 65)....
Net income or deficit (66 less 37)
252,316
252,237
7,824
128,828
123,488
39,117
14,814
1,278,538
1,277,674
16,007
620,893
657, M5
284,982
76,404
862,403
861,066
13,599
417,602
444,801
168,920
30,937
2,955,689
2,953,310
23,269
1,438,119
1,517,570
1,002,512
117,875
2,164,759
2,163,206
4,279
902,185
1,262,574
1,306,817
992,001
442,379
442,272
5,791
222,477
219,902
108,720
21,742
134,857
134,743
4,440
71,951
62,906
34,337
18,674
1,036,902
1,035,656
5,871
522,002
514,900
272,235
52,289
2,806,571
2,805,225
46,352
1,393,755
1,412,916
647,546
1,155,433
1,154,719
20,230
591,175
564,257
239,950
•'■',999
66
67
ftft
68
ftf>
69
70
71
Compiled net profit less income tax (66 less 69)
Dividends paid:
70
71
7?
7?
Footnot*^ at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
5011 M. O - 59 ■
28 CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
ACTIVK CORPORATION RKTl RN.s
Table 3 . —BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Returns
with balance sheets by major industrial group— Continued
Manuf a c taring — Cont i nued
Public utilities
Item
Uachinery,
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;
patches,
clocks
Other
manufac-
turing
Total public
utilities
Transpor-
tation
Communi-
cation
(32)
(33)
(34)
(35)
(36)
(37)
(33)
(39)
(40)
(41)
1
13,259
4,067
1,496
1,272
85
2,544
11,505
32,395
24,953
4,515
1
Assets:
(Thouaand dollar*)
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
1,613,937
4,117,541
73,900
650,336
3,009,541
2,692,499
115,072
26,950
639,151
79,778
1,247,152
8,860,320
3,997,044
29,170
6,697
217,309
62,812
16,200
190,255
757,446
2,709,586
35,693
492,323
1,218,866
1,740,670
55,348
18,071
172,418
25,123
985,572
4,062,043
1,550,949
2,483
1,031
73,650
47,148
11,035
233,119
622,028
2,732,411
5,760
3,326
592,522
2,659,247
83,276
20,687
89,568
1,600
194,994
2,412,328
1,140,303
100
56
67,899
18,243
747
77,088
848,279
1,856,534
14,377
57,783
891,566
2,362,172
58,236
6,358
1,592,007
1,952
1,419,782
9,118,008
3,731,848
5,125
2,500
108,665
69,859
947
593,245
17,474
55,396
506
31,455
18,576
2,058
537
19,094
50,315
38,257
43,300
2,603
41
3
4,303
237,931
826,632
13,262
109,237
625,462
418,675
24,612
2,585
233,142
4,992
211,300
1,619,747
751,841
11,531
4,679
40,549
25,625
10,&il
46,220
406,438
968,376
22,229
40,104
760,557
440,430
39,304
16,381
90,180
15,347
317,114
1,782,104
809,123
10,070
1,955
57,093
20,857
3,095
90,846
3,541,394
4,551,379
48,154
25,408
945,415
2,077,045
539,559
48,503
2,333,906
385,054
5,887,021
117,004,275
27,952,133
136,999
83,933
683,377
157,073
18,005
2,320,583
2,139,425
2,534,435
11,959
2,045
39,677
900, 588
201,299
36,251
1,196,952
324,611
4,020,624
43,717,395
12,525,703
135,295
69,562
351,083
96,114
10,094
1,475,950
365,930
705,290
6,658
22,005
706,525
93,820
241,081
4,350
1,339; 913
10,270
678,733
21,788,236
5,355,554
6,583
2,172
79,521
47,355
6,427
630,259
2
3
4
Inventories:
5
6
7
8
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
9
10
11
12
13
Less: Accumulated amortization and depre-
ciation.
14
15
16
17
18
19
20
?1
Total assets
19,458,532
10,995,153
8,428,451
15,245,400
246,411
3,657,967
4,219,303
113,337,771
44,654,417
21,441,552
21
22
23
24
25
26
27
23
29
30
31
3?
Liabilities:
1,882,206
900,506
2,130,672
1,182,336
986,725
520,198
3,652,335
555,293
984,680
6,663,081
1,530,310
482,738
1,597,258
793,685
462,238
234,374
1,591,157
287,574
339,770
3,175,954
1,081,896
492,754
746,534
462,665
2,362,522
68,612
684,223
163,938
589,983
1,775,324
1,731,875
357,490
912,402
1,105,176
1,199,027
379,245
1,393,663
425,932
1,111,805
6,573,785
25,576
26,595
7,965
10,929
7,072
12,563
25,740
21,372
12,940
95,059
270,040
279,203
380,329
300, 572
196,948
66, 577
536,981
36,890
608,553
931,874
492,599
333,062
338,139
264,834
178,044
143,399
771,243
66,678
245,753
1,335,552
4,092,051
2,030,905
41,317,334
4,443,451
4,073,280
5,112,979
27,036,795
1,537,175
5,481,753
18,706,978
2,637,878
704,203
13,628,817
1,435,541
2,035,003
953,806
9,081,507
440,830
1,066,068
12,620,764
498,027
270,195
5,945,753
1,249,314
957,432
247,017
8,135,048
163,024
2,062,338
1,910,854
22
23
24
25
other liabilities
25
27
23
29
30
Earned surplus and undivided profits
Total liabilities
31
19,458,532
10,995,158
8,428,451
15,245,400
246,411
3,557,967
4,219,308
113,837,771
44,654,417
21.441,552
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Receipts:
25,676,516
743,166
16,195
299
l,(>i3
30,733
34,375
54,119
590
63,593
1,673
35,318
38,535
107,148
17,380,164
129,695
7,013
81
1,109
20,590
11,474
31,339
405
15,473
460
7,755
23,507
54,406
12,313,422
l,0&i,161
3,043
15
354
12,934
4,885
12,429
446
10,025
1,292
6,939
5,579
68,737
22,613,917
21,904
57,342
401
197
16,541
36,181
9,168
905
20,007
102
61,455
70,513
31,758
406,968
1,572
323
19
261
399
46
198
617
141
64
1,749
4,920,705
23,030
4,160
410
109
6,011
4,119
6,482
176
6,223
225
3,990
16,498
16,993
7,203,869
77,944
1,978
46
400
4,608
10,477
2,890
166
15,285
231
5,177
2,352
32,131
3,226,340
47,413,658
71,118
2,036
2,133
142,355
509,530
31,042
2,117
149,012
12,364
134,876
13,124
250,649
380,254
25,255,708
30,907
244
1,233
68,892
534,903
13,385
1,952
111,563
7,393
35,873
2,794
201,525
2,561,720
8,277,671
20,178
1,7a
193
17,470
46,219
7,490
38
3,724
4,097
28,935
3,564
11.508
33
34
Interest on Government obligations (less
amortizable bond premium):
35
35
37
38
39
40
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
41
42
43
44
45
46
47
Total compiled receipts
26,303,403
17,683,471
13,504,261
22,940,391
412,362
5,014,131
7,358,104
52,070,364
26,702,226
llj084, 523
47
48
49
50
51
52
53
54
Deductions :
17,842,540
115,760
452,671
128,343
370,539
30,048
126,317
446,023
26,101
77,019
602,495
5,967
279,270
251,946
92,000
12,875
3,355,672
12,635,255
64,246
153,492
75,394
160,268
16,497
74,553
379,609
15,709
53,992
309,054
222
313,996
168,889
64,577
2,957
1,985,088
10,053,361
337,232
62,999
51,950
176,353
3,243
44,920
216,223
6,671
65,307
114,504
54
33,392
124,231
46,975
2,441
768,440
16,777,765
3,444
72,084
29,718
268,137
3,543
46,143
745,572
6,250
74,797
543,129
368
136,150
251,297
175,321
6,102
1,343,376
295,051
5,284
1,953
5,323
275
1,128
7,194
322
1,215
6,357
293
3,187
5,104
1,111
&
47,500
3,105,869
10,842
81,110
34,368
55,492
4,078
27,183
108,125
8,572
13,699
111,308
55
114,761
57,923
31,839
346
713,332
5,145,597
40,885
228,995
65,054
59,424
13,363
35,072
121,991
4,957
5,032
128,255
2,955
109,905
31,851
14,908
3,058
971,336
2,626,795
28,740,687
426,333
1,155,305
125,774
53,123
1,499,727
3,063,140
30,513
940,324
3,506,327
77,076
132,231
522,999
159,375
25,530
2,962,153
267,858
17,594,592
312,603
994,599
58,331
10,654
528,046
1,353,286
8,898
555,535
1,370,528
23,977
102,841
116,673
59,436
15,989
1,721,372
2,225,509
4,453,685
44,953
122,591
53,444
26,535
207,695
500,045
7,025
8,571
720,129
41
47,732
233,279
56,955
1,267
464,733
43
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
55
57
58
59
60
Amounts contributed under pension plans
Amounts contributed under other employee
benefit plans.
Net loss, sales other than capital assets
61
62
63
64
65
Total compiled deductions
24,215,586
16,478,793
12,613,351
20,483,696
381,303
4,439,913
6,983,798
46.117.478
25.095.238
9.234.300
55
66
67
68
69
70
71
72
Compiled net profit or net loss (A7 less 65)....
2,587,817
2,586,774
24,313
1,331,564
1,256,253
503,708
141,402
1,204,673
1,203,564
11,698
633,682
570,991
395,672
47,935
890,910
890,556
4,763
461,723
429,182
190,960
51,041
2,456,695
2,456,493
4,347
1,284,099
1,172,596
324,377
25,976
31,059
31,CK0
111
17,470
13,589
9,548
444
524,218
524,109
5,558
275,424
247,794
133,464
94,833
374,305
373,906
15,368
200,074
174,232
73,963
16,855
5,952,886
5,950,753
83,039
3,017,324
2,935,562
2,535,268
92,796
1,606,988
1,605,755
62,540
799,597
807,391
596,779
27,728
1,800,228
1,300,035
8,571
921,736
878,492
670,167
10,814
56
67
68
69
Compiled net profit less income tax (66 less 69)
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
70
71
72
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
29
ACrn K ( OKI'UK \T1»IN Km K\>
[able 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 laat-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:
liaturity less than 1 year
Uaturity 1 year or more
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, conanon^
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
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 conqiiled receipts
Deductions :
Cost of goods sold ^^^^.-w.
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
Conqjiled net profit or net loss (<V7 less 65)....
Net income or deficit {66 less 37)
Net operating loss deduction
Income tax
Compiled net profit leas 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
Other
public
utilities
(A3)
Trade
(44)
Total
wholesale
(45)
Commission
merchants
(■^6)
Other
wholesalers
(47)
Total
retail
(48)
(49)
Gvnera 1
merchandise
(50)
Apparel
and
accessories
(51)
(Thotiaand doIlMra)
1,366,721
28,997
2,280
143,739
1,067,659
U0,511
7,K2
234,761
50,330
1,103,016
49,735,179
9,721,160
42,409
11,525
219,058
8,903
1,224
635,550
893,791
956,838
), 978, 959
,717,754
923,799
i, 822, 409
,538,884
917,261
,239,919
,041,862
181,752
13,548,986
616
54,853
26,563
4,652
117
30,618
552
18,033
6,76c
41,161
13,934,596
132,681
6,547,084
58,136
44,866
10,206
25,552
733,634
1,076,193
14,337
375,515
1,376,902
53,054
31,308
170,149
42,242
8,224
737,676
11,437,759
2,496,837
2,496,221
11,129
1,272,516
1,224,321
1,250,593
45,842
47,915
43,933
530
77
6,473
14,978
6,668
265
12,280
843
84,648
,763,465
339,706
2,711
674
33,715
4,701
260
28,824
62,365
99,669
762,855
45,342
107,046
89,747
280,356
16,060
113,388
133,498
1,710,326
2,614
331,293
172
5
91
1,150
1,845
322
2,035
349,014
637
135,326
10,631
3,250
3,793
372
30,351
33,616
258
703
38,768
4
400
2,898
742
50
38,382
300, 181
48,833
48,742
799
23,475
25,358
17,729
8,412
6,916,883
21,756,445
622,209
738,334
11,878,102
10,507,695
567,449
172,588
998,814
221,986
5,462,663
20,007,586
8,704,228
207,965
70,385
1,600,264
260,602
21,993
1,589,526
73,468,087
13,805,389
7,328,879
6,478,357
3,132,532
3,209,937
1,839,396
13,177,676
992,669
2,750,727
20,752,525
73,468,087
209,544,061
3,600,586
23,847
489
3,606
215,758
350,608
34,531
4,890
189,930
13,582
151,417
84,346
,696,296
215,913,947
169,262,830
1,659,032
3,538,182
2,249,018
494,461
413,444
636,597
1,819,865
71,381
50,667
1,608,534
18,933
2,126,090
298,770
96,868
32,203
26,2"e,314
5,238,758
5,235,152
169,917
2,531,930
2,706,828
1,059,660
224,326
3,058,954
11,813,558
234 ,777
306,842
5,542,093
4,872,843
191,986
96,497
534,205
100,899
3,103,022
6,480,667
2,774,914
148,782
46,744
426,096
93,217
6,768
692,640
34,399,098
8,126,335
3,932,467
2,783,689
1,209,281
1,506,264
729,801
5,637,606
385,723
1,319,884
8,768,048
34,399,098
102,419,150
2,517,761
12,664
295
2,115
84,392
112,828
29,667
2,359
65,980
6,498
101,551
68,021
658,098
88,460,895
1,256,823
1,597,881
455,887
161,575
168,491
303,315
681,608
32,374
34,037
552,659
13,716
559,748
123,321
33,176
7,967
9,169,955
2,487,951
2,485,836
83,890
1,139,511
1,348,440
395,233
102,305
411,718
1,292,266
17,741
2,148
101,987
98,510
10,281
7,895
86,594
10,438
378,950
325,339
129,159
36,818
13,876
26,001
12,222
172
69,839
807,704
235,334
148,334
82,787
136,601
52,495
419,808
29,566
81,516
715,913
2,710,058
6,099,958
1,379,334
2,080
68
293
10,144
10,082
3,381
497
6,722
245
15,203
491
93,614
7,622,117
5,597,588
668,810
205,434
38,231
5,393
11,711
16,943
29,660
2,512
1,152
29 ,438
1,214
39,361
11,787
1,477
1,006
744,859
7,406,576
215,541
215,248
14,227
89,581
125,960
31,843
9,243
2,647,236
10,521,292
217,036
304,694
5,440,106
4,774,333
181,705
88,602
447,611
90,461
2,724,072
6,155,328
2,645,755
111,964
32,868
400,095
80,995
6,596
622,301
7.318.631
3,697,133
2,635,355
1,126,494
1,369,663
677,306
5,217,798
356,157
1,238,368
8,052,135
31,689,040
96,319,192
1,138,427
10,584
227
1,822
74,243
102,746
26,235
1,362
79,258
6,253
86,343
67,530
564,484
93,479,262
82,863,307
538,013
1,392,447
417,656
156,182
156,780
286,372
651,948
29,862
32,885
523,221
12,502
520,337
111,534
31,699
6,961
8,425,096
96,206,852
2,272,410
2,270,588
69,663
1,049,930
1,222,480
363,390
93,062
3,489,715
8,714,993
352,400
396,319
5,685,993
5,139,120
345,853
73,846
440,665
104,847
2,111,103
12,224,680
5,348,400
53,117
21,615
1,056,677
151,462
14,467
814,620
35,066,128
4,871.560
3,049,219
3,351,097
1,756,758
1,525,187
988,061
6,733,904
566,780
1,270,304
10,953,258
35,066,128
97,496,616
881,214
10,444
90
1,438
121,887
208,416
3,192
2,209
91,566
6,128
44,589
16,143
955,658
99,639,590
73,170,094
351,219
1,713,941
1,696,344
301,580
220,116
301,401
1,028,835
36,071
10,659
950,853
4,470
1,458,091
163,295
59,071
23,273
15,832,509
97,321,827
2,517,763
2,516,325
75,032
1,281,857
1,235,906
735,893
572,495
11,484
84,684
895,995
389,913
74,093
6,233
56,817
7,201
251,956
2,795,218
1,189,838
9,951
3,132
157,274
24,232
859
141,158
979,535
183,127
674,386
296,855
180,152
203,128
732,823
88,954
270,539
1,386,251
4,997,800
24,762,224
80,820
1,394
7
94
9,990
18,209
495
244
13,446
445
2,821
2,035
63,090
19,793,247
44,150
148,190
246,049
82,569
11,766
36,168
133,973
6,916
919
231,451
20O
209,715
49,022
29,726
6,330
3,350,259
24,430,670
524,644
524,550
7,220
267,979
256,665
99,563
34,960
956,566
2,605,110
176,900
224,764
1,018,679
1,783,741
94,379
55,164
256,787
54,436
814,127
3,492,644
1,472,398
1,795
918
353,595
25,939
313
133,015
966,750
314,301
939,064
690,661
286,446
357,578
1,679,949
277,130
458,086
4,250,747
10,220,712
19,484,900
143,505
6,097
22
853
40,382
73,742
232
124
21,150
587
22,702
13,192
170,053
19,977,541
12,780,364
14,897
133,048
409,438
69,479
46,651
61,668
295,802
12,355
765
204,566
619
486,482
81,728
6,421
3,383
4,234,954
18,842,670
1,134,871
1,134,018
4,685
575,535
559,336
330,697
39,895
333,737
754,454
20,144
23,533
663,194
553,610
28,737
4,671
40,716
15,112
212,886
865,121
427,763
8,071
4,405
38,782
18,035
1,356
65,990
615.709
211,096
249,166
152,473
109,819
133,115
615,550
23,533
144,285
913,285
3,173,081
6,689,611
50,118
855
10
112
4,283
32,725
202
19
16
6,281
6,380,848
4,331,535
13,933
190,125
353,223
18,465
17,919
18,158
83,908
3,413
1,530
72,840
227
172,049
6,296
3,492
694
1,420,305
172,736
172,624
13,539
80,488
92,248
33,623
i,23'
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
30
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
ACTIVt: CftHI'HK \THtN KhTl KNh
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL G^OUP— Continued
Returns with balance sheets by major industrial group — Continued
Trade — Continued
Retail — Continued
Furniture
and house-
furnishings
Automotive
dealers and
filling
Drug
stores
Eating and
drinking
places
Building
materials
and
hardware
Other
retail
trade
Trade not
allocable
Finance, insurance, real estate^and
lessors of real property
Total finance,
insurance, 2
real estate,
and lessors of
real property
Total
finance
Banks and
trust
companies
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(59)
(60)
(61)
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 amortisation 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 surpliis 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 gi f ts
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 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
6,292
19,201
(Thousand dollars)
163,643
1,182,441
42,391
6,513
364,640
342,229
15,771
1,420
13,732
4,161
115,332
363,987
167,119
1,756
805
32,983
4,451
268
54,693
2,457,169
381,858
270,470
135,000
84,177
277,615
53,975
517,886
58,521
59,828
567,839
4,163,240
51,083
12,346
6,921
137
1,364
,438,338
2,728,134
9,468
179,201
111,905
11,216
32,516
23,425
51,183
2,018
586
34,312
1,315
136,436
2,509
1,387
6,007
1,023,533
4,355,151
83,187
83,147
6,910
44,473
38,714
13,958
3,933
518,971
1,313,010
34,831
19,970
1,257,131
876,873
46,031
2,116
23,055
8,142
266,261
1,463,864
611,202
8,309
2,801
239,311
10,163
1,091
189,639
516,693
1,163,981
482,300
208,124
220,340
74,790
1,111,267
34,988
67,542
1,712,946
5,592,971
23,589,357
258,955
583
22
36
29,763
28,625
22,310
2,160
2,328
2
215,308
24,150,832
20,378,544
132,053
378,571
180,189
34,636
40,516
89,101
151,267
4,025
2,180
127,657
706
250,084
5,582
8,133
3,124
2,181,376
23,967,744
183,088
183,052
12,658
110,208
72,880
27,3..3
8,819
94,246
80,867
902
3,227
209,441
125,319
7,389
278
6,718
604
45,549
282,608
136,891
1,756
997
9,906
5,142
375
13,348
747,233
153,960
32,429
57,278
39,748
23,696
10,383
163,603
6,939
28,639
230,058
747,233
2,038,850
13,556
535
5,928
1,266
74
2,409
68
16,689
2,129,523
1,422,189
2,433
64,597
67,458
7,633
902
3,603
27,791
893
194
23,441
2
25,374
3,749
978
247
415,124
2,066,613
62,910
62,905
3,202
27,590
35,320
13,14.^
1,326
156,525
115,981
1,587
743
43,972
49,656
28,767
662
8,995
4,153
76,551
1,069,751
449,752
7,934
3,496
66,511
37,512
9,026
71,003
202,302
139,449
236,098
67,250
32,466
20,499
297,435
7,722
59,007
167,132
3,344,694
87,105
30
1,037
9,880
532
278
462
2,199
21,403
3,474,249
1,747,376
39,031
135,904
153,851
35,833
2,065
13,079
76,796
1,012
1,532
93,668
159
30,044
3,737
4,237
1,527
1,074,949
3,415,350
58,899
58,869
7,204
35,553
23,346
14,669
1,322
235,814
1,021,747
27,739
21,562
647,516
564,697
19,837
713
15,401
4,407
144,027
792,647
379,082
5,389
1,538
91,245
4,575
313
49,043
3,209,953
435,333
382,400
223,119
94,229
100,079
52,853
864,286
21,333
78,800
957,471
3,209,953
,198,423
51,959
343
11
189
12,677
11,880
540
157
9,094
1,282
2,071
52
72,274
4,313,507
26,906
211,047
46,271
18,418
30,666
28,783
72,162
3,110
457
65,644
1,007
47,207
4,181
2,222
706
845,798
6,218,092
142,870
142,681
7,023
65,202
77,668
26,445
13,758
294,320
1,068,833
36,422
11,273
580,425
453,082
30,349
2,584
16,444
6,626
184,414
1,098,840
514,355
8,156
3,523
67,070
21,363
866
96,631
3,337,349
618,920
351,966
304,686
123,241
244,574
76,240
751,105
47,560
103,528
765,529
3,387,349
7,175,317
144,103
79
10,874
20,506
863
242
10,706
965
2,414
787
104,675
5,174,698
63,348
273,258
127,910
23,311
37,115
27,411
85,953
2,329
2,496
97,279
235
100,700
6,441
2,475
1,255
1,236,211
154,558
154,479
12,591
74,829
79,729
21,764
6,478
368,21.".
1,227,894
35,032
35,173
650,016
405,732
29,610
2,245
23,944
16,240
243,533
1,302,239
580,914
6,066
2,026
117,491
15,923
758
82,266
4,002,861
307,494
347,193
343,571
166,493
178,436
121,534
806,166
40,166
160,539
1,031,219
4,002,861
9,628,295
201,611
739
104
53
9,479
29,364
1,672
322
12,384
956
5,277
182
32,540
9,972,978
7,631,841
50,990
226,360
96,787
31,306
24,337
31,331
109,422
2,936
5,971
105,017
747
108,251
12,154
4,621
963
1,295,850
233,044
232,991
10,995
110,562
122,482
33,223
8,395
59,772,692
140,285,867
1,702,291
159
24,646
33,837
292,472
13,910,343
81,027,819
4,736,235
151,957,877
27,732,017
6,645,694
1,027,930
315,513
6,322,585
487,314
16,906
10,641,446
504,570,835
6,945,399
12,965,896
28,824,303
1,331,556
383,933,301
1,559,365
18,321,194
6,729,477
11,357,089
32,552,755
504,570,835
184,024
13,771,865
1,960,253
67,998
493,132
11,282,953
3,958,922
261,862
21,277
826,001
929,741
1,357,179
89,938
507,912
35,718,058
117,841
5,070,734
1,665,562
482,634
246,311
1,080,520
4,338,863
1,424,047
45,113
10,655
1,236,625
117,135
330,048
255,900
45,402
468,679
10,103,556
27,041,525
3,575,432
3,173,300
124,517
2,015,359
6,661,063
2,491,474
333,052
54,793,245
135,688,110
1,666,832
2,736
4,961
79,307
12,114,775
67,462,614
4,579,989
54,395,501
3,850,332
657,995
511,090
159,396
432,577
344,663
5,227
2,494,721
3,940,731
8,962,393
11,663,697
501,638
275,298,057
957,253
10,761,790
5,159,553
9,249,382
16,670,602
344,265,221
19,808
,185,543
1,606,597
55,194
318,172
8,199,488
202,213
125,653
12,537
595,150
159,513
887,520
85,836
245,084
12,828
128,004
990,087
177,140
49,184
1,055,521
3,528,290
379,701
32,203
2,595
245,429
80,047
219,550
195,891
34,361
421,561
4,143,074
11,696,666
4,011,907
3,693,735
38,631
1,202,140
2,809,767
1,949,247
238,976
50,510,485
113,012,530
1,327,825
1,230
37,106
11,770,110
63,944,915
4,018,625
10,528,071
2,543,063
354,063
3,555
322
165,459
298,694
175
1,752,879
257,005,548
33,062
481,745
193,015
166,844
235,179,477
67,624
4,953,251
2,042,924
1,545,371
12,337,234
257,005,548
2,985
,125,455
1,501,933
62,501
304,405
5,308,052
153,004
2,774
1,351
43,057
624
56,927
537
86,423
2,545
728
677,684
98,253
39,385
534,083
1,562,796
252,393
23,269
1,147
179,335
1,734
114,273
158,512
26,543
413,870
2,513,351
6,710,422
1,939,775
1,635,371
10,382
758,164
1,181,612
612,964
126,419
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 1956-JUNE 1957
31
ACTIVK COKl'ORATION RKTl RNS
Table 3.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Roturns with balance sheets by major industrial group-^Continued
Finance, Insurance, real estate, and lessors of real property— Continued
Finance — Continued
Holding and
other
investment
companies
Security and
commodity-
exchange
brokers and
dealers
Insurance carriers' and agents
Total
Insurance
carriers^ and
agents
Insurance
carriers^
Insurance
agents and
brokers
Real estate,
except lessors
of real
property other
than buildings
Lessors of
real property,
except
buildings
(62)
(63)
(64)
(65)
(66)
(67)
(68)
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 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
Capita 1 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 araortizable
bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-terra capital gain reduced by net long-term
capital loss.
Net long-term capital gain reduced by net short-term
capital loss.
Net gain, sales other than capital assets
Dividends , domestic corporations
Dividends, foreign corporations
Other receipts
Total compi led 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 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
31,593
3,664,737
21,617,788
337,891
711
3,040
34,614
105,790
2,625,372
357,894
39,386,175
997,130
169,434
52,850
24,805
182,643
25,692
820
478,075
68,999,561
2,820,471
7,951,766
10,240,765
300,123
39,380,672
402,991
2,307,024
2,275,092
1,180,405
2,140,251
68,999,561
2,416
1,746,145
68,351
2,374
1,997
2,772,842
29,513
743
1,940
42,735
7,505
26,592
28,092
98,882
2,143
70,858
211,906
60,178
7,943
516,669
1,785,772
87,135
4,924
809
51,084
1,135
94,791
27,920
4,886
5,523
1,224,108
672,293
670,296
18,365
315,582
356,711
223,389
22,763
14,979
2,727
167,224
(Thoua»nd dollara)
464,025
532,987
819
736
1,408
4,679
195,275
663,061
93,415
13,535,970
219,709
97,554
451,417
133,272
60,172
15,703
4,211
113,403
16,121,104
331,999
210,950
1,031,585
108,969
1,382,311
446,915
3,358,195
825,801
6,420,752
2,003,627
16,121, ICK
6,950
77,974
28,070
234
6,589
107,171
16,910
122,042
7,541
494,692
2,396
790,229
56,365
30,811
4,870
5,756
27,074
4,922
839
3,146
52,926
17,584
3,332
473
10,437
76,325
2,202
3,867
1,859
970
187,333
403,915
1,344,059
1,337,470
7,811
108,142
1,235,917
1,103,664
88,860
3,998
■.,705
297
109
513
2,908
43,600
229,266
110,054
845,285
90,430
36,944
3,168
997
23,293
4,574
21
145,364
755,199
317,936
198,331
25,702
355,597
39,733
138,320
15,846
102,854
189,490
7,457
235,969
8,193
85
5,181
11,413
2,786
104
1,805
14,656
148,993
13,872
792
28,968
480,274
3,270
50,662
73,423
13,777
1,016
1,623
26,796
12,084
678
266
5,573
803
8,384
5,592
1,068
1,198
218,282
424,495
55,779
50,598
2,073
20,252
35,527
9,230
934
3,105,026
1,146,663
12,950
27
199
16,076
8,311
6,666,590
13,299,850
90,113
90,101,498
1,225,580
90,929
1,498
376
27,406
52,835
337
7,070,246
122,707,326
7X,071
112,046
109,638
72,099
105,685,381
48,587
1,788,285
1,276,854
432,092
12.448,263
122,707,326
55,880
8,168,645
342,195
2,706
176, 578
2,980,838
297,237
186
1,816
48,752
7,605
413,703
3,356
98,984
12,598,461
42,735
4,069,093
219,664
91,147
4,396
10,296
20,148
246,227
3,238
585
120,585
880
34,430
53,752
6,244
567
3,960,602
8,884,539
3,713,842
3,537,264
7,121
415,275
3,298,567
305,063
75,511
2,790,780
528,587
7,339
16,030
4,124
6,663,585
13,278,032
83,640
89,843,699
1,083,288
41,457
380
12
13,853
12,475
44
6,994,987
121,2&i.,608
88,125
33,119
65,430
35,894
105,582,228
19,152
1,621,404
1,237,299
408,913
12,173,044
121,2fat,6CI8
54,448
7,213,233
341,573
2,705
176,523
2,976,518
293,134
72
1,715
43,585
7,490
405,177
2,182
72,038
11,590,393
41,717
3,924,812
38,862
59,420
2,790
4,528
15,616
230,159
1,872
178
105,130
790
22,216
47,175
3,724
345
3,469,485
7,968,819
3,621,574
3,445,051
3,555
380,569
3,241,005
284,055
70,734
314,246
618,076
5,511
27
199
46
4,187
3,005
21,818
6,473
257,799
142,292
49,472
1,118
364
13,553
40,360
293
75,259
1,442,718
645,945
78,927
44,208
36,205
103,153
29,435
166,881
39,565
23,179
275,219
1,442,718
1,432
955,412
622
1
55
4,320
4,103
114
101
5,167
115
8,526
1,174
26,946
1,068
144,281
180,802
31,727
1,606
5,768
4,532
16,068
1,366
407
15,455
90
12,214
6,577
2,520
222
491,117
915,820
92,268
92,213
3,566
34,706
57,562
21,008
4,777
1,770,815
3,327,058
19,074
132
20,922
10,809
200,713
117,242
220,788
60,252
7,155,174
20,836,246
5,656,514
155,222
37,320
5,584,358
79,184
10,103
1,008,445
34,834,369
1,968,965
3,803,551
16,109,038
607,625
1,894,657
465,409
4,738,000
278,518
1,497,517
3,471,089
34,834,369
98,971
2,413,194
10,119
78
3,091
100,745
3,362,808
9,931
6,245
158,575
751,701
54,561
556
145,175
52,449
872,863
448,534
210,270
191,740
13,738
758,955
771,657
10,265
5,565
350,359
1,985
74,328
6,874
4,539
46,261
1.950,240
6,270.732
356,218
853,127
75.759
355.050
501,158
178,013
18.563
(69)
103,605
124,025
3,435
739
1,991
4,141
11,736
44,557
5,871
305,704
1,619,859
241,256
350,120
119,421
278,244
10,632
1,239
58,034
2,763,919
301,632
87,901
941,930
50,194
105,206
88,506
1,033,119
14,432
178,098
'37,199
2,753,919
9,355
4,484
1,342
20
291
1,882
96,664
126,082
579
23,524
917
1,195
40
17,669
284,054
9,779
774
7,277
4,077
991
965
31,470
26,452
407
1,811
19,252
34,223
1,640
383
158
290
49,640
189,589
94,465
94,174
3,005
42,904
51,561
59,151
2
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data
32
ACTIVE CORPORATION RETURNS
Table 3.
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
-BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Returns with balance sheets by major industrial group — Continued
Services
Total
services
Hotels an
other
lodging
places
Personal
services
Business
services
Automotive
repair
services
and garages
Miscel-
laneous
repair
services,
hand trades
Motion
pictures
Amusement,
except
motion
pictures
Other
services,
including
schools
Nature of
business
not
allocable
(70)
(71)
(72)
(73)
(74)
(75)
(76)
(77)
(78)
Number of returns .
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 posses-
sions .
United States obligations
Not stated
Other, investments
Depreciable assets
Less: Accumulated amortization and 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 liabi lities
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 amorti-
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 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
7,855
6,657
(Thotjaand dollai
1,429,887
2,259,7(K
39,646
244,872
467,520
169,268
204,966
56,310
1,585,618
9,005,690
3,851,328
59,074
23,276
862,034
160,871
22,655
481,083
13,089,741
1,610,418
1,212,243
2,903,596
583,073
803,211
244,861
2,071,786
180,906
926,569
2,553,078
13,089,741
2,184,496
13,229,667
7,344
61
1,124
26,306
426^911
36,686
2,436
109,711
9,950
28,800
16,507
192,634
16,272,683
1,251,513
7,506,787
769,726
552,011
179,743
36,134
161,245
395,195
12,234
13,773
832,300
1,404
2M,791
68,812
24,155
8,600
3,353,841
340,419
839,295
61,977
409,492
430,927
189,212
22,746
168,038
210,845
2,334
1,458
17,927
22,434
34,513
4,042
15^928
4,221
237,386
2,603,477
976,536
3,484
1,353
329,403
6,203
275
76,160
2,755,021
170,409
213,263
1,113,437
113,604
151,679
59,381
407,272
22,395
228,612
274,969
2,755,021
706,724
1,177,856
159
5,645
—209,633
179
258
27,379
4,316
4,287
6,111
23,691
380,585
452,540
44,874
124,608
69,720
4,770
53,493
94,917
1,618
54A
149,622
384
40,786
3,599
5,613
1,371
634,158
104,501
104,342
13,915
51,626
52,875
33,502
1,571
134,649
214,726
3,970
1,405
29,556
43,761
32,099
2,995
17,000
2,874
75,941
1,089,973
530,920
9,333
5,592
57,384
27,156
770
63,435
1,261,035
137,998
1CK,676
183,637
62,887
54,709
33,134
298,903
7,552
39,721
337,818
1,261,035
376,934
1,936,631
408
21
259
1,159
6,277
771
149
4,498
196
1,627
4
9,493
189,855
1,106,418
144,438
75,290
24,494
5,494
12,161
54,785
1,708
822
89,220
18
38,274
3,560
3,768
2,582
501,761
2,254,648
83,779
33,520
6,654
37,575
46,204
17,428
3,143
437,958
894,727
21,097
1,684
38,428
63,940
27,931
10,843
66,057
14,344
488,064
1,416,567
6(K,450
18,135
4,384
43,265
39,642
1,702
141,229
633,579
294,518
360,541
158,828
259,922
56,033
439,612
42,583
182,960
642,605
3,071,181
294,285
4,253,786
253
5,432
67,552
18,180
435
13,036
1,854
13,329
2,672
48,810
4,721,765
193,013
2,500,375
279,536
84,079
23,915
9,586
23,751
64,908
2,915
3,015
177,646
441
37,715
39,620
7,564
1,681
985,172
286,833
286,580
10, 594
135,982
150,851
54,008
5,486
81,875
143,909
1,119
397
21,396
22,894
22,267
754
3,707
2,525
53,828
1,002,732
366,047
15,063
5,613
67,298
5,009
378
25,404
102,269
208,691
355,365
32,859
34,881
10,738
137,813
8,140
31,983
173,162
201,020
819,872
57
3
9
1,225
59,916
303
873
18,796
2,152
556
75
7,364
135,171
378,001
53,769
71,340
12,783
3,001
22,470
31,974
728
920
188,507
185
10,207
686
775
158,466
42,353
42,344
5,408
17,564
24,789
5,561
4,881
35,872
91,955
1,069
466
34,110
32,480
3,141
4,005
344
8,400
138,885
61,084
1,596
866
5,416
2,429
119
8,243
55,793
25,602
27,613
23,399
20,006
4,292
67,427
1,803
14,934
63,330
304,204
202,334
486,595
350
895
199
7
1,053
55
36
1
2,593
132,320
327,167
41,244
13,825
3,313
1,528
2,154
11,535
296
382
14,875
8
6,548
1,360
1,828
67
103,265
661,715
32,453
32,453
3,427
14,677
17,776
1,865
759
298,694
428,782
3,448
39
71,474
266,061
24,552
3,717
43,753
14,673
599,462
1,634,182
880,587
4,913
2,708
243,863
49,985
16,916
95,707
362,387
211,457
577,171
98,842
129,439
47,188
339,051
76,055
327,451
707,157
153,684
2,275,078
1,532
6
70
9,534
55,669
12,807
632
35,851
230
7,056
7,605
57,665
2,617,419
86,216
1,545,243
51,318
95,155
22,337
3,140
28,987
57,142
1,301
6,528
121,252
117
86,298
4,187
1,716
476
377,722
128,284
128,214
7,748
68,496
59,788
45,915
1,781
136,964
78,608
1,556
309
6,809
4,921
13,067
3,792
31,012
9,155
61,620
721,101
280,515
3,072
1,640
89,519
20,735
2,188
36,123
930,908
62,593
99,124
193,617
41,160
65,858
20,868
229,262
7,000
53,662
157,764
930,908
110,563
912,982
1,010
8
77
1,124
18,492
1,549
49
5,271
560
i,a4
22
22,090
52,551
448,989
49,783
50,369
15,072
2,260
12,135
51,707
2, IX
1,013
61,952
90
25,010
1,617
921
1,487
223,202
74,719
74,642
7,179
40,907
33,812
18,792
2,342
135,837
196,152
5,053
130
25,172
11,029
11,698
7,718
23,504
8,174
60,917
398,773
151,189
3,478
1,120
25,386
9,712
307
34,782
795,293
85,390
54,912
92,210
51,494
86,717
13,227
152,446
15,378
47,246
196.273
795,293
138,952
1,366,867
297
1,837
8,477
2,698
33
3,827
587
695
17
20,978
81,802
748,054
104,764
37,345
8,104
6,355
6,094
28,227
1,534
549
29,226
161
19,953
14,183
1,865
161
370,095
87,497
87,200
7,052
42,665
44,832
12,141
2,783
(79)
51,079
198,401
1,180
64
4,925
9,187
2,699
1,669
9,187
1,932
133,031
68,294
23,234
16,696
310
20,731
6,397
117
43,070
542,521
76,121
69,513
97,447
16,249
27,912
42,735
204,612
8,578
27,321
'27,967
542,521
36,413
93,781
38
854
912
534
231
1,994
490
166
220
8,012
148,692
25,478
38,348
17,236
4,361
1,278
685
2,204
3,075
99
207
4,605
24
2,192
253
16
626
46,238
146,925
1,767
1,729
1,974
4,281
'2,514
1,619
248
Includes stocks not designated as to type.
^For items reported and computation of tax by life and mutual insurance companies, see facsimiles of return Forms 1120L and 1120M, pp. 179-196.
^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 1956-JUNE 1957
33
ACTIVK CORPORATION RKTIRNS
Table 4.— BALANCE SHEETS AND RELATED INCOME
STATEMENTS
, BY SIZE
OF TOTAL
ASSETS
Item
All BCtlV.-
corporation
returns
Rfturna
without
balance
sheets
Returns
with balance
sheets by s
ize of total
assets
Total
Under
$25 ,000
»25,000
under
$50,000
♦50.000
under
$100 ,000
$100,000
under
$250,000
$250,000
under
$500,000
$500,000
under
$1,000,000
Nujnber of returns
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
1
885,747
57,831
827,916
202,925
129,760
150,165
171,122
76,929
41,336
1
Assets:
(Thoumtnd dotlarm)
'
-
89,779,927
213,587,866
3,196,266
6,184,792
33,308,052
39,250,739
3,676,280
19,812,202
95,836,945
6,422,263
198,829,079
315,824,335
112,466,713
11,696,090
4,542,206
13,005,851
3,134,245
789,564
19,597,191
363,554
498,600
9,380
6,409
165,485
138,608
26,284
1,305
2,470
4,104
114,567
1,274,177
646,768
46,108
28,326
108,843
42,913
4,399
137,109
602,930
1,033,811
16,268
9,604
430,207
337,185
45,537
4,149
11,821
8,707
284,131
2,373,375
1,050,984
46,498
19,406
304,474
60,350
3,662
216,476
1,171,517
2,534,526
44,815
22,711
1,011,675
825,885
98,^8
6,621
45,417
26,660
740,4X
5,226,559
2,194,957
106,738
44,787
729,409
102,969
7,872
375,960
2,650,971
6,701,229
128,028
54,728
2,623,139
2,054,663
236,682
30,922
170,183
72,827
2,216,111
12,508,735
5,027,497
237,862
99,130
1,892,654
177,128
21,662
805,695
2,424,185
6,961,727
131,107
42,623
2,538,990
1,939,959
224,205
42,197
269,728
80,111
2,743,984
11,669,008
4,650,494
236,981
77,060
1,640,534
118,798
7,500
685,874
2,665,642
7,467,901
139,554
65,592
2,735,082
1,934,426
221,820
108,358
738,864
151,367
3,224,991
11,838,786
4,807,739
338,375
103,677
1,476,493
135,358
11,842
734,532
2
3
4
Inventories:
5
6
7
ff
8
Inv(-3tments, GoveTnment obligations:
9
in
10
11
12
13
14
15
16
17
18
19
?n
Other assets
20
21
Total assets
-
-
948,951,108
2,241,663
4,678,935
10,733,548
27,157,212
26,752,743
28,774,775
21
O-)
Liabilities:
-
-
50,885,772
34,229,954
108,927,833
22,901,286
404,339,101
15,626,603
103,976,949
15,288,510
38,985,119
153,789,981
556,376
380,211
365,303
119,282
229,885
56,901
1,223,672
10,597
118,291
^818,855
886,701
556,592
706,222
183,041
332,623
89,771
1,582,893
21,046
109,853
210,193
1,786,531
1,309,685
1,700,512
384,954
639,240
155,786
3,078,009
55,375
334,529
1,288,377
4,124,291
3,249,159
4,476,383
933,097
1,540,340
407,937
6,400,675
192,691
664,002
5,168,637
3,857,621
3,218,362
4,504,504
997,267
1,769,014
478,090
5,073,831
232,698
773,576
5,847,780
3,652,901
3,224,111
4,672,290
1,029,802
3,089,260
581,432
4,566,749
308,735
1,060,728
6,588,767
22
Bonds, notes, mortgages payable:
23
24
">*;
25
26
-i'j
27
28
tq
29
30
■i\
Earned surplus and undivided profits
31
32
Total liabilities
-
-
948,951,108
2,241,663
4,678,935
10,733,548
27,157,212
26,752,743
28,774,775
32
Receipts:
540,039,596
106,632,639
2,388,101
74,806
527,736
12,067,541
6,042,049
787,977
44,704
2,331,975
1,024,377
2,688,181
758,292
4,460,194
4,825,841
1,167,367
14,946
365
3,506
72,711
131,388
7,254
1,120
52,340
23,966
24,828
3,570
46,071
535,213,755
105,465,272
2,373,155
74,441
524,230
11,994,830
5,910,661
780,723
43,584
2,279,635
1,000,411
2,663,353
754,722
4,414,123
4,491,632
2,554,969
479
2
21
10,506
124,361
12,426
1,481
21,690
41,314
1,506
19
68,195
7,688,721
2,626,489
472
24
33
11,558
196,382
13,778
1,206
18,713
62,944
2,995
40
85,740
17,275,597
4,388,698
2,203
172
113
31,170
419,727
14,741
3,080
41,185
122,727
5,283
98
168,117
43,337,011
8,248,230
5,727
139
991
124,805
966,823
32,478
5,503
104,030
220,026
26,960
474
434,044
41,532,234
6,917,073
8,413
287
1,604
153,507
787,780
29,963
4,895
111,340
163,435
30,312
2,299
437,642
40,665,883
5,512,946
18,895
514
3,583
196,304
649,782
33,141
2,929
122, 2ir
119,439
47,733
1,691
434,629
33
I/
34
T>
Interest on Government obligations (less amortizable bond
premium) :
Wholly tajcable
35
36
'^7
37
"Ifl
38
39
/O
40
41
42
Net short-term capital gain reduced by net long-term capital
loss.
Net long-term capital gain reduced by net short-term capital
loss.
41
42
43
44
45
4ft
46
47
Total compiled receipts
679,868,168
6,375,273
673,492,895
7,328,601
10,7C9,095
22,472,911
53,507,241
50,180,784
48,809,687
47
''ifl
Deductions:
409,018,016
64,262,864
11,045,160
6,274,115
6,130,840
1,920,401
8,280,952
15,038,562
417,996
2,625,949
14,952,881
3,084,301
7,061,631
3,645,380
1,302,922
682,338
76,711,212
3,805,087
663,154
147,693
73,091
56,686
17,290
76,277
130,572
3,894
5,428
163,883
27, 5X
68,057
19,342
7,564
13,295
867,399
405,212,929
63,599,710
10,897,467
6,201,024
6,074,154
1,903,111
8,204,675
14,907,990
414,102
2,620,521
14,788,998
3,056,747
6,993,574
3,626,038
1,295,358
669,043
75,843,813
3,231,236
1,485,136
599,125
278,518
39,006
14,757
30,286
127,307
949
2,870
138,384
3,029
76,695
2,019
2,765
18,091
1,393,229
5,636,988
1,558,279
710,946
276,188
56,954
22,579
54,354
182,483
3,406
3,024
216,329
5,552
97,271
3,150
4,163
5,716
1,746,356
13,193,614
2,733,765
1,157,083
424,080
108,979
55,601
130,860
347, 166
4,934
8,203
429,635
6,880
199,062
7,668
9,947
11,973
3,227,260
34,133,565
5,360,496
2,063,420
686,764
242,413
142,556
348,452
764,194
16,394
15,987
958,675
21,083
432,904
30,792
28,553
20,410
6,957,122
33,262,577
4,674,633
1,468,672
476,683
209,251
120,092
345,201
685,984
21,138
19,138
857,039
27,483
389,278
48,189
32,394
25,545
6,154,502
32,600,851
4,419,536
1,156,433
414,760
217,082
113,481
362,407
656,379
24,329
21,450
843,823
43,069
411,535
80,502
«0,079
27,899
5,780,317
48
49
■sn
50
51
■>?
52
53
*i''i
54
55
■^(i
56
•t?
57
IR
58
'.q
59
60
ftl
61
62
Amounts contributed under other employee benefit plans
62
63
64
Other deductions
64
65
Total compiled deductions
632,455,520
6,146,266
626,309,254
7,443,402
10,583,738
22,056,710
52,223,780
48,817,799
47,213,932
65
66
47,412,648
46,884,912
917,670
21,364,290
26,048,358
14,498,400
2,725,210
229,007
225,501
23,589
142,744
86,263
139,601
7,021
47,183,641
46,659,411
894,081
21,221,546
25,962,095
14,358,799
2,718,189
^114,801
^114, 822
48,082
33,763
'148,564
41,826
1,003
125,357
125,324
49,863
81,002
44,355
40,063
1,761
416,201
416,088
77,942
197,223
218,978
84,147
8,493
1,283,461
1,282,470
133,352
526,831
756,630
190,472
47,317
1,362,985
1,361,381
89,755
596,280
766,705
196,718
59,218
1,595,755
1,592,172
86,640
748,672
847,083
249,449
67,528
66
67
6fl
68
fiq
69
7n
70
71
Dividends paid:
71
72
Corporation's o,m stock
72
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 1956 -JUNE 1957
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)
(15)
(16)
(17)
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 possessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated ajtortization 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 f rpm operations
Interest on Government obligations (less ajnortizable bond
premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties -. -r^.
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.
Amortization
Depreciation
Depletion
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee benefit plans.
Net J^ss, 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 o,m stock.
Corporation's own stock
7,295
(Thousand <ioHars)
4,48A,075
11,137,926
168,837
152,159
3,601,213
2, 465, 415
283,090
431,671
,886,399
486,970
597,256
057,714
,172,839
478,651
166,397
,537,400
181,206
26,950
990,446
43,236,568
4,341,827
3,802,282
5,564,479
1,427,504
9,830,559
382,911
5,710,642
580,958
1,570,043
9,525,363
43,236,558
48,297,J45
7,591,647
70,459
3,117
13,498
392,539
625,943
— 50,263
4,683
173,937
37,409
91.055
3,321
494,095
57,899,311
38,233,194
5,136,611
1,093,131
418,401
285,728
128,735
467,040
838,956
36,864
26,826
985,005
93,142
517,892
149,091
59,025
24,171
6,328,461
55,322,323
2,576,988
2,563,490
85,131
1,257,339
1,319,649
409,022
104,255
4,896,169
10,656,058
146,516
202,916
2,720,100
1,319,566
215,009
965,114
4,732,273
599,375
6,919,825
11,560,811
4,457,978
441,168
173,657
901,726
126,659
15,540
634,230
42,647,358
2,991,817
2,773,059
4,419,210
1,111,314
16,276,331
741,255
4,161,955
679,145
1,512,134
7,981,138
42,647,358
32,624,996
5,478,955
119,535
3,764
24,984
533,254
385,894
50,671
2,732
151,090
33,661
103,186
5,129
326,143
25,564,231
3,661,206
606,311
281,706
236,461
114,442
419,062
552,782
31,613
29,019
734,382
88,442
406,944
142,087
54,617
23,843
4,535,521
37,687,769
2,161,225
2,135,241
54,614
1,045,092
1,115,133
433,742
95,163
5,963,313
12,557,555
193,605
263,315
2,427,746
1,935,480
212,052
1,522,616
6,517,358
563,040
10,406,107
11,315,023
4,436,269
739,594
206,661
720,834
155,444
18,213
655,110
51,199,894
2,846,846
2,281,412
3,995,454
1,164,505
24,565,604
685,459
4,147,754
998,193
1,829,141
8,635,526
51,199,394
30,981,549
5,297,126
162,362
3,700
37,567
797,263
153,888
50,324
4,458
143,392
29,511
103,904
15,316
268,407
23,550,692
3,535,775
466;453
258,761
262,064
144,691
501,455
789,259
32,622
46,404
594,581
96,675
453,903
185,151
77,556
36,086
4,457,636
35,705,870
2,342,897
2,305,330
43,553
1,150,842
1,192,055
491,425
111,790
8,005,941
16,959,726
249,755
555,502
3,445,053
2,824,633
238,704
2,062,829
9,333,626
1,088,754
15,937,976
17,691,785
5,798,365
892,193
252,168
775,329
203,382
24,603
1,091,314
73,851,851
3,487,032
2,650,072
6,537,300
1,644,319
35,270,221
1,121,842
5,549,897
1,571,719
3,208,117
12,811.342
73,851,861
41,913,153
5,427,334
240,250
6,238
51,330
1,098,677
187,125
100,930
2,349
250,196
32,354
254,961
28,954
299,584
31,338,426
3,205,132
481,717
327,003
443,215
133, 590
715,150
1,092,044
46,039
99,715
946,508
188,463
687,009
320,363
106,618
57,955
5,807,375
46,051,382
3,847,668
3,796,288
64,198
1,830,905
2,016,763
939,942
195,859
6,247,528
14,246,082
220,505
456,827
1,979,848
2,223,545
233,505
1,766,995
8,855,115
735,995
13,641,513
14,213,155
5,237,099
851,533
373,831
440,621
144,822
35,362
86i,355
61,034,745
2,314,043
1,360,640
5,020,061
1,249,359
31,588,345
948,489
4,118,004
1,330,510
2,740,575
9,864,718
61,034,745
26,699,517
4,897,761
213,251
9,014
42,396
932,458
94,824
72,898
1,395
187,657
25,820
143,554
35,095
175,445
19,334,970
3,110,655
268,427
222,443
359,817
143,306
604,120
947,104
29,534
109,289
595,560
151,464
431,357
230,173
80,737
54,529
3,910,203
30,694,
2,837,708
2,794,812
32,795
1,336,561
1,501,147
829,443
172,717
5,930,157
13,713,094
215,148
575,042
1,976,9CB
2,231,919
219,471
1,785,134
8,481,246
219,225
13,343,215
18,103,585
5,393,195
1,342,987
567,912
372,831
79,432
8,933
1,108,831
62,303,942
2,770,106
1,371,314
6,146,193
1,410,143
28,335,355
1,184,180
4,916,669
1,382,915
3,940,567
10,845,500
52,303,942
29,953,582
4,601,025
194,376
4,235
44,327
804,663
131,877
99,549
2,349
222,133
18,344
282,418
67,938
171,387
22,004,950
2,598,529
198,297
239,846
448,258
114,032
558,135
823,112
30,936
151,359
758,263
248,978
505,825
256,504
74,091
36,951
4,098,032
33,166,108
3,432,145
3,387,818
40,307
1,518,987
1,913,158
1,178,194
189,047
8,593,333
20,672,346
305,916
1,112,838
2,339,435
4,669,253
298,365
2,418,727
11,399,587
366,709
19,072,016
32,930,446
10,580,581
589,714
128,548
675,905
177,334
40,437
1,994,712
95,405,244
3,869,924
2,233,673
12,553,640
2,450,931
41,224,429
2,244,724
8,357,925
1,980,687
5,504,434
15,430,871
95,406,244
43,433,067
8,778,484
265,373
5,773
61,404
1,103,129
239,363
63,464
1,465
281,702
26,457
279,365
124,552
547,142
32,217,269
4,981,031
234,685
416,536
707,504
159,675
892,594
1,309,263
33,705
446,717
1,312,183
171,566
895,830
433,525
122,645
68,706
5,364,571
50,268,156
4,947,594
4,886,190
27,857
2,345,194
2,602,400
1,720,116
216,021
35,730,502
88,432,285
1,226,822
2,653,526
5,313,159
13,850,202
1,072,658
8,665,564
42,392,857
1,918,417
101,586,952
150,011,175
50,011,943
5,247,633
2,300,596
1,427,748
1,428,400
552,589
9,252,497
417,931,620
13,399,706
5,314,377
48,256,282
8,795,758
209,546,894
6,047,825
44,588,273
5,943,241
15,619,129
50,310,124
417,931,620
126,314,453
32,144,535
1,071,355
37,457
241,829
5,799,997
945,892
156,047
5,053
450,292
16,460
1,285,121
459,796
502,553
90,810,366
17,137,926
392,751
1,479,285
2,457,422
440,024
2,775,448
5,691,957
101,489
1,630,510
5,208,431
1,910,921
1,482,569
1,736,324
602,168
242,168
14,973,128
149,073,397
20,368,458
20,126,529
59,992
8,552,355
11,315,503
7,554,240
1,448,017
^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 1956 -JUNE 1957
35
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37
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X
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55
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CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
ACTIVE CORPORATION RETURNS
Table 7.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME OR DEFICIT, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BV MAJOR INDUSTRIAL GROUP
Major industrial group
Returns for calendar, annual noncalendar, and part year
periods, total
Gross receipts from
sales and from
operations
Amount
( Thousand
Net income or
deficit
Amount
f r/)ousanrf
dollers)
Number
of
returns
Amount
( Thousand
dollars)
Returns for calendar year and part year periods, total
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Ttiousand
dollars)
Net income or
deficit
Number
of
returns
Amount
(Thousand
dollars)
Total assets
Number
of
returns
Amount
(Thousand
dollars)
(5)
(7)
(8)
(10)
(U)
(12)
All industrial groups
Agriculture, forestry, and fishery.
Farms and agricultural services..
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics....
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
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 equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except elec-
trical.
Ordnance and accessories
Scientific instruments; photograph
equipment; watches, clocks.
Other manuf acturitig
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.
Dr^g 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 conmiodity-exGhange brokers
and dealers .
Insurance carriers^ and agents
Insurance carriers ^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages....
Miscellaneous repair services, hand trades
Motion pictures
Amusement, except motion pictures
Other services, including schools
646,672,235
2,636,893
2,538,081
42,132
56,630
10,453,604
1,994,291
354,462
2,370,300
4,208,476
1,526,075
23,183,287
314,149,052
5,784,365
38,862,079
4,020,355
13,311,473
9,522,510
6,326,652
4,217,119
10,710,782
10,566,160
22,548,366
33,755,538
5,736,493
3,456,230
7,866,974
27,396,372
16,0.31,267
26,623,883
17,587,312
13,412,809
/ 2, 687, 590
408,540
4,975,095
7,336,088
50,871,037
25,797,789
10j998,73g
13,735,975
338,543
215,372,905
106,059,462
7,626,140
98,433,322
99,363,251
25,078,220
19,661,070
6,805,611
4,279,490
24,044,024
2.154,919
3,533,199
6,308,520
7,443,198
9,950,192
14,198,943
3,226,887
1.137,123
1,755,825
85,389
248,545
8,385,448
7,409,032
976,366
2,572,416
14,192
15,662,226
1,904,204
2.357,237
4,614,308
1.040,642
700,778
2,447,050
1,060,812
1,537,195
885,747
10,973
10,182
213
578
11,743
1,455
199
1,800
5,503
2,731
48,292
132,835
3.010
10,754
186
5,644
13.523
6,977
4,810
2.864
15.326
7.916
819
832
2.763
4,604
3.668
13.319
13,665
4,263
1,533
1,281
85
2,621
11.322
36.181
26.732
5.592
1.176
2.681
236.252
94.997
16.521
78.476
163.253
12.551
8.852
21.453
15,959
29,233
6.971
23.432
19.829
29.873
22.992
255.005
60.154
15.315
33,761
8,347
2,231
15,676
3,423
13.253
181 . 547
6.623
81 . 598
3.586
15,067
20.559
8,575
4,733
7,053
8,128
144,288 12,868
128,947
121,629
6,229
1,089
1,155,232
382,134
26,717
118,599
495,556
142,125
676,797
24,623,749
354 , 598
1,451,819
400,602
596,604
209,201
357,529
252,876
1.324.332
361.291
2.967.526
2,168,169
443,907
134,233
1,039,393
2,-807,904
1,157,734
2,600,958
1,205,832
893,315
31.040
527.222
372.494
5.952.353
l.e<13,S17
1,808,448
2,496,585
43,703
5.242,533
2,500,894
219,133
2,231,761
2,509,402
526,321
1,133,106
172 , 597
32,798
179,323
63,066
56,913
141,956
153,322
232,287
8.235,900
3.723.390
1.648.r67
673.024
1.356.412
50.587
3.548.871
3.455.952
92,909
352,880
95,759
343,282
103.735
83,694
285,949
42,429
32,403
128,779
75,041
89,202
1,069
9,392
9,235
159
488
10,351
1,354
188
1,536
5,151
2,632
45,223
128,457
2.934
10.212
180
5.523
13.075
6,712
4,724
2.737
15.041
7.656
788
875
2.715
4,420
3,590
12,991
13,259
4,067
1.496
1.272
85
2.544
11 . 506
32.895
24.963
4.515
1.111
2.306
270.951
91. 7X
15,510
76.220
157,543
11,531
8.400
20.643
15.142
28.032
6,292
19,996
19.201
28,306
21,673
244,755
56.753
15.045
31 , 593
7.946
2,169
14.979
2.727
12.252
167,224
5,799
74,372
7.855
13.852
18.782
8,094
4,443
6,657
6,951
7,723
10,510
948,951,103
2,577,763
2,590,212
45,447
42,109
14,015,234
3,554,417
352,393
2,314,677
6,230,995
1,562,752
10,385,795
216,363,356
4,117,773
14.295,520
2.937,586
9,469,683
3.583.260
4,842,641
2.062.505
8,922,342
6,724,328
19,639.932
34,313.502
3,573.152
1.662,677
6,614,488
21,662,966
9,623,769
19.458,532
10,995,153
8,428,451
15,245,400
246,411
3,657,967
4,219,308
113,837,771
44,654,417
21,441,552
46,031,476
1,710,326
73,463,037
34,399,098
2,710,058
31,689,040
35,055,128
4,997,800
10,220,712
3,173,081
2,457,169
5,592,971
747,233
1,279,360
3,209,953
3,387,349
4.002,851
504.570,335
344,265.221
257.005.543
68.999.561
15,121,104
2.139.008
122,707.325
121,264,603
1,442.713
34,334.369
2.763.919
13.039,741
2.755.021
1.251.035
3,071.181
1,095.901
304.204
2.876,198
930,908
795,293
542,521
420,921,199
1,294,559
1,227,157
37,379
30,033
7,985,619
1,857,013
293,150
1,902,653
2,931,053
986,745
13,256,172
220,723,163
4,118,006
18.500,948
3,931,757
6,849,875
3,951,666
3,602,872
2,020,693
7,697,832
7,659,272
16,117,325
32,296,256
3,630,837
1,092,334
6,140,271
24,838,333
10,700,363
16,576,392
4,071,856
3,422,975
191 ,402
3,394,422
4,090.436
43,139,811
23,717,033
10,736,521
13,407,960
278,247
109,310.772
55,006,024
4,041,509
50,964,515
49,011,316
11,131,498
5,639,440
1,814,117
1,750,133
13,934,935
970,353
1,869,332
3,805,455
3,095,903
5,293,432
11,432,686
2,638,076
1,105,904
1,407,163
68,121
55,888
8,134,886
7,401,513
733,373
701,010
8,714
8,613,503
1,035.365
1,338,923
i, 310, 633
573,092
406,438
1,072,608
406,993
917,556
64,302
5,479
4,975
153
345
6,603
957
94
1,099
2,893
1,565
25,756
70,492
1,857
5,470
130
2,931
5,624
3,726
2,354
1,630
9,489
4,657
491
407
1,272
2,674
2,134
7,044
7,559
1,914
783
6,103
25,112
17,652
4,359
1,034
2,057
150,234
46,880
8,115
38,755
91,625
6,557
4,262
3,542
7,579
20,913
3,896
13,256
12,252
14 , 368
11,779
159,777
41,927
14.389
20.407
5.817
1,314
12.004
3.305
3,699
101,205
4.641
44.618
4.466
8.559
11.109
4.775
2.588
3.599
4,500
5,U22
7,335
37,254,021
92,156
35,185
6,037
944
1,093,491
397,260
27,105
103, 554
468, 521
102,050
433,729
19,483,908
239,170
769,605
397,509
349,160
91,509
281,343
130,914
1,021,526
674.327
2.431.304
2,071,968
277.794
36.154
838.996
2.619.504
303.787
1,811.212
980.362
574,423
.370.364
24.202
425.407
212,263
5,766,070
1.493.939
1.732.322
2.445.361
43.948
2,641.052
1,505,350
125,202
1,380,148
993,919
244,842
328,476
43,320
34,336
134,382
27,430
33,111
90,205
57,267
141,783
7,232,244
3,140,043
1,611.196
517.275
970,877
40,695
3,527,254
3.455.243
72,011
483.855
81.092
505.155
72,673
48.789
196,265
22,041
19,487
59,138
28,946
57,765
1,206
449,847
4,686
4,273
125
283
5,910
367
94
886
2,593
1,465
23,354
67,163
1,783
5,002
124
2,841
5,348
3,497
2,319
1.554
3,935
4,452
461
401
1.236
2.525
2,122
6,752
7,269
,787
752
37
1,454
5,867
22,305
15,205
3,410
969
1,721
138,705
44,557
7,434
37,133
83,348
5,728
3,912
8,023
6,956
19,972
3,361
10,339
11,801
13,256
10,790
39.033
14.130
13.572
5.072
1,264
10,518
2.632
7,886
89,599
3,933
39,012
3,841
7,598
9,744
4,317
2,353
3,402
3,494
4,263
5,619
799,215,182
1,437,963
1,372,574
41,050
24,329
10,975,474
3,259,754
332,837
1,927,240
4,361,191
1,094,442
6,236,651
155.663,965
2,435.830
7.217.095
2.950,541
5,081,319
1,556,602
3,263,437
1,065,676
6,672,188
4,973,056
15,017,936
33,276,214
2,350,776
497,801
5,427,351
20,357,373
6,791,223
12,465,945
9,141,198
5,752,061
14,226,482
155,962
2,491,066
2,445,634
111,027,
43,055,
21,185,
45.220,
1,565,
19,177,
1,435,
17.740,
16,176,
2.624,
2.799,
903,
1.056,
4,297,
338,
667,
2.025,
1.450,
456.694,633
316.529,467
246.117.787
53.441.808
10,800,383
1,169,504
122,330.549
121,249.958
1,080.591
17,438.232
2,396.355
7.246,999
1.456,954
745,248
2.024,595
524,055
179,946
1,382,340
354,910
478,840
319,923
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 1956-JUNE 1957
ACTIVE COKPORATIOIN RKTLRNS
Table 7.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME OR DEFICIT, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Nujnber
of
returns
All industrial groups
Agriculture, forestry, and fishery
Farms wid agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracittr 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 Emd allied products
Printing, publishing, and allied indus-
tries.
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 equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except elec-
trical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Fumi ture 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 €ind other investment companies...
Security and commodity- ex change brokers
and dealers.
Insurance carriers' and agents
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services .■ .
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
Returns for annual noncalendar year periods, total
Gross receipts from
sales and from
operations
(13)
5,256
5,001
U.
211
4,413
194
61
643
2,371
1,144
20, 864
60,683
1,153
5.196
56
2,625
7.701
3,174
2,412
1,223
6,135
3,138
273
463
1,458
1,908
1,440
6,148
5,984
2,242
705
48
1,091
5,488
10,492
8,539
1,199
142
612
133,123
46,600
7,854
38,746
75,620
5,955
4,479
12,733
8,220
8,209
3,047
10,138
7,511
15,328
10,903
26,583
5,546
783
4,097
113
553
4,283
93
4,190
16,553
201
33,455
3,245
6,420
8,146
3,427
2,161
3,244
3,390
3,422
1,537
dolltira)
(14)
225,751,036
1,342,324
1,310,924
4,803
26,597
2,467,985
127,278
56,312
467,642
l,27?,i22
539,330
9,927,115
93,425,892
2,666,359
20,361,131
88,598
6,461,598
5,560,844
2,723,780
2,196,426
3,012,900
2,906,888
6,431.040
1,459,282
2,055,606
2.363,896
1,726,703
2,557,534
5,330,904
10,052,491
3,515,456
4,989,834
1,921,159
217,138
1,530,673
3,245,652
2,681,226
2,080,706
212,209
328,015
60,296
106,062,133
51,053,438
3,584,631
47,463,807
50,351,935
13,946,722
14,021,630
4,991,494
2,529,307
5,109,039
1,184,566
1,713,817
2,503,065
4,347,295
4,656,760
2,716,257
538,811
30,224
348,662
17,268
192,657
250,562
7,569
242,993
1,371,406
5,478
7,048.618
818,839
1,018,314
1,803,675
467,550
294,340
1,374,442
651.819
619,639
79,486
Nel Income or
deficit
Number
of
returns
(15)
390,286
5,494
5,206
55
233
5,135
493
105
701
2,615
1,216
22,536
62,343
1,153
5,234
56
2,713
7,399
3,251
2,456
1,234
6,337
3,259
323
475
1,491
1,930
1,484
6,275
6,106
2,349
750
43
1,113
5,719
11,069
9,070
1,233
142
624
135.968
43,117
8,406
39,711
76,633
6,004
4,590
12,911
8,380
8,370
3,075
10,226
7,577
15,505
11,213
105,228
18,227
926
13,354
3,030
917
4,672
118
4,554
80,342
1,987
36,980
4,120
6,508
9,450
3,900
2,195
3,454
3,628
3,725
5,533
Amount
( Thcu»*nd
Hollttrt)
(16)
36,781
36,444
192
145
66,741
'15,126
'389
15,145
27,035
40,076
243,068
1,144,841
125,428
632,214
3,093
247,444
117,592
76,181
121,962
302,306
186,464
536,222
96,201
166,113
93,079
150,397
138,400
353,997
789,746
224,970
318,892
6,338
101,815
160,231
196,233
114,678
26,126
50,724
4,755
2,601,531
995,544
93,931
901,613
1,515,483
281,479
804,630
129,277
43,462
44,441
35,536
23,802
51,751
96,055
90,504
1,003,656
533,347
37,171
155,749
385,535
9,892
21,617
719
20,898
379,025
14,667
338,127
31,112
34,905
90.683
20,338
12,916
69,591
47,095
31,437
Total assets
Number
of
returns
(17)
137
373,069
5,206
4,957
44
205
4,951
487
94
650
2,553
1,167
21,369
61,289
1,151
5,210
56
2,637
7,727
3,215
2,405
1,223
6,106
3,204
327
474
1,479
1,895
1,463
6,239
5,990
2,280
744
48
1,090
5,639
10,590
8,753
1,105
142
585
132,246
47,163
8,076
39,087
74,195
5,803
4.483
12,620
8,186
8,060
2,931
9,657
7,400
15,050
10,338
101,667
17,715
915
13,021
2,874
905
4,461
95
4,366
77,625
1,366
35,360
4,014
6,254
9,038
3,777
2,095
3,255
3,467
3,460
4,891
Amount
(ThouuMtid
doltmrm)
(18)
Returns with annual accounting period ended-
July 1956
Gross receipts from
sales and from
operations
Number
of
returns
(19)
1,239,805
1,217,638
4,387
17,780
3,039,760
294,653
19,556
387,437
1,869,804
468,310
4,149,134
50,699,390
1,631,398
7,078,425
36,945
4,388,364
2,026,658
1,579,154
995,829
2,250,654
1,751,772
4,621,996
1,042.283
1,227,376
1,164,876
1,187,137
1.305,593
2,837,546
6,992,587
1,853,960
2,676,390
1,018,913
90,449
1,166,901
1,773,674
2,310,295
1,599,318
256,308
811,298
143,371
35,856,000
15,221,532
1,273,062
13,948,470
13,889,736
2,373,730
7,421,141
2,269,720
1,398,343
1,295,276
403,391
612,364
1,184,030
1,926,691
1,744,732
45,876,202
27,735,734
10,387,761
10,557,753
5,320,716
969,504
376,777
14,650
362,127
17,396,137
367,554
5,342,742
1,298,057
515,737
1,046,435
471,846
124,253
1,493,858
575,993
316,453
222,598
311
300
(') '
232
28
(^)
47
113
34
1,144
4,091
78
315
182
541
171
154
53
542
210
28
133
151
109
364
Amount
(Thotiaand
Hollari)
(20)
(=)
710
557
111
10,563
3,177
550
2,627
6,642
346
448
2,133
696
527
240
686
457
1,054
744
1,585
334
2
296
1
35
208
197
1,036
(')
2,U3
174
470
452
234
116
168
266
233
Net income or
deficit
Number
of
returns
(21)
14,957,302
72,832
70,647
(')
161,122
24,681
(')
37,128
75,650
20,031
438,496
5,645,341
617,740
1,001,230
170,116
393,915
119,557
87,325
87,035
167,601
190,395
(^)
51,180
102,258
57,835
170,904
676,523
511,714
334,339
442,126
C^)
79,659
236,227
210,470
160,047
23,874
22,992
3,557
4,293,103
234,772
4,058,336
3,423,343
221,170
1,026,777
1,042,256
183,634
324,900
44,042
164,333
135,914
285,317
232 , 208
146,811
31,139
142
13,361
13,435
(^)
13,215
101,920
326,174
44,894
51,303
74,759
22,962
17,143
42,692
46,416
26,005
2,897
27,715
322
311
(')
324
40
60
163
45
1,221
4,246
78
326
182
563
182
154
53
553
243
28
144
151
109
375
395
144
47
( = )
710
557
111
7
3,210
561
2,649
6,808
346
459
2,265
696
528
240
719
479
1,076
777
7,242
1,105
2
837
211
55
208
(^)
197
5,764
165
2,439
274
492
535
289
116
201
277
255
Amount
( Thoutattd
doltarai
(22)
Total assets
(23)
2,319
2,787
(')
'10, OX
'13,159
{')
2,466
'150
940
12,414
335,457
32,293
70,413
2,482
7,832
2,538
8,342
13,569
9,609
(^)
5,171
6,546
3,791
11,077
38,974
53,474
19,519
19,625
(^)
4,780
6,936
20,324
11,435
5,297
3,141
401
156,454
65,148
6,971
58,177
86,332
3,925
34,433
29,632
2,696
928
601
5,598
3,401
5,118
4,924
52,841
13,578
231
8,093
9,886
363
1,195
(^)
1,206
30,752
2,316
12,006
2,672
1,847
2,267
245
754
1,741
1,473
1.007
'61
Amount
(Thotiaand
dolUrmi
(24)
306
295
(^) '
306
40
{')
54
151
45
1,170
4,170
78
326
182
534
182
154
53
530
232
(^)
28
144
151
108
375
143
47
(^)
694
546
106
7
35
10,547
3,162
555
2,607
6,630
340
443
2.209
679
522
240
670
468
1.054
755
6,991
8a
203
55
203
(^)
197
5,570
132
2,367
257
481
524
289
116
201
266
233
8,761,859
67,983
67,284
(')
195,883
51,054
(^)
33,553
98, 561
11,322
194,309
2,963,685
514,349
460,723
104,188
134,157
71 , 552
31,254
59,968
94,510
98,366
(')
23,529
45,208
28,519
86,843
349,804
298,621
181,662
134,649
(')
51,782
113,324
209, 2U
109,363
25,763
57,833
16,252
1,304,263
78,735
1,225,528
1.387,039
43,313
481 , 899
416,957
96.802
86,505
14,215
62,360
57,825
127,163
76,035
2,065,304
1,018,529
359,371
525,399
113,983
19,276
14,636
(')
14,471
1,011,572
20,567
280,351
77,480
29,988
43,350
19,131
6,226
42,103
45,654
16.369
12.796
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
64
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
ACTIVt CORPORATION RETURNS
Table 7 . —GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME OR DEFICIT, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Rfttams wi'.Ii annual ajcoun'.ing period ■.-nd'^d — Continued
August 1956
Gross receipts from
sales and from
operations
Number
of
returns
Ajnounf
(Thousanrl
Net income or
deficit
Number
of
returns
Amount
(Thousarit
Total assets
Number
of
returns
Amount
f Thousand
dollars)
September 1956
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Thousani
Net income or
deficit
Number
of
returns
Amount
(Thousand
dollara)
Total assets
Number
of
returns
Amount
(Thousand
dollars)
(25)
(26)
(27)
(28)
(30)
(32)
(33,1
(34)
(35)
All industrial groups
Agriculture, forestry, and fishery
Farms and agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and Icindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture.
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
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 elec-
trical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings
Automotive dealers and filling stations..
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance,^ real estate, and lessors
of real property.
Finance
Banlcs and trust companies
Credit agencies other than banks
Holding and other investment companies...
Security and commodity-exchange brokers
and dealers .
Insurance carriers ^ and agents
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
22,131
438
415
357
9
22
73
224
29
4,4bJ
83
338
2
241
478
176
214
103
570
269
26
9
113
148
94
443
790
624
3,321
575
2,746
5,820
473
236
1,035
664
657
232
770
521
1,232
896
2,050
396
60
J03
2
407
27
380
1,236
11
2,816
170
597
594
282
138
390
298
347
15,051,096
121,247
117,988
3,259
340,158
18,770
3,864
26,727
283,793
7,004
412,798
6,429,546
408,113
1,126,532
4,558
738,902
312,593
130,647
126,583
217,582
159,636
871,720
138,187
46,932
92,929
131,222
194,275
262,619
533,828
142,590
87,827
190,322
218,036
96,584
15,712_
163,567"
2,173
6,371,205
4,016,060
245,268
3,770,792
2,040,978
411,244
93,354
199,758
196.948
392,666
119,674
130,601
164,963
331,770
314,167
216,706
49,507
1,840
33,636
60
13,971
17,981
2,155
15,326
149,1-74
44
930,531
48,506
134,891
162,057
44,939
12,529
415,785
69,410
42,414
10,869
29,604
449
415
(')
23
457
65
22
84
235
51
1,169
4,601
33
360
2
241
489
187
214
103
592
291
26
9
124
148
105
443
146
64
836
669
_ 77
17
73
10,229
3,414
586
2,828
5,919
473
258
1,035
697
679
232
770
532
1,243
896
8,252
1,365
60
1,003
265
407
27
380
6,321
159
3,109
269
608
698
316
138
412
310
358
1,849
1,777
;')
34
2,556
'3,090
'3C6
'362
6,133
181
5,477
365,384
15,396
32,413
278
36,494
6,366
4,051
3,929
26,008
8,990
57,182
4,569
3,179
1,891
15,782
14,432
13,853
41,163
9,705
5,790
8,738
23,310
5,842
'763
18,508
223
113,115
69,261
6,768
62,493
37,656
6,029
2,713
3,236
2,695
5,424
3,604
3,316
4,063
6,576
6,198
44,566
22,259
246
7,250
13,865
2,344
297
2,047
19,562
401
74,799
6,732
9,034
11,224
321
42C
41,1-C
4,224
1,124
'139
438
415
446
65
22
"3
235
51
.,520
83
359
2
240
439
171
214
103
592
270
26
9
123
137
105
443
140
64
818
652
3,322
541
2,731
5,706
454
258
1,007
636
656
232
693
516
1,204
885
7,921
1,317
60
957
263
37
396
27
369
6,049
159
2,987
253
586
686
3C5
138
379
304
331
92,509
38,273
(')
2,504
614,505
25,555
1,113
27,119
553,359
7,359
165,525
3,410,914
202,223
467,613
3,155
454,829
95,622
73,630
51,371
191,033
92,775
495,671
78,996
24,981
38,170
108,211
111,002
134,638
313,232
63,754
39,112
91,328
449,320
61,318
14,802
367,352
4,343
2, 20-', 860
1,406,343
91,013
1,315,325
687,823
33,437
29,699
33,105
103,548
98,996
34,369
55,557
66,533
132,524
113,694
2,327,066
396,379
38,634
567,647
276,563
14,030
22,149
1,305
20,844
1,396,127
11,911
1,026,224
99,676
58,551
94,372
52,734
4,23"'
649,384
48,673
19,047
14,517
500
467
194
151
2,415
7,618
166
673
3
354
765
420
209
175
834
465
25
73
117
130
223
794
269
90
736
1,262
1,030
126
31
75
14,829
5,318
992
4,326
3,033
772
303
769
375
1,084
434
1,371
671
1,804
1,423
2,752
804
41
674
15
469
1.467
12
4,253
421
991
389
470
253
333
440
406
24,105,267
118,003
116,323
1,685
167.235
5,330
40,872
89,189
31,344
1,080,119
12,407,932
412,608
1,948,111
4,957
1,429,475
359,950
256,950
171,392
306,486
480,679
576,698
324,260
191,127
135,479
213,906
458,231
653,499
1,162,647
436,320
1,324,049
601,661
97,656
361,791
435,844
261,101
15,331
145,596
13,816
4,915,229
702,565
4,212,664
3,245,113
677,879
64,627
132,361
205,373
767,584
332,149
2-'3,381
246,429
495,330
497,936
104,507
394
78,257
3,041
22.315
32,333
32,333
185, Wl
101
912,019
35,369
164,485
232,136
76,146
32,879
183,249
65,260
67,445
511
478
531
90
35
205
151
2,537
7,762
166
bn
3
354
776
420
209
175
868
73
117
ISO
223
305
263
101
769
1,361
1,129
126
31
75
15,065
5,450
l,03t
4,414
8,132
799
303
769
536
1,095
434
1,371
671
1,804
1,483
11,792
2,393
52
1,819
402
120
503
1
4,751
548
991
1,099
542
265
416
473
41''
'50
55
'2,543
60
896
'4,686
1,137
28,991
729 ,903
13,461
33,693
166
61,371
6,058
3,591
7,202
26,37'J
33,714
36,615
26,416
15,418
3,247
14,108
35,600
42,946
131,154
23,337
126,160
'7,560
13,152
35,411
10,680
1,364
22,635
732
14", 518
92,713
11,560
31,153
43,067
8,062
356
1,040
1 ,973
4,463
14,201
4,665
3,820
9,432
6, ••■38
180,982
121,920
1,608
4e,3<!7
70,762
3, 16 J
3,304
•35,358
391
46,750
2,891
5,323
12,83C
5,0?2
815
12,133
5,-62
l,*:-9
665
43,651
511
478
498
90
63
205
140
2,485
7,622
166
665
3
353
755
419
136
175
845
73
117
164
223
793
268
101
758
1,305
1,084
115
31
-5
14,658
5,346
996
4,350
7,890
776
281
753
342
1 ,C51
423
1,311
671
1,777
1,422
11,516
2,368
51
1,807
390
430
3,511
4,571
547
18,515,362
124,711
124,191
232,413
80,691
24,066
150,045
27,616
506,694
7,341,208
225,048
764,176
1,918
1,C96,298
117,262
147,297
64,632
217,542
319,697
492,929
213,29V
112,219
52,713
117,163
268,581
347,544
826,595
228,271
1,082,353
56,696
213,265
456,621
155,916
17,999
268 ,886
13,321
2,331,272
1,576,524
273,487
1,303,037
1,053,938
144,445
29,399
5', 034
94,394
179,808
136,943
109,546
111,740
195,624
195,810
6,223,590
3,901,474
424,099
1 ,731 ,959
1,596,554
98,862
43,339
2,257,041
16,186
717,683
121,622
87,465
113,171
50,33<
l4,4-'4
i2J,-i7;
•'1,31:
2i. ,293
31, lu
Footnotes at end of table. See text for explaricitory statements and for "Description of the Sample and Limitations of D'.tti.
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
65
ACTIVE CORPORATION RETIRNS
Table 7.
-GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME OR DEFICIT, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
with annual accomii.liig period ended — Con tinned
October 1956
Gross receipts from
sales and from
operations
Number
of
returns
Amount
f 77toua«nd
dollMra)
Net Income or
deficit
Number
of
returns
Amount
( Theuasnd
dolUra)
Total assets
Number
of
returns
Amount
(Thousand
dottmrt)
November 1956
Oross receipts from
sales and from
operations
Number
of
returns
Amount
( Thounand
doll»r»l
Net income or
deficit
Amount
( Thouaand
dollarw)
Total assets
Number
of
returns
Amount
( Thousand
dolUru)
(37)
(38)
(39)
(iO)
(12)
(13)
(41)
(15)
(16)
(17)
(18)
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
Constnjction
Manufacturing
Beverages
Food and kindred products
Tobacco manuf ac tures
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 indus-
tries.
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 equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except elec-
trical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Conmunicat ion
Electric and gas utilities
Other public utilities
Trade
Wholesale
Commission merchants.
Other wholesalers. . . .
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
real estate, and lessors
Finance, insurance,
of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies . . .
Security and commodity-exchange brokers
and dealers .
Insurance carriers' and agents
Insurance carriers'
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services. Including schools
23,653
109
388
(•) '
369
27
43
225
71
1,325
5,052
149
471
206
605
216
166
33
166
164
125
410
175
100
(.')
681
575
60
18
28
10,066
3,152
579
2,873
5,772
551
175
553
489
828
173
1,015
1,007
981
842
2,594
800
223
517
409
1
408
1,363
22
3,052
406
676
734
282
194
24a
333
183
77 Nature of business not allocable.
24,157,480
99,028
97,215
201,557
5,012
21,801
85,711
92,030
825,221
15,617,106
132,133
5,579,186
{')
621,858
536,051
268,613
118,097
609,128
171,189
356,892
157,851
1,127,148
616,935
259,160
282,105
119,576
312,017
160,080
(')
51 ,956
211,635
136,503
101,667
6,166
21,919
3,721
3,715,215
219,082
3,196,133
2,166,119
501,808
17,054
209,639
106,225
551,680
32,748
126,563
339,080
251,322
320,566
244,140
103,158
3,655
81,196
1,640
16,667
26,287
1,181
25,106
113,495
1,200
826,656
111,136
97,580
185,854
32,293
35,708
215,430
97,098
51,557
2,366
120
399
125
50
43
258
74
1,136
5,220
119
171
217
660
227
166
89
521
317
7
166
175
136
140
198
100
(')
714
597
71
18
28
3,580
590
2,990
5,882
562
186
597
489
839
173
1,026
1,007
1,003
861
9,178
1,872
244
1,300
262
66
431
419
6,727
148
3,273
451
676
866
282
194
266
341
191
1,122,593
7,288
7,255
(')
8,992
'295
831
1,771
6,685
27,330
719,193
6,477
71,868
(^)
30,017
12,126
12,619
1,103
81 ,404
9,961
27,016
15,101
100,078
31,428
27,075
10,350
34,747
190,484
22,056
12,369
(^)
3,565
7,938
10,078
6,475
711
2,912
'53
135,751
91,008
6,341
81,664
37,697
9,100
'315
6,281
1,993
3,957
724
'505
7,548
8,914
7,016
178,530
145,917
20,766
28,827
97,177
'823
2,301
2,216
27,730
2,549
35,596
1,972
3,329
7,321
1,086
1,801
8,135
8,865
3,087
'1.5
370
349
(') '
418
50
251
74
1,392
5,100
149
459
211
647
227
155
78
493
166
174
136
435
187
100
(^)
703
586
71
18
28
3,492
557
2,935
5,628
546
163
575
478
806
168
959
996
937
. 837
8,862
1,832
240
1,288
238
66
409
1
408
6,484
137
3,157
434
632
855
282
183
233
341
194
104,974
103,839
186,862
10,796
10,746
107,078
58,212
389,380
7,828,010
89,386
994,306
(')
512,421
189,797
148,866
15,506
543,204
91,240
245,325
99,775
667,462
345,305
200,941
125,583
226,669
2,775,322
186,321
107,665
(^)
29,700
151,376
177,075
103,753
4,314
13,168
25,540
1,168,783
58,664
1,110,119
740,840
102,428
17,751
104,535
46,465
122,471
12,613
42,961
179,431
112,185
126,856
10,343,196
8,807,593
6,119,766
1,480,051
1,154,881
52,895
35,740
1,185
34,555
1,455,944
43,919
604,575
183,067
15,976
74,760
28,745
17,331
140,450
94,067
20,179
15.984
213
208
(')
267
14
1
51
119
32
886
3,856
112
248
(^)
226
636
220
152
60
263
17
189
126
67
370
129
60
654
541
57
2,659
135
2,221
3,711
378
118
253
212
501
127
566
982
511
736
1,333
326
11
229
24
62
(^)
105
879
(')
1,805
148
264
540
219
133
205
60
206
16,074,300
15,128
11,679
(^)
130,892
16,050
1,153
6,921
57,866
18,602
431,280
10,103,746
204,757
771,622
(')
869,158
1,052,525
225,294
468,244
248,175
121,288
811,801
116,662
276,629
685,186
175,618
254,354
561,646
216,742
1,177,053
156,781
46,522
212,866
115,769
81,621
14,539
9,903
9,706
4,748,625
3,111,558
190,179
2,921,379
1,274,554
217,939
31,857
73,983
58,195
230,473
14,670
100,744
395,296
151,397
362,513
168,401
53,646
2,338
17,868
77
33,363
8,708
(^)
8,427
103,166
329,862
23,047
36,864
130,355
27,586
11,259
40,289
25,200
35,262
297
22,070
224
219
(')
(')
311
36
51
130
82
991
3,911
112
248
(')
226
636
220
163
60
263
236
17
17
189
126
67
370
129
60
709
599
7,283
2,715
458
2,257
3,799
378
118
253
242
528
133
577
982
588
769
6,230
1,017
22
633
252
110
150
139
4,939
124
2,030
197
261
628
282
114
205
71
239
934,461
'338
'300
(')
9,187
267
247
1,976
3,651
8,718
668,060
13,961
25,425
(')
37,773
35,995
9,328
39,271
26,167
8,517
80,888
9,971
11,884
36,054
17,221
14 ,698
55,792
98,495
27,977
80,850
6,697
1,403
15,440
7,335
2,285
2,270
1,117
1,663
120,178
85,923
12,557
73,366
25,734
2,456
738
1,469
714
1,447
441
10
11,192
7,267
8,521
109,295
78,998
720
6,299
67,684
4,295
(')
480
28,115
1,709
11,478
853
1,320
5,100
1,054
730
'362
439
2,341
21,411
218
218
299
36
1
51
129
82
980
3,851
112
211
(')
215
633
220
163
60
212
189
126
66
370
129
60
671
561
2,691
452
2,239
3,605
356
113
253
231
505
122
533
913
549
769
6,055
1,015
22
632
251
110
150
139
1,788
102
1,930
175
253
606
271
133
205
70
217
11,615,801
35,699
35,699
128,683
22,251
680
1,089
41 ,967
59,693
198,241
5,878,117
135,186
298,087
(')
531,758
167,108
112,605
217,612
225,871
63,763
623,651
101,721
198,761
110,178
117,561
112,108
347,515
812,539
118,011
610,578
61,636
22,311
125,605
119,623
78,011
20,887
11,007
39,715
1,710,708
1,075,663
125,007
950,656
511,130
33,198
15,190
37,485
24,397
64,947
4,635
32,668
201,966
93,041
153,915
3,191,518
2,188,366
756,551
582,592
710,911
138,309
11,198
( = )
11,056
911,900
17,051
276,610
14,533
32,237
70,124
19,568
4,779
58,121
23,789
23,186
16,272
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 1956-JUNE 1957
ACTIVE CORPORATION RETURNS
Table 7.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME OR DEFICIT, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Returns with annual accounting period ended — Continued
January 1957
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Thoaaorfl
Net income or
deficit
Number
of
returns
Amount
(Thousand
dollars)
Total assets
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Thousand
February 1957
Number
of
returns
Amount
(Thousand
dot lata)
Net income or
deficit
Number
of
returns
Amount
(Thousand
dollars)
Total assets
Number
of
returns
( Thousand
dollara)
(^9)
(50)
(51)
(52)
(Si)
(55)
(56)
(57)
(58)
All industrial groups
Agriculture, forestry, and fishery
FaiTOs and agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bitujninous coal and lignite mining
Crude petroleum and natural gas production.
Noninetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture.
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
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 equip-
ment and electrical.
Electrical machinery and equipment
Transprotation equipment, except motor
vehicles.
Motor vehicles and equipment, except elec-
trical .
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Comnission merchants .
Other wholesalers ....
real estate, and lessors
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,
of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies . . .
Security and commodity-exchange brokers
and dealers .
Insurance carriers^ and agents
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
22 ,762
205
200
(') '
148
100
42
3,416
50
198
137
758
128
130
57
323
149
6
22
105
97
33
284
339
140
26
272
548
39
14,041
3,171
522
2,649
10,153
359
1,970
4,039
866
505
168
400
662
1,184
717
1,383
257
922
1,672
122
265
536
137
131
110
170
151
52,038
50,234
39,349
(')
21,107
12,638
647,992
,932,922
21,163
238,664
199,178
497,297
110,319
71,742
41,326
264,060
99,789
49,294
31,052
52,303
124,946
72,150
259,026
271,682
131,648
15,218
24,778
1,609
102,565
252,608
69,790
60,733
7,685
(^) —
1,299
3,506,292
172,504
3,333,788
16,724,551
410,254
12,308,690
2,448,189
458,898
320,999
104,649
63,440
232,200
377,232
323,245
175,120
31,414
885
12,254
170
18,105
16,463
127,243
287,315
31,613
51,401
112,411
22,311
19,069
15,274
14,836
20,400
14,342
238
233
170
100
1,437
3,506
50
209
148
758
139
130
57
334
22
105
97
33
234
141
37
560
412
98
39
14,292
3,287
561
2,726
10,254
359
1,992
4,074
877
527
168
400
662
1,195
751
6,191
589
234
45
257
4,848
129
1,810
150
276
580
220
131
121
181
151
1,137,042
'1,794
'1,871
(M
'610
1,022
'1,039
13,732
126,546
894
4,935
6,103
11,932
2,834
1,768
2,319
12,709
3,433
892
2,489
459
3,066
1,601
16,600
25,001
5,154
567
'63
5,344
12 ,249
5,265
4,538
491
(=)
239
934,673
65,547
6,380
59,167
863,125
7,451
757,334
67,592
11,766
4,665
2,707
206
4,491
6,913
6,001
53,123
21,353
1,487
3,307
17,448
'389
961
29,408
5,319
107
185
2,307
683
294
'100
655
1,188
783
221
216
170
100
64
3,421
50
197
143
741
134
130
57
317
22
105
233
339
141
37
1
61
283
493
379
64
39
13,961
3,217
533
2,684
10,022
348
1,968
4,000
865
516
156
372
646
1,151
722
5,833
555
208
225
1
224
4,644
118
1,667
139
254
503
220
109
121
170
151
14,196,185
47,467
45,399
62 ,669
43,631
16,297
259,217
1,477,821
19,037
87,642
110,978
184,472
57,449
29,249
19,544
157,215
42,646
22,332
15,023
19,231
108,181
35,119
125,303
160,581
62,669
7,160
10,027
1,068
71,679
131,216
49,913
37,916
9,798
1,620
996,354
64,222
932,132
8,676,207
79,012
6,653,284
1,172,089
309,221
95,933
35,979
16,620
111,002
203,067
149,376
2,217,753
690,684
148,726
308,458
169,563
63,937
20,950
307
20,643
1,414,610
91,509
235,912
53,732
21,372
73,574
34,901
7,589
18,716
12,884
13,144
23,496
20,590
393
366
(')
(')
399
47
220
120
1,905
3,770
80
303
155
551
247
145
87
314
116
2
53
111
153
51
583
485
9,495
3,404
604
2,800
5,468
463
235
903
675
608
231
716
547
1,040
623
1,784
216
23
185
223
1,334
11
2,124
170
363
549
179
183
265
191
224
81,794
30,698
(^)
(')
140,133
(^)
1,635
13,062
86,931
33,532
943,412
3,965,585
43,731
1,222,239
149,308
232,137
163,032
97,544
89,252
220,463
170,484
12,292
139,849
53,520
67,858
94,550
277,141
312,761
196,276
28,101
1,314
58,330
127,703
113,738
10,904
2,852,974
239,237
2,613,737
7,299,191
5,733,337
115,490
230,293
258,724
345,719
56,920
123,614
185,458
249,586
236,785
172,001
15,706
340
7,489
1,918
5,959
8,058
148,215
22
369,597
28,687
60,722
104,034
15,260
23,730
35,257
49,699
47,203
9,373
27,178
394
367
C^)
(')
410
(')
1
47
220
120
2,079
3,956
155
584
247
145
87
336
115
2
47
53
111
89
493
164
51
667
563
65
34
9,665
3,497
659
2,838
5,523
463
235
914
636
630
281
716
547
1,051
645
1,130
34
396
162
38
290
(')
279
5,618
144
2,352
203
385
610
213
133
277
213
268
529,543
3,367
3,383
(')
(')
4,111
(')
26
222
1,132
2,275
13,379
231,535
1,666
65,174
'1,447
1,974
2,136
11,157
6,508
17,679
10,894
77
15,142
2,185
4,135
4,809
14,932
42,308
8,846
1,076
76
2,33'
11,211
9,089
1,529
593
203,334
50,497
7,749
42,748
149,010
119,303
1,568
4,154
7,125
4,070
1,347
1,916
3,720
5,807
3,377
45 ,401
19,953
13
2,611
16,392
447
705
672
24,503
130
11,439
34
1,023
2,578
307
1,891
753
2,555
2,248
216
26,253
333
367
(')
(')
399
(')
1
47
209
120
3,878
80
314
155
574
236
145
87
313
116
2
47
53
111
88
493
269
153
51
51
1
623
557
43
3,423
632
2,791
5,352
452
235
887
653
608
275
688
542
1,012
617
6,928
1,032
34
884
126
38
268
5,434
2,194
203
363
549
190
133
277
200
224
108,987
108,545
(')
(')
125,423
512
3,070
85,478
27,416
339,936
2,233,930
24,160
678,826
81,904
33,361
79,054
44,174
56,236
138,761
103,711
2,344
91,032
19,800
30,041
35,608
129,637
255,946
118,118
14,333
21,985
33
629
34
46,498
35
172 ,772
36
114,123
37
96,996
38
11,653
39
-
40
5,474
41
2,370,779
42
787,412
43
79,557
44
707,855
45
1,492,526
46
825,569
47
56,907
48
106,069
49
154,215
50
94,701
51
19,571
52
35,074
53
89,521
54
109,899
55
90,341
56
1,614,396
57
438,854
58
875
59
417,173
60
56,450
61
14,356
62
20,241
■53
-
64
20,241
65
1,095,258
66
9,043
67
262,944
68
41,857
69
27,345
70
63,230
71
17,778
72
15,743
73
23,474
74
47,869
75
25,648
75
14,4o4
77
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Utit-a."
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
67
ACTIVE CORPORATION RETURNS
Table 7.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME OR DEFICIT, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
All industrial groups
Agriculture, forestry, and fishery
Fanns and agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Cnjde 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 indus-
tries.
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 equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles .
Motor vehicles and equipment, except elec-
trical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Conmission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefumishings
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware..
Other retail trade
Trade not allocable
Finance, insurance,' real estate, and lessors
of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies..
Security and commodity-exchange brokers
and dealers.
Insurance carriers' and agents
Insurance carriers'
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings
Services
Hotels and other lodging places
Personal services ■. ; .
Business services
Automotive repair services and garages. —
Miscellaneous repair services, hand trades
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
Returns with annual accounting period ended — Continued
Gross receipts from
sales and from
operations
Number
of
returns
(61)
704
675
29
685
(')
{')
S2
317
262
4,071
7,753
204
854
(')
268
703
403
364
140
780
51
128
278
221
841
301
98
781
1,299
1,130
107
{')
50
15,429
5,988
1,071
4,917
8,071
823
209
600
1,120
1,255
274
1,149
788
1,853
1,370
3,317
462
54
354
2
52
585
2,237
33
4,769
487
322
995
489
352
553
576
495
(ThoilMMnd
dollar*}
(62)
-L
24,553,879
182,178
178,073
4,105
417,939
ft'
105,708
140,281
152,291
2,103,319
8,876,579
195,399
2,372,352
{')
602 ,160
377,481
422 ,021
230,528
360,565
374,400
235,649
229,051
33,150
97,339
187,511
194,685
484,272
667,674
467,334
68,931
130,792
335,577
263,366
241,541
11,317
1,785
11,548,750
6,581,835
423,686
6,158,149
4,412,015
2,195,715
30,529
118,272
315,924
667,479
98,384
162,753
240,016
532,943
554,900
336,851
54,479
3,579
25,584
38
25,278
35,556
246,577
239
821,435
76,982
115,940
242,387
81,573
51,101
91,335
86,526
75,586
3,462
Net income or
deficit
Number
of
returns
(63)
749
709
718
23
23
82
328
262
4,245
8,057
204
854
312
753
414
375
151
792
303
57
51
128
278
232
340
109
814
1,371
1,202
107
(')
50
15,639
6,149
1,148
5,001
8,148
823
220
600
1,142
1,255
285
1,160
799
1,864
1,392
12 ,422
1,906
65
1,423
342
76
629
9,625
262
5,219
596
844
1,149
555
363
575
587
550
Amount
(Thovtend
dotlarMj
(64)
962,161
3,558
3,743
'185
24,704
813
896
5,320
1,949
15,726
55,616
522,439
4,844
132,325
31,123
4,770
10,464
8,692
42,301
20,553
18,633
18,056
2,202
4,130
11,039
15,639
24,231
57,042
37,148
3,767
21,111
12,224
10,413
984
(^)
333
238,379
143,343
10,046
133,297
83,312
53,788
1,117
530
4,472
3,692
2,338
1,147
4,125
12,603
11,224
64,256
24,223
136
10,748
12,201
1,138
2,004
36,721
1,303
40,666
3224
3,620
17,927
3,668
3,468
1,253
7,845
3,109
319
Total assets
Gross receipts from
sales and from
operations
Number
of
returns
(65)
47,502
727
687
694
12
23
82
326
251
4,159
7,956
836
(')
312
731
413
369
151
774
303
57
51
128
271
232
869
329
109
814
1,294
1,158
85
(')
39
6,001
1,092
4,909
7,862
811
220
589
1,131
1,194
253
1,099
765
1,795
1,336
11,922
1,823
59
1,359
329
76
'606
9,242
251
4,967
596
778
1,103
516
362
564
553
495
Amount
( Thouatnd
dollar')
(66)
144,991
140,233
4,758
444,619
5,718
3,815
105,589
189,918
139,579
868,780
4,757,276
73,475
987,141
375,876
133,736
237,214
96,275
232,171
226,069
123,804
139,196
17,109
37,783
111,123
96,374
231,992
366,453
285
28
238
203,
19
(')
2
735
479
451
966
3,408,644
1,880,906
125,306
1,755,600
1,303,125
424,770
29,401
58,946
162,918
189,110
34,467
56,862
93,772
252,379
224,613
3,546,917
1,528,510
425,896
803,823
260,852
37,934
47,028
47,023
1,945,391
25,488
663,180
130,100
55,848
163,247
97,903
20,487
73,171
81,621
40,803
2fc,448
April 1957
Number
of
returns
(67)
456
451
i') '
447
31
(')
68
229
114
1,938
4,916
57
537
2
223
655
326
177
188
43
33
80
158
59
432
197
30
10
82
422
831
689
103
33
9,543
3,815
559
3,256
4,984
450
96
377
495
656
241
1,046
451
1,172
744
2,803
575
31
495
2
47
367
1,806
55
3,008
350
503
778
367
147
299
320
244
Amount
(Thouaand
dollara)
(63)
86,408
35,687
222,493
6,450
111,390
67,242
36,601
969 ,419
5,600,837
133,230
1,103,495
3,569
316,522
360,986
413,244
168,793
447,137
295,679
107,971
39,238
44,359
37,274
140,123
96,025
315,016
369,042
269,093
409,444
5,103
96,120
183,200
192 ,936
152,781
32 ,292
2,441
7,044,775
3,733,935
233,480
3,450,505
2,785,705
1,332,307
36,692
52,208
136,198
400,918
78,150
142,416
151,464
455,352
525,085
269,757
33,266
754
27,615
14
4,883
13,923
222,470
98
635,627
211,610
85,737
148,142
39,609
16,504
75,755
49,064
59,206
11,508
Net income of
deficit
Number
of
returns
(69)
489
484
(=) "
504
31
(')
91
252
125
2,159
5,048
57
537
2
245
655
326
177
199
65
38
80
158
59
493
219
41
433
864
722
103
33
3,937
593
3,344
5,072
450
107
388
506
678
241
1,057
451
1,194
767
10,620
1,854
42
1,475
265
72
422
8,052
292
3,319
426
503
886
384
147
321
364
288
Amount
(Thotiaand
dollara)
(70)
2,061
2,061
(')
6,419
'150
(')
3,467
'1,138
4,305
23,460
234,628
11,181
34,433
'29
5,417
4,311
17,172
7,326
42,033
21 ,460
5,151
8,369
2,772
3,039
23,096
7,347
18,683
29,115
15,307
15,610
'2,168
'738
8,557
6,129
14,104
8,901
3,651
C')
519
137,351
73,838
6,146
67,692
50,712
23,739
941
738
1,907
3,282
2,160
2,269
4,062
11,564
12,801
86,542
50,472
734
13,499
37,258
'1,069
898
32,951
2,221
33,770
15,060
2,181
6,204
1,704
371
671
4,541
3,033
'658
Total assets
Number
of
returns
(71)
422
417
(M "
465
31
85
241
103
2,093
5,002
56
537
2
244
648
325
177
94
491
199
65
38
80
158
59
438
504
218
41
10
82
433
852
710
103
33
9,414
3,339
570
3,269
4,353
437
107
355
495
643
208
996
440
1,172
722
10,384
1,818
42
1,440
264
72
411
7,885
270
3,126
410
481
330
373
125
299
331
277
Amount
(Thouaand
dollara)
(72)
10,851,330
84,016
83,935
(M
290,532
47,533
84,960
116,116
41,528
414,386
3,035,226
125,221
450,803
2,319
172,300
112 ,694
303,397
76,006
261,021
186,929
51,310
73,582
18,601
31,306
147,675
53,246
174,616
218,996
126,923
263,055
44,784
1,903
52,716
85,818
185,436
135,066
32,566
6,322
1,053,469
86,847
971,622
748,938
212 ,968
13,584
24,623
74,179
89,700
29,493
49,288
71,998
183,105
181,320
4,160,065
2,477,426
191,572
1,479,893
385,533
420,428
19,522
19,522
1,607,787
55,330
658,223
338,925
42,284
86,309
3«,687
9,483
35,767
23,872
27,896
34,719
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
68
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
ACTIVE CORPORATION RETURNS
Table 7.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME OF DEFICIT, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Returns with annual accounting period ended — Continued
May 1957
Gross receipts from
sales and from
operations
Number
of
returns
Amount
(Thoiiaend
Net income or
deficit
Amount
(Thousand
dollara)
Total assets
Amount
( Thcusand
dollars)
Gross receipts from
sales and from
operations
Amount
(Thousand
dollars)
Nat income or
deficit
Number
of
returns
Amount
(Thousand
dollars)
Total assets
Number
of
returns
Amount
(Thousand
dollars)
(73)
(74)
(75)
(76)
(77)
(78)
(79)
(81)
(83)
(84)
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 indus-
tries.
Chemicals and allied produc ts
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 equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except elec-
trical.
Ordnance and accessories
Scientific instruments; photogrBphic equip-
ment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Connission 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
and lessors
Trade not allocable
Finance, insurance,^ real estate
of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies...
Security and commodity-exchange brokers
and dealers.
Insurance carriers^ and agents
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services , including schools
77 Nature of business not allocable.
22,081
431
404
(=)
( = )
294
2
{')
{')
193
80
1,605
4,547
24
368
11
99
551
267
174
134
467
43
161
153
100
470
207
38
466
970
773
114,
i')
67
3,913
611
3,302
4,700
363
139
468
699
533
195
381
360
1,062
781
2,377
365
23
225
HO
294
(')
278
1,713
(^)
2,352
276
398
677
187
101
171
245
297
111
13,454,817
140,600
136,291
( = )
(M
231,382
1,130
(=)
(^)
174 , 146
38,885
609,373
5,680,169
19,452
2,213,820
23,551
202,190
338,357
109,586
134,771
204,277
151,761
787,317
47,260
16,766
156,651
83,073
108,355
289,945
244,599
220,526
47,126
7,212
33,077
200,687
265,695
236,136
20,063
(=)""
8,048
5,870,645
3,906,310
264,703
3,641,607
1,589,006
314,947
38,095
78,513
173,896
321,566
52,859
148,632
130,258
330,240
375,329
248,254
44,514
370
21,713
19,884
17,777
183,333
(^)
402,313
48,343
65,569
100,023
20,825
19,685
41,141
54,999
51,728
6,386
30,503
464
426
27
382
24
(')
(^)
248
1,717
4,647
24
379
(^)
99
551
267
174
134
512
229
32
43
161
153
111
492
207
38
466
982
785
114
(^)
67
9,753
4,183
732
3,451
4,778
363
151
468
721
544
206
892
371
1,062
792
9,559
1,504
23
1,070
253
158
332
(')
316
7,575
148
2,611
392
398
737
226
101
171
267
319
388
507,311
3,363
3,037
(^)
326
^248
(M
[')
9,555
1,255
12,455
268,790
1,317
65,008
(')
2,659
5,010
'2,862
5,418
17,557
7,082
100,105
698
1,538
1,644
4,111
5,307
13,318
14,309
11,754
4,177
69
2,529
4,793
25,163
22,438
2,333
(^)
209
106,307
79,663
4,491
75,172
19,773
3,786
845
77
784
4,368
2,074
1,240
1,200
5,399
6,871
60,028
25,849
82
7,531
16,497
1,739
2,322
2,120
30,239
1,618
20,366
174
2,390
6,034
1,277
1,034
975
3,884
4,598
=40
29,b(y7
464
426
(')
27
381
24
(')
(^)
■ 247
1,657
4,557
24
378
99
540
267
174
134
490
224
32
43
150
153
110
492
185
32
1
102
455
915
740
92
(^)
67
9,524
4,112
721
3,391
4,631
328
151
450
705
522
200
842
371
1,062
781
9,243
1,443
23
1,036
237
147
332
(^)
316
7,320
148
2,522
392
387
715
215
90
160
255
308
344
122,976
121,499
1,114
266,216
3,017
I')
232,728
21,574
230,070
3,020,738
8,592
898,984
(^)
117,990
109,725
61,634
67,168
124,318
77,160
826,267
28,266
7,189
56,198
48,498
32,032
145,239
139,123
107,651
21,070
16,935
1,414
15,072
100,504
200,263
162,673
27,094
(=)
8,346
1,880,109
1,180,250
77,452
1,102,798
565,092
60,474
17,671
37,914
107,763
90,583
18,076
47,662
59,425
125,524
134,767
2,642,331
1,016,711
248,943
567,991
135,509
64,268
36,251
(^)
30,596
1,573,749
15,620
310,185
77,279
41,020
65,099
22,163
7,305
24,240
37,226
35,853
8,305
1,196
1,127
28
41
774
38
10
138
432
156
3,334
11,190
150
891
19
534
1,452
600
527
231
1,051
678
48
102
213
X2
265
1,178
393
102
17
221
1,001
2,164
1,721
293
i')
130
22,620
8,382
1,356
7,026
12,216
977
550
1,548
1,399
1,055
682
1,538
1,065
3,402
2,022
4,605
1,064
227
725
36
76
948
27
921
2,560
33
5,491
521
1,071
1,402
501
413
456
491
636
199
342,713
333.089
4,194
5,430
412,725
34,797
29,749
86,350
195,457
66,372
1,460,683
16,166,129
427,478
2,775,580
37,559
1,159,731
1,099,552
499,017
521,407
401,887
497, 132
2,222,321
277,010
97,114
254,017
285,096
631,900
1,131,636
1,220,597
788,041
729,379
154,073
37,948
168,018
749,136
645,064
571,757
54,326
10,689
16,721,258
10,420,872
609,155
9,811,717
5,386,360
1,930,072
178,465
406,022
435,292
785,055
200,321
232,340
231,937
886,806
914,026
415,284
67,475
15,427
29,689
7,754
14,605
47,466
1,157
56,309
289,822
521
1,157,089
108,652
153,822
311,467
84,041
49,733
213,235
93,311
142,828
10,081
65,822
1,234
1,165
28
903
117
10
138
476
162
3,545
11.389
150
902
19
534
1,474
622
549
231
1,052
689
48
102
224
353
265
1,200
1,120
393
102
17
221
1,034
2,295
1,830
304
(')
141
23,095
8,695
1,482
7,213
12,323
988
561
1,54«
1,438
1,067
682
1.538
1,076
3,425
2,077
16,560
3,125
294
2,309
382
140
1,042
28
1,014
12,134
259
5,067
614
1,071
1,662
591
413
489
541
14,603
14,622
149
'168
13,080
220
'806
2,288
6,471
4,907
35,996
892,906
13,935
91,027
1,889
35,452
19,863
4,016
30,258
23,288
27,230
186,646
11,384
6,240
7,406
21,917
67,540
79,911
107,201
43,667
48,901
'335
12,564
41,043
31,358
22,532
8,256
(^)
267
308,421
178,603
14,919
163,634
113,51*
43,790
4,900
14,478
12,337
8,140
5,389
3,940
4,129
16,412
16,303
128,092
58,285
11,098
21,192
25,365
130
5,092
102
4,990
63,586
1,129
45,933
741
4,653
16,391
4,461
1,338
3,217
6,352
7,785
'1,560
1,146
1,089
17
40
875
117
10
132
459
157
3,410
11,209
149
898
19
533
1,435
621
538
231
1,019
689
48
102
224
353
253
1,198
1,063
387
102
17
209
1,033
2,222
1,785
293
124
22,616
8,553
1,427
7,131
12,016
955
544
1,537
1,421
1,037
649
1,494
1,042
3,337
2,042
15,962
3,040
294
2,242
365
139
976
28
948
11,698
243
5,372
603
1,065
1,591
591
402
434
529
657
305, 492
298,741
2,129
4,622
441,950
39,088
10,027
34,228
250,923
57,634
582,596
1,747,165
214,721
990,119
12,678
829,322
398,724
256,456
242,532
269,746
303,653
,513,313
273,940
51,467
108,984
169,219
348,597
624,539
790,174
374,590
368,134
70,432
10,433
115,592
409,200
579,925
454,324
71,981
18,468
2,786,565
212,767
2,573,798
1,718,078
362,816
76,056
170,963
224,441
182,522
68,025
103,766
137,812
391,677
297,505
7,544,066
4,720,708
2,172,825
2,042,762
459,912
45,209
100, 173
5,891
94,232
2,692,258
30,927
306,825
129,786
73,701
199,049
89,797
16,674
154,550
74,233
69,035
^For items reported and computation of tax by life and mutual insurance companies, see facsimiles of return Forms 1120L and 112CM, ]
^Sampling variability of this item was too large to warrant showing it separately. However, this value was included in each total.
'Deficit.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
ACTIVE CORPORATION HKTl RNS
Table 8.— NET INCOME OR DEFICIT, TAX, AND TOTAL ASSETS, BY CALENDAR AND NONCALENDAR YEAR ACCOUNTING PERIOD, BY SIZE OF TOTAL ASSETS
Rf' turns wi f.h und without net Income
Accounting period and size of total assets
Number of
re turns
Net income
or deficit
( Thousand
Total
assets
(Thoymmnd
dolimrm)
Returns wltti net Income
Number of
returns
(Thmiamnd
dollmra}
Number of
returns
Amount
(rhouaand
dolUra)
Total
assets
(Thoumand
dollar a)
Returns without net income
Number of
returns
(Thouaand
dot lata)
Total
eeoetfl
(Thouaard
doHara)
(1)
Grand total
Annual noncalendar year accounting periods, total
Returns with balance sheets, total
Under $25,000
425,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
^,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
Returns without balance sheets
Calendar and part year accounting periods, total.
Returns with balance sheets, total
IMder $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
Returns without balance sheets
(2)
(3)
(4)
(5)
(6)
(7)
(8)
m
(10)
(11)
885,747
46,884,912
326,037
390,286
9,630,891
4,676,080
121,903,221
141,572
27,832,705
378,069
91,353
60,741
72,230
82,044
36,373
18,294
10,465
3,365
1,600
1,009
333
156
78
28
9,615,382
'66,123
63,606
220,850
636,337
611,740
666,095
1,003,985
743,553
761,256
1,241,606
797,864
816,771
725,410
1,392,232
15,509
37,254,021
149,735,926
1,021,556
2,196,473
5,164,383
13,044,225
12,652,905
12,681,564
15,978,446
11,621,424
11,227,540
15,832,920
11,730,746
10,486,430
12,173,423
13,923,891
799,215,182
244,134
38,667
37,301
49,492
62,005
28,673
14,325
8,400
2,642
1,297
819
284
137
66
26
4,580
310,996
10,977,611
78,972
166,923
374,863
874,479
789,447
806,059
1,130,871
828,759
818,070
1,297,725
815,725
824,861
753,240
1,417,617
53,022
39,153,584
212,667
28,451
31,405
43,966
56,586
26,415
13,273
7,768
2,430
1,197
738
238
117
60
23
4,658,663
15,317
41,749-
149,945
265,379
318,898
370,787
432,052
381,583
387,134
538,412
365,598
359,494
352,735
679,580
17,417
16,688,210
121,903,221
499,717
1,363,770
3,560,436
9,915,901
9,998,554
9,954,129
12,867,586
9,091,613
9,040,755
12,915,380
10,060,399
9,217,746
10,196,726
13,220,509
719,243,745
133,935
52,686
23,440
22,738
20,039
7,700
3,969
2,065
723
303
190
49
19
12
2
184,465
145,095
103,117
154,013
238,142
177,707
139,964
126,886
85,206
56,814
56,119
17,861
8,090
27,830
25,385
37,513
1,899,563
27,832,705
521,839
832,703
1,603,947
3,128,324
2,654,351
2,727,435
3,110,860
2,529,8U
2,186,785
2,917,540
1,670,347
1,268,684
1,976,697
703,382
79,971,437
449,847
111,572
69,019
77,935
89,078
40,556
23,042
17,238
8,793
5,695
3,765
1,440
740
549
425
45,614
37,044,029
'48,699
61 , 518
195,238
646,133
749,641
926,077
1,559,505
1,392,688
1,544,074
2,554,682
1,996,948
2,571,047
4,160,780
18,734,397
209,992
799,215,182
1,220,107
2,482,462
5,569,165
14,112,987
14,099,838
16,093,211
27,258,122
31,025,934
39,972,354
58,018,941
49,303,999
51,817,512
84,232,821
4(X, 007,729
293,141
47,454
41,857
53,523
66,976
32,814
18,748
14,391
7,249
4,495
2,999
1,133
619
477
406
17,855
38,840,798
82,529
157,553
347,746
880,800
899,641
1,052,552
1,715,574
1,486,375
1,657,826
2,700,329
2,095,552
2,623,393
4,355,425
18,785,503
312,786
16,562,883
18,446
39,253
47,278
261,452
277,382
377,885
825,287
663, 509
763,708
1,292,493
970,963
1,159,493
1,992,459
7,873,275
1^5,327
719,243,745
598,570
1,516,055
3,858,555
10,688,263
11,411,384
U, 121, 621
22,748,397
25,546,896
31,385,419
46,074,360
38,732,413
43,502,280
73,455,787
396,603,745
156,706
64,118
27,162
24,412
22,102
7,742
4,294
2,847
1,544
1,200
766
307
la
72
19
1,796,769
131,228
96,035
152,508
234,667
150,000
126,475
156,069
93,687
113,752
W5,647
98,604
52,346
194,645
51,106
102,794
79,971,437
621,537
966,407
1,710,610
3,424,724
2,688,454
2,971,590
4,509,725
5,479,038
8,586,935
11,944,581
10,571,586
8,315,232
10,777,034
7,403,984
'Deficit.
NOTE: See text for explanatory statements and for "Description of the Sample
ind Limitations of Data.
ACTIVE CORPORATION RETURNS
Table 9.— NET INCOME OR DEFICIT, AND TAX, BY CALENDAR AND NONCALENDAR YEAR ACCOUNTING PERIOD, BY SIZE OF NET INCOME OR DEFICIT
Returns with
net income
Eeturn;: with>_
ut. net income
Number of
returns
Net income
Income
tax
Number of
returns
Accounting period and size of net income or deficit
Number of
returns
Amount
(Tht)u»»t>d
dotUra)
(Thoaaand
dollar, )
(1)
(2)
(3)
(4)
(5)
(--.)
Grand total
559,710
50,184,217
489,966
'21,3&i,290
326,037
3,299,305
Annual noncalendar year accounting periods, total
248,714
11,030,633
216,015
4,676,080
141,572
1,399,742
112,068
38,131
23,193
15,533
15,510
23,047
9,821
6,500
2,402
1,260
1,026
143
57
11
10
2
310,996
166,600
256,143
274,949
262,701
342,266
758,109
685,640
994,263
827,313
868,284
2,156,260
1,012,660
904,333
350,470
725,072
445,570
39,153,584
89,379
33, X5
21,449
14,603
14,942
21,928
9,X6
6,264
2,334
1,229
989
132
54
10
9
2
273,951
36,414
64,538
71,487
71,615
95,684
242,595
266,389
434,588
378,170
402,249
1,015,661
460,534
421,054
143,693
346,291
225,118
'16,668,210
96,633
18,087
8,476
4,626
2,994
5,996
2,861
1,175
369
93
55
5
2
• 184,465
108,366
$5,000 under $10,000
119,098
99,112
$15,000 under $20,000
77,826
65,256
206,125
$50,000 under $100,000
195,571
180,968
$250,000 under $500,000
123,079
63,199
$1,000,000 under $5,000,000
93,643
30,400
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
37,099
$100,000,000 or more
Calendar and part year accounting periods, total
1,899,563
Under $5,000
146,135
43,951
25,450
17,494
16,406
28,011
13,914
10,010
4,084
2,255
2,383
405
290
116
59
33
208,410
295,920
301,364
295,400
361,959
937,171
958,687
1,542,860
1,426,156
1,579,435
5,041,723
2,831,962
4,605,695
4,030,821
4,043,860
10,692,161
118,826
39,394
23,820
16,634
15,844
27,029
13,303
9,696
3,989
2,200
2,337
391
285
112
58
33
49,201
74,591
81,707
63,903
100,926
295,834
368,962
660,685
632,071
712,307
2,259,671
1,252,222
2,047,216
1,895,161
1,711,816
4,4W,883
136,505
20,743
8,927
5,110
2,713
5,800
2,624
1,262
453
178
127
17
6
139,738
$5,000 under $10,000
136,396
$10,000 under $15,000
104,682
$15,000 under $20,000
86,066
$20,000 under $25,000
59,104
*25,000 under $50,000
196,145
$50,000 under $100,000
178,287
$100,000 under $250,000
167,612
$250,000 under $500,000 '.
155,505
$500,000 under $1,000,000
121,601
$1,000,000 under $5,000,000
251,221
$5,000,000 under $10,000,000
123,855
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
^Included in the total but not in the detail is $54,000 of tax on gross income reported on returns without net Incoioe under sees. 802(c), 821(a)(2) and 594. Computation of tax
on gross income is shown on pp. 181 and 194.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
70
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
ACTIVE CORPORATION RETURNS
Table 10.— NET 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
Returns without net income
Nujnber of
returns
(Thousand
dollars)
Number of
returns
Amount
(Thousand
dollars)
Dividends paid in cash
and assets other than
own stock
Number of
returns
Airount
( Thouaand
dollars)
Number of
returns
(Thousand
dollars)
Dividends paid in cash
and assets other than
own stock
Number of
returns
(1)
(4)
559,710
50,18i,217
489,966
'21,364,290
106,820
258,203
82,082
48,643
33,027
31,916
51,058
23,735
16,510
6,486
3,515
3,409
548
347
127
69
35
5,768
375,010
552,063
576,313
558,101
704,225
1,695,280
1,644,327
2,537,123
2,253,469
2,447,719
7,197,983
3,844,622
5,510,028
4,381,291
4,768,932
U, 137,731
203,205
72,739
45,269
31,237
30,786
48,957
22,649
15,960
6,323
3,429
3,326
523
339
122
67
35
4,606
85,615
139,129
153,194
152,518
196,610
538,429
635,351
1,095,273
1,010,241
1,114,556
3,275,332
1,712,756
2,468,270
2,038,854
2,058,107
4,690,001
68,375
19,492
13,858
10,673
8,422
7,982
17,095
10,352
8,791
4,022
2,379
2,736
495
316
117
62
28
2,661
872
572
234
369
576
250
167
39
16
5,519
4, US
5,859
6,981
3,990
8,133
18,614
16,189
24,782
13,713
12,727
15,877
10,395
49,793
1,468,368
1,906
662
496
199
354
530
238
156
37
16
747
1,213
1,559
955
2,221
5,097
5,057
8,153
5,375
5,909
6,971
2,654
22,464
22
523
J.1
403
89
824
32
362
85
859
23
1,513
76
1,660
88
4,105
18
1,108
6
572
7
3,333
1
492
1
26,325
Mi INDUSTRIAL DIVISIONS
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000.-
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
iiGHICULTURE, FORESTRY, AND FISHERY
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
MINING AND OUAHRYING
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
CONSTRUCTION
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Footnote at end of table. See text for explanatory statements and for "Description of the Sajnple and Limitations of Data.
(6)
(7)
326,037
3,299,305
58,366
69,718
73,060
75,097
68,129
246,622
254,467
390,670
430,823
446,245
1,868,602
1,264,417
1,860,024
1,699,591
1,652,741
3,734,823
42,079
233,333
38,830
17,403
9,736
5,707
11,796
5,485
2,437
822
271
182
22
5,205
248,104
255,494
203,994
163,894
124,360
402,270
373,858
368,580
278,584
134,800
344,864
154,255
196,248
62,254
,043
3,980
79S
5,204
463-
5,463
237
3,982
129
2,853
290
10,189
133
8,896
30
11,831
24
7,933
3
1,913
4,760
1,492
6,224
1,676
722
424
414
346
799
378
391
148
106
79
20
9
3
2
2
29,506
2,791
4,365
5,137
7,062
7,573
27,003
26,709
60,987
52,533
74,547
160,613
143,772
137,440
91,930
143,203
517,193
343,094
1,368
625
331
347
333
729
324
349
143
100
77
18
9
3
25,932
559
1,113
1,U0
1,631
2,053
7,775
8,103
23,248
21,619
30,686
71,289
53,570
58,491
39,993
67,244
260,141
328,794
292
1,140
134
1,943
105
1,300
106
1,700
93
1,372
180
5,764
141
9,232
219
25,745
81
24,574
60
28,482
52
76,983
13
58,946
9
69,646
3
34,595
2
65,713
2
400,883
3,006
750
5U
369
217
620
394
191
35
63
78,134
18,786
3,541
5,133
6,184
6,301
4,714
21,219
27,822
27,985
28,663
43,034
28,610
22,909
166,297
12,627
4,246
2,850
1,841
2,140
3,176
1,343
869
227
113
66
18,337
29,190
33,718
31,205
47,377
103,762
92,663
133,629
77,385
75,848
129,997
43,050
21,433
10,279
3,757
2,623
1,743
2,031
3,020
1,242
838
226
99
66
4,072
7,244
3,597
3,313
13,074
31,311
35,163
57,795
35,733
32,535
60,596
23,370
10,491
453
412
390
222
312
515
423
359
126
58
875
1,080
2,042
765
1,073
5,784
5,936
8,239
7,332
7,535
21,797
8,532
12, 594
2,643
1,027
635
407
910
364
145
43
11
14,374
17,672
12,139
10,579
8,858
30,326
25,444
21,769
14,955
7,707
2,424
(9)
9,738
5,481
1,396
651
478
278
589
386
236
95
75
144
52
20
34
21
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
71
ACTIVE CORPORATION RETIRNS
Table 10.— 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
MANWACIURING
Total.
Under $5,000
$5,000 under $10,000...
$10,000 under $15,000.
$15,000 under $20,000..
$20,000 under $25,000..
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000...
$250,000 under $500,000
$500,000 under $1,000,000..
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 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 $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.
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
FINANCE, INSURANCE, REAL ESTATE, AND LESSCKS OF
REAL PROPERTY
Total
Under $5,000
$5,000 under $10,000..
$10,000 under $15,000.
$15,000 under $20,000.
$20,000 under $25,000.
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000...
$250,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000...
$10,000,000 under $25,000,000..
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Returris with net Income
Number of
return."^
(1)
89,208
27,584
10,988
7,297
5,662
5,843
10,968
7,060
6,372
3,076
1,806
1,921
322
163
64
40
22
22,916
10,893
3,123
1,680
1,137
1,208
1,979
1,064
764
399
238
256
57
72
32
12
2
185,469
87,388
28,520
16,666
U,606
10,968
16,584
7,108
4,193
1,318
591
455
35
23
10
3
1
172,377
88,494
26,644
15,163
9,564
8,557
13,409
5,250
2,910
1,038
532
531
95
53
17
12
(Thousand
dollar*)
(2)
25,678,144
43,306
74,505
87,056
96,160
129,042
371,659
499,734
999,567
1,077,545
1,256,609
4,U0,908
2,221,869
2,910,420
2,163,709
2,782,717
6,853,338
6,180,388
16,373
20,711
19,949
19,403
26,598
66,450
74,691
120,664
139,318
172,225
562,435
41A,634
1,141,416
1,097,560
780,256
1,507,705
128,930
191,597
196,921
195,509
241,945
547,683
489,096
633,272
454,279
404,513
893,082
255,098
346,543
376,548
259,525
343,042
,791,668
Number of
returns
(3)
77,802
20,918
9,091
6,481
5,203
5,527
10,306
6,734
6,190
3,027
1,739
1,907
321
183
63
40
22
20,031
8,882
2,769
1,558
1,065
1,150
1,870
1,003
700
382
228
250
57
71
32
12
2
162,193
124,972
179,150
179,318
163,113
188,791
443,143
358,165
440,452
356,988
373,096
1,142,765
666,399
858,881
601,751
798,231
1,916,453
70,163
25,226
15,550
11,060
10,620
16,139
6,395
4,130
1,299
587
453
35
23
9
3
1
154,461
Amount
(Thouaarrd
dolUra)
(4)
12,289,618
8,516
17,651
21,690
25,541
35,620
119,195
200,402
454,303
513,451
613,311
2,032,261
1,116,967
1,453,842
1,071,065
1,370,298
3,235,505
3,024,761
3,544
5,259
5,323
5,247
7,464
21,001
28,827
50,589
62,883
79,895
267,058
208,170
550,924
558,744
395,973
773,860
74,639
24,743
14,464
9,367
8,380
12,977
5,011
2,778
977
500
474
73
46
14
10
30,388
48,680
53,842
54,510
68,745
180,714
199,086
288,780
213,597
195,665
431,442
120,859
175,865
175,977
136,616
172,959
Dividends paid in cash
and assets other than
ovm stock
Number of
returns
(5)
22,517
1,814
1,593
1,132
1,323
1,376
3,403
3,073
3,411
1,959
1,290
1,560
296
167
50
39
21
4,434
836
561
299
251
330
574
443
358
234
IM
220
52
68
30
12
2
30,820
6,055
4,549
3,563
2,855
2,425
5,085
2,796
1,977
777
346
325
30
23
10
3
1
37,402
29,188
47,042
48,079
45,281
52,142
136,697
125,491
159,426
120,981
120,240
319,594
146,540
181,158
170,6U
87,976
247,536
8,518
5,6U
4,323
3,083
2,887
6,329
2,944
2,008
707
387
453
86
42
13
Amount
(ThouaMnd
dolUra)
(6)
6,722
6,457
6,913
8,958
11,198
40,562
60,371
123,616
147,382
181,554
867,810
588,362
774,758
730,773
926,037
2,613,800
2,512,825
2,583
1,890
2,734
2,111
3,574
8,471
15,237
21,503
27,672
45,609
226,867
166,694
572,940
471,418
368,437
574,985
12,631
17,762
18,679
18,028
18,203
54,667
53 , 895
66,348
103,754
50,274
177,579
69,980
98,071
128,250
82,074
73,995
Returns without net income
Number of
returns
(7)
43,627
24,369
6,304
3,156
2,132
1,342
3,121
1,745
938
301
U2
96
13,265
9,662
1,491
581
330
265
481
240
117
59
100,783
30,100
36,818
35,728
36,753
28,413
119,364
97,273
126,782
107,262
119,717
455,041
324 , 506
320,021
308,230
210,480
71,160
68,359
14,966
6,444
3,432
2,012
3,632
1,381
443
83
15
14
2
(Thousand
dollar 9 i
(8)
1,049,395
32,550
42,379
37,261
36,306
29,386
109,333
119,358
U5,183
102,853
190,327
53,220
218,035
10,516
9,944
6,811
5,455
5,804
16,485
15,713
19,691
19,387
12,116
29,833
21,9a
715,000
Dividends paid in cash
and assets other than
own stock
Number of
returns
(9)
92,628
76,128
7,466
3,308
1,589
817
1,874
822
369
173
39
38
5
88,376
98,106
75,519
57,433
43,420
122,421
92,449
63,451
27,049
11,049
21,334
14,393
555,768
61,018
48, 625
38,449
26,920
17,815
63,389
57,057
54,649
59,930
27,006
64,875
36,035
512
229
142
116
77
179
150
107
50
38
29
3
247
9
28
36
18
2,995
1,515
616
207
162
105
222
97
54
Amount
(Thoiiaand
dottmra)
3,093
2,344
308
144
56
43
62
47
38
17
U
(10)
82,134
7,474
794
3,600
10,998
366
9,933
3,425
9,185
4,193
6,694
20,739
2,857
27,472
10,442
587
53
2,080
2U
1,513
38
1,851
2,396
3,372
4,926
26,187
8,249
2,702
2,052
2,166
1,512
2,551
1,249
3,221
313
1,776
396
119,727
44,403
3,775
4,392
2,341
3,758
5,250
4,329
7,335
2,684
9,700
22,836
8,924
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
72
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
ACTIVE CORPORATION RETIRNS
Table 10.— 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
it-h net income
Number of
returns
(Thousand
dollars)
Number of
returns
Amount
(Thousand
dollars)
Dividends paid in cash
and assets other than
own stock
Number of
returns
Amount
(Thousand
dollars)
Returns without net income
Number of
returns
(Thousand
dollars}
Dividends paid in cash
and assets other than
own stock
Number of
returns
Amount
(Thousand
dollars)
SERVICES
Total
Under J5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
NATURE OF BUSINESS NOT ALLOCABLE
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
(1)
(3)
(i)
(5)
(6)
(8)
46,086
37,941
413,670
5,708
183,525
35,512
213,805
24,332
6,747
3,791
2,304
2,364
3,505
1,248
833
241
113
91
13
33,653
44,638
44,979
38,880
52,180
115,152
85,172
121,970
81,703
78,154
182,306
18,538
5,696
3,572
2,U0
2,270
3,324
1,175
808
232
110
8,205
10,626
12,373
10,365
14,576
35,571
32,681
52,110
36,602
36,315
36,121
43,280
34,345
1,130
867
717
550
447
370
434
371
120
68
3,635
3,302
4,342
6,420
3,212
10,409
10,186
14,232
11,689
12,502
39,192
47,397
17,007
1,653
26,904
4,025
1,727
950
501
302
401
133
54
9
29,556
25,399
20,126
15,343
U,143
26,817
26,745
a,020
17,309
5,604
7,461
5,777
2,048
2,000
1,512
220
1,548
170
200
2,254
194
165
2,779
143
121
2,586
121
62
1,809
62
34
1,908
27
11
1,800
11
396
301
591
675
715
568
541
869
157
63
493
38
627
,273
4,193
332
2,532
181
1,987
62
1,070
17
367
66
2,091
5
374
21
3,001
492
104
53
40
7
15
21
4
2
1
2
1
9,300
2,345
379
305
166
69
1,335
181
16
2,036
20
329
1,619
352
1,194
^Included in the total but not in the detail is $54,000 of tax on gross im
on gross income is shown on pp. 181 and 19i.
^Less than $500.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data.
reported on returns without net income i_mdT sees. 802(c), 821(a)(2) and ^9^. Computation of tax
CORPORATION INCOME TAX RETURNS. JULY 1956-JUNE 1957
73
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74
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
ACTIVE CORPORATION RETURNS
Table 12.— NET INCOME, TAX, FOREIGN TAX CREDIT CLAIMED, AND PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, BY SIZE OF NET INCOME, BY ACCOUNTING PERIOD
Taxpayment status and size of net income
Number of
returns
Net income
or deficit
(Thouaond
dotUrt)
Income tax
(Thousand
dollara)
Credit for
taxes paid
to foreign
countries or
United States
possessions
(Thouaand
dollara}
Payments on
declarations
of estimated
tax
(Thouaand
dottira)
Number of
returns
Net income
or deficit
(Thtmaatid
dollara)
(Thouaand
dollara)
Credit for
taxes paid
to foreign
countries or
United States
possessions
(Thtroaand
dollara)
Payments on
declaratlonfl
of estimated)
tax
dollara)
All active corporation returns.
Returns with payments on estimated tax, total.
With net income, total.
Under $250, CXX)
*250,QO0 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
Without net income.
All active corporation returns.
Returns with payments on estimated tax, total.
With net income, 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 under $25,000.000..
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Without net income
All active corporation returns
Returns with payments on estimated tax, total.
With net income, 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 under $25,000,000..
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Total annual and part year returns
Returns with annual accounting period ended July-November 1956
14, 3.41
3,213
4,481
2,961
3,126
509
329
122
46,884,912
39,349,259
39,387,948
489,319
1,591,067
2,072,839
6,647,502
3,559,978
5,188,206
4,228,698
4,604,039
11,006,300
'38,689
'21,364,290
17,948,638
17,948,638
230,660
771,895
1,008,708
3,149,076
1,680,937
2,409,072
2,038,854
2,034,240
4,625,196
949,918
949,918
40,517
2,439
5,797
33,032
42,910
64,972
115,838
32,811
611,602
2,764,154
2,761,746
23,453
75,577
129,551
489,259
275,147
414,331
366,330
350,749
637,349
2,408
155,697
2,169
409
680
467
495
69
4,438,323
3,127,797
3,134,264
61,092
240,943
323,254
1,042,283
487,863
474,414
155,688
348,727
2,135,438
1,556,342
1,556,342
28,845
118,256
157,626
516,795
244,148
234,782
79,266
176,624
32,897
32,897
90
504
1,052
6,008
7,295
4,277
168
13,503
127,7291
127,729
127,636
2,460
7,061i
11,138
43,34a
20,970
19,984
7,284
15,393
Returns with annual accounting period ended December 1956
Returns with annual accounting period ended January-June 1957
449,250
9,851
9,783
2,062
2,839
1,880
2,152
378
272
111
36,847,025
32,503,895
32,530,218
320,800
1,012,057
1,322,173
4,604,826
2,636,013
4,284,574
3,858,109
3,930,936
10,560,730
'26,323
16,436,152
14,545,110
14,545,110
150,903
488,354
641,761
2,136,672
1,217,982
1,971,804
1,349,107
1,687,949
4,400,078
893,092
893,092
40,301
1,779
4,048
22 ,712
30,913
57,457
110,732
13,527
606,623
2,348,781
15,093
50,850
90,602
365,323
218,768
359,424
344,156
304,016
600,549
1,887
2,720
670
926
586
443
5,192,563
99,548
325,202
407,837
936,244
416,516
391,645
165,323
324,376
445,570
'5,897
2,540,642
1,747,067
1,747,067
47,281
158,550
199,543
465,934
209,665
186,272
84,937
169,667
225,118
23,668
23,668
122
156
691
4,247
4,702
3,052
4,938
781
4,979
art year returns
46,211
181
Without net income.
406,996
210,653
210,655
7,379
12,365
19,525
64,149
19,586
37,573
49,073
252,004
100,119
100,119
3,631
6,235
9,773
29,625
9,142
16,214
25,494
{')
14,489
14,489
14,489
628
550
1,303
5,103
313
3,292
2,790
(')
^Included inthe total but not in the detail is $5*1,000 of tax on gross incoiue reported on returns without net Income under sees. 802(c), 821(a)(2) and 59*;. Computation of tgx
on gross income is shown on pp. 181 and igi.
^Not tabulated by accounting period for all active corporation returns.
^Deficit.
*Less than $500.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data.*
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
76
ACTIVE CORPORATION RETl'RNS
Table 13. —DIVIDENDS RECEIVED AND INTEREST RECEIVED ON GOVERNMENT OBLIGATIONS, BY SIZE OF NET INCOME OR DEFICIT
Size of net Income
HulurnG with net income
Total
number of
returns
Dividends received from —
Domestic corporations Foreign corporations
Number of
returns
(ThousHnd
dolUf*i
Number of
returns
(Thoiia»ntt
dotUra)
Interest received on Government obligations
(leas emortizable bond premium)
Wholly taxable
Number of
returns
(ThouMMnd
doiUta)
Subject to surtax only Wholly tax-exempt
Number of
returns
( Thotiaand
dotUra)
Number of
returns
(Thousand
dotUtai
(1)
(2)
(3)
(4)
(i)
(6)
(7)
(8)
(9)
(10)
<U)
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000 ,
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000...
$10,000,000 under $25,000,000..
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
559,710
45,508
2,600,059
42,887
72,139
18,472
489,319
258,203
82,082
48,643
33,027
31,916
51,058
23,735
16,510
6,486
3,515
3,409
548
347
127
69
35
10,080
5,496
4,186
3,042
2,793
6,460
4,283
3,792
1,898
1,189
1,526
325
251
96
59
32
10,574
10,441
11,529
9,355
10,027
37,710
56,809
102,985
117,398
122,333
377,888
257,705
274,163
229,791
283,498
687,853
322
136
166
89
Ul
272
274
330
229
187
381
132
107
54
31
164
311
125
189
319
1,270
945
4,004
5,374
U,256
64,248
48,298
91,429
154,757
65,936
303,501
6,595
3,987
3,891
3,169
2,943
7,332
4,638
4,129
2,146
1,395
1,829
373
268
102
56
34
25,601
21,346
33,566
36,947
51,213
184,069
151,700
219,699
147,023
128,116
350,497
U6,597
191,544
U2,822
94,999
300,508
410
317
223
263
248
846
595
555
228
148
198
39
43
19
11
16
800
1,600
1,045
853
4,298
4,677
3,930
6,232
4,514
2,830
12,960
5,245
10,658
7,276
105
5,116
1,263
1,417
1,601
1,412
1,555
4,363
2,375
1,985
835
512
744
158
137
56
35
24
4,821
4,689
5,541
6,684
8,230
37,932
35,764
43,136
36,772
34,993
100,477
43,834
46,294
32,588
12,828
34,736
Size of deficit
Returns without net income
Total
number of
returns
Dividends received from —
Domestic corporations Foreign corporations
Number of
returns
(Thouaand
doltara)
Number of
returns
(Thovaand
dollara)
Interest received on Government obligations
(less amortizable bond premium)
Wholly taxable
Number of
returns
(Thotiiard
doltara)
Subject to surtax only
Number of
returns
(Thouaand
doltara}
Wholly tax-exempt
Number of
returns
(Thouaond
dotlara)
(12)
(13)
(lA)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
326,037
88,122
6,166
9,338
171,854
2,667
233,338
38,830
17,403
9,736
5,707
11,796
5,485
2,437
822
271
182
22
,319
949
586
376
260
612
321
274
107
60
60
12
2
9,908
2,444
1,553
1,483
753
5,460
6,073
10,844
4,924
8,199
29,870
6,322
289
74
753
2,223
196
507
1,403
305
595
6,067
853
571
242
196
501
373
273
117
62
92,694
3,699
5,092
1,028
1,211
7,264
8,500
9,200
8,797
9,778
14,730
9,163
698
266
35
3
1,087
15
23
5
22
264
173
98
67
357
490
504
104
46
44
22
97
87
97
42
22
30
6
4,381
859
525
246
128
2,763
2,165
8,928
2,386
3,014
10,509
2,513
NOTE; See text for explanatory statements and for "Description of the Sample and Limitations of Data.
5011U O - 59 •
76
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
ACTIVE CORPORATION RETURNS
Table l^i.— TYPE OF DIVIDENDS PAID, BY SIZE OF NET INCOME OR DEFICIT
Size of net income
Returns with net income
Total
number of
returns
Dividends paid
Only cash and assets
other than own stock
Number of
returns
( Thousand
dollars)
Only corporation's own
stock
Number of
returns
(Thousand
dollars)
Both cash and assets other than own
stock, and corporation's own stock
Number of
returns
Amount of
cash and
assets other
than own
stock
(Thousarvl
dollars)
Amount of
corporation'!
own stock
( Thousand
dollars)
(3)
W
(5)
(7)
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000..,
$10,000,000 under $25,000,000..
$25,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
559,710
103,685
214, 0i6
1,455,753
258,203
82,082
48,643
33,027
31,916
51,058
23,735
16,510
6,486
3,515
3,409
548
347
127
69
35
19,370
13,726
10,461
8,234
7,801
16,588
9,925
8,351
3,782
2,188
2,400
417
269
98
53
22
57,840
68,723
71,480
72,960
66,705
238,136
246,995
374,508
395,809
406,093
1,683,116
1,106,690
1,649,950
1,507,426
1,403,627
3,387,584
460
506
387
341
372
633
358
207
7,586
9,884
9,466
12,601
15,779
33,479
31,757
27,962
22,765
10,196
18,376
1,414
11,466
1,315
122
132
212
188
181
507
427
4A0
240
191
336
78
47
19
9
526
995
1,580
2,137
1,424
8,486
7,472
16,162
35,014
40,152
185,486
157,727
210,074
192,165
249,114
347,239
1,792
3,163
5,715
7,362
5,605
28,613
35,381
76,964
64,815
96,246
322,931
214,326
239,313
237,394
X7,50e
775,609
Size of deficit
Returns without net income
Total
number of
returns
Dividends paid
Only cash and assets
other than own stock
Number of
returns
(Thousand
dollars)
Only corporation's own
stock
Number of
returns
f Thousand
dollars)
Both cash and assets other than own
stock, and corporation's own stock
Number of
returns
Amount of
cash and
assets other
than o-n
stock
( Thousartd
dollars)
Amount of
corporation's
own stock
(Thousand
dollars)
(9)
(14)
(15)
(16)
Total
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
326,037
9,572
282,461
14,366
22,544
34,061
233,338
38,830
17,403
9,736
5,707
11,796
5,485
2,437
822
271
182
5,406
1,363
650
476
278
581
368
225
93
69
76,238
10,199
13,342
18,182
6,176
20,921
21,225
22,268
10,932
21,358
47,761
11,993
1,366
2,332
506
787
1,974
383
1,022
600
282
423
6,057
559
148
5
1,165
2,988
3,661
2,664
2,064
2,096
5,575
1.619
1,906
2,323
19
3,347
1,280
11,461
3,017
2,901
3,482
3,292
1,033
NOTE:
See text for explanatory statements and for "Description of the Sample and Limitations of ]
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
77
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^ O -H cn m r
o to to r^ CM '
CO '*^ f-t ■-< £^ e
\0 o %j ic >o c
0^ C CM to m <■
t^ CM c^ r- -^
C- CM M O -H
^0 (M CM -^ O
077,397
24,701
173,916
34,519
15,558
25,325
22,342
60,228
3,056
399
54,021
926
^
97,973
26,014
95,625
11,140
25,873
1,437
7,561
53,550
995
901
64,264
82
to CM CM CM cr
tn t- (^ H --t
m (7^ CO en ^ en
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CM CM >r C-- ^
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t- r- CM o' c-
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CO vD
3 sO
5/S!,
s
o
z
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2S
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iSSS
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x: p. c
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a; u (.
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v^iencnm en mcnmcnm
82
CORPORATION INCOME TAX RETURNS. JULY 1956 -JUNE 1957
»"S.
O h
■H 3
2 rH f^ OJ
I ea -f-i -a tiD
CQ u
3 41
(0 j:; S^ u
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c^ TO
a> o ^
if^ r\j \0 CO
rH r^ r-j O
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(n ri| cvj <n
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r\j M c^ CO
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■-J t^ O^ C^
OJ O rH iH
o o
r-1 TO TO m C
■n fM (^ lo C
r- c^ -^ IN
>0 f\ t'\ f^TO
p gj O^ TO->t
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C- r- TO iTi TO ^
C CO -^ -J TO lA
aOJ iD ^O TO t^
r\ [^ U-. m rH
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t^ o o t-\ r- 00
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TO >r CO f^ r
-•T TO vO •*> <■
<T >A CM ^ C^ so
afM TO --H tn f^
r-1 ri r^ if\ iH
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t\C> to (yc^
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C^ f", CM OJ f
CTs n sO -si r
\0 *£) C*^ 0^ rH r--
fM r^ O 0> OS O
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«-> O O >f -sT O
m -^ -sT r- CM t^
r^ W E^ rtU
t^ m ,H f
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<U I)
■3 5 1
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o. o c
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12
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RETtRNS WITH NKT INCOME
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
Table 16.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP
Returns
without
balance
sheets
Returns with balance sheets t>y major Industrial group
All
Industrial
groups
Agriculture, forestry, and fishery
Total
agriculture,
forestry,
and
fishery
Farmo and
agricul-
tural
services
Forestry
Fishery
Ulnlng and quarrying
Total
mining and
quarrying
Metal
mining
Anthra-
cite
mining
iior
Bituminous
coal and
lignite
mining
"TuT
(2)
(3)
(«)
(M
(6)
(7)
(8)
(9)
Number of returns with net income.
Assets:
Cash
Notes and accounts receivable
Less : Reserve Tor bad debts
Inventories:
Last- in, first-out
Other than last-in, first-out
Not stated
Prepaid expenses and supplies
Investments, Goveniment 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, 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 ajnor-
tizable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-tenD 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
Amort ization
Depreciation
Depletion
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit (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
559,710
537,275
5,417
5,243
(Thousand doltart)
493,633,477
92,475,829
2,216,247
72,139
489,319
10,077,200
4,892,199
720,996
31,511
2,188,131
839,493
2,600,059
752,126
3,868,276
614,857,002
371,399,581
54,825,723
9,291,453
5,279,316
5,699,302
1,340,848
6,274,891
13,570,445
413,477
2,493,421
13,170,657
2,864,822
6,270,198
3,510,176
1,232,464
473,201
66,073,491
564,183,466
50,673,536
50,184,217
917,670
21,364,290
29,309,246
14,193,395
2,676,783
3,672,214
773,682
12,688
335
3,171
42,769
81,015
5,113
661
45,737
18,352
24,047
3,550
31,891
4,715,225
2,876,298
410,423
88,229
38,993
42,288
5,806
40,704
86,177
3,609
4,520
117,204
22,224
47, 536
16,004
6,259
1,874
538,098
4,346,.;-46
368,979
365,808
23,589
142,744
226,235
99,983
6,315
84,095,441
197,303,876
2,912,317
5,963,461
29,857,421
36,041,820
3,197,674
18,419,045
89,245,468
5,836,106
158,012,097
284,265,744
102,395,985
9,660,215
3,989,496
10,077,209
2,670,134
716,229
16,515,282
841,146,966
43,370,471
26,987,159
90,544,304
21,568,372
354,294,574
14,162,922
92,620,726
12,422,678
35,169,106
150,006,654
841,146,966
489,961,263
91,702,147
2,203,559
71,804
486,148
10,034,431
4,811,184
715,383
30,850
2,142,394
821,141
2,576,012
748,576
3,836,385
610,141,777
368,523,283
54,415,300
9,203,224
5,240,323
5,657,014
1,335,042
6,234,187
13,484,268
409,868
2,488,901
13,053,453
2,842,598
6,222,662
3,494,172
1,226,205
471,327
65,535,393
559,837,220
50,304,557
49,818,409
894,081
21,221,546
29,083,011
14,093,412
2,670,468
168,421
270,436
2,035
5,677
112,018
95,234
15,551
11,224
79,029
8,492
182,662
1,235,815
601,575
26,501
11,607
255,894
3,572
1,059
46,544
1,900,794
142,773
149,498
196,754
40,883
77,011
30,521
629,988
48,614
89,444
495,308
1,900,794
1,700,918
370,079
2,218
20
175
4,538
16,138
5,965
154
41,223
1,828
4,398
2,082
17,313
1,183,768
172,596
52,644
39,301
35,662
1,940
14,835
40,549
1,276
1,068
81,212
2,193
13,668
3,732
2,294
447
330,413
1,977,598
189,451
189,276
13,840
67,965
121,486
42,026
735
159,979
256,951
1,966
5,677
109,727
89,804
15,014
11,175
78,141
8,492
175,082
,207,757
589,133
10,730
2,981
247,467
2,358
478
126,301
146, 339
185,659
33,901
71,871
29,465
609,003
47,629
88,923
484,543
1,828,684
1,638,409
353,678
2,189
20
175
4,473
15,250
5,963
154
36,381
1,609
4,352
2,082
16,806
1,133,258
165,484
50,945
39,101
34,551
1,873
14,539
39,341
1,147
892
79,002
1,744
13,653
3,711
2,288
432
324,149
180,431
180,256
13,385
65,203
115,228
41,288
735
6,609
8,415
235
4,635
201
2,450
9,677
5,362
15,771
8,626
7,512
1,199
581
1,027
43,299
12,151
436
6,083
927
3,946
929
15,484
442
211
2,690
43,299
36,413
1,864
17
867
4,243
219
43,323
32,343
662
789
140
89
49
711
61
131
446
449
10
1,615
37,524
6,304
6,304
33
2,001
4,303
1,833
5,070
69
2,056
795
336
5,130
18,381
7,080
4,321
2,673
5,012
1,055
1,194
127
5,501
543
310
6,075
28,311
26,096
9,537
46
302
18,167
6,450
910
60
1,022
67
247
497
68
45
1,764
33,964
2,716
2,716
422
761
1,955
831,041
1,459,454
13,204
15,827
284,124
341,274
143,978
62,712
711,180
211,051
1,398,061
7,132,077
3,565,453
2,340,132
1,194,405
88,143
68,992
26,713
120,651
10,408,932
856,946
308,337
1,022,201
613,742
234,509
206,719
1,646,417
235,905
1,206,468
4,077,638
10,408,932
7,030,511
1,636,409
21,813
55
1,773
20,570
22,038
41,269
683
98,058
4,542
79,639
4,023
49,077
9,010,465
3,939,101
930,983
96,942
33,862
142,617
7,325
52,520
235,558
7,603
50,912
435,657
691,203
13,847
111,310
21,099
4,935
682,160
7,558,139
1,452,326
1,450,553
60,270
640,436
811,890
304,423
26,762
137,763
312,538
1,944
2,768
126,708
51,673
63,780
9,539
384,716
164,139
559,649
1,384,029
682,947
772,143
414,408
13,935
5,265
2,535
29,122
335,241
33,079
285,258
235,276
72,224
44,902
452,460
61,238
342,253
1,103,952
2,965,383
,801,420
50,329
12,598
5
158
11,232
3,633
3,785
267
7,442
24
38,249
1,639
3,499
1,934,285
862,657
26,730
6,837
2,005
26,223
454
12,486
86,764
2,111
36,491
51,648
185,375
600
13,595
5,229
1,053
117,143
496,384
496,726
16,293
219,606
277,278
250,654
40,447
3,557
6,194
10,588
15,785
9,578
32,113
14
91,694
175,674
130,854
100, 526
50,389
1,346
35,476
7,306
18, 519
9,575
4,671
9,914
39,760
10,180
100,131
94,610
330,192
265,427
28, 188
820
2
16
747
948
3,434
10
14,907
263
2,422
317,267
203,503
14,895
2,343
2,227
6,361
133
965
7,976
298
5,329
8,007
1,516
4,914
1,999
398
22,072
237,936
29,281
29,265
7,632
4,358
24,923
157,681
315,340
1,699
5,678
31,031
46,334
23,848
23,225
83,545
24,847
363,258
1,291,876
615,237
343,195
141,500
11,965
2,581
57
17,563
151,124
67,752
235,379
72,047
35,539
66,232
285,583
49,649
318,405
701,819
1,983,629
1,773,278
176,903
558
4,161
6,205
3,670
115
40,749
346
10,523
86
8,390
2,027,555
1,315,049
111,256
17,575
6,375
49,235
843
11,162
42,197
908
1,751
79,107
69,523
1,741
62,670
8,782
504
114,005
1,392,683
134,872
134,314
9,047
43,630
86,242
45,558
5,465
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Cata."
84
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
RETIRNS WITH NET INCOME
Table 16.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Crude petro-
leuiD and
natural gas
production
Returns with balance sheets by major industrial group — Continued
Mining £ind quarrying—
Continued
Nonmetallic
mining and
quarrying
Construction
Uanuf ac tu ring
Total
manufacturing
Beverages
Food and
kindred
products
Tobacco
manufactures
Textile-mill
products
Apparel and
products
made from
fabrics
Lumber
and wood
products,
except
furniture
{12)
(14)
(15)
(16)
(17)
(la)
(19)
(21)
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 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.
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 bene-
fit plans.
Net loss, sales other than capital assets
Other deductions
Total compiled deductions
Compiled net profit (A? 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
(Thousand dott»ra)
295,378
586,080
3.799
327
80,293
148.443
32 , 176
24.762
149,318
6,929
261.616
3.203,699
1.597,505
985.652
535,896
33,499
57,986
23.764
41,712
3.747.906
245,774
143.784
382.404
240.347
84,283
63,528
585,932
41.827
384.650
1.575.377
3.747.906
1.892.350
1,291,735
823
3,286
7.460
29,933
250
40,779
3,814
13.533
2.034
24.791
3.315.039
843.052
783.835
34.610
16.193
24.437
4.241
20.285
65,550
2,855
10,285
222,097
346,890
5.505
24.399
3.155
2.747
273.737
631,166
630.343
24,149
293.982
337.184
441.090
13.217
165.217
205,049
2.205
860
35,454
79.039
14.596
5.184
61,488
15.132
121.844
1.076.799
538,910
138,616
51,712
27,398
3,159
307
24,621
1 , 381 , 322
39.331
56,416
100,541
56.497
37,742
22,093
282,582
73,011
60,979
601,930
1,298,036
89,254
2,120
3
218
1,144
3,786
3.813
40
5.654
348
2.427
1
9.475
1.416.319
759,840
44,272
35.577
7.062
36,361
1,604
7,622
33.071
1.431
2.385
77.476
81.408
4.485
6,232
1.934
233
155.203
160.123
159,905
3,149
73,860
86,263
56,651
8,079
1,061,519
4,292,799
23,528
12,337
482,100
253,477
55,399
18,925
120,694
23,959
611.431
2,693,326
1,352,939
36,724
10,112
125,154
17,032
786
224.658
3.542.279
1.773,366
685,760
532,197
431,818
1,584,879
100,621
1,092,583
89.367
190.958
2.160.630
,642,279
3,289,413
16,320,559
2.738
64
806
9.907
46,307
3,652
683
48.452
3.285
13,682
2,607
145,373
2,531,138
13.740.504
594,979
69,548
87,025
19,145
55,039
208,433
10,107
1,625
328,832
5.934
36.588
37.794
20,471
1.565
1.204.133
335,173
834,367
60,848
325,085
509,083
77.804
34.709
14.758.541
34,318,096
665,500
5,216,866
17,591.138
23.761.391
1,640.214
539.068
9,702,097
723,798
20.430,222
120,830.856
55,512.652
6.166.535
2.375.106
2.554.719
1.747.619
634,249
3.008.605
13,847,844
7,039,474
23.624.532
11,719,851
9,082,717
5,883.471
36.087,237
5,118,351
15,170,514
71,227,257
203,801,258
287,736,599
5,213,573
280.337
3,563
15,958
268,748
403,560
336,863
7,744
750,014
12,655
884,836
538,232
1,385,929
207,902,544
2,492,375
3,124,249
1,396,220
4,526,702
220.638
1.200,259
7.111.695
233,740
1,484,033
6,030,120
1,955,122
3,743,473
2,255,907
881,623
39,110
27,663,940
272,316,750
25,522,051
25,506,103
317,699
12,208,664
13,313,397
7.054.369
1.951.543
306.945
545.319
8.124
243.559
246,565
281,755
38,085
11,992
75,165
9,187
282,383
1,831.587
723.872
5.906
2.787
63.674
44,153
2.265
94.099
194.524
138.342
495,871
165,826
117,423
173,558
393.811
69.323
169,631
1.424,013
3,343.327
5,531.287
13,447
2,220
9
210
3,615
3.894
3.989
5.674
167
2,832
218
25,446
3,164,411
3,530
50,050
17,215
38,363
2,^54
26,907
966,607
5,022
925
112.651
1.000
261.603
22.406
9.802
1.277
603.473
404,828
404,618
6,954
199,041
205.787
80.291
15.941
1.178,404
2,162,674
40,776
453,788
1.301,925
1,764,077
161,517
32,494
439,578
45,203
1,137,521
7,595,103
3,381,940
12,429
2,870
269,241
76,995
1,849
184,010
13.397,524
1,293.877
807.728
1.542.004
690,866
378,002
559.483
2.559.187
399,774
456.131
4.710.472
13,397,524
35,542,548
132,316
9,595
96
1,229
25,531
19,496
10,134
504
23.675
749
18.234
38.518
88.326
28,653,023
48,015
220,311
115,385
293,801
20,995
107,127
371,558
13,756
5,053
440,385
4,075
724,407
106,764
61,511
4,346
3,227,009
34.418.523
1,492,923
1.491.599
32,709
723,592
769,236
386,736
34,181
121,558
545,923
2.843
189.040
686,153
1,069,703
25,245
1,418
10,315
1,394
68,757
411,281
186,808
61
11,587
1,716
579
14,002
2,969,534
74,903
378,363
501,363
202,616
24,064
213,920
540,705
65,902
126,494
740,704
3,953,890
1,974
273
56
865
1,006
227
612
1
787
94
1,385
3,971,170
9,558
2,727
7,135
723
31,118
989,215
1,295
54
22,192
190,703
18,257
2,276
81
134,006
400,248
400, 192
85
206,999
193,249
118,756
857
565,001
1,395,171
21,138
202 . 131
944,359
1,120,361
51.747
33.853
206.567
19.011
783.414
4,934.171
2.215,072
12.534
4,547
58,947
10.017
1.297
100.746
8,197.976
611.527
461.651
771,339
333,340
175,403
343,401
1,399,175
156,895
452,475
3.431,769
8,197,976
11,407,235
138,859
5,331
301
945
11,301
15,452
5,620
183
24,416
939
10,161
4,371
50,803
11,677,427
,144,536
84,659
142,856
47,274
115,849
8,701
59,630
183,525
9,989
5,549
251,078
133
31,866
38,969
18,660
6.779
805.677
11.005.730
671.697
670.752
36.377
309.575
362.122
152,944
9,779
342,264
385,349
18,128
28,198
566,720
569,123
22,437
5.478
25,964
9,441
189.602
680,517
328.858
2.124
893
15.781
7.793
325
62.299
3.065.8
565.031
305.991
178,271
133,995
117,609
107,143
559,759
28,949
69,715
949.413
7,664,501
378,969
607
10
119
2,337
4,185
7,738
206
3,070
655
2,374
185
23,857
.088.833
5.055,750
290,731
214,381
69,938
14,960
9,057
27,395
104,392
6,087
375
51,852
289
77,562
21,872
14,448
731
862.690
266,223
266,104
16,114
111,878
154,345
30,482
10,273
295,894
608,319
10,132
51,350
305,346
507,798
47,110
7,243
114,277
93,135
283,657
1,968.682
895,722
691.097
40,661
75,281
6,333
408
77,499
4,186,098
262,369
233,887
492,789
157,951
157, 197
51,064
801,637
59,844
323,710
,625,150
5,011,136
116,451
4,087
33
448
5,664
9,542
3,802
1,360
225,938
1,070
4,760
29
38,039
3,809,813
77,037
99,933
17,721
45,137
7,588
25,653
93,289
3,118
7,670
131,779
210,502
23,775
12,943
3,278
507
434,737
417,869
417.421
11.619
143,450
274,419
90,018
26,700
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS. JULY 1956-JUNE 1957
85
RKTl KNS WITH NET INCOME
Table 16 , —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 supplies
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investment''
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:
kfeturity less than 1 year
Maturity 1 year or more
Accrued expenses
Other liabilities
Capital stock, preferred
Capital stock, conmorf
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 bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt ■
Other interest ■
Rents
Returns with balance sheets by major Industrial group— Continued
Manufacturing — Continued
Furniture
and
rixtures
(22)
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
Ccanpensation 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 bene-
fit 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
Paper and
allied
products
Printing,
publishing,
and allied
Industries
(24)
Chemicals
and allied
products
(25)
5,000
Petroleum
and coal
products
(26)
Rubber
products
(27)
Leather
and
products
(28)
Stone,
ciay,
and glass
products
(29)
Primary
metal
Industries
Fabricated
metal prod-
uctSf except
ordnanccj
machinery,
and trana-
portation
equipment
(ThouMMnd dolltru)
179,677
«1,014
10,0^9
29,09i
303,797
213,571
16,043
3,50i
70,126
11,533
88,943
695,963
304,580
9,102
1,336
22,387
3,058
256
27,962
1,799,553
190,781
97,960
111,854
128,244
87,722
38,228
333,427
21,993
58,276
731,063
1,799,553
3,732,509
6,049
1,655
1
79
1,288
2,753
421
57
3,097
105
822
1,413
19,507
3,769,756
2,732,310
2,776
93,096
27,459
22,724
6,321
10,806
55,709
3,937
850
45,237
37
49,550
14,262
7,288
180
424,462
563,821
908,069
20,778
88,094
586,282
594,320
64,835
34,296
548,986
16,902
1,161,729
5,892,066
2,370,173
411,517
62,362
97,180
11,676
1,352
116,046
432,402
133,549
1,270,819
495,002
239,209
255,372
1,483,896
192,009
772,070
3,366,826
8,641,154
9,940,761
26,066
14,836
18
864
10,672
11,068
6,155
150
109,937
616
16,655
9,288
42,414
272,752
272,673
7,824
128,828
143,924
38,639
14,799
6,809,047
14,742
112,850
42,296
236,302
6,159
50,508
167,573
12,661
57,439
266,107
20,533
73,290
73,751
20,472
1,207
928,230
731,034
1,192,005
40,599
37,737
379,486
354,336
63,507
37,387
312,367
52,102
764,406
2,963,049
1,259,925
9,887
5,068
143,309
231,718
2,778
193,728
567,326
200,458
499,454
424,184
410,865
271,099
899,040
181,044
250,060
2,454,158
6,157,688
8,946,230
600,324
3,457
143
1,312
6,021
17,633
17,998
62
45,847
375
28,816
5,566
75,927
9,754,711
8,893,167
1,296,333
1,295,469
16,007
620,893
675,440
283,861
76,062
6,068,462
319,264
289,979
85,403
45,268
22,288
30,699
141,122
15,398
1,392
171,119
129
52,735
68,997
17,275
1,028
1,509,668
1,315,797
2,558,997
55,814
134,875
1,105,456
2,091,652
119,422
85,790
1,379,207
67,192
2,491,619
12,980,647
5,956,682
252,006
97,897
210,652
93,721
9,244
243,055
19,015,451
1,288,367
394,179
2,767,946
1,328,910
545,846
677,039
2,978,184
349,849
2,311,880
6,373,251
19,015,451
21,639,406
85,158
31,653
1,038
2,379
23,922
17,907
71,887
969
55,677
364
169,862
61,224
83,623
914,485
913,173
13,599
417,602
496,883
166,713
30,644
13,284,976
20,606
205,511
33,222
356,328
16,669
116,380
326,883
23,809
235,007
703,542
73,044
752,028
210,931
45,321
2,994
2,783,988
1,709,930
4,308,401
179,779
623,579
707,901
1,814,924
336,351
70,690
1,456,909
123,196
5,818,375
26,131,720
12,763,219
3,680,652
1,572,708
491,250
1,002,340
567,397
389,843
33,582,958
3,349,777
516,475
3,886,259
945,040
391,071
347,809
9,393,640
952,971
3,564,711
10,235,205
33,582,958
32,193,078
1,200,504
46,953
480
1,553
47,593
191,778
65,845
1,533
47,957
1,856
409,019
178,294
467,894
34,854,337
19,241,239
3,003,830
3,001,451
23,269
1,438,119
1,565,711
991,456
117,822
24,193,009
395,650
47,659
332,246
511,254
14,136
139,699
776,723
16,335
250,475
985,359
1,368,484
164,231
251,282
72,570
2,450
3,132,758
210,886
998,398
16,141
103,877
587,661
330,771
11,915
7,821
79,011
9,161
235,542
1,859,823
972,307
3,909
2,248
20,026
3,828
258
15,353
3,487,028
317,939
65,885
700,836
275,625
93,155
120,361
343 , 586
146,444
204,646
1,213,551
3,487,028
5,539,315
18,580
2,668
6
105
4,840
4,066
1,559
11
139,551
407,426
7,333
20,942
186,700
286,198
10,561
6,431
17,757
12,192
174,470
415,243
202,054
857
409
12,865
2,891
81
22,454
1,506,661
168,420
93,158
131,073
91,156
38,996
63,409
280,684
58,666
68,789
512,310
1,506,661
2,313
8,613
34,733
10,388
32,659,320
2,195,017
2,193,464
4,279
902,185
1,292,832
1,305,447
992,001
4,013,694
826
31,431
32,028
93,011
9,152
23,059
170,708
2,209
10,460
113,330
223
68,044
38,293
20,183
678
548.990
5.181.319
446.383
446,278
5,791
222,477
223,906
108,471
21,742
3,052,656
8,107
114
2,243
1,934
325
29
7
1,295
52
13,536
3,082,982
570,415
898,933
21,519
50,158
535,055
415,33'.
72,367
21,590
429,399
36,646
488,832
4,656,461
2,003,200
127,530
45,479
85,759
4,272
1,134
56,966
1,476,910
2,723,468
41,613
1,408,797
1,266,114
1,536,828
189,216
62,663
1,561,784
67,367
1,686,239
17,325,048
8,871,108
864,997
515,249
320,743
17,343
1,587
184,077
414,762
127,394
603,945
435,863
190,366
213,556
1,256,450
181,809
501,667
2,452,573
6,378,335
7,440,101
47,720
11,460
33
1,245
4,252
8,306
10, 530
25,762
104
15,693
11,625
29,410
7,606,336
2,405,092
4,453
61,395
18,275
17,637
2,796
11,940
45,249
3,498
66
27,658
66
36,011
11,318
6,728
195
277.098
2.929,475
153,507
153,393
4,440
71,951
81,556
33,424
18,649
4,680,238
21,967
113,956
29,978
206,756
7,201
25,797
138,043
9,046
37,434
231,293
110,454
59,924
65,436
23,040
1,450
788,016
6.550.029
1,056,307
1,055,062
5,871
522,002
534,305
271,169
52,221
1,830,420
329,591
3,362,990
1,354,240
727,158
870,529
3,446,633
608,899
1,339,789
7,396,793
21,267,042
26,384,354
456,732
45,239
157
1,443
25,621
12,256
12,156
131
44,427
1,201
60,405
11,154
54.949
18,797,870
211,529
164,941
64,397
1,294,830
9,002
150,283
479,232
25,551
566,226
578,219
156,072
86,704
335,259
103,713
3,064
1,239,154
24.266.046
2,844,179
2,842,736
46,352
1,393,755
1,450,424
6»7,18o
76,917
(31)
809,542
1,699,090
31,982
248,349
1,305,549
1,125,519
63,460
26,730
183,607
29,732
592,711
4,339,536
1,880,451
28,154
5,664
136,410
21,570
4,764
104,965
8,792,063
806,422
480;
677
543
385
260
1,558
148
436
3,445
078
072
991
718
,378
123
,215
,680
,386
14,601,359
86,641
4,380
96
690
6,827
14,197
5,762
167
18,493
1,221
14,817
25,376
71.143
14,851,669
10,577,652
47,385
327,889
74,811
195,043
19,818
53,341
219,541
13,693
22,665
258,241
361
146,568
102,914
45,537
2,217
1.507.256
13.614.932
1,236,737
1,236,047
20,230
591,176
645,561
236,140
77,353
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
86
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
RETURNS WITH NET INCOME
Table 16.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
23
2i*
25
__26
^7
28
29
30
Jl
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, Govenunent 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, 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 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-tenn 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 plana
Amounts contributed under other employee bene-
fit 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
Inccme tax
Con^jiled 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
Manufacturing — Continued
Machinery,
except
transpor-
tation
equipment
and
electrical
(32)
Electrical
machinery
and
equipment
(33)
Transpor-
tation
equipment,
except
motor
vehicles
(34)
Motor
vehicles and
equipment,
except
electrical
(35)
Ordnance
and
iccessories
(36)
Scientific
instruments;
photographic
equipment ;
watches,
clocks
(37)
Other
manufac-
turing
(38)
Public utilities
Total public
utilities
Transpor-
tation
Conummi-
cation
3,288
(Thousand dollars}
l,52i,766
3,706,596
59,597
602,749
2,866,032
2,358,766
105,280
26,704
626,612
71,825
1,192,226
8,133,435
3,629,263
26,425
5,478
200,513
54,831
15,705
162,452
1,693,512
745,402
1,910,878
1,119,639
926,004
471,230
3,320,833
508,207
894,313
6,359,101
17,949,169
23,815,363
709,421
15,852
289
1,023
27,220
30,9CS
51,194
232
58,988
1,404
35,042
38,122
101,442
24,386,501
16,343,994
95,005
408,293
112,646
340,231
23,711
108,619
410,491
26,065
71,734
554,057
5,919
250,292
243,329
87,327
2,654
3,099,267
22,183,634
2,702,867
2,701,344
24,313
1,331,564
1,371,303
494,927
140,645
704,369
2,476,750
31,339
491,733
1,068,803
1,674,341
50,299
18,001
171,001
25,034
919,750
3,838,550
1,471,318
2,457
1,018
63,665
26,143
3,874
206,883
1,418,398
345,934
1,474,434
757,094
433,122
210,169
1,450,381
278,710
732,944
3,128,049
10,229,735
16,276,493
125,831
6,955
81
1,107
19,358
10,377
30,163
404
14,946
240
7,668
23,492
46,168
11,710,503
62,441
140,460
67,349
152,045
13,992
65,653
344,432
15,528
52,345
292,700
180
238,233
165,559
62,394
2,625
1,358,790
15,295,234
1,269,049
1,267,942
11,698
633,682
635,367
389,624
45,957
605,767
2,484,209
5,063
2,113
559,237
2,634,429
81,573
20,687
88,332
1,600
171,321
2,299,824
1,087,430
43
37
63,757
17,919
709
53,625
7,991,192
1,050,320
453,518
700,635
454,069
2,171,872
67,501
627,392
158,717
550,351
1,756,817
7,991,192
12,105,013
965,325
3,004
15
354
12,844
4,602
12,242
446
9,774
1,232
6,721
4,872
67,320
i, 381, 397
751,636
56,730
49,532
172,904
2,339
41,718
209,982
6,669
64,238
109,249
54
31,992
123,661
46,277
653
734,418
12,233,949
909,820
909,466
4,763
461,726
448,092
188,359
51,041
790,724
1,694,472
11,411
51,535
833,639
2,226,165
51,876
1,568,561
1,941
1,401,015
3,766,658
3,574,009
4,737
2,204
98,007
68,724
316
592,457
14,566,980
1,667,116
245,893
809,231
1,033,565
1,136,128
368,730
1,336,367
378,898
1,043,620
6,492,432
14,566,9
21,538,273
7,369
56,998
401
161
15,938
9,537
9,025
845
8,271
88
61,021
70,267
29,766
15,834,935
142
64,287
23,802
247,392
2,875
37,489
703,996
6,241
74,037
518,113
368
111,421
237,440
168,355
2,579
1,236,377
19,269,899
2,538,111
2,537,950
4,347
1,284,099
1,254,012
324,127
25,976
16,511
50,537
470
31,054
17,543
1,918
47,090
33,411
42,789
3
2,271
23,622
23,980
7,625
10,340
4,274
12,555
23,275
17,201
12,336
94,215
229,423
392,354
1,446
19
232
383
396,159
282,753
4,012
1,273
4,997
237
993
6,730
322
1,197
5,356
271
3,157
5,032
1,053
6
44,380
361,829
i4,330
34,311
111
17,470
16,360
9,543
444
225,263
771,712
11,906
106,383
563,049
393,065
22,219
2,585
232,232
4,980
201,468
1,512,995
698,109
11,255
4,626
36,347
21,682
9,978
36,321
231,811
227,064
351,361
239,325
185,037
58,364
492,076
81,125
585,546
915,228
4,588,239
24,192
4,156
410
109
5,831
3,366
6,360
176
5,178
55
3,987
16,498
15,458
,340,783
8,702
69,667
29,955
63,217
3,211
24,005
101,129
8,568
12,528
103,680
38
110,497
56,377
30,810
262
658,376
372,402
347,264
19,461
38,780
654,254
380,812
33,231
16,216
85,245
14,524
249,151
1,515,086
693,763
1,565
49,250
13,360
2,590
67,492
3,623,994
393,718
232,994
274,983
242,470
146,471
118,573
608,416
62,917
184,679
1,363,773
3,628,994
6,329,943
62,192
1,914
42
394
4,133
8,413
2,685
113
13,306
196
5,111
2,777
27,654
6,459,423
4,451,654
31,229
195,004
51,232
51,018
10,712
26,425
105,566
4,943
5,314
106,923
2,390
93,780
30,305
13,305
1,147
830,120
6,017,117
552,255
552,146
5,563
276,424
275,831
132,772
94,883
442,306
441,912
15,368
200,074
242,232
73,284
16,661
3,320,630
4,185,722
43,978
26,047
913,574
1,924,154
528,756
47,454
2,729,973
380,627
5,576,627
109,151,271
25,826,008
114,547
47,146
553,643
116,230
10,338
2,528,283
106,174,573
3,422,490
1,698,283
37,995,027
4,232,159
3,654,373
4,864,958
25,493,365
1,377,937
5,100,704
13,334,767
106,174,573
3,166,617
43,690,224
68,948
2,034
2,114
137,263
572,090
29,484
1,839
134,976
9,963
131,792
12,868
224,341
48,184,553
2,536,376
26,025,286
357,163
1,023,577
109,582
56,507
1,397,397
2,873,212
30,226
892,603
3,231,301
71,937
161,171
509,428
149,793
11,626
2,526,432
1,929,457
2,148,219
9,009
1,684
59,780
787,730
150,000
35,546
1,128,927
319,184
3,754,581
37,929,228
10,733,094
88,067
35,753
245,430
72,278
7,475
1,230,531
2,055,242
439,269
11,311,493
1,279,976
1,734,910
805,598
7,931,947
359,333
815,644
12,311,899
9,095,311
327,146
21,800,166
29,179
242
1,219
63,960
498,388
17,340
1,696
97,816
5,419
82,921
2,538
167,131
42,019,622
6,164,931
6,162,817
33,039
3,017,324
3,147,607
2,508,969
91,247
233,110
15,021,227
252,270
863,655
46,213
7,964
448,757
1,179,018
8,654
516,989
1,123,067
19,044
33, 186
104,476
50,431
7,143
1,352,405
21,322,609
1,772,552
1,771,333
62,540
799,597
972,955
584,466
26,339
346,071
670,643
6,073
22,006
705,806
77,013
238,047
4,699
1,357,100
10,270
673,439
21,336,368
5,318,880
4,437
1,646
74,923
32,158
1,977
671,247
472,762
245,106
5,720,158
1,235,114
938,933
238,064
7,970,168
94,374
2,054,740
1,926,637
20,396,156
2,659,766
8,151,741
19,930
1,721
193
17,440
45,771
7,490
16
3,508
3,953
28,935
3,564
10,432
2,223,971
4,396,603
38,835
118,008
52,352
25,335
203,810
596,310
7,025
7,368
706,219
41
46,340
233,042
56,829
1,079
422,767
9,136,484
1,818,026
1,817,833
8,571
921,736
896,290
661,204
10,314
Footnote at end of table. See text for explanatory statements and for "Description of the Sazrjple and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
87
RETURNS WITH NET INCOME
Table 16.— 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 supplies
Investments, Government obligations:
States, Territories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated aniortization 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.
Public utmties-
Continued
Electric
and gas
utilities
i^Z)
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-tenn capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by net
short-term capital loss.
Net gain, sales other than capital assets
Dividends, 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 bene-
fit plans .
Net loss, sales other than capital assets....
Other deductions
Other
public
utilities
{^2)
Returns with balance sheets by major industrial group— Continued
Trade
i^)
Total
wholesale
(A5)
66,376
Commission
merchants
(46)
Other
wholesalers
(47)
55,917
Total
retail
(4«)
7,099
General
merchandie
(50)
5,790
Apparel
and
accessories
(51)
(TI}ou»»nd dallmft)
1,005,172
1,330,165
28,375
2,280
142,050
1,045,888
134,489
6,944
232,650
50,330
1,071,657
48,385,073
9,506,996
20,195
9,129
214,603
8,307
1,213
601,310
44,705,400
360,534
880,025
1,287,622
,678,748
887,578
,734,022
1,351,441
909,714
159,253
956,463
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
2
_2
44,705,400
177,170
13,451,255
19,672
66
611
54,785
26,262
4,652
117
30,586
513
17,901
6,766
40,794
39,930
36,695
521
77
5,938
13,518
6,220
265
11,301
843
76,950
1,500,102
267,033
1,848
618
23,687
3,487
173
25,195
33,952
83,888
675,754
38,321
92,907
87,274
240,309
14,516
71,067
139,718
1,477,706
6,306,344
19,265,498
551,762
681,865
10,247,903
9,249,871
478,194
165,280
950,692
207,722
4,925,166
17,191,001
7,493,397
182,864
59,873
1,382,714
186,043
15,849
1,273,978
64,574,254
11,643,143
5,792,501
5,378,167
2,930,439
2,744,903
1,587,355
10,817,493
917,726
2,431,394
20,331,128
64,574,254
2,535
287,062
117
5
91
1,078
1,669
78
2,035
129,207
6,493,885
57,109
44,520
9,842
22,850
719,026
1,068,433
14,295
367,695
1,365,327
52,852
30,798
169,186
41,986
3,372
720,331
11,310,714
2,520,436
2,519,825
11,129
1,272,516
1,247,920
1,245,709
45,682
583
113,571
3,949
2,394
1,175
303
26,304
29,451
252
556
31,683
347
2,724
547
32
30,929
249,815
53,917
53,826
799
23,475
30,442
17,590
8,412
185,137,291
3,104,978
22,476
483
3,476
193,799
297,336
30,892
3,859
170,993
10,148
148,849
83,874
1,441,341
2,798,118
10,625,796
207,933
281,839
4,960,795
4,449,111
164,653
91,014
505,983
96,226
2,825,734
5,685,535
2,44i,455
140,907
43,755
371,908
67,366
3,574
575,579
30,939,847
7,071,970
3,418,615
2,403,271
1,140,918
1,341,044
625,143
4,804,314
352,159
1,187,641
6,594,772
30,939,847
190,649,795
149,135,045
1,389,476
2,940,423
1,874,712
433,848
331,777
516,545
1,605,325
70,613
42,058
1,373,770
15,523
1,825,368
291,928
88,242
11,895
22,736,107
134,733,155
5,916,640
5,913,164
169,917
2,531,930
3,384,710
1,038,958
221,517
92,582,330
2,197,939
11,754
294
2,010
77,906
95,670
26,978
1,999
79,096
5,476
100,222
67,891
571,888
362,172
1,124,166
14,153
2,146
77,258
86,867
7,624
7,393
80,927
9,205
332,132
270,638
106,488
34,929
13,091
21,763
10,136
124
51,133
2,344,633
651,898
200,449
111,008
76,906
115,586
38,665
334,142
28,014
74,400
713,565
2,435,946
9,501,630
193,780
279,693
4,883,537
4,362,244
157,029
83,621
425,056
87,021
2,493,602
5,414,397
2,338,967
105,978
30,664
350,145
57,230
3,450
524,446
28,595,214
95,821,653
79,303,149
1,075,921
1,406,392
387,158
146,493
133,314
259,375
622,131
32,167
29,975
484,756
12,163
479,970
119,153
30,569
4,059
8,068,085
93,095,630
2,725,823
2,723,813
83,890
1,139,511
1,536,312
384,758 ■
101,096 I
5,340,181
1,192,352
1,913
68
281
9,320
8,872
2,457
408
6,438
231
15,061
491
76, 513
6,654,591
4,894,279
573,140
173,186
30,040
4,619
6,166
. 13,736
25,354
2,461
324
23,541
1,139
34,456
11,122
1,141
449
617,662
241,276
240,995
14,227
39,531
151,695
31,491
9,073
6,420,072
3,218,166
2,292,263
1,064,012
1,225,458
586,473
4,470,172
324,145
1,113,241
7,831,207
28,595,214
3,171,676
7,538,770
312,085
366,824
4,725,596
4,379,495
292,033
72,062
422,077
96,265
1,881,887
10,388,345
4,540,013
37,340
14,345
911,273
110,654
12,026
636,467
30,152,290
3,833,364
2,110,193
2,702,101
1,634,047
1,259,119
865,473
5,371,366
529,002
1,106,852
10,685,773
87,242,349
1,005,587
9,836
226
1,729
68,586
86,798
24,521
1,591
72,658
5,245
85,161
67,400
495,375
89,167,062
74,903,870
502,781
1,233,206
357,118
141,874
127,648
246,139
596,777
29,706
29,151
461,215
11,024
445,514
108,031
29,428
3,610
7,450,423
86,682,515
2,484,547
2,482,818
69,663
1,049,930
1,434,617
353,267
92,023
30,152,290
708,914
523,319
10,815
84,156
853,222
355,259
68,072
5,741
55,590
6,496
235,975
2,544,645
1,087,315
7,228
1,802
144,634
15,934
692
123,170
4,636,731
882,156
140,117
605,788
236,396
161,755
187,083
627,301
87,943
256,228
1,401,964
4,636,731
930,753
2,493,301
172,421
217,047
960,027
1,716,503
91,304
54,722
253,724
54,153
787,892
3,359,462
1,415,539
777
376
345,048
24,896
262
123,152
377,473
271,506
895,220
680,863
269,691
348,099
1,573,241
270,022
438,407
4,199,641
9,824,163
84,018,982 23,244,959 13,825,834
719,741 71,678 137,382
10,010
85
1,415
107,263
176,186
2,631
1,637
80,621
4,013
43,536
15,801
797,142
62,569,361
263,981
1,345,020
1,407,835
259,838
177,231
231,289
885,435
35,563
7,460
799,022
2,706
1,252,811
160,811
53,316
7,343
13,606,653
83,070,680
2,908,383
2,906,968
75,032
1,281,857
1,626,526
571,639
112,:*.5
1,370
7
90
9,672
15,955
387
157
12,190
215
2,697
2,035
59,192
18,579,306
36,991
120,316
223,190
75,540
9,617
32 , 132
170,969
6,864
677
210,772
149
193,584
48,436
28,678
4,613
3,124,891
22,866.725
553,879
553,789
7,220
267,979
285,900
93,708
34,8^5
288,812
638,008
16,792
18,498
523,274
451,266
24,113
4,609
35,28?
12,761
186,612
699,120
342,720
6,789
3,886
35,206
14,555
854
50,458
2,625,114
450,905
143,817
195,691
136,719
83,162
108,795
463,062
22,094
117,320
903 , 549
2,625,114
6,022
22
846
38,270
67,883
232
82
20,773
515
22,585
12,861
157,445
19,291,252
12,303,940
14,063
116,398
391,785
67,567
42,862
58,142
285,658
12,321
642
196,619
619
463,300
81,073
6,114
765
4,083,209
18.125,077
1,166,175
1,165,329
4,685
575,535
590,640
329,831
38,873
5,667,335
39,646
782
10
110
3,612
27,666
5,238
78.315
5,829,022
3,657,731
8,890
150,671
287,148
15,612
14,281
14,182
70,396
3,391
1,101
58,814
155
143,976
6,077
3,226
324
1.180.489
5.616.464 65
212 .55«
212,448
13,539
80,488
132,070
33,087
4,235
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data."
88
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
RETURNS WITH NET INCOME
Table 16.— 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
Drug
stores
Eating and
drinking
places
Building
materials
and
hardware
Other
retail
trade
Trade not
allocable
Finance, insurance, real estate, and
lessors of real property-
Total finance,
insurance,^
real estate,
and lessors of
real property
Total finance
Banks and
trust
companies
(52)
(53)
(5i)
(55)
(56)
(57)
(58)
(59)
(60)
(61)
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, lerritories, and United States pos-
sessions.
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
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 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 bene-
fit plans.
Net loss, sales other than capital assets....
Other deductions
Total compiled deductions.
Compiled net profit (47 less 65)
Net incoiDe (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
9,873
16,72<
•4,807
39,633
U,109
(Thousanii dolt»ra)
138,370
952, «5
32,230
5,011
270,823
266,165
11,926
1,239
11,503
3,173
86,660
283,124
123,791
1,300
653
27,305
2,719
204
35,949
261,829
182,765
132,552
73,256
227,350
41,378
386,182
45,457
37,310
553,755
1,941,834
3,284,056
39,650
39
9,067
5,429
1,297
107
1,332
164,661
3,506,027
2,135,969
6,237
WO, 913
82,687
8,390
25,738
16,343
39,970
1,962
404
26,335
21
104,567
2,345
1,224
158
738,588
3,332,901
123,126
123,087
6,910
44,473
78,653
12,930
3,573
416,591
1,020,316
25,556
14,640
909,346
628,020
32,650
1,842
20,312
5,853
201,265
1,027,203
424,225
5,954
1,869
175,510
4,634
528
129,142
4,141,100
373,256
757,379
316,315
175,432
166,901
54,197
759,081
27,899
46,314
1,463,826
4,141,100
17,498,142
195,239
486
17
35
24,579
20,351
238
836
16,760
1,561
1,934
161,713
15,019,946
96,951
279,659
123,467
25,453
28,240
57,159
112,132
3,923
1,329
91,707
544
183,301
5,428
5,876
525
1,591,915
17,627,625
294,318
294,283
12,658
110,208
184,110
23,393
7,887
90,318
-2,881
826
2,823
186,950
109,312
6,622
273
6,717
604
42,422
251,350
123,272
1,444
745
9,686
4,093
360
11,594
131,249
23,543
47,379
37,754
20, 543
10,133
139,212
6,793
24,072
231,187
671,890
1,905,472
12,243
5
499
5,578
1,183
52
2,375
63
15,781
1,293,399
1,542
55,845
60,536
5,895
816
2,989
25,069
872
153
20,702
2
23,177
3,723
928
119
378,308
68,264
68,259
3,202
27,590
40,674
133,689
91,320
1,469
429
34,295
35,738
19,834
533
7,785
2,786
63,175
697,340
299,271
4,962
2,107
50,941
25,507
8,489
43,000
900,099
125,843
53,425
124,346
50,375
48,092
15,479
182,426
6,490
43,427
239,196
900,099
2,424,216
57,515
25
918
6,868
450
277
223
2,175
15,835
1,266,064
20,697
90,801
103,273
25,285
1,434
7,352
51,599
981
885
62,525
82
21,839
3,428
3,189
170
752,253
97,891
97,865
7,204
35,553
52,333
13,053 14,192
1,326 1,207
208,561
371,510
24,709
15,851
526,253
456,067
16,026
625
14,484
4,180
117,936
644,901
307,740
4,051
982
69,003
3,000
246
37,894
326,749
234,515
164,954
84,923
86,966
41,055
677,309
19,947
58,242
912,015
5,240,183
46,113
324
11
189
11,210
9,547
381
120
7,299
301
2,001
60,605
4,051,031
24,701
172,371
34,190
15,520
25,250
22,139
59,553
3,041
399
53,729
926
38,039
4,084
1,865
263
588,705
182,970
182,781
7,023
55,202
117,768
25,4o2
13,740
255,668
875,670
27,257
8,369
461,395
361,165
21,485
2,373
16,677
6,259
159,950
876,200
411,145
4,835
1,924
53,940
15,315
391
75,108
457,904
243,125
219,356
108,319
194,654
59,249
563,552
42,352
35,532
730,640
2,754,634
5,928,735
119,775
417
3
75
9,436
16,809
831
101
9,818
528
2,231
776
83,595
5,173,131
4,261,975
53,859
213,036
95,509
19,066
23,983
20,301
59,939
2,213
1,359
77,319
203
81,028
5,217
2,216
406
1,018,295
5,963,929
209,202
209,125
12,591
74,829
134,373
20,933
5,359
336,550
,100,932
31,744
33,202
561,512
421,255
21 , 508
2,204
22,632
15,231
217,545
,117,121
507,924
4,617
1,773
99,533
8,023
249
61,932
632,309
263,693
272,795
155,474
144,745
95,739
541,813
35,565
136,901
1,050,583
3,482,117
8,535,779
187,298
712
104
51
8,530
25,430
1,283
223
11,276
659
5,091
182
72,311
3,349,079
6,762,535
44,574
139,011
79,719
27,517
20,732
25,381
97,759
2,878
4,623
89,992
654
93,037
11,964
4,357
493
1,111,369
8,566,645
232,434
282,383
10,995
110,562
171,372
S,;,561
8,376
55,373,538
131,532,397
1,577,822
86
22,296
28,292
208,600
17,540,279
74,755,950
4,224,742
123,488,416
19,387,443
5,097,251
753,521
277,346
4,420,182
432,569
13,856
3,933,920
435,135,946
5,448,907
10,526,060
19,835,859
1,106,906
336,306,190
1,315,055
15,330,870
4,455,374
10,204,558
30,595,055
435,135,946
168,869
10,255,491
1,798,070
65,428
450,739
9,377,431
3,128,320
233,519
13,436
796,158
759,396
1,284,822
88,207
417,392
28,858,338
109,205
3,321,729
1,405,404
377,214
183,363
672,003
2,885,492
1,092,569
44,992
8,277
915,400
99,541
234,259
219,488
40,939
397,874
7,687,063
19,694,812
9,163,526
8,702,787
124,517
2,015,369
7,148,157
2,384,570
326,402
52,085,657
127,910,100
1,547,673
2,542
4,319
68,030
11,785,825
62,657,840
4,095,899
30,133,806
3,008,916
548,348
356,242
134,233
309,795
328,676
4,751
2,192,034
292,705,176
3,339,548
8,101,978
9,727,775
529,939
232,903,555
845,599
9,803,160
3,183,364
8,552,957
15,505,799
292,705,175
18,871
2,947,740
1,475,095
63,767
308,867
6,320,442
176,595
105,833
7,752
536,540
134,172
875,531
34,395
206,689
12,246
103,935
858,535
157,700
43,359
555,172
2,371,145
335,338
31,725
2,165
215,433
65,779
161,933
181,795
31,784
392,342
3,594,684
9,217,732
4,095,607
3,786,740
38,631
1,202,140
2,893,457
1,901,791
235,945
49,332,159
107,654,970
1,253,291
1,230
35,357
11,479,397
61,290,224
3,917,203
9,500,906
2,443,580
341,923
3,252
301
153,146
298,080
147
1,702,879
246,726,731
30,743
472,403
192,521
165,058
225,840,963
60,891
4,878,948
1,883,543
1,491,439
11,710,217
246,726,731
2,935
1,103,639
1,432,184
52,155
295,452
5,054,915
147,018
2,730
1,185
33,653
560
49,743
637
82,852
2,545
541
657,946
96,107
38,301
501,909
1,450,512
253,612
23,204
1,085
173,505
1,720
109,407
154,365
25,756
390, 731
2,440,237
6,331,484
1,949,284
1,552,832
10,382
758,154
1 , 191 , 120
009, 930
126,244
Footnotesat end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
89
RKTIIRNS WITH NKT INCOME
Table 16.
-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
agencies
other than
banks
Holding and
other
investment
companies
Security and
commod 1 ty-
exchange
brokers and
dealers
Insurance carriers^ and agents
Total Insuranci
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
(62)
(63)
(6A)
(65)
(66)
(67)
(68)
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
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, consnon^
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 (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
1,682,592
19,378,820
288,512
467
2,398
26,926
75,620
520,996
69,186
7,126,872
300,207
91,558
39,412
23,464
80,416
12,822
666
352,785
29,265,819
2,562,450
7,246,359
8,707,587
267,583
5,495,988
343,049
1,622,018
478,475
919,223
1,623,087
29,265,819
1,7%
1,574,078
13,678
1,319
1,229
1,152,356
10,993
714
1,560
39,695
4,779
25,611
28,088
71,319
2,927,215
1,723
65,133
115,705
46,981
3,388
152,788
854,718
55,785
4,681
553
28,263
1,177
44,402
19,041
3,254
1,624
807,934
720,065
718,836
18,365
315,582
404,483
186,145
19,941
1,328
11,018
8,798
108,438
(ThouMand dollarm)
442,006
411,110
634
736
1,408
^,bH.
188,422
649,852
90,035
13,063,086
184,042
85,858
312,856
110,430
54,018
14,060
3,918
110,442
15,324,907
300,636
169,343
73,374
1,375,518
411,073
3,193,640
311,757
6,149,431
2,094,396
15,324,907
6,633
75,491
27,589
233
6,537
102,963
16,711
102,365
3,762
494,048
2,393
787,971
54,399
29,662
1,711,257
4,703
5,739
23,431
3,914
312
492
41,428
16,523
3,176
297
9,102
62,827
1,302
3,181
1,840
225
171,659
350,656
1,360,601
1,354,064
7,811
108,142
1,252,459
1,096,798
83,860
123,390
455,200
236
109
513
2,073
42,386
196,768
19,475
442,942
76,087
29,009
722
38
22,215
3,714
20
25,928
1,387,719
445,714
213,873
86,934
23,924
196,037
30,531
103,554
15,039
92,854
179,099
1,337,719
7,457
189,482
2,644
50
4,649
10,208
1,873
74
1,245
14,144
126,440
12,206
771
22,846
394,099
3,270
32,522
51,554
10,693
see
983
14,487
10,468
665
230
4,562
55
6,322
5,208
934
262
174,354
328,442
65,657
61,008
2,073
20,252
45,405
8,868
900
2,735,221
1,048,090
11,849
27
199
16,076
6,603
5,632,389
11,855,034
69,317
88,153,710
1,124,315
79,929
1,286
284
24,554
40,126
193
6,057,669
115,672,361
632,556
92,957
76,365
64,483
102,057,184
29,981
1,453,744
1,040,313
335,223
10,332,940
116,672,361
55,880
5,450,131
312,392
1,575
148,667
2,969,293
285,394
160
555
37,869
2,545
355,980
3,120
82,930
9,707,091
42,785
2,557,179
183,383
61,514
3,585
3,377
15,340
167,301
2,984
440
109,522
830
21,342
31,220
5,294
320
2,677,439
5,394,910
3,812,181
3,553,514
7,121
415,275
3,396,906
257,119
72,515
2,445,622
511,613
5,728
16,030
3,115
5,629,659
11,835,559
62,976
87,919,464
1,007,145
37,850
339
12,909
11,767
42
5,996,731
115,408,309
82,194
29,719
42,135
32,085
101,964,367
10,313
1,325,342
1,002,493
365,919
10,553,237
115,403,309
54,448
4,621,417
312,350
1,574
148,613
2,965,440
282,059
46
554
32,902
2,435
347,574
1,948
60,855
8,832,215
41,717
2,435,556
33,372
34,325
2,237
3,570
12,683
153,413
1,645
161
95,232
790
11,341
24,972
2,917
195
2,265,421
5,121,548
3,710,567
3,561,954
3,555
380,569
3,329,998
236,409
57,738
289,599
536,477
5,121
27
199
46
3,488
2,730
19,475
6,341
234,246
117,170
42,079
947
284
11,645
28,359
151
60,938
550,462
63,238
34,230
32,403
92,817
19,163
133,402
38,325
20,309
279,703
1,432
828,714
542
1
54
3,853
3,335
114
101
4,967
110
3,405
1,172
22,075
874,375
1,068
121,623
154,515
25,588
1,348
4,707
3,657
13,888
1,339
279
13,290
90
10,001
6,248
2,377
125
412,018
773,252
101,614
101,560
3,566
34,705
56,908
20,710
4,777
1,465,348
2,487,165
14,865
59
18,851
5,489
131,406
110,329
198,895
53,814
4,949,223
13,933,118
4,287,385
136,996
31,694
3,889,183
54,763
7,677
627,%5
23,720,983
1,251,779
2,285,892
9,440,512
473,713
1,285,109
364,031
3,436,563
224,774
1,025,251
3,932,344
23,720,933
84,918
1,854,471
7,753
66
2,923
85,995
2,591,734
9,098
4,815
148,615
632,347
52,140
552
111,372
5,585,910
44,548
659,920
352,131
156,329
135,747
7,347
477,410
569,760
9,882
3,931
574,530
1,783
49,330
5,106
3,705
4,658
1,378,537
4,435,709
1,151,201
1,148,278
75,759
355,050
796,151
167,512
17.940
(69)
3,766
87,312
37,042
3,435
704
1,908
2,561
11,736
44,181
5,712
251,677
1,321,094
181,599
258,997
111,135
196,650
9,004
1,235
56,252
2,037,426
224,924
45,233
591,206
38,766
55,341
75,445
632,393
10,918
139,222
223,973
2,037,426
9,200
3,149
1,320
20
282
1,701
74,597
118,378
264
23,143
832
1,171
40
15,901
250,998
9,626
595
5,249
1,571
662
107
20,597
19,120
400
1,741
15,915
31,094
1,604
367
156
54
36,403
146,461
104,537
104,255
3,006
42,904
61,633
58,148
2
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
90
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
RETtRNS WITH NET INCOME
Table 16 . —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
and garages
Miscel-
laneous
repair
services,
hand trades
Motion
pictures
Anusement,
except
motion
pictures
Other
services,
including
Nature of
business
not
allocable
(71)
(72)
(74)
(75)
(77)
(78)
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 posses-
sions .
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and 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, consnon^
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-
tlzable 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 (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
3,917
8,878
5,010
(Tfiougand dollars)
1,247, 461
1,890,576
32,712
4,724
202,845
383,388
126,692
32,845
187,223
54,562
1,382,473
6,610,823
2,935,476
35,628
13,736
685,448
96,846
12,844
366,358
1,195,257
761,574
1,949,062
487,709
601,384
170,642
1,453,765
168,733
755,698
2,769,300
10,313,124
1,707,618
11,041,145
6,927
57
1,081
21,681
324,713
34,182
2,170
100,613
8,348
27,846
16,463
148,284
13,441,128
970,601
6,269,713
617,911
418,500
137,462
25,452
110,691
315,244
11,233
8,290
604,672
1,128
192,541
64,022
21,739
3,841
2,622,673
12,395,713
1,045,415
1,044,334
61,977
409>492
635,923
180,785
17,300
135,748
165,872
1,743
1,020
12,343
18,368
23,365
3,905
14,822
3,777
216,052
1,794,225
710,503
1,635
1,021
240,230
3,526
74
54,471
97,739
114,120
725,652
81,883
109,477
36,460
249,926
21,577
183,592
355,592
1,976,013
537,930
880,164
159
5,086
158,199
107
242
25,765
4,272
4,153
6,111
16,867
1,640,465
287,699
322,957
30,492
90,828
50,965
3,812
34,792
70,091
1,589
326
102,769
284
30,191
3,202
5,179
364
463,628
141,297
141,138
13,915
51,626
89,671
32,956
1,568
121,270
182,497
3,609
1,400
23,791
37,689
24,048
2,661
15,822
2,512
69,823
847,271
409,399
7,237
4,540
44,804
21,834
487
51,033
1,035,657
103,721
71,835
116,386
53,534
42,437
28,233
225,784
6,664
30,445
356,618
305,864
,579,405
378
21
243
1,087
4,363
764
145
4,166
129
1,551
1,905,494
151,864
911,053
112,126
58,199
19,699
4,515
8,435
43,637
1,659
468
70,327
18
30,037
3,388
3,330
934
381,567
104,138
103,945
6,654
37,575
66,613
16,536
2,967
392,895
786,939
17,144
1,530
31,666
57,837
23,403
10,308
61,645
14,211
417,039
1,165,244
514,352
14,373
3,304
37,974
23,214
965
113,772
511,471
215,353
256,952
144,970
199,343
42,113
322,277
37,348
152,396
734,217
239,699
3,834,268
253
4,221
53,915
16,514
380
11,913
1,407
13,290
2,661
40,583
4,221,196
157,821
,252,756
242,778
70,571
20,287
6,225
16,931
57,901
2,871
1,823
147,390
438
23,869
38,448
7,309
1,027
846,172
3,894,617
326,579
326,326
10,594
135,982
190,597
53,130
5,075
66,793
110,432
736
14,017
15,208
16,076
754
3,707
2,510
26,729
724,131
270,093
4,478
1,892
57,379
2,678
31
17,664
789,918
64,412
149,377
233,691
23,322
24,675
10,133
87,810
6,594
20,115
169,784
789,918
141,290
618,049
54
3
9
1,039
42,971
298
805
15,374
1,614
521
75
6,390
828,492
94,439
277,501
41,070
53,775
9,366
1,861
16,301
23,096
517
487
131,184
29
5,868
333
521
414
113,418
770,235
58,257
58,248
5,403
17,564
40,693
3,487
1,261
32,203
73,908
779
274
25,230
25,126
2,605
1,610
166
7,019
111,591
49,032
1,214
803
4,361
1,592
115
6,296
42,425
17,949
15,062
20,590
15,470
3,175
47,435
1,765
13,291
70,304
247,466
156,150
413,727
256
760
590
42
31
1,791
100,440
275,691
30,791
10,256
2,768
850
1,476
9,397
295
374
11,323
3
4,931
1,327
1,709
35
83,241
534,912
38,496
38,496
3,427
14,677
23,819
1,818
759
267,652
354,189
2,455
27
63,303
216,363
17,814
3,651
41,753
14,481
550,853
1,163,007
658,091
1,783
557
210,521
26,616
10,071
72,312
2,338,161
277,631
106,227
411,317
81,863
97,303
27,505
258,399
74,041
296,676
706,699
125,136
1,825,635
1,445
6
70
8,459
46,719
12,602
516
35,080
132
6,756
7,599
46, 594
2,116,749
69,611
1,254,650
37,040
72,736
16,790
1,546
20,112
44,975
1,270
3,555
77,707
117
63,223
3,936
1,493
142
272,380
1,941,338
175,411
175,341
7,748
68,496
106,915
42,126
748
119,141
57,393
1,504
254
5,884
2,832
9,797
3,479
30,247
9,126
44,023
508,952
203,966
1,859
694
70,255
11,451
834
25,355
693,060
36,802
45,961
130,369
34,909
46,063
11,560
149,635
5,978
36,163
195,120
693,050
33,639
744,463
71
821
10,864
1,354
49
4,030
246
873
15,368
362,750
39,424
360,379
37,182
34,809
11,351
1,131
8,357
43,623
2,126
788
41,361
73
13,832
1,510
801
774
162,748
765,269
97,431
97,410
7,179
40,907
56,574
18,772
2,342
111,754
154,241
4,742
110
21,611
9,910
9,584
7,587
17,612
7,779
50,930
296,402
120,040
3,044
925
19,924
5,935
267
25,455
615,904
61,056
40,752
59,133
46,638
66,616
11,458
111,999
14,766
22,520
130,966
615,904
117,910
1,145,434
556
7
276
712
6,422
2,522
3,695
506
671
17
13,813
69,303
614,726
86,432
27,276
6,236
5,512
4,287
22,524
906
469
22,611
161
15,590
11,823
1,392
101
299,519
1,188.863
103,706
103,430
7,052
42,665
61,041
11,960
2,580
(79)
27,846
88,898
776
32
1,423
4,739
290
1,253
8,625
1,133
17,039
33,132
11,224
3,763
165
6,312
1,231
35
12,285
195,806
39,745
25,667
10,505
4,865
8,598
3,579
68,403
661
19,258
14,520
195,806
23,427
69,539
494
682
57
222
1,897
476
148
220
6,335
15,005
22,633
13,509
2,339
753
255
909
1,683
78
30
2,439
17
1,247
63
34
27.472
88.571
15,034
15,008
1,974
4,281
10,753
1,008
248
^Includes stock not designated as to type.
^For items reported and computation of tax by life and mutual insurance companies, see facsimiles of return Forms 1L20L and 1I2CW,
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Dnta."
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
91
RETIRNS WITH NET INCOME
Table 17.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
He 1,urn£!
without
balance
sheets
Returns with balance sheetfl by olze of total aseets
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)
M
(5)
(6)
m
(8)
i9r
NuDiber of returns with net Income.
48
i9
50
51
52
53
54
55
56
57
58
59
60
61
62
63
Assets;
Cash
Notes and accounts receivable . . .
Less; Reserve for bad debts..
Inventories:
Last-In, first-out
Other than last-in, first-out.
Not staled
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, conraon^
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 deb ts
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 end assets other than own stock.
Corpora tion ' s own stock
559,710
537,275
86,121
79,158
103,015
128,981
33,073
(Thouaand dollara}
493,633,477
92,475,829
2,216,247
72,139
489,319
10,077,200
4,892,199
720,996
31,511
2,188,131
839,493
2,600,059
752,126
3,868,276
371,399,581
54,825,723
9,291,453
5,279,316
5,699,302
1,340,848
6,274,891
13,570,445
413,477
2,493,421
13,170,657
2,864,822
6,270,198
3,510,176
1,232,464
473,201
66,073,491
564,183,466
50,673,536
50,184,217
917,670
21,364,290
29,309,246
14,193,395
2,676,783
3,672,214
773,682
12,688
335
3,171
42,769
81,015
5,113
661
45,737
18,352
24,047
3,550
31,891
4,715,225
1,876,298
410,423
88,229
38,993
42,288
5,806
40,704
86,177
3,609
4,520
117,204
22,224
47,536
16,0(K
6,259
1,874
538,098
4,346,246
368,979
365,808
23,589
142,744
226,235
99,983
6,315
84,095,441
197,303,876
2,912,317
5,963,461
29,857,421
36,041,820
3,197,674
18,419,045
89,245,468
5,836,106
158,012,097
284,265,744
102,395,985
9,660,215
3,989,496
10,077,209
2,670,134
716,229
16,515,282
841,146,966
43,370,471
26,987,159
90,544,304
21,568,372
354,294,574
14,162,922
92,620,726
12,422,678
35,169,106
150,006,654
841,146,966
489,961,263
91,702,147
2,203,559
71,804
486,148
10,034,431
4,811,184
715,883
30,850
2,142,394
821,141
2,576,012
748,576
3,836,385
610,141,777
368,523,283
54,415,300
9,203,224
5,240,323
5,657,014
1,335,042
6,2X,187
13,484,268
409,868
2,488,901
13,053,453
2,842,593
6,222,662
3,494,172
1,226,205
471,327
65,535,393
559,837,220
50,304,557
49,818,409
894,081
21,221,546
29,083, OU
14,093,412
2,670,468
212,781
251,661
4,376
2,753
76,615
61,969
10,620
1,011
1,322
2,856
57,928
586,498
296,628
26,031
17,723
48,756
16,398
1,131
60,946
205,881
123,746
123,111
58,797
84,368
18,059
475,684
5,730
39,095
^36,184
2,194,122
1,406,519
18
6,548
71,246
7,309
1,130
17,710
24,855
1,363
1,526,335
769,769
3a, 901
127,988
17,973
4,204
12,379
62,736
582
1,119
62,635
l,bOb
32,350
1,089
1,212
762
659,109
3,603,749
161,519
161,501
48,082
33,763
127,756
27,321
735
447,301
671,131
10,277
5,727
251,699
196,904
24,671
2,081
7,961
5,436
170,597
,399,260
640,132
21,621
9,262
181,095
35,271
1,855
120,596
2,879,825
464,351
267,759
352,901
128,869
180,306
35,357
861,761
12,446
73,410
502,665
5,006,768
1,830,836
343
22
6
8,649
U7,818
8,140
981
15,105
51,490
2,801
38
56,537
3,603,225
1,039,029
497,062
172,326
34,806
13,108
28,622
117,287
3,134
1,651
128,748
1,955
57,491
2,213
2,516
813
1,091,066
6,795,052
324,482
324,476
49,863
81,002
243,480
34,647
1,210
936,204
1,853,166
31,338
14,267
687,277
550,957
63,179
4,297
35,800
20,273
496,629
3,473,300
1,477,979
62,942
27,627
476,807
54,801
2,515
228,551
7,418,991
723,623
988,687
302,446
410,635
83,464
1,952,064
40,189
164,220
1,660,341
7,418,991
12,658,007
3,334,534
1,860
144
88
24,486
322,192
10,995
2,325
34,766
103,268
4,636
16,615,689
9,517,756
2,007,218
897,534
299,701
72,654
35,654
78,928
249,198
4,197
4,343
294,133
4,577
139,085
6,321
6,984
1,755
2,272,954
15,892,992
722,697
722,609
77,942
197,223
525,474
76,593
8,108
2,260,932
5,319,550
98,034
43,504
2,019,251
1,555,892
170,957
25,448
137,262
63,019
1,544,388
9,231,866
3,753,488
158,119
76,996
1,357,853
116,632
17,045
545,054
20,604,164
2,899,874
2,076,138
3,000,551
785,209
1,085,260
259,651
4,476,848
147,596
491,162
5,381,875
20,604,164
35,135,510
6,762,623
4,797
131
857
98,425
794,731
28,523
3,124
90,743
179,919
24,314
445
346,024
43,470,666
27,401,466
4,321,768
1,727,898
545,533
188,868
103,403
237,372
604,647
15,801
10,553
722,994
17,221
330,314
27,933
22,957
5,610
5,430,192
41,714,530
1,756,U6
1,755,279
133,352
526,831
1,229,305
168,665
45,549
2,143,223
5,848,501
109,768
37,332
2,123,606
1,625,691
173,626
33,658
237,608
66,101
1,989,481
9,098,647
3,739,490
149,612
58,573
1,201,494
31,863
5,225
507,551
21,409,938
2,993,587
2,265,957
3,039,446
852,723
1,342,367
347,973
3,954,058
186,096
553,310
5,874,416
21,409,933
35,905,193
5,770,276
7,505
262
1,317
126,999
658,449
26,207
3,523
97,852
136,044
28,672
2,253
369,729
28,583,004
3,330,837
1,299,341
395,301
172,147
93,129
248,004
570,666
20,883
15,420
687,320
22,848
316,055
45,274
26,887
5,781
5,110,479
41,443,876
1,690,405
1,689,088
89,755
596,280
1,094,125
135,414
57,879
2,364,566
6,414,138
122,747
55,716
2,345,798
1,659,799
171,945
102,046
672,242
116,968
2,178,789
9,109,083
3,858,723
207,120
67,829
1,094,526
38,243
8,940
553,010
23,075,750
2,392,491
2,330,804
3,126,049
904,936
2,394,391
455,169
3,657,863
242,670
744,110
6,327,267
23,075,750
36,016,466
5,504,941
16,356
496
3,313
155,010
502,697
27,675
2,132
108,066
100,736
45,906
1,673
366,509
28,709,470
3,699,873
1,034,030
348,091
178,904
89,267
258,492
546,089
23,933
13,802
675,027
32,502
344,392
74,253
34,025
5,385
4,922,462
40,990,107
1,861,924
1,858,611
86,640
748,672
1,1U,252
232,362
66,721
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
501112 O - 59 ■
92
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
RETURNS WITH NET INCOME
Table 17.— 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
$25,000,030
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)
a'-)
(15)
(16)
(17)
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
Depreciable assets
Less: Accuinulated 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-terra capital
loss.
Net long-term capital gain reduced by net short-term capital
loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled receipts
Deductions:
Cost of goods sold
Cost of operations
Compensation of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
Taxes paid
Contributions or gifts.
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
3,818
(Thousand dollars)
4,097,719
9,923,307
144,862
135,906
3,174,638
2,197,047
230,789
400,588
2,711,396
455,876
3,682,354
11,636,702
5,041,620
330,815
123,007
1,116,531
136,323
16,0&4
711,545
35,615,983
3,585,530
2,905,059
3,469,065
1,292,160
8,038,416
707,974
4,705,687
454,709
1,147,054
9,310,329
35,615,983
43,814,708
6,567,717
65,509
2,904
12,218
310,254
464,314
46,483
3,921
160,725
75,599
87,619
3,268
419,141
34,488,995
4,415,970
998,076
359,933
239,287
97,727
324,323
704,102
36,664
22,272
784,563
74,019
458,118
140,906
51,316
7,812
5,971,634
49,175,717
2,858,663
2,846,445
85,131
1,257,339
1,601,324
397,772
103,356
4,410.145
9,570,769
129,895
178,779
2,408,074
1,632,829
175,139
919,041
4,405,899
562,614
3,710,484
9,080,006
3,775,892
282,979
109,482
676,502
97,666
10,267
553,119
34,638,509
2,464,846
2,111,886
2,836,729
1,031,495
12,905,231
629,063
3,442,482
473,821
1,128,010
7,614,946
34,638,509
29,701,008
4,736,425
111,805
3,440
23,944
385,528
287,106
45,618
2,157
137,777
29,078
104,438
4,151
277,836
23,163,882
3,143,943
550,149
243,060
211,775
73,514
276,429
546,531
31,374
23,751
603,233
68,241
355,033
135,146
46,855
17,075
4,021,242
33,511,233
2,339,078
2,315,134
54,614
1,045,092
1,293,986
422,871
S7,3il
5,278,051
11,412,760
174,303
237,832
2,195,806
1,776,673
179,959
1,454,594
5,872,145
604,470
4,731,624
9,336,313
3,880,529
416,441
163,079
533,609
111,401
12,070
514,474
2,469,597
1,802,846
2,604,768
1,037,705
18,156,586
607,465
3,580,119
630,581
1,371,682
8,164,825
40,426,174
28,649,290
4,675,758
145,023
3,576
36,095
519,274
112,601
44,852
949
132,819
23,584
98,774
15,122
219,498
21,767,632
3,139,257
419,193
224,607
237,536
74,658
297,200
696,801
32,309
39,519
580,620
73,617
410,144
175,048
70,571
28,342
3,898,170
32,165,224
2,511,991
2,475,896
43,553
1,150,842
1,361,149
477,439
107 , 374
7,245,062
15,476,554
221,621
535,793
3,232,906
2,624,144
261,415
1,863,985
8,337,138
'1,021,045
7,377,845
15,275,303
6,156,657
672,545
196,593
683,966
166,426
22,967
813,451
58,989,740
3,053,768
2,215,252
4,501,972
1,561,988
25,674,327
1,007,163
4,959,098
1,021,215
2,702,442
12,292,515
58,989,740
39,592,671
4,574,669
213,207
5,555
46,603
684,601
154,886
93,833
1,881
240,247
24,755
245,139
28,227
269,484
29,439,700
2,679,330
435,486
292,598
415,219
94,051
429,501
965,501
45,722
88,176
838,370
158,554
633,661
301,889
99,170
38,877
5,125,296
42,131,101
4,044,657
3,998,054
64,198
1,830,905
2,213,752
913,174
191,495
5,556,050
12,898,858
196,215
450,926
1,860,104
2,048,671
200,298
1,523,602
7,689,010
671,058
7,043,363
12,342,956
4,786,329
594,058
266,632
375,958
93,559
10,308
698,825
2,054,044
1,673,450
3,524,396
1,195,414
23,344,533
866,314
3,667,531
855,870
2,411,828
9,194,432
48,792,812
25,633,021
4,208,827
185,269
8,373
37,500
613,971
76,249
62,880
1,209
179,674
23,117
134,867
32,125
163,805
18,537,635
2,671,760
239,438
204,497
345,317
74,314
365,134
868,052
29,564
101,427
622,957
U9,561
395,779
218,964
76,395
48,281
3,493,535
28,412,610
2,948,777
2,911,277
32,795
1,336,561
1,612,216
799,298
160,792
5,519,582
12,597,363
192,201
543,549
1,949,330
2,114,426
201,436
1,559,146
7,483,577
148,849
8,356,362
16,729,719
6,021,501
912,059
452,401
342,321
68,245
5,058
864,723
2,629,718
1,269,720
5,112,545
1,363,315
21,315,049
1,118,770
4,661,476
1,010,614
3,666,539
10,072,280
52,720,026
29,156,595
3,899,180
170,540
3,791
39,762
569,569
108,551
96,616
1,113
a4,925
15,124
269,520
67,573
162,174
21,481,561
2,192,626
180,638
225,270
435,894
65,243
369,116
755,409
30,798
147,305
691,455
211,147
479,902
244,053
72,018
32,233
3,672,349
31,287,022
3,488,016
3,443,254
40,307
1,518,987
1,969,029
1,149,281
185,392
8,068,338
18,521,651
264,923
1,067,851
2,219,158
4,277,796
266,751
2,065,046
10,087,437
225,605
14,321,188
29,527,665
9,597,810
595,186
119,696
642,536
175,072
40,195
1,613,857
83,652,513
3,539,963
2,018,277
10,706,982
2,314,586
33,787,418
2,063,274
8,209,728
1,526,386
5,163,314
14,322,583
83,652,513
40,613,261
7,402,150
232,948
5,662
52,972
867,517
193,740
60,725
1,440
275,884
21,912
260,409
124,159
536,864
29,803,045
4,117,478
215,253
371,510
659,149
101,790
675,670
1,198,596
33,449
393,841
1,198,988
145,352
809,084
404,052
115,430
46,632
5,193,037
45,488,006
5,161,637
5,108,665
27,857
2,345,194
2,316,443
1,672,478
206,519
35,555,487
86,543,967
1,211,757
2,653,526
5,313,159
13,719,022
1,066,839
8,454,502
41,566,671
1,871,936
102,351,065
147,433,426
49,369,207
5,230,687
2,300,596
1,345,255
1,428,231
562,589
8,729,580
409,824,254
13,023,499
5,197,642
47,157,102
8,738,722
205,075,687
5,963,226
44,016,327
5,814,755
15,512,930
59,324,364
409,824,254
125,884,643
31,027,692
1,047,978
36,948
231,455
5,663,600
926,604
156,027
4,915
436,101
11,660
1,267,054
469,422
496,477
167,660,576
90,449,577
16,386,437
387,175
1,429,408
2,447,485
414,975
2,633,017
5,593,653
101,403
1,620,722
5,162,410
1,910,898
1,461,254
1,717,031
599,819
231,919
14,673,818
147,226,001
20,434,575
20,203,120
59,992
8,552,855
11,881,720
7,536,097
1,443,017
^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 1956 -JUNE 1957
93
RETURNS WITH NET INCOME
Table 18.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED.
BY MAJOR INDUSTRIAL GROUP
Major Industrial group
Relurna lor caleiiilai-, annual noncalendar,
and part year periods ^ total
Gross receipts
from sales and
from operations
Numbf-r
of
returns
Amount
(Thou*i>rtd
dollmra)
Number
of
returns
Amount
(ThouMand
doUmrt)
Total assets
Amount
f Thouaanti
dollmrm)
Returns for calendar year and part year periods, total
Gross receipts
from sales and
from operations
Amount
(Thmimand
doltmru)
Number
of
returns
Amount
(Thousand
Total assets
Amount
(Thouwand
dollmra)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(U)
(12)
All industrial groups
Agriculture, forestry, and fishery.
Farms and agricultural services..
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics....
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ord-
nance, machinery, and transportation
equipment.
Machinery, except transportation equip-
ment 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 housef urnishings
Automotive dealers and filling stations.
Drug stores
Bating 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 coramodity-exchange brokers
and dealers .
Insurance carriers^ and agents
Insurance carriers *
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings
Services
Hotels and other lodging places
Personal services '.
Business services
Automotive repair services and garages ....
Miscellaneous repair services, hand trades
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
586,109,306
2,101,985
2,026,878
38,409
36,698
8,759,695
1,853,789
293,615
1,962,946
3,246,4*1
1,402,904
19,755,839
295,087,368
5,651,558
36,307,623
3,992,630
U, 658, 850
3,067,436
5,225,445
3,764,247
10,356,690
9, 576, 136
21,841,179
33,457,113
5,604,500
3,064,549
7,567,092
26,897,272
14,742,905
24,701,208
16,461,808
13,105,391
393,800
4,633,699
6,424,622
47,006,835
22,218,277
10,362,566
13,632,714
293,323
139,739,727
95,711,977
6,638,505
89,073,472
85,270,239
23,469,621
18,930,086
5,753,456
3,359,363
17,769,592
1,951,994
2,549,043
5,321,665
6,115,414
8,807,511
10,597,093
2,976,723
1,117,691
1,579,512
82,586
196,939
5,629,390
4,739,699
840, 191
1,977,790
12,690
12,912,093
1,426,976
1,909,446
4,125,533
771,681
573,321
1,965,286
856,656
1,282,644
93,616
559,710
5,768
5,415
156
197
5,519
299
32
900
2,592
1,646
29,506
39,203
1,991
6,906
130
3,681
8,558
4,454
3,137
2,264
10,821
5,074
573
647
1,777
3,301
2,319
9,555
2,801
931
40
1,644
7,118
22,916
16,702
3,733
920
1,511
185,469
67,634
10,878
56,756
103,339
7,548
5,924
13,333
10, 163
17,073
5,162
U,251
13,230
19,050
14,496
41,351
14,300
19,447
6,260
1,344
12,019
2,732
9,237
114,797
4,210
46,086
4,111
9,304
12,592
5,218
2,733
3,651
3,842
4,630
2,361
50,184,217
191,201
181,931
6,402
2,868
1,468,368
497,045
29,265
134,805
646, 122
161, 131
843,094
25,678,144
404,904
1,524,727
402,655
675,844
267,123
425,926
273,523
1,342,773
914,993
3,016,902
2,198,464
447,913
153, '.68
1,059,074
2,846,053
1,241,638
1,274,239
912,260
34,311
555,308
444,825
6,180,388
1,777,804
1,828,270
2,520,207
54,107
5,957,583
2,749,939
245,986
2,503,953
2,923,252
557, 369
1,165,925
215,176
124,724
295,318
69,234
100,126
133,775
211,605
284,392
8,791,663
3,323,543
1,667,271
726,734
1,373,393
61,145
3,678,235
3,575,518
102,717
1,178,307
106,583
1,057,037
142,206
105,489
328,258
59,435
33,733
177,177
99,838
105,896
16,634
537,275
5,417
5,113
134
170
5,243
293
82
819
2,451
1,598
28,375
37,700
1,973
6,736
129
3,632
8,473
4,352
3,113
2,232
10,509
5,000
554
640
1,775
3,207
2,791
9,437
9,866
2,724
966
40
1,600
7,047
21,596
16,106
3,288
874
1,328
179,917
66,376
10,459
55,917
99,436
7,099
5,790
13,560
9,878
16,724
4,807
10, OU
13,062
18,555
U,055
162,355
39,633
14,109
18,514
5,682
1,328
11,018
2,220
8,798
108,433
3,766
43,779
3,917
8,878
12,012
5,010
2,680
3,532
3,412
4,338
2,393
841,146,966
1,900,794
1,828,684
43,299
28,311
10,408,932
2,965,383
330, 192
1,983,629
3,747,906
1,381,322
8,642,279
203,801,258
3,343,327
13,397,524
2,969,534
8,197,976
3,065,886
4,186,098
1,799,553
8,641,154
6,157,633
19,015,451
33,582,958
3,487,028
1,506,661
6,378,335
21,267,042
8,792,063
17,949,169
10,229,735
7,991,192
14,566,980
229,423
3,417,437
3,623,994
106,174,573
39,095,311
20,396,156
44,705,400
1,477,706
64,574,254
30,939,847
2,344,633
28,595,214
30,152,290
4,636,731
9,324,163
2,625,114
1,941,834
4,141,100
671,890
900,099
2,656,675
2,754,684
3,482,117
435,135,946
292,705,176
246,726,731
29,265,319
15,324,907
1,387,719
116,672,361
115,403,309
1,264,052
23,720,983
2,037,426
10,313,124
1,976,018
1,035,657
2,616,940
739,913
247,466
2,333,161
693,060
615,904
195,806
1,037,845
1,032,923
37,165
17,757
7,023,084
1,774,363
274,050
1,591,889
2,457,988
924,794
11,509,634
210,627,174
3,339,402
17,399,250
3,909,192
5,869,855
3,357,543
3,121,663
1,816,902
7,503,372
7,012,409
15,809,138
32,031,163
3,580,397
913,233
5,965,781
24,572,511
9,860,219
13,392,529
8,232,468
189,013
3,151,768
3,595,201
44,765,428
20,530,541
10,679,886
13,310,478
244,523
95,839,549
50,549,985
3,520,296
47,029,689
40,536,589
10,289,291
5,370,318
1,472,568
1,394,224
14,034,732
869,692
1,372,044
3,227,192
2,506,523
4,752,975
8,504,339
2,473,035
1,093,177
1,265,043
65, 372
49,493
5,423,432
4,733,638
639,744
600,433
7,839
7,269,452
849,773
1,077,623
2,571,970
395,089
345, 3U
942,284
328,664
758,725
43,750
.2,765
2,545
113
107
3,117
215
62
532
1,386
922
15,589
47,751
1,296
3,485
81
1,866
3,665
2,417
1,477
1,335
6,617
3,051
341
310
781
1,952
1,636
5,056
1,283
481
24
936
3,673
15,734
10,307
2,963
821
1,138
94,801
33,057
5,220
27,837
54,464
3,808
2,662
5,017
4,707
12,206
2,343
6,166
8,217
3,338
7,230
104,766
29,763
13,534
11,212
4,204
813
3,800
2,719
6,081
63,270
2,933
24,810
2,120
5,152
6,632
2,362
1,484
1,900
?.032
2,528
1,663
39, 153, 584
118,167
110,231
6,053
1,833
1,297,960
487,792
28,246
113,844
554,293
113,785
513, X5
20,054,166
254,465
798,984
399,410
394,546
121,041
311,934
139,984
1,033,202
703, 155
2,455,959
2,099,123
230,226
44,064
898,532
2,640,875
858,323
1,373,439
1,012,820
536,686
2,420,309
24,426
442,013
255,645
5,953,421
1,640,491
1,796,161
2,463,861
47,903
3,017,276
1,628,638
138,765
1,489,873
1,221,936
261, 118
340, 560
59,872
50,981
221, U6
30,452
54,168
115,737
87,932
166,702
7,584,156
3,209,016
1,628,363
554,001
981,779
44,873
3,653,232
3,574,770
78,462
632,338
89,070
606,096
88,209
60,872
218,731
31,701
23,010
78,472
38,052
67,049
8,997
293,141
2,509
2,338
91
80
2,917
209
62
469
1,276
901
14,635
46,621
1,278
3,332
30
1,330
3,634
2,323
1,454
1,303
6,408
2,995
323
304
779
1,831
1,624
4,946
5,407
1,230
472
24
915
3,619
14,596
10,304
2,534
775
983
90,603
32,202
4,925
27,277
51,465
3,457
2,547
4,823
4,480
U,935
2,555
5,143
8,066
8,454
6,936
96,932
28,277
13,348
10,408
3,724
797
7,900
2,169
5,731
58,189
2,566
23,026
1,976
4,815
6,234
2,683
1,438
1,837
1,701
2,342
1.302
719,243,745
1,066,056
1,009,635
40,372
16,049
8,733,896
2,783,769
323,462
1,658,551
2,970,286
997,328
5,241,683
158,235,79?
1,947,951
6,836,931
2,934,289
4,253,6U
1,336,672
2,951,167
932,643
6,476,259
4,594,236
14,734,240
32,577,853
2,277,464
418,429
5,288,466
20,062,448
6,206,713
11,801,211
8,725,259
5,397,276
13,910,743
153,322
2,322,591
2,096,024
103,311,987
37,831,277
20,681,243
43,912,834
1,386,633
32,957,669
17,500,438
1,276,979
16,223,459
241
250
009
,246
,740
,074
176
436
491
319
13,439,
2,416,
2,633,
696,
845,
3,176,
300,
496,
1,702,
1,172,
2,017,990
403,243,184
272,766,78.-
237,783,246
23,675,903
10,371,163
936,465
116,371,276
U5, 399,757
971,519
12,336,556
1,768,570
5,841,985
1,101,945
607,053
1,764,909
418,771
149,993
1,166,575
276,614
356,125
68
69
70
71
72
73
74
75
76
111,487 77
Footnote at end of table. See text for explanatory statement and for "Description of the Sample and Limitations of Data."
94
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
RETURNS WITH NET INCOME
Table 18.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Returns for annual noncalendar year periods, total
Gross receipts
from sales and
from operations
Number
of
returns
Amount
(Thousand
dollars)
Net income
Number
of
returns
Amount
(Thousand
dollars)
Total assets
Number
of
returns
Amount
(Thousand
dollars)
Returns with annual accounting period ended —
July 1956
Gross receipts
from sales and
from operations
Amount
( Thousand
dollars)
Amount
( Thousand
dollars)
Total assets
Amount
f Thousand
dollars)
(13)
(l-i)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
All industrial groups
Agriculture, forestry, and fishery
Farms and agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite raining
Bituminous coal and lignite mining
Crude petroleum and natural gas production
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fatrics
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone , clay, and glass products
Primary metal industries
Fabricated metal products, except ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equip-
ment 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 housef urnishings
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 prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services. Including schools
Nature of business not allocable
2,970
2,848
32
90
2,355
60
( = )
368
1,183
724
13,716
41,283
695
3,421
49
1,804
4,893
2,015
1,660
91S
4,158
2,001
221
336
985
1,349
1,183
4,482
1,518
478
16
708
3,440
6,977
5,690
815
99
373
90,259
34,334
5,504
28,830
48,731
3,702
3,262
8,844
5,433
4,856
2,319
5,074
5,063
10,178
7,194
17,559
3,868
656
2,827
87
298
2,991
49
2,942
10,576
124
19,987
1,583
4,141
5,376
2,094
1,254
1,739
1,748
2,052
837
1,014,140
993,955
1,244
18,941
1,736,511
79,426
(^)
371,057
788,453
478, 110
8,246,205
84,460,194
2,262,156
18,908,373
83,438
5,788,995
4,709,393
2,103,782
1,947,345
2,853,318
2,563,727
6,032,041
1,425,950
2,024,103
2,146,316
1,601,311
2,324,761
4,882,686
3,069,279
4,372,923
204,787
1,486,931
2,829,421
2,241,457
1,637,736
182,680
322,236
48,805
93,950,178
45,161,992
3,118,209
42,043,783
44,733,650
13,180,330
13,609,768
4,280,388
1,965,139
3,734,860
1,082,302
1,177,004
2,094,473
3,608,386
4,054,536
2,092,259
503,643
24,514
314,469
17,214
147,446
206,458
6,01i
200,447
1,377,307
4,851
5,642,641
577, 193
831,813
1,553,613
376,592
228,507
1,023,002
527,992
523,919
54,866
3,003
2,370
43
90
2,402
84
(')
368
1,206
724
13,917
41,457
695
3,421
49
1,815
4,893
2,037
1,660
929
4,204
2,023
232
337
996
1,349
1,133
4,499
4,508
1,518
500
16
703
3,440
7,182
5,895
815
99
373
90,668
X,577
5,658
28,919
48,875
3,740
3,262
8,366
5,461
4,367
2,319
5,085
5,063
10,212
7,216
67,611
U,588
766
8,235
2,056
531
3,219
63
3,156
51, 527
1,277
21,276
1,991
4,152
5,910
2,356
1,254
1,751
1,760
2,102
1,198
73,034
71,700
349
985
170,408
9,253
20,961
91,829
47,346
329,749
5,623,978
150,439
725,743
3,245
281,298
146,087
113,992
133,539
309,571
206,843
560,943
99,341
167,687
109,404
160,542
205,178
383,310
846, 123
261,419
325,574
9,835
113,295
189,180
226,967
137,313
32,109
51,346
6,199
1,121,301
107,221
1,014,080
1,701,316
296,251
825,365
155,304
73,743
74,202
38,782
45,958
68,038
123,673
117,690
1,207,512
619,527
38,908
172,733
391,614
16,272
25,003
748
24,255
545,469
17,513
450,991
53,997
44,617
109,527
27,734
15,778
98,705
61,786
38,847
7,637
2,908
2,775
43
90
2,326
84
(')
350
1,175
697
13,740
41,079
695
3,404
49
1,802
4,339
2,029
1,659
929
4,101
2,005
231
336
996
1,326
1,167
4,491
4,459
1,494
494
16
685
3,428
7,000
5,802
754
99
345
39,314
34,174
5,534
28,640
48,021
3,642
3,243
8,732
5,393
4,789
2,252
4,868
4,996
10, 101
7,119
65,923
11,356
761
8,106
1,953
531
3,118
51
3,067
50,249
1,200
20,753
1,941
4,063
5,778
2,327
1,242
1,695
1,711
1,996
1,091
834,738
819,049
2,927
12,762
1,675,036
182,114
(2)
325,078
777,620
383,494
3,400,596
45,565,460
1,395,376
6,560,593
35,245
3,944,365
1,729,214
1,234,931
866,910
2,164,895
1,563,452
4,231,211
1,005,105
1,209,564
1,088,232
1,089,919
1,204,594
2,585,350
6,147,958
1,504,476
2,593, 9K.
656,237
76,101
1,094,846
1,532,970
2,362,586
1,264,034
214,913
792,566
91,073
31,616,585
13,439,409
1,067,654
12,371,755
16,713,049
2,220,481
7,191,154
1,928,868
1,096,094
965,026
371,7U
403,663
954, 184
1,581,865
1,464,127
31,892,762
19,938,394
8,943,485
5,589,9U
4,953,744
451,254
301,035
8,552
292,533
11,384,427
263,356
4,471,139
374,073
428,604
852,031
371,147
97,473
1,171,586
416,446
259,779
84,319
172
161
{')
2,763
31
198
108
346
130
111
41
334
119
21
28
56
107
31
m
105
34
39
223
498
406
78
2
(')
7,015
2,356
406
1,950
4,244
204
309
1,566
426
283
153
340
309
644
415
1,019
194
2
173
(=)
169
649
(^)
1,245
66
366
351
123
50
89
HI
89
12,617,512
64,683
62,498
31,220
43,153
15,907
5,051,367
463,311
949,704
125, 303
326,922
103,907
62,691
82,679
131,442
180, 112
18, 177
51,180
92,813
55,229
139,593
644,499
483,763
310,442
437,394
(^)
72,193
198,247
132,683
136,426
23,259
20,348
( = )
6,505,802
3,322,734
213,934
3,103,800
2,934,695
177,988
1,002,232
943,701
144, 541
211,629
35,627
137,644
122,639
208,694
198, 373
116,095
26,963
142
10,635
(^)
13,042
75,763
(^)
250,415
34,201
43,202
63,632
15,038
13,354
32,449
28,957
19,532
2,259
17,578
172
161
2,785
31
193
103
346
141
HI
41
384
130
21
28
56
107
81
Zll
105
34
498
406
73
2
(')
7,037
2,356
406
1,950
4,255
204
309
1,566
426
288
158
340
309
655
426
4,783
635
2
468
137
28
169
3,826
153
1,355
115
366
379
145
50
89
111
100
3,925
3,893
(^)
7,005
2,745
2,926
1,334
16,153
362, 394
36,974
72,159
5,737
10,936
8,446
3,426
8,423
15,787
10,365
665
5,171
7,277
3,983
12,974
39,758
21,138
19,663
(')
5,998
9,484
24,254
14,025
6,409
3,185
( = )
131,555
74,002
7,971
66,031
101,517
4,452
35,731
33,236
4,824
3,958
723
7,316
4,212
7,065
6,035
63,569
20,933
231
9,890
10,306
506
1,225
39,088
2,323
17,572
3,570
2,324
3,245
735
989
2,348
2,730
1,581
175
167
156
( = )
2,766
31
198
108
340
141
Ul
41
372
130
21
28
56
107
105
34
(^)
223
493
406
73
2
( = )
6,928
2,337
400
1,937
4,176
198
309
1,522
420
287
158
329
298
655
415
4,554
522
2
463
129
28
169
3,732
131
1,328
no
366
368
145
50
39
100
100
7,153,495
49,212
43,513
(^)
93,993
31,239
52,674
10,080
157,995
2,664,909
435,149
430,053
73, 116
112,436
65,240
22,421
58,021
78,779
91,515
5,836
23,529
42,267
26,609
67,357
333,923
169,480
133, 136
(M
44,816
92,713
178, 137
100,104
23,847
45,557
(2)
2,359,080
1,086,234
58,904
1,017,330
1,210,148
34,710
468,779
374,291
77,315
50,079
10,608
52,842
43,768
92,255
62,693
1,455,584
717,488
359,871
236,575
104,532
16,460
14,378
704,624
20,094
192,597
47,033
26,483
40,108
12, 161
5,421
29,728
18,284
13,379
5,988 77
Footnotes at end of table. See text for explanatory statement and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
95
RKTIRNS WITH NET INCOME
TabLe 18.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major Industrial group
Returns with annual accounting period ended — Continued
August 1956
Gross receipts
from sales and
from operations
Number
or
returns
Amount
(ThoiMMnd
dotUra)
Number
of
returns
Amount
( Thouaand
doltart)
Total assets
Amount
(Thuuaand
dotlara)
September 1956
Gross receipts
from sales and
from operations
Number
of
returns
Amount
(Ttiooaand
dotlara)
Amount
(ThiMaand
dotlara)
Total assets
Number
of
retorn^s
Amount
( Thouaand
dollara)
(25)
(26)
(27)
(28)
(29)
(»)
(31)
(32)
(33)
(3A)
(35)
(36)
Ail 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
Construct Ion
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 indus-
tries.
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Mator 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 housefurnishings
Automotive dealers and filling stations.
Drug stores , ; . .
Eating and drinking places
Building materials aid hardware....
Other retail trade
Trade not allocable
Finance, insurance,^ real estate, and
lessors of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies..
Security and commodity-exchange brokers
and dealers.
Insurance carriers^ and agents
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings
Services
Hotels and other lodging places :
Personal services
Business services
Automotive repair services and garages....
Miscellaneous repair services, hand trades
Jtotion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
14,354
240
239
159
3
21
117
612
2,919
32
19J
2
187
307
103
164
75
370
147
26
4
48
76
89
323
554
448
39
17
50
6,586
2,404
353
2,051
3,567
235
158
595
468
384
193
383
378
773
615
1,361
308
44
232
2
30
275
27
248
767
(')
1,807
115
415
421
198
83
190
203
182
13,410,527
85,401
83,370
2,031
202,663
17,244
17,039
161,464
(^)
304,850
5,996,875
392,287
1,072,073
4,558
665,055
267,275
108,748
113,451
184,667
141, 357
859,193
138,187
44,317
68,733
123,522
187,569
246,474
127, 113
80,794
36, 165
174, 867
202,617
85,139
11,859
103,567
2,052
5,647,805
3,695,858
217,517
3,478,341
1,688,022
365,953
87,343
156,708
154,994
291, 5U
114,064
95,841
145,742
275,863
263,925
154,867
41,107
335
29,604
60
U,108
15,852
2,155
13,697
97,864
( = )
807,766
42,289
U9,706
139,115
37,497
11,505
367,084
58,660
31,910
7,683
18,392
251
239
11
1
159
3
21
117
(M
612
2,951
32
193
2
187
307
103
164
75
392
146
26
89
323
588
482
39
17
50
2,404
353
2,051
3,567
235
158
595
468
384
193
383
378
773
615
645
193
35
275
27
248
3,922
103
1,890
159
415
443
215
83
190
203
182
5,983
5,891
38
54
28,727
1,799
352
26,155
11,380
390,962
16, 304
X,654
278
40,562
7,578
5,250
4,564
26,764
10,146
58,325
4,569
3,261
3,338
16,663
U,782
15,049
10,466
6,617
53,679
9,807
26,735
6,476
1,512
18, 503
239
135,646
78,854
7,830
71,024
49,200
7,011
2,964
4,453
4,918
7,968
3,701
4,924
4,691
8,570
7,592
67,738
24,774
247
8,432
15,169
926
2,778
297
2,481
38,990
1,196
83,413
8,098
9,593
12,580
2,539
473
43, 101
4,983
2,046
449
18,043
251
239
11
1
21
117
( = )
611
2,928
32
192
2
187
307
98
164
75
392
136
26
4
59
76
89
323
587
482
38
17
50
2,390
353
2,037
3,487
233
158
578
457
378
193
350
367
773
604
5,060
633
192
35
264
27
237
3,789
103
1,862
159
415
443
215
83
190
197
160
8,258,832
50,012
45,309
1,732
2,471
202,589
13,120
11,582
173,176
(^)
114,463
3,151,461
184,895
435,576
3,155
398,198
83,373
61,107
44,070
173,064
81,070
481,499
78,996
24,286
28,241
103,426
109,272
127,688
290,842
53,088
35,109
250,942
18, 594
84,970
432,165
50,325
9,725
367,852
4,263
1,950,309
1,302,324
76,580
1,225,744
552,893
71,882
25,635
63,157
81,308
74,050
32,235
36,431
53, 398
109,302
95,087
1,456,930
&25,552
38,315
304,582
269,121
13,534
19,075
1,305
17,770
807,621
4,682
893,809
31,726
51,994
79, 575
32,187
3,982
594,640
36,130
13, 575
7,039
22,360
317
284
232
(')
44
86
85
1,524
5,437
100
499
3
260
453
245
173
140
637
264
22
61
92
146
206
557
627
192
851
696
76
31
48
3,812
699
3,113
4,884
466
168
510
493
595
312
633
433
1,274
869
1,343
615
40
513
15
347
880
1
2,503
2U
637
555
337
119
191
157
243
20,910,348
93,325
91,640
1,685
90,346
26,752
33,480
25,595
926,552
11,138,502
305,762
1,342,604
4,957
1,345,363
295,634
198,323
162,096
297,715
455,139
523,062
311,715
182,832
120,428
206,138
433,576
597,972
390,702
1,798,152
302,126
398,392
227, 246
12,902
145, 596
13, U8
4,287, U6
588,224
3,698,392
2,521,274
556,998
38,762
99,604
148,612
519,514
367,462
197,204
195,175
397,943
424,134
266,513
99,566
863
75,046
3,041
20,616
27,509
139,441
760,865
63,235
134,059
204,913
68,064
20,484
166,560
48,316
55,234
2, •'74
28,639
317
2S4
255
40
86
85
1,546
5,437
100
499
3
260
453
245
173
140
637
264
22
61
92
146
206
557
192
75
895
740
76
31
48
3,823
699
3,124
4,900
482
168
510
493
595
312
633
433
1,274
869
1,673
51
1,245
302
75
359
1
358
5,640
101
2,714
303
637
655
398
119
202
157
243
1,350,691
4,965
4,910
8,963
740
2,020
4,291
1,912
37,445
801,336
20,732
90,418
166
67,870
7,863
11, 9U
7,594
27,507
39,895
39,716
26,831
15,684
3,639
14,734
36,600
47,203
135,845
30,850
126,776
22, OU
38,164
12,673
1,667
22,635
1,184
192,681
111,201
13,699
97,502
70,092
10,752
1,683
2,272
4,925
9,633
14,784
7,519
5,974
12,550
11,388
206,910
127,083
1,638
49, Ul
72,721
3,613
3,884
9
3,875
75,385
553
59,335
4,460
7,225
14,710
5,524
1,296
15,314
7,501
3,305
892
28,131
317
284
233
40
33
36
74
1,517
5,348
100
492
3
259
437
245
172
140
625
263
21
61
92
130
206
556
616
192
834
729
76
31
48
9,439
3,787
682
3,105
4,850
470
168
499
482
595
312
628
433
1,263
852
7,582
1,650
50
1,234
291
75
347
5,434
101
2,651
303
626
644
397
119
190
151
221
15,226,954
61,819
61,299
155,180
75,958
16,971
40, 191
22,060
429,852
6,488,543
165,105
725,912
1,918
1,046,127
94,819
1U,388
60,621
213,247
304,226
380,441
199,185
107,011
47,890
112,973
251,513
317,316
193,089
1,062,499
176,082
420,864
129,425
12,285
268,886
10,268
1,344,245
202,571
1,141,674
813,220
111,727
20,192
40,091
71,188
126,687
131,318
73,460
79,129
159,423
157,883
4,786,341
3,175,046
253,555
1,488,371
1,336,967
96,153
40,843
40,843
1,561,043
9,409
563,412
77,485
70,631
87,928
45,643
9,490
193,494
58,018
20,723
5,590
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data.
96
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
RETURNS WITH NET INCOME
Table 18.
GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED
BY MAJOR INDUSTRIAL GROUP— Continued
Major Industrial group
Returns
with annual accounting period
ended — Continued
October 1956 |
November 1955
Gro3s receipts
from jales and
from operations
Net
income
Total
assets
Gross receipts
from sales and
from operations
Net income
Total assets
Number
of
returns
Amount
(ThoiiBatid
dollar!)
Number
of
returns
Amount
(Thotimnd
dollars)
Number
of
returns'
Amount
(Thousand
dot Ura)
Number
of
returns
Amount
f Thousand
dollars)
Number
of
returns
Amount
(Thousand
dollars)
Number
of
returns
Amount
( Thousand
dot la fa)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(45)
(47)
(48)
15,606
245
229
(^) '
215
30
111
63
872
3,468
89
307
{')
160
413
160
113
59
325
213
7
33
137
112
99
297
392
156
58
39
59
233
485
422
49
13
1
6,617
2,625
429
2,196
3,353
348
84
373
332
428
118
416
532
622
639
1,793
587
199
369
4
15
255
1
254
929
1,839
198
495
472
137
117
139
150
121
72
21,833,482
82,964
81,730
(^)
166,722
(')
8,897
63,852
91,905
716,788
14,485,136
110,219
5,346,009
(^)
606,787
467,025
249,033
94,682
596,056
149,341
323,491
157,851
1,127,448
610, 358
239,835
215,987
371,935
3,071,364
242,018
133,650
106,004
47,677
211,933
115,997
89,838
5,065
21,025
69
5,430,157
3,434,413
202,498
3,231,915
1,697,279
431,372
31,934
177,751
87,431
382,951
25,920
69,313
280,529
210,078
298,455
191,799
83,129
3,460
75,661
1,632
2,376
21,255
1,181
20,074
86,215
(')
642,062
71,625
80,580
172,524
27,195
23,983
136,835
76,442
47,878
1,857
19,853
245
229
i') '
215
(')
30
Ul
63
883
3,469
89
307
(')
150
413
150
113
59
325
213
7
34
137
112
99
297
392
155
58
39
59
233
435
422
49
13
1
6,650
2,636
429
2,207
3,375
359
84
373
332
428
118
427
532
622
639
5,912
1,221
214
322
163
22
265
1
265
4,321
104.
1,889
215
495
505
137
117
139
160
121
105
1,242,795
9,497
9,356
(')
13,205
(')
910
4,960
7,191
32,299
771,435
7,554
76,767
(^)
31,002
14,361
13,668
5,039
32,343
10,683
29,439
15,104
100,122
32,888
28,108
17,785
37,729
207,692
23,685
13,408
8,099
3,513
12,210
11,765
7,757
714
3,284
1
151,828
98,635
6,888
91,747
53,482
10,503
626
8,472
2,622
8,U2
880
2,198
9,744
10,325
9,711
195,511
149,581
21,193
30,851
97, 305
232
2,607
99
2,508
40,469
2,854
46,930
5,892
3,795
3,377
1,893
2,399
10,008
11,248
3,318
324
19,448
228
212
i^) "
203
(^)
30
104
63
372
3,423
89
307
154
406
160
113
59
308
213
7
34
137
112
99
292
392
145
58
39
59
233
474
411
49
13
1
6,547
2,583
418
2,155
3,330
343
83
362
332
428
113
426
632
611
634
5,741
1,204
210
822
150
22
255
1
254
4,189
93
1,861
209
484
505
137
117
128
160
121
94
18,303,302
73,825
78,299
(2)
123,664
(.')
8,076
60,953
52,524
342, Ul
7,103,561
72,633
949,995
501,649
160,520
138,513
35,551
535,585
78,984
228,212
99,775
667,418
329,444
189,379
U3,219
201,134
2,393,374
115,381
85,280
47,288
27,583
128,552
125,289
79,917
3,343
42,356
563
1,778,344
1,077,779
51,391
1,025,338
586,267
88,873
11,331
86,293
33,997
37,342
10, 105
22,733
146,013
94,530
114,298
8,318,343
7,349,287
5,282,713
397,467
1,126,529
42,573
30,809
1,185
29,624
901,338
36,909
427,575
109,725
33,624
53,220
24,204
14,460
85,584
72,559
19, 199
4,570
11,157
118
118
115
2
1
29
35
49
555
2,722
71
144
1
125
460
146
115
47
139
164
17
17
150
110
50
253
340
39
33
21
2
25
132
470
409
30
4
27
5,146
2,095
320
1,775
2,531
213
77
181
171
289
111
309
773
407
520
951
225
10
156
(^)
46
89
39
636
1
1,046
59
174
333
166
88
108
13
95
33
14,290,277
33,318
33,318
101,153
7,518
1,453
5,575
40,393
44,708
329, 108
9,198,991
169,617
711,526
3,702
779, 329
951,546
185,955
424,916
240,247
115,641
779,039
116,562
276,629
667,664
171,809
251,033
529,119
952,534
208, 100
1,171,648
116,191
152,334
46,093
177,502
86,229
55,216
U,856
9,903
9,244
4,143,639
2,774,595
176,528
2,598,068
1,041,480
177,214
25,923
65,551
50,303
158,929
13,139
57,075
351,877
131,413
327, 563
137,196
42,475
2,313
17,189
(^)
22,919
7,200
7,200
34,644
2,875
250, 379
16,716
28,031
113,694
19,447
8,907
30,513
17,515
25,456
264
14,378
118
113
115
2
1
29
35
49
556
2,722
71
144
1
125
460
146
115
47
189
164
17
17
150
110
60
263
340
89
33
21
2
26
132
481
420
30
4
27
5,163
2,106
331
1,775
2,542
213
77
181
171
300
111
309
773
407
520
4,029
591
10
375
225
81
89
89
3,181
68
1,123
91
174
366
188
88
103
13
95
55
1,033,735
2,045
2,045
11,456
566
69
304
6,163
4,254
12,502
722,431
26,466
26,839
53
41,379
39,602
U,312
41,589
25,500
9,331
85,499
9,971
11,884
37,527
17,475
14,885
58,090
112,782
29,727
80,994
11, 357
7,851
4,403
15,304
9,853
4,436
2,626
1,117
1,674
137,327
93,265
13,035
30,230
33,279
3,114
865
2,070
1,158
2,832
480
1,801
13,031
7,928
10,783
118,755
30,537
1,091
6,796
68,032
4,668
674
674
35,701
1,793
18,484
1,583
1,537
6,071
1,151
778
2,546
1,835
2,972
882
14,175
117
117
115
2
1
29
34
49
566
2,588
71
142
1
125
459
146
115
47
173
163
17
16
150
110
59
253
323
89
33
21
2
26
132
465
404
30
4
27
5,109
2,098
325
1,773
2,491
213
77
181
171
299
100
237
756
407
520
3,971
690
10
375
224
81
89
89
3,135
57
1,039
30
153
366
138
88
103
12
34
55
9,804,993
21,054
21,054
82,743
5,525
630
3,802
25,936
45,800
155,133
5,357,297
117,049
276,904
3,842
454,235
433,476
104,158
213,933
222,680
59,594
601,441
104,724
198,764
403,774
114,049
110,307
327,362
637,832
112,482
604,882
64,669
51,155
22,201
107,784
107,240
41,499
15,316
11,007
39,418
1,497,932
937,665
113,271
824, 394
427,416
27,530
13,925
31,293
20,672
51,118
4,071
19,919
178,712
80,175
132,851
2,385,336
1,715,230
629,151
255,558
696,421
134,100
9,063
9,063
617, 544
43,499
196,595
28,011
28,628
51,507
17,397
4,311
35,548
15,449
15,244
1,613
1
2
3
Agriculture, forestry, and fishery
2
3
4
5
6
7
8
Metal raining
7
8
9
10
Crude petroleum and natural gas production.
10
11
12
12
13
14
15
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
Food and kindred products
15
16
Textile-raill products
Apparel and products made from faeries
Lumber and wood products, except furniture.
17
18
19
20
Paper and allied products
Printing, publishing, and allied indus-
tries.
Chemicals and allied products
Petroleum and coal products
21
22
23
24
25
?6
Stone, clay, and glass products
27
?8
Fabricated metal products, except ord-
nance, machinery, and transportation
Machinery, except transportation equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles.
Motor vehicles and equipment, except
electrical.
29
30
31
32
33
34
35
36
Scientific instruments; photographic
equipment; watches, clocks.
Other manufacturing
35
36
37
18
38
39
40
41
42
43
44
45
Wholesale
Commission merchants
Other wholesalers
43
44
45
46
47
Food
47
48
49
50
51
5T
Furniture and housefurnishings
Automotive dealers and filling stations..
50
51
52
53
5/
54
55
56
57
58
Other retail trade
Trade not allocable
Finance, insurance,^ real estate, and
lessors of real property.
Finance
55
56
57
58
59
60
61
62
Credit agencies other than banks
Holding and other investment companies...
Security and commodity- ex change brokers
and dealers.
60
61
62
63
6^
64
65
66
67
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
66
67
68
69
70
70
71
71
72
73
Automotive repair services and garages
Miscellaneous repair services, hand trades.
72
73
74
75
75
76
77
Nature of business not allocable
77
Footnotes at end of table. See text for explanatory statement and for "Descriotion of the Sample and Limitations of Data
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
97
RKTl RNS WITH NET INCOMK
Table 18— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Heturna rfith annual accounting period ended — Continued
January 1957
Gross receipts
from sales and
from operations
Number
of
returns
Amount
Amount
(Tt>oit»mnd
dottmrt)
Total assets
Number
of
returns
Amount
( ThrnitMivi
February 1957
Gross receipts
I'rom sales and
from operations
Amount
(Tttouaand
dot lata)
Number
of
returns
Amount
( TfMuacnd
dotUrt)
Total asaete
Amount
(ThotMMnd
ttotUra)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(59)
(60)
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.
FMrnlture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
Chemicals and allied products
Petroleum end coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equip-
ment and electrical.
Electrical machinery and equipment
Transportation equipment, except motor
vehicles,
ttstor vehicles and equipment, except
electrical.
Ordiwnce and accessories
Scientific Instruments; photographic
equipment; watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Commission merchants.
Other wholesalers ....
Retail
Food
General merchandise
Apparel and accessories
Furniture and housefurnishings
Automotive dealers and filling stations.
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 prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services , including schools
Nature of business not allocable
33
36
110
<;61
80
63
57
189
i7
208
248
94
300
220
53
2,317
366
1,951
7,220
243
1,607
2,965
608
332
129
221
407
708
449
900
129
77
36
11
172
599
837
54
146
307
90
69
42
51
78
22,552,078
35,411
33,557
20,719
12,746
7,973
548, 524
2,505,4.46
18,310
203,831
170,289
409,720
74,104
59,769
41, 326
235,112
83,059
45,376
30,755
47,460
104,461
52,004
215,643
111,919
i^)
21,441
86,074
47,247
39,255
6,813
1,179
19,030,193
2,993,122
152,051
2,346,071
15,762,749
373,303
12,044,785
2,100,637
343, 17a
238,794
93,720
42,293
189,590
320,945
269,322
138, 396
30,221
795
11,358
(')
17,393
12,566
95,609
216,416
12,662
37,371
98, 305
13,764
14,885
12,818
9,226
17,385
9,726
18,553
98
93
(') '
2,255
33
36
121
461
63
57
189
11
66
57
47
208
300
220
53
10,025
2,345
394
1,951
7,231
243
1,607
2,976
608
332
129
221
407
708
4^9
3,943
491
77
229
157
23
173
1
172
3,172
107
876
71
146
313
101
69
42
51
78
1,247,195
1,775
1,698
(')
2,790
2,172
618
154,644
1,150
7,250
6,363
15,011
4,038
2,786
2,319
14,747
5,458
1,451
2,500
932
10,922
2,520
18,321
7,393
934
2,485
6,721
5,813
662
981,302
74,021
6,789
67,232
398,643
3,255
770,423
77,969
15,562
6,236
2,331
1,250
6,131
9,991
3,633
67,862
24,774
1,489
4,433
13,207
645
1,244
6
1,238
40,892
952
10,484
765
1,312
3,198
1,199
717
703
1,252
1,338
1,138
i')
2,248
33
85
116
461
80
63
57
139
108
3
11
66
57
47
208
267
198
42
9,869
2,309
338
1,921
7,118
232
1,595
2,947
596
332
123
199
402
692
442
3,311
475
77
223
142
23
161
3,078
843
60
146
296
101
69
42
51
78
12,389,632
27,697
25,629
(M
25,503
20,235
5,268
1,222,013
17,294
77,206
93, U2
148,893
41,310
24,749
19,544
133,747
36,780
18,732
14,935
17,467
75,852
27,945
98,131
48,741
4,593
52,736
121,849
39,664
29, 118
9,107
1,439
9,175,051
871,697
55,153
816, 544
3,183,764
72,653
6,493,067
1,009,906
238.419
70,032
33,847
11,148
85,145
169,497
119,590
1,525,418
504,127
148,480
191,103
156,134
3,410
17,510
307
17,203
918,752
85,029
149,959
24,022
16,109
53,273
19,549
6,097
13,226
6,243
11,440
8,714
13,405
233
228
(0
191
(')
1
35
95
54
1,298
2,551
52
224
94
354
126
93
71
196
36
47
82
73
325
134
23
412
349
41
(') "
6,364
2,499
444
2,055
3,494
239
144
617
430
359
197
380
392
636
371
1,077
145
1
137
3
139
782
11
1,186
81
196
343
84
117
163
89
113
55,383
54,785
(')
98,089
(»)
1,635
11,668
51,421
29,875
801,327
3,551,366
37,219
1,173,654
79,960
189,355
106,752
82,788
77,856
133,463
159,687
12,292
138,939
50,500
60,474
90,105
251,794
175,274
19,153
1,314
58,330
240,924
108,693
96,5U
10,616
(^)
9,568,269
2,441,861
214,033
2,227,828
6,929,314
5,681,167
33,881
188,789
208,668
267,528
44,135
81,948
162,930
210,268
197,094
115,352
11,222
90
5,334
1,918
3,830
6,219
6,219
97,889
22
288,146
16,007
48,000
87,918
10,719
23,725
21,460
40,723
39, 594
7,683
233
223
(M
191
(')
1
35
95
54
2,562
52
224
94
354
126
93
82
73
325
134
28
451
388
41
I.')
2,499
444
2,055
3,505
289
144
617
480
359
197
380
392
647
371
4,465
651
12
523
74
37
183
(M
172
3,542
39
1,253
U4
196
370
95
117
164
89
U3
117
612,707
4,622
4,617
(')
8,718
( = )
26
233
5,358
2,517
28,601
254,989
1,918
66,711
2,498
3,427
5,515
12,068
6,861
18,844
12,039
77
15,157
2,504
4,579
4,880
17,317
11,499
1,642
76
2,347
12,339
10,352
1,529
60,270
8,726
51,544
159,063
119,980
2,637
5,582
3,453
5,564
1,624
2,940
4,801
7,477
6,267
56,498
21,126
17
3,698
16,963
448
965
(')
932
34,185
222
20,168
1,125
1,715
6,728
804
2,000
1,263
3,617
2,916
672
16,616
233
228
180
(')
1
35
84
54
1,288
2,543
52
224
94
349
126
93
32
72
325
134
28
413
377
30
(') "
6,272
2,469
439
2,030
3,438
278
144
601
463
359
191
368
387
647
365
548
12
527
72
77
172
3,431
89
1,225
114
190
343
95
117
164
89
113
5,860,357
85,368
85,205
(')
75,406
(')
512
2,429
41,492
22,610
272,231
2,027,799
21,024
661,514
X,149
67,628
52,413
36,737
51,725
124,687
105,281
2,344
90,496
13,446
28,119
33,968
111,723
252,888
103,336
9,558
629
46,453
154,469
98,507
83,949
U,178
2,085,655
665,723
67,750
597,973
1,347,774
817,987
38,237
89, 159
123,814
74,934
15,426
22,392
74,040
91,735
72,158
1,006,274
243,109
542
173,816
54,401
14,350
16,791
740,167
6,207
204,958
29,158
20,919
54,638
15,160
13,693
16, UO
33,408
21,842
4,159
Footnotes at end of table. See text for explanatory statement and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
RETURNS WITH NET INCOME
Table 18.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME, AND TOTAL ASSETS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Returns wilh annual accounting period ended — Continued
Gross receipts
from sales and
Crom operations
Number
of
returns
Amount
( Thousand
dollars)
Amount
(Thousand
dollars)
Total assets
Amount
(Thousand
dollars)
April 1957
Gross receipts
from sales and
from operations
Amount
(Thousand
dol lars)
Net income
Amount
( Thousand
dollars)
Total assets
Number
of
returns
Amount
( Thousand
dol lars )
162)
(6A)
(65)
(66)
(67)
(68)
(69)
(70)
(71)
(72)
All industrial groups
Agriculture, forestry, and fishery
Farms and agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
Nonmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture.
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ord-
nance, machinery, and transportation
equipment.
Machinery, except transportation equip-
ment 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
Hetail
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 carri ers ^
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages....
Miscellaneous repair services, hand trades
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
396
389
386
7
12
50
147
170
5,177
112
559
188
ili
279
205
102
555
162
52
35
92
203
162
6A5
559
177
749
674
52
7
16
10,494
4,455
712
3,743
5,168
576
151
387
724
700
189
532
505
1,354
871
2,144
238
36
172
431
1,453
22
2,747
190
504
551
301
202
308
305
286
21,553,456
142, 392
138,908
334,284
8,256
10,024
88,903
89,016
138,085
1,744,810
7,996,122
168,417
2,165,970
552,214
297,101
327,297
198,756
337,155
317,979
206, 382
227,748
32,279
82,076
157,381
181,228
451,729
638,790
412,286
61, 179
291,508
193,627
J.79,721
9,452
7,957
1,497
10,207,968
5,939,153
368,547
5,570,611
3,787,610
2,098,449
63,600
89,711
226,049
469,903
84,976
96,452
186,920
466,550
481,200
259,796
43,637
970
20,971
38
21,653
29,320
29,320
186,633
206
663,605
44,628
94,799
215,508
68,343
43,537
55,771
75,261
64,758
5,852
396
389
'.')
12
50
147
170
2,822
5,227
112
559
138
414
290
205
113
555
173
52
35
92
203
162
651
177
35
783
713
52
7
16
4,482
722
3,760
5,190
576
151
337
735
700
189
582
505
1,365
871
7,770
1,108
47
773
237
51
475
6,047
140
2,922
228
515
722
334
202
308
305
308
1,120,654
7,347
7,193
34,086
901
898
5,748
9,894
16,645
74,239
565,223
6,785
138,417
32,654
7,166
15,440
10,345
43,063
22,305
20, 166
18,135
2,261
5,013
12,511
16,472
26,346
58,908
42,533
4,492
23,711
15,425
13,353
1,102
936
29
275,857
155,862
11,736
144,126
106,276
55,261
2,929
2,706
8,564
8,211
2,902
3,719
5,621
16,363
13,719
92,385
28,325
992
13,364
12,538
1,431
2,393
59,492
2,175
55,125
3,742
4,435
19,784
4,719
3,708
4,536
10,140
4,060
967
396
389
375
7
12
50
147
159
5,216
112
553
1^)
188
414
239
205
113
554
173
52
35
92
196
162
651
177
85
777
713
41
10,355
4,396
689
3,707
5,088
576
151
387
735
577
189
543
494
1,336
871
7,583
743
224
51
453
5,926
129
2,792
228
482
710
306
201
308
293
264
152
11,207,643
112,794
110,509
326,682
5,226
2,933
95,021
99,204
124,298
714,703
,265,616
59,140
893,226
( = )
343,720
103,125
186,345
78,321
273,024
193,712
109,000
139,007
15,714
32,601
95,023
90,831
215,384
203,981
24,337
558,543
157,534
164,673
135,633
17,071
11,412
552
2,960,471
1,687,892
105,769
1,532,123
1,080,505
409,100
25,134
43,093
115,815
Ul,438
30,528
30,247
70,545
214,554
192,074
2,158,499
912,434
277,653
346,477
253,209
35,095
41,822
1,191,770
12,473
487,652
54,103
45,744
137,655
86,015
17,607
43,526
52,987
30,015
16,553
171
171
114
69
1,275
3,266
49
359
1
122
391
166
U7
90
291
131
25
33
68
119
43
336
138
26
277
500
392
69
(')
33
6,514
2,767
371
2,396
3,178
261
58
223
318
431
206
511
324
835
569
1,783
386
31
342
1
12
213
1,151
,310
173
353
524
177
84
131
195
172
13,244,382
50,573
50,673
133,080
3,273
101,554
45,799
31,454
833,834
4,965,648
177,725
1,022,005
1,505
243,263
289,133
331,593
156,042
434,533
254,838
97,328
34,411
43,000
80,446
133, 162
87,109
266,893
244,471
404,936
29,048
( = )
92,020
154,595
133,602
101,217
24,472
2,441
3,381,179
248,855
3,132,314
2,449,316
1,274,208
30,637
42, 377
100,362
300,771
70,593
96,031
136, 354
397,833
493,223
203,552
30,549
754
25,155
1
3,639
10, 181
162,748
74
546, 577
177,731
73,242
116,897
25,246
9,348
54,573
42,052
47,483
4,148
20,778
171
171
51
126
59
1,286
3,238
49
359
1
122
391
165
147
90
291
131
36
33
68
119
138
26
277
500
392
59
(^)
33
6,537
2,779
383
2,396
3,139
261
68
234
318
431
206
511
324
836
559
6,745
,130
37
943
159
36
246
5,137
182
1,903
205
353
562
183
84
131
207
183
4,421
4,421
13 . B96
1,263
4,163
3,300
5,170
30,023
320,710
11,538
37,753
35
9,713
8,269
21,563
7,955
42,402
23,012
5,545
8,836
3,051
3,414
23,285
7,701
23,324
18,075
15,742
8,767
17,056
10,991
4,523
(2)
519
158,590
83,275
6,512
76,663
60,891
25,369
1,146
1,278
4,047
4,852
2,337
3,577
4,555
13,629
14,524
108,405
53,314
784
14, 185
37,710
535
1,122
51,503
2,466
45, 122
17,373
2,945
7,736
2,646
444
4,382
5,819
3,726
788
20,390
154
154
115
69
1,253
3,255
49
359
1
122
384
165
147
90
269
131
36
68
119
43
347
137
26
500
392
33
6,427
2,759
382
2,377
3,127
249
58
234
318
414
195
489
324
336
541
6,527
1,166
37
935
158
36
246
5,044
171
1,843
200
342
540
183
73
131
196
183
47, 369
47,369
198,251
44,437
79,020
40,553
34,126
355,665
2,652,762
122,640
406,311
1,354
117,433
91,694
262,058
69,715
246,514
169,431
45,410
68,433
17,717
28,495
145,041
45,174
144,061
112,752
261,741
(^)
49,405
70,348
123, 209
81,517
23,738
6,322
946,572
79,553
867,119
644,221
200,819
10,964
19, 505
53,443
69, 199
27,031
X,647
65,229
157,334
165, 391
2,239,558
1,115,389
178,521
554,353
378,552
3,363
14,646
1,082,155
27,367
544,724
295,131
36,571
67,466
25,052
4,192
59,813
22,587
22,762
16,455
Footnotes at end of table. See text for explanatory statement and for "Description of the Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
99
RETURNS WITH NET INCOME
Table 18.— GROSS RECEIPTS FROM SALES AND FROM OPERATIONS, NET INCOME, AND TOTAL ASSETS,
BY MAJOR INDUSTRIAL GROUP— Continued
BY MONTH IN WHICH ACCOUNTING PERIOD ENDED,
Major Industrial group
Returnt; with annual accounting period ended — Continued
May 1957
Groiia receipts
from sales and
from operations
Number
of
returns
Amount
(ThoutMnd
Amount
(Thousand
rtolUra)
Total assets
Amount
dotlara)
Gross receipts
from sales and
from operations
Number
of
returns
Amount
(Thouamnd
dolUra)
Number
of
returns
Amount
(Thauaend
dollara)
Total aeeets
Number
of
returns
Amount
(Thouamnd
dottmra)
(7-i)
(75)
(77)
(78)
(79)
(SO)
(81)
(82)
(83)
(8*)
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 proiiuction.
Monmetallic mining and quarrying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics.
Lumber and wood products, except furniture.
F\irniture and fixtures
Paper and allied products
Printing, publishing, and allied indus-
tries.
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ord-
nance, machinery, and transportation
equipment .
Machinery, except transportation equip-
ment 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 housefurnishings
Automotive dealers and filling stations.
Drug stores
Eating and drinjcing places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance,* real estate, and
lessors of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies...
Security and commodity-exchange brokers
and dealers.
Insurance carriers* and agents
Insurance carriers*
Insurance agents and brokers
Real estate, except lessors of real prop-
erty other than buildings.
Lessors of real property, except buildings.
Services
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
^tion pictures
Amusement , except motion pictures
Other services, including schools
7 Nature of business not allocable.
289
273
9
128
39
1,065
2,953
251
11
72
354
124
128
82
272
15«
16
27
96
79
90
345
106
26
36
1
68
265
686
506
102
62
6,059
2,753
393
2,360
2,830
213
115
284
450
326
150
387
198
707
476
244
22
173
( = )
42
206
(')
201
1,034
[')
1,464
122
219
471
120
78
79
144
231
62
11,550,073
97,046
94,147
( = )
150,693
9,678
112,407
28,608
489,328
5,080,897
19,452
2,023,749
23,551
141,604
294,057
58,514
124,812
185,735
126,496
760,712
45,565
14,020
134,488
70,415
98,825
262,812
192,992
4i,444
37,539
7,212
32,193
161,515
217,193
190,129
19,089
(')
6,527
5,009,148
3,445,962
227,031
3,218,931
1,244,286
262,651
31,969
59,374
127,772
253,395
49,174
89,602
94,303
276,046
318,900
184,554
37,735
213
17,953
(^)
17,022
16,945
(')
14,954
129,819
(M
317,395
28,721
52,254
76,313
17,312
17,868
29,953
46,012
48,962
3,819
18,936
300
284
(^)
(^)
176
9
128
39
251
11
72
354
124
128
82
284
154
16
27
96
79
90
345
106
26
686
506
102
62
6,120
2,814
426
2,388
2,830
213
115
284
450
326
150
387
198
707
476
899
22
681
124
72
228
4,740
71
1,586
183
219
504
148
78
79
144
231
84
603,965
5,114
4,742
( = )
16,266
468
13,862
1,936
18,703
301,919
1,317
69,148
670
5,549
6,761
2,187
5,651
18,013
8,568
101,839
1,837
1,675
3,664
4,935
5,439
15,486
13,751
4,293
2,627
69
2,611
26,093
23,319
2,352
(')
239
130,269
88,731
6,802
31,929
32,887
4,910
951
1,405
4,325
6,166
2,134
3,487
2,548
6,961
8,651
27,455
82
8,484
16,718
2,171
2,269
46,365
1,705
27,143
2,324
3,488
7,127
1,375
1,158
1,996
4,844
4,831
462
18,583
300
284
(^)
(')
175
9
127
39
1,076
2,930
24
250
11
72
343
124
128
82
273
149
16
27
96
79
106
20
1
68
265
653
495
80
( = )
62
6,020
2,777
415
2,362
2,767
196
115
278
450
309
144
370
198
707
476
5,782
860
22
658
108
72
233
(^)
228
4,618
71
1,574
183
219
504
148
78
68
143
231
6,577,217
69,430
68,750
(')
(^)
93,673
6,936
72,605
14,132
182,800
2,725,250
8,592
831,601
9,709
79,724
98,054
27,462
62,826
115,803
63, 5U
812,018
24,795
5,283
49, 239
42,576
27,460
131,054
93,938
19,788
1,414
14,574
75,950
175,598
143,710
25,772
(=)
3,966
1,566,759
1,034,198
56,703
977,490
427,379
51,708
14,669
27,209
76,023
63,707
15,960
25,246
42,953
104,399
105,182
1,533,940
517,614
2,106
327, 304
128,092
60,112
25,695
(M
22,594
981,955
8,676
225,377
41,297
34,013
46,776
19,633
6,137
17,746
25,839
33,886
4,390
35,295
702
674
(')
(')
499
10
6
80
266
137
2,102
7,795
102
601
13
373
940
456
348
154
750
453
30
51
133
258
233
906
243
65
1
141
683
1,472
1,163
226
3
75
15,913
6,251
1,011
5,240
8,262
654
381
1,U3
963
724
556
912
712
2,217
1,400
797
194
524
35
695
(')
679
1,696
{')
3,503
251
636
948
361
247
299
319
442
110
273,544
269,329
(M
293,532
33,068
6,453
68,770
128,207
57,084
1,202,106
U,489,844
399,836
2,397,248
36,126
1,079,823
922,125
359,556
467, 342
375,349
447,919
2,059,976
267,966
82,654
191,345
273, 884
587,672
1,043,815
1,128,696
653,962
7U,133
35,602
155,721
677,820
549,677
487,035
47,287
6,420
8,935
14,350,905
9,440,993
503,981
8,937,012
4,627,625
1,775,522
163,652
356,635
368,235
639,932
178,442
203, 545
228,414
713,198
782,287
324, 134
57,033
14, 579
24,513
7,752
10,189
46,369
(')
45,685
220,677
(')
889,015
69, 333
120,574
264,744
73,967
35,911
U4,986
33,728
125,722
3,796
43,650
702
674
( = )
511
11
6
80
277
137
2,135
7,796
102
601
18
378
940
456
343
154
751
453
30
51
133
258
233
906
243
65
683
1,510
1,206
226
3
75
16,035
6,333
1,071
5,262
8,291
665
381
1,143
980
724
556
912
712
2,218
1,411
11,031
2,122
250
1,521
285
66
751
(')
734
7,999
159
3,754
306
636
1,086
412
247
299
320
448
23,340
22,924
(^)
{')
25,296
3,156
26
4,018
12,748
5,348
47,925
977,935
19,601
105,627
1,911
37,466
25, 108
U,612
32,522
25,271
33,025
192,552
11,865
6,911
9,208
23,347
71,139
84,687
112,127
52,247
50,963
582
13,135
46, 282
38,051
28,098
9,013
465
475
359,552
203,185
17,133
186,052
135,981
46,644
5,410
15,861
14,340
10,670
6,386
7,227
6,629
22,814
20, 386
151,883
61,575
11,144
23,489
25,945
997
5,640
(')
5,538
83,399
1,269
67,215
5,065
6,246
19,921
5,139
1,816
12,508
7,766
8,754
938
42,892
653
625
1=)
505
U
6
79
277
132
2,112
7,734
102
597
18
377
939
455
X8
154
751
453
30
51
133
258
221
904
237
65
1
129
683
1,482
1,195
226
3
58
15,817
6,269
1,043
5,226
8,149
654
375
1,143
974
711
534
379
705
2,174
1,399
10,772
2,072
250
1,438
268
66
718
{')
701
7,823
159
3,680
295
630
1,059
412
247
277
319
441
231,158
226,613
{')
{')
26,374
2,605
70,002
150,486
47,885
458,955
7,896,24*
191,850
872,295
12, UO
787,372
335,141
181,837
216,366
255,688
270,708
1,389,6U
263,278
43,411
90,368
155,872
327,548
577, 574
733, 373
298,198
351,993
9,450
103,785
362,614
496,240
338,732
63,481
31,754
12,273
4,170,352
2,484,980
139,504
2,295,476
1,439,457
333,492
69,170
144,371
193,595
151,390
60,535
74,548
104,251
307,555
245,915
3,063,118
1,772,573
314, 305
449,636
26,604
70,453
( = )
67,799
1,877,457
14, 5U
584,481
76,332
58,888
169,885
72,646
12,083
72,U1
64,792
57,714
9,198
'For items reported and computation of tax by life and mutual insurance companies, see facsimiles of return Forms 1120L and 112QM, pp.
^Sampling variability of this item -as too large to warrant showing it separately. Hoi,ever, this value was included in each total.
NOTE: See text for explanatory statements end for "Description of the Sample and Limitations of Data."
100
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
CONSOLIDATED RETURNS
Table 19.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY INDUSTRIAL DIVISION
Relurns with balan<!e sheets by indii^'rial divi-iDn
Returns
without
balance
sheets
All
indust rial
divisions
culture
fores-
try, am
fishery
Mining
and
quarrying
Con-
struc-
tion
Manufac-
turing
Public
utilities
Finance,
insurance,
real estate,
and l.-'sj..,rj
of real
property
Nature
of
businesr
not
allocable
(3)
(4i
(IC:
Number of consolidated returns.
Number of subsidiaries
3,594
13,131
57
171
3,537
12,960
150
487
138
277
868
2,941
341
1.742
821
2,301
332
2,719
359
1,901
(Thousanti 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, Government obligations:
States, Territories, and United States
possessions .
United States obligations
Not stated
Other investments
Depreciable assets
Less: Accumulated amortization and
depreciation.
Depletabl e assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accujmilated 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, coffanon^
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
48,284.576
26,392,702
127,784
3,392
18,410
432,557
660,105
136,230
6,410
242,885
54,289
569,295
251,292
355.716
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
36,914.721
15,068.617
236,173
1,055,231
768,198
114,724
1,361,158
2,754,018
38,380
651,055
2,930,905
1,294,202
515,609
666,366
206,640
49,936
6,975,496
Total compiled deductions
Compiled net profit or net loss (48 less
66).
Net income or deficit (67 less 38)
Net operating loss deduction
Income tax
Compiled net profit less income tax (67
ss 70) .
Dividends paid:
Cash and assets other than own stock..
Corporation's own stock
71,651,429
5,884,214
5.865,804
140,716
2,777,430
3,106,784
2,926,399
742,219
52,949
83,064
23
361
101
715
1,233
35,764
59,203
1,823
1,079
477
312
2,380
4,555
73
17
6,288
2,445
439
968
217
20
17,275
7,445
7,422
1,418
3,925
3,520
5,599,710
12,786,276
293,447
1,046,526
2,100,659
4,449,196
814,074
711,364
5.132,736
324,745
13,590.789
92.170,357
26.907,863
3.852.967
1.762.663
1.238.555
1.071.153
530.471
2.347,909
117,742,572
2.940
31.317
3.729,
9.203
3.204
27.561
2.529
8.938
21.793
117.742.572
48.231,627
26,309,638
127,589
3,392
18.387
432,176
660,004
136,112
6,410
240,888
54,285
568,580
251,292
354.483
77.394.863
36.878.957
15.009.414
284.350
1.054.152
767.721
114,412
1.353,778
2,749.463
38,307
651.038
2.924.617
1.291.757
515.170
665.398
206.423
49.916
6.958.221
71.513,094
5,876.769
5.858.382
139,298
2,773,505
3,103,264
2,923,930
742,219
22,809
59,909
380
35,871
2,131
4,129
28,462
412.226
210.108
18,588
11.009
3,911
6,464
11,969
6
209,078
26,439
2.290
139,821
429,575
432.496
94,244
1,001
15
120
806
1,434
53
2,175
777
341
1,809
610
253.563
2.397
795
20.097
13,700
128
352
11,778
11
19,160
41
2,696
997
1,515
51 , 360
51.240
70
23,112
28,248
165,774
283.924
5.982
7.419
10.198
135,230
34,665
697
57,034
6,303
244.904
,802,609
937,759
849,709
356,576
22,753
80,457
37,622
37.181
167,261
107,688
399,128
97,513
62,762
65,990
362,518
44,802
496,335
596,921
1,367.188
357,827
1,426
1
49
4,001
5,878
7,323
223
19,375
2,856
14,793
16
14,873
1, ''96, 32 9
992,825
190,033
11,280
9,924
19.640
1,594
22,364
55,193
680
7,835
88,472
129,772
4.370
32,973
4.799
1,432
181.180
41,913
41,864
9,223
27,634
14 . 279
56,292
^'.',568
39,042
230,927
1,251
3.917
7.898
3.175
3.965
74
28.711
123.246
39.242
9.399
162
7.258
382
28
7.962
101.501
32,208
60,974
9,833
105,309
3,198
29,411
8,356
18,639
56.554
425.933
24,182
492,542
455
6,684
1.905
14
227
.893
848
.961
19.439
414.719
9.117
2,443
2.653
1.056
3.831
6.226
107
i
10,584
572
970
2,673
575
17
36,371
24,221
24,167
1,583
11.056
13,165
'.032
715
1,864.132
5,118,750
213.072
996,491
883.396
2,567.561
398.647
34.185
1.449.757
139.136
6.062.753
22.796.347
10.332.543
2,752,090
1,343,392
462,462
904,650
483,705
483,483
34,631,183
3,458,748
852,456
4,529,704
945,189
665,659
381,979
9,616,393
1,170,493
3,696,600
9,313,962
34,631,133
34,417,940
1,642,16}
47,743
554
2,248
63.675
193,453
56,460
2,559
85,724
3,243
403,130
193,953
188,780
37,326,
25,354,970
636,672
106,472
303.210
623,571
27.752
205.701
839.439
17,264
227,053
942,564
1,104,913
269,093
259,044
94,852
22,459
3,640,808
35,175,947
2,150,730
2,148,482
66,321
915,295
1,234,435
1,206.031
678,450
1,336,658
1,621.108
22,469
23,719
762,915
1,009,464
308.202
1,012
1,831,276
163,758
3,232,116
63,731,442
14,137,120
71,947
31,173
301,318
25,285
932
1,331,427
1,517,767
537,525
22.531,110
2.433.425
2,250,423
2,475,209
16,151,482
823.789
3,565,137
9,253,045
61,609,963
2,855,200
20,942,053
34,996
1,773
569
98,710
314,971
23,104
703
32.229
7,637
74,554
10.603
59,103
2.370.052
12.345.217
42.209
521 . 560
59.450
31.603
323.269
1.639.591
16,096
409,428
1.550,655
41,411
68,622
329,600
87,471
14,312
843,608
21,294,159
3,162,046
3,161,477
30,165
1,593.055
1.563,991
1.417.568
25,480
345,717
770.500
17.544
18,303
329.863
533.167
25,119
7,937
80,043
3,728
304.044
1.140,717
468.523
42,272
10,043
50,128
28,474
7,753
116 , 894
574,740
253,234
520,074
86,844
153,743
153,394
325,941
68,676
237, 535
868,817
3.849.590
215.573
2,573
11
234
3.452
30,530
1.839
213
22.168
676
7.366
9.765
35.471
7,219.530
117.298
40,779
105.938
18,378
15,451
33,933
72,854
1,797
6,028
67,189
2,364
107.153
23.322
11.884
1,953
1,188.451
151,245
151,011
11,104
31,634
69,611
55,153
1,085
1,544,301
4,384,303
29,826
4.629
17.453
21 . 359
1,628,387
1.729
3.031,474
1,126.587
240,885
110.112
19.543
159.522
7.880
187
289.915
428,752
1,010,845
2 , 739, 566
72 , 598
5,837,134
77,778
630,016
317,354
499,172
1,033,728
12,646,943
80,303
1,211,628
38,571
1.037
15.101
242,416
51,053
24.563
2,024
39.045
38.221
53,537
17,694
12,571
1.327,964
59,003
377,999
47,024
34,018
12,931
34,140
244,903
78,981
1,329
244
73,101
12,389
13,682
11,345
2,608
9.413
623.716
136,133
171,037
10,830
71.543
114,595
104,233
15,838
231,218
313,570
2,733
589
64,370
156,292
18.768
1.912
32,875
10,007
602,460
,037,178
491,677
5,975
1.611
220.434
24,020
244
62 . 070
256.174
85.584
532 , 550
77,153
95,529
46,472
216,227
64,276
371,872
539,026
2.285.968
204.723
1,352,490
1,151
1
12
8.656
55.951
10.365
574
37,485
648
7,816
11,603
39,009
109,575
925,029
26,653
56,912
17,393
2,633
24.425
45,389
1.023
449
67,792
290
48,574
5,444
2,719
322
286,701
109,126
139.114
9,995
44.175
64,951
(12)
9
3,285
175
5,865
5
55
2
13
133
9,970
5,632
^7,926
8,991
'10
no
1
'11
^Includes stock not, designated as to type.
^Loss or deficit.
'Loss after total taxpayment.
NOTE: See text for explanatory sta.tements and for "Description of the Sample and Limit
tions of Data.
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
101
CONSOLIDATK.n RKTl RNS
Table 20.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
Returns
without
balanc
sheets
[(ttumj; with balance shfets by size of total assets
Under
»J5,000
$25,000
under
tM.OOO
♦50,000
under
tlOO,000
$100,000
under
$250,000
$2Xi,000
under
$500, tXX)
$500,000
under
$1,000,000
(2)
(3)
(6)
(8)
Nu-Tiber of lonrolidated returns.
Naiiber of subsidiaries
Assets:
Cash
Notes and ac20unlE receivable —
Less: Reserve for bad debts..
Inventories:
Last-in, first-out
Other than last-In, first-out.
Not i-tated
Prepaid expenses and suppl ies
Investments, Government obligations:
States, Territories, and United States possessions.
Uni ted States obligations
Not staled
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 amortlzable bond premium):
Wholly taxable
Subject to surtax only
Whol ly 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 (i8 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,
("orporat ion's own stock
3,594
13,131
48,284,576
26,392,702
127,784
3,392
18,410
432,557
660,105
136,230
6,410
242,885
54,289
569,295
251,292
355,716
36,914,721
15,068,617
286,173
1,055,231
768,198
114,724
1,361,158
2,754,018
38,380
651,055
2,930,905
1,294,202
515,609
666, 366
206,640
49,936
6:975,496
71,651,429
5,884,214
5,865,804
140,716
2,777,430
3,106,784
2,926,399
742,219
57
171
3,537
12,960
77
115
85
107
217
434
515
719
544
,096
(Thou»»nd doll»ra}
5,599,710
12,786,276
293,447
1,046,526
2,100,659
4,449,196
814,074
711,364
5,132,736
324,745
13,590,789
92,170,357
26,907,863
3,852,967
1,762,663
1,238,555
1,071,153
530,471
2,347,909
154
397
180
203
121
117,742,572
6,524,535
2,940,607
31,317,072
3,729,027
9,203,641
3,204,209
27,561,036
2,529,867
8,938,630
21,793,948
117,742,572
3,226
586
972
978
444
11
1,737
14
50
^7,341
486
905
41
81
210
506
1,752
1,092
677
52,949
83,064
23
381
101
118
1,997
4
715
1,233
140,780
35,754
59,203
1,823
1,079
477
312
2,380
4,555
73
17
6,288
2,445
439
968
217
20
17,275
133,335
7,445
7,422
1,418
3,925
3,520
2,469
48,231,627
26,309,638
127,589
3,392
18,387
432,176
660,004
136,112
6,410
240,888
54,285
568,580
251,292
354,483
77,394,863
36,878,957
15,009,414
284,350
1,054,152
767,721
114,412'
1,353,778
2,749,463
38,307
651,038
2,924,617
1,291,757
515,170
665,398
206,423
49,916
6,958,221
1,332
1,118
71,518,094
5,876,769
5,858,382
139,298
2,773,505
3,103,264
2,923,930
742,219
1,103
378
112
115
28
226
56
36
3
299
783
335
759
182
268
519
1,579
11
369
'1,756
1,850
4,007
167
572
,091
1,908
8,344
4,171
42
486
175
11
1,403
15,978
6,772
3,518
2
97
1,917
1
299
306
1
161
13,074
3,421
'955
'955
69
5
^960
,675
,664
788
406
33
46
302
185
217
,791
2,835
3,701
1,657
4,063
869
2,114
557
12,586
40
3,237
'12,846
15,978
18,510
13,366
37
589
8,357
18,012
288
10
4,299
9,353
1,075
59
553
92
13,590
43,515
21,885
1,539
709
2,837
2,330
68
3,273
85,944
16,158
13,815
15,927
3,449
3,943
8,932
150,455
308
'76,636
'50,407
16,756
50,324
1,019
195
10,700
22,746
2,414
59
1,170
196
26,742
101,080
48,772
353
125
7,904
2,720
87
5,137
198,493
85,944
355
305
'45
'45
270
13,237
6,260
1,637
1,891
337
86
264
706
20
709
25
170
7,692
'619
'619
414
140
'759
128,552
51,052
269
,128
748
30
,438
965
51
1
878
36,523
24,555
39,580
7,534
9,824
4,715
35,331
1,953
13,424
24,042
198,493
94,586
34,744
7,346
3,583
773
507
1,475
3,005
14
27
4,112
121
2,481
232
248
508
30,412
134,674
452
452
1,211
488
111
280,344
91,034
2
1,191
4,434
1,172
7
731
1,690
119
12
3,102
383,860
212,209
55,561
12,588
8,445
1,370
1,319
3,574
6,475
91
44
8,359
93
5,514
471
770
938
65,340
383,662
198
195
2,353
2,253
'2,055
827
107
(9)
503
1,049
29,032
87,365
2,424
542
19,719
38,300
4,353
10
4,003
384
50,812
177,086
76,909
4,703
1,825
17,098
3,448
82
11,732
367,347
49,574
51,317
91,877
14,424
17,420
13,962
70,052
1,868
30,219
26,534
367,347
451,370
118,552
5
3,695
3,959
1,059
34
2,885
2,285
436
29
5,915
349,840
72,623
15,307
10,020
3,552
2,530
6,301
9,724
196
120
14,977
145
7,561
958
939
655
92,354
588,312
2,140
2,135
2,954
3,890
'1,750
997
169
Footno'e? ^* end of table. See text for explanatory statements and for "Description of the Sample and Limitations of Data
102
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
CONSOLIDATED RETIRNS
Table 20.— 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
1,500,000
under
i, 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)
(11)
(15)
(16)
(17)
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, 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 coinpiled 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 (48 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
581
,451
335
1,144
225
1,262
182
1,270
87
1,103
53
442
82
1,844
(Thousand dollara)
65,051
197,018
5,851
3,610
43,820
82,426
10,522
2,629
20,086
2,309
177,603
440,522
171,958
17,257
8,715
33,581
12,334
728
24,215
945,731
122,964
104,662
280,684
35,803
53,414
27,291
133,135
14,855
78,148
94,775
945,731
1,043,634
252, 524
476
11
59
4,039
14,374
2,057
180
6,154
2,839
1,494
736
10,648
830,066
152,568
24,998
16,248
8,018
3,537
17,528
27,542
433
387
32,060
1,778
16,659
2,796
2,096
5,839
138,795
1,331,348
7,927
7,868
6,347
11,657
'3,930
4,868
401
90,014
220,135
6,238
2,134
37,513
106,711
13,009
2,231
17,689
3,355
252,140
573,412
237,130
32,562
17,418
49,467
12,807
406
35,278
1,187,215
111,081
136,885
393,730
38,171
67,719
55,804
127,202
18,767
119,036
118,820
1,187,215
1,070,202
301,033
484
1
85
5,351
15,580
1,571
738
13,839
4,345
1,837
318
14,875
799,566
180,502
22,128
24,882
9,452
5,895
22,856
32,047
689
319
44,908
4,575
22,272
4,710
2,736
1,332
225,692
25,698
25,613
9,581
17,413
8,285
7,765
1,672
107,585
259,791
6,162
9,425
76,886
126,249
16,828
4,336
31,710
4,285
270,295
845,091
316,388
65,888
21,393
48,351
19,264
1,701
44,061
157,600
130,396
519,812
113,727
84,000
47,448
170,379
37,169
195,627
128,243
1,584,401
1,283,570
495,696
115
5,287
13,101
2,235
241
9,585
1,495
4,154
222
15,833
1,337,490
956,112
321,555
21,935
26,331
13,578
3,369
30,496
50,708
651
2,302
56,796
6,597
32,982
7,920
5,296
2,279
288,598
1,828,005
9,485
9,370
8,385
16,895
'7,410
12, OX
1,250
218,646
524,164
11,586
20,333
115,025
196,712
26,505
9,116
60,845
5,364
483,221
1,609,615
659,953
154,004
49,413
67,866
39,597
8,215
77,973
280,775
238,862
770,245
103,063
149,227
116,332
368,229
90,575
388,015
374,951
2,880,324
2,102,821
896,839
1,732
3
504
9,039
23,846
17,946
781
25,404
4,856
11,423
3,325
22,380
3,120,399
1,679,355
622,643
33,383
38,568
20,583
6,885
45,368
68,139
1,497
3,511
93,046
20,332
25,000
17,110
5,360
3,687
365,983
69,899
69,395
19,858
40,542
29,357
36,502
2,014
211,283
574,845
12,200
4,350
103,229
193,252
27,242
17,468
82,983
725
597,661
1,714,390
672,339
175,156
67,976
85,459
55,102
13,463
63,391
300,611
237,726
913,002
73, 557
206,844
70,970
332,814
76, 832
357,752
570,455
3,140,563
2,059,798
619,453
2,427
3
740
13,460
21,335
14,906
808
26,770
12,358
5,919
3,167
15,705
1,602,114
378,132
18,609
24,266
22,705
5,417
44,037
102,147
820
6,774
86,273
35,213
30,814
14,321
6,179
3,132
335,918
2,716,371
30,478
79,738
13,704
38,233
42,195
38,843
9,712
305,862
473,333
18,297
36,835
84,871
219,874
24,374
119,943
173,506
2,198
778,014
1,559,335
534,294
558,939
219,847
49,656
4,207
194
119, X6
272,678
140,715
789,665
90,952
507,229
98,141
408,332
103,653
513,799
817,457
3,742,621
1,390,293
556,588
4,004
22
2,605
12,134
23,295
14,855
1,235
44,597
3,126
20,584
18,010
U,076
2,604,429
1,339,984
319,796
16,341
25,631
25,193
3,292
34,869
58,895
4,476
4,717
60,108
54,785
18, 528
14,090
6,705
497
387,233
2,425,140
179,289
176,684
19,003
75,305
103,484
66,840
20,566
470,610
873,196
10,300
3,828
137,215
575,659
31,746
52,038
223,153
24,294
1,530,931
5,114,731
1,474,840
145,284
26,156
201,549
57,343
19,006
170,563
8,036,333
613,093
230,978
2,373,064
222,424
683,847
295,677
1,093,083
253,583
893,079
1,428,010
8,086,338
2,744,432
1,994,539
5,193
10
1,559
41,997
94,184
7,218
3
25,694
10,373
31,050
12,174
41,607
5,010,038
2,171,088
1,304,138
24,757
31,129
44,559
10,596
107,140
154,455
1,807
50,544
173,123
31,666
61,464
36,277
10,802
12,853
494,133
4,770,531
239,507
237,948
7,367
127,072
112,435
146,766
23,790
4,074,019
9,497,784
218,694
964,737
1,461,699
2,876,566
655,791
503,462
4,511,733
231,543
9,407,322
79,980,731
22,687,461
2,697,2'40
1,349,036
674,217
861,687
481,499
1,791,321
95,503,212
4,555,439
1,628,117
25,123,692
3,023,894
7,417,348
2,463,799
24,655,122
1,930,229
6,422,511
18,283,011
95,503,212
35,144,942
20,914,176
112,204
3,342
12,713
335,675
443,530
70,333
2,347
33,136
9,339
491,462
213,298
210,024
26,774,522
11,558,850
83,921
792,637
617,040
70,207
1,044,012
2,235,398
27,613
532,289
2,349,400
1,134,611
290,934
566,484
165,232
17,663
4,472,443
52,783,306
5,263,315
5,250,602
47,777
2,438,269
2,825,046
2,607,912
682,427
^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 1956-JUNE 1957
103
CONSOLIDATKD RETLRNS WITH NET INCOME
Table 21.— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BY INDUSTRIAL DIVISION
Ruturnii
without
balance
sheets
Returns with balmu'^- ::in-:-i:: by ltnJij:;T,riiil division
All
Industrial
divisions
Agrl-
culture,
fores-
try, tind
fishery
Mining
and
quarrying
Con-
struc-
tion
Manufac-
turing
Public
utilities
Finance,
insurance,
real estate,
and lessors
of real
property
Nature
of
business
not
allocable
(1)
(2)
(3)
(«)
(5)
(6)
(7)
(8)
(9)
(10)
Ul)
Number of consolidated returns with net
Income.
Number of subsidiaries
2,201
8,889
2,181
8,823
^63
2,069
239
1,396
1,710
236
1,352
(Thousand (totlmf)
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 Unites States
possessions.
Unites 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
amortizable bond premium):
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
'W.,204,564
25,096,561
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
123,630
3,387
16,331
413,802
579,989
121,309
4,266
209,979
40,052
559,866
250,059
314,752
71,938,547
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
33,671,069
14,261,166
232,356
962,412
716,334
96,938
1,237,419
2,573,897
37,948
632,668
2,734,830
1,224,387
433,575
637,927
194,028
IS ,416
6,101,014
Total compiled deductions
Compiled net profit (48 less 66)
Net income (67 less 3g )
Net operating loss deduction
Income tax
Compiled net profit less incane tax (67
less 70).
Dividends paid:
Cash and assets other than own stock. .
Corporation's own stock
65,766,384
6,172,163
6,155,832
U0,716
2,777,430
3,394,733
2,888,026
724,443
32,408
71,713
23
288
21
636
448
25,935
52,598
853
409
356
68
1,421
2,374
64
17
3,860
7
189
523
114
8,080
96,868
9,094
9,071
1,418
3,925
5,169
2,465
5,199,924
11,757,945
259,774
1,029,799
1,897,233
3,917,389
758,051
620,358
4,941,253
319,075
12,409,968
88,340,361
25,675,730
3,247,529
1,546,8U
1,060,124
995,574
510,869
2,123,310
110,624,706
5,995,943
2,346,305
28,892,629
3,525,149
8,432,330
3,012,667
26,562,780
2,306,596
8,222,420
21,327,887
110,624,706
44,172,156
25,024,848
123,500
3,387
16,308
413,514
579,968
121,300
4,266
209,697
40,048
559,230
250,059
314,304
71,832,585
33,645,134
14,208,568
231,503
962 ,003
715,978
96,870
1,235,998
2,571,523
37,884
632,651
2,730,970
1,224,380
433,386
637,404
193,914
1^,416
6,092,934
65,669,516
6,163,069
6,146,761
139,298
2,773,505
3,389,564
2,885,561
724,443
21,771
56,636
377
35,371
1,153
4,039
5,077
49,389
25,928
404,062
206,685
17,573
5,240
455
6,222
11,410
205,841
25,739
931
139,897
413,308
425,955
92,610
1,001
15
120
668
1,423
41
2,035
777
341
557
527,351
248,580
1,567
547
20,030
13,196
75
103
11,513
11
18,640
6
2,669
946
1,506
155,529
474,918
52,433
52,313
70
23,112
29,321
27,013
106,632
204,885
3,586
6,173
8,388
112,852
23,090
697
43,595
4,692
173,989
1,379,106
750,476
381,806
171,359
12,974
41,681
18,964
21,338
1,577,513
109,047
43,511
215,968
43,453
18,029
62,049
245,311
35,981
271,238
532,926
1,080,583
302,382
49
3,417
4,323
4,555
34
16,007
1
13,319
9,795
1,436,047
822,123
156,505
7,240
6,422
19,085
841
11,021
40,418
602
6,271
60,942
76,316
4,047
27,980
4,400
341
109,863
1,354,417
81,630
81,581
9,223
27,634
53,996
46,383
11,492
35,019
173,945
1,035
3,J96
6,792
2,831
25,855
104,771
33,639
9,371
161
6,638
188
28
5,910
93,344
27,704
47,482
8,351
56,983
2,780
26,014
8,034
17,399
56,216
344,307
22,624
411,507
37
429
5,585
1,887
11
2,536
191
1,375
848
3,201
450,856
18,325
339,230
8,062
1,885
2,458
1,002
3,159
5,540
104
1
9,240
563
749
2,560
420
31,837
425,144
25,712
25,675
1,583
11,056
14,656
6,947
715
1,699,753
4,632,018
191,091
985,294
726,282
2,185,748
373,945
84,046
1,401,304
138,386
5,880,683
21,696,764
9,891,478
2,680,689
1,320,550
435,433
385,043
483,397
446,433
32,365,305
3,233-,069
565,383
3,955,297
869,417
525,972
313,220
9,385,890
1,052,619
3,366,513
9,092,925
32,365,305
31,492,791
1,583,256
47,311
554
2,208
63,778
159,445
61,412
2,342
70,688
2,824
407 ,283
198,323
173,220
34,275,445
23,458,288
616,004
82,230
282,567
582,474
20,087
168,361
755,206
17,241
223,491
868,747
1,096,073
213,812
240,453
84,855
3,484
3,259,510
31,973,383
2,302,062
2,299,854
65,321
916,295
1,335,767
1,194,327
670,721
1,327,921
1,557,555
22,153
23,551
761,669
974 ,967
303,257
654
1,811,337
161,567
3,189,586
62,100,442
13,781,579
61,535
27,965
222,358
22,640
905
1,278,6U
59,965,171
1,431,945
553,987
21,845,676
2,389,935
2,157,276
2,410,336
15,838,810
7&9,154
3,443,192
9,113,850
59,955,171
2,851,658
20,353,785
34,179
1,772
550
97,053
300,520
22,942
536
29,553
6,533
73,793
10,406
56,142
23,344,542
2,367,110
11,933,605
38,503
435,269
59,353
31,333
795,215
1,597,283
16,049
397,280
1,613,655
41,162
67,907
327,245
85,385
5,749
793,238
20,656,397
3,186,145
3,137,535
30,166
1,598,055
1,590,090
1,409,627
25,042
315,581
535,305
12,837
14,238
293 , 197
475,272
21,785
7,351
77,084
3,411
225,155
931,793
392,313
42,153
10,014
43,544
23,657
7,406
101,481
497,125
190,433
403,406
77,347
123,447
132,024
220,255
50,515
230,524
363,407
2,793,488
8,042,119
195,295
2,440
11
219
6,395
20,075
983
110
20,415
487
7,029
9,374
22,762
8,327,714
5,580,735
103,004
31,026
85,097
15,537
11,603
26,865
63,540
1,787
4,945
56,395
1,294
91,170
22,882
11,468
304
1,034,268
179,693
179,474
11,104
81,634
98,059
52,360
646
1,472,712
4,214,351
25,941
4,571
17,270
U,332
1,523,413
1,077
2,306,637
312,540
181,747
70,958
16,658
124,920
5,023
77
199 ,417
11,051,954
358,243
907,648
1,933,877
60,718
5,445,563
60,835
439,199
301,439
535,191
1,009,241
11,061,954
77,605
896,093
36,262
1,033
U,103
233,334
35,653
19,165
459
32,562
28,689
47,485
17,692
9,180
57,050
247,179
41,266
29,999
3,714
30,959
209,432
59,084
1,258
238
48,217
8,832
11,848
10,102
2,460
8,329
459,739
214,110
201,007
10,830
71,543
142,567
98,756
15,747
220,526
283,002
1,704
543
63,859
143,335
U,771
1,912
31,206
9,868
582,022
910,873
437,713
1,017
107
206,417
17,337
92
56,406
2,103,483
240,447
52,385
484,468
59,705
83,638
31,423
201,455
63,115
357,432
519,414
2,103,433
178,810
1,179,899
1,101
1
12
7,935
52,939
10,315
674
35,901
546
7,600
11,603
34,447
1,521,783
92,922
306,474
22,613
49,734
15,051
970
21,342
38,938
822
424
55,134
134
41,134
5,236
2,419
201
248,894
119,276
119,264
9,^5
44,175
75,101
49,148
30
(12)
9
US
13
5
2_
177
1
12
1
177
9
10
11
12
14
15
15
17
18
19
20
21
34
35
36
37
38
39
40
41
42
45
46
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
55
57
58
69
70
71
72
73
^Includes stock not designated as to type.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data.
104
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
CONSOLIDATED RETURNS WITH NET INCOME
Table 22,— BALANCE SHEETS AND RELATED INCOME STATEMENTS, BV SIZE OF TOTAL ASSETS
Total
Returns
without
balance
sheets
Ret irns 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)
NujBber 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 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 premimn);
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 (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
2,201
44,20i,56A
25,096,561
123,630
3,387
16,331
413,802
579,989
121,309
4,266
209,979
40,052
559,866
250,059
314,752
33,671,069
14,261,166
232,356
962 ,412
716,334
96,938
1,237,419
2,573,897
37,948
632,663
2,734,830
1,224,387
433,575
637,927
194,028
18,416
6,101,014
65,766,384
6,172,163
6,155,832
140,716
2,777,430
3,394,733
2,888,026
724,443
(4)
(5)
(6)
(7)
(3)
2,181
8,823
107
184
290
391
358
719
(Thousand dollars)
32,408
71,713
23
288
21
282
4
636
448
105,962
25,935
52,598
853
409
356
68
1,421
2,374
64
17
3,860
7
189
523
114
96,8
9,094
9,071
1,418
3,925
5,169
5,199,924
11,757,945
259,774
1,029,799
1,897,233
3,917,389
758,051
620,358
4,941,253
319,075
12,409,968
88,340,361
25,675,730
3,247,529
1,546,814
1,060,124
995,574
510,869
2,123,310
110,624,706
5,995,943
2,346,305
23,892,629
3,525,149
8,432,330
3,012,667
26,562,780
2,306,596
8,222,420
21,327,887
110,624,706
44,172,156
25,024,848
123,500
3,387
16,308
413,514
579,968
121,300
4,266
209,697
40,048
559,230
250,059
314,304
71,832,585
33,645,134
14,208,568
231,503
962,003
715,978
96,870
1,235,998
2,571,523
37,884
632,651
2,730,970
1,224,380
433,386
637,404
193,914
18,416
6,092,934
65,669,516
6,163,069
6,146,761
139,298
2,773,505
3,389,564
2,885,561
724,443
108
2
38
11
31
188
108
3
19
»153
504
456
374
178
47
56
261
534
40
65
108
267
1,1A0
773
187
162
111
150
96
415
6
280
^98
1,795
4,757
1,931
246
244
1
7,330
3,119
872
534
245
11
13
27
114
6,989
341
341
270
1,164
1,853
240
659
821
3,855
1,903
5
275
100
11
938
1,513
711
1,691
411
1,486
82
2,446
40
1,503
^1,862
8,021
11,579
7,097
24
388
290
235
19,816
8,173
3,501
940
379
99
29
115
401
20
34
11
4,005
18,974
842
842
414
140
702
5,949
11,469
184
2,281
6,133
396
26
232
77
5,938
24,332
12,393
249
52
1,636
1,633
14
1,433
49,146
8,724
5,142
6,981
2,203
1,978
1,313
10,900
153
2,448
9,304
49, U6
82,356
38,300
451
30
1,028
662
50
481
124,800
59,198
27, X8
5,232
1,992
369
268
609
1,822
14
2,565
22
1,741
196
161
70
18,873
120,530
4,270
4,270
1,211
1,062
3,208
12,422
33,435
532
195
6,249
13,109
1,548
22
693
63
16,876
72,262
35,405
322
109
5,347
1,914
20
3,290
22,764
12,442
24,163
4,754
7,113
1,696
20,024
1,045
8,756
23,874
131,631
176,552
62,035
18
1
1,000
3,770
1,066
4
476
1,077
74
1,678
130,309
34,334
9,422
5,860
1,403
671
2,214
4,321
82
23
5,527
86
3,831
311
403
52
40,715
239,564
8,187
8,186
2,353
2,253
5,934
753
106
(9)
313
555
20,017
55,961
1,274
542
12,142
26,166
2,317
10
1,799
330
33,659
97,659
39,292
701
31i
10,580
1,692
69
7,672
230,298
27,266
28,053
57,243
10,296
11,141
6,422
42,260
1,332
10,759
35,526
230,298
292,205
79,3?/l
2,050
1,868
638
11
1,748
1,877
392
29
3,950
384,108
224,206
47,831
10,089
6,182
2,172
1,117
4,068
6,233
186
43
7,687
45
4,377
602
543
200
56,202
371,783
12,325
12,321
2,954
3,890
8,435
736
166
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 1956-JUNE 1957
105
CONSOLIDATED RETURNS WITH NET INt.OME
Table 22.— BALANCE SHEETS AND RELATED INCOhE 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
$100,000,000
under
0O0|$250,OO0,0O0
$250,000,000
or more
(10)
(U)
(12)
(13)
IV.)
(15)
(16)
(17)
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, flrst-out.
Not stated
Prepaid expenses and supplies
Investments, Government obligations:
States, Territories, and United States possessions.
United States obligations
Not stated
Other Investments
Deprec lable assets
Less: Accumulated amortization and depreciation...
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
l.ess; Accumulated amortization
Other assets
Total assets.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Uaturity 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:
Qross sales
Gross receipts from operations
Interest on Government obligations (less aujortlzable 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 ccraplled 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 (A6 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 : .
360
847
211
724
133
799
119
794
60
725
38
351
41
817
79
1,820
(Thou**nd rlollsra)
47,583
127,811
3,875
1,014
30,539
55,801
1
14,
1,
88
297
113,
6
3
21,
e00,147
74,921
55,947
159,914
21,505
38,532
14,927
86,362
10,649
41,547
95,793
600, U7
755,080
171,060
364
11
35
2,743
9,928
1,222
50
4,468
1,811
1,181
714
7,131
599,561
105,505
17,285
10,638
5,129
1,886
9,757
17,309
425
336
19,833
1,295
9,920
1,719
1,378
286
121,013
923,275
32,523
32,488
6,347
11,857
20,666
3,701
400
67,640
U3,011
4,008
2,134
20,733
76,382
7,023
2,020
15,392
2,783
140,265
348,683
157,070
6,413
1,454
31,026
10,846
393
19,472
730,898
74,326
63,796
195,560
27,932
45,226
36,898
81,198
14,167
75,717
116,078
730,898
787,342
218,826
431
1
80
3,246
10,184
1,401
276
10,102
3,536
1,632
311
7,355
578,391
130,016
16,406
17,954
5,873
2,712
12,227
19,658
675
211
27,452
2,626
16,178
4,005
1,685
361
159,730
996,160
48,563
48,483
9,581
17,413
31,150
6,425
1,577
69,772
181,438
3,581
7,644
50,832
95,110
9,254
2,110
19 ,889
4,285
143,105
463,321
202,454
30,608
10,320
32,803
13,239
378
22,850
929,527
110,428
84,749
220, &i3
54,585
44,363
33,542
98,891
17,820
107,994
156,512
929,527
932,798
344,236
565
48
4,336
8,521
1,409
79
8,178
601
3,822
214
10,514
694 ,738
232,960
15 , 196
17,204
8,530
1,941
14,392
27,892
649
913
31,956
3,111
25,672
5,073
3,706
305
185,812
1,270,050
45,271
45,223
8,385
16,895
28,376
10,637
1,075
167,163
352,835
7,084
11,508
81,795
107,766
20,203
8,982
58,146
2,564
278,486
1,228,075
521,181
94,852
31,859
51,924
21,279
7,836
54,319
199,026
130,008
439,122
80,218
73,937
85,044
283,354
63,749
261,266
356,213
1,494,431
717,961
1,455
3
398
6,180
19,262
16,722
687
23,038
863
11,028
2,923
13,618
2,308,574
1,187,487
511,707
25,010
30,156
15,585
4,399
25,930
50,065
1,249
2,360
65,770
14,437
12,570
15,172
4,128
1,907
224,429
2,192,361
116,213
115,815
19,858
40,542
75,671
32,476
1,124
149 ,656
357, 3U
6,165
2,586
76,904
145,738
17,250
U,811
63,235
100
454,528
1,190,778
447,625
60,772
12,413
67,830
15,883
1,116
40,362
215,161
154,667
622,472
57,324
115,290
66,309
216,334
67,087
233,293
442,490
1,622,282
528,839
1,985
3
683
10,626
12,189
10,507
674
23,677
9,842
4,997
2,629
11,185
2,240,118
1,283,817
314 ,684
14,478
16,491
19,863
2,319
31,833
81,033
809
5,567
64,615
15,682
26,028
11,619
5,144
169
241,016
2,135,172
104,946
104,263
13,704
38,283
66,663
30,364
404
228,352
381,289
9,376
35,589
84,870
197,601
19,771
51,443
94,921
2,198
518,029
,393,677
477,562
233,440
112 ,479
46,967
3,623
185
61, 9U
2,759,082
238 ,989
82,568
561,058
80,854
1^0,640
94,159
364,381
81,956
363,378
711,099
2,759,082
1,695,329
409,562
2,454
22
1,466
3,926
21,526
12,143
100
41,003
15,883
18,010
9,528
2,235,952
1,291,179
241,194
U,093
22,955
24,994
2,587
22,520
50,029
4,409
4,702
46,695
25,628
17,378
12,690
6,433
497
252,155
2,040, US
195,814
194,348
19,008
75,805
120,009
61 , 397
2C,.'.76
405,745
721,052
6,359
3,828
68,875
41A,937
22,974
36,255
168,062
24,045
1,347,491
4,148,730
1,209,866
111,477
25,085
192,002
56,029
19,006
138,638
6,599,824
528,389
182,295
1,830,785
180,847
550,023
257,530
901,803
170,160
746,616
1,251,376
6,599,824
1,601,819
1,804,145
4,217
5
834
39,470
60,086
5,334
3
22,951
10,373
29,295
12,152
39,536
1,170,349
1,197,755
20,489
67,751
24,690
8,718
85,496
125,737
1,753
41,869
128,954
26,837
36,383
26,298
6,960
118
362,982
296,536
295,702
7,367
127,072
169,514
130,703
16,688
4,024,126
9,389,336
217,170
964,737
1,461,699
2,777,839
650,962
503,349
4,503,965
281,543
9,382,234
79,070,363
22,456,957
2,697,240
1,349,086
593,230
861,519
481,499
1,758,680
94,421,660
4,493,882
1,545,702
24,772,824
3,004,078
7,362,213
2,414,649
24,454,304
1,878,429
6,368,344
18,126,735
94,421,660
34,715,122
20,640,536
111,985
3,342
12,709
334,783
431,361
70,363
2,347
72,492
8,926
490,875
213,072
209,087
57,317,055
26,413,733
11,360,683
82,232
763,640
607,255
70,207
1,026,809
2,186,849
27,613
576,623
2,329,349
1,134,611
278,903
559,708
163,337
14,440
4,423,959
52,019,951
5,297,104
5,284,395
47,777
2,438,269
2,853,835
2,607,912
682,427
^Includes stock not designated as to type.
'Deficit.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
106
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
RETtRNS WITH FOREIGN TAX CREDIT
Table 23.— NET INCOME. TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES. BY MAJOR INDUSTRIAL GROUP
Returns with and without Form 1118 state-
ments filed in support of credit claimed
Major industrial group
Number
of
returns
(Thouaand
dot lata)
Income tax
before
foreign tax
credit
(Thousand
dollar a)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollar*)
Returns with Form 1118 statements filed in support of credit claimed
(Thouaand
dollara)
Income from foreign sources
(ThouMand
dollars)
Income other
than dividends^
( Thousand
dollars)
Income tax
before
foreign tax
credit
( Thousand
dollars)
Foreign
taxes
paid
(Thoasand
dollars)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollars)
(1)
(2)
(3)
U)
(5)
(6)
(7)
(8)
(9)
{10}
(11)
(12)
(13)
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..
Furni ture 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 elec-
trical.
Ordnance and accessories
Scientific instruments; photographic equip-
ment; watches, cloclcs.
Other manufacturing
Public uti litles
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Commission merchants .
Other wholesalers ....
Retail
Food
General merchandise
Apparel and accessories
Furniture and housef umishings .
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable.
Finance, insurance, 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 anu 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
3,856
20
19
1
142
35
1
20
81
5
98
6
60
41
15
28
79
107
265
29
49
68
125
143
121
12
10
504
414
96
318
28
24
1,006
530
36
39
431
24
205
156
49
249
303
19
2
102
1
5
135
12
27
22
74,241
73,052
1,189
793,528
288,032
18,062
12,904
463,134
11,336
93,223
13,639,963
60,394
600,066
66,338
150,851
29,758
22,624
39,817
669,733
232,119
2,292,022
1,787,881
341,831
33,633
479,177
1,097,214
408,739
1,275,937
703,110
464,917
2,351,536
23,270
399,683
103,813
2,513,076
847,425
1,478,040
187,613
996,087
419,601
28,633
390,963
570,353
132,302
418,698
2,692
392
1,015
5,288
413
63
9,490
6,133
3,414,669
671,976
252,757
222,265
186,013
10,941
2,702,670
2,690,978
11,692
36,372
3,651
199,169
13,255
4,971
66,988
886
382
104,935
1,664
9,4A3,402
31,146
30,533
613
374,151
127,672
2,765
5,230
233,652
4,832
41,752
6,594,686
31,096^
300,875
34,386
74,330
14,917
7,910
20,083
319,637
107,990
1,100,368
711,574
171,726
17,194
240,874
535,470
205,428
642,110
359,915
237,799
12,089
204,902
50,665
1,258,733
406,220
759.625
92,938
489,486
197,335
12,025
,185,360
289,476
70,217
211,124
630
198
476
2,056
209
7
4,509
2,625
565,133
231,743
122,995
114,112
40,351
4,235
269,516
265,832
3,684
12,241
1,683
88,186
4,437
2,570
31,406
226
169
45,732
775
2,871
29
997,813
9,552
9,552
235,717
40, 524
572
146
193,639
836
5,507
33,511
15,081
3,746
42
9,276
1,368
19,216
8,022
1,662
9,532
60,475
49,713
1,315
48,398
10,112
1,018
7.134
(')
2
I.')
47
14
(^)
1,897
650
47,692
42,188
7,548
17,989
16,435
216
5,254
4,692
562
107
143
20,596
3,137
89
4,964
4
123
12,103
94
82
17
128
35
31
1,459
9
90
5
50
35
12
26
70
96
236
24
29
13
43
63
111
124
109
5
10
419
357
79
278
53
3
29
27
370
22
156
119
37
179
261
IS
2
108
12
27
11
24,323
23,134
1,189
734,300
288,092
18,062
11,954
454,856
11,336
91,465
12,970,432
60,348
559,699
66,272
135,342
25,010
9,784
39,277
624,225
223,258
2,226,239
1,608,302
341,797
33,571
433,104
1,079,672
394,283
1,119,008
704,429
463,501
2,351,536
23,270
355,550
92,905
2,472,497
808,046
1,476,833
187,613
917,345
344,278
20,412
323,866
568,732
131,944
418,698
2,618
392
239
5,288
63
9,490
657,832
247,890
219,676
179,935
10,331
2,679,423
2,667,733
11,685
32,471
2,156
145,601
13,195
4,971
61,657
836
382
56,758
1,664
6,083
77
147
118
17
101
2
622
345
21
53
21
161
276
276
4,103
1,694
260
80
2,069
(^)
3,388
488,793
433
37,302
94
3,683
80
24
1,431
11,643
5,535
60,966
138,390
34,733
5
10,298
10,216
25,240
36,189
23,731
4,549
11,626
2,193
7,780
2,012
3,564
2,204
62,428
46,536
478
46,053
15,740
2,002
12,922
1
1
68
(')
746
152
76,842
74,504
348
28,032
45,377
747
1,814
697
1,117
505
19
12,789
6,107
2,744
75
3,842
5
16
220
67
,125
8
53
3
35
31
9
20
43
69
189
19
24
11
30
110
97
5
315
276
63
213
31
1
6
117
25
19
64
107
89
IS
24
14
212
2
2
76
5
105
7
1,183
1,135
43
434,822
102,931
880
328
378,711
1,972
13,620
733,750
4,727
20,020
260
3,901
1,552
871
1,363
5,917
4,903
56,351
429,849
14,284
210
1,928
91,326
14,894
21,111
23,693
7,663
26
6,273
1,303
125,208
86,191
21,627
17,390
53,003
51,136
4,801
46,335
6,265
162
1,829
1
58
4,202
602
135,613
28,930
17,511
11,467
I97
49
106,114
105,727
387
45
524
61,505
431
471
21,959
326
34,263
359
3,696
9,011,C97
8,644
8,031
613
370,150
127,672
2,765
4,863
230,018
4,832
40,968
6,277,984
30,833
281,097
34,367
67,404
12,509
4,159
19,914
298,322
103,689
1,067,902
636,992
171,714
17,172
217,256
526,310
198,717
561,366
353,044
237,082
1,193,348
12,089
182,639
45,059
1,240,616
388,604
759,074
92,938
450,912
160,010
7,888
152,122
238,808
70, 137
211,124
657
198
120
2,056
554,201
276,978
120,728
113,012
39,235
4,003
264,899
261,216
3,683
11,247
1,077
67,600
4,415
2,570
28,664
226
169
27,910
775
2,871
22
1,085,970
414
414
(^)
284,161
72,055
572
59
210,000
1,475
5,462
657,290
2,127
25,490
153
2,562
686
279
1,221
7,336
4,325
37,754
342,040
20,085
34
5,951
96,308
16,566
23,672
17,625
3,810
42
7,403
1,366
23,090
7,457
1,669
13,964
45,550
X,878
1,505
33,373
10,383
1,018
7,225
(^)
2
47
(^) '
2,091
239
51,273
45,585
7,954
17,934
19,477
220
5.336
4,756
580
101
251
18,719
3,283
92
4,957
4
123
10,076
96
88
U
909,879
352
352
233,982
40,524
572
59
191,991
836
5,317
543,658
1,866
24,752
151
2,538
604
271
1,213
5,707
3,781
36,669
291,490
14,876
34
5,536
50,685
14,638
22,222
14,985
3,744
6,797
1,359
18,470
7,276
1,662
9,532
43,346
32,982
1,305
31,677
10,098
1,018
7,134
(^)
2
1,897
266
47,063
4-1,612
7,509
17,934
15,955
214
5,210
4,648
562
101
140
17,680
3,137
89
4,911
4
123
9,240
94
82
11
^Amounts shown for income from foreign sources other than dividends were reduced by negative amounts .
^Less than $500.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
107
RKTl R^S WITH KOKEIGN TAX CKKDIT
Table 24.— NET INCOME, TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES, BY SIZE OF TOTAL ASSETS
Returns with and without Form 1118 state-
ments filed in support of credit claimed
Returns with
Form 1118
statements filed
.n support
of credit c
laimed
Number
of
returns
Net income
( Theruaand
dolUri}
Income tax
before
foreign tax
credit
(Thoumttnri
daliarai
Credit
claimed
for
foreign
taxes
paid
(Thauaand
Number
of
returns
Net Income
(ThouMand
dollara)
Income
from foreign sources
Income tax
before
foreign tax
credit
(Tbouaand
dollara)
Foreign
taxes
paid
(Thouaarid
dollara)
credit
claimed
for
foreign
Size of total assets
Dividends
Income other
than dividends^
Number
of
returns
^Amount
(Thousand
dollar a)
Number
of
returns
Amount
(Thotsaand
dollara)
taxes
paid
(Thotiaand
dollara)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
Grand total
3,856
21,724,057
9,443,402
997,813
3,298
20,778,422
1,575
656,619
2,189
1,613,7«
9,011,097
1,085,970
909,879
3,821
21,666,670
9,415,233
994,922
3,275
20,729,075
1,564
653,398
2,174
1,610,408
8,986,595
1,083,516
907,441
46
95
205
264
314
408
612
369
366
412
232
167
165
166
35
349
947
2,594
11,259
21,414
41,752
139,880
174,116
345,612
948,638
967,211
1,491,653
2,779,186
14,742,059
57,387
84
242
772
4,216
8,329
16,287
59,335
75,027
161,165
451,258
466,944
707,342
1,342,777
6,121,455
28,169
65
116
368
839
2,884
4,063
10,510
9,043
16,719
26,261
34,910
77,761
68,418
742,965
2,891
34
57
164
185
247
342
530
339
326
376
214
156
150
155
23
327
651
2,393
9,274
17,556
35,226
121,555
161,438
308,723
876,338
920,666
1,414,049
2,534,408
14,i:>6,471
2
21
61
76
79
149
287
166
164
195
106
87
94
77
U
17
20
436
328
1,868
1,606
2,913
3,832
14,177
23,566
30,181
67,690
112,663
394,101
3,221
32
36
103
113
169
198
271
226
210
257
160
127
128
144
15
244
583
977
2,608
7,599
10,493
29,411
29,204
34,502
49,961
67,205
135,374
78,346
1,163,901
3,296
77
164
712
3,407
6,992
14,106
50,973
69,722
143,665
417,684
444,122
674,993
1,227,176
5,932,802
24,502
93
129
381
895
2,944
4,039
11,162
10,836
17,530
27,439
34,568
107,871
67,837
797,792
2,454
59
103
349
712
2,798
3,465
9,816
8,612
15,554
24,115
33,037
76,838
iino 000 000 under 4250 000 000
61,751
670,232
2,438
^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."
RETllR^S WITH FOREIGN TAX CREDIT
Table 25. — 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 1118 state-
ments filed in support of credit claimed
Number
of
returns
(Thousand
dollara)
Income tax
before
foreign tax
( Thousand
dollara)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollars)
Returns with Form 1118 statements filed in support of credit claimed
Number
of
returns
Net income
(Thousand
dollars)
Income from foreign sources
Number
of
returns
( Thousand
dollara)
Income other
than dividends^
(Thous.
dollai
Income tax
before
foreign tax
credit
(Thousand
dollara)
Foreign
taxes
paid
f Thousand
dollars)
Credit
claimed
for
foreign
taxes
paid
(Thousand
dollara)
(13)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(U)
(12)
Total.
3,856
9,443,402
1,085,970
909,879
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
205
164
148
351
333
580
395
X5
664
198
155
72
46
28
395
1,161
1,719
1,630
1,714
12,056
24,045
93,114
140,454
250,111
1,605,425
1,423,574
2,522,066
2,548,575
3,245,301
9,852,717
89
274
317
429
319
3,384
8,C96
33,954
56,916
110,766
731,726
662,836
1,160,455
1,230,463
1,410,445
4,032,933
30
121
60
97
50
957
1,450
5,355
9,010
14,564
57,091
50,132
74,400
115,838
56,678
611,980
149
118
106
68
70
274
284
498
351
303
606
190
144
65
45
27
302
819
1,250
1,171
1,551
9,341
20,471
80,256
124,716
218,354
1,455,163
1,372,110
2,351,180
2,290,491
3,171,570
9,679,677
63
73
58
16
49
120
132
228
161
127
268
104
92
36
27
21
275
299
95
30
74
1,155
739
3,476
5,368
9,353
55,463
44,515
85,775
123,489
62,966
263.547
86
45
49
52
21
168
157
297
240
220
464
148
117
61
40
24
219
230
272
804
225
3,031
3,985
19,190
29,288
29,701
111,601
98,044
163,630
85,076
108,020
960,388
67
107
235
296
286
2,757
6,949
29,281
50,375
96,293
664,043
641,447
1,083,101
1,102,221
1,372,116
3,961,523
61
63
52
111
55
1,191
1,520
5,512
10,460
14,965
61,594
50,667
79,373
81,879
90,892
687,575
19
53
47
61
50
888
1,245
5,114
7,905
13,055
52,689
48,149
72,895
75,826
55,418
576,465
^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.
501112 O -59 -8
108
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
WESTERN HEMISPHERE TRADE CORPORATIOIN RETIRINS
Table 26.— NET INCOME, WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES,
BY MAJOR INDUSTRIAL GROUP
Major industrial group
Total
number of
Western
Hemisphere
trade
corporation
returns
Net income
less
deficit
(Thousand
dollars)
Western Hemisphere
trade corporation
deduction
Number of
returns
(Thouaand
dollars)
(Thouaand
dollar*)
Returns with credit claimed for foreign taxes paid
Number of
returns
f Thousand
dollar »)
Number of
returns
Western Hemisphere
trade corporation
deduction
Amount
( Thousand
dollars)
Income tax
before
foreign
tax credit
(Thousand
dollars)
Credit
claimed for
foreign
taxes paid
( Thouaartd
dollars)
(1)
12)
(3)
(5)
C6)
(7)
(8)
(9)
(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 minii^^
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 housefiirnishings.
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
648
3
3,520,330
50,838
50,838
107,372
92,279
2ai
13,141
2,163
19,409
1,642,468
976
14,610
233
35
287
1,195
3,767
1.340,906
3,297
210,4^4
4,886
2
1
1
30,423
21,193
5,159
2
4,109
1
310
12
8
1
3
1,429,313
5,309
1,401,218
22,786
381
207,814
3&;
106
258
118,844
14,548
104,296
16
1
6
88,509
86,629
161
9
1,719
1
461
13
1,253
12
782
12
782
471
61,863
10,857
50,965
■il
566
3
345
106
239
11
1
1
7,698
7,698
27,489
22,995
3,819
675
2,035
149,227
263
3,242
65
321
1,599
107,810
543
30,752
1,316
1,122
269
1,389
6,893
1,329
27
5,537
25,630
3,905
21,725
547
40
46
461
124
337
210
210
127
2,125
2,002
11
1,582,395
22,849
22,349
37,866
32,314
4,784
768
665,064
365
5,496
449
2,169
533,209
1,087
89,522
1,834
15,413
10,955
1,955
2,013
117
730,472
1,787
719,794
8,891
47,192
5,209
41,983
47,398
46.739
60
599
170
465
292
292
173
22,959
3,191
19,758
10
3,464,333
50,838
50,838
100,460
85,436
12,861
2,163
18,570
1,642,167
976
14,405
233
1,195
6,048
1,339,500
2,367
210,444
4,886
30,423
21,193
5,159
310
1,428,943
4,939
1,401,218
22,786
158,471
69,490
6,270
63,220
88,520
86,629
172
1,719
461
782
782
782
53,193
41
208,177
7,698
7,698
27,303
22,974
,654
675
149,159
263
3,242
321
1,599
107,799
495
30,752
1,316
1,122
269
1,389
6,893
1,329
27
5,537
12,889
12,218
1,676
10,542
547
40
46
461
124
210
210
210
22,849
22,849
37,698
32,289
4,641
768
7,775
663,869
365
5,496
76
449
2,169
532,471
639
89,622
1,834
15,413
10,955
1,955
2,013
117
730,472
1,787
719,794
8,891
76,817
29,249
2,282
26,967
47,398
46,739
60
599
170
292
292
292
19,758
10
(11)
458,818
9,436
9,436
33,240
28,707
3,765
768
383,482
364
5,264
449
1,709
315,305
650
45,942
1,692
8,554
1,276
1,893
11,026
1,125
1,300
8,601
10,694
795
9,899
534
30
20
484
170
180
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Lljnitation of Data.
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
109
WESTERN HEMISPHERE TRADE CORPORATION RETIRINS
Table 26.— NET INCOME, WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES,
BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group
Number of
returns
Returns with .^rLdlt claimed for foreign taxea paid — Continued
Returns with Form 1118 statemenls filed in oupport of credit claimed
(Thoutand
doJtsfM)
Number of
returns
Western Hemisphere
trade corporation
deduction
Amount
(Thouiand
Hollara)
Income from foreign sources
Number of
i-e turns
Amount
(Thoumtnd
dolUrn)
Income other than
dividends
Number of
returns
Amount'
(Thousand
do tiara)
Income tax
before
foreign tax
credit
(Thouuand
dollar a)
Foreign
taxes paid
(Thouaand
dollar a)
Credit
claimed for
foreign
taxes paid
( Thouaand
dot lata)
(12)
(13)
(U)
(15)
(16)
(17)
(IS)
(19)
(20)
(21)
All industrial groups^
Agriculture, forestry, and fishery..
Parms and agricultural services...
Forestry
Fishery
Uining and queirrying^
Metal mining^
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum end natural gas oroduction^.
Nonmetallic mining and quarrying^
Nonmeta
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 pro^lucts
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'
Transporation
CoDiminication'
Electric and gas utilities'
Other public utilities
Trade'
Wholesale'
Commission merchants.
Other wholesalers' . . .
Retail'
Food '
General merchandise
Apparel and accessories
Furniture and housefumishings.
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance, real estate, and lessors of real
property .
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies
Security and commodity-exchange brokers and
dealers .
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other
than buildings.
Lessors of real property, except buildings
Services'
Hotels and other lodging places
Personal services
Business services'
Automotive repair services and garages
Miscellaneous repair services, hand trades
Motion pictures'
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
2€A
2
3,198,136
1,0^5
l,0i5
96,153
85,436
8,554
2,163
18,077
1,466,276
976
13,709
167
1,195
3,959
,166,460
2,367
210,444
2
1
1
30,423
21,193
5,159
2
4,109
1
310
7
3
1
3
1,426,736
2,732
1,401,218
22,786
93
155,873
81
19
62
66,892
6,270
60,622
11
1
1
88,520
86,629
172
1,719
461
782
782
782
10,868
22,285
41
189,586
282
282
26,134
22,974
2,465
675
1,767
141,125
263
3,055
44
321
1,052
100, 520
495
30,752
1,316
1,122
269
1,389
7
6,299
3
735
1
27
3
5,537
92
12,188
80
11,517
19
1,676
61
9,841
11
547
1
40
1
46
461
124
210
210
210
1,581
1,458
11
163,133
144
144
149
149
736
(')
130,299
3,321
15
13,912
838
3,151
3,151
8,644
8,644
8,644
789
789
89,861
80,003
8,025
1,833
5,377
551,243
711
10,616
118
2,086
3,165
420,647
1,343
87,017
4,053
12,669
2,694
5,159
13
22,948
1,824
4,072
17,052
20,344
17,814
2,806
15,008
2,069
162
188
1,719
461
782
782
782
18,291
32
1,455,320
385
385
36,072
32,289
3,015
768
7,593
591,441
365
5,243
57
449
1,423
461,061
639
89,622
1,834
15,413
10,955
1,955
117
729,704
1,019
719,794
8,891
28,308
2,282
26,026
47,398
46,739
60
599
170
292
292
292
10,756
10
260
260
63,326
59,057
2,862
1,407
1,604
444,517
556
5,575
59
769
1,196
327,288
650
91,655
2,255
11,023
1,276
1,893
14,914
577
1,304
13,033
12,005
11,132
963
10,169
680
30
20
630
193
180
180
180
6,082
2
(22)
236
236
31,614
28,707
2,139
768
1,585
347,194
364
5,125
57
449
1,093
279,790
650
45,942
1,692
8,554
1,276
1,893
10,472
571
1,300
8,601
10,584
9,880
795
9,085
534
30
20
484
170
180
5,597
68
_
69
-
70
242
71
-
72
-
73
5,353
74
-
75
2
76
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitation of Data.'
110
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
Table 26.— NET INCOME, WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT CLAIMED. AND INCOME FROM FOREIGN SOURCES
BY MAJOR INDUSTRIAL GROUP— Continued ouutv^oo,
Major industrial group
Returns without credit claimed far foreign taxes paid
Returns with net income
Number of
returns
( Thoumand
do liar a)
Western Hemisphere trade
corporation deduction
Number of
returns
Amount
( Thousand
do tiara)
Number of
returns
Amount
( Thousand
doltara)
Returns without
net income
Number of
returns
f Thousand
dollar a}
[23)
All industrial groups'-.
Agriculture, forestry, and fishery
Farms and agricultural services
Forestry
Fishery
Mining and quarrying^
Metal mining
Anthracite mining
Bituminous coal and lignite mining^
Crude petroleum and natural gas production..
Nonmetallic mining and quarrying
Construction^
Manufacturing^
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics.
Lumber and wood products, except furniture..
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products*
petroleum and coal products^
Rubber products
Leather and products
Stone, clay, and glass products'-
Primary metal industries ,
Fabricated metal products, except ordnance, 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 accessories
Scientific instruments; photographic equipment; watches, clocks.
Other manufacturing
Public utilities
Trans poration
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Commission merchants .
Other vrfiolesalers ....
265
87
178
Retai 1
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
77 Nature of business not allocable.
(24)
(25)
(27)
(28)
(29)
8,899
8,239
660
839
2,582
205
4U
A14
';9,894
8,278
41,616
186
21
135
68
254
87
167
13,412
U,412
2,229
U,183
19,664
166
25
185
1,195
254
87
167
17,943
2,927
15,016
(30)
7,102
1,987
1,396
211
380
(*)
2,281
U
lA
15'
li
i»
19
20
21
22
23
2i
25
26
27
23
29
31
32
33
34
35
36
37
38
39
iO
il
551
540
11
(.'■)
2,228
44
45
46
47
48
49
50
'1
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
^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.
*Lese than $500.
NCJTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
111
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
Table 27.— NET INCOME, WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT CLAIMED, AND INCOME FROM FOREIGN SOURCES,
BY SIZE OF TOTAL ASSETS
Size of total assets
Total
number of
Western
Hemisphere
trade
corporation
returns
Net Income
less
deficit
f Thouaand
dot lara)
Western Hemisphere trade
corporation deduction
Number of
returns
(Thouiand
dotlara)
(ThuuMtnd
dollmra)
Returns with credit claijned for foreign taxes paid
Number of
returns
(Thoaaand
dollara)
Western Hemisphere trade
corporation deduction
Number of
returns
(Thouaand
dotlara)
Income tax
before
foreign
taj( credit
(Thouaand
dettaraj
Credit
laijDed for
foreign
taxes paid
(Thouaand
dotlara)
(1)
(2)
(3)
C)
(5)
(7)
(8)
(9)
(10)
(U)
Grand total^
Returns with balance sheets, total^
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $2,500,000'
$2,500,000 under $5,000,000'
$5,000,000 under $10,000,000'
$10,000,000 under $25,000,000'...
$25,000,000 under $50,000,000'...
$50,000,000 under $100,000,000'..
$100,000,000 under $250,000,000'.
$250,000,000 or more'
Returns without balance sheets
3,520,330
222,105
1,582,395
3,464,333
49
59
37
U3
73
87
67
33
29
22
12
9
7
15
411
967
937
6,297
8,963
1A,927
31,285
23,647
29,199
25,474
33,178
122,110
75,630
3,145,232
2,073
27
59
37
103
73
85
65
30
22
18
9
6
2a, 558
115
253
248
1,741
2,410
3,871
8,460
6,178
7,689
7,562
7,498
21,848
4,252
U9,433
547
1,581,664
99
2U
224
1,994
3,047
5,039
11,357
8,632
11,650
U,612
13,138
45,862
29,449
1,439,347
731
290
408
337
2,418
3,092
10,133
16,083
14,674
21,797
27,408
31, 9U
121,808
67,470
3,145,232
1,272
207,834
82
U/.
90
646
829
2,573
4,321
3,798
5,574
6,787
7,487
21,848
4,252
149,433
343
1,562,261
66
91
83
787
1,048
3,355
5,628
5,320
8,302
10,523
12,400
45,862
29,449
1,439,347
470
55
90
65
479
691
2,593
3,575
2,952
4,711
5,154
8,548
30,2S8
11,037
388,254
126
Returns with credit claimed for foreign taxes paid — Continued
Returns with Form 1118 statements filed in support of credit claimed
Slae of total assets
Number of
returns
(Thouaand
dottara)
western Hemisphere trade
corporation deduction
Number of
returns
( Thousand
dottara)
Income from foreign sources
Number of
returns
Amount
(Thouaand
Income other than
dividends
Number of
returns
Amount^
(Thouaand
dottara)
Income tax
before
foreign
tax credit
(Thouaand
dottara)
Foreign
taxes paid
(Thouaand
dottara)
Credit
claijned for
foreign
taxes paid
(Thouaand
dotUra)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
Grand total'
Returns with balance sheets, total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $2,500,000
$2,500,000 under $5,000,000'
$5,000,000 under $10,000,000'...
$10,000,000 under $25,000,000'..
$25,000,000 under $50,000,000'..
$50,000,000 under $100,000,000'.
$100,000,000 under $250,000,000'
$250,000,000 or more'
Returns without balance sheets....
3,198,136
163,133
1,455,320
3,196,864
16
290
15
408
9
337
25
2,363
27
3,092
48
8,681
38
14,926
19
13,567
19
21,797
14
24,192
7
26,442
6
97,218
5
61,152
13
2,922,399
1,272
189,243
82
114
90
630
829
2,182
4,007
3,515
5,574
5,921
6,005
21,750
3,806
134,738
343
(')
(')
?
15
1
(*)
4
351
2
263
3
2,348
4
920
3
1,717
0
157,515
709,247
186
488
72
1,789
2,327
6,362
11,112
7,013
12,814
14,569
18,666
76,251
27,310
530,288
1,454,850
66
91
83
776
1,048
2,826
5,224
4,926
8,302
9,346
10,330
33,729
27, 580
1,345,473
470
543,043
88
115
65
630
755
2,614
3,827
3,412
5,809
6,046
7,310
58,670
9,720
443,982
126
55
90
65
468
691
2,254
3,323
2,610
4,711
4,114
5,837
29,401
9,158
343,549
126
Returns without credit claimed for for foreign taxes paid
Returns with net Income
Size of total assets
Number of
returns
(Thouaand
dottara)
Western Hemisphere trade
corporation deduction
Number of
returns
Amount
(Thouaand
dottara)
Number of
returns
Amount
( Thouaand
dottara)
Returns without net
income
Number of
returns
(Thouaand
dottara)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
Grand total'
13,928
19,664
Returns with balance sheets, total'
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $2,500,000
$2,500,000 under $5,000,000
$5,000,000 under $10,000,000'
$10,000,000 under $25,000,000'...
$25,000,000 under $50,000,000'...
$50,000,000 under $100,000,000. . .
$100,000,000 under $250,000,000..
$250,000,000 or more
276
44
28
72
46
33
22
10
6
1
1
1
1
62,298
(')
559
60O
4,038
5,871
4,824
15,378
9,059
8,979
2,879
1,406
413
8,160
271
(=)
44
28
72
46
33
22
9
4
1
1
13,724
(')
139
158
1,095
1,581
1,298
4,139
2,380
2,115
775
11
271
(^)
44
28
72
46
33
22
9
4
1
1
Returns without balance sheets.
19,403
(')
123
141
1,207
1,999
1,684
5,729
3,312
3,348
1,089
738
261
( = )
(')
7,102
(')
(')
30
176
85
1,577
4,813
139
m
'includes consolidated returns of 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 ajoounts.
^Sampling variability of this item was too large to warrant showing it separately. However, this value was included in each total.
*Less than $500.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
112
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
Table 28.— NET INCOME,
WESTERN HEMISPHERE TRADE CORPORATION DEDUCTION, TAXES, FOREIGN TAX CREDIT CLAIMED,
BY SIZE OF NET INCOME
AND INCOME FROM FOREIGN SOURCES,
Size of net income
Returns with net income
Number of
returns
(Thousand
datlara)
Western Hemisphere trade
corporation deduction
Number of
returns
(Thauiond
dolUra)
( Thousand
dottara)
Returns with credit claimed for foreign taxes paid
Number of
returns
( Thouaand
dotlara)
Western Hemisphere trade
corporation deduction
Number of
returns
(Thouaand
dollara)
Income tax
before
foreign
tax credit
(Thouaand
dollara)
Credit
claijned for
foreign
taxes paid
(Thouaand
dollara)
(1)
(2)
(3)
U)
(6)
(7)
(8)
(9)
(10)
(11)
Total'
Under $5,000
$5,(X)0 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, OCXS'.
$25,000,000 under $50,000,000'.
$50,000,000 under $100,000,000-
$100,000,000 or more'
222,105
208,177
1,562,731
245
606
470
339
3,589
3,881
16,196
22,934
26,674
91,593
91,614
106,512
123,786
226, 3U
2,312,628
158
130
90
943
1,037
4,091
5,914
6,465
22,717
10,671
8,882
10,532
16,954
133,455
12
35
135
102
73
366
1,151
5,278
8,075
10,107
35,005
34,367
44,625
57,601
105,320
,279,642
15
37
191
43
24
1,350
2,014
10,373
13,761
19,754
64,012
83,454
106,512
123,785
226,314
2,812,528
1
27
49
13
7
368
532
2,617
3,556
4,852
15,660
10,671
8,882
10,532
16,954
133,456
16
42
10
5
320
593
3,407
4,885
7,493
24,404
34,367
44,625
57,601
105,320
,279,642
1
5
24
9
5
257
471
2,454
3,460
4,584
1A,541
15,285
17,501
22,681
23,916
353,622
Returns with net income — Continued
Returns with credit claimed for foreign taxes paid — Continued
Returns with Form 1118 statements filed in support of credit claimed
Size of net income
Number of
returns
(Thouaand
dollara)
Western Hemisphere trade
corporation deduction
Number of
returns
(Thouaand
dollara)
Income from foreign sources
Number of
returns
Amount
( Thouaand
dollara)
Income other than
dividends
Number of
returns
Amount
(Thouaand
dollara)
Income tax
before
foreign
tax credit
(Thouaand
dollara)
Foreign
taxes paid
( Thouaand
dollara)
Credit
claimed for
foreign
taxes paid
(Thouaand
dollara)
(12)
(13)
(14)
(15)
(15)
(17)
(18)
(19)
(20)
(21)
(22)
Total'
Under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000'
$250,000 under $500,000'
$500,000 under $1,000,000'
$1,000,000 under $5,000,000'..
$5,000,000 under $10,000,000'.
$10,000,000 under $25,000,000'
$25,000,000 under $50,000,000'
$50,000,000 under $100,000,000
$100,000,000 or more'
3,198,135
169,566
710,115
1,455,320
543,169
407,462
(')
{')
('}
48
24
1,360
1,767
10,161
11,531
18,114
- 55,820
77,136
81,922
73,993
226,3U
2,639,588
(^)
368
4^8
2,550
2,998
4,410
13,445
10,225
8,784
3,116
16,954
126,177
(^)
(^)
(')
(^)
101
528
2,392
1,525
8,656
U,907
1
135,019
(')
(')
131
20
1,026
1,432
7,477
8,965
U,231
39,033
39,907
26,969
16,560
63,169
494,014
(^)
10
5
320
529
3,332
4,126
6,882
21,389
32,498
37,492
35,137
105,320
1,208,232
(^)
420
565
2,730
3,943
5,058
15,082
U,146
21,393
17,374
53,114
409,297
(^)
9
5
257
422
2,453
2,930
3,973
11,626
13,416
16,644
13,481
23,918
318,107
Size of net Income and deficit
Returns with net income — Continued
Returns without credit claimed for foreign taxes paid
Number of
returns
Net income
(Thouaand
dollara)
Western Hemisphere trade
corporation deduction
Number of
returns
Amount
(Thouaand
dollara)
Number of
returns
Amount
(Thouaand
dollara)
Returns without net
income
Number of
returns
(Thouaand
dollara)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
Total'
Under $5,000
$5,(X)0 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
19,664
34
158
415
422
315
2,229
1,867
5,825
9,173
6,920
27,581
8,160
11
26
109
117
83
575
505
1,474
2,358
1,613
7,057
11
19
93
92
68
546
556
1,871
3,191
2,6U
10,601
22
9
226
224
574
357
5,646
Includes consolidated returns of affiliated groups of corporations when one or more of the corporations within the group was a Western Hemisphere trade corporation.
^Sampling variability of this item was too large to warrant showing it separately. However, this value was included in each total.
^Amounts shown for income from foreign sources other than dividends were reduced by negative amounts.
NOTF: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1956 -JUNE 1957
113
PERSONAL HOLDING COMPANY SCHKDl LES
Table 29.— NET INCOME, UNDISTRIBUTED PERSONAL HOLDING COMPANY INCOME, AND PERSONAL HOLDING COMPANY TAX, BY INCOME STATUS
Total
R'.-turn3 with corporate
net Income
Returns without corpora te-
net income
Item
With undle-
tributed
personal
holding
company
Income
Without undis-
tributed
personal
holding
company
Income
With undis-
tributed
personal
holding
company
income
Without undis-
tributed
personal
holding
company
income
(ij
E2)
(3)
K)
(5)
6,200
297
-1,428
-
1,475
(Thauaand dollmra)
352,111
872
673
23,950
872
673
337,966
-
^9,805
PERSONAL HOLDING COMPANY SCHEDULES
Table 30.— PERSONAL HOLDING COMPANY INCOME, BY SOURCE
Sources of personal holding company income
Number of
returns
Amount
( Thousand
dollara)
Returns with undis-
tributed income
Number of
returns
Amount
(Thousand
dollara)
Returns without undis
tributed Income
Number of
returns
Amount
(Thouaand
dollara)
(1)
(3)
Returns with schedule PH attached, total
With sources reported, total
Dividends
Interest
Rents
Royalties:
Uineral, gas, and oil
Other
Annuities
Net gain from sale of slock or securities
Net gain from futures transactions
Income from estates and trusts
Income from personal service contracts
Income from use of corporation property by shareholder
With sources not reported
'Less than $500.
6,200
3,200
3,238
908
295
320
15
1,657
16
14
54
81
229,232
33,056
13,682
16,795
13,282
35
85,893
990
107
1,590
586
193
203
73
29
36
112
1
1
22,120
1,330
2,101
48
812
2,544
292
{')
31
(5)
3,007
3,035
835
266
284
15
1,545
15
13
52
80
1,3J5
(6)
367,965
207,112
31,726
11,581
18,747
12,470
35
83,349
698
107
1,559
581
PERSONAL HOLDING COMPANY SCHEDILES
Table 31.— PERSONAL HOLDING COMPANY INCOME, UNDISTRIBUTED INCOME, AND TAX, BY SIZE OF PERSONAL HOLDING COMPANY INCOME
Size of personal holding company income
Number of
returns
Personal
holding
company
income^
(Thouasnd
dollara)
Returns with undistributed income
Number of
returns
Personal
holding
company
income'
(Thouaand
dollara)
Undis-
tributed
income
(Thousand
dollara)
Personal
holding
company
tax
(Thouaand
dollara)
(1)
(2)
(3)
(4)
(5)
Returns with schedule PH attached, total
With personal holding company Income reported, total
Under $5,000
♦ 5,000 under $10,000
$10,000 under $25,000
$25 ,000 under $50, 000
$50,000 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 or more
Without personal holding company income reported in schedule
'consists of gross income from the sources shown in table 30. See also p. 9.
397,248
4,817
397,248
1,796
712
841
497
407
430
75
52
7
1,383
2,769
4,753
12,852
17,605
28,869
94,927
52,141
95,458
87,874
135
175
863
782
974
5,736
1,504
2,384
16,730
2
36
22
3
48
23
2
67
2
114
CORPORATION INCOME TAX RETURNS, JULY 1956- JUNE 1957
PERSONAL HOLDING COMPANY SCHEDULES
Table 32.— PERSONAL HOLDING COMPANY INCOME, UNDISTRIBUTED INCOME, AND TAX, BY SIZE OF UNDISTRIBUTED INCOME
Size of undistributed personal holding coinpany income
Number of
returns
Personal holding company
income^
Number of
returns
Amount
(Thousand
Hollars)
Undistributed
income
(Thouaand
dollars)
Personal
holding
company tax
(Thotmmnd
rlol lar*)
(1)
Returns with schedule PH attached, total
With undistributed income, total
Under $2,000
$2,000 under $5,000
$5,000 under $10,000
$10,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 or more
Wi thout undistributed income
^Consists of gross income from the sources shown in table 30. See also p. 9,
6,200
261
22
5,903
(2)
(3)
^,817
217
21
29,283
15,077
12,146
353
286
54
(4)
(5)
12
50
23
26
*1
454
PERSONAL HOLDING COMPANY SCHEDULES
Table 33.— TOTAL ASSETS, PERSONAL HOLDING COMPANY INCOME, UNDISTRIBUTED INCOME, AND TAX, BY SIZE OF TOTAL ASSETS
Size of total assets
Number of
returns
Total
assets
(Thousand
dollar a)
Personal holding company
income "^
Number of
returns
(Thousand
dollars)
Returns with undistributed income
Number of
returns
Personal
holding
company
income'
(Thousand
dollars)
Undistributed
income
(Thouaand
dollars)
Personal
holding
company tax
(Thouaat>d
dollar a)
(1)
(2)
(3)
{«)
C5)
(6)
Returns with schedule PH attached, total.
6,200
With balance sheets, total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000...
$100,000 under $250,000..
$250,000 under $500,000..
$500,000 under $1,000,000
$1,000,000 under $2,500,000
$2,500,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
,908
4,033,323
,210
12,450
710
26,213
388
64,103
,127
185,912
695
246,389
582
408,624
384
603,013
153
523,205
103
716,105
42
603,937
10
336,228
3
183,649
1
123,495
633
392,783
809
4,356
527
4,242
683
6,159
897
21,300
605
22,496
492
31,693
339
56,138
138
56,786
91
48,596
38
92,011
10
26,427
3
13,099
1
9,435
29 ,268
530
935
3,840
724
1,180
3,962
940
7,245
Without balance sheets.
(7)
(')
31
80
139
43
20
13
536
(8)
(')
39
111
31
15
9
456
^Consists of gross income from the sources shown in table 30. See also p. 9.
^Sampling variability of this item was too large to warrant showing It separately.
^Less than $500.
However, this value was included in the total.
CORPORATION INCOME TAX RETURNS. JULY 1956-JUNE 1957
115
ACTIVE CORPORATION RETURNS
Table 34 . —RETURNS WITH RECEIPTS FROM DIVIDENDS, RENTS, AND ROYALTIES, BY MAJOR INDUSTRIAL GROUP
Major industrial group
Total
number of
returns
Percent of
column (1)
(Thouaand
riollara)
Ren'.G
Percent of
column ( 1 )
(Thotttand
doltarw)
Royalties
Percent of
column (1)
(Thoumand
doltara)
(1)
U)
(3)
U)
(5)
(6)
(7)
(8)
(9)
(10)
All Industrial groups
Agriculture, forestry, and fishery
Mining and quari^ing^
Metal mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
Nonmetallic mining and quarrying
Construction.
Manufacturing^
Beverages ■
Food and kindred products
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
machinery, and transpor-
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance,
tation equipment
Machinery, except transportation equipment and electrical
Electrical machinery and equipment
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Scientific instruments; photographic equipment; watches, cloclcs.
Other manufacturing
Public utilities^.
Transportation
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Coomission merchants.
Other wholesalers
Retail'
Food
General merchandise
Apparel and accessories
Autcmotive 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 comnodity-exchange brokers and dealers.
Insurance carriers and agents^
Insurance carriers^
Insurance agents and brokers
Real estate, except lessors of real property other than buildings.
Lessors of real property, except buil.dings
Services
Hotels and other lodging places
Business services
Automotive repair services and garages.
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictur«s
Other services, including schools
Nature of business not allocable.
885,747
10,973
11, 743
1,455
1,800
5,508
2,781
48,292
132.835
3,010
10.754
5,644
13.523
6,977
4,810
2,864
15,826
7,916
819
832
2,763
4,604
3,668
13,319
13,665
4,263
1,533
1,281
2.621
11,822
36,181
26,732
1.176
2,681
286,252
94,997
16,521
78,476
168,263
12 , 561
8,852
21,453
29,283
6,971
23,482
19,829
29,873
22,992
265,005
60,154
15,315
33,761
8,847
2,231
16,676
3,423
13,253
181,547
6,628
81 . 598
8,586
20,559
8,675
4,733
7,053
8,128
8,747
12,868
788
54
142
414
167
1.407
8,655
192
899
473
427
358
236
319
1,414
667
93
72
236
385
314
865
222
82
88
120
472
1.773
1,295
180
87
13,977
5,744
941
4,803
6,934
476
754
667
1,561
361
246
1.330
1,046
1,299
23,594
11.627
3,106
2.144
5,531
846
3,198
1.753
1.445
8,396
373
2,796
315
989
148
339
194
295
270
6.1
7.9
6.7
3.7
7.9
7.5
6.0
6.5
6.4
8.4
8.4
3.2
5-.1
4.9
11.1
8.9
8.4
12.0
8.2
8.5
8.4
6.3
5.2
5.3
6.9
4.6
4.0
15.3
3.2
6.0
5.7
6.1
4.1
3.8
8.5
3.1
5.3
5.2
1.0
6.7
3.5
5.6
8.9
19.3
20.3
6.4
62.5
37.9
19.2
51.2
10.9
4.6
5.6
3.4
3.7
4.8
1.7
1.7
4.8
2.4
3.4
2.1
7,663
86.349
39,923
10,841
17,924
2,485
16,976
1,435,980
3,192
59,504
16,670
3,366
5,061
2,265
26,958
35,028
232,095
587,377
43,354
1,387
27,426
71,684
41,289
73,936
31,269
12,518
131,968
20,488
8,057
148,175
88,706
24,799
2.035
237,626
171,354
16,061
155,293
eO,798
4,857
35,894
6,288
2,335
2,487
2,199
2,128
3,246
5,474
1,467,911
990,739
58,962
54,785
362,327
14,665
420,219
410,515
9,704
55,703
1,250
45,403
10,414
16,009
631
37
14,683
1,258
739
390
237,674
2,815
2,202
124
515
846
687
5,547
22.160
829
2,566
1,336
900
1,777
623
608
2,097
1,392
231
133
347
1,216
725
2,123
2.483
554
265
234
337
1,297
5.183
3.822
358
374
39,648
12,368
1,560
10,808
23,610
2,116
1,885
2,047
4,323
737
2,195
4,145
4,412
3,670
146,072
15,057
8,675
5.172
1,039
171
2.176
1,071
1.105
123,924
4,915
13,717
2,847
2,392
2,050
336
1,970
1,271
807
330
25.7
IS. 8
8.5
28.6
15.4
24.7
11.5
16.7
27.5
23.9
23.7
6.7
25.5
13.0
a. 2
13.3
17.6
28.2
15.1
12.6
26.4
19.8
15.9
18.2
13.0
17.3
18.3
12.9
11.0
14.3
14.3
30.4
14.0
13.9
13.0
9.4
13.8
14.0
16.8
21.3
9.5
14.8
10.6
9.3
20.9
14.8
16.0
55.1
25.0
56.6
15.3
11.7
7.7
13.0
31.3
8.3
63.3
74.2
16.8
33.2
11.6
23.6
7.0
27.9
15.6
9.2
2.6
6.042.049
22,928
29,035
4,247
7,444
12,348
4,010
52,033
462,784
5,827
23,530
20,866
5,496
11,151
4,821
12,005
19,015
19,404
192,922
4,301
2,259
8,729
12,656
16,234
34,606
11 , 589
4,838
36,193
4,123
10,615
611,561
536,333
26,563
1.914
354,056
113.476
10.105
103,371
211,156
13.903
73.843
33.010
28.709
5,992
10,387
12,006
20,583
29,424
4,076,586
203,469
153,188
30,009
17,469
2,303
293,890
294,740
4,150
3,473,350
100,377
432.146
212,963
67,896
60,365
928
56,056
18,708
8,344
920
1,156
111
235
692
93
145
3,874
39
167
102
114
98
43
121
558
393
98
49
40
193
107
702
310
67
61
109
194
249
146
83
664
132
532
440
54
♦J7
40
69
1
70
155
5.679
2,437
364
189
1,877
57
80
7
73
965
2,147
488
30
130
36
34
76
48
68
3.0
9.8
7.6
13.1
12.6
3.3
0.3
2.9
1.3
1.6
1.8
0.8
1.4
0.9
4.2
3.5
5.0
12.0
5.6
1.4
4.2
2.9
5.1
7.3
4.4
4.8
4.2
1.6
0.7
0.5
7.1
0.1
0.7
0.8
0.7
0.3
0.4
0.4
0.2
0.2
0.3
0.4
0.3
2.1
4.1
2.4
0.6
21.2
2.6
0.5
0.2
0.6
0.5
32.4
0.6
0.3
0.9
0.4
0.7
1.1
0.6
0.8
8,530
54,515
5,276
4,411
40,583
3.815
3.828
350,508
3,997
10,330
7,399
7,834
3,819
514
6,433
20,772
72,713
63,388
1.733
406
10.651
12,657
5.942
54,228
31,350
12,432
9,248
6,489
2.898
31,044
18,385
4,652
15
34,551
29,675
3,381
26,294
3.204
495
232
212
288
16
532
542
863
267.722
128.665
2,779
772
125,010
104
186
72
114
10.003
128.868
36.701
182
18,184
303
199
12.809
1.555
2,698
578
'Data for certain industry groups not shown separately are included in the appropriate divisional totals.
^For items reported and computation of tax by life and mutual insurance companies, see facsimiles of return Forms 1120L and 1120M, pp. 179-196.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
116
CORPORATION INCOME TAX RETURNS, JULY 1956-JUNE 1957
ACTIVE CORPORATION RETURNS
Table 35.
-RETURNS WITH DEDUCTIONS FOR DEPRECIATION AND AMORTIZATION, BY MAJOR INDUSTRIAL GROUP
ajor industrial group
Total
number of
returns
Depreciation
Percent
of
column (1)
(Thousend
dollara)
Anortization
column (1)
(ThtHtmand
dolUta)
(1)
(2)
(3)
M
(5)
(6)
(7)
All industrial groups
Agriculture, forestry, and fishery
Mining and quarrying^
Metal mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production
Nonmetallic mining and quarrying
Construction
Manufacturing^
Beverages
Food and kindred products
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
Scientific instruments; photographic equipment; watches, clocks
Other manufacturing
Public utilities
Transportation
Commujiication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
Food
General merchandise.. .*.
Apparel and accessories
Furniture and housefurnlshlngs .T7~.
Automotive dealers and filling stations ,
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance,2real 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
10,973
11,743
1,455
1,300
5,508
2,781
48,292
132,835
3,010
10,754
5,644
13,523
6,977
4,810
2,864
15,826
7,916
819
882
2,763
4,604
3,668
13,319
13,665
4,263
1,533
1,281
2,621
11,822
36,181
26,732
5,592
1,176
2,681
286,252
94,997
16,521
78,476
168,263
12,561
8,852
21,453
15,959
29,283
6,971
23,482
19,829
29,873
22,992
265,005
60,154
15,315
33,761
8,847
2,231
16,676
3,423
13,253
181,547
6,628
81,598
8,586
15,067
20,559
8,675
4,783
7,053
8,128
8,747
12,868
9,569
9,180
757
1,471
4,442
2,398
40,401
122,431
2,915
10,185
5,311
12,420
6,373
4,566
2,805
13,655
7,056
705
861
2,512
4,289
3,437
12,530
12,964
3,855
1,432
1,205
2,430
10,682
32,315
23,937
4,996
1,083
2,299
253,360
78,990
11,452
67,538
155,600
11,849
7,706
19,675
14,646
27,342
6,545
21,667
18,671
27,499
18,770
191,995
36,527
14,613
17,871
2,331
1,712
11,396
1,514
9,882
141,984
2,083
69,363
7,891
14,021
16,309
7,574
4,297
5,907
6,629
6,740
3,220
87.2
78.2
52.0
81.7
80.6
36.2
83.7
92.2
96.8
94.7
94.1
91.8
91.3
94.9
97.9
86.3
89.1
36.1
97.6
90.9
93.2
93.7
94.1
94.9
90.4
93.4
94.1
92.7
90.4
89.3
39.5
89.3
92.1
85.3
88.5
83.1
69.3
86.1
92.5
94.3
87.1
91.7
91.3
93.4
93.9
92.3
94.2
92.1
31.6
72.4
60.7
95.4
52.9
26.3
76.7
63.3
44.2
74.6
73.2
31.5
85.0
91.9
93.1
79.3
87.3
39.8
83.8
31.6
77.1
25.0
116,319
593,347
64,354
99,620
330,904
91,167
404,302
6,557,632
143,271
494,429
298,032
64,532
163,195
53,371
287,133
190,505
727,434
1,000,802
118,632
31,963
245,976
601,321
291,076
605,971
310,171
114,748
544,502
111,647
129,297
3,519,015
1,376,857
725,739
1,377,112
39,257
1,628,962
557,749
30,110
527,639
964,440
235,043
204,306
73,433
35,270
123,655
23,864
97,898
66,081
99,385
106,773
247,966
130.073
51,626
10,632
5,585
121,632
105,794
15,838
873,532
19,703
865,613
152,059
90,979
201,208
189,662
15,057
122,267
64,353
29,533
4,303
70,024
772
1,105
239
85
518
248
3,987
12,240
137
653
263
812
535
319
256
320
741
114
93
126
408
513
1,510
2,188
699
260
139
421
1,212
2,854
1,876
514
208
256
21,601
3,026
1,444
6,582
11,328
909
492
1,586
1,268
2,334
507
1,804
947
1,981
1,747
19 ,923
3,563
492
2,154
666
251
1,198
81
1,117
14,712
450
6,868
679
1,095
1,885
917
307
656
665
664
7.0
9.4
16.4
4.7
9.4
8.9
8.3
9.2
4.6
6.1
4.7
6.0
7.7
6.6
8.9
5.2
9.4
13.9
10.5
4.6
8.9
14.0
11.3
16.0
16.4
17.0
10.9
16.1
10.3
7.9
7.0
9.2
17.7
9.5
7.5
8.4
8.7
8.4
7.0
7.2
5.6
7.4
7.9
8.0
7.3
7.7
4.8
6.6
7.6
7.5
5.9
3.2
6.4
7.5
11.3
7.2
2.4
8.4
8.1
6.8
3.4
7.9
7.3
9.2
10.6
6.4
9.3
8.2
7.6
2,625,949
1,584
34,lil
67,447
1,987
11,091
3,587
1,922
1,521,804
979
6,267
5,623
485
8,498
1,604
67,167
1,510
237,123
254,832
10,708
147
37,573
572,103
25,098
77,363
54,019
65,344
74,817
13,722
6,148
940,376
555,535
8,578
375,515
748
51,105
34,161
1,152
33,009
10,960
933
765
1,535
586
2,370
193
1,597
458
2,518
5,984
10,845
2,778
1,147
869
496
266
627
220
407
5,629
1,811
13,966
665
832
3,020
939
383
6,536
1,020
566
226
^Data for certain industry groups not shown separately are included in the appropriate divisional totals.
^For items reported and computation of tax by life and mutual insurance companies, see facsimiles of return Forms 1120L and 1120M, pp. 179-196.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of Data."
3. Corporation Income Tax
Returns, Historical Data
1947-48 through 1956-57
CORPORATION INCOME TAX RETURNS 1947-48 THROUGH 1956-57
Page
Corporation Income Tax Returns, Historical Data 19<;7-A8 through
1956-57 119
Historical Tables:
36. Number of returns, 19A1-^S through 1956-57 120
37. Income, taxes, and dividends paid, 19A7-48 through 1956-57. 120
38. Specified current assets and liabilities, investments, total
assets, net worth, and related receipts, by major industrial
group, 19';8-'i9 through 1956-57 121
39. Number of returns, total compiled receipts, and total assets,
by size of total assets, 19^7-48 through 1956-57 131
118
CORPORATION INCOME TAX RETURNS,
HISTORICAL DATA 1947-48 THROUGH 1956-57
The historical data Inthls volume were selected from tables published
In Statistics of Income for the years 19^7-^8 through 1956-57. The data
given in the historical tables are, in general, statistically comparable,
from year to year, for the period covered. Due to changes made, begin-
ning in the 19'!*B-A9 year, in industrial classification, data for W^-V-^S
have been omitted from table 38. The data presented may be supplemented
by use of the Synopsis of Federal Tax Laws for the same period, pages
14^-151. For information on items included in the tables, refer to the
Explanation of Terms section of this report.
Data relating to corporation income and tax first became available
when an excise tax, based on corporate income, was imposed by the Tariff
Act of 1909. From 1909 to 1915 selected items of data were published
in the Annual Report of the Commissioner of Internal Revenue.
Following the adoption of the Sixteenth Amendment to the Constitution
in 1913 a so-called direct tax was imposed on the income of corporations.
Three years later the Revenue Act of 1916 directed that statistics con-
cerning the operation of the income tax laws be published annually.
This provision has been included in each succeeding change in the Revenue
Code. The first volume of Statistics of Income was published for the
year 1916. It contained only five basic income and tax items for corpo-
rations, distributed geographically and by type of industry.
The chart below shows the growth in "Total assets" for the ten- year
period ig-iV-AS through 1956-57.
Chart 2.-T0TAL ASSETS REPORTED ON RETURNS WITH BAUNCE SHEETS,
194748 THROUGH 1956-57
Billions of doiiafs
1000
800
600
400
200-
tU7-4t I94B-4I1 IB4S-50 ISO-SI t9St-S2 1992-53 I953-S4 I854-5S I9SS-SB 1850-97
"Specified current assets, except investments," shown in table 38, con-
sist of cash, notes and accounts receivable less reserves, inventories,
and, after 1953-5'i, prepaid expenses and supplies. "Specified current
liabilities" include accounts payable, bonds, notes and mortgages matur-
ing within one year (prior to 1954-55, with original maturity less
than one year) and, beginning in 1954-55, accrued expenses. The balance
sheet of Form 1120 does not require classification of accounts as cur-
rent and noncurrent. Data are not available, therefore, for current
assets and liabilities other than those specified.
119
120
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
ALL CORPORATION RETURNS
Table 36.— NUMBER OF RETURNS, 1947-48 THROUGH
1956-57
All returns
Inactive
corporations^
Active corporations
Year
Total
Consolidated returns
Parent
corporations
Subsidiary
corporations
(1)
(2)
(3)
(4)
(5)
924,961
842,125
754,019
730 ,974
705,497
687,310
665,992
649,957
630,670
587,683
39,214
34,822
31,214
32,999
33,426
34,934
36,676
35,115
36,427
35,876
885,747
807,303
722,805
697,975
672,071
652 , 376
629,314
614,842
594,243
551,807
3,594
2,906
2,723
2,408
2,169
1,940
1,611
1,679
1,418
1,210
13,131
1955_56 .
10,966
10,416
9,019
6,373
^Historical tables do not include any data for inactive returns other than the number of returns in this table.
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
ACTIVE CORPORATION RETURNS
Table 37.— INCOME, TAXES, AND DIVIDENDS PAID, 1947-48 THROUGH 1956-57
All active corporation returns
Number of
returns
Gross sales
and receipts
from
operations
(Thousand
dollara)
Total
compiled
receipts
(Thoitiend
dotlora)
Net income
(less
deficit)
( Thousand
dollars)
Dividends
paid in
cash and
assets
other than
own stock
(Thouiand
dollars)
Returns with net income
Number of
returns
Gross sales
and receipts
from
operations
f Thousand
dollara)
Total
compiled
receipts
f Thousand
dollars)
(Thousand
dollars)
(Thousand
dollars)
( Thousand
dollars)
Excess
profits
tax
( Thousand
dollars)
Dividends
paid in
cash and
assets
other than
own stock
(Thousartd
dollars)
(1)
(2)
(1)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
1947-43.
835,747
807,303
722,805
697,975
672,071
652,376
629,314
614,842
594,243
551,807
646,672,235
612,682,730
528,905,708
534,567,518
509,318,667
497,202,910
439,881,532
377,456,995
395,565,320
353,793,872
679,868,163
642,248,036
554,822,450
558,242,262
531,307,293
517,039,183
458,130,069
393,449,692
410,965,648
367,745,573
46,884,912
47,478,271
36,328,435
39,484,687
38,456,179
43,545,590
42,613,304
23,194,337
34,425,024
31,422,723
14,498,400
13,592,432
11,913,430
11,600,757
11,262,757
11,299,460
11,552,963
9,569,092
9,386,475
3,365,046
559,710
513,270
441,177
441,767
442,577
439,047
426,283
384,772
395,860
382,531
536,109,306
553,996,176
462,063,942
435,362,717
466,639,140
460,689,105
413,407,799
335,290,034
3tA,8ba,032
330,317,381
614,857,002
534,975,337
434,727,436
506,450,086
436,441,344
479,243,451
430,637,780
350,168,722
379,309,471
343,273,851
50,184,217
50,323,887
39,572,830
41,819,445
40,431,697
45,333,173
44,140,741
30,576,517
36,273,250
33,381,291
21,364,290
21,740,890
16,860,952
19,369,049
19,147,694
22,082,117
17,316,932
9,817,308
11,920,260
10,981,482
21,364,290
21,740,890
16,323,241
13,255,625
17,596,969
19,623,441
15,929,488
9,817,308
11,920,260
10,981,482
37,711
1,613,424
1,550,725
2,458,676
1,387,444
14,193,395
13,400,660
11,590,810
11,422,624
11,133,098
11,180,692
11,454,755
9,409,065
9,278,833
8,222,121
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sample and Limitations of
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
121
AC.TIVK CORPORATION RETIRNS
Table 38. —SPECIFIED CURRENT ASSETS AND LIABILITIES,
INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-49 THROUGH 1956-57
Number of
active
corporation
returns
Returns with
balance sheets
Number of
returns
Specified
current
assets,
except
investments
(Thomand
dolltra)
Investments
Total
assets
(ThotiMMnd
dollarm)
Specified
current
liabilities
(ThouMSnd
dollarm)
Net worth
(Thoafttd
dollMit)
Gross sales
Major Industrial group and year
Government
obligations
(Thouaanrf
do/icraj
Other
investments
fThouM»nd
dotUfi
and receipts
from
operations
dolUfi
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
ALL INDUSTRIAL GROUPS
885,747
807,303
722,805
697.975
572,071
652,375
629,314
614,842
594,243
10,973
10,303
8,779
9,405
8,859
8,734
8,300
8,006
7,694
10,182
9.421
7,971
8,693
8,155
8,028
7,561
7,336
7,021
213
327
262
277
312
235
294
267
259
578
555
546
435
402
471
445
403
4U
11,743
10,718
9,585
9,147
9,055
9,036
9,056
9,151
9,085
1,455
1,342
1,018
730
842
893
820
830
900
199
181
140
230
219
231
218
206
203
827,916
746,962
567,856
540,073
515,698
596,385
569,961
554,573
536,833
9,892
9,023
7,790
8,259
7,738
7.618
7,094
6,820
6,539
9,235
8,261
7,077
7.628
7,097
6,989
6.457
6.245
5,973
169
252
252
245
279
199
251
224
205
488
510
461
385
362
430
386
351
361
10,861
9,683
8,704
8,164
7,993
8,136
8,045
8,094
8,025
1,354
1,151
885
598
662
732
671
684
721
188
181
140
210
219
214
199
197
196
382,591,390
353,028,793
305,455,864
293,972,127
285,018,571
259,943.292
234.422,688
194.115,535
198,527,040
906,361
813,495
945,196
746,087
779,474
914,843
709,775
600,213
601.743
872,321
780,173
906,385
700,800
737,800
873,439
665,627
569,339
563,168
a, 223
20,572
29,329
31,195
25,420
25,253
31,500
21,583
26,664
12,817
12,750
9,484
1A,092
16,254
15,151
12,548
9,291
11,915
3,842,183
3,625,742
3,302,672
3,104,847
3,196,192
3,201,858
2,986,305
2,328,748
2,513,347
830,402
760,892
724,469
603,944
525,941
722,669
559,529
509,420
581,498
113,733
105,487
100,762
115,083
127,402
119,074
103,585
84,216
107,284
122,071.410
131,897.643
131,408.592
123,599.072
120,302,617
108,938,561
109,822,025
110,968,777
104,819,408
106,528
96.862
121,438
99,505
95,883
116,053
138,022
112,762
89,721
105.591
92.465
114,150
80,800
85,357
110,766
128,850
102,647
81,596
137
2,242
4,763
1A,387
5,887
2,558
6,663
7,802
5,893
800
2,155
2,525
4,318
4,539
2,629
2,509
2,313
2,232
1,033,084
1,017,164
824,330
1,047,215
899,832
903,050
891,851
885,770
894,061
575,678
562 ,793
425,814
342,032
396,482
400,920
337,224
287,231
333,325
32,437
31,114
27,027
25,123
22,495
X,695
33,508
28,840
28,169
198,829,079
179.557,970
160.552.544
147.188.108
132.511.693
104.882.927
96.760,151
91,151,693
84,201,909
260,293
240,399
254,986
204,469
222.004
233.174
183.134
182,464
166,445
251,340
229,742
242,154
183,205
204,905
213,263
157,442
159.741
143.791
2,533
4.039
10,325
20,088
13,731
10,603
9,486
9,969
13,560
6,420
7,068
2,507
1,176
3,368
9,303
6,206
2,754
4,094
1,674,117
1,465,931
1,396,223
1,673,820
1,449,388
1,355,000
1,295,365
1,113,928
1,128,890
606,094
545,784
511,512
395,606
330,103
300,093
257,623
246,143
268,517
92,262
83,011
131,544
124,868
116,301
116,601
125,308
118,923
112,121
948,951,108
888.621.270
805.300,062
761,877,397
721.864.264
647,523,582
598,369,248
543,551,671
525,136,015
2,677,768
2,599,576
2.620,450
2,392,298
2.355,072
2,461,984
2,259,895
1,933,867
1,854,923
2,590,212
2,470,483
2,443,225
2,222,174
2,194,534
2,325,112
2,114,269
1,808.769
1,717,280
45,447
68,857
134,779
121,562
104,100
80,593
96,939
86,568
94,746
42,109
50,236
42,445
48,462
56,438
56,279
48,687
38,530
42,897
U, 015 ,234
13,264,768
11,891,355
11,965,537
12,034,027
11,659,281
10,844,474
9,261,098
9,042,154
3,554,417
3,430,964
3,014,673
2,272,263
2,379,918
2,448,259
2,115,702
1,831,032
2,000,357
352,393
339 ,057
463,826
473,516
497,847
536,240
538,745
479,333
533,179
108,017,012
98,711,339
60,764,800
56,947,903
55,823,305
52,591,817
47,142,581
36,697,253
38,527,234
602,161
546,094
578,009
354,322
384,490
498,540
434,864
286,152
277,925
572,923
518,285
544,854
329,335
351,246
471,175
408,732
264,941
256,349
14,332
9.412
14,769
12,903
19,766
17,515
18,131
14,118
14,050
14,906
18,397
18,375
12,084
13,473
9,850
8,001
7,093
7^526
2,570,622
2,259,072
1,626,683
1,276,605
1,321,196
1,258,460
1,139,290
933,187
915,660
670,371
626,251
410,690
218,647
232,743
215,590
155,548
120, U3
128,125
68,589
65,042
62,750
53,705
55,596
60,566
54,837
52,592
47,728
327,667,162
305,447,905
279,768,842
265,181,568
254,006,482
239,038.123
223,608,540
208,297,029
197,219,472
1,583.490
1.577.929
1,565,942
1,543,670
1,509,824
1,498,054
1,438,506
1,315,857
1,264,074
1,544,251
1,502,454
1,461,952
1,440,143
1,426.398
1.421.863
1,356,881
1,252,510
1,192,169
a, 084
47,506
93,546
76,803
52,567
41,655
40,288
40,582
47,876
18,155
27,969
10,444
25,724
30,839
34,506
29,337
22,765
24,029
9,001,635
8,436,339
7,969,542
8,059,701
7,931,577
7,785,042
7,266,239
6,393,551
6,178,509
2,254,750
2,069,133
1,984,937
1,545,160
1,613,221
1,812,813
1,656,579
1,535,924
1,583,415
252,359
242,399
336,044
338,090
342, L25
352,520
364,252
344,419
356,223
640,679,027
1955_56
605,408,099
521,478.316
528,638,537
1952-53
503,364,696
492.372,812
1950-51
434.656,627
372,005,805
390,381,779
TOTAL AORICULTURE, FORESTRY, AND FISHERY
2,579,443
2,400,565
2,131,029
2,244,651
1952-53
2,393,797
2,265,738
1,916,196
1949-50
1,757,542
1,737,541
FARMS AND AGRICULTURAL SERVICES
2,484,454
1955_56
2,300,523
2,052,678
2,155,625
2.296.255
2,179,109
1,846,256
1949-50
1,703,848
1,671,029
1956-57
41,863
41,153
1954-55 ..
32,806
34,368
41,474
32,035
25,799
1949-50
18,999
22,461
FISHERY
53,126
1955-56
58,879
45,545
44,458
54,057
1951-52
54,594
43,141
19^9-50 ...
34,795
44,051
10,319,771
9,265,353
7,680,676
8,883,907
1952-53
9,129,096
1951-52
9,194,512
8,145,513
1949-50
6,473,636
7,478,547
MINING AND QUARRYING: METAL MINING
1,991,141
1,772,590
1,357,237
1,310,567
1,279,033
1,493,753
1,247,137
917,935
1948-49
1,203,537
1956-57
354,462
263,228
1954-55
335,649
381,378
438,250
484,150
471,786
403,992
1948-49
557,772
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-52 through 1956-57 appears In the annual volume for those years.
122
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
ACTIVE CORPORATION RETURNS
Table 38. —SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-49 through 1956-57— Continued
Major Industrial group and year
Number ol
active
corporation
returns
Returns with balance sheets
Number of
returns
Specified
current
assets,
except
investments
( Thousaiyd
dollars)
Investments
Government
obligations
(Thousand
dollars)
Other
investments
(Thotiaand
dollars)
Total
assets
( Thousand
dollars)
Specified
current
liabilities
f Thousand
dollars)
(Thous.
dollBi
Gross sales
and receipts
from
operations
(Thousand
dollars)
MINING AND QUARRYING; BITUMINOUS COAL
AND LIGNITE MINING
(1)
13)
(5)
1956-57.
1955-56.
1954-55 .
1953-5i.
1952-53 .
1951-52.
1950-51 .
1949-50 .
1948-49.
MINING AND QUARRYING: CRUDE PETROLEUM
AND NATURAL GAS PRODUCTION
1956-57.
1955-56.
1954-55 .
1953-54.
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
MINING AND QUARRYING: NONMETALLIC MINING
AND QUARRYING
1956-57.
1955-56.
1954-55.
1953-54.
1952-53 .
1951-52.
1950-51 .
1949-50.
1948-49.
CONSTRUCTION
1956-57.
1955-56.
1954-55.
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49.
TOTAL MANUFACTURING
1956-57.
1955-56.
1954-55.
1953-54 .
1952-53 .
1951-52.
1950-51.
1949-50 .
1948-49.
MANUFACTURING: BEVERAGES
1956-57.
1955-56 .
1954-55.
1953-54.
1952-53.
1951-52 .
1950-51.
1949-50.
1948-49.
MANUFACTURING: FOOD AND KINDRED PRODUCTS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
MANUFACTURING: TOBACCO MANUFACTURES
1956-57.
1955-56.
1954-55 .
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49 .
1,800
1,592
1,424
1,572
1,665
1,813
1,996
2,070
2,163
5,508
5,096
4,852
4,455
4,372
4,140
4,129
4,106
3,987
2,781
2,507
2,151
2,160
1,957
1,959
1,893
1,939
1,832
48,292
41 , 569
36,130
34,866
31,817
29,593
27,694
25,746
23,480
132,835
129,828
120,896
121,066
119,399
120,196
115,872
117,270
116,746
3,010
3,062
2,759
2.716
3,295
3,066
3.178
3,367
3,378
10.754
11,343
10,289
10,978
10,250
11,000
11,000
11.319
11,195
1S6
154
172
196
151
190
200
197
225
1,536
1,414
1,197
1,396
1,436
1,631
1,743
1,805
1,855
5,151
4,604
4,481
4,036
3,904
3,774
3,704
3,665
3,583
2,632
2,323
2,001
1,924
1,777
1,785
1,728
1,743
1,670
45,223
38,653
33,700
32,158
29,433
27,315
25,344
23,402
21,293
128,457
124,199
115,820
115,254
113,711
114,142
109,537
110,269
110,078
2,934
2,962
2,660
2,604
3,081
2,888
3,000
3,168
3,194
10, a2
10,809
9,791
10,326
9,654
10,340
10,282
10,571
10,451
180
148
169
170
127
175
187
181
204
674,151
617,408
531,421
575,329
599,448
628,443
609,193
492,083
635,345
1,690,939
1,636,669
1,518,975
1,438,776
1,498,041
1,412,112
1,318,212
996,591
952,754
532,958
505,286
427,045
371,710
345,360
319,560
295,681
246,438
236,466
7,348,302
6,337,452
5,692,499
5,111,923
5,083,518
4,710,394
3,944,988
3,172,184
2,879,259
103,357,749
94,315,535
84,466,098
84,206,984
83,455,987
79,326,896
68,131,679
56,457,306
59,223,157
1,983.566
2,032,915
2,088,624
1,953,812
2,078,280
2,015,028
1,723,882
1,571,490
1.594,857
7,442,420
7,106,814
6,606,435
6,421,790
6,437,764
6,487,740
6,052,184
5,044,099
5,159,562
2,647,029
2,583,945
2,590,736
2,530,846
2,475,312
2,406,794
2,227,696
2,086,516
2,032,513
139,968
138,187
146,406
162 , 567
177,545
152,563
161,479
158,318
166,649
201,731
203,534
170,800
467,687
245,937
250 , 560
302,746
364,950
326,003
83 , 270
81 , 536
54,283
49,806
57,372
69,312
56,894
46,431
39,410
176,011
148,902
163,395
168,979
169,024
119,499
129,547
126,065
97,945
11,111,609
15,133,121
11,936,447
12,975,131
11,880,827
12,756,567
12,200,595
9,439,231
7,547,778
104,066
133,534
208,145
154,379
153,452
131,487
134,868
123,552
155,633
524,536
609,676
578,397
546,437
527,007
480,670
411,600
460,471
359,676
13,628
16,136
13,909
11,001
11,145
10,995
13,555
14,356
12,645
382,998
298,243
221 , 238
2X,935
220,138
228,811
218,199
172,871
X6,658
461,145
411,347
440,754
837,310
705,050
633,189
617,379
493,646
360,973
131,618
127,546
91.080
85.101
77,796
79,306
76,857
82,345
80,621
706,374
892,950
625,271
510,965
503,700
476,328
372,489
302,319
266,079
21,162,035
18,911,337
16,793,232
14,292,147
14,040,762
13,257,019
12,327,904
11,349,554
11,136,764
387,150
370,941
262,829
243,266
265,983
261,957
349,444
291,794
277,307
1,179,424
1,108,802
926,671
863,779
364,577
352.094
781.096
819,162
795,255
69,106
76,331
62,834
66,669
67,610
61,104
62.309
64,906
69,274
2,314,677
2,127,073
1,913,613
2,058,277
2,129,578
2,124,143
2,120,396
1,817,163
2,048,090
6,230,995
5,339,225
5,295,829
6,112,345
6,014,722
5,567,731
5,172,991
4,268,928
3,684,595
1,562,752
1,473,44^
1,203,414
1,050,131
1,011,962
982,853
896,640
814,637
775,933
10,385,795
9,318,859
8,254,171
7,413,956
7,307,149
6,698,249
5,660,861
4,637,113
4,202,812
216,363,356
201,360,303
181,890,701
176,805,456
170,282,137
160,875,834
141,599,976
123,755,123
121,707,573
4,117,778
4,139,841
4,097.844
3,862,747
4.034,579
3,921,635
3,563,741
3,269,804
3,240,235
14,295,520
13,844,514
12,928,923
12,529,202
12,570,049
12,466,674
11,620,650
10,283,119
10,121,167
2,987,586
2,909,590
2,896,230
2,829,956
2,768,096
2,691.273
2,497,852
2,411,727
2,348,311
386,383
321,018
262,357
196,042
204,666
227,757
223,805
178,174
218,459
1,183,902
1,025,282
913,830
696,728
710,441
656,732
617,544
504,004
447.065
261,277
231,479
179,256
111,433
107,750
97,835
86,456
78,274
74,283
3,727,495
3,237,362
2,632,786
1,976,191
1,904,380
1,858,757
1,496,139
1,043,084
1,020,475
41,468,049
38,245,096
32,619,172
22,257,396
22,782,915
20,322,833
17,559,190
13,236,023
15,253,126
656,133
639,693
682,353
490,489
546,804
529,300
557,329
485,913
534,377
3,112,496
2,858,356
2,644,354
1,830,016
1,956,240
2,090,475
1,761,569
1,325,749
1,482,020
659,410
629,967
688,092
432,234
457,123
497,427
364,917
306,806
346,067
1,606,755
1,498,577
1,397,096
1,480,555
1,514,632
1,491,300
1,484,191
1,359,172
1,486,744
3,775,067
3,620,908
3,349,297
3,925,535
3,701,926
3,394,422
3,093,313
2,547,555
2,181.281
1,112,704
1,055,322
902,168
770,361
759,673
733,937
567,904
606,481
570,846
3,951,778
3,700,720
3,404,531
3,073,166
2,931,810
2,755,596
2,478,933
2,219,436
1.916,843
138,983,717
130,992,963
119,903,727
113,313,638
109,496,259
104,725,013
97,041,707
83,884,884
34,033,689
2,670,109
2,662.246
2,553,776
2,477,837
2,539,243
2,445,437
2,211,143
2,068,301
1,928,846
9,091,635
9,006,450
8,492,561
8,239,338
8,246,540
8,035,190
7,747,749
7,117,181
6,881,247
1,700,527
1,640,287
1,557,583
1,517,126
1,474,214
1,392,940
1,363,945
1,338,456
1,227,521
(9)
2,347,590
1,896,450
1,586,308
1,973,777
2,208,272
2,457,739
2,318,221
1,848,646
2,590,259
4,120,580
3,959.493
3,453,719
4,126,565
4,138,787
3,765,304
3,253,514
2,562,919
2,391.609
1,505,998
1,374,597
1,147,963
1,091.620
1.064,754
993,546
354,355
740,144
735,370
22,935,533
19,427,171
16,941,362
15,686,195
14,804,454
13,721,781
11,063,921
9,516,327
9,041,060
311,554,388
298,530,096
261,214,093
274,630,140
255,219,639
249,201,525
214,327,669
182,447,761
195,399,822
6,769,462
6,595,901
7,311,693
7,255,745
7,206,386
6,852,473
5,476,881
5,366,322
5,217,557
38,050,253
37,761,521
36,336,042
35,421,450
35,552,027
35,496,073
31,120,692
29,362,180
31,063,307
3,992,626
3,839,371
3,642,894
3,733,072
3,683,734
3,361,781
3,176.663
3,105,831
2,995,967
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
123
ACTIVE CORPORATION RKTl'RNS
Table 38. —SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BV MAJOR INDUSTRWL GROUP,
1948-49 through 1956-57— Continued
Major Industrial group and year
Number of
active
corporation
returns
Returns with balance sheets
Number of
returns
Specified
current
assets,
except
Investments
(ThfKiaattd
dotlara)
Investments
GoverniDent
obligations
(Thou**nd
dotUrt)
Other
Investments
(Thottsmtxt
rfo//*r»J
Total
assets
(Thoiimmnd
dntlMrt)
Specified
current
liabilities
( ThcHtmand
dollarai
(Thwmnd
doIUr*}
Gross sales
and receipts
from
operations
(Thouaand
doltmta)
MANUFACTURING: TEXTILE-MILL PRODUCTS
(2)
(3)
(i)
(5)
16)
(7)
(8)
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
MANUFACTURING: APPAREL AND PRODUCTS MADE FROM FABRICS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50 .
1943-49.
MANUFACTURING: LUMBER AND WOOD PRODUCTS,
EXCEPT FURNITURE
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
MANUFACTURING: FURNITURE AND FIXTURES
1956-57.
1955-56.
1954-55 .
1953-54 .
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
MANUFACTURING: PAPER AND ALLIED PRODUCTS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1943-49..
MANUFACTURING: PRINTING, PUBLISHING, AND
ALLIED INDUSTRIES
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
MANUFACTURING: CHEMICALS AND ALLIED PRODUCTS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
MANUFACTURING: PETROLEUM AND COAL PRODUCTS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
5,644
5,698
5.270
5,842
5,495
6,030
5,794
6,033
6,078
13,523
14,383
13,750
14,608
14,440
14,753
14,315
14,598
14,672
6,977
6,322
5,684
5,789
5,934
6,138
5,750
5,799
5,865
4,810
5,068
4,598
4,560
4,733
4,432
4,493
4,308
4,327
2,864
3,251
2,737
2,695
2,809
2,752
2,608
2,586
2,556
15,826
14,800
14,158
13,602
13,455
13,295
12,970
12,786
12,497
7,916
7,975
7,356
7,703
7,623
7,667
7,387
7,513
7,411
819
754
715
620
697
690
662
666
634
5,528
5,545
5,111
5,661
5,269
5,790
5,570
5,728
5,843
13,075
13,808
13,076
13,753
13,642
13,933
13,411
13,499
13,804
6,712
5,968
5,346
5,430
5,543
5,665
5,310
5,359
5.369
4,724
4,873
4,443
4,364
4,569
4,201
4,264
4,069
4,117
2,787
3,144
2,658
2,630
2,704
2,686
2,545
2,493
2,472
15,041
14,011
13,410
12,757
12,722
12,463
12,093
11,914
11,586
7,656
7,516
6,993
7,358
7,252
7,263
6,964
7,038
6,893
788
714
705
600
657
665
629
637
597
4,871,062
4,900,820
4,439,012
4,309,603
4,443,006
4,924,798
4,642,623
3,596,220
3,861,633
2,779,312
2,939,002
2,595,053
2,486,162
2,577,035
2,537,484
2,603,563
2,085,094
2,187,825
2,134,022
1,956,414
1,717,294
1,594,389
1,715,497
1,706,810
1.567,503
1,233,935
1,252,971
1,334.245
1,299,732
1,094,329
1,001,103
1,055,397
996,627
938,849
705,783
716,657
2,339,741
2,751,953
2,323,219
2,190,689
2,204,286
2,213,914
1,942,129
1,547,697
1,611,122
3,017,123
2,843,310
2,561,334
2,393,268
2,332,033
2,244,144
2,003,069
1,812,106
1,786,957
7,531,315
6,899,007
6,350,195
5,985,263
6,162.312
6,133,616
5,405,834
4,435,729
4,459,097
9,471,653
8,X9,140
7,641,187
6,895,275
6,768,883
6,448.153
5,803,477
5,331,490
5,805,961
272,743
347,715
342,330
399,012
356,425
408,561
433,707
497,978
593,105
43,658
47,513
55,490
61 , 675
72,331
54,071
68,219
79,225
77,174
219,241
251,999
206,646
213,283
208,999
235,185
196,364
164,551
173,751
86,176
81,403
79,554
84,950
78,949
67,569
51,903
65,435
56,599
601,633
616,121
549,049
645,160
£04,909
725,267
460,056
331,315
319.375
410,804
399.191
334,582
349,662
327,603
302,431
298,485
284,461
279,057
1,542,404
1,690,752
1,439,863
1,682,589
1,499,942
1,475,482
1,346,160
920,932
743,892
1,669,713
1,887,880
1,841.315
1,855,758
1,729,173
1,736.057
1,195,719
769,817
661,563
872,208
779,197
663,621
559,623
551,957
595,279
545,049
567,196
559,890
215,548
242,888
194,632
175,451
183,582
179,671
154,176
152,350
142,747
324,296
271,142
250,430
233,315
266,895
253,027
216,014
198,799
199,764
102,039
98,659
93,806
66,570
60,747
69,280
58,828
52,630
49,073
,131,178
995,754
876,975
737,262
659,603
624,032
545,904
530,606
527,658
796,600
749,127
693,822
640.452
653.873
528,327
577,818
571,184
556,629
2,517,423
2,377,090
1,942,800
1,732,376
1,772,167
1,649,216
1,456,810
1,339,781
1,340,330
5,847,081
5,021,160
4,994,233
3,589,423
3,599,583
3,331,745
3,358,339
2,933,187
2,882,827
9,469,683
9,398,677
8,623,017
8.437,303
8,484,300
9,036,827
8,425,432
7,275,983
7,415,933
3,583,260
3,783,515
3,369,364
3,218,774
3,315,223
3,238,800
3,269,630
2,737,358
2,813,148
4,842,641
4,179,913
3,704,799
3,570,031
3,754,563
3,730,655
3,358,691
2,869,556
2,890,338
2,062,505
1,995,126
1,745,726
1,612,910
1,634,786
1,548,245
1,437.631
1,174,754
1,165,638
8,922,842
3,129,413
7,184,262
6,669,051
6,395,120
6,277,800
5.277,195
4,504,505
4,385,392
6,724,828
5,328,555
5,806,978
5,552,847
5,411,349
5,196,424
4,821,876
4,492,648
4,315,042
19,639,932
18,491,577
16,628,583
16,124,839
15,732,691
14,754,235
13,026,284
11,282,597
10,576,903
34,318,502
30,527,529
28,812,881
24,901,474
23,326,025
21,891,557
19,482,442
18,452,912
18,142,802
1,762,877
1,659,337
1,509,955
1,052,718
1,062,626
1,095,404
1,063,647
734,977
745,844
1,295,401
1,361,989
1,119,255
869,462
926,543
885,404
954,180
521,077
673,005
897,125
335,971
653,682
432,142
496,108
500,917
403,510
351,167
383,132
528,347
518,003
406,530
254,962
269,323
253,317
243,857
167,514
176,535
1,139,880
1,154,884
893,111
440,995
433,374
420,531
408,796
316,881
313,575
1,405,930
1,295,136
1,133,973
701,158
699,616
695,176
620,470
564,230
569,393
3,172,174
3,098,209
2,522,877
1,353,236
1,531,955
1,375,450
1,227,518
877,462
1,030,738
4,879,762
4,195,274
3,620,246
2,440,015
2,100,112
1.986,056
1,903,252
1,594,395
1,961,987
6,502,751
6,571,321
6,204,159
6,241,569
6.182,042
6,444,913
6,149,906
5,635,940
5,552,632
1,932,034
2,053,389
1,925,583
1,839,571
1,885,563
1,868,717
1,832,132
1,736,632
1,724,100
3,159,889
2,875,650
2,664,151
2,577,384
2,673,632
2,577,249
2,383,301
2,106,463
2,000,122
1,291,845
1,254,746
1,148,205
1,066,855
1,078,515
1,002,492
936,550
313,383
784,703
6,167,535
5,622,501
5,082,799
4,709,432
4,486,731
4,X5,537
3,315,637
3,384,033
3,215,264
4,197,217
4,027,487
3,768,812
3,619,327
3,516,382
3,381,988
3.196,492
3,019,027
2,855,118
13,037,273
12,094,913
11,115,324
10,421,437
10,339,118
9,936,473
9,162.838
8,381,523
7,652,850
24,685,207
22,411,918
20,655,045
18,123.631
17,068,644
16,052,329
14,417.585
13,539,194
12,863,286
(9)
13,182,543
13,519,269
11,585,975
12,394,385
12,889,278
14,071,257
12,963,254
10,510,906
12,207,510
9,459,422
9,950,638
8,775,566
8,777,281
8,96'?,081
8,771.954
8,159,335
7,615,956
8,a3,291
6,189,559
6,207,364
5,059,233
5,151,207
5,391,464
5,427,426
5,111,708
3,826,379
4,338,290
4,189,418
4,133,486
3,385,827
3,319,511
3,344,117
3,200,064
2,953,512
2,244,014
2,415,151
10,316,854
9,567,266
3,295,748
3,171,383
7,673,632
8,215,305
6,754,952
5,315,963
5,863,486
10,509,517
9.747,253
8,594,829
8,356,045
7,795,657
7,282,272
6,625,212
6,248,124
6,096,696
22,420,763
a,093,783
18,476,357
18,208,236
17,538,524
17,752,416
15,015,199
12,943,961
13,856,873
33.584,269
30,535,781
26,414,104
25,634,200
23,745,331
23,460,524
19,250,372
16,935,234
19,363,797
NOTE: For explanatory statements and comparability of data, see the texts for the 1955-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sample and Limitations of
501 \\Z O - 59 •
124
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
ACTIVE CORPORATION RETURNS
Table 38. —SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-49 THROUGH 1956-57— Continued
Major industrial group and year
Number of
active
corporation
returns
Returns with balance sheets
Number of
returns
Specified
current
assets,
except
investments
(Thousand
dollMra)
Investments
Government
obligations
(Theuaand
dotlaf)
Other
investments
(Thouaand
doltata)
Total
assets
(Thouaand
dollara)
Specified
current
liabilities
(Thouaand
dotlaraj
(Thouaand
doltata)
Gross sales
and receipts
from
operations
(Thouaand
dollara)
MANUFACTURING: RUBBER PRODUCTS
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
MANUFACTURING: I£ATHER AND PRODUGTS
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
MANUFACTURING: STONE, CLAY, AND GLASS PRODUCTS
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
MANUFACTURING: PRIMARY METAL INDUSTRIES
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
MANUFACTURING: FABRICATED METAl PRODUCTS, EXCEPT
ORDNANCE, MACHINERY, AJID TRANSPORTATION EQUIHiENT
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
UAMUFACTURING: MACHINERY, EXCEPT TRANSPORTATION
EQUIPMENT AND EIECTRICAL
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
MANUFACTURING: ELECTRICAL MACHINERY AND EQUIfMENT
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
MANUFACTURING: TRANSPORTATION EQUIH4ENT, EXCEPT
ICTOR VEHICLES
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-5ff.
1948-49
(1)
(3)
(4)
15)
(6)
(7)
(8)
(9)
882
845
793
824
734
717
666
648
651
2,763
2,760
2,520
2,898
2,921
2,840
2,780
2,917
3,005
4,604
4,535
4,284
4,268
4,209
4,356
4,248
4,224
4,193
J, 568
3,395
3,241
3,076
2,948
3,126
2,983
2,997
3,053
13,319
12,492
11,775
10,716
10,854
10,536
9,873
9,604
9,340
13,665
12,701
11,716
11,610
10.910
10,713
9,915
9,859
9,658
4,263
4,301
3,937
3,467
3.639
3,414
3,127
3.067
3,009
1,533
1,391
1,206
1,198
1,297
1.145
982
875
843
752
801
687
694
650
625
624
2,715
2,665
2,443
2.736
2,856
2,742
2,673
2,762
2,877
4,420
4,353
4,079
4,082
3,929
4.169
4,027
3,957
3,935
3,590
3.322
3,133
2,959
2,336
3,017
2,870
2,875
2,924
12.991
12.038
11.490
10.357
10.519
10.110
9,468
9.190
8.925
13,259
12,247
11,272
11,156
10,500
10,310
9.511
9,425
9,274
4,067
4,068
3,774
3,272
3,534
3,271
2,983
2,913
2,857
1,496
1,253
1,110
1.138
1.202
1.069
910
1,014
991
2,276,570
2.117.563
1.778.222
1.744,405
1,754,684
1,563.729
1.319.684
1.064.701
1.141.518
1.159.945
1.126.308
1.035.144
1.030,760
1.075.440
1.078,221
1,074.965
906,315
943,296
2.619.640
2.483.459
2.225.869
2,052.958
1.798.424
1.763,947
1.591.174
1.287.726
1.301,156
8,693,368
7,358.064
6,435,541
6,434.669
6,315,800
5.944,820
5.469.221
4.411.716
4.752.839
5,703,628
5,317,881
4.663.314
4.661,720
4.373.629
4.343.591
3.619.521
2.885,179
3,084,032
12,125,076
10,433.845
9.342.725
9,833.600
9.729.282
9,176,133
6,994,727
5.893,286
6,187,341
6,938,546
5,738,596
5,297,655
6,075,620
5,970,746
5,039,274
3,878,544
2,930,287
3,321,017
6,687,050
5,265,929
4,844,439
4,345.552
4.561,511
3,500,236
1.932.143
1.652.667
1.784.328
96.414
168.967
134.127
206,781
173,726
284,296
180.704
144.218
114.194
38,182
44,232
38,925
42.820
46.227
39.794
43.507
46.356
58.061
489,109
619,100
489.288
521,007
406,699
417.778
383.135
250,312
224,696
1,697.793
2,242,921
1,299,713
1,395,964
1,167,011
2,107,783
1,564,821
1,087,433
1,008,566
244,933
313,954
316,547
329,979
358,960
423,146
372.785
345,670
285,176
745,879
1,003,838
920,739
927,984
1.029.493
757.459
903,409
796,157
640,970
a5,612
612,340
324,380
959,112
902,646
650,214
624,953
641,704
306,291
111,855
189,948
215,939
137,751
104,898
84,107
239,439
279,110
205,376
236,662
213,883
181,428
161,799
155,137
163.702
153.399
IX. 361
152,754
181.141
176,183
153.333
146.256
123.011
111.977
96.374
94,849
94,638
497.625
434,417
450,635
365,016
251 , 379
233,438
206,776
210,493
204,459
1.693,864
1.423.470
1.054,736
1,046,996
1.237,733
1,117,165
783,861
707.300
666,358
634.410
525.954
462,094
397,951
375,164
367,458
322,399
287,519
309,362
1,247,152
1,072,387
1,122,245
947.347
799.914
739.607
692.936
651 . 529
513,337
985,572
1,034,796
900,124
920,302
836.250
840.772
856,369
808,374
783,762
194,994
155,343
142,814
179,625
174,626
148,632
221,031
143,295
140,332
3,578.152
3,414.749
2,912,388
2,957.872
2,867,936
2,713,319
2.281.515
1,939,604
1.998.014
1.662,677
1,614.766
1.488,053
1,484,791
1.506,955
1.492,255
1,482,577
1,312.865
1.360.890
6.614,488
6,103,159
5,456,300
5,090,452
4,390,039
4,256,092
3,790,210
3,215,565
3,147,452
21,662,966
20,544,595
17,731,799
17,934,185
16,969.774
15,922,790
13,573.761
11,676,054
11,499,261
9,623,769
3.971.539
8,149,487
8,013,236
7,539,107
7,447.237
6,339,480
5,403.658
5,465,803
19,458,532
17,399.673
16,018,7X
16,099,443
15,582.531
14.410.029
11,873.863
10,384.954
10.a5.3O2
10,995,158
9,949,407
9.352,591
10.391,388
9,830,744
8,302,911
6,902,144
5,832,760
5.804.549
8,428,451
6,810,262
6,315,886
6,444,460
5,391,214
4,723,562
3,217,809
2,339,977
2,966,941
685,139
659,340
531,373
291,702
297 , 551
301,398
235,979
163,335
179,614
423,206
419,023
366,022
279.121
277.610
273,173
297,645
196,293
219,736
1,056,883
992,802
826,977
480,137
418,193
371,547
300,424
244,111
274,080
3,603,277
3,277,096
2,599,156
1,621,675
1,885,571
1.583,130
1.522.691
1.241.029
1.519.718
2.131,412
1,894,096
1,535,891
1,094,605
1,018,040
929.714
832,272
616.536
575,922
3.955.548
3.382.475
2.690.962
2.131.587
2,219.959
2,148,109
1.427.111
1.032.062
1,252.352
2.806.783
2,541,134
2.499.128
1.781.089
1.751.908
1.563,322
1,021,147
677,755
802,587
2,037.315
1.555.834
1.557.051
1.453.489
1,400,405
955,042
415,083
282,865
416,401
2.072.740
1.966.155
1,573,290
1.740.735
1,635.651
1,558,725
1,416,086
1,272,901
1,233,853
1,056,434
997,737
971,481
956,435
984,753
983.724
965.198
925.396
940.574
4,701,237
4,428.255
3,967,525
3,641.124
3,138.549
3,040,743
2,802,630
2,439.328
2.306,114
13,799,734
13,443,061
11,582,135
11.151.820
10.523,501
9.947,510
9,172,129
8.335.731
7.850.489
6.284,845
5,959,377
5,629.535
5,388,172
5,114,367
5,010,939
4.474,646
3,939,211
3,897,949
12.375.587
11.336.353
10.831.561
10,245.335
9,664,540
9.183.137
8.415.393
7,645,057
7.098,758
6,128,829
5,787,754
5,452,267
5.671,352
5,274,633
4,774.392
4,397,388
3,867,142
3,587,934
3,282,030
2.956.400
2.743.351
2.441.042
2.283,729
2,123,577
2.122.526
1.955.439
1.970.735
5,690,338
5,773,069
4.521,636
4.961,253
4.783.038
4.844,047
3.979.473
2.955.718
3.321,427
3,445,233
3,373,222
3,021,123
3,192,365
3,261,679
3,435,237
3,153,299
2.873,266
3,120,657
7,784.875
7,828,008
6,517,436
6,419,706
5,506,980
5,641,006
4,944,196
3,900,867
4.062.430
27,335,480
25.867,111
19,538,587
23,131,966
20,152,828
22,417,902
18,595,529
14.457.110
16.626,376
15,941,593
15,255.882
13.543,144
13,970,657
12.405.684
12.536,652
10.711.477
8.379,299
9.167.079
26,419,782
22,460,965
21,060,017
23,160,162
21,894,698
20,338,485
15,515,511
13.401,701
14,663.545
17,509,859
15,221,610
14,162,083
16,642,162
14,742,236
12.030.737
10.408,183
8,021,538
3.664.300
13.377.583
11.642.568
10.937.075
11.860,266
9,485,953
5,309,908
3,983,885
3,797,309
3.692.954
-NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sample and Limitations of
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
126.
ACTIVE CORPORATION RETURNS
Table 38,
-SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-49 THROUGH 1956-57— Continued
Major Industrial group and year
Number of
active
corporation
returns
Returns with balance sheets
Number of
returns
Specified
current
assets,
except
Investments
dolUrM)
Investments
Government
obligations
(Tnou»»nd
dollaraj
Other
Investments
( Thouaand
dollara)
Total
asaeta
(Thi>uaand
dollara)
specified
current
liabilities
(Thoummnd
dotUra}
(ThouM*nd
do! tmraj
Grose sales
and receipts
from
operations
dtilUra)
MANUFACTURING: ICTOR VEHICLES AND EQUIIVEHT,
EXCEPT ELECTRICAL
(1)
(2)
(3)
(■4)
(5)
(6)
(7)
(8)
(9)
1956-57.
1955-56.
195-1-55 .
1953-54 .
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49 .
MANUFACTURING: ORDNANCE AND ACCESSORIES
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
MANUFACTURING: SCIENTIFIC INSTRUMEWTS; PHOTOGRAPHIC
EQUIPMEWT; WATCHES, CLOCKS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53 .
1951-52.
1950-51 .
1949-50.
1948-49.
OTHER MANUFACTURING
1956-57.
1955-56.
1954-55.
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49.
TOTAL PUBLIC UTILniES
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52 .
1950-51 .
1949-50.
1948-49.
PUBLIC UTILIIIEE: TRANSPORTATION
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
PUBLIC UTILITIES: C0U«JNICAIION
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
PUBLIC UTILITIES: ELECTRIC AND GAS UTILITIES
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
1,281
1,326
1,149
1.181
1,194
1,286
1,276
1,344
1,353
85
99
88
126
2,621
2,215
2,027
1,965
2,105
2,022
1,915
1,791
1,672
11,822
10.958
10,672
10,448
9,612
9,945
9,693
10,513
10,865
36,181
33,017
29,122
29,937
28,460
26,828
26,277
25,908
25,225
26,732
23,856
21,456
21,577
20,854
19,354
18,891
18,580
18,055
5,592
5,129
4,433
4,800
4,399
4,250
4,227
4,181
4,084
1,176
1,165
1,148
1,266
951
1,226
1,261
1,244
1,275
1,272
1,235
1,121
1,129
1,152
1,236
1,229
1.281
i,238
85
99
77
126
89
2,544
2,110
1,970
1,897
2,028
1,952
1,837
1,706
1,590
11,506
10,468
10,237
9,948
9,159
9,423
9,070
9,307
10,218
32,895
29,704
26,067
26,314
25,139
23,641
22,973
22,496
21,749
24,963
21,880
19,721
19,588
18,965
17,508
17,050
16,690
16,157
4,515
4,200
3,455
3,701
3,350
3,334
3,201
3,099
2,932
I.IU
1,121
1,069
1,163
906
1,108
1,132
1,128
1,157
6,060,193
5,851,555
4,983,120
5,731,538
5,810,149
5,200,283
4,291.236
3,411,768
3.607,444
124,463
117,928
116,554
206,251
180,775
147,693
123,531
110,458
127,734
2,229,237
1,879,265
1,631,693
1,720,090
1,603,601
1,413,647
1,083,770
848,099
829,090
2,633,490
2,497,040
2,104,304
2,057,616
2,032,141
2,040,214
1,837.354
1,604,895
1,669,207
11,884,046
10,468,037
9,930,136
9,394,513
9,557,767
9,083,401
8,382.109
7,230,271
7,499,436
5.905,500
5,457,435
5,067,845
5,096,526
5,414,720
5,304,973
4,900,652
4,225,240
4,518,305
2,129,995
1.445,232
1,445,375
1.186,454
1,084,210
970,458
903.361
763,125
819,665
3,729,037
3,426,954
3,318,052
3,001,752
2,960.913
2,714,858
2,495,021
2,153,444
2,085,436
1,600,817
3,471,814
1,689,753
2,043,167
1,803,879
2,076,301
2,969,012
1,927,465
1,089,695
19,731
24,484
20,884
31,906
26,739
20,695
14,372
12.726
19,049
240,719
253,483
222,632
219,792
182,295
160,363
177,069
82,111
66,422
121,906
146,020
114,235
104,912
103,319
106,856
116,753
113,326
96,762
3,268,468
3,749,822
2,814,534
3,150,563
2,829,535
2,556,548
2,163,423
1,696,263
1,941,731
1,557,814
1,817,081
1,405,475
1,709,269
1,565,648
1,405,265
1,447,804
1,223,481
1,093,169
1.405,033
1,423,852
1,061,736
991,864
750,530
609,418
330,723
47.381
424,055
292.233
485,864
336,180
419,849
494,242
521,911
372,324
413,545
412,072
1,419,732
1,308,731
1,037,300
840,328
782,363
635,447
521,563
440,170
525,345
50,316
23.716
11,636
55,926
43,766
54,611
55,3%
41 , 520
12,078
ai,3oo
189, X7
139,635
131,908
121,934
122 , 560
110,462
127,242
134,317
317,114
252,067
174,497
184,507
192,396
215,868
200,481
176,302
198,768
5,667,021
5,636,352
5,752,473
7,278,219
7,707,254
7,701,839
8,095,095
6,599,143
12,051,531
4,020,624
4,036,241
3,766,535
4,031,569
4,279,911
4,402,899
4,495,985
4,275,126
5,543,350
678,733
549,091
471 , 514
1.639,632
1,526,496
1,433,672
1,325,653
105,238
4,034,371
1,103,016
1,026,149
1 , 366, 514
1,536,325
1,651,461
1,611,420
2,225,833
2,182,593
2,438,273
15,245,400
15,525,64?
12,400,068
12,611,528
12,186,592
11,023,261
10,267,070
8,031,216
7,471,862
246,411
a3,604
201,336
406,534
346, 9U
312,119
276, oa
222,567
222,120
3,657,967
3,159,448
2,690,560
2,747,857
2,547,836
2,287,333
1,883,374
1,448,862
1,378,422
4.219,308
3,925,193
3,323,842
3,264,521
3,195,659
3,225,750
2,930,723
2,686,078
2,761,028
113,837,771
106,377,909
93,637,129
95,220,365
90,041,235
84,707,332
79,208,972
71,620,000
73,704,313
44,654,417
43,452,852
41,030,239
41,394,035
41,008,241
39,964,806
38,427,273
36,131,605
36,829,033
21,441,552
18,651,807
16,544,391
15,652,093
14,059,888
12,734,933
11,438,361
3,604,075
12,689,809
46,031.476
42,756,063
39,721,543
36,365,807
33,818,760
X, 903, 290
26,297,413
25,626,806
23,165,290
3,244,541
3,507,271
2,610,021
1,697,857
2,041,259
1,451,573
1,280,765
849,460
1,093,912
63,100
41,442
52,041
50,073
43,066
47,783
28,512
11,425
10,270
849,815
653,349
536,693
424,214
381,446
319,646
202,631
137,779
141,414
1,090,495
1,064,400
629,424
594,920
567,578
543,774
435,335
387,202
443,897
10,571,417
9,604,380
8,146,563
4,212,792
4,111,405
3,902,049
3,632,788
3,411,227
3,572,576
4,777.622
4,516,410
3,624.214
2,519,002
2,512,102
2,443,165
2,331,043
1,937,537
2,167,830
2,016,036
1,694,750
1,489,032
396,244
293.725
266,465
275,683
529,161
515,946
3,568,333
3,213,427
2,873,065
1,190.463
1,217,407
1,115.747
975,165
899, 6U
847,191
9.889.430
9,342,136
7.916,106
7,891,492
7,583,370
7,021,862
6,695,035
6,268,081
5,537,669
166,274
157,976
125,411
206,061
190,330
169,779
190,912
164,092
176,619
2,230,675
1.990,822
1.721.556
1,623,242
1,511,413
1,417,304
1,272,369
1,057,042
993,350
2,562,630
2,406,027
2,120,511
2.022,259
2,000,673
2,044,356
1,900,017
1,320,276
1,301,451
57,875,690
54,340,400
50,451,811
48,619,536
45,982,764
42,831.164
40,747,883
37,972,998
38,861,296
24,162,975
23,762,264
22,580,466
22,979,022
22,013,120
21,199,879
20,495,700
19,562,469
19,370,461
12,519,331
10,601,072
9,292,983
3,747,172
7,925,203
6,888,474
5,963,409
5,062,156
7,469,889
20,560,335
19,345,550
13,036,601
16,535,023
15,554,555
14,254,090
13,628,710
12,689,932
11,572,240
22,635,8a
26,891.936
19,975,595
24,347,069
19,741,332
19,391,357
18,416,407
14,761,578
13,511,317
403,540
329,168
368,488
654,592
446,505
302,944
259,343
180,416
233,450
4,948.735
4,190,407
3,798,587
4,015,954
3,530,936
3,013,993
2,284,875
1,819,7a
1,889,945
7,281,313
6,744,516
5.891,509
5,851,473
5,480,039
5,497,561
4,957,711
4,423,368
4,812,907
50,639,998
46.657,0a
40,905,940
39,355,727
37,211,057
34,915,778
30,824,600
27.515,912
28,144,625
25,635,962
24,124,974
21,066,927
22,796,769
22,050,772
a, 170.428
18,662,866
17,040,433
13,233,325
10,939,391
9,737,817
6,416,004
6,137,057
5,597,361,
5,043,035
4,447,190
3,707,548
3,606,341
13,730,738
12,505,053
11,177,859
10,156,841
9,328,799
8,484,036
7,525,687
6,584,522
6,135,998
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
tota" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sajnple and Limitations of
126
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
ACTIVE CORPORATION RETURNS
Table 38 . —SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-49 THROUGH 1956-57— Continued
MBJor industrial group and year
Number of
active
corporation
returns
Returns with balance sheets
Number of
returns
Specified
current
assets,
except
investments
f Thousand
dotUra)
Investments
Government
obligations
( Thouaand
doltara)
Other
investments
(Thousand
dollars)
( Thousand
dollars)
specified
current
liabilities
(Thousand
dollars)
(Thous,
dollai
Gross sales
and receipts
OTHER PUBLIC UTILITIES
(1)
(3)
(4)
(5)
(8)
1956-57.
1955-56 .
1954-55 .
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49.
1956-57.
1955-56.
1954-55.
1953-54 .
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
TRAIE: TOTAL WHOLESALE
1956-57..
1955-56 . ,
1954-55.,
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49.
TRADE: WHOLESALE: COMJISSION MEBCHANTS
1956-57.
1955-56.
1954-55.
1953-54 .
1952-53 .
1951-52.
■1950-51.
1949-50.
1948-49.
OTHER WHOLESALERS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
TRADE: TOTAL RETAIL
1956-57.
1955-56.
1954-55.
1953-54.,
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
TRADE: RETAIL: FOOD
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
TRADE: RETAIL: GENERAL MERCHANDISE
1956-57.,
1955-56.,
1954-55.,
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49.
2,681
2,867
2,085
2,294
2,256
1,998
1,398
1,903
1,311
286,252
264,963
233,523
228,360
221,314
216,309
209,339
204,025
196,748
94,997
36,280
77,06^
74.101
72,126
71 , 592
68,857
67,927
64,840
16,521
13,703
10,731
9,940
9,534
9,170
9,588
9,703
9,283
78,476
72,577
66,333
64,161
62,542
62.422
59,269
58,224
55,557
163,263
154,931
139,953
134,631
131,454
129,223
125,498
113,792
110,315
12 , 561
12,183
10 . 597
9,975
10,275
9,607
9,193
9,065
8,610
8,852
8,615
7,545
7,946
7,122
7,553
7,631
7.462
6,852
2,306
2,503
1,822
1,862
1,918
1,691
1,590
1,579
1,503
270,951
243,071
222,301
212,931
205,848
201,594
193,496
187,520
181,353
91,730
33,001
73,884
70,655
63,939
68,380
65,249
63,833
61,227
15,510
12,951
10,091
9,313
3,994
8,567
8,839
8,860
8,493
76,220
70,050
63,793
61,337
59,945
59,813
56,410
54,973
52,734
157,543
143,216
128,958
123,971
120,355
113,744
114,477
107,846
100,731
11,531
10,916
9,532
8,876
9,242
8,608
8,106
7,932
7,544
8,400
7.954
7,055
7,354
6,563
7,010
7,067
6,320
6,315
119,514
138,366
98,864
109,731
97,924
93,112
83,075
88,462
76,030
51,742,699
49,147.444
41,369,053
39,206,575
39,190,028
33,762,373
37,009,379
29,571,918
29,691,065
25,551,499
23,914,901
19,904,272
13,597,416
19,141,552
19,433,940
18,X8,709
13,911,263
13,867,836
1,899,169
1,665,093
1,264,261
1,192,363
1,355,384
1,369,229
1,284,306
1,019,004
1,044,554
23,652,330
22.249,803
18,640,011
17,405,053
17,736,168
13,064,711
17,024,403
12,892,259
12,823,282
23,419,593
22,498,761
19,063,757
13,306,931
17,805,222
17,145,387
16,616,262
13,623,047
13,268,903
2,741,539
2,409,996
2,109,262
1,942,611
1,840,275
1,623,385
1,486,054
1,233,975
1.183,903
6,506,339
6,433,877
5,752,636
5,536,432
5,452,233
5,238,711
5,069,611
4,268,973
4,231,438
13,388
23,025
11,143
29,531
19,115
19,954
12,067
11,856
12,435
1,393,388
1,380,693
1,380,737
1,510,525
1,369,670
1,377,552
1,318,191
1,275,874
1,233,142
731,601
627,176
577,290
665,657
603,938
634,677
588,416
539,119
489,448
104,927
88,326
68,020
94,321
77,174
75,335
63,591
78,609
67,234
626,674
538,850
509,270
571,336
526,814
559,342
524,825
460 , 510
422,214
619,353
713,294
754,933
805,660
732,347
710,735
693,100
680,853
682,432
70,251
77,553
55,899
56,123
47,890
40,134
38.404
36,320
28,684
366,387
435,272
531,128
530,166
453,128
431 , 381
406,927
364,570
352,043
34,643
74,371
127,910
70,693
49,336
53,348
47,624
36,136
35,537
5,462,663
5,152,553
4,270,084
3,934,007
3,799,050
3,894,752
3,240,277
2,931,312
2,886,600
3,103,022
2,919,670
2,441,566
2,194,374
2,171,538
2,147,119
1,755,991
1,649,930
1,395,247
378,950
368,547
228,129
242,621
X6,031
273,325
234,539
223,247
204,554
2,724,072
2,551,123
2,213,437
1,951,753
1,865,507
1,868,794
1,521,452
1,426,633
1,190,693
2,111,103
2,010,251
1,635,194
1,553,846
1,425,759
1,550,175
1,309,927
1,155,051
1,156,991
251,956
269,032
204,728
175,587
146,077
134,469
110,953
103,334
105,605
314,127
729,379
600,068
604,019
476,875
533,674
496,306
457,001
503,060
1,710,326
1,517,187
1,340,906
l,X8,3ao
1,154,346
1,104,253
1,045,925
1,055,514
1,000,636
73,468,087
69,112,739
59,131,799
56,370,085
55,791,741
55,101,553
51,759,462
42,985,383
42,270,318
34,399,093
31,398,959
26,933,902
25,146,786
25,579,360
25,766,515
23,798,745
18,786,741
18,183,701
2,710,058
2,408,642
1,791,353
1,765,141
1,936,997
1,926,187
1,775,992
1,433,240
1,466,300
31,689,040
29,490,317
25,142,549
23,381,645
23,642,363
23,840,328
22,022,753
17,303,501
16,717,401
35,066,128
33,314,716
28,739,635
27,915,073
27,011.562
26,241,971
25,028,819
21,248,884
20,336,855
4,997,800
4,296.396
3,684,969
3,397,343
3.202,031
2,391,690
2.641,856
2,210,795
2,054,263
10,220,712
9,994,128
9,136,300
8,920,047
3,623,696
8,409,440
7,930,729
6,966,935
6,820,778
207,376
179,793
160,252
107,083
83,171
71,672
50,897
44,918
41,609
24,266,800
22,475,994
17,846,592
13,901,504
14,043,310
13,535,662
13,114,898
9,527,674
9,769,867
13,268,083
11,990,645
9,577,494
7,314,345
8,165,390
8,029,592
7,733,276
5,441,515
5,537,393
1,125,325
1,008,321
741,570
675,655
715.156
750,623
660,362
516,279
556,829
12,142,258
10,932,324
8,835,924
7,139,190
7,450,734
7,278,969
7,077,914
4,925,236
4,930,564
9,677,537
9,204,355
7,170,339
5,269,119
5,096,458
4,744,333
4,628,163
3,457,216
3,409,205
1,459,517
1,249,375
1,035,253
744,383
721,431
638,692
646,195
451,261
455,210
1,971,712
2,056,063
1,784,421
1,124,728
1,149,930
1,106,879
995,144
7 59,109
767,708
633.049
631,514
541,561
558,319
489,381
438,721
460,064
458,441
448,706
39,512,993
37,366,598
33,921,650
32,804,268
32,525,371
32,138,398
30,102,360
26,798,693
25,530,262
16,341,062
16,076,440
14,070,924
13,391,553
13,621,444
13,563,132
12.442,219
10,747,028
9,892,036
1,299,298
1,153,752
357,334
343.612
944,325
896,946
850,816
785,901
715,757
15,541,764
14,922,638
13,213,590
12,547,941
12,677,119
12,671,186
11,591,403
9,961,127
9,176,279
20,512,307
19,659,785
17,956,169
17,468,426
17,011,796
16,751,435
15,948,949
14,165,X3
13,X8,068
2,633,745
2,365,459
2,137,791
1,949,085
1,862,484
1,699,275
1,559,333
1,374,290
1,251,351
7,023,490
6,790,591
6,362,101
6,209,814
5,989,814
5,888,501
5,621,388
5,105,304
4,947,670
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sample and Limitations of
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
127
ACTIVE CORPORATION RETURNS
Table 38 -SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-1949 THROUGH 1955-57— Continued
Major Industrial group and year
Number of
active
corporation
TRADE: RETAIL: APPAREL AND ACCESSORIES
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
TRADE: RETAIL; FURHnURE AND HOUSEFURNISHINGS
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
RETAIL: AUTOMOTIVE DEALERS AND
FILLING STATIONS
1955-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51.
1949-50.
1948-49.
TRAEE: RETAIL: DRUO STORES
1956-57.
1955-56.
1954-55.
1953-54.
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
TRADE: RETAIL: EATING AMD DRINKING PLACES
1956-57..
1955-56.,
1954-55 . ,
1953-54.
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
RETAIL: BUILDING HATERIAI^ AND
HARDWARE
1956-57.
1955-56.
1954-55 .
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49.
OTHEH RETAIL TRADE
1956-57.
1955-56.
1954-55.
1953-54 .
1952-53.
1951-52.
1950-51 .
1949-50.
1948-49.
TRAIE NOT ALLOCABLE
1956-57.,
1955-56.
1954-55.
1953-54.
1952-53 .
1951-52.
1950-51.
1949-50.
1948-49.
(1)
Returns with balance sheets
Number of
returns
(2)
21,453
19,583
18,469
17,269
17,827
17,052
16.412
15,956
14,818
15,959
14,535
13,186
12,776
11,683
11,886
11,489
10,263
9,165
29,283
27,739
25,218
24,667
23,793
24,069
23.778
22,859
21,420
6,971
6,633
5,916
5,930
6,040
5,608
5,355
5,160
4,905
23,482
20,537
18,644
18,202
16,924
16,631
15,500
14,947
14,005
19,829
17,748
15,992
15,334
15,251
14,819
14.238
11,873
9,594
29,873
27,353
24,386
22,532
22,539
22,003
21,902
21,207
21,446
22,992
23.757
21.506
19,628
17,734
15,489
14,984
17,306
21,093
Specified
current
assets,
except
investments
(Thcu»3nd
dotUtm)
(3)
20,643
18,519
17,545
16,344
16,706
16,207
15,301
14,862
13,920
15,142
13,759
12,427
12,065
10,937
11,098
10,785
9,594
8,585
28,032
26,549
23,937
23,430
22,590
22,890
22,367
21,310
20,074
6,292
5,902
5,267
5,297
5,299
4,920
4,652
4,442
4,169
19,996
17,239
15,355
15,143
13,861
13,701
12,612
12,158
11 , 383
19,201
16,916
15,209
14,616
14,487
14,077
13,494
11,272
9,085
28,306
25,462
22,581
20,846
20,670
20,233
20,093
19,456
19,656
a, 678
a, 854
19,959
18,305
16,554
14,470
13,770
15.841
19,395
Investments
Government
obligations
(Thouaand
dolUra)
2,337,171
2,156,941
1,906,104
1,823,440
1,791,193
1,742,356
1,696,005
1,473,769
1,509,778
2,032,846
1,904,345
1,626,477
1,616,238
1,490,186
1,454,914
1,488,564
1,181,867
1,045,874
3,997,155
4,267,692
3,144,438
3,220,427
3,028,749
2,986,187
2,934,443
2,273,361
2,253,254
519,587
478,315
392,975
376,582
4U,305
405,699
379,693
344,088
335,997
399,057
351,851
295.100
268,124
254,859
239,213
225,285
207,593
213,778
2,483,434
2,265,914
1,964,764
1,810,739
1,823,931
1,776,562
1,655,911
1,140,213
920,426
2,401,915
2,174,830
1,877,001
1,712,388
1,712,491
1,678,360
1,680,696
1,499,208
1,574,455
2,771,607
2,733,782
2,396,024
2,302,178
2,243,254
2,183,051
2,084,408
2,037,608
2,554,326
C4)
Other
investments
(Thouaattd
(5)
60,499
70.831
50,434
62,495
59,152
51,893
54,908
69,407
79,686
19,313
22,215
17,424
22,418
24,163
26,763
24,682
28,946
30.497
33,313
41,190
39,019
50,948
70,283
79,973
83.055
88.700
97,741
7.600
6.714
6,864
8,935
9,320
6,439
6,951
8,737
7,511
13,815
15,036
9,053
13,931
12,227
10,488
15,120
15,933
16,858
20,526
18,013
22,675
23,417
24,492
26,082
25,428
27,126
25,549
27,654
26,470
22,417
37,227
31,692
37,032
37,625
41,114
43.863
42.429
40,223
48,514
39,208
33,335
32,140
36,675
55,902
61,262
212.885
224,921
174,862
157,112
161,036
155,396
153,241
151,872
148,673
115,332
111,477
98,392
93, 3X
87,718
72,682
71,645
63,533
56,864
266,261
276,381
235,181
222,495
218,063
341,957
195,814
141,237
128,375
45,549
36,188
30,294
28,537
33,918
Total
assets
f Thouammi
do Harm)
(6)
144,027
129,818
109,871
97.565
102,871
93,042
81,573
67,699
57,168
184,414
161,773
132,775
123,058
147,726
134,786
125,120
110.654
103,951
248,538
222,532
193.324
185.787
201.753
197.458
174.359
176.331
334.352
3,173,081
2,977,037
2,635,281
2,542,107
2,508,927
2.427.341
2.365,495
2,139,807
2,130,735
2,457,169
2,314,205
1,993,599
1,990,484
1,829,160
1,783,290
1,807, OX
1,470,294
1,309.823
5.592.971
5.943,515
4,634,435
4.773,224
4.553,904
4.615,812
4,373,557
3,555,316
3,382,113
747,233
691,109
583,694
564 , 679
626,288
Specified
current
liabilities
(Thauaand
doltara)
(7)
30,263
617.519
25,336
573,609
22,961
517,862
20,604
492.974
76,551
1.279,360
71.282
1,101,256
49.023
910,513
52,129
887,150
51,475
820,323
48,906
794,819
49,939
752,608
36,260
693,021
32,681
655,883
3,209,953
2,909,258
2.554.957
2,367,817
2,375,465
2,316,244
2,161,126
1,540,619
1,241,996
3,387,349
3,087,712
2,655,875
2,472,217
2,471,768
2,385.816
2,372,805
2,153.235
2.228,290
4,002,861
3,899,054
3,408,262
3,308.226
3.200,819
3,093.057
2,931,898
2,949,758
3,749,762
( Thovaand
dotlara)
(8)
979.278
853.303
722,979
535.747
555,951
497,027
503.654
409,441
404.578
736,505
697,608
535,464
441,795
418.891
378.434
425.132
294,022
255,249
1.888,798
2,065,827
i,2X,3eo
1,038.471
866,275
822.931
755,059
556,776
581,323
226,137
195,543
156,432
119,053
120,590
111,319
106,4/45
91,569
94.523
409,501
325,621
278.555
194,319
178,581
179,787
169,127
140,134
135,941
911,952
815,906
649.244
485,914
498,173
452,160
435,793
269,567
a6,948
1,094.127
945,109
773,531
583,209
576,486
557,154
581,514
475,237
497,725
1,321,180
1,280,994
1,098,759
817,540
780,962
751,687
748.459
628,943
823,269
Gross sales
and receipts
from
operations
(Thouaand
dotlara)
(9)
1,834,818
1,779.299
1.519.170
1.576.253
1,515,307
1,530,386
1,491,631
1 ,406,021
1,380,550
1,258,049
1.191,111
1,075,536
1,084,438
1,000,414
1,021,764
995,138
851,544
781,085
3,001,533
3,177,983
2,857,537
2,925,253
2,930,559
2,959,628
2,799,794
2,353,532
2,122,124
440,122
419,217
355,359
344,532
375,642
377,792
353,622
324,319
302,999
551,795
498,073
419.159
425.372
396.847
383.309
375,290
359,255
341.459
1.974.793
1,818,082
1,682,259
1,590,290
1,577,090
1,551,893
1,436,082
1,093,824
871,696
1,743,962
1,619,970
1,447,147
1,363.379
1,363,639
1,328,887
1,315,671
1,276,604
1,309,134
2,159,624
2,130,373
1.894,557
1,944.289
1,892,131
1,818,831
1,711,192
1,886,362
2,330,158
5.739,729
5.284.595
5.474.913
5.515.137
5.557,410
5.352.738
5,098,704
5,020.163
5.255,240
4,214,323
3.835.104
3,104.596
3,188.763
3,014.621
2.893.566
2,945,526
2,362,285
2.208,492
23,848.312
27,045,146
18,936,949
19,281.618
16.551.432
17.140.406
17.255,045
13,843,732
12.100,547
2.102.406
1,905,633
1,642,896
1,652,437
1,745.243
1,660,888
1.500.352
1,438.305
1.401,39<
3,431,
2,941.145
2,505.058
2.555.8ld
2,359,538
2.202.918
1,959,919
1,909.596
1,919.345
6,250,392
5,880,926
4,835,149
4,550.381
4,814.740
4,774.595
4.455.335
3.035.361
2,749,047
7,319,420
6,573,397
5,580,190
5.237,263
5,136,712
4,970,270
4,771,525
4.461.046
5.130.367
9.829.906
9,695.010
8,488.829
8,421.456
8,207,150
8,069,432
7,348,825
7.494.288
9,859,984
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sai]q)le and Limitations of
128
CORPORATION INCOME TAX RETURNS. HISTORICAL DATA
ACTIVE CORPORATION RETIRNS
Table 38.— SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS. TOTAL ASSETS. NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-49 THROUGH 1955-57— Continued
Number of
active
corporation
returns
Returns with
balance sheets
Number of
returns
Specified
current
assets,
except
investments
dollara)
Investments
Total
assets
(Thotiaand
dotlara)
Specified
current
liabilities
(Thoaaand
dollars)
Net worth
(Thousand
dollera)
Gross sales
Major industrial group and year
Government
obligations
(Thouaond
dollara)
Other
investments
(Thouiand
dollara)
and receipts
from
operations
(Thouaartd
dollara)
(I)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
AND LESSORS OF REAL PROPERTY
1956-57
265.005
234.019
205.339
195.207
185.855
177.832
171.341
166.277
160.643
60,154
53,314
47,602
44,166
42,763
37,575
36.966
37.357
37,098
15.315
16.125
14.680
14.486
14.806
14.657
14.810
14.846
14,872
33,761
27.792
24.418
21 . 391
19.158
13.876
13.114
14.038
13.240
8,847
7,658
6.899
6,671
7,237
7,523
7,514
7,511
7.500
2.231
1,739
1,605
1,618
1,562
1.519
1,528
1.462
1.486
16.676
14.527
12.390
12.293
11.538
10.865
10,497
9,914
9,333
3,423
3,233
3,004
2.863
2.660
2.645
2.686
2.495
2.452
244.755
213.630
137,172
175,653
166,749
158,335
151,540
146,120
140,872
56,753
49,803
44,611
41,353
39,711
34,336
34.016
34.630
34.035
15,045
15,323
14.374
14.270
14.486
14,444
14.550
14.566
14.567
31.593
25.471
22.481
19.470
17.479
12.446
11,424
12,072
11,457
7,946
6,822
6,212
6,059
6,237
6.535
6,602
6.673
6,621
2,169
1,687
1,544
1,559
1.509
1.411
1.440
1.369
1.390
14.979
13,074
11,391
10,732
10,241
9,705
9,171
8,656
8,093
2,727
2,575
2,335
2,261
2,176
2,175
2.190
2.034
1.981
198.707,382
184.301,652
156,290,873
149,124,828
140,744,893
121,064.671
110.653.789
92.517.934
93.963.557
183.901.577
175.469,518
143,450,347
142,074,529
134,024,971
114,898,762
104,703,635
87,545,743
89,380,655
162,233,626
150.953.563
129,284,146
124,287,336
118,373,474
103,578,448
94,156,921
79,347,888
82,095,431
24,982,999
22,782,891
17,610,371
16.167.997
14.021.427
9.647.740
8,844,033
6,339,016
5,537,477
1,003,016
1,132,691
1,064,463
1.081,650
1,244,093
1,300,478
1,267.854
1,555,996
1.363.179
631.936
600.373
491.367
537.546
385.977
372,096
434,822
302.843
329.568
4.263.352
3.891.442
3.719,629
3,707.349
3,543,545
3,251,369
3,118.324
2,558,645
2,403,004
3,332.132
3,093,299
2,941,356
3,022,768
2.895,378
2,630.937
2.567,504
2,073,633
1,932,791
104.674.397
110.053.750
113,924.493
104,413.361
102.819.324
90.832.310
92.745,614
97,185,542
92,734,727
84,157,378
83,966,356
93,024,076
84,594,362
83,153,903
71.478.584
71.137,218
74,359.522
69,597,195
79,733,651
84,718,709
89,420.227
80.786,786
79,704,225
69.874.574
69.649.093
72.393.165
68.010,336
3,039,056
2,649,316
2,141,492
2,195,878
1,875,393
281.440
213.063
157.328
147.792
951.751
944.831
724,550
719,572
758,668
825,635
826,795
1,274,297
872,020
382,920
653,500
737,807
392,126
815,617
496.885
443.262
534.232
567.047
20.056.553
20,628,783
20,535,541
19,399.384
19.227,953
13,959,760
21,193,894
22,411,379
22,805,139
20,025,257
20,604,743
20,507.423
19,378,600
19,212.657
18.938.069
21.176.148
22.391.701
22.731,338
161,957,877
145,626,065
130,034,536
118,004,273
103,656,226
76,759.524
70.125.907
67,891.773
55.739.712
64.395.501
55,239.720
48,538,760
43,401,781
35,627,365
16,449,474
15,731,721
21,110,155
15,060, 348
10.623.071
9.921,495
10.573.572
10.032.755
9.481,364
5,988,196
5.339,102
5,510,843
4,746,349
39,386.175
33,629,140
27,353.412
22.682.730
15.975.491
867,972
816,137
1,751,031
784,625
13,535.970
11.026.560
10,088.616
10,060,352
9.617.513
9.117.476
3.557.633
13.393.160
9,094.063
845.235
662,525
518,160
575,944
553,492
475,830
518,349
455,066
435,811
90,101,493
33,204.723
75,864.324
69.731.707
63,596.372
57,470,412
51,478.784
44.240.816
38.406.477
89.843,699
82,981,766
75,686,780
69,588,293
63,485.760
57.368.676
51.376.451
44.137.060
38.309.432
504.570.835
474.858.023
432.476,851
401.975.574
374,890.324
317.025.959
293.623.964
281.932.305
265.124,212
344,265,221
325,864,070
295,175,246
275,300,340
257.047,986
206,720,938
195,026,340
187,074.910
177,205.031
257.005.548
249.769.037
232.320,330
213,928,192
210,413.321
182,250.332
171.808.432
159,615.918
157.166.301
68.999.561
60.209.188
47.978.805
41.831,911
32,506,791
11,170,652
10,243,886
8,504,419
6,778,229
16.121.104
13,722.013
12.396,783
12.402.972
12.125,522
11.773.437
11.507.530
17.569.893
11,858.231
2.139,008
2,163,782
1.979,273
2.137,265
2,001,352
1,526.517
1.466.492
1.334.680
1.402.270
122.707.326
114.395.332
106.491.383
98.353.142
91.330,200
84.969.711
79,514,460
72,924.330
67,378,384
121,264,608
113.680.344
105.341.387
97.345,325
90.423.944
84.091.692
78,717.830
72.208.675
66.682,044
21.242,851
19.354.018
14.735.345
11,363.715
10,813,316
9,331,089
8,405,763
7.060.368
6.623.192
13,504.767
12,668,376
9,209,098
3,133,117
7,722,369
6,143,340
5,381,174
4,598,146
4,193,960
681.652
528,872
359,618
542
93
29
11,072.360
10,575.872
7.229.754
6.545.547
6.137,204
4,909,411
3,996,455
2,922.942
2,671.423
651.918
634,567
688,798
554,544
525,219
512,302
600,611
958,977
349,258
1,098,837
929,065
930,928
1,032.484
1.059.853
721.598
784.108
716.227
673.274
918.216
809.822
761,934
587,994
522,594
514,317
473,709
366,858
358,424
157,138
171,907
175,173
58,613
43.070
37.215
43.954
70.520.330
62,949,740
57,462,669
52,064,473
48,775,574
42,556,654
40,067,940
40,739.651
35,478,218
42,798,700
37.866.846
34.341.210
32,330,522
29,988,702
24,954,270
23,491,477
25,538,239
21,556,749
20.951,404
19,940,398
18,813,910
16,917,365
15,929,677
13,199,754
12.570,138
11.721.256
11.172.005
8.305.763
6.805.603
5.821.791
5,168,457
4,357,874
2,348,633
2.119.255
1.636,936
1,620,040
13,055,290
10,647,516
9,307,762
9.920,025
9,352,684
9,073.294
8.417.763
11.731.118
8.474,917
486,243
472,329
397,747
324,675
348,467
327,589
384,321
298.929
289,737
15,994.091
14,332.778
13.130.429
9,876,760
9,547,299
8,344,136
7,971,056
7.051.917
6,176.435
15.459.812
13.876.321
12,721,219
9,541,453
9,237.925
8.560.813
7.694.267
6.790.032
5.921.627
13.955.390
1955-56
13.124.747
12,259,763
i953_5i
10,731,574
9,759,590
ig51_52
8.615.535
7.898.378
7.478.419
6.640.986
TOTAL FINANCE
3.205,351
2,783.150
2.589.471
2,368.241
2,144,723
1,835,789
1950-51
1,696,274
1,544,417
1948-49
1,197,256
FINANCE: BANKS AND TRUST COMPANIES
1,123,440
1,016,786
893.597
810,426
758,209
669,147
1950-51 .,
637,307
584,190
562.392
FINANCE; CREDIT AGENCIES OTHER THAN EUINKS
1.748.561
1.502.112
1954-55.
1.277.401
1.361,550
1952-53
1.183.000
1,028.199
879,745
1949-50
586,207
469,095
FINANCE: HOLDING AND OTHER INVESTMENT COMPANIES
84,924
1955-56
74.446
62,107
1953-54
74.284
71.938
1951-52
71,510
69,118
298,264
1943-49
90,351
BROKERS AND DEALERS
243,426
1955-56
139.806
356.366
1953-54
121.931
131.526
1951-52
116,933
110,104
75,756
74.918
8,224.525
7.950.196
1954-55
7.558.912
6.849.035
1952-53
6,229,215
5,554,878
1950-51
5,018,344
4,658,042
1948-49
4.243.444
INSURANCE CAHRIEBS
7,267.681
7.097,309
6,789,633
6.192,610
5,682,436
5.056.313
4.585.430
4.267.159
1948-49
3.860.148
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sanqile and Limitations of
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
129
ACTIVE CORPORATION RETURNS
Table 38.— SPECIFIED CURRENT ASSETS AND LIABILITIES, INVESTMENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-1949 THROUGH 1956-1957— Continued
Number of
active
corporation
returns
Returns with balance sheets
Number of
returns
Specified
Investments
Total
assets
(Ttiaumand
doltatai
Specified
current
liabilities
( Thtxiaand
dollara)
Net worth
(Thouaand
dollarai
Gross sales
Major industrial group and year
assets,
except
Investments
(Thoatand
dotUrt)
Government
obligations
(Thoutmiul
dotUra)
Other
investments
(ThouMmnd
dolUra)
and receipts
from
operations
(Thouaand
dottara)
(1)
(2)
(3)
C4)
(5)
(6)
(7)
(8)
C9)
13,253
11,294
9,886
9,425
8,873
8,220
7,811
7,419
6,881
181,547
160,783
139.821
132,960
126,137
124,160
118,942
112,613
108,101
6,628
5,395
5,026
5,788
5,417
5,232
5,436
5,893
6,111
81,598
72,892
64,845
63,517
61,647
58,263
55,233
53,978
50,456
3,586
7,968
7,474
6,954
6.827
6.648
6.302
6,131
5,327
15,067
14,094
12,540
12,730
12,249
12,063
11,628
11,611
11,263
20,559
17,968
15.792
14.446
14.394
12.625
11.372
10.804
9.894
8.675
7,237
6.151
6.169
5.629
4.923
4.373
4.264
4.005
12,252
10,499
9,056
8,471
8,065
7,530
6,981
6,622
6,112
167,224
146,143
126,863
118,858
112,256
109,554
103,372
97,953
93,800
5,799
4,660
4,307
4,705
4,541
4,240
4,431
4.831
4.944
74,372
66,011
53,117
56,473
54,690
51,357
47,834
46,583
43.882
7.855
7.125
6,693
6,263
6,037
5,918
5,566
5,408
5,172
13,852
13,020
11 . 567
11.631
11.150
10.887
10.414
10,335
10,038
18.782
16.523
14.363
12,951
12.972
11.177
10.071
9.473
8,717
8,094
6,729
5.505
?.690
5,193
4.506
3.953
3.817
3,573
931,170
798,143
777,773
684,581
648,167
620,432
551,320
485,007
470.213
5,311,385
4,726,042
3,920,712
3,135,266
2,987,203
2,736,805
2,647,401
2,219,016
1,991,190
231,068
214,650
200.135
207,684
189,174
177,735
183,929
194,530
188,708
4,537.493
3.862,406
3,299,588
2,970,964
2,905,375
2,749,992
2,479,048
2,131,650
2,151,716
452,381
374,475
356,990
290,967
297,841
290,172
231,655
255,044
253,907
452,226
399,501
366, 563
322,445
301,586
294,564
262,090
240,602
232,159
1,443,571
1,203,229
1,015,363
933,155
913,973
819,642
698,697
563,884
505,017
291,619
206,799
150,791
144,242
136.456
120.635
87.947
80.045
73.455
31.296
24.035
23,118
20,784
15,296
21,691
17,746
19,678
23,801
393.292
383,855
304,559
311,502
354,031
358,434
320,292
335,672
311,535
62,174
74,756
60,322
108,613
83,887
85,532
94,210
78,969
70,358
295,137
263,466
223.764
223.490
235.237
a0,189
222,225
238,048
224,330
24,191
32,175
31,185
34,404
27,387
27.533
26,783
27,107
32,965
22,869
17.327
22.305
16.283
16.352
15.537
16.772
18,183
16,454
91,244
80,036
58,422
61,116
66.924
62.128
51.450
54.294
44,622
6,936
2,639
2,899
4,382
2.989
3.310
3.553
2,475
2,652
257,799
222,962
177,544
143,414
110,612
101,736
102,333
103,756
97,045
7,155,174
6,814,379
5,377,815
4,592,165
4,208,140
2,622,587
2,703,556
2,315,807
2,030,375
305,704
367,238
253,687
278,620
223,849
217,051
211,846
224,995
241,512
1,585,618
1,402,748
1,363,883
1,240,171
1.063.319
1,117,666
1,048,494
673,322
765,429
237,386
203,186
242,326
166,041
142,130
139,880
148,004
135,510
112,745
75,941
73,809
70,085
59,597
65,177
57,351
57,320
50,675
49,949
483,064
463,287
364,363
400,920
311,249
330,771
313,864
142.945
123.973
53,823
31,018
53,637
36,119
23,190
19,619
17,143
12,002
10,601
1,442,718
1,214,988
1,149,996
1,007,817
906,256
878,019
796,630
716,205
696,840
34,834,369
31,260,734
27,669,318
24,139,479
22,912,329
21,754,624
20,213,432
18,238,341
16,746,723
2,763,919
2,337,887
3,140,904
4.182,613
3.600.309
3,530,686
3,869,732
3,744,674
3,793,569
13,089,741
11,263,709
10,017,262
9,470,813
8,915,709
8,667,333
8,052,583
7,063,030
6,950,001
2,755,021
2,426,207
2,343,003
2,148,521
2,007,075
1,967,640
1,913,960
1,352,684
1,776,995
1,261,035
1,119,232
1,019,406
993,307
921,276
901,627
855,106
807,776
772,152
3.071.181
2.665.943
2,216,102
2,162,746
1,970,365
1,921,349
1,593,518
1,214,832
1,036,135
1,095,901
778,103
633,191
595,719
503,180
437,393
346.050
283.950
254,051
761 ,078
637,915
586,761
529,376
479,524
477,102
424,755
366,353
358,424
6,330,141
5,574,724
4,513,047
2,493,891
2,449,744
2,474,495
2,413,972
1,984,831
1,958,626
439,727
301,096
246,266
143,713
123,609
193,937
136,913
1U,033
U7,182
3,405,734
2,752,203
2,266,207
1,543,072
1,409,814
1,320,631
1.252,201
1,059,179
1,034,503
497,276
452,661
388,123
259,327
216,373
209,550
223,975
196,894
186,565
305,561
254,415
237,138
167,210
137,761
148,999
137,749
121,030
113,765
1,086,925
851,050
653,840
463,478
415,229
374,287
320,289
265,033
243,085
343,819
245,445
207,284
132,305
112,087
91.168
75.457
52,693
49,480
534,279
455,957
409,210
335,302
309,374
283,373
276,789
261,885
254,858
10,450,533
9,239,290
8,331,328
7,660,905
7,361,373
6,893,299
6,650,604
6.138,426
5.357,639
1,277,056
1,510,826
1,659,702
2,196,286
1,378,200
1,864,899
1,954,303
1,911,069
1,887,295
5,977,200
5,451,380
4,929,611
4,358,075
4,664,241
4,565,907
4,295,184
3,808,633
3,749,319
992,629
906,393
922,020
901,621
397,936
384,777
884,578
843,357
779.954
717,128
663,143
603,309
592,053
562,296
544,136
531,192
510,255
479,391
1,363,793
1,305,535
1,079,983
1,120,089
999,954
993,613
804.266
661,690
581,628
361,836
295,976
a7,296
241,128
a5,953
194,150
153,713
139,749
114,109
956,844
852,887
769,274
656,425
546,779
498,565
432,914
390,833
333,296
REAL ESTATE, EXCEPT LESSORS OF REAL PROPERTY OTHER
THAN BUILDINGS
2,512,165
2,373,299
2,092,444
1,512,382
1,383,946
1,174,845
1,183,760
1,275,960
1.200.286
LESSORS OF REAL PROPERTY, EXCEPT BUILDINQS
13,849
18,102
18,941
1,916
1,706
23
-
-
-
1956-57
15,414,163
1955_56
13,510,706
11,693,535
1953-54
11.317.399
10.661,977
9,934,338
1950-51
3,875,586
8,333.371
8.348,337
SERVICES: HOTELS AND OTHER LODGING PLACES
1956-57
1,384,580
1,733,195
1,564,853
1,579,719
1,465,706
1,428,678
1,342.565
1.347.397
1.373.216
SERVICES: PERSONAL SERVICES
2.313.565
2.061.354
1.803.303
1,806,134
1,634,074
1951_52
1,646,317
1,487,679
1,450,003
1943-49
1,428,433
SERVICES: BUSINESS SERVICES
4,548,071
4,072,414
3,484,743
3,284,035
3,145,5a
2,714,446
2,313,7X
2,065,632
1948-49
1,832,924
SERCICES: AUTCMJTIVE REPAIR SERVICES AND GARAGES
1,020,892
727,382
533,366
615,171
537,828
491,989
376,816
340,495
1948-49
324,350
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears In the annual volune for those years.
"Description of the Sample and Limitations of
130
CORPORATION INCOME TAX RETURNS, HISTORICAL DATA
ACTIVE CORPORATION RETURNS
Table 38
SPECIFIED CURRENT ASSETS AND LIABILITIES. INVESTOENTS, TOTAL ASSETS, NET WORTH, AND RELATED RECEIPTS, BY MAJOR INDUSTRIAL GROUP,
1948-49 THROUGH 1956-57— Continued
Major industrial group and year
Number of
active
corporation
returns
Returns with balance sheets
Number of
returns
Specified
current
assets,
except
investments
(Thfiuaand
dollars)
Investments
ijovemment
obligations
(Thousand
daltara)
Other
investments
f Thotiaand
doltarai
Total
assets
(Thouaand
dot lata)
Specified
current
liabilities
(Thousand
dollars)
(Thousand
dollars)
Gross sales
and receipts
from
operations
f Thousand
dollars)
SERVICES: MISCELLANEOUS REPAIR SERVICES,
HAND TRADES
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51 ,
1949-50
1948-49
SERVICES: MOTION PICTURES
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
SERVICES: AMUSEMENT, EXCEPT MOTION PICTURES
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
OTHER SERVICES, INGLUDINO SCHOOI^
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
NATURE OF BUSINESS NCfT ALLOCABLE
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
(2)
(J)
(4)
(7)
4,783
4,264
3,587
4,000
3,190
2,911
2,587
2,364
2,086
7,053
6,510
5,712
6,118
6,090
6,089
5,881
5,525
5,157
8,128
7,102
6,785
6,423
6,703
6,339
6,740
6,830
5,810
8,747
7,749
6,804
6,677
6,565
6,670
6,350
6,449
6,414
12,868
9,989
9,586
6,450
5,655
5,580
5,702
4,481
4,166
4,448
3,870
3,260
3,493
2,808
2,592
2,300
2,114
1,346
6,657
6,106
5,339
5,656
5,623
5,643
5,400
5,083
4,758
6,961
5,962
5,594
5,164
5,407
5,036
4,994
5,148
4,505
7,723
6,676
5,796
5,625
5,500
5,598
5,136
5,210
5,223
10,510
7,938
7,685
4,857
4,392
4,247
4,098
3,S64,
3,042
196,955
181,820
134,152
142,264
116,489
112,975
83,734
68,806
63,950
1,086.154
970,785
812,755
707,851
734,567
714,423
720.545
605.893
715.816
239.122
197.878
189,245
156,290
159,153
146,887
132,247
141,745
137,073
374.965
327,919
273,724
273,750
245,305
250,644
212,133
175,631
170,339
265,175
157,030
169,747
105,406
105.437
126.859
125.616
105,311
103.755
4.349
1.988
2,459
771
689
2.146
6.895
2,540
1,528
62,143
62,208
47,747
42,329
50,362
42.286
64.677
80.814
77.127
43.959
33.992
29.420
33.446
34.676
29.631
25.300
27.960
26.380
39,396
33,101
29,317
35,759
35,858
27,618
26,785
24,675
23,102
12,788
3,853
19,449
4,803
2,785
11,793
12,557
9,221
5,473
8,400
5,930
6,409
4,551
6,166
4,802
3,333
3,505
3,352
599.462
513.872
529.241
487.780
433.875
435.430
428.866
246.389
381.310
61,620
58,048
55,744
35,595
47,271
39,166
41,751
47,533
42,991
60 , 917
53 , 598
42,078
49.568
39,761
40,647
38.213
34,763
35 , 508
133.031
179.085
61.901
50.037
64.490
77,125
71.485
57,378
60,459
304,204
265,414
210.726
205,680
183,572
171,579
131,308
112,149
101,862
2.876,198
2,527,190
2,285.950
2.159,175
2.137.522
2.155.041
2.174,643
1,796,519
2,020,974
930,908
779,652
731,197
616,250
649,737
591.431
578,273
580.959
541.398
795,293
701.968
577.687
588.905
537,832
520,778
459,225
414.161
396.434
542.521
465,384
380.364
262.313
246,370
326,052
359,061
323,202
279.204
104.794
91.148
68.958
50,286
47,593
49,520
35,958
26,612
25,686
672,636
543,921
415,703
289,506
302.620
270,559
287,711
241,801
257,927
202,877
147,870
148,438
87,328
78,663
79,359
79,290
81,135
82.910
191,796
155.698
146,723
93,132
99,488
97,139
90,772
73,980
70.085
161.883
227,115
111,243
61,806
47.480
53.725
107,443
89,859
54,910
151,785
135,716
109,592
97,972
98,533
87,341
64,393
61,077
54,094
1,495,902
1,361,628
1,286,375
1,229,411
1,217,919
1,237,740
1.262.088
1.020.825
1.200.110
468.556
404.630
411.104
350,127
376.263
334,869
329,502
329,805
310.551
424,570
378,854
299,332
325,674
295,287
289,231
260,452
236.875
229.472
255.279
81.335
159,309
144,991
139,062
182,295
169,788
163,326
155,752
19)
688,929
558,282
455,574
454,526
412,963
398,242
282,455
259,716
240,375
2,428,752
2,248,491
2.015,017
1,825,336
1.762.468
1,782,222
1.799.608
1,659,848
1,879,599
1.023.545
900,081
813,384
752,962
754,509
533,806
595.526
519.942
513.795
1.505.819
1.209.507
973.295
999.516
948.908
833.638
677.203
640.288
600.640
135.194
94.131
103,827
86,829
87.822
89.289
93.639
94.334
103.575
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables. "Description of the Sample and Limitations of
Data" for each of the years 1951-52 through 1955-57 appears in the annual volume for those years.
CORPORATION INCOME TAX RETURNS. HISTORICAL DATA
181
ACTIVE CORPORATION RETURNS
Table 39 . —NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, AND TOTAL ASSETS BY SIZE OF TOTAL ASSETS, 1947-48 THROUGH 1956-57
ALL ACTIVE CORPORATION RETURNS
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-48
RETURNS WITH BALANCE SHEETS BY SIZE OF
TOTAL ASSETS
Total
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-48
Under $50,000
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-48
$50,000 under $100,000
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-48
$100,000 under $250,000
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-48
$250,000 under $500,000
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1943-49
1947-48
Number of
returns
885,747
807,303
722,805
697,975
672,071
652,376
629,314
614,842
594,243
551,807
827,916
746,962
667,356
640,073
615,698
596,385
569,961
554, 573
536,333
496,321
332,685
299,564
273,045
261,920
253,029
245,803
236,354
242,765
234,590
218,623
150,165
131,510
117,001
115,719
109,730
106,268
101,645
99,378
96,747
89,002
171,122
150,350
134,299
127,949
122,123
118,366
111,503
104,262
100,341
90,709
76,929
70,483
60,356
55,447
52 ,976
52,395
49,735
44,634
43,366
39,571
Total
compiled
receipts
(ThoutMnd
dollaf)
679,868,U.'I
642,248,01.
554,822, ..■
558,242, .'..
531, 307, i'
517,039, in ■
453, 130, 0( .
393, 449, b'.
410,965,6..'
367,745, 5',t'
673,492,895
634,503,108
547,001,259
551,934,103
525,011,139
511,349,435
452,523,211
387,635,530
405,429,590
361,520,762
18,037,696
16,270,811
14,623,226
14,550,151
13,905,220
13,870,462
12,330,650
12,935,602
13,214,501
12,062,012
22,472,911
19,810,649
17,606,183
17,696,328
16,710,859
16,592,327
15,257,020
15,282,143
15,544,486
14,161,352
53,507,241
48,805,215
42,243,919
40,521,499
39,489,242
38,983,698
35,584,674
32,953,179
33,605,634
30,071,562
50,180,784
48,144,225
39,745,048
37,348,029
36,677,683
36,981,214
33,737,042
29,310,230
30,509,594
27,386,796
Total
assets
(Thotitand
948,951,
388,621,
805,300
761,877
721,864,
647,523
598,369
543,561
525,136
494,615,
6,920,
6,280,
5,750,
5,624,
5,429,
5,293,
5,081,
5,159,
5,006,
4,660,
10,733,543
9,480,603
8,430,038
8,339,262
7,933,692
7,724,733
7,317,335
7,176,574
6,948,478
6,376,122
27,157,212
23,922,504
21,379,449
20,306,331
19,362,412
18,714,160
17,686,574
16,435,868
15,832,037
14,306,325
26,752,743
24,560,243
21,045,815
19,387,397
13,570,832
13,330,214
17,364,835
15,566,961
15,145,477
13,841,623
RETURNS WITH BALANCE SHEETS BY SIZE OF
TOTAL ASSETS— Continued
$500,000 under $1,000,000
1 156-57
i J55-56
1 154-55
1 S53-54
1J52-53
1 951-52
1)50-51
1949-50
1943-49
1947-48
$1,000,000 under $5,000,000
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1943-49
1947-43
$5,000,000 under $10,000,000
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-43
$10,000,000 under $50,000,000
1956-57
1955-56
1954-55
1953-54
1952-53 ,
1951-52
1950-51
1949-50
1948-49
1947-48 ."
$50,000,000 under $100,000,000
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-48
$100,000,000 or more
1956-57
1955-56
1954-55
1953-54
1952-53
1951-52
1950-51
1949-50
1948-49
1947-48
Number of
returns
41,336
39,301
33,617
31,845
31,290
30,355
29,093
25,651
24,803
23,258
39,361
40,853
35,770
33,805
33,579
32,041
30,643
27,793
27,414
26,447
7,295
6,794
6,324
6,181
6,139
5,303
4,987
4,650
4,733
4,576
6,547
6,246
5,718
5,550
5,220
4,431
4,217
3,761
3,709
3,565
896
334
794
742
708
626
596
556
529
509
1,030
1,027
932
915
354
747
688
623
601
561
Total
complied
receipts
f Thouwand
dollarm)
48,309,687
48,675,268
38,903,995
38,191,705
37,896,146
37,891,469
34,453,058
23,962,558
30,899,670
28,718,308
97,748,305
97,582,503
82,324,650
81,804,500
81,150,352
81,724,379
73,902,911
61,612,839
65,994,727
61,785,182
38,043,767
35,488,974
32,268,507
32,683,625
32,717,315
32,392,848
28,430,400
24,261,019
28,291,510
25,355,149
83,431
77,254
70,566,
73,301
71,724,
71,509,
64,716,
53,772,
56,134
51,620,
598,253
,559,537
,400,110
348,535
361,034
,709,733
,248,762
692 ,468
985,318
,618,718
Total
Bsuets
CThou»»nd
doUmrm}
224,657,
209,916,
177,313,
183,537,
164,377,
153,192,
126,811,
103,853,
107,250,
88,741,
28,774,775
27,381,704
23,491,388
22,238,837
21,846,554
21,207,504
20,337,759
17,903,307
17,361,661
16,292,699
85,883,926
87,949,863
76,939,617
72,960,096
72,538,703
68,596,357
65,455,266
59,298,059
53,797,349
57,166,729
51,199,894
47,606,130
44,204,930
43,045,612
42,816,751
37,017,547
34,767,458
32,383,389
33,061,168
31,950,113
1J4,886,606
126,472,025
116,342,891
112,999,313
104,753,261
90,505,805
84,676,223
75,311,752
75,044,807
71,788,897
,303,942
,695,846
544,463
,984,086
,936,056
,108,561
,555,098
,956,502
,163,650
,739,937
514,337,864
477,271,947
432,171,129
404,991,948
378,621,906
336,019,841
304,127,219
274,869,823
260,769,819
242,491,757
NOTE: For explanatory statements and comparability of data, see the texts for the 1956-57 tables and for these historical tables.
Data" for each of the years 1951-52 through 1956-57 appears in the annual volume for those years.
"Description of the Sample and Limitations of
4. Source Booilc of
Statistics of Income,
1926-51 1953-56
SOUECE BOOK OF STATISTICS OF ITJCOME
Page
Description and use 135
Chart I. — Data available in the Source Book of Statistics of In-
come from corporation returns for the years 1926-51, 1953-56... 136
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, 1953-56: Years for which data are available
in major group tables and years for which data are available in
minor group tables 139
134
SOURCE BOOK OF STATISTICS OF INCOME,
1926-1956
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
organizations. Permission to copy data from the Source Book may be
obtained upon presentation of a written request addressed to the
Commissioner of Internal Revenue.
The corporation data in the Source Book are from the income and
profits tax returns for 1926 through 1951 and 1953 through 1956. 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. Through 1955 the data
are also segregated in both instances as to returns with net income and
returns without net income. The 1956 data are available in total (re-
turns with and without net income) and separately for returns with net
income.
For the years 1932-3<+, tabulations of data from consolidated returns
are also available. A considerable number of corporations filing con-
solidated returns for 1932 and 1933 were denied this privilege for
taxable years beginning after December 31, 1933, by section 1^1 of the
Revenue Act of 193-4, which limited the filing of consolidated returns
to common carriers by railroad and their related holding and leasing
companies. Source Book 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 19^+2, the privilege of filing consolidated returns
was again extended, in general, to all corporations.)
Beginning with 1951, a probability sample has been used as the basis
of the tabulated data. Description of the sample and limitations of
data for each year may be found in the published volume for the year.
A summary description of the data contained in the Source Book is
presented in Charts I and II. The first chart shows the years and clas-
sifications for which the items are available and the second is a
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 1956,
the first chart shows that gross sales will be found for the years 1926
through 1951 and 1953 through 1956 for ma jor 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 1953-56.
135
136
SOURCE BOOK, 1926-1951, 1953-1956
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SOURCE BOOK, 1926-1951, 1953-1956
189
Chart II . — INDUSTRIAL OffOVHS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE AHVUVK lioOK OF STATISTICS OF INCOME, FOR THE YEARS 1926-1951.
1953-1956: YEARS FOR WHICH DATA ARE AVAILABLE IN MAJOU GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINOR GROUP TABLES
[F'->r liiJt ol" Hems avalLabl-j, e-i-e uhart I]
Industrial group
Agriculture, forestry, «nd fishery
Farms and agricultural services
Farming — Fruit, cotton, grain, stock, and all other
farming, including lessors
Forestry ■.
Fi shery
Related industries — Forestry, fishing, ice harvest-
ing, agricultural Industries, not precisely defined;
holders and lessors
Agriculture, forestry, and fishery not allocable
Mining nnd qunrrying
Hetnl mining
I ron
Copper
Lead and zinc
Gold and si Iver
Copper, lead, zinc, gold, silver
Other metal mining
Metal mining not allocable (included in No. 15 for
1948-51;53-56)
Cofll mining— Anthracite, bituminous, peat, coke
Anthracite
Bituminous coal and lignite (includes peat for 1928-
47; see No. 26
Crude petroleum nnd nnturnl gns prnductior
Crude petroleum, natural gas and natural gasoline
production (Oil and gas for 1926-37)
Oi 1- and gas-field service operations
Nonmetallic mining nnd quprrying
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 (noTimetallic) (Includes
peat for 1948-51; 53-56)
Nonmetallic raining and quarrying not allocable (in-
cluded in No. 26 for 194S-51;53-56)
Mining and quarrying not elsevftiere classified, les-
sors and holders
Mining find qunrrying not nllr^cnble (included in No.
26 for 1948-51 ; 53-56 )
Construct ion
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. 242 for 1927-51; 53-56)
General contractors
General building contrac tractors
General contractors other than building
General contractors not allocable
Special trade contractors
Other construction (not allocable)
Manufacturing
Food products , bevernges, and tobacco
Food products, including beverages
Food and kindred products
Bakery and confectionery products
Bakery products
Confectionery
Canning fruits, vegetables, and seafoods (included in
No. 52 for 1926)
Meat products
Grain mill products, except cereal preparations
Cereal preparations (included in No. 52 for 1926-37).
Dairy products (included in No. 52 for 1926-37)
Sugar
Other food products (includes No. 54 for 1926)
Food and kindred products not allocable (included in
No . 52 for 1926-37 )
Bevernges
Solf 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
Wi ne
Nonalcoholic beverages
Beverages not allocable (included in No. 61 for
1948-51; 53-56)
Tobacco manufactures
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),
Rayon and other synthetic textile-mill manufactures..
Rayon and silk manufactures.
Yuars for which
data availablp In—
Major group
tables
Minor group
tables
1926-51; 53-56
72
1938-51; 53-56
73
74
1938-51; 53-56
1938-51;53-56
1926-37
75
76
77
1938
1926-37
78
79
1926-51; 53-56
80
1938-51; 53-56
1926-37
1938-51; 53-56
1938-A7
1938-47
1938-47
1948-51; 53-56
1938-51;53-56
81
82
S3
84
85
1938-47
86
87
1938-51; 53-56
1926-27
1928-37
88
89
90
1938-51; 53-56
1928-37
91
92
1938-51; 53-56
93
1926-51;53-56
1938-51; 53-56
94
95
1938-51; 53-56
96
97
1926-37
1938-51;53-56
98
99
1938-51; 53-56
lOO
101
1938-47
1926-37
102
103
1938-47
104
1926-51; 53-56
105
106
1926-37
107
108
1926-37
1938-47
1948-51; 53-56
1948-51; 53-56
1948-51; 53-56
1938-51; 53-56
1938-51; 53-56
109
110
111
112
113
114
1926-51; 53-56
115
116
1926-30
1931-32
1933-51;53-56
1926-37
1938-51; 53-56
1938-51; 53-56
117
118
119
120
121
1927-51; 53-56
1926-51; 53-56
1926-51; 53-56
1938-51; 53-56
1938-51; 53-56
1926-51;53-56
1926-51; 53-56
122
123
124
125
126
1?7
1938-51; 53-56
128
1933-51; 53-56
130
1927-32
1933-37
131
1933-37
1938-51; 53-56
1938-51; 53-56
1938-51; 53-56
1938-51; 53-56
1938-47
132
133
134
135
136
137
1931-51; 53-56
1926-30
1948-51;53-56
1948-51; 53-56
139
1926-51;53-56
1941-47
1926-40
140
141
1926-47
1926-40
1938-40
1941-47
142
143
144
Industrial group
Yam and thread (cotton, wool, allk, and synthetic
fiber)
Broadwoven fabrics (woolen and worsted)
Broadwoven fabrics (cotton)
Narrow fabrics and other emallwares (cotton, wool,
silk, and synthetic fiber)
Kni t goods
Hats, except cloth and millinery (Included in No. 84
for 1926-37 )
Carpets and other floor coverings (wool carpets in-
cluded in No. 68 for 1926)
Dyeing and finishing textiles, except woolen and
worsted ■
Dyeing and finishing textiles, except knit goods.
Textiles not elseviiere classified — Cord, felt, fur,
hospital and surgical supplies, linen, other tex-
tiles, etc I
Other texli le-mi 11 products
Textile-mill products not allocable
Apparel nnd products made from fabrics
Men's clothing
Women's clothing
Fur goods
Millinery
Other apparel and products made from fabrics
Other apparel and accessories
Other fabricated textile products
Apparel and products made from fabrics not allocable.
Lutdber and wood products (Forest products)
Sawmill and planing mill products
Other wood products — Carriages, wagons, furniture,
baskets, etc
Lumber and wood (timber basic) products, except
furniture
Logging (camps) and sawmills
Planing mi lis
Logging camps, logging contractors, sawmills, and
planing mills
Millwork, plywood, and prefabricated wood products.
Wooden containers (Furniture and finished lumber
products for 1938-47 )
Lumber and timber basic products not allocable
Other wood products
Furniture and fixtures {finished lumber products)
(See No . 93 for 1926-37 )
Furniture (wood and metal) — Household, office, pub-
lic building, and professional
Partitions, shelving, lockers; and office and store
fixtures ■
Hatches (included in No. 268 for 1948-51; 53-56)
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; 53-56)
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.
for 1948-51;53-56)
Printing, publishing, and allied industries
Newspapers
Periodica Is
Books
Books and music
Commercial printing. Including lithographing....
Other printing and publishing
Printing, publishing, and allied industries not
allocable
etc.
Chemicals and allied products
Industrial chemicals
Chemicals proper, acids, compounds
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 elseviiere
classified
Paints, varnishes, lacquers, etc
Soap and glycerin, cleaning and polishing prepara-
tions, 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;53-56)
Fertilizers
Plastic materials (included in No. 130 for 1948-51;
53-56 )
Other chemical products
Chemicals and allied products not allocable
Chemical products (except Petroleum and mineral oil
refining)
Years for which
data available In—
Major group
tables
1938-51; 53.
1938-51; 53-56
1926-51; 53-56
192&-51; 53-56
1926-51; 53-56
Minor group
tables
1948-51; 53-56
1948-51; 53-56
1948-51;53-56
1948-51;53-56
1926-51; 53-56
1938- 51; 53-56
1927-51;53-56
1938-47
1948-51; 53-56
1926-37
1938-51; 53-56
1938-51; 53-56
1938.
19 38.
1938.
1938.
1948.
1948
1938
1926-35
-51; 53-56
.51;53-56
■51; 53-56
■51; 53-56
1938-47
-51; 53-56
■51; 53-56
.51;53-56
1926-37
1926-37
1938-47
1938-47
1948-51; 53-56
1948-51;53-56
1938-51; 53-56
1938-39
1948-51;53-56
1938-51; 53-56
1938-51;53-56
1938-47
1948-51; 53-56
1938-47
1948-51:53-56
1938-51; 53-56
1938-47
1948-51;53-56
1948-51; 53-56
1938-47
1938-51; 53^56
1938-51; 53-56
1938-39
1948-51; 53-56
1940-47
1938-51; 53-56
1938-51;53-56
1938-51; 53-56
1938-47
1927-37
1948-51; 53-56
1948-51; 53-56
1927-37
1934-51; 53-56
1948-56
1938-47
1938-47
1948-51; 53-56
1948-51; 53-56
1938-51; 53-56
1938-47
1927-51;53-56
1938-47
1938-51;53-56
1938-51; 53-56
SOllU O - 59 - 10
140
SOURCE BOOK, 1926-1951, 1953-1956
Chart II.— INDUSTRIAL GROUPS FOR V/HICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOVHCE BOOK OF STATISTICS OF INCOME. FOR THE YEARS 1926-51,
1953-56: YEARS FOR WHICH DATA ARE AVAILABLE IN MAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MfNOR GROUP TABLES— Continued
[For list of items available, see chart I]
K5
146
W7
148
U9
150
151
152
153
155
156
157
156
159
160
161
162
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
181
182
183
186
187
188
189
191
192
193
194
195
196
197
198
199
201
202
203
2C>i
205
207
208
Industrial group
Petroleum and cool products
Petroleum and other mineral oil products
Petroleum refining
Other petroleum and coal products
Petroleum and coal products not allocable (inclxided
in No. 148 for 1948-51;53-56)
Rubber products
Tires (auto ) and ( inner ) tubes
Other rubber products
Bone, celluloid, and ivory products (included in No.
152 for 1926; bone and ivory products in No. 267
for 1938-49; celluloid in No. 141 for 1938-47, and
No. 130 for 1948-51;53-56) .'
Rubber products not allocable (included in No. 152
for 1926-37, and 1940-51;53-56)
Stone, clay, and glass products
Cut-stone and stone products
Structural c lay products
Pottery and related products
Qlass 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. 162 for 1948-51;53-56)
Leat^wr and products
Footwear, except rubber
Leather, tanned, curried, and finished (included in
No. 167 for 1926-37)
Other leather products
Leather and products not allocable (Included in No.
167 for 1926-37, 1948-51;53-56)
Uetfll manufacture (piv^ducts 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. 238)
Metal building material and supplies (equipment)
Fabricated structural metal products
Heating apparatus (except electrical), and plumbers'
supplies
Tin cans and other tinware
Hardware, tools, etc '
Handtools and general hardware
Cutlery, handtools, and general hardware
(Nos. 174, 175, 176, and 179 tabulated under "Fab-
ricated metal products, except ordnance, machinery,
and transportation equipment" for 1948-51; 53-56. )
Firearms, guns, howitzers, mortars, and related
equipment (see No. 253 for 1948-51; 53-56)
Anmiunition (see No. 254 for 1948-51;53-56)
Tanks (included in No. 255 for 1948-51;53-56)
Sighting and fire-control equipment (except optical)
(included in No. 255 for 1948-51;53-56)
Ordnance and accessories not elsewhere classified
(included in No. 255 for 1948-51;53-56)
Iron and steel foundries (included in No. 186 for
1938-47 )
Other iron, steel, and products
Other primary metal industries
Iron, steel, and products not allocable
Primary metal industries not allocable
Fabricated nwtal products, except ordnance, machin-
ery, and transportation equipment
Metal stamping, coating, and engraving
Lighting fixtures
Fabricated wire products
Other fabricated metal products
Fabricated metal products not allocable
Metal and metal products, other than iron and steel;
refining of precious metals, manufacturing Jewelry,
etc
Precious metal products and processes, jewelry, etc..
Clocks and WHtches (see No. 258 for 1948-51;53-56) . . .
Jewelry (except costume), silverware, plated ware
(see No. 265 for 1948-51;53-56) {Silverware and
plated were included in No. 205 for 1938-39; No.
197 for 1927-37; No. 196 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 metala and their products net allocable...
ElectricaJ machinery and equipment (Metal manufactur-
ing, 1926-37 )
Electrical generating, transmission, distribution,
and industrial apparatus (Wire and cable in No. 218
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;53-56
210
1936-37
1926-35
211
1938-51;53-56
212
1938-51; 53-56
213
1938 -i7
214
215
192e^51;53-56
1926-51; 53-56
216
1926-51:53-56
217
218
219
1927-37
220
221
1938-39
222
1926-51;53-56
1938-51:53-56
223
1938-51:53-56
224
1938-51:53-56
225
1938-51:53-56
225
1938-51:53-56
1938-51:53-56
227
228
1938-51:53-56
229
230
1938-47
231
232
1926-51;53-56
1926-51:53-56
1938-51:53-56
1926-51:53-56
1938-A7
233
234
235
236
1926-37
1938-;7
1948-51:53-56
237
238
1926-51:53-56
239
1926-37
1938-51; 53-56
240
241
1938-51:53-56
242
1938-51; 53-56
243
1927-37
244
1938-39
245
1940-51:53-56
246
247
1942-47
248
1942-47
1942-47
249
250
1942-47
251
1942-47
1948-51:53-56
252
1938-17
253
1948-51:53-56
1938-47
254
1948-51:53-56
255
19<i8-51; 53-56
1948-51; 53-56
256
1948-51; 53-56
257
1948-51:53-56
1948-51:53-56
258
1948-51:53-56
259
1926
1927-37
25U
1938-47
261
262
263
1938-47
264
1927-37
265
1938-i7
1938-47
1948-51:53-56
266
267
1948-51:53-55
25B
1938^7
1933-47
269
1938-51; 53-56
1926-37
1938-51; 53-56
270
271
272
1938-51:53-55
273
Industrial group
Radios, complete or parts (All other manufacturing)..
Radio apparatus and phonographs
Communication equipment and phonographs
Radio, radar, and television equipment (except radio
tubes ) , and phonographs
Other communication equipment and related products...
Electrical (household ) appliances
Insulated wire and cable (included in No. 208 for
1940-47)
Electric lamps (included in No. 218 for 1938-39; No,
219 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 rai Iway
Construction and mining machinery
Agricultural machinery and tractors
Office equipment, etc., (included in No. 235 for 1926)
Office and store machines
Household machinery and equipment
Household and service- Indus try machines
Other machinery parts and machine shops (Included in
No. 224 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. 259 for 1926; No. 261 for
1927 )
Aircraft and parts, including aircraft engines
Shipbuilding (included in No. 32 for 1926)
Ship and boatbuilding and repairing
Motorcycles, bicycles, and parts
Other transportation equipment, except motor vehicles
Transportation equipment, except automobiles, not
allocable
Motor vehicles and equipment, except electrical...,,.
Motor vehicles, including bodies and ti*uck trailers
(for tanks, see No. 182 for 1942-47)
Automobile accessories and parts, other than elec-
trical
Trai lers for passenger cars
Motor vehicles (automobile) parts and accessories,
and passenger trai lers
Automobiles and equipment, except electrical, not
allocable (included in No. 250 for 1948-51;53-56). .
Ordnance and accessories
Guns, howitzers, mortars, and related equipment, in-
cluding small arras (see No. 180 for 1942-47)
Small arms ammunition [see No. I8l for 1942-47)
Other ordnance and accessories (see Nos. 181-184 for
1942-47 )
Scient if ic instruments ; photographic equipment ;
watches , clocks
Professional, scientific, and controlling instru-
ments, including photographic and optical goods....
Watches, clocks, and clockwork-operated devices (see
No. 198 for 1938-47)
All other manufacturing — Airplanes, optical products,
musical instruments, metal processes, etc
Miscellaneous manufacturing
Airplanes, musical instruments, optical goods, canoes,
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; 53-56)
Jewelry (precious metal), silverware, plated ware
(see No. 199 for 1940-47)
Costume jewelry, except precious metal (included in
No. 263 for 1938-47)
Fabricated plastic products, except plastic mate-
rials (included in No. 263 for 1938-47)
Manufacturing not elsewhere classified (included in
No. 263 for 1940-47)
Manufacturing not allocable (included in No. 268 for
1948-51; 53-56)
Public utilities (Transportation and other public
utilities)
Transportation and related activities (subgroup
total, 1927-37).
Transportation
Steam rai Lroads
Years for which
data available in —
Major group
tables
1938-51;53-56
1938-51;53-56
1936-51;53-56
1948-51; 53-56
1948-51; 53-56
1926
1927-37
1938-51; 53-56
1938-47
1926-51; 53-56
1938-51;53-56
Minor group
tables
1927-37
1938-39
1940-47
1948-51; 53-56
1948-51; 53-56
1938-51; 53-56
1948-51;53-56
1948-51; 53-56
1938-39
1940-47
1948-51; 53-56
1938-51;53-56
1938-51; 53-56
1938-51;53-56
1933-51; 53-56
1938-51; 53-56
1938-51; 53-56
1926-51; 53-56
1927-37
1938-51; 53-56
1926-37
1938-51; 53-56
1948-51; 53-56
1926-37
1926-37
1938-51; 53-56
1926-51;53-56
1928-51; 53-56
1927-51; 53-56
1938-51; 53-56
1938-51;53-56
1938-47
1926-35
1938-51; 53-56
1938-39
1938-39
1940-51; 53-56
1938-47
1948-51; 53-56
1948-51; 53-56
1948-51; 53-56
1948-51; 53-56
1948-51; 53-56
1927
1928-37
1938-39
1948-51; 53- 56
1948-51; 53-56
1948-51;53-56
1938-39
1948-51;53-56
SOURCE BOOK, 1926-1951, 1953-1956
141
Chart 11.-- INDUSTRIAL CRnVHS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE soimCK HOOK OF STATISTICS OF INCOME, FOR THE YEARS 1926-51,
1953-56: YEARS FOR WHICH DATA ARE AVAILABLE l^ MAJOH GKOM? TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINOH GROUP TABLES— Continued
(For llyt >-'[' Items avaiiablu
chart I j
Industrial group
Railroads, switching, terminal, sleeping and dining
car companies (passenger car service companies)
Railroads, railwiy express
Rallviay express (included in No. 275 for 1948-51;53-
56)
Electric railways, all other railroads; pullman cars;
refrigerator, stock, poultry and fruit cars; les-
sors
Urban, suburban, and interurban rallvaye, with or
vi thout buses
Local transportation, taxicab, and sightseeing buses,
drayage and delivery service; special feed storage
and packers, garages, etc
Autobus lines, taxicabs, and sightseeing companies....
Buslines, interstate and interurban
Taxicab companies (included in No. 284 for 1948-51;53-
56)
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 elsevihere classified (specified)
Trucking, Interstate and interurban
Trucking, local; and \«rehousing
Trucking and warehousing
Air (aerial) transportation (and allied services,
1938-51:53-56) (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. 295 for
1948-51 ; 53-56 )
Other transportation
Comnunicfltion
Telephone, telegraph, and radio conqsnies
Telephone and telegraph coii^nles
Telephone (wire or radio)
Telegraph (wire and radio)
Radio broadcasting and television (includes television
for 1940 and subsequent years )
Other communication
Other public utilities (subgroup total, 1927-37)
Electric and gas utilities
Electric light and power
Gas distribution and manufacture
All other public utilities, aerial transportation,
waterworks, irrigation systems, pipelines, pneumatic
tube systems, toll bridges, etc
Water (companies) supply "
All other public utilities — Terminal stations, toll
bridges, and toll roads, irrigation systems, etc....
Public utilities not elsev*iere classified
Other public utilities not allocable (included in No.
310 for 1948-51;53-56)
Trade
Wholesftle
Commission merchants (included in No. 313 for 1938-39)
Other viiolesalers
Food (stores), wholesale
Alcoholic beverages, ^Aolesale
Apparel and dry goods, wholesale
Chemicals, paints, and drugs, liiolesale
Hardvare, electrical goods, plumbing and heating
equipment, vdiolesale
Lumber, millwork, and construction materials, ^ole-
sale
Machinery and equipment, wholesale (included in No.
324 for 1940-47 )
Farm products (raw materials), wholesale (included in
No. 324 for 1940-47)
Wholesalers not elseiAere classified
Wholesalers not allocable
Retail
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
Uai 1-order houses
Food (stores ) , retai 1
(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. 44.3 for 1926-37)
Automotive dealers, retail
Automotive dealers and filling stations, retail
Automohiles and trucks, retail
Parts, accessories, tires, batteries, retail
Dealers in automobiles, etc., not allocable
Years for which
data available In-
Uajor group
tables
1938-51;53-56
1938-51; 53-56
1948-51;53-56
1926-51; 53-56
1938-51; 53-56
1940-51 ;"53- 56
1940-51; 53-56
1938-51; 53-56
1938-39
1940-51; 53-56
1938-39
1938-39
1938-51;53-56
1938-47
1938-51; 53-56
1938-51; 53-56
1938-51;53-56
193a-51;53-56
1938-47
1948-51:53-56
Ulnor group
tables
1938-47
1948-51;53-56
1926-37
1938-51; 53-56
1926
1927-37
1938-39
1938-47
1940-47
1948-51;53-56
1927-37
1938-39
1938-39
1940-51; 53-56
1927-51; 53-56
1934-51;53-56
1926-51:53-56
1938-39
1940-51; 53-56
1938-^7
1948-51; 53-56
1926
1927-37
1938-51:53-56
1938-51:53-56
1927-51; 53-56
1938-51; 53-56
1926-51; 53-56
1926-51; 53-56
1926
1927-51:53-56
1927-37
1938-51;53-56
1926-37
1926-37
1940-51:53-56
1940-51:53-56
1940-51; 53-56
1940-51; 53-56
1940-51; 53-56
1940-51;53-56
1948-51; 53-56
1948-5l;53-56
1940-51:53-56
1940-51; 53-56
1926-37
1940--17
1948-51:53-56
1948-51; 53-56
1940-51:53-56
1940-51;53-56
1948-51:53-56
1938-51:53-56
1938-51:53-56
1938-39
Industrial group
Filling stations
Building materials, fuel and Ice (Lumber and coal
yards, 1938-39) ("Fuel and Ice" Included in No. 349
for 1938-39 and 1948-51;53-56)
Building materials and hardware
Hardware (and fa rm equipment ) , retai 1
Lumber and building materials
Other retai 1 trade
Other retail stores (included In No. 349 for 1938-^7)
Retail stores not allocable '.
Jewelry stores (Included in No. 329 for 1926-27; No.
X9 for 1938-47; No. 350 for 1948)
Wholesa le and retai 1 trade
All oth^r trsde, auto wreckers, film exchanges, pneu-
matic tubes, trading stamps, garages for storage,
repair service, etc
Trade not allocnble •
Finance, insurnnce. real eitste. and leasors of real
property (excludes lessors of real property prior
to 1938)
Finance (subgroup total, 1940-51;53-56) .
Banking and related industries (subgroup total, 1927-
37).
National banks
Banks and trust companies
State and private banks
State and private banks, savings banks, loan and
trust ccmpanies
Bank and trust companies , savings banks
Joint stock land banks
Banks and trust companies other than mutual savings
banks
Uutual savings banks
Financing companies — Automobiles, furniture, radios,
pianos, etc. (included in No. 405 for 1930-37).,..
Commercial credit and finance companies
Industrial and personal loan companies
Short-term credit Bgencies, except banks
Sales finance and industrial credit (Installment
sales finance companies in No. 373for 1948-51;53-56).
Personal credit
personal credit agencies (see No. 371)
Other short-term credit agencies
Short-term credit agencies, except banks, not allo-
cable
Long-term credit agencies, mortgage companies, except
banks ^Mortgage and title companies, 1938-39)
Credit agencies other than banks
Business credit agencies
Other credit agencies
Credit agencies and finance not allocable
Savings and loan, building and loan associations
Investment trusts, stock syndicates, stock pools,
holding companies, etc
Investment trusts and investment con^nies
Holding and other investment companies
Management type
Fixed or semifixed type
Installment investment plans and guaranteed face
amount certificates
Mineral, oil, and gas royalty conqianles
Investment trusts and investment con^nies not allo-
cable .'
Holding companies, real estate, patents, investments,
concessions, etc. (Holding con^nies included in
No. 419 for 1927-29; No. 405 for 1930-33; No. 382
for 1934-37)
Holding companies
Operating holding conqjanies
Railroad securities
Other public utilities securities
Industrial securities
Bank securities
Other specified securities
Securities not specified
Other corporations holding securities
Other investment companies, including holding com-
panies
Other investment and holding coiq>anles
Stock and bond brokers (includes investment bankers
for 1927-29)
Stock and bond brokers, investment brokers, invest-
ment bankers (includes investment trusts for 1930-
33 ; see No . 382 )
Security and commodity-exchange brokers and dealers..
Loan companies (Other finance) — Building and loan as-
sociations; mortgage, note, or pawnbrokers; holding
coii5>anles (1930-33); insurance agents, promoters;
foreign exchange; financing sales of automobiles,
etc. (see No. 367 for 1926-29) (includes stock
syndicates for 1926-33; see No. 382)
Other finance companies
Finance not allocable (included in No. 380 for 1948-
51; 53-56)
Years for which
data available in-
to J or group
tables
1938-47
-51:53-56
1938-47
-51:53-56
1938-47
1938-47
1948-51; 53-56
1938-47
1948-51:53-56
Minor gro(q>
tables
1948-51; 53- 5ri
1948-51 ; 53-56
1948-51; 53- 5«
1948-51:53-56
1948-51:53-56
1949-51;53-5a
1927-37
1938-51; 53-56
...
1926-51;53-56
1938-51; 53-56
1926-37
1926
1927-37
1926
1928-37
...
1953-56
1953-56
1938-39
1938-39
1926-29
1940-47
...
:::
1940-4T
1940-47
1948-51; 53-56
1940-17
1948-51; 53-56
194e-51;53-56
1948-51; 53-56
1953-56
1938-47
1938-47
1938-47
1938-47
1938-39
1926-28
1940-47
1940-51; 53-56
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
...
1940-47
1948
■51;53-56
1926-29
1930-37
-51; 53-56
...
1938-47
1940-47
142
SOURCE BOOK, 1926-1951, 1953-1956
Chart II.— WDUSTRIAL GROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCE BOOK Of STATISTICS OF INCOME, FOR THE YEARS 1926-51,
1953-56: YEARS FOR WHICH DATA ARE AVAILABLE IN MAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN UINOR GROUP TABLES— Continued
[For list of items available, see chart I ]
408
i09
410
411
412
413
414
415
416
418
419
422
423
424
425
426
427
428
429
430
432
433
434
435
436
437
438
440
441
Industrial group
Insurance companies (subgroup total, 1927-37).
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Life insurance companies (mutual or stock)
Insurance companies, except life
Mutual insurance companies, except life
Mutual insurance companies, except life or marine....
Mutual insurance, except life or marine or fire in-
surance companies issuing perpetual policies
Other insurance carriers
Real estate (included in No. 390 for 1926)
Real estate and realty holding companies — Realty de-
velopment, holding or leasing; realty trusts, etc..
Real estate, except lessors of real property other
than bui Idings
Dealers and development companies, lessors of build-
ings, lessee and owner operators of buildings
Real estate agents, brokers, and managers
Owner operators and lessors of buildings
Real estate operators, including lessors of buildings
Lessee operators of bui Idings
Owners for improvement
Trading for own account
Developers of real property, including traders on own
account
Title abstract companies
Real estate, including lessors of buildings not allo-
cable (included in No. 431 for 1948-51;53-56)
Other real estate, except lessors of real property
other than buildings
Lessors of real property, except buildings
Agricultural, forest, and similar properties
Mining, oil, and similar properties
Rai Iroad property
Public-utility property
Other real property, except buildings
Lessors of real property, except buildings, not allo-
cable (included in No. 437 for 1948-51;53-56)
Finance, insurance, real estate, and lessors of real
property not allocable
Services
Hotels nnH other lodging places
Years for which
data available in —
ijor group
tables
1938-51; 53-56
1940-51)53-56
1940-51; 53-56
1938-51; 53-56
1938-51;53-56
1926-51; 53-56
1940-51;53-56
Minor group
tables
1943-
1940-
1938-39
-51; 53-56
1926-39
1940-41
1942
51; 53-56
51; 53-56
1938-39
1938-51; 53-56
1940-47
1948-51:53-56
1940-47
1940-47
1940-47
1943-51;53-56
1940-51; 53-56
1938-47
1943-51;53-56
1938-51;53-56
1938-51;53-56
1938-51; 53-56
1938-51; 53-56
1938-51;53-56
1938^7
Industrial group
Personfll services
Domestic service^Laundries, hotels, restaurants,
operating apartments or office buildings, etc.
(Restaurants includedin Nc. 338 for 1938-51;53-56). .
laundries, cleaners, and dyers
Photographic studios (including commercial photo-
graphy)
Other personal services
Personal services not allocable (included in No. 446
for 1948-51; 53-56)
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; 53-56 )
Automotive repair services and garages (see No.354).
Miscellaneous repair services, hfrvl trades.
Amusements
Amusement, except motion pictures
Theaters, motion pictures, all other amusements, etc.
Theaters, legitimate, vaudeville, etc
Other amusements — circuses, golf links, racetracks,
pleasure resorts , etc
Amusement not allocable
Motion pictures (production and theaters)
Motion picture producers
Motion picture theaters
Other services not elsewhere specified — Auto camps,
cemeteries, boards of tr^de, 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; 53-56)
Services not allocable (included in No. 465 for
1948-51; 53-56)
Nature of business not allacflble (not given) 1926-51:53-56
Years for which
data available in-
Major group
tables
1938-51; 53-56
1938-51; 53-56
1938-51; 53-56
1940-51;53-56
1938-39
1940-51;53-56
1940-51:53-
1938-51;53-56
Minor group
tables
1926-37
1938-51; 53-56
1938-51:53-56
1938-51:53-56
1938-51:53-56
1938-51:53-56
1926
1927-37
1927-39
1938-39
1927-51:53-56
1927-51:53-56
5. Synopsis of
Federal Tax Laws,
1947-56
SYNOPSIS OF FEDERAL TAX LAWS. 1947-56
Affecting the Comparability of Historical Data in Statistics of Income
Corporation income and profits tax returns: Page
A. Tax rates 14-5
B. Capital gain and loss provisions lAV
C. Consolidated returns — provisions for filing and tax rates 148
144
SYNOPSIS OF LAWS, 1947-1956
145
Table A.— TAX RATES UNDER CORPORATION INCOME AND PROFITS TAX LAW, 1947-56'
federal tax law:"^
Revenue Acts amending Code
(date of enactment)
(1)
Income
year-*
(2)
Tax base by type of tax*
(3)
Income tax:
Normal tax:
Taxable income, entire anount
Surtax:
Taxable income before deduction of partially tax-exempt interest:
$25,000 or leas
Excess over $25,000
Consolidatedretum (additional tax):
Consolidated taxable income before deduction of partially tax-exempt interest (entire amount)....
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss:
Taxable years beginning before Apr. 1, 1954
Taxable years beginning on or after Apr. 1, 1954
All other taxable Income
Income' tax:
Normal tax:
Normal-tax net Income, entire amount
Surtax:
Surtax net Income;
$25,000 or less
Excess over $25,000
Consolidated return {additional tax):
Surtax net Income , entire amount
Alternative tax:
Net long-term capital gain In excess of net short-term capital loss
All other normal-tax net Income and surtax net income
Excess profits tax:
Adjusted excess profits net income, entire amount (terminated Dec, 31, 1953')
Calendar years:
Income tax:
Normal tax:
Normal- tax net income, entire amount
Surtax:
Surtax net Incone:
$25,000 or less
Excess over $25,000
Consolidated return (additional tax):
Surtax net Income, entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
AH other normal- tax net Income and surtax net income
Excess profits tax:
Adjusted excess profits net Income, entire amount
Other tax years beginning in 1951:''
Period ending Mar. 31. I9S1:
Tax bases and rates same as income year 1950 period beginning July 1, 1950, and ending Mar. 31, 1951.
Period beginning Apr. 1. 1951:
Income tax:
Normal tax:
Normal-tax net income, entire amount
Surtax:
Surtax net Income:
$25,000 or less
Excess over $25,000
Consolidated return (additional tax):
Surtax net income, entire amount
Alternative tax:
Net long-term capital gain In excess of net short-term capital loss;
Taxable year beginning before J^r. 1, 1951
Taxable year beginning after Mar. 31, 1951
All other normal-tax net income and surtax net income
Excess profits tax:
Adjusted excess profits net income, entire amount
Calendar years:
Income tax:
Normal tax:
Normal-tax net income, entire amount
Surtax:
Surtax net income;
$25,000 or less
Excess over $25,000
Consolidated return (additional tax):
Surtax net income, entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
All other normal- tax net income and surtax net income
Excess profits tax (effective July 1, 1950):'
Aijusted excess profits net Imcome, entire amount
Tax rate'
(percent)
M
Internal Revenue Code of 1954
(Aug. 16,1954).
Tax Rate Extension Act of 1955
(Mar. 30, 1955).
Tax Rate Extension Act of 1956
(Mar. 29, 1956).
Tax Rate Extension Act of 1957
(Mar. 29, 1957).
(Jntemal Revenue Code of 1939
as amended.)
Revenue Act of 1951 (Oct. 20,
1951).
Revenue Act of 1950(Sept. 23,
1950).
Excess Profits Tax Act of 1950
(Jan. 3, 1951).
Revenue Act of 1951, excess
profits tax provisions only
(Oct. 20, 1951).
(30, 22, and 2 as ijnme-
dlately above. )
30, 22, and 2 as ijnue-
d lately above. )
630
28-3/4
25
(28-3/4, 22, and 2 a
immediately above.)
(30, 22, and 2 as
diately above. )
630
25
(23, 19, and 2 as
diately above. )
For footnotes, see pp. 149-151.
146
SYNOPSIS OF LAWS, 1947-1956
Table A.— TAX RATES UNDER CORPORATION INCOME AND PROFITS TAX LAW, 1947-56^— ConCinued
Federal tax law:*'
Revenue Acts amending Code
(date of enactment)
(1)
Income
year^
(2)
Tax base by type of tax*
(3)
Other tax years beginning in 1950;'
Period ending June 30, 1950:
Tax bases and rates same as income year 19^9.
Period beginninU July 1. 1950. and ending Mar. 31. 1951:
Income tax:
Normal tax:
Normal-tax net incoroe, entire amount
Surtax:
Surtax net income :
$25,000 or less
Excess over $25,000:
Taxable year beginning before July 1, 1950
Taxable year beginning after June 30, 1950
Consolidated return (additional tax);
Surtax net income, entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
All other normal-tax net income and surtax net income
Excess profits tax:
Adjusted excess profits net income, entire amount
Period ending after Mar. 31. 1951:
Tax bases and rates same as income year 1951 period beginning Apr. 1, 1951, except surtax rate which is the
same as that shown immediately above.
Income tax:
Normal tax:
Domestic corporations:
Normal-tax net income in total amount;
Not over $50,000—
First $5,000
Next $15,000
Next $5,000
Next $25,000
Over $50,000
Foreign corporations engaged in trade or business within the United States;
Normal-tax net income, entire amount
Surtax:
Surtax net income in total amount:
Not over $50,000 —
First $25 ,000
Next $25, 000
Over $50,000
Consolidated return (additional tax):
Surtax net income, entire amount
Alternative tax;
Net long-term capital gain in excess of net short-term capital loss
All other normal-tax net income and surtax net income
Tax rate'
(percent)
i^
25
(25, 20, 22, and 2 as
immediately above.)
'30
Revenue Act of 1945 (Nov.
1945).
°1949
1948
1947
15
17
19
31
24 of entire normal-tax
net income.
14 of entire surtax net
income .
25
(6, 22, 14, and 2 as
immediately above.)
For footnotes, see pp. 149-151.
SYNOPSIS OF LAWS, 1947-1956
147
Table B. —PROVISIONS PERTAINING TO CAPITAL GAINS AND LOSSES UNDER CORPORATION INCOME AND PROFITS TAX LAW. 1947-56^
Federal tax law:*^
Revenue Acts
amending Code
(date of enactment)
(1)
Internal Revenue Code
ofl954{Aug. 16, 195A),
as amended.
(Internal Revenue Code
of 1939 as amended.)
Revenue Act of 1951
(Oct. 20, 1951).
Revenue Act of 1950
(Sept. 23, 1950).
Revenue Act of 1943
(Feb. 25, 1944).
Income
year^
(2)
Definition of capital assets and period held
(3)
(1) All property, whether or not connected with trade or busi-
ness, except I
(a) Stock in trade or other property which would properly
be included in inventory, or property held primarily
for sale to customers in the ordinary course of trade
or business.
(b) Property used In trade or business of a character which
is subject to allowEmce for depreciation.
(c) Real property used in trade or business.
(d) Accounts and notes receivable acquired In the ordinary
course of trade or business for services rendered or
from sale of property includible in inventory or or-
dinarily held for sale.
(e) Government obligations issued on or after Mar. 1, 1941,
on a discount basis and payable without Interest at a
fixed maturity date not exceeding one year from date
of issue.
(f) Certain copyrights, literary, musical, or artistic
composition^ or similar properties (but not a patent
or invention). ^^
(2) Gains and losses are considered as from capital assets, under
certain conditions, with respect to:^'
(a) Retirement of certain bonds, etc.
(b) Short sales.
(c) Failure to exercise options.
(d) Involuntary conversion and sale orexchange of certain
business property, if a net gain is realized.^*
(e) Securities held for investment by security dealers.^'
(f) Worthless stocks and other securities.
(g) Cancellation of leases or certain distributors' agree-
ments .
(h) Sale or exchange of patents.
(3) Gains and losses are not considered as from capital assets,
under certain conditions, with respect to:^^
(a) Certain gain on property to which amortization deduc-
tion (sec. 168) is applicable.
(b) Net loss from sales or exchanges of certain bonds,etc,,
by banks.
(c) Involxintary conversion and sale or exchange of certain
business property if a net loss is realized.^*
(d) Certain sales or exchanges of stock in a collapsible
corporation.
(e) Certain sales or exchanges of depreciable property of a
controlled corporation.^^
(4) Short-term capital gains and losses are those from capital
assets held 6 months or less; long-term gains and losses are
from capital assets held over 6 months.
Same as 1954-56, except:
1(d) and 2(g) were not applicable.
Same as 1954-56, except:
1(d), 1(f), 2(e), 2(g), and 3(e) are not applicable.
3(a) and 3(d) are applicable after Dec. 31, 1949, with respect
to taxable years ending thereafter.
Treatment of net capital gain^
(4)
Included in taxable Income and taxed al
regular rates unless the net long-term
capital gain exceeds the net short-term
capital loss in which case the alterna-
tive tax may be used If it la less than
the regular tax. The alternative tax
Is the sum of (1) the regular tax on
taxable income reduced by the amount of
the excess of net long-terra capital
gain over net short-term capital loss
and (2) 26 percent of such excess for
taxable years beginning before Apr. 1,
1954, or 25 percent of such excess for
taxable years beginning on or after
Apr. 1, 1954.
Same as 1954-56, except that tax on ex-
cess of net long-term capital gain over
net short-term capital loss was 25
percent for taxable years beginning
before Apr. 1, 1951, and net capital
gain was excluded from the excess
profits net income for taxable years
ended after June 30, 1950.
Same as 1954-56.
Treatment of net capital loss^
(^)
Carried forward and treated aa a net
short-term capital loss (deductible
against any capital gains) for a
period not to exceed 5 years.
Carried forward and treated as a net
short-term capital loss (deductible
against any capital gains) for a
period not to exceed 5 years.
Capital gains and losses were excluded
in the computation of the excess
profits net income for taxable years
ended after June 30, 1950.
Carried forward and treated as a net
short-term capital loss (deductible
against any capital gains) for a
period not to exceed 5 years.
For footnotes, see pp. 149-151.
148
SYNOPSIS OF LAWS, 1947-1956
Table C . —CONSOLIDATED INCOME AND PROFITS TAX RETURNS— PROVISIONS FOR FILING AND TAX RATES, 1947-561
Federal tax law:^
Revenue Acts
amending Code
(date of enactment)
(1)
Income
year^
(2)
Type of tax for which
a consolidated return
was permitted
O)
Type of corporation permitted
to file a consolidated return
(i)
Criterion of affiliation
(5)
Consolidated return required
or optional
(6)
(7)
I
Internal Revenue Code
of 195^; (Aug. 16,
19^}, as amended.
Income tax and, under
certain conditions,
personal holding coo)-
paziy tax.'-''
Any corporation except:
(1) Corporations exempt from taxation
under 195A Code sec. 501.
(2) Life and mutual insurance compa-
nies, but they were considered as
includible corporations if two or
more such companies alone filed a
consolidated return and each was
subject to tax under the same
section of the 1954 Code.
(3) Foreign corporations.^^
C-V) Corporations subject to sec. 931
(relative to income from sources
within possessions of the United
States) .
(5) Corporations organized under the
China Trade Act, 1922.
(6) Regulated investment companies
(taxable under subch. M, ch. 1,
of the 1954 Code) .
( 7) Unincorporated bus iness enter-
prises taxed as corporationsunder
sec. 1361 of the 1954 Code.
(internal Revenue Cbde
of 1939 as amended.)
Revenue Act of 1951
(Oct. 20, 1951).
Excess Profits Tax Act
of 1950 (Jan. 3,
1951, effective as
of July 1, 1950).
Revenue Act of 1950
(Sept. 23, 1950).
Income tax, and excess
profits tax iiupoaed
by sec. 430 of the
Internal Revenue Code
(1939).
Revenue Act of
(Nov. 8, 1945).
Any corporation except;
(1) Corporations exempt from taxation
under 1939 Code sec. 101.
(2) Life and mutual insurance compa-
nies, but they were considered as
includible corporations if two or
more such companies alone fileda
consolidated return and each was
subject to tax under the same
section of the 1939 Code.
(3) Foreign corporations.*^
(4) Corporations subject to 1939 Code
sec. 251 (relative to income from
sources within possessions of the
United States).
(5) Corporations organized under the
China Trade Act,. 1922.
(6) Regulated investment companies
(taxable under supplement Q of
1939 Code}.
(7) Personal service corporations,
personal holding companies, for-
eign trade corporations as defined
in 1939 Code sec. 454(f), and
certain air mail carriers as de-
fined in 1939 Code sec. 454(g);
but such a corporation might be
included in a consolidated return
if it had filed a consent to be
treated as an includible corpora-
tion.
(8) Regulated public utilities which
elected to compute their excess
profits credit under the alterna-
tive method provided for such
companies in sec. 448 of the In-
ternal Revenue Code (1939). How-
ever, two or more such companies
atone were permitted to file a
consolidated return.
Same BS 1950-53, (1) through (7), Sub-
stitute 1939 Code sees. 727(g) and (h)
for 1939 Code sees. 454(f) and (g) in
(7) above.
One or more chains of in-
c lud ible corporations
connected through stock
ownership with a common
parent corporation which
Is an includible corpo-
ration if (1) stock pos-
sessing at least 80 per-
cent of the voting power
of all classes of stock
and at least 80 percent
of each class of the
nonvoting stock of each
of the includible corpo-
rations (except the com-
mon parent corjmration)
is owned directly by one
or more of the other in-
cludible corporations;
and (2) the common par-
ent corporation owns
directly stock possessing
at least 80 percent of
the voting power of all
classes of stock and at
least 80 percent of each
class of the nonvoting
stock of at least one of
the other includible
corporations. The term
"stock" does not include
nonvoting stock which
is limited and preferred
as to dividends.
Same as 1954-56, except
that" 80 percent" shoiild
read "95 percent."
Same as 1950-53.
Optional upon consent of all
members of affiliated groi^.
Election is binding for
subsequent taxable years of
the affiliated group unless
(1) a corporation (other
than one created directly
or indirectly by a member
of the group) becomes an
affiliate during a subse-
quent taxable year, (2) the
Commissioner, for good cause,
grants permission to chan^,
or (3) amendment to the
Code or regulations makes
filing of consolidated re-
turns less advantageous to
affiliated groups asaclas&
Because of such amendments
affiliated groups filing
consolidated returns for
the preceding taxable year
were given new options with
respect to —
First return due to be
filed after Aug. 16,
1954 (including those
filed under, an extension
of time for filing) or
with respect to the
first taxable year ended
after Aug. 16, 1954.
See 1954-56. New option
granted for the —
First return due to be
filed after July 16^ 1953.
First taxable year ending
after Mar. 31, 1951.
First taxable year ending
after June 30, 1950.
See 1954-56. New option
granted for —
Fiscal jiears ending in 19^.
Calendar year or fiscal
years ending in 1948.
Calendar year or fiscal
years ending in 1947.
Same as nonconsolldated
returns plus 2 percent
oftaxable income before
deduction of partially
tax-exempt interest.
However, if Western Hemi-
sphere trade corpora-
tions or regulated pub-
lic utilities are in-
cluded in the consoli-
dated group, the 2 per-
cent additional tax is
applied to an amount
which excludes the tax-
able income of such cor-
porations. (See table
A, pp. 145-6.)
Same as nonconsolldated
returns plus 2 percent
of surtax net income.
However, if Western Hemi-
sphere trade corpora-
tions were Included, the
two percent additional
tax was applied to an
amount which excluded
surtax net income of
such corporations. (See
table A, pp. 145-6.)
Same as nonconsolldated
returns plus an addi-
tional surtax equal to
2 percent of surtax net
income. (See table A,
pp. 145-6.)
I
For footnotes, see pp. 149-151.
4
1
SYNOPSIS OF LAWS. 1947-1956
149
Footnotes for synopsis of taws tables
^For income years before 1947, see Statistics of Income-
1954, Corporat ion Income TaxReturns ,aivX Statistics of Income
for 1950, Part 2.
^Returns for the income years 1954-56 were filed under the
Internal Revenue Code of 1954, as amended. Returns for
1947-53 were filed under the provisions of the Internal
Revenue Code approved Feb. 10, 1939, and the various amend-
ments thereto. There is no one effective date for all
provisions of an internal revenue law — some of the provisions
may be retroactive, sonie apply to the current tax period, and
some to a future tax year. Only acts substantially amending
pertinent provisions of the Codes are cited in these tables.
■'The income year is the calendar year and tax years oegin-
ning therein.
*The tax bases are, in general, the same for all corpora-
tions and are derived from the corporation's net income after
allowance of certain statutory deductions. Net income is the
gross income (exclusive of tax-exempt interest) less the
ordinary business expenses deductible under sees. 161 through
171, 173 through 176, and 248 of the 1954 Code (sec. 23 of
the 1939 Code) . Treatment of the net operating loss deduc-
tion, derivation of the tax bases from net income, and
significant variations in the bases applicable to certain
classes of corporations are shown in (a) through (j) below.
(a) The net operat ing loss deduction is allowed as a deduc-
tion against the gross income by sec. 172 of the 1954 Code
(sec. 23(s) of the 1939 Code). The net income as tabulated
in Statistics of Income is the net Income for the current
year, i.e., before the deduction permitted with respect to a
loss year. Therefore, the net operating loss deduction must
be taken into account in relating the tabulated net income
to the tax base. The net operating loss of any tax year is
first carried back against the net income of certain preced-
ing tax years and the excess, if any, may then be carried
over to certain succeeding tax years. The amount reported
on the return and tabulated for Stat istics of Income is the
net operating loss carryover from prior tax years. The
carryback and carryover periods for a net operating loss
sustained under the 1954 Code is, carryback 2 years, carry-
over 5 years; under the 1939 Code, the carryback for loss
years 1950-53 was 1 year, the carryover 5 years; 1948-49,
carryback 2 years, carryover 3 years; and for 1947, carryback
2 years, carryover 2 years, except that for corporations
commencing business after Dec. 31, 1945, the carryover for
1947 was 3 years.
For additional information on the net operating loss
deduction, see the description on p. 165, par. 33, and
appropriate sections of the 1954 and 1939 Codes.
(b) Taxable income. — Under the 1954 Code the tajc base,
subject to normal tax, is designated "Taxable income." It
is the net Income less any net operating loss carryover and
the statutory deductions shown in the table below. As
indicated in footnote (e), under the 1954 Code these deduc-
tions can result in a net operating loss. The surtax base
is the taxable income computed without deduction of partially
tax-exempt interest.
The tax bases under the 1939 Code were computed in essen-
tially the same way but were designated "normal-tax net
income" and "surtax net income" and were derived from net
income less net operating loss deduction through use of
limited credits which could never result in complete elimi-
nation of taxable income .
Variations in computation of the two tax bases in the
period 1947-56 are shown in the table. Deductions used in
computing the amounts subject to normal tax are identified
by the symbol (N) in the table column, and those used in
computing the amounts subject to surtax are identified by
the symbol (S) .
The terms "taxable income" and "deductions" are used
throughout this synopsis in lieu of the "normal-tax net in-
come," "surtax net income" and "credit" designations of the
1939 Code.
Percent of Item deductible —
1964 -se
1952-63
1951
1960
Calen-
dar year
Other tas
years'*
Calen-
dar year
Other tax years'*
Items for which deduction Is allowed
Part
prior to
Apr. 1
Part
after ■
Mar. 31
Begin-
ning
after .
June 30°
Beginning before
July 1
1947^9"'=
Part
Part
prior to
July 1
after V
June 30°
(1)
' (Z)
(3)
(4)
(5)
(6)
(7)
(6)
(9)
(10)
1. Partially tax-exempt Interest
100
(N)
100
C).
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
2. Dividends received from a domestic corporation subject to
the Income tax (other than dividends on certain preferred
stock of a public utility).*
85
(N) (S)
85
(N) (S)
86
(N)(S)
85
{N)(S)
85
(N)(S)
86
(N)(S)
86
(N) (S)
85
(N)(S)
85
(N) (3)
85
(N) (S)
3. Dividends received on certain preferred stock of a public
utility.'
62.116-^
(N)(S)
62
(N)(S)
ei
(N) (S)
59
(N) (S)
62
(N)(S)
57
(N) (S)
59
(N) (S)
85
(1)
59
(N) (S)
86
CM)
4. Dividends received from certain foreign corporations doing a
substantial volume of business within the United States and
derived from Income earned In the United States.
86
(N)(S)
86
(N)(S)
86
(N) (S)
66
(N)(S)
86
(N) (S)
None
None
None
None
None
5. Dividends paid on certain preferred stock of a public utili-
ty or the net Income of the public utility minus the deduc-
tions provided In 1 through 4 above, whichever Is the
lower. 6
26.923^
(N) (S)
27
(N) (S)
28
(N) (S)
30
(NXS)
27
(N) (S)
33
(N) (S)
30
(N)(S)
100
(S)
31
(N) (S)
100
(S)
a. Western Hemisphere trade corporation taxable Income computed
without regard to this deduction. A
28.923^
(N)(S)
27
(N) (B)
28
(N) (S)
30
(N)(S)
27
(N)(S)
33
(N)(S)
30
(N) (S)
None
31
(N) (S)
None
?See footnote 7 for proration of deductions.
For deductions after Mar. 31, 1951, see col. (5).
For a tax year 1949 ended after Jime 30, 1950, see col. (9) for deductions ap-
plicable after that date.
"Under the 1939 Code net income less the deduction for partially tax-exempt In-
terest was designated "Adjusted net Income." (Sec. 13(a) of 1939 Code.)
®Under the 1954 Code, total deductions for dividends received (lines 2 through
4 of the table) In excess of net Income results In a net operating loss for the
year. However, If the total dividend deduction is less than the net Income, the
deduction Is limited to 85 percent of the net Income after deduction of partially
tax-exempt Interest but before any net operating loss deduction. Under the 1939
Code the total dividends received deduction for each tax base could not exceed:
1950-53, 85 percent of the net Income adjusted by the deduction for partially
tax-exempt Interest (line 1) but before any net operating loss deduction; and
1947-49, 85 percent of the net Income adjusted by the deduction for partially
tax-exempt Interest and after net operating loss deduction.
/This percentage Is derived from a formula contained In the Internal Revenue
Code of 1954 which relates the amount of deduction to the tax rate.
^For treatment of dividends paid with respect to dividends unpaid and accumu-
lated for prior tax years, and for definitions of public utility and preferred
stocks as used for this deduction, see sec. 247 of the 1954 Code and sec. 2e(h)
of.the 1959 Code.
A domestic corporation, all of whose business Is done In any country or
countries of North, Central, or South America, or In the West Indies, Is clas-
sified as a Western Hemisphere trade corporation If (1) 96 percent or more of
Its gross income for the 3-year period Iminedlately preceding the close of the
tax year (or for such part of that period as the corporation was In existence)
was derived from sources outside the United States; and (2) 90 percent or more
of Its gross income for such period was derived from the active conduct of a
trade or business.
150
SYNOPSIS OF LAWS, 1947-1956
(c) Net lon^-term capital ^ain in excess of net short-term
capital Joss. — Capital gain and loss provisions are shown in
table B of this synopsis.
(d) Consolidated return provisions are shown in table C of
this synopsis.
(e) The adjusted excess profits net income for 1950-53 was
the excess profits net income less the amounts of the excess
profits credit and the unused excess profits credit adjust-
ment. A minimum credit of $25,000 was provided. Excess
profits net income and methods of credit computation are
discussed on pp. 9-11 of Stat istics of Income for 1951,
Part 2. A change in the percentage of average base period
net income used in computing the excess profits credit under
the income credit method was made on July 1, 1951. For the
period July 1, 1950 through June 30, 1951, this' percentage
was 85 percent. Beginning July 1, 1951, it was 83 percent.
The credit was prorated for tax years which began before and
ended after July 1, 1951, and an 8A percent intermediate rate
was provided for the calendar year 1951 by the 1939 Code.
Special provisions applicable to computation of excess
profits credit of certain companies are shown in Statistics
of Income for 1951. Part 2, pp. 11-12.
The unused excess profits credit, which was the excess of
the excess profits credit over the excess profits net in-
come for the tax year, was, for 1950-53, carried back as an
unused excess profits credit adjustment to the first preced-
ing tax year, and the remainder, if any, could then be carried
forward as an adjustment to succeeding years. The carry-
forward period was 5 years. No carryback of unused excess
profits credit computed under the provisions of the Excess
Profits Tax Act of 1950 could be made to tax years ended
before July 1, 1950, and no portion of the minimum $25,000
credit could be considered as unused excess profits credit.
For computation of the unused excess profits credit adjust-
ment for the years 1950-53, see sec. 432 of the 1939 Code.
(f) Life insurance companies . — The net income for life
insurance companies is the net investment income . This con-
sists of the gross amount of interest, dividends, rents,
royalties, and income from trade or business other than
insurance and from leases less investment and real estate
expenses, tax-free interest, depreciation, depletion, and
deductions for noninsurance trade or business . A multiple-
tax -base system is in effect, and the income tax is computed
according to formulas which embody in part the normal tax
and surtax rates applicable to other corporations but which
involve a special alternative tax in the case of life insur-
ance companies having nonlife insurance reserves . Lines
15-21 at the top of p. 180 and schedules A and D, pp. 181-182
(facsimile of Form 1120L) , show derivation of the principal
tax base from net investment income. Alternative tax bases
are shown in the tax computation schedule, pp. 180-181 and
in sch. NC, pp. 191-192.
Before 1955 the composition of net investment income was
substantially the same as above, but royalties, income from
noninsurance trade or business, and from leases, as well as
the allowances for noninsurance trade or business deductions
and for depletion were not specifically delineated. Taxable
income and excess profits tax net income were derived in the
same manner as for other corporations except that no deduc-
tion was allowed for a net operating loss. Before imposition
of tax, however, recognition was made of requirements for
reserve earnings, deferred dividends, and interest paid. In
lieu of deductions for these items, for 1951-54 special in-
come tax rates (footnote 5(b)) and a reserve interest credit
for companies whose adjusted net income was less than 105
percent of their required interest were used. For 19A7-50,
a reserve and other policy liability credit based on repre-
sentative data for the preceding year was allowed and the
regular tax rates were imposed. These provisions were offset,
in case of nonlife insurance business, by an adjustment for
certain nonlife insurance reserves. In computing the excess
profits net income for 1950-53, a deduction based on a re-
serve and other policy liability credit was allowed. The
regular excess profits tax rates were imposed.
Computation of credits and other provisions are shown in
subch. L, ch. 1, 1954 Code and sees. 201-203A, 1939 Code.
(g) Mutual insurance companies . — As in the case of life
insurance companies, net income for mutual insurance com-
panies is the net investment income . For mutual Insurance
companies, however, net investment income includes net gain
from sale or exchange of capital assets, and deductions are
allowed for interest expense and for capital losses incurred
because of abnormal insurance losses or because of distribu-
tions to policyholders. Taxable income is derived in the
same manner as for other corporations except that no net
operating loss deduction is allowed. See sec. 822 of the
1954 Code (sec. 207 of the 1939 Code). See footnote 5(c) for
imposition of tax .
(h) Insurance companies other than life or mutual. — Gross
income of these companies includes investment and underwrit-
ing incomes, and deductions allowed include general business
expenses, losses, and distributions to policyholders as pro-
vided by sec. 832 of the 1954 Code (sec. 204 of the 1939
Code) . Taxable income is derived as shown in (b) above and
the regular tax rates are imposed.
(i) Regulated investment companies meeting the requirements
of subch. M,ch. 1 of the 1954 Code (Supplement Q of the 1939
Code) are taxed only on undistributed income. One of the
requirements is that distributions to shareholders, exclusive
of capital gain dividends, shall equal 90 percent or more of
Investment company taxable income (exclusive of capital
gains) . The regular alternative tax is payable on undis-
tributed income with the maximum tax on capital gains fixed
at 25 percent. See the above-mentioned parts of the Internal
Revenue Codes for definitions and further conditions under
which these tax provisions apply.
(j) Mutual savings banks conduct ing separate life insur-
ance departments compute net income and tax for such depart-
ments under Internal Revenue Code provisions applicable to
life insurance companies (see par. (f) above). In tabulating
the data for Statistics of Income, the life insurance depart-
ment income and tax are added to those reported for the bank
department. These banks were exempt from taxation under sec.
101 of the 1939 Code prior to 1952 and were exempt from excess
profits tax for 1952-53 under sec. 454 of the 1939 Code.
'The tax rates shown are those applicable, in general, to
all corporations, domestic and foreign. Credits against the
tax and certain exceptions to the rates are shown in (a)
through (i) below:
(a) Credits against the tax, — Income and profits taxes
paid to foreign countries and possessions of the United
States may be used as a credit against the income and excess
profits taxes in the manner and to the extent allowed by sec.
901 of the 1954 Code and sec. 131 of the 1939 Code. Differ-
ences under the 1954 and 1939 Codes with respect to the
limitations imposed on this credit are discussed in Stat istics
of Income-1954 , Corporation Income Tax Returns, p. 11. See
also the extracts from the 1954 Code which appear as part of
the facsimile of Form 1118 on pp. 199-200 of this volume.
(b) Life insurance companies. — Special income tax rates
were provided for the years 1951-54. They were: 3-3/4
percent on the first $200,000 of life insurance c ompany
taxable Income and 6-1/2 percent on that in excess of
$200,000. (As an offset to these rates, adjustments for
nonlife reserves were multiplied by 8.) The regular corporate
tax rates were applied again in the new taxation formulas
which went into effect after 1954, and an alternative one
percent tax was made applicable to nonlife insurance income
(sec. 802(c), 1954 Code). See the facsimile of Form 1120L
on pp. 179-192 for the manner in which the tax for life
insurance companies is computed. Also see footnote 4(f).
(c) Mutual insurance companies , except life or marine, or
fire insurance companies issuing perpetual policies. — Sec.
501 of the 1954 Code (sec. 101(11) of the 1939 Code) exempts
certain of these companies from taxation. Sec. 821 (sec.
207 of the 1939 Code) provides income taxation of those not
exempt based, in general, on the regular corporate rates,
but with certain alternative provisions and limitations.
The excess profits tax rate was the same as that for regular
corporations with the exception of a limitation for companies
whose gross income from interest, dividends, rents, and
premiums (including deposits and assessments) was less than
$125,000. See sec. 430(d) of the 1939 Code.
(d) Nonresident foreign corporations , not engaged in trade
or business within the United States, are taxed, under sec.
881 of the 1954 Code (sec. 231(a) of the 1939 Code), on in-
come (except interest on bank deposits) from sources within
the United States. The tax is 30 percent of such income
except as modified by treaties with other nations. Such
corporations were not subject to the excess profits tax.
The returns of nonresident foreign corporations are not in-
cluded in Statistics of Income.
SYNOPSIS OF LAWS, 1947-1956
151
Under the provisions of sec. 551 of the 195-4 Code (Supple-
ment P of the 1939 Code), income of certain foreign personal
holding companies is includible in the income of the share-
holders and is not reported by the company for taxation.
(e) Corporat ions exempt from taxation under sec. 501 of
the 1954 Code or sec. 101 of the 1939 Code. — Such corpora-
tions include labor, agricultural or horticultural organiza-
tions, certain types of cooperative and mutual organizations,
corporations organized and operated exclusively for religious,
charitable, scientific, literary, or educational purposes,
nonprofit civic, business, and social organizations, and for
1947-51, certain mutual savings banks, building and loan
associations, and cooperative banks. Beginning with 1951 a
normal tax and a surtax were imposed on the unrelated
business net income in excess of $1,000 of certain of these
corporations by Supplement U of the 1939 Code. Sees. 501 and
511-515 of the 1954 Code expand and continue these taxes.
The rates are similar to the regular corporate income tax
rates. However, the returns filed by these corporations are
not Included in Statistics of Income, Corporation Income Tax
Returns.
(f) Additional corporations exempt from the excess profits
tax (unless a member of an affiliated group of corporations
filing a consolidated return) . — Specific exemption from the
excess profits tax under the 1939 Code was granted to: (1)
Regulated investment companies (defined in sec. 361 of the
1939 Code); (2) personal holding companies (defined in sec.
501); (3) domestic corporations if 95 percent of gross in-
come for the 3-year period immediately preceding the close
of the tax year was derived from sources outside of the
United States and 50 percent of such income was derived from
active conduct of a trade or business; (4) certain corpora-
tions subject to provisions of Title IV of the Civil
Aeronautics Act of 1938; and (5) beginning in 1952, certain
mutual savings banks, building and loan associations, and
cooperative banks formerly exempt from taxation under sec .
101 of the 1939 Code . In addition, personal service corpora-
tions might elect to be exempt from the tax on excess profits,
tax being imposed under Supplement S of the 1939 Code on the
individual shareholders .
(g) Western Hemisphere trade corporations (defined in foot-
note "h" of note 4(b) above) were exempt from the surtax for
1947-49. For exemption from the consolidated return tax for
1950-56, see table C of this synopsis.
(h) Personal holding companies. — Personal holding companies
are subject to an additional tax (not included in the income
tax), imposed under sec. 541 of the 1954 Code (ch. 2, subch.
A of the 1939 Code), and based on the undistributed personal
holding company income. For the years 1947-56 the tax was
75 percent of the undistributed personal holding company in-
come not in excess of $2,000 plus 85 percent of such income
in excess of $2,000.
A facsimile of the special return (Form 1120 sch. PH) on
which personal holding company tax is reported appears on
pp. 173-178 of this volume. General definitions and differ-
ences between the 1954 and 1939 Code provisions affecting
this tax are discussed in Stat istics of Income — 1954 ,
Corporation Income Tax Returns, pp. 14-15.
(i) Mutual savings banks conducting separate life insurance
departments. — See note 4(j).
^Limitations on the excess profits tax. — The excess profits
tax under the Excess Profits Tax Act of 1950 became effec-
tive July 1, 1950, and ended Dec. 31, 1953. Ceiling rates
and special provisions affecting certain companies are dis-
cussed on pp. 12-13 of Statistics of Income for 1951, Part 2.
For proration of the excess profits tax for 1953- 54, and for
1949-50, see footnote 7.
'Vftien a return is filed for a tax year during which a
change in tax rates occurs, tentative taxes are computed
applying each rate in effect during the tax year to the
entire tajcable income. The amounts so determined are then
prorated on the basis of the number of days in the year dur-
ing which each rate is in effect. The prorated portions of
the tentative taxes are then combined to determine the actual
liability which is the amount tabulated in Statistics of
Income. To give effect to changes in the deductions from
net income used in computing the tax bases, taxable income
used in calculating each tentative tax is computed with the
deductions applicable to the period to which the tax rate
applies.
'a tentative surtax was computed at 19 percent of the sur-
tax net income in excess of $25,000. The actual liability
was then determined by reducing this amount by 1 percent of
the lower of (a) partially tax-exempt interest, or (b) sur-
tax net income in excess of $25,000.
'The excess profits tax imposed by the Excess Profits Tax
Act of 1950 was in effect from July 1, 1950 through Dec. 31,
1953. For tax years which began before or ended after those
dates, the tax was the prorated portion applicable to that
part of the year the tax was in effect. See footnote 7.
^°For tax years which began in 1949 and ended after June 30,
1950, the rates shown for the income year 1950 period begin-
ning July 1, 1950, and ending Mar. 31, 1951, were effective
after June 30, 1950. For proration of tax, see footnote 7.
■'■■'■Net capital gain is the excess of gains from sales or
exchanges of capital assets over losses from such sales or
exchanges . Both short- and long-term gains and losses are
included. Conversely net capital loss is the excess of
losses over gains.
-'■^Effective for tax years beginning after Sept. 23, 1950.
i^See sees. 1231-1241, 165, 341, and 582 of the 1954 Code
(sees. 117(f) through (o) and sec. 23(g), (j), and (k) of
the 1939 Code) .
^''Applicable to involuntary conversion of capital assets,
involuntary conversion, sale, or exchange of real property
and property subject to depreciation which was used in the
trade or business, amounts received for timber and amounts
received or accrued for coal after Dec. 31, 1950, where dis-
posal was by contract under which owner retained an economic
interest, all of above property having been held for more
than 6 months; timber held for more than 6 months before
beginning of tax year in which cut, if taxpayer so elects;
certain unharvested crops on business real property held for
more than 6 months and sold in a tax year beginning after
Dec. 31, 1950; and livestock, except poultry, held for draft,
breeding, or dairy purposes for 12 months (prior to Dec. 31,
1950, holding period was 6 months and poultry was not ex-
cluded) . Depreciable property in items 3(a) and (e) of
table are excluded.
■^ ^Applicable to sales or exchanges made after Nov. 19, 1951.
■'•''Applicable to sales or exchanges made after May 3, 1951.
^■'See sec. 542(b) of the 1954 Code for application of the
personal holding company tax in the case of consolidated
returns .
^^See sec. 1504(d) of the 1954 Code (sec. 141(g) of the
1939 Code) for exception.
6. Facsimiles of Corporation
/ncome Tax Return Forms,
1956
CORPORATION INCOME TAX RETURN FORMS, 1956
Page
Form 1120: Corporation income tax return 155
Form 1120L: Life insurance company income tax return 179
Form 1120M: Mutual insurance company income tax return 193
Form 1118: Statement in support of credit claimed for taxes paid
to a foreign country or United States possession 197
Form 1120ES: Declaration of estimated tax 201
164
FACSIMILES OF TAX RETURNS. 1956
155
FORM
1120
U. S. Tr«a«ary Depcurtment
Internal Rcvenae Service
U. S. CORPORATION INCOME TAX RETURN
FOR CALENDAR YEAR 19S6
or other taxable year beginning
and ending
1956.
. 19S
PLEASE TYPE OR PRINT PLAINLY
Name
Number and street
City or town, postal zone number, county. State
1956
Do not write In space below
A. Date incorporated ®* '^''^ '^^ corporation, during the taxable year, have any contracts or
" ' ' subcontracts subject to the Renegotiation Act of
B. Place incorporated 1951? Q Yes Q No
C. Business group code number and principal business activity
(See page 8 of Instructions)
(If answer is "Yes," state the approximate aggregate
gross dollar amount billed during the taxable
year under all such contracts and/or subcontracts.
(See General Instruction G-(4).) $
. Did the corporation at any time during the taxable year ov^n 50
percent or more of the voting stock of another
domestic corporation? □ Yes □ No
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? QYes DNo
(If either answer is "Yes," attach separate schedule showing:
(1) name and address;
(2) percentage of stock ovimed;
(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.)
If corporation is a cooperative association, check whether:
(1) n farmers' marketing or a farmers' purchasing cooperative
association,
(2) n consumers' cooperative association, or
(3) □ other cooperative association.
, Check if taxpayer is a sole proprietcrship n or partnership □ elect-
ing under section 1361 to be taxed as a corporation?
H. Did the corporation pay (or agree to pay) anyone other than an
employee for assistance in the preparation of this
rehirn? D Yes Q No
If answer is "Yes," enter his name
I. Enter amount of income (or deficit) from:
(a) item 31, page 1, Form 1120, 1954 ....$.,
(b) line 32, page 3, Form 1120, 1955
J. Is this a consolidated return? (See Instruction I) Q Yes Q No
K. Is taxpayer a personal holding company? □ Yes □ No
(If answer is "Yes," Schedule 1120 PH must be attached.)
L. Did the corporation m.ake a return of information on Forms 1096
and 1099 or Form W-2 for the calendar year 1955?
(See General Instruction G-(l)) D Yes D No
FILL IN REMAINDER OF THIS PAGE AFTER COMPLETING PAGES 2 AND 3
► Enter amounts shown on page 2, if none write "None": 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 1956 income tax:
A. Tax paid with application for extension of time in which to file
$
B. Payments and credits on 1 956 Declaration of Estimated Tax
!5
3. If tax (line 1) is larger than payments (line 2), the balance is TAX DUE. Enter su
(Fox installment payments see Instruction D.)
4. If payments (line 2) are larger than tax (line 1) Enter the O'VER
5. Enter amount of line 4 you want: Credited on 1957 estimated tax. ... $. . „
fS
PA'YTVIENT hero.. . -»
.•S
Refunded $
SIGNATURE AND VERIFICATION (See Instruction E)
1 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 of officer)
(Tille)
CORPORATE
SEAL
I declare under the penalties of perjury that I prepared this return for the taxpayer 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 I have any knowledge.
(Date)
(Individual or firm signature)
(Address)
FORM 1120
501112 O - 59 - 11
156
FACSIMILES OF TAX RETURNS, 1956
TAXABLE INCOME COMPUTATION
Page 2
Instruction
and Line No.
GROSS INCOME
1. Gross sales (where inventories Less: Returns and
are an income-determining factor) $ ; allowancesS
2. Less: Cost ot 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)
6. Gross profit where inventories are not an income-determining factor .
7. Dividends (Schedule C)
8. Interest on loans, notes, mortgages, bonds, bank deposits, etc
9. Interest on corporation bonds, etc
10. 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 instrumentality of the U. S
(b) Obligations issued on or after March 1 , 1 94 1 , by
the U. S. or any agency or instrumentality thereof,
11. Rents
Gross Amount of
Interest
Less: Amortizable
Bond Premium
12. 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):
15.
Total income in lines 3, and 6 to 14, inclusive.
DEDUCTIONS
16. Compensation of officers (Schedule E)
17. Salaries and wages (not deducted elsewhere) .
18. Rents .
19. Repairs (Do not include cost of improvements or capital expenditures)
20. Bad debts (Schedule F)
21. Interest
22. Taxes (Schedule G)
23. Contributions or gifts paid (Schedule H)
24. Losses by fire, storm, shipwreck, or other casualty, or theft (Attach schedule) .
25.
Z«.
27.
2S.
2f.
FACSIMILES OF TAX RETURNS, 1956
Amortization (Schedule I)
Depreciation (Schedule J)
Depletion of mines, oil and qas wells, timber, etc. (Attach schedule)
157
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.
30.
31.
32. Taxable income before net operating loss deduction and special deductions
33.
34.
Less: Net operating loss deduction (Attach schedule) .
35.
3S.
37.
38.
39.
40.
41.
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)
Total special deductions
Lme 34 less line 40 (Enter income or loss here and on line 42(b)) .
TAX COMPUTATION FOR CALENDAR YEAR 1956 AND TAXABLE YEARS ENDING ON OR BEFORE MARCH 31, 19S7
For other taxable years attach Schedule 1120 FY (See tax computation instructioixs)
42. (a) Amount of line 35, $
43. If amount of line 42 is:
(a) Not over $2S.0(X>—
Enter 30 percent of line 42 (32 percent if a consolidated return) .
(b) Over $2S.{X)0—
Enter 52 percent of line 42 (54 percent if a consolidated return)
Subtract $5,500, and enter difference
(b) plus amount of line 41, $ Enter total here «>
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 (line 46 less line 47)
49. Tax under section 541 of the Internal Revenue Code (from Schedule 1120 PH) .
50. Total income tax (line 48 plus line 49). Ei\ter here and on line 1. page 1 . .
$_
Page 3
158
FACSIMILES OF TAX RETURNS, 1956
Schedule L.— BALANCE SHEETS (P
ee 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 supplies
5. Investments in governmental obligations:
the United States, or any political subdivision of any
of the foregoing, or of the District of Columbia
(b) Obligations of the United States and its instrumentali-
ties
6. Other investments (Attach schedule)
7. Buildings and other fixed depreciable assets
(a) Less: Accumulated amortization and depreciation
8> Depletable assets
(a) Less: Accumulated depletion
9. Land (net of any amortization)
(a) Less: Accumulated amortization
11. Other assets (Attach schedule)
12. Total Assets
LIABILITIES AND CAPITAL
13. Accounts payable
14. Bonds, notes, and mortgages payable (maturing less than
one year from date of balance sheet)
15. Accrued expenses (Attach schedule)
16. Bonds, notes, and mortgages payable (maturing more
than one year from date of balance sheet)
17. Other liabilities (Attach schedule)
(b) Common stock
19. Paid-in or capital surplus
20. Surplus reserves (Attach schedule)
21. Earned surplus and undivided profits
22. Total Liabilities and Capital
$
S
i
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
Total distributions to stockholders charged to earned
surplus during the taxable year:
(a) Cash
10,
11.
12.
13.
14.
15.
16.
17.
(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
Unallowable interest incurred to purchase or car
exempt interest obligations
Excess of capital losses over capital gains
Additions to surplus reserves (Attach schedule) . . . .
Other unallowable deductions (Attach schedule) . .
y tax-
is. 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 of Schedule M) . . .
FACSIMILES OF TAX RETURNS, 1956
159
Page 5
Th» information lequiied in Schedules A through K on pages 5 and 6 may be furnished on separate attachments if all the required facta
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 Instruction 2)
(Where inventories are an income-determining tactor)
1. Inventory at beginning ol year
2. Merchandise bought for manufacture or sale .
3. Salaries and wages
i. Other costs per books (Attach schedule)
5. Total
6. Less: Inventory at end of year
7. Cost of goods sold (Enter here and on line 2,
page 2)
Schedule B.-COST OF OPERATIONS
(Where inventories are not on income-dotermininq factor)
!• 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 Oeclaritig Corporation
2, Domestic Corporations
Taxable Under Chapter 1.
Internal Revenue Code*
3. Certain Preferred Stock
ol Public Utilities Taxable
Under Chapter 1. Internal
Revenue Code
4. Foreign Corporations
5. Other Corporations
$
$
$
$
Totals
$
$
$
S
Total of columns 2, 3, 4, and 5 (Enter here and on line 7, page 2)
$
•Except (a) dividends on certain prelerred slock of public uhlities. which should be entered in column 3; and (b) dividends, which should be entered in column 5. received Irom
China Trade Act corporations, from corporations to which section 931 applies, and fiom corporations exempt Irom tax under sections 501 ond 521
Schedule D. — Separate Schedule D (Form 1120) should be used in reporting scdes 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'sStock
Owned
6. Amount ol
Compensation
4. Common
5. Preferred
Total compensation of officers (Enter here and on line 16
, page 2)
Schedule F.— BAD DEBTS. (See Instruction 20)
1. Taiible Year
Amount ol Notes and Accounts Receivable
Outstanding at—
4. Taxable (or Net)
Income Reported
b. Sales on Account
6. Bad Debts of Corpo-
ration il No Reserve Is
Carried on Books
If Corporation Carries a Reserve
2. Beginning of Year
3. End ol Year
7. Gross Amount Added
to Reserve
8. Amount Charged
Against Reserve
1953
1954
1955
1956
NOTE: Securities which are capital assetG and which became worthless within the taxable year should be reported in separate Schedule D.
160
FACSIMILES OF TAX RETURNS, 1956
Page 6
Schedule G.— TAXES. (See Instruction 22)
Schedule H.— CONTRIBUTIONS OR GIFTS PAID
(See Instruction 23)
Explanation
Amount
Name and Address of Organization
Amount
$
S
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)
1. Describe Facilities or Expenditures Being Amortized
2. Date Acquired,
Completed, or
Expended
3. Amount Being
Amortized
4. Amortization De-
ducted in Prior
Years
5. Amortization
Period (Number
o( months)
6. Amortization
Ttiis Year
$ ..
$
$
1. Total
2. Less; Amount of amortization claimed in Schedules A and B and elsewhere on return
3. Balance — Enter here and on line 25, page 3
•
$
Schedule J.— DEPRECIATION.
(See Instruction 26)
I. Kind of Property (if buildings, stale material of which con-
structed). Exclude Land and Other Nondepreciable Property.
List Assets in Groups by Depreciation iVIethod
2. Date Acquired
3. Cost or Ottier
Basis
4. Depreciation
Allowed (or
allowable) in
Prior Yeats
5. Method
6. Rate (%) or Life
(years)
7. Depreciation
This Year
$
$
$ . .. .
"" ~
1. Total
3. Balance— Enter here and on line 26, pa
ge3
$
SUMMARY OF SCHEDULES I AND J
Part A.— DEPRECIATION
Part B.-AMORTIZATION
1. Straight line method
$
7 Emergency facilities . . .
$
3. Sxim of the years-digits method
9. Research or experimental expenditures
10. Exploration and development expenditures. .
1 1, Organizational expenditures
4. Based on units of production
5. Other methods
$
12. Trademark and trade name expenditures . . .
13. Total amortization claimed
6. Total depreciation claimed
$
Schedi.
le K.— OTHER DEDUCTIONS. (See Instruction 30)
$ - . .
$
Total (Enter here and on line 30, page 3) .
$
I
FACSIMILES OF TAX RETURNS. 1956
161
PAGE 1
How To Prepare Your 1956 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
domestic corporations if an election is made not later than 60
days after the close of the taxable year and if certain qualilications
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 pos.session 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 1956 or fiscal year beginning in 1956 and ending
in 1957. 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 taxpa\er 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 proce-
dure to be followed in securing consent, see your District Director
Cash receipts and disbursements method. — Under this method,
a taxpayer includes all items of taxable income (whether cash,
property, or sei"vices) 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 shown as whole-dollar amounts. This means that
you eliminate any amount less than 50 cents, and increase any
amount from 50 cents through 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 associ-
ations taxable under section 522 must be filed on or before the
15th day of the 9th month following the close of the taxable
year. (Section 6072.)
Request for automatic extension of 3 months for filing of return
must be made on Form 7004, (Section 6081 (b) .)
The 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.
A declaration of estimated tax must be made by every corpora-
tion which is subject to income tax under section II or 1201 (a),
or 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 1 120-ES. ) In the case of affiliated corporations
filing a consolidated return, see consolidated return regulations
prescribed under section 1502,
Additional charge for underpayment of estimated tax. — Under-
payment 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 install-
ment is mandatory and will be made unless the exceptions specified
in section 6655 (d) are applicable.
If you have an underpa\ment 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 froni the nearest Internal Revenue Service office
for this purpose.
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 author-
ized to sign, A receiver, trustee, or assignee must sign any return
which he is required to file on behalf of a corporation. The
statement at the bottom of page 1 of the return is required to be
signed by any person, firm, or corporation who prepared the tax-
payer's return. If the return is prepared by a firm or corporation,
it should be signed in the name of the firm or corporation. The
statement is not required if the return is prepared by a regular,
full-time employee.
coi — ie--7:833-i
162
FACSIMILES OF TAX RETURNS, 1956
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 1956 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 i;eturns will not be required with respect to
salary or wage payments included on Form \V-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 1956 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 1956, 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, within 30 days after the adoption by the
corporation of a resolution or plan for the dissolution of the cor-
poration or for the liquidation of the whole or any part of its
capital stock, render a correct return on Form 966 setting forth
the terms of such resolution or plan.
Every corporation making distributions in liquidation of the
whole or any part of its capital stock shall also make returns on
Forms 1096 and 1099L, as required by instructions on Form 1096,
for the calendar year 1956.
G-(3). Certain transfers of property on or after January 1,
1951.— Under certain circumstances the $25,000 exemption from
surtax and the $60,000 accumulated earnings credit are not
allowed or may be reduced to a lesser figure. Section 1551 pro-
vides that if a corporation on or after January 1, 1951, transfers
all or part of its property (other than money) to another corpora-
tion which was created for the purpose of acquiring such property
or which was not actively engaged in business at the time of such
acquisition and if after such transfer the transferor corporation or
its stockholders, or both^ are in control of such transferee corpora-
tion during any part of the taxable year of such transferee cor-
poration, the transferee corporation shall not for such taxable year
(except as may be otherwise determined under section 269 (b) )
be allowed either the $25,000 exemption from surtax provided in
section 11 (c) or the $60,000 accumulated earnings credit pro-
vided in section 535 (c), unless such transferee corporation shall
establish by clear preponderance of the evidence that the securing
of such exemption or credit was not a major purpose of such
transfer. For this purpose control means the ownership of stock
possessing at least 80 percent of the total combined voting power
of all classes of stock entitled to vote or at least 80 percent of the
total value of shares of all classes of stock of the corporation.
Rules are provided in sections 544 atid 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 G, 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
(6) 50 percent or more of the gross income for such period or
such part thereof was derived from the active conduct of a trade
or business within a possession of the United States.
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 Unitecf 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 1120NB 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 1956 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
1120PH with its return.
Under the provisions of section 542, a corporation is a "personal
holding company" if at least 80 percent of its gross income for the
taxable year is personal holding company income as defined in
section 543, and if at an>' 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 during
the taxable year have been members of the affiliated group consent
to all the consolidated return regulations prescribed under section
1502 prior to the last day prescribed by law for the filing of such
return. The common parent corporation, when filing a consoli-
dated return, shall attach thereto a schedule showing the names
and addresses of all the corporations included in the return. Form
S51, 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 bf 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 reconciliation of the consolidated surplus.
ODi — Ift— 7286»-l
FACSIMILES OF TAX RETURNS, 1956
163
Consolidated balance sheets as of the beginning and close of the
taxable year of the group shall accompany the consolidated return
in a form similar to that required for reconciliation of surplus.
J. Tax on improperly accumulated earnings. — In order to pre-
vent accumulation of earnings and profits for the purpose of
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 cora-
panv, attach a statement setting forth in complete detail the infor-
mation required b\' 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, Stale, 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 until
permission. to change is obtained from the Commissioner. Appli-
cation for permission to change an inventory method shall be
made in writing and filed with the Commissioner within 90 days
after the begiVining 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 acquisition
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 ampunt 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 amortizable bond premium, see section
171.
For special rules applicable to dealers in securities, with respect
to premium attributable to certain tax-exempt securities, see sec-
tion 75.
Non-interest-bearing obligations issued at a discount. — Tax-
payers on the cash basis may elect, as to all non-interest-bearing
obligations issued at a discount and redeemable for fixed amounts
increasing at stated intervals (for example. United States Savings
Bonds), to include the increase in redemption price applicable to
the current year. For the year of election the total increase in
redemption price of such obligations occurring between the date
of acquisition and the end of the year must be included. Attach
statement listing obligations owned and computation of the in-
crease. (Section 454. )
11. Rents. — Enter the gross amount received for the rent of
property. Any expenses, including repairs, interest, taxes, and
depreciation should be included in the proper 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.
18. 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 the value of the property are
chargeable to capital account.
20. Bad debts. — Bad debts may be treated in either of two
ways — (1) by a deduction from income in respect of debts which
become worthless in whole or in part, or (2) by a deduction from
income of a reasonable addition to a reserve for bad debts. (Sec-
tion 166.)
A 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. Application for permission to
change the method shall be made in writing at least 30 days prior
to the close of the taxable year for which it is desired to effect
the change.
Worthless debts arising from unpaid rents, and similar items of
taxable income, will not be allowed as a deduction unless the
income such items represent has been included in the return of
income for the year for which the bad debt deduction is claimed,
or for a previous year.
For treatment of bad debts of a mutual savings bank not having
capital stock represented by shares, a domestic building and loan
association, and a cooperative bank without capital stock organized
and operated for mutual purposes and without profit, see section
593 and the regulations thereunder.
21. Interest. — Enter interest paid or accrued on business indebt-
edness. Do not include in 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 year
and fill in Schedule G. Do not include Federal income, war-
profits, and excess-profits taxes; estate, inheritance, legacy, succes-
sion, and gift taxes; foreign or United States possession income
taxes if any credit is claimed in line 47, page 3; Federal taxes
paid on bonds containing a tax-free covenant, nor taxes not im-
ODI — 1»— 7285«-l
164
FACSIMILES OF TAX RETURNS, 1956
PAGE 4
posed upon the taxpayer. See section 164 (d) regarding appor-
tionment of taxes on real property between seller and purchaser.
23. Contributions or girts 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 community chest, fund, or foundation, created
or organized in the United States or in any possession thereof or
under the law of the United States, or of any State or Territory,
or of the District of Columbia, or of any possession of the United
States, organized and operated exclusively for religious, charitable,
scientific, literary, or educational purposes or the prevention of
cruelty to children or animals (but in the case of contributions or
gifts to a trust, chest, fund, or foundation only if such contribu-
tions or gifts are to be used within the United States or any of its
possessions exclusively for such purposes), no part of the net earn-
ings of which inures to the benefit of any private shareholder or
individual, and .no substantial part of the activities of which is
carrying on propaganda, or otherwise attempting to influence leg-
islation; (3) posts or organizations of war veterans, or auxiliary
units of, or trusts or foundations for, 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 carryback to the taxable
year under section 172.
In the case of a corporation on the accrual basis, any contribu-
tion or gift will, at the election of the taxpayer, made at the time
the return is filed, be considered as paid during the taxable year
if payment is actually made on or before the fifteenth day of the
third month following the close of the taxable year, and if the
contribution or gift has during the taxable 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 which come within the
above description, but which are unallowable in whole or in part
because of the limitation contained in section 170.
Any contributions paid during the taxable \ear in excess of the
amount deductible may be carried over and deducted in the two
succeeding taxable years subject to the 5 percent limitation pro-
vided in section 170 (b) (2).
24. Losses by fire, storm, shipwreck, or other casualty, or theft. —
Enter losses sustained during the year, arising from fire, storm,
shipwreck, or other casually. For determination of the amount
deductible, see sectior^ 165 (b) and the regulations thereunder.
Theft losses are deductible 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 with respect to the amortization of the
adjusted basis (for determining gain) of an emergency facility,
such amortization to be based on a period of 60 months. The term
"emergency facility" means any facilit>', land, building, machinery,
or equipment, or any part thereof, the construction, installation,
or acquisition of which was completed after December 31, 1949,
and with respect to which a certificate has been issued. The
cost or other basis subject to amortization is limited to the portion
thereof which has been certified as attributable to defense purposes
by the appropriate certifying authorits. 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 bs- 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 facilitv is subject to the depreciation provisions of law.
(Section 168.)
(b) Grain storage facilities. — A corporation may elect to amor-
tize the adjusted baiiis (for determining gain) of a grain storage
facility ratably over a 60-month period. The term "grain storage
facility" means (1) any public grain warehouse permanently
equipped for receiving, elevating, conditioning, and loading out
grain, and (2) any corncrib, grain bin, or grain elevator, or any
similar structure suitable primarily for and intended for the stor-
age of grain produced by the taxpayer. Such term does not
include any facility any part of which is an "emergency facility."
The amortization deduction is allowable only if the facility is
completed after December 31, 1952, and only with respect to
property of a character which is subject to the allowance for
depreciation under section 167. If a structure is converted
through alteration or remodeling into a structure so described
and if the alteration or remodeling is completed after December
31, 1952, then such alteration or remodeling shall be treated as
the construction of a grain storage facility. The 60-month period
shall, at the election of the taxpayer, begin with the month follow-
ing the month in which the facility is completed or acquired,
or with the succeeding taxable year. The election must be made
by a statement in the return for the year in which the period
begins, and may be terminated at any time "by filing a written
statement to that effect with the District Director of Internal
Revenue. If the taxpayer elects to discontinue amortization
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 amo.r-
tization as deferred expenses for research and experimentation.
A corporation electing to amortize research and experimental
expenditures may make an election by attaching a statement to
the return for the first taxable year to which the election is
applicable. The method or period selected for such amortization
cannot be changed unless prior approval is secured. (Section 174.)
(d) Exploration expenditures. — Under section 615 a corpo-
ration may deduct expenditures paid or incurred by it during the
taxable year for ascertaining the existence, location, extent or
quality of any deposit of ore or other mineral (other than oil
or gas) in an amount not exceeding $100,000 paid or incurred
before the beginning of the development of such deposit. At
its election it may treat such expenditures (in an amount Jiot
exceeding $100,000 in a taxable year) as deferred expenses de-
ductible on a ratable basis as the units of produced ores or
minerals (discovered or explored by reason of such expenditures)
are sold. Such election must be made on the return or by filing
a statement not later than 6 months after the filing of the return,
for any taxable year to which such election is applicable. The
election shall be binding for the taxable year with respect to
which it is made. No further deduction or election ma) be taken
or exercised under section 615 if in any four preceding years
(not necessarily consecutive) the taxpayer or certain transferors
of such mineral or property have been allowed a deduction or
made such election. (Section 615.)
{e) Development expenditures. — A corporation may deduct
expenditures paid or incurred during the taxable year for the
developing of a mine or any other natural deposit (other than
an oil or gas well) if paid or incurred after the existence of ores
or minerals in commercially marketable quantities has been dis-
closed. At its election it may treat such expenditures as deferred
expense deductible on a ratable basis as the units of produced
ores or minerals benefited by such expenditures are sold. Such
election must be made on the return or by filing a statement not
later than 6 months after filing the return for the taxable year for
which the election is applicable. (Section 616.)
(/) Organizational expenditures. — A corporation may elect to
amortize expenditures which are incident to the creation of the
corporation ratably over a period of not less than 60 months
(beginning with the month in which the corporation begins busi-
ness). These expenses must be chargeable to capital account and
of a character which, if expended incident to the creation of a
corporation with limited life, would be amortizable over such life.
Amortization may not be taken on such expenditures paid or
incurred before August 16, 1954. Such election may be made
by filing a statement with the return for the >'ear 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. (Section 248.)
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165
(^) Trademark and tradename expenditures. — A corporation
may elect to treat these expenditures (if paid or incurred in a
taxable year beginning after December 31, 1955) as deferred
expense, deductible ratably over a period of not less than 60
months. (Section 177.)
26. Depreciation. — If a deduction is claimed on account of
depreciation, 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.
The allowance does not apply to inventories or stock-in-trade nor
to land apart from the improvements or physical developments
added to it. Depreciation on leasehold improvements, patents
and copyrights shall be included in Schedule J.
The useful life of an asset can be measured 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
life of property. The cost (or other basis) to be recovered should
be charged off over the expected useful life of the property. For
guidance, comprehensive tables of "average useful lives" of
various kinds of buildings, machines, and eqiiipment in many
industries and businesses have been published in a booklet called
Bulletin F, which may be purchased for 30 cents from the Super-
intendent of Documents, Government Printing Office, Washington
25, D. C. A brief description of the various methods of depre-
ciation follows:
(a) Straight line method. — The most common method of com-
puting depreciation is the "straight line" method. It allows for
the recovers' 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 is the
depreciation deduction.
(fe) Declining balance method. — Under this method a uniform
rate is applied each year to the remaining cost or other basis of
propertv (without adjustment for salvage value) determined at
the beginning of such year. For property acquired before Jan-
uary 1, 1954, or used property whenever acquired, the rate of
depreciation under this method may not exceed one and one-half
times the applicable straight-line rate.
(c) Special rules for new assets acquired after December 31,
1953. — The cost or other basis of an asset acquired after Decem-
ber 31, 1953, may te depreciated under methods proper in the
past; or, it may be depreciated under any of the following methods
provided ( 1 ) that the asset is tangible, ( 2 ) that it has an estimated
useful life of three years or more, And (3) that the original use
of the asset commenced with the taxpayer and commenced after
December 31, 1953. If an asset is constructed, reconstructed, or
erected by the taxpa\'er, so much of the basis of the asset as is
attributable to construction, reconstruction, or erection after De-
cember 31, 1953, may be depreciated under methods proper in
the past : or, it may be depreciated under any of the following
methods provided that the asset meets qualifications (1) and (2)
above.
(/) Declining balance method. — This method may be used
with a rate not in excess of twice the applicable straight-line rate.
(2) Sum of the years-digit method.— Under this method annual
allowances for depreciation are computed by applying changing
fractions to the taxpayer's cost or other basis of property (reduced
by estimated salvage).
The deduction for each year is computed by multiplying the
cost or other basis of the asset (reduced by estimated salvage
value) by the number of years of useful life remaining (including
the year for which the deduction is computed) and dividing the
product by the sum of all the digits corresponding to the years
of the estimated useful life of the asset. In the case of a 5-year
life this sum would be 15 (5-|-4-f3 + 2-t-l). For the first year
five-fifteenths of the cost reduced by estimated salvage value would
be allowable, for the second year four-fifteenths, etc.
(3) Other methods. — A taxpayer may use any consistent method
which does not result in accumulated allowances at the end of
any year greater than the total of the accumulated allowances
which would have resulted from the use of the declining balance
method. This limitation applies only during the first two-thirds
of the useful life of the property.
27. Depletion of mines, oil and gas wells, timber, etc. — If a
deduction is claimed on account of depletion, procure from the
District Director: Form M (mines and other natural deposits),
Form O (oil and gas), or Form T (timber), fill in and file with
return. If complete valuation data have been filed with question-
naire in previous years, then file with your return information
necessary to bring your depletion schedule up to date, setting forth
PAGE 5
in full statement of all transactions bearing on deductions from
or additions to value of physical assets during the taxable year with
explanation of how depletion deduction for the taxable year has
been determined. (Sections 611, 612, and 613.) Expenditures
to be deferred and deducted ratably under the election provided
in sections 616 (b), relating to certain expenditures in the devel-
opment of mines, and 615 (b), relating to deductions for mine
exploration, are not to be taken into account in determining the
adjusted basis for property for the purpose of computing a deduc-
tion for depletion under section 611.
28. Advertising. — Enter on line 28 the total amount paid or
incurred during the year for advertising. Expenditures for adver-
tising, to be deductible, must be ordinary and necessary and bear
a reasonable relation to the business activities in which the cor-
poration is engaged.
29 (a). Pension, annuity, stock bonus, or profit-sharing plans. —
Enter on line 29 (a) the total amount deductible under section
404. A corporation claiming a deduction under section 404 must
submit with its return, in addition to the information specified in
the regulations concerning such deduction, a statement with
respect to each plan showing the t>pe 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 SOl (a), and the method of funding, i. e., individual
annuity or insurance contracts, group annuity contract, group
permanent contract, or self-insured trust. If not funded, so
indicate.
29 (b). Other employee benefit plans. — Enter on line 29 (b)
deductions for contributions to employee benefit plans other than
those claimed on line 29 (a), such as insurance, health, or welfare
plans. Submit with the return a schedule for each plan showing
(1) the nature of benefits, i. e., group term life insurance, group
permanent life insurance, noninsured death benefit, hospitaliza-
tion, surgical, medical, sickness, accident, major medical expense,
or other welfare benefits; (2) method of financing, i. e., insured,
industry or areawide fund, self-insured fund, or direct benefit
payments; (3) the amount of deduction; (4) the amount of
employee contributions; (5) the number of employees covered;
and (6) if a self-insured plan, the amount of benefits paid during
the taxable year. Also show the number of employees employed
by the corporation.
30. Other deductions authorized 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.
No deduction is allowable for the amount of any item or part
thereof allocable to a class of exempt income, including tax-exempt
interest income only to the extent that amounts otherwise allow-
able under section 212 are allocable thereto. However, for interest
on indebtedness incurred or continued to purchase or carry tax-
exempt securities, see instruction 21. Items directly attributable to
wholly exempt income shall be allocated thereto, and items directly
attributable to any class of taxable income shall be allocated to
such taxable income. If an item is indirectly attributable both
to taxable income and exempt income, a reasonable proportion
thereof, determined in the light of all the facts and circumstances
in each case, shall be allocated to each. A taxpayer receiving any
such exempt income, or holding any property or engaging in any
activity the income from which is exempt shall submit with its
return as a part thereof an itemized statement, in detail, showing
(1) the amount of each class of exempt income, and (2) the
amount of expense items allocated to each such class (the amount
allocated by apportionment being shown separately).
In the case of mutual savings banks, cooperative banks, and
domestic building and loan associations, anyamounts paid or cred-
ited to the accounts of depositors or holders of accounts as divi-
dends on their deposits or withdrawable accounts, if such amounts
may be withdrawn on demand subject only to customary notice
of intention to withdraw, are allowable deductions in computing
taxable income. (Section 591.)
Under section 592 a special deduction in computing taxable
income is allowed a mutual savings bank not ha\'ing capital stock
represented by shares, a domestic building and loan association,
or a cooperative bank without capital stock organized and operated
for mutual purposes and without profit, for repayment during the
taxable year of loans made before September 1, 1951, by the
United States or its wholly owned agencies, or by a mutual
fund established under the authority of State law.
For deductions on account of research and experimental ex-
penditures, and exploration and development expenditures in the
case of mines, see instruction 25.
33. Net operating loss deduction. — The "net operating loss
deduction" is the sum of the net operating loss carry-overs and
carrybacks to the taxable year. (Section 172 (a).) A net oper-
ating loss for taxable years ending after December 31, 1953, may
be carried back 2 years (1 year for excess profits tax purposes)
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FACSIMILES OF TAX RETURNS, 1956
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.
(6) The special deductions provided in section 242 (partially
tax-exempt interest) and section 922 (Western Hemisphere trade
corporations) are not allowed.
(c) The special deductions allowed by section 243 (dividends
received by corporations), section 244 (dividends received on cer-
tain preferred stock of public utilities) , and section 245 (dividends
received from certain foreign corporations) are computed without
regard to the 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.
(6) 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 operating
loss sustained in a taxable year ending before January 1, 1954,
may be carried, must be made under the Internal Revenue Code
of 1939; such determination for a net operating loss sustained in
any taxable year ending after December 31, 1953, shall be made
under the 1954 Code. (Section 1.72 (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 171.
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 tix. 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, 1957 (59.681 percent
for taxable years beginning on or after April 1, 1957), of the
amount received as dividends on the preferred stock of a public
utility which is subject to income tax and is allowed a deduction,
as provided in section 247, for dividends paid.
{c) Dividends received from certain foreign corporations. —
Enter 85 percent of dividends received from certain foreign cor-
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 1, 1957 (29.787 percent for taxable years beginning
on or after April 1, 1957), 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 regard 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, 1957 (29.787 percent for taxable
years beginning on or after April 1, 1957), 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 12 months. However, a taxpayer which distributes
substantially all its assets before the end of the 12-month period
described above, shall employ in the above computation the 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
^nnualization 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
ye.ars beginning before April 1, 1957, equal to 30 percent of tax-
able income. In the case of a taxable year beginning after March
31, 1957, the normal tax is equal to 25 percent of taxable income.
2. Surtax. — Section 11 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 11 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).
em — 16— 72869-1
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FACSIMILES OF TAX RETURNS. 1956
167
4. Consolidalcd returns. — Section 1503 provides that the tax
imposed under section 11 (c) or section 8'M shall be increased
for any taxable year for which an affiliated Kroup of includible
corporations makes or is required to make a consolidated return
b\' 2 percent of the consolidated taxable income (computed with-
out regard to the deduction, if an\', pro\'ided in section 242 for
partially tax-exempt interest). If the affiliated group includes
one or more Western Hemisphere trade corporations or one or
mere 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 bv section II. 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
ihares, authorized under State law to conduct a life insurance
business and which conducts such business in a separate depart-
ment the accounts of which are maintained separately from the
accounts of other departments of the bank is taxable imder 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 sura of — (1) a partial tax computed
under section 1 1 upon the taxable income of the bank determined
without regard to any items of gross income or deductions properly
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 sum 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 1 1 . ( 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. GOVCRNMEN
NTING OFFICE
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FACSIMILES OF TAX RETURNS, 1956
PAGE 8
PRINCIPAL BUSINESS ACTIVITY
In reportine 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 (tine 4, page 2), plus all other income (lines 7
through 14 pa'-e ">) State the broad field of business activity as well as the specific product or service, such as "Mining copper,'
'^Manufacturinl 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 ts the major source of receipts. Use the appropriate group under
the heading "FINANCE" if over 50 percent of "total receipts" consists of investment income , ^ , -r • ■,
Enter the "business group code number" on page 1 from the following list. Give the code for the specific industry group
from which the largest percentage of "total receipts" is derived.
AGRICULTURE, FORESTRY, AND
FISHERIES
Code
Oil Farms and ai;rkulrural serTicea,
081 Forestry, excluding logging carnps.
091 Fisheries.
MINING
Metal mining:
101 Iron ore.
102 Copper.Iead. zinc, gold, silver ores.
109 Other metal miDing.
Coal mining:
111 Anthracite coal.
121 Bituminous coal and lignite.
Crude petroleum and natural gas extraction:
131 Crudf petroleum, natural gas, and
natural gasoline.
138 Oil- and gas-field contract services.
Nonmetallic mineral mining:
141 Stone, sand, gravel.
149 Other nonmetallic minerals, ex-
cept fuels.
CONSTRUCTION
151 General contractors: buildings.
152 Cieneral contractors: other.
155 Special trade contractors.
169 Other construction.
MANUFACTURING
Be¥erages:
191 Bottled soft drinks and carbonated
waters.
192 Malt liquors and malt.
194 Wines.
J95 Distilled. rectified, blended liquors.
Food and kindred products:
200 Meat products.
201 Dairy products, except market
milk dealers.
202 Canning and preserving fruits,
vegetables, and seafoods.
203 Grain-mill products, except cereal
preparations.
204 Bakery products.
20rt Sugar, cane and beet.
206 Confectionery, related products.
207 Cereal preparations.
208 Other food preparations and kin-
dri'd products, including manu-
factured ice and flavoring sirups.
Tobacco manufacturer!:
212 Cigars.
219 Other.
Textile-mill products:
220 Yarn and thread mills (cotton,
wool, silk, and synthetic fiber).
221 Broad-woven fabric mills (woolen
and worsted).
222 Broad-woven fabric mills (cotton).
223 Narrow fabrics and other small
wares mills (cotton, wool, silk,
and synthetic liber).
224 Knitting mills.
225 Dyeing and finishing textiles,
except knit goods.
226 Carpets, rugs, and other floor
coverings.
227 Hats, except cloth and millinerv.
228 Other lex*.ile goods, including
rayon and silk broad-woven
fabric mills.
Apparel and other finished products made
from fabrics and similar maleriali:
231 Men's and boys' clothing and
furnishings, except fur and
rubber.
233 AVonieu's clothing, and children's
and infants' wear, except fur and
rubber.
235 Millinery.
236 Fur goods.
237 Other apparel and accessories
including gloves, robes, and
raincoats.
238 Other fabricated textile products
including curtaius, bags, and
awnings.
Lumber and wood products (eacept fur-
niture):
241 Logging camps, logging contrac-
tors, sawmills, and planing mills.
243 Millwork. plywood, and prefabri-
cated structural wood products.
244 Wooden containers.
249 Other wood products.
Furniture and fixtures (wood or metal):
251 Furniture— household, office, 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 fur-
niture.
Paper and allied products:
261 Pulp, paper, and paperboard 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 Bool;s.
275 Commercial printing, including
lithographing.
278 Other publishing, bookbinding,
and service industries for the
printing trade.
Chemicals and allied products:
280 Industrial inorganic chemifals.
281 Industrial organic chemicals, in-
cluding plastic materials, syn-
thetic rubber, and synthetic
fibers.
282 Dnigs and medicines.
283 Soap and glycerin, cleaning and
polishing preparations, and sul-
fonated oils and assistants.
284 Paints, varnishes, lacquers, color
pigments, etc.
285 Perfumes, cosmetics, and other
toilet preparations.
286 Fertilizers.
287 Vegetable and animal oils and fats,
except edible cooking oils.
288 Other ebemicals. including gum
and wood chemicals.
Products of petroleum and coal:
291 Petroleum refining.
299 Other.
Rubber Droducis:
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 mrlal industries:
331 Blast furnaces, steel works, and
rollmg mills.
332 Iron aud steel foundries.
333 Primary and secon<iary smelting.
refining, rolling, drawing, and
alloying of nouferrous metals
and allo>s.
336 Nonferrous foundries.
338 Other primary metal industries,
including iron and steel forgings
and wire drawing.
Fabricated metal products (eicepi ord-
nance, machinery, and transportation
equipment):
340 Tin csns and other tinware.
341 Cutlery, hand tools, and general
hardware.
342 Heating apparatus (except elec-
tric) and plumbers* supplies.
343 Fabricated structural metal prod-
ucts, including boiler shop
products.
34.") Metal stamping, coating, and en-
graving.
346 Lighting fixtures.
347 Fabricated wire products.
348 Other fabricated metal products,
including screw machine prod-
ucts.
Machinery (except electrical):
350 Engines and turbines, except auto-
motive, aircraft, and railway.
351 Agricultural mchy. and tractors.
352 Construction and mining machin-
ery and efjuipment.
353 Metalworking machinery includ-
ing machine tools.
354 Special- industry machinery.
355 General industry machinery and
equipment.
Code
356 Oflice and store machines and
devices.
357 Service industry and household
machines.
358 Other machinery parts, and ma-
chine shops.
Electrical machinery, equipment, and sup.
plies:
361 Electrical generating, transmis-
sion, distribution and industrial
apparatus.
362 Electrical appliances.
363 Insulated wire and cable.
364 Electrical equipment for motor
vehicles, aircraft, and railway
locomotives and cars.
365 Electric lamps.
3(>6 Radio, radar, and television equip-
ment, and phonographs (except
radio tubes).
367 Other communication equipment
and rehited products.
368 Miscellaneous electrical products,
including batteries.
Transportation equipment (except electri-
cal and motor Tehicle equipment):
372 Aircraft and parts, including air-
craft enguies."
373 Ship and boat building, repairing.
374 Railroad equipment, including
locomotives, and street cars.
375 Mntorcvcles. bicycles an<l parts.
379 Other transportarion equipment.
Motor Tehiclea 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.
Ordnance and accessories:
391 Guns, and related equipment in-
cluding small arms.
396 Small arms ammunition.
399 Other.
Professional, scientific, and controlling
instruments; photographic and opti-
cal goods:
401 Professional, scientific, and con-
trolling instruments, including
photogr;iphic and optical goods.
407 Watches, clocks, and clockwork-
operated devices.
Other manufacturing industries:
411 Jewelry (precious metal), silver-
ware and plated ware.
412 Costume jev/elry (except precious
metal).
413 Fabricated plastic products, ex-
cept plastic materials.
419 Other, including matches.
TRANSPORTATION.COMMUNICATION.
AND OTHER PUBLIC UTILITIES
Transportation:
461 liailroads, 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.
Communtcalion:
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 Qas production and distribution,
except natural gas production.
Other public uliltties:
491 Water supply.
499 Other public utilities.
WHOLESALE TRADE
SOI Commission merchants.
Other wholesalers:
510 Food, including milk.
511 Alcoholic beverages.
512 Apparel and dry goods.
513 Chemicals, paints, and drugs.
514 Hardware, electrical goods, plumb-
ing and heating equipment, and
supplies.
516 Lumber, millwork, and construc-
tion materials.
Code
516 Machinery, equipment, and
supplies.
517 Farm products—raw materials.
518 Other wholesalers.
RETAIL TRADE
521 Food, including milk.
General merchandise:
531 Department stores.
532 Mail-order houses.
533 Variety stores.
639 Other general merchandise.
541 Apparel and accessories.
551 Furniture, home furnishings, etc.
AutomoliTe dealers, dealers tn parts and
accessories, and filting 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 Lumber and building materials.
595 Hardware and farm implements.
Other retail trade:
601 Liquor stores.
607 Jewelry stores.
608 Other retail stores.
FINANCE,
INSURANCE.
ESTATE
AND REAL
Banks and trust companies:
621 Banks and trust companies (ex-
cluding mutual savings banks).
622 Mutual savings banks.
Credit agencies other than banks:
632 Savings and loan associations.
634 Personal credit agencies,
635 Business credit :igoncies.
638 Other credit institutions.
Holding and other investment companies:
641 Operating-holding companies
(companiL-s whicli derived U-ss
than 90 percent but more than
50 percent of "total receipts"
from investments).
642 Other investment and holding
companies (companies which de-
rived 90 percent or more of total
receipts from investmi-nts).
651 Security and commodity brokers,
dealers, eichanges, and services,
insurance carriers:
661 Life insurance.
662 Mutual, except life or marine, and
except mutual fire insurance com-
panies issuing perpetual policies.
669 Other.
671 Insurance agents, brokers, and lervice
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 traders on own account.
684 Agents, brokers, managers, etc.
685 Title abstract companies.
689 Other real estate.
Lessors of real property, etcept buildings:
691 Agricultural, forest, and similar
properties.
692 M ining, oil, and similar properties.
693 Railroad property.
694 Public-utility property.
699 Other real property except build-
ings.
SERVICES
701 Hotels, rooming and boarding houses,
campn.
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 (aragei.
761 Other repair services.
Motion pictures:
781 Motion picture production, dis-
tribution and service mdustries.
783 Motion picture theaters.
791 Amusement and recreation seriice*
eicept motion pictures.
801 Other services, including schools,
cm — 16—72859-1
4
1
FACSIMILES OF TAX RETURNS, 1956
169
SCHEDULE D
(Form 1120)
U. 8. TREASURY DEPARTMENT— INTERNAL REVENUE SERVICE
SCHEDULE OF GAINS AND LOSSES FROM SALES
OR EXCHANGES OF PROPERTY
1956
or other taxable year beginning
FOR CALENDAR YEAR 1956
, 1956, and ending
,193
Name and address
(I) CAPITAL ASSETS
1. Dasciiption of Properly
b. Date
Acquired
Mo. Day Yr.
c. Dale
Sold
Mo. Day Yr.
d. Gross Sales Price
(Contract price)
e. Depreciation Allowed (or
allowable) Since Acqutsi-
tionor March 1. 1913
(Attach schedule)
I. Cost or Other Basis and
Cost of I mprovements Sub-
sequent to Acquisition or
Match 1, 1913
g. Expense of Sale
li. Gain or Loss (Column d
plus column e less the sum
of columns f and g)
Short-Term Capital Gains and Losses — Assets Held £or Not More Than 6 Months
1
$
$,
$
«-
$
2. Unused capital loss carryover from five preceding taxable years
3. Total oi short-term capital gains or losses or difference between si
(attach statement)
lort-term capital gain
s and losses
$
Long-Term Capital Gains and Losses — Assets Held for More Than 6 Months
5. Total of long-term capital gains or losses or difference between long-term capital gains and losses $
Summary of Capitol Gains and Losses
Class ifi cation
Gain or Loss To Be Taken into Account
a. Gain
1). Loss
$
s
7. Net long-term capital gain or loss from line 5
8. Net short-term capital gain (line 6, col. a) reduced by any net long-term capital loss (line 7,
col. b). Enter here and on line 13 (a), page 2, Form 1 120
9. Net long-term capital gain (line 7, col. a) reduced by any net short-term capital loss (line 6,
S
$
«
xxxxxxxxxx
$
xxxxxxxxxx
10. Excess of losses over gains in lines 6 and 7. This excess is not allowable
xxxxxxxxxx
$
10—72787-1
170
Page 2
FACSIMILES OF TAX RETURNS. 1956
Altemotive Tax Computation foz Calendar Year 1956 and Taxable Yeaia Ending on ox Before Morch 31, 1957
rw uthn toJiobU t«w> attach Scha^ule IIMFT
11. Line 42, page 3, Form 1 120
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 1 3 (54 percent if a consolidated return) $..
Subtract $5, 500 and enter difference
15. Adjustment for partially tax-exempt interest; enter 30 percent of line 35, page 3, Form 1 120, but not in excess of 30
percent of line 13 above
16. Partial tax (line 14 less line 15)
17. 25 percent of line 12
18. Alternative tax (line 1 6 plus line 17)
19. Normal tax and surtax (line 45, page 3, Form 1 120)
20. Income lox (line 18 or 19, whichever is lesser). Enter here and on line 46, page 3, Form 1 120
5,500.00
(11) PROPERTY OTHER THAN CAPITAL ASSETS
a. Dacriplion ol Property
b. Dale
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)
r. Cost or Other Basis and
Costof ImprovementsSub.
sequent to Acquisition or
March 1. 1913
g. Expense of Sale
h. Gain or Loss (Column d
plus column e less the sum
ol columns 1 and ()
1.
$ _...
$
$- -
$
$
.
2. Total net gain (or loss), E
nter here
and on li
ne 13 (c), page 2, Fo
rm 1120
$
I
State v^ith respect to each item of property reported in Schedule D (I) and (II): (1) How property was acquired
(2) Whether at time of sale or exchange — (Check appropriate blcx:k(s))
I I (a) purchaser owned directly or indirectly
more than 50 percent in value of your
outstanding stock.
|~[ (b) where purchaser was a corporaKon, 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
Q (c) where purchaser was a corporation,
more fhan 50 percent in value of its capital
stock was owmed directly or indirectly by you.
State name and address of purchaser
16— 72787 1
FACSIMILES OF TAX RETURNS, 1956
171
Balach
INSTRUCTIONS
(Relezences ore to the Internal Revenne Code)
Page 3
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 acquired in the ordinary course of trade or business
for services rendered or from the sale of property described
in (1) above; or (5) an 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 dote 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, denomination, 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 acquired
before March 1, 1913. If the property sold or exchanged was
acquired prior to March 1, 1913, the basis for determining
GAIN is the cost or the fair market value as of March 1 , 1913,
adjusted as provided in section 1016, whichever is greater,
but in determining LOSS the basis is cost so adjusted. If
property was acquired after February 28, 1913, basis for
both gain and loss is the cost of such property, except as
otherwise provided. The exceptions arise chiefly where
property was acquired by bequest, gift, tax-free exchange,
involuntary conversion, or wash sale of stock; see sections
1014, 1015, 1031, 1033, and 1091, respectively. If the
amount shown as the basis is other than actual cash cost of
the property sold or exchanged, full details must be furnished
regarding the acquisition of the property.
Enter in column "e," the amount of depreciation, ex-
haustion, wear and tear, obsolescence, amortization and
depletion in respect of the property. This amount shall be
the sum of the following;
(a) The amount of depreciation, exhaustion, wear and
tear, obsolescence, 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
resp>ect of any period after February 28, 1913, and before
January 1, 1952, the taxpayer may disregard depreciation,
etc., which was in excess of the amount allowable and
which did not result in reduction of income or excess profits
taxes only if an election is made in accordance with 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 58 1 , 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
Capitol 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 idenhcal 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 liqu'dation, 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
liquidation) between two corporations more than 50 percent
in value of the outstanding stock of each of which is owned,
directly or indirectly, by or for the same individual, if either
one of such corporations, with respect to the taxable year of
the 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 compxiny, as defined in section
501112 O - 59 - 12
172
FACSIMILES OF TAX RETURNS, 1956
Page 4
552. (For the purpose of determining the ownership of stock,
in applying this pxiragraph, 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
property 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 1231, means property which
has been held more than 6 months, which is used in the trade
or business, and which is either real property or property
subject to depreciation under section 167, and which is 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 1231 (b) (4) applies. Such term also includes livestock
(but not poultry) held for draft, breeding, or dairy purposes
and held for 12 months or more from the date of acquisition.
Section 1231 provides special treatment for the gains and
losses upon the sale or exchange of "property used in the
trade or business" and upon the compulsory or involuntary
conversion of (1) such property and (2) capital assets held for
more than 6 months. Such gains and losses during the taxable
year are treated as gains and losses from the sale or exchange
of capital assets held for more than 6 months, if the aggregate
of such gains exceeds the aggregate of such losses. If, 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 1211 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 631.
Alternative tax. — If for any taxable year the net long-term
capital gain exceeds the net short-term capital loss, or if there
is only a net long-term capital gain, section 1201 imposes an
alternative tax in lieu of the normal tax and surtax imposed
upon taxable income, if any, only if such tax is less than the
tax imposed by section 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) (1) (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 1201 and is entitled to special deductions for dividends
received (sections 243, 244, 245), the special deduction for
dividends paid (section 247), the special deduction for a
Western Hemisphere trade corporation (section 922), or the
special deduction for a China Trade Act corporation (section
941), such special deductions are to be based upon taxable
income including the excess of net long-term capital gain
over net short-term capital loss.
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, 1951, 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 1233.
Additional Instructions For Insuronce 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 B, Form 1 120M.
For companies taxable under section 831 or section 821,
"net capital loss" means the amount by which the losses for
the taxable year from sales or exchanges of capital assets
exceed the sum of the gains from such sales or exchanges
and the lesser of (1) the taxable income (computed without
regard to gains or losses from sales or exchanges of capital
assets or to the deduction for partially tax-exempt interest
provided in section 242) or (2) losses from the sale or ex-
change of capital assets sold or exchanged to obtain funds to
meet abnormal insurance losses and to provide for the pay-
ment of dividends and similar distributions to policyholders.
For companies taxable under section 802 or section 821,
all references to "line" numbers. Form 1120, shall be con-
sidered as references to the appropriate "line" in Form 1120L
or Form 1120M. It will be necessary for life insurance com-
panies to substitute for lines 11 through 20 of Schedule D
computations conforming to those in Form 1120L.
16 — 72787-1 U. S. GOVEHMMENT PSINTIMG OFFICe
FACSIMILES OF TAX RETURNS. 1966
173
SCHEDULE PH
Form 1120
U. S. Treasury DepartrT\«nt
Int*rnal Revsnue Ser\'ica
COMPUTATION OF U. S. PERSONAL HOLDING COMPANY TAX
1956
or other taxable year begiitning
FOR CALENDAR YEAR 1956
, 1956, and ending
195
Name and address
UNDISTRIBUTED PERSONAL HOLDING COMPANY INCOME COMPUTATION
Inatniction
and Lin* No.
1. Taxable income before net operating loss deduction and special deductions from Form 1120 (line 32, page 3).
Additions:
2. Contributions or gifts deducted in computing line 1 (line 23, page 2, Form 1120)
3. Excess of expenses and depreciation under section 545 (b) (8). (Schedule A)
4. Amount added to taxable income where lien in favor of the United States is satisfied or
released
5. Total of lines 2 to 4, inclusive
6. Total of lines 1 and 5
Deductions :
7. Federal and foreign income, war-profits, and excess profits taxes. (Not deducted in com-
puting line 1) (Schedule B)
8. Contributions or gifts deductible under section 545 (b) (2). (Schedule C)
9. Net operating loss for the preceding taxable year deductible under section 545 (b) (4) .
10. Excess of net long-term capital gain over net short-term capital
loss (line 13 (b), page 2, Form 1 1 20)
Less: Income tax attributable to such excess. (Attach
computation if amount is different from line 17, sepa-
rate Schedule D, 1120)
11. Special deduction for bank affiliates allowable under section 545 (b) (6)
12. Amounts used or irrevocably set aside to pay or retire indebtedness of any kind incurred
prior to January 1, 1934. (Schedule D)
13. Amount of a lien in favor of the United States. (See instructions for limitations)
14. Deduction for dividends paid (excluding dividends paid after close of taxable year).
(Schedule E)
15.
Total of lines 7 to 14, inclusive.
16. Undistributed personal holding company income before the deduction shown on line 17 fline 6, minus line 15)
17. Less: Dividends paid after close of taxable year (excluding deficiency dividends as defined in section 547
(d)) but not in excess of the lesser of line 16 or 10 % of hne 3, Schedule E
18. Undistributed personal holding company income (line 16 minus line 17) $
COMPUTATION OF TAX
19. Tax on portion of line 18 not in excess of $2,000, at 75%
20. Tax on portion of line 18 in excess of $2,000, at 85%
21. Total Personal Holding Company tax due (total of lines 19 and 20).
or on line 5, page 1, Form 1120NB, whichever is applicable) . .
(Enter here and on line 49, page 3, Form 1 120,
l(y— 7S172«-1
174
FACSIMILES OF TAX RETURNS, 1956
Page 2
SCHEDULE REQUIRED UNDER SECTION 6501 (f) (See page 6)
(a) Personal Holding Company Income
1. Dividends
2. Interest . .
3. Royalties (other than mineral, oil, or gas royalties)
4. Annuities
5. Net gains from sale or exchange of stock or securities
6. Net gains from futures transactions
7. Amounts received from estates and trusts and gains from the sale or other disposition of any interest in an estate
or trust
8. Amounts received under personal service contracts and from the sale thereof
9. Amounts received as compensation for use of corporation property by shareholder,
10. Rents
11. Mineral, oil, or gas royalties
12. Total personal holding company income .
(b) Stock Ownership
Enter below the names and addresses of the individuals who ovmed, directly or indirectly, at any time during the last half of the taxable year,
more than 50 percent irt value of the outstanding stock of the corporation:
Name
Address
Highest percentage of shares owned during last half of taxable year
Preferred
Common
(1)
(2) - -
(3)
(4)
(5)
I
I
Schedule A.-EXCESS OF EXPENSES AND DEPRECIATION OVER INCOME FROM PROPERTY NOT ALLOWABLE UNDER SECTION 54S (b) (8)
(Se« Instruction 3)
1. Kind of Property
2. Dale
Acquired
3. Cost or Other Basis
4. Depreciation
5. Repairs. Insurance, and Other
Expenses (section 162)
(Itemize below)
6. Aggregate of Expenses
and Depreciation in
Columns 4 and 5
7. Income from Rent or
Other Compensation
8. Excess (Column 6
minus Column 7)
(a)
$
'-- --
$
$
$
$
(b)
(c)
(d)
Total excess of expenses and depreciation over rent or other compensation. (Enter here and on line 3, page 1)
$
Explanation of expenses entered in column 5
State the names and addresses of persons from whom rent or other compensation was received for the use of, or the right to use, each property
Schedule B.— FEDERAL AND FOREIGN INCOME, WAR PROFITS, AND EXCESS PROFITS TAXES
(S«e Instruction 7)
Nature of Tax
Taxable Year
Amount
Nature ol Tax
Taxable Year
Amount
$
$
Total. (Enter here and on line 7, page 1)
$
I
FACSIMILES OF TAX RETURNS, 1956
176
Page 3
Schedule C— CONTRIBUTIONS OR GIFTS PAID. (See Initructlon 8)
Name and Address of Organization
Amount
Name and Address of Organization
Amount
$
$
$
Schedule D.— AMOUNT USED OR SET ASIDE TO PAY OR RETIRE INDEBTEDNESS INCURRED PRIOR TO JANUARY 1, 1934. (See Instruction 12 >
1
II
III
la Description of indebtedness . . .
3. Date due
4. Original amount of indebtedness
!• Amount used or set aside prior to January 1, 1934, to pay or
retire such indebtedness
$
$
$
6. Excess of indebtedness on January 1, 1934, over total amount used
or set aside prior to that date to pay or retire such indebtedness.
7. Aggregate of amounts used or set aside to retire such indebtedness
in taxable years beginning on and after January 1, 1934 (not
including taxable year covered by this return )
8. Amount used or irrevocably set aside during the taxable year
$
$
«
$
$
$
S.
$
$
$
$
$
10a Balance of indebtedness (line 6 minus line 9)
^
?;
$
11a Indicate separately:
(a) Amount actually used during the taxable year covered
by this return to pay or retire the indebtedness
(b) Amount irrevocably set aside during the taxable year
covered by this return to pay or retire the indebtedness,
but not actually used during the taxable year for such
$
$
$
$
?
«
12. Portions of amounts entered on line 8 above, claimed as deductions
for the taxable year covered by this return. (Enter portions of
amounts here and total of such portions on line 12, page 1) . . .
$
$
$
Indicate by check mark whether the deduction claimed on line 12, page 1 of this return, represents:
A n Amount actually used during the taxable year to pay or retire the indebtedness;
B n Amount irrevocably set aside during the taxable year to pay or retire the indebtedness; or
C CH Combination of both A and B.
There must be furnished all of the facts and circumstances upon which the taxpayer relies to establish the reasonableness of the amount
claimed as a deduction. Describe fully in an attached statement the plan for payment or retirement of the obligations, indicating date and method
of adoption, and, where the plan is covered by a mandatory sinking fund agreement or similar arrangement, submit a copy of the indenture
or agreement by which the fund was established and under which it is maintained.
If the amount claimed as a deduction on line 12, page 1 of this return, represents an amount irrevocably set aside to pay or retire the indebted-
ness, explain fully in an attached statement the circumstances and method by which it was irrevocably set aside.
Schedule E.— DEDUCTION FOR DIVIDENDS PAID. (See Instruction 14)
Taxable dividends paid, excluding (a) dividends considered as paid in the preceding taxable year under section
563, and (b) deficiency dividends as defined in section 547
Consent dividends. (Submit schedule)
Taxable distributions (total of lines 1 and 2)
Dividend carryover from first and second preceding taxable years. (Submit schedule of conrxputation)
Deduction for dividends paid (total of lines 3 and 4). (Enter here and on line 14, page 1) !$
(See page 4 for General Instructioiis}
176
FACSIMILES OF TAX RETURNS, 1956
GENERAL INSTRUCTIONS
(Under Subtitle A, Internal Revenue Code)
(References are to the Internal Revenue Code unless otherwise noted)
Page 4
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Corporations which must file Schedule PH ( 1 1 20 ) .—Every corporation
which comes within the classification of a "personal holding company"
must file a Schedule PH. The term "personal holding company" means
any corporation, other than those listed in the exceptions below, if at least
80 percent of its gross income for the taxable year is personal holdmg
company income and if at any time during the last half of the taxable year
more than 50 percent in value of its outstanding stock is owned, directly
or indirectly, by or for not more than 5 individuals. For purposes of
determining such stock ownership, an organization described in section
503 (b) or a portion of a trust permanently set aside or to be used exclu-
sively for the purposes described in section 642 (c) or a corresponding
provision of a prior income tax law shall be considered an individual,
unless such organization or trust meets the requirements of section
542 (a) (2).
In the case of corporations filing consolidated returns, see section 542 (b) .
The term "personal holding company," as referred to above, does not
include any of the following:
(1) A corporation exempt from tax under subchapter F (sec. 501
and following) ;
a bank as defined in section 581;
life insurance company;
a surety company;
a foreign personal holding company as defined in section 552;
a licensed personal finance company as defined in section 542
(c) (6);
a lending company as defined in section 542 (c) (7);
a loan or investment corporation as defined in section 542
^, , a finance company as defined in section 542 (c) (9) ; and
(10) a foreign corporation the gross income and stock ownership of
which. falls within the provisions of section 542 (c) (10).
A foreign corporation, whether resident or nonresident, which is classi-
fied as a personal holding company under section 542 (not including a
foreign personal holding company as defined in section 552) is subject to
the tax imposed by section 541 with respect to its income from sources
within the United States even though such income is not fixed or deter-
minable annual or periodical income specified in section 881 (a). (See
section 861.) In the case of a nonresident foreign corporation. Schedule
PH shall be attached to Form 1120NB. The term "personal hold-
ing company" as used in subtitle (A) docs not include a foreign
corporation if ( 1 ) 't* gross income from sources within the United States
for the period specified in section 861 (a) (2) (B) is less than 50 percent
of its total gross income from all sources and (2) all of its stock out-
standing during the last half of the taxable year is owned by nonresident
alien individuals, whether directly or indirectly through other foreign
corporations.
Personal holding company income. — The term "personal holding com-
pany income" is defined by section 543 as the portion of the gross income
which consists of:
(1) Dividends, etc. — ^Dividends, interest, royalties (other than min-
eral, oil, or gas royalties), and annuities. This paragraph shall not
apply to interest constituting rent as defined in paragraph (7) or to
interest on amounts set aside in a reserve fund under section 511 or 607
of the Merchant Marine Act, 1936.
(2) Stock and securities transactions. — Except in the case of
regular dealers in stock or securities, gains from the sale or exchange
of stock or securities.
(3) Commodities transactions. — Gains from futures transactions
in any commodity on or subject to the rules of a board of trade or com-
modity exchange. This paragraph shall not apply to gains by a producer,
processor, merchant, or handler of the commodity which arise out of
bona fide hedging transactions reasonably necessary to the conduct of
its business in the manner in which such business is customarily and
usually conducted by others.
(4) Estates and trusts. — Amounts includible in computing the
taxable income of the corporation under part I of subchapter J (sec. 641
and following, relating to estates, trusts, and beneficiaries); and gains
from the sale or other disposition of any interest in an estate or trust.
(5) Personal service contracts. — •
(A) Amounts received under a contract under which the corporation
is to furnish personal services; if some person other than the corporation
has the right to designate (by name or by description) the individual
who is to perform the services, or if the individual who is to perform
the services is designated (by name or by description) in the contract;
and
(B) amounts received from the sale or other disposition of such a
contract. This paragraph shall apply with respect to aniounts received
for services under a particular contract only if at some time during the
taxable year 25 percent or more in value of the outstanding stock of the
corporation is owned, directly or indirectly, by or for the individual who
has performed, is to perform, or may be designated (by name or by
description) as the one to perform, such services.
(6) Use of corporation property by shareholder. — Amounts
received as compensation (however designated and from whomsoever
received) for the use of, or right to use, property of the corporation in
any case where, at any time during the taxable year, 25 percent or more
in value of the outstanding stock of the corporation is owned, directly or
indirectly, by or for an individual entitled to the use of the property;
whether such right is obtained directly from the corporation or by means
of a sublease or other arrangement. This paragraph shall apply only to
a corporation which has personal holding company income for the tax-
able year, computed without regard to this paragraph and paragraph (7),
in excess of 10 percent of its gross income.
(7) Rents. — Rents, unless constituting 50 percent or more of the
gross income. For purposes of this paragraph, the term "rents" means
compensation, however designated, for the use of, or right to use, prop-
erty, and the interest on debts owed to the corporation, to the extent such
debts represent the price for which real property held primarily for
sale to customers in the ordinary course of its trade or business was sold
or exchanged by the corporation; but does not include amounts con-
stituting personal holding company income under paragraph (6).
(8) Mineral, oil, or gas royalties. — Mineral, oil, or gas royalties,
unless —
(A) such royalties constitute 50 percent or more of the gross
income, and
(B) the deductions allowable under section 162 (relating to trade
or business expenses) other than compensation for personal services
rendered by the shareholders, constitute 15 percent or more of the
gross income.
Stock ownership. — Section 544 contains the following provision with
reference to stock ownership.
(a) CoNSTRUcrrivE Ownership. — For purposes of determining whether
a corporation is a personal holding company, insofar as such determina-
tion is based on stock ownership under section 542 (a) (2), section
543 (a) (5), or sertion 543 (a) (6)—
(1) Stock not owned by individual. — Stock owned, dirertly or
indirectly, by or for a corporation, partnership, estate, or trust shall be
considered as being owned proportionately by its shareholders, partners,
or beneficiaries.
(2) Family and partnership ownership. — An individual shall be
considered as owning the stock owned, directly or indirectly, by or for
his family or by or for his partner. For purposes of this paragraph, the
family of an individual includes only his brothers and sisters (whether
by the whole or half blood), spouse, ancestors, and lineal descendants.
(3) Options. — If any person has an option to acquire stock, such
stock shall be considered as owned by such person. For purposes of this
paragraph, an option to acquire such an option and each one of a series
of such options, shall be considered as an option to acquire such stock.
(4) Application of family-partnership and option rules. —
Paragraphs (2) and (3) shall be applied —
(A) for purposes of the stock ownership requirement provided in
section 542 (a) (2), if, but only if, the efifect is to make the corpora-
tion a personal holding company;
(B) for purposes of section 543 (a) (5) (relating to personal
service contracts), or of section 543 (a) (6) (relating to the use of
property by shareholders), if, but only if, the effect is to make the
amounts therein referred to includible under such paragraph as per-
sonal holding company income.
(5) Constructive ownership as actual ownership. — Stock con-
structively owned by a person by reason of the application of paragraph
(1) or (3) shall, for purposes of applying paragraph (1) or (2), be
treated as actually owned by such person; but stock constructively owned
by an individual by reason of the application of paragraph (2) shall not
be treated as owned by him for purposes of again applying such para-
graph in order to make another the constructive owner of such stock.
(6) Option rule in lieu of family and partnership rule. —
If stock may be considered as owned by an individual under either
paragraph (2) or (3) it shall be considered as owned by him under
paragraph (3).
(b) Convertible Securities. — Outstanding securities convertible into
stock (whether or not convertible during the taxable year) shall be
considered as outstanding stock —
( 1 ) for purposes of the stock ownership requirement provided in
section 542 (a) (2), but only if the effect of the inclusion of all such
securities is to make the corporation a personal holding company;
(2) for purposes of section 543 (a) (5) (relating to personal service
contracts), but only if the effect of the inclusion of all such securities
is to make the amounts therein referred to includible under such para-
graph as personal holding company income; and
(3) for purposes of section 543 (a) (6) (relating to the use of
property by shareholders), but only if the effert of the inclusion of all
such securities is to make the amounts therein referred to includible
under such paragraph as personal holding company income.
The requirement in paragraphs (1), (2), and (3) that all convertible
securities must be included if any are to be included shall be subject to the
exception that, where some of the outstanding securities are convertible
only after a later date than in the case of others, the class having the earlier
conversion date may be included although the others are not included, but
no convertible securities shall be included unless all outstanding securities
having a prior conversion date are also included.
J
(See pages 5 and 6 (or Specific Instructions)
FACSIMILES OF TAX RETURNS, 1956
177
SPECIFIC INSTRUCTIONS
The following instructions are numbered to correspond with line numbers on page I of this schedule
Page 5
I. Taiable income before net operating loss deduction and special deduc-
tions, Form 1120. — Enter here the amount shown on line 32, page 3, Form
1120, computed in accordance with the provisions of subtitle A, but with-
out regard to section 443 (b) (relating to income placed on an annua!
basis). In the event such taxable income on line 1 includes any amount
with respect to coal royalties to which section 631 (c) is applicable, see
section 631 (c) and the regulations thereunder.
In the case of a nonresident foreign corporation (not engaged in trade
or business within the United States) which qualifies as a personal holding
company under section 542 but not as a foreign personal holding company
under section 552, the amount to be entered on line 1 must be computed
under sertion 861 rather than under section 881 (a). The taxable income
so computed will reflect, in addition to income from all other sources
within the United States, gains from sales or exchanges made within the
United States of capital assets including stocks, securities, and commodi-
ties. Although such gains may not be subject to tax under section 881 (a),
they are subject to the tax imposed by section 541.
3. Expenses ond depreciation applicoble to property of the taxpayer in
excess of amount allowable under section 545 (b) |8). — If the corporation
derived rent or other compensation for the use or right to use property
which was less than the sum of the expenses incurred in connection there-
with and deductible under section 162 and the depreciation allowable
under section 167, Schedule A should be filled in and the excess of the
expenses and depreciation over the rent or other compensation shown
therein should be entered on line }, page 1. This adjustment must be made
unless the taxpayer establishes, in accordance with section 545 (b) (8),
that the rent or other compensation received was the highest obtainable, or,
if none was received, that none was obtainable; that the properly was held
in the course of a business carried on bona fide for profit; and either that
there was reasonable expectation that the operation of the property would
result in a profit, or that the property was necessary to the conduct of the
business.
The burden of proof will rest upon the taxpayer to sustain the deduction
of the aggregate of the expenses and depreciation allowed under subtitle
A in excess of the rent or other compensation derived from the property.
A corporation claiming such excess deductions shall, in lieu of filling in
Schedule A, attach to the return a statement setting forth its claim for
allowance of the deductions together with a complete statement of facts,
circumstances, and arguments on which it relies in support of the deduc-
tions. Such statement shall show:
(a) A description of the property;
(i) The cost or other basis to the corporation and the nature and value
of the consideration paid for the property;
(c) The name and address of tlie person from whom the property was
acquired and the date thereof;
(</) The name and address of the person to whom the property was
leased or rented, or the person permitted to use the property, and the num-
ber of shares of stock, if any, held by such person and the members of his
family;
(e) The nature (cash, securities, services, etc.) and gross amount of
the rent or other compensation received or accrued for the use of, or the
right to use, the property during the taxable year and for each of the
5 preceding years and the amount of the expenses incurred with respect
to, and the depreciation sustained on, the property for such years;
(/) Evidence that the rent or other compensation was the highest obtain-
able and if none was received or accrued, a statement of the reasons
therefor;
(g) A copy of the contract, lease, or rental agreement;
(i) The purpose for which the property was used;
(/) The business carried on by the corporation with respect to which
the property was held and the gross income, expenses, and net income
derived from the conduct of such business for the taxable year and for
each of the 5 preceding years;
(/) A statement of any reasons which existed for expectation that the
operation of the property would be profitable, or a statement of the neces-
sity for the use of the property in the business of the corporation and the
reasons why the property was acquired;
(i) Any other information on which the corporation relies.
4. Amount added to taxable income where lien in favor of the United States
is satisfied or released. — The sum of the amounts deducted from taxable-
income under section 545 (b) (9) with respect to any lien in favor of
the United States must be added to taxable income, in computing undis-
tributed personal holding company income, in the taxable year in which
the lien is satisfied or released. Similarly, in the case of a p.irtial satisfac-
tion or release of such lien, to the extent satisfied or released. Where an
amount is so added to taxable income, the shareholders of the corporation
may, pursuant to regulations prescribed by the Secretary or his delegate,
elect to compute the income tax with respect to such dividends as are
attributable to such amount as though they were received ratably over
the period the lien was in eflFect. See Specific Instruction 13.
7. Federal and foreign income, war profits, and excess profits taxes. —
Section 545 (b) (1) provides that there shall be allowed as a deduction
Federal income and excess profits taxes (other than the excess profits tax
imposed by subchapter E of chapter 2 of the Internal Revenue Code of
1939 for taxable years beginning after December 31. 1940) accrued during
the taxable year, but not including the accumulated earnings tax imposed
by section 531, the personal holding company tax imposed by section 541,
or the taxes imposed by corresponding sections of a prior income lax law.
However, a taxpayer shall deduct Federal income and excess profits taxes
under this paragraph when paid if for each taxable year in which it was
subject to tax imposed by section 500 of the Internal Revenue Code of 1939
it deducted such taxes when paid, unless it elects, in its return for a taxable
year ending after June 30, 1954, to deduct the taxes described in this para-
graph when accrued, in which case only taxes accrued may be deducted.
Such an election shall be irrevocable and shall apply to the taxable year
for which the election is made and all subsequent taxable years.
The credit allowed to domestic corporations by section 901 for income,
war profits, and excess profits taxes of foreign countries and U. S. posses-
sions is not allowed as a credit with respect to the personal holding com-
pany tax. However, there shall be allowed as a deduction the income,
war profits, and excess profits taxes of foreign countries and possessions of
the United States accrued during the taxable year, even though the taxpayer
claims a credit for such taxes in computing its income tax.
Foreign corporations should treat such taxes as deductions to be allocated
in accordance with section 861 in computing income from sources within
the United States, and in such cases taxes of this nature will be reflected
in taxable income stated on line 1 instead of being stated separately as a
deduction on line 7.
8. Contributions or gifts deductible under section 545 (b) (2). — For purposes
of the personal holding company tax, section 545 (b) (2) provides for a
different limitation on deductions for charitable contributions than the
5 percent limitation for purposes of determining the corporate tax. The
limitations on charitable deductions of individuals are applicable but
are to be applied to the amount of taxable income to which the 5 percent
limitation applied. (See Specific Instruction 23, Form 1120.) However,
a further adjustment for this purpose is that the taxable income shall also
be computed without the deduction of the amount disallowed under section
545 (b) (8) (relating to expenses and depreciation applicable to property
of the taxpayer).
To the extent that the charitable contributions carried over from a
previous year under the provisions of section 170 (b) (2) have already
been deducted for purposes of the personal holding company tax in the
year when the charitable contributions were made, they may not be deducted
again as part of the contribution carryover deduction for purposes of the
personal holding company tax for a subsequent year.
9. Net operating loss for the preceding year deductible under section
545 (b) (4). — Section 545 (b) (4) provides that in lieu of the net oper-
ating loss deduction provided in section 172 there shall be allowed the
amount of the net operating loss (as de'fined in section 172 (c)) for the
preceding taxable year.
12. Amounts used or irrevocably set aside to pay or retire indebtedness of
any kind incurred prior to January I, 1934. — Enter on line 12 the total
amount reflected in line 12, Schedule D. Section 545 (b) (7) provides
that in determining undistributed personal holding company income there
shall be allowed as a deduction amounts used or irrevocably set aside to
pay or retire indebtedness of any kind incurred before January 1, 1934, if
such amounts are reasonable with reference to the size and terms of such'
indebtedness.
13. Lien in favor of the United States. — The taxpayer may deduct the
amount of any lien in favor of the United States (notice of which has
been filed as provided in section 6323 (a) (1), (2), or (3)) to which
the taxpayer is subject at the close of the taxable year. However, the
amount deducted may not exceed taxable income as adjusted under settion
545 (b), computed without regard to this deduction. Thus the amount
to be entered on line 13 shall not exceed line 6 less the total of lines 7
through 12, inclusive.
14. Deduction for dividends paid. — Enter on line 14 the amount of the
dividends-paid deduction as computed in Schedule E. The deduction for
dividends paid is the sum of ( 1 ) the dividends paid during the taxable
year, (2) the consent dividends for the taxable year, and (3) the dividend
carryover from the 2 preceding taxable years.
In determining the deduction for dividends paid, the rules provided in
section 562 (relating to rules applicable in determining dividends eligible
for dividends-paid deduction) and section 563 (relating to dividends paid
after the close of the taxable year) shall be applicable.
In general, a consent dividend is not an actual corporate distribution but
is a hypothetical distribution evidenced by shareholders' consents to treat
as a dividend an amount which would constitute a dividend if distributed
in money to such shareholders on the last day of the taxable year of such
corporation. Such consent dividend may be availed of only if the person
filing such consent owns common stock (or participating preferred stock,
the participating rights of which are unlimited), and the amount specified
in the consent is pro rata, with no preference to any share of stock as
compared with other shares of the same class, and with no preference to
one class of stock as compared with another class except to the extent that
the former is entitled to such preference. The efiFect of the consent is that
the amount of the consent dividend is treated both as a dividend and as a
16—72172-1
178
FACSIMILES OF TAX RETURNS, 1956
SPECIFIC INSTRUCTIONS— Continued
Page 6
contribution to the capital of the corporation by the shareholder on the
last day of the taxable year of the corporation. A consent shall be filed
in duplicate on Form 972 at any time but not later than the due date of
the corporation's income tax return for the taxable year for which credit is
claimed. In addition, Form 973 must be filed by the taxpayer corporation.
The dividend carryover to a taxable year shall be determined as follows:
( 1 ) For each of the 2 preceding taxable years there shall be determined
the taxable income computed with the adjustments provided in section 545
(relating to the computation of undistributed personal holding company
income) (whether or not the taxpayer was a personal holding company
for either of such preceding taxable years), and there shall also be deter-
mined for each such year the deduction for dividends paid during such
year as provided in section 561 (but determined without regard to the
dividend carryover to such year).
(2) There shall be determined for each such taxable year whether there
is an excess of such taxable income over such deduction for dividends paid
or an excess of such deduction for dividends paid over such taxable income,
and the amount of each such excess.
(3) If there is an excess of such deductions for dividends paid over
such taxable income for the first preceding taxable year, such excess shall
be allowed as a dividend carryover to the taxable year.
(4) If there is an excess of such deduction for dividends paid over such
taxable income for the second preceding taxable year, such excess shall be
reduced by the amount determined in paragraph (5), and the remainder
of such excess shall be allowed as a dividend carryover to the taxable year.
(5) The amount of the reduction specified in paragraph (4) shall be
the amount of the excess of the taxable income, if any, for the first pre-
ceding taxable year over such deduction for dividends paid, if any, for
the first preceding taxable year.
17. Dividends paid offer close of taxable year (excluding deficiency divi-
dends OS defined in section 547 (d). — Enter on line 17 and not in Schedule
E, the amount of the dividends paid after the close of the taxable year
and before the 15th day of the third month thereafter, if the taxpayer
elects in its return for the taxable year to have such dividends considered
as paid during such taxable year. The amount allowed as a dividend
under this paragraph with respect to any taxable year shall not exceed
either the undistributed personal holding company income of the corpora-
tion for the taxable year, computed without regard to the dividends paid
pursuant to this paragraph (line 16 of page 1 of this Schedule) or 10
percent of the sum of the dividends paid during the taxable year, computed
without regard to this paragraph (i. e., 10 percent of line 3, Schedule E).
Neither line 14 nor line 17 should include "deficiency dividends." The
term "deficiency dividends" means in general only those dividends which
are paid by a corporation pursuant to a specific procedure set forth in
section 547, which includes a requirement that there must first be a deter-
mination by a court, by closing agreement, or (under regulations) a written
agreement signed by the District Director and by or on behalf of the
taxpayer relating to the liability of the corporation for personal holding
company tax.
Schedule required under section 6501 (f). — Section 6501 (f) provides as
follows:
(f ) Personal Holding Company Tax. — If a corporation which is a per-
sonal holding company for any taxable year fails to file with its return
under chapter 1 for such year a schedule setting forth —
(1) the items of gross income, described in section 543 (a), received
by the corporation during such year, and
(2) the names and addresses of the individuals who owned, within
the meaning of section 544 (relating to rules for determining stock own-
ership), at any time during the last half of such year more than 50
percent in value of the outstanding capital stock of the corporation,
the personal holding company tax for such year may be assessed, or a pro-
ceeding in court for the collection of such tax may be begun without assess-
ment, at any time within 6 years after the return for such year was filed.
0. S. GOVERNMENT PRINTING OFFICI 16 — 72172-1
FACSIMILES OF TAX RETURNS, 1956
179
FORM 1120 L
U. S. Treasury Department
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
FOR CALENDAR YEIAR 1956
1956
PLEASE TYPE OR PRINT PLAINLY
Serial No.
Name
Number and Street
City or town, postal zone number. State
Date incorporated
Place incorporated
1. Was a return filed under the same name for the
preceding taxable year? [H Yes CH 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 time 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
n No
n No
5. Did the company make a return of information
on Forms 1096 and 1099 or Form W-2 for
the calendar year? (See General Instruc-
tion H.) D Yes D 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 IZ] No
If answer is "Yes," attach statement required
by General Instruction I.
7. Did the company file with the District Director
of Internal Revenue a copy of the annual
statement for the preceding year as required
by General Instruction K? Q Yes Q 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? H] Yes HH No
If "Yes," see section 801(e).
COMPUTATION OF TAX DUE OR REFUND
I. Total income tax (line 42 of tax computation 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 1956 income tax:
A. Tax paid with Form 7004 (in case of application for automatic extension of time in which I
to file) $.,
B. Payments and credits on 1956 Declaration of Estimated Tax
5. If tax (line 3) is larger than payments (line 4), the balance is TAX DUE. Enter such balance here .
(See Instruction F.)
6. If payments (line 4) are larger than tax (line 3) Enter the OVERPAYMENT here -
7. Enter amount of line 6 you want: Credited on 1957 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 ol officer)
aitio)
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 I have any knowledge.
(Date)
(Individual or firm signature)
FORM 1120 L
180
FACSIMILES OF TAX RETURNS, 1956
Page 2
Line and
Instruction No.
GROSS INVESTMENT INCOME
Interest on:
(a) Wholly exempt obligations. (Attach schedule)
(b) United States Savings Bonds and Treasury Bonds owned in excess
of the principal amount of $5,000 issued prior to March 1, 1941 .
(c) Obligations of instrumentalities of the United States ispued prior to
March 1, 1941
(d) Obiigohons issued on or after March 1, 1941, by the United States
or any agency or instrumentality thereof. (Attach schedule).
1. Interest Received
$
2. Accrual ot Discount
$
3. Amortization of
Premium
$_.
(e) Leans, notes, mortgages, bonk deposits, bonds, debentures, etc.
Totals
2. Dividends on stock of:
(a) Domestic corporations 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 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. Real estate expenses
11. Depreciation. (Attach schedule)
12. Depletion of mines, oil and gas wells, timber, etc. (Attach schedule)
13. Trade or business deductions, as provided in section 803 (c) (6). (Attach schedule).
14. Total deductions on lines 7 to 1 3
15. NET INVESTMENT INCOME (Line 6 less line 14)
16.
17.
18.
19.
20.
21.
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
LIFE INSURANCE TAXABLE INCOME (Line 17 less line 20)
4. Total
(In Case of Line 1, Column 1
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 NC (Form 1120 L)
TAX COMPUTATION SCHEDULE
Part 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 2 1 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 (line 3 less line 4)
Normal tax (30 percent of amount on line 5)
Enter 22 percent of amount on line 3
Surtax (line 7 less $5,500; if the difference is negative, enter zero)
Normal tax and surtax (total of Imes 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 1 0 less line 11
Less: Deduction for partially tax-exempt interest (line 7, Schedule E)
Line 1 2 less line 13
Normal tax (30 percent of amount on line 14)
Enter 22 percent of amount on line 12
Surtax (line 16 less $5,500; if the difference is negative, enter zero)
Partial tax (total of lines 15 and 17)
25 percent of line 11
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. 1956
181
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.
Lite 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)
Enter 22 percent of amount on line 23
Surtax (line 27 less $5,500; if the difference is negative, enter zero)
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 mterest (line 7, page 2)
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)
.%
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 investn-.ent income allocable to non-life-insurance reserves (line 4 multiplied by line 3) .
-%
SCHEDULE B
Port I — Reserve ahd Other Policy Liability Deduction
1. Net investment income allocable to life insurance reserves (line 17, page 2)
2. If amount of line I is:
(a) Not over $1,000,000—
Enter 87^2 percent of line I
(b) Over $1,000,000—
Enter $875,000 plus 85 percent of the excess over $1,000,000
3. Deduction under section 804 (a) (line 2 (a) or line 2 (b)) (Enter on line 18, page 2, if less than line 7 below) .
Pari II — Limitatior\ 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))
Maximum deduction (line 5 less line 6 (c)). (If this line is less than line 3, complete lines 8 and 9)
Dividends received deduction (line 9, Schedule F)
-%
$-.
7.
8,
9. Total of lines 7 and 8 (Enter here and on line 18, page 2) .
182
FACSIMILES OF TAX RETURNS. 1956
SCHEDULE C— SPECIAL INTEREST DEDUCTION
(Page 3-Continued)
1. Line 7 plus line 1 5, 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:
105 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
Net investment income allocable to non-life-insurance reserves (line 5, Schedule A)
Percent non-life-insurance reserves is of qualified reserves (line 3, Schedule A)
Net gain from sale or exchange of capital assets. (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
Part I — Computation for 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 15, page 2)
5. Percent line 3 is of line 4
6. Amount of the deduction provided by section 242
7. Deduction for partially 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 line 10) .
-%
FACSIMILES OF TAX RETURNS, 1956
188
SCHEDULE 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 15 percent of line 2 (b), page 2
(c) Enter 85 percent of dividends received from certain foreign corporationfl
(d) Total dividends received deductions. Enter sum of (a), (b), and (c) but not to exceed 85 percent of line
1 5, page 2 (net investment income),
Not*: Complato T*inoind«r of ihim achadul* onlr if th« Limitation on Amount of Rooorvo and Othor P0U07 UobUilr Doduotlon oon\-
putad in Fort II, Sohodul* B, !■ appUoobU
2. Net investment income (line 15, page 2)
3. Net investment income allocable to non-life-insurance reserves (line 5, Schedule A)
4. Maximum deduction under section 804 (b) (line 7, Schedule B)
5. Line 4 multiplied by 100/85
6. Total of lines 3 and 5
7. Line 2 less line 6
8. 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 and 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 fMortahty
Table
3. As-
sumed
Interest
Rale
4. Method o(
Computation
(Illinois Stand-
ard, Etc.)
S. Amount of Ad)usted 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.
S. Totals
$
$
6.
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
2.1 125 percent (65 percent of 3^ 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 12 above
Net investment income Oine 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)
%
%
2.1125%
' In the case of reserves computed on a preliminary term basis, 107% of the amount of the reserve.
SCHEDULE H.— INVESTED ASSETS BOOK VALUES
(Schedule H need not be filled in if no deduction la claimed for any general expensea that ore allocated to investment income)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
IS.
16.
17.
18.
Real estate
Mortgage loans
Collateral loans
Policy loans, including premium notes
Bonds of domestic corporations
Stocks of domestic corporations
Government obligations, etc. (Submit detailed schedule)
Bank deposits bearing interest
Other interest-bearing assets. (Attach schedule)
Totals of lines 1 to 9
Total of columns 1 and 2, line 10
Mean of the invested assets for the taxable year (one-half of line 11)
One-fourth of 1 percent of the mean of the invested assets
Income base (line 6, page 2, less the sum of lines 9 through 13, page 2)
3yt percent of line 12
Excess (if any) of line 1 4 over line 15
One-fourth of line 16 ,
Limit on deduction for investment expenses (line 13 plus line 17)
1. Beginning of taxable year
2. End of taxable year
U. 5. GOVERNMENT PRINTING OFFICE
184
FACSIMILES OF TAX RETURNS. 1956
How To Prepare Your
1956 U. S. Life Insurance Company Income Tax
Return q^ p^^^ 2120L
(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 tbe United States
(if with respect 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 malie 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, 1956, 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 ichole-doll''r 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 cenfs, and
increase any amount from 50 cents through 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. Time and place for filing. — The return for 1956 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 March 15, 1957.
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 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.
A declaration of estimated tax must be made by every corpora-
392182°— 66
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 ease 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 1956 to an individual,
a partnership, or a fiduciary, or (2) salaries or wages of $(>00
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 \V-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 payments totaling $10 or more during the calendar year
1956 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. 6043.)
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 by instructions on Form 1090, for the calendar yeat
1956.
J. stock ownership in foreign corporations. — In addition to
the schedule required by Specific Instruction 2, a corporation
owning any stock of a foreign corporatiop 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
lifeT insurance compajiies adopted by the Nationl Convention of
Insurance Commissioners for the year 1956, 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 atta.ched 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. 1956
186
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 dining the taxable year. Tlie gross aiiumnt of interest
rejiorted as gross income shall be diH-reased by the amortization
of premium and increased by the accrual of discount attributable
to the taxable year on l)onds, 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 dividend.s from a domestic corporation which is
subject to taxation under Subtitle A, except dividends on certain
preferred stock of a public utility, dividends received from a
corporation entitled to the benefits of section 9.31, and from a
corporation organized under the China Trade Act, 1!)22. Enter
on line 2(h) dividends received on certain preferre<l stock of a
public titilily which is suli.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 Jlarch 2S, 1942. Enter on line 1 (c)
dividends on share accounts in Federal savings and loan asso-
ciations issued prior to March 2^, 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 ejcpenses
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 3% percent of the book value of such
mean of the invested assets, one-fourth of such excess. Submit
a schedule showing the nature and amount of the items included
herein, the minor items being grouped in one amount. (See
section 803 (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 thft 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 measuripg a portion of tjie
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 upon 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 year 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, l!).'i4, 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 rulcn for new assets acquired after December SI,
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 follow-
ing methods provided (1) that the asset is tairgible, (2) that
it has an estimated useful life of three years or more, and
(3) that the original use of the asset commenced with the 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-igth, 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 clainjed 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.
186
FACSIMILES OF TAX RETURNS, 1956
PAGE 3
13. Trade or business dednctions. — 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 (c) 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 in.surance
business.
14. Total deductions. — (o) 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 attributable 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 cases 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 wit!) 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) 85 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 for 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) S^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 purposes 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-
ju.stment which will reduce the amount computed under para-
graph (1) by an amount equal to the mean of the aggregates
(at the beginning 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 (h) (3) permits an insurance company, whose
reserve and other policy liability deduction has been 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. Specifically, 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 80? (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 intercorporate dividends received deductions provided
in sections 243, 244, and 245 as the net investment income,
reduced as provided in this suljparagraph, bears to the total
net investment 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 i)ercent 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 reserves
exceeds the reserve and other 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 difference 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 provided 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, 1956
187
PAGE 4
SCHEDULE P.— COMPUTATION OF DIVIDENDS RECEIVED DEDUCTION
Line 1. — The deductions provided in line 1 of Schedule F are
ns follows: (a) 85 percent of the animint rprpivo<l as dividends
(exci'])t dividends on I'prtniii pri'fcrri'd slocli (if imlilic n(iUlies)
from n domnstic ciirporatiiiii subject to ini-onie lax. Amounts
received as dividends from mutual savings banks, cooperative
banks, and domestic buildiiis; and loan associations and allowed
as a deduction to such banks or buildinj; and loan associations
shall not be treated as dividends. In the case of dividends re-
ceived from a regulated investment coinpan.v, see section 854
regarding limitations on amount dcduclible; (h) 62.115 percent
of the amount received as dividends on tlie preferred stock of a
public utility which is subject to income tax and is allowed a
SCHEDULE G.-
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 descril)ed in section 246
(a) (Cliina 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).
-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.
lAnes 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
ritimate, 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.)
Line 9. — Reserve earnings rale. — 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 pa.vment of which is deferred
for a period of not less than 5 years from the date of the
policy conti'act. 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 sucli other contracts -which are not
included in life insurance reserves (as defined in section 801
(b)). For ptirposes 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 Slates 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 ca.se 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 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 LIFE INSURANCE COMPANY TAX ACT FOR 1955
AS AMENDED BY PUBLIC LAW 784
"SEC. 801. DEFINITION OF LIFE INSURANCE COMPANY.
"(a) Life Insdrance Company Defineh. — For purpo.ses 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 Insurance 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 de 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 rf.serve.^Fot purposes of this subsection,
subsection (a), and subsection (c), theamount 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.
"(c) Total Reserves Defined. — For purposes of subsection
(a), the term 'total reserves' means —
50]n2 O - 59 - 13
188
FACSIMILES OF TAX RETURNS, 1956
"(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 Rksekves for Policy Loans. — For pur-
poses only of determining under subsection (a) whetber or not
an insurance company is a life insurance company, tbe life in-
surance reserves, and the total reserves, shall each be reduced
by an amount equal to the mean of the aggregates, at the begin-
ning and end of the taxable year, of tbe policy loans outstanding
with respect to contracts for which life insurance reserves are
maintained.
"(e) Burial and Funeral Benefit Insurance Companies.^
A burial or funeral benefit insurance company engaged directly
in the manufacture of funeral sujiplies or the performance of
funeral .services shall not be taxable under this part but shall be
taxable under section 821 or section S31.
"SEC. 802. TAX IMPOSED FOR 1S55 AND 1956.
"(a) Tax Imposed. — A tax is hereby imposed for each taxable
year beginning in 195,') or in 19.56 on the income of every life
insurance company. Except as provided in subsection (c), such
tax shall consist of a normal tax (computed under section 11
(b) ) and a surtax (computed 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
sub.section (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 S04 (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) Alternative Tax in the Case of Companies Having
Non-Life Insurance Reserves. —
"(1) In General. — In the case of a life insurance company
which has non-life insurance reserves, the tax inipo.sed by
subsection (a) of this .section for any taxable year beginning in
1955 or in 19.56 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 on non-life insurance
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 80;i (c) (1)) as the
non-life insurance re.serves 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 tlie manner
provided in section 823.
"(d) Deductions for Partially Tax-Exempt Interest. —
"(1) Computations under suusection (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 reserves bears to (B) the net investment income.
"(2) COMPITTATIONS UNDER SUBSECTION (c) (2) (A). In
computing the normal tax for purpo-ses of subsection (c) (2)
(A), there shall lie allowed as a deduction an amount which
bears the same ratio to tbe 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 Gains. — 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
PAGE 5
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-Lipe Insurance Taxable I.ncome Defined. — For
purposes of this subpart, the term 'non-life insurance taxable
income' means the net investment income allocable to non-life
in.surance 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
the qualified reserves ; and
"(2) decreased by an amount which bears the same ratio to
tbe 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 paragi-aph (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 purposes 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, dividend.s, 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) tbe alteration or termination of any instrument or
agreement described in subparagraph (E).
"(2) The gross income from any trade or business (other
than an iiisuniiice 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-
A;rapli, tbeie shall be e.vchided anv item described in para-
graph (1).
In computing gross investment income under this subsection,
there shall be excluded any gain from the sale or exclian;;e of a
capital asset, and any gain cimsidered as gain from the sale or
exchange of a capital as.sct.
"(c) -Net Invest.ment 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 percent 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 as.sets held at the beginning
and end of the taxable year.
"(3) Keal estate expenses. — Taxes (as provided in sec-
tion 104), and other expenses, paid or accrued during the
taxable year exclusively on or with respect to the real estate
owned by the comp.-iny. N(] deduction shall be allowed under
this parn;.'raph for any amount paid out for new buildings, or
for permanent improvements or betterments made to increase
tbe value of any jiroperty.
"(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. 1956
PAGE 6
"(iii) 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 reiiuisitiou or condemnation or the
threat or iiiuninence thereof) of property used in the trade or
business (as so defined).
-"(B) Any item, to the extent attributalile to the carrying
on of tlie insurance Imsiness. shall mil lie taken into account.
"(C) The deduction for net oix>rntiiiK losses provided in
section 172. and the special deductions for corporations pro-
vided in part VIII of subchapter I!, shall not be allowed.
"(d) Kentai, Vai.i'k ok Rf.al Est.\te. — The deduction under
subsection (c) (3) and (4) on account of any real estate owned
and occupied in whole or in part l)y a life insurance company
shall be limited to an amount which bears the sane ratio to
such deduction (computed without rejard to this subsection)
as the rental value of the space not so occupied bears to the
rental value of the entire property.
"(e) Amortization of Premium and Accbuat. of Discount. —
The gross investment income, the deduction for wholly-exempt
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 bis delegate.
"SEC. 804. RESERVE AND OTHER POLICY LIABILITY DEDUCTION.
"(a) Ckxeral Rule. — Except as jirovided in subsection (b),
for purpiises of this subpart the term 'reserve and other policy
lialiility deduction' means the sum of the amounts detei'mined
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) R7.5 percent of so much of such excess as does not
exceed $1,000,000; and
"(2) S.I percent of so much of such excess as exceeds
$1,000,000.
"(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 :
"(.\) the nnidunt equal to 2 times the amount determined
under paragraph (1) of section 80,5 (c) (relating to required
interest on life insurance reserves) ;
"(I!) the amount determined under paragraph (2) of sec-
tion SO.T (c) frelating 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 SOI (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 lieeping 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 policy 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 whebe 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 S12 for the taxable year, then in computing life insur-
ance taxable income under section ,S02 (b), and in computing
life insurance company taxalile Income under se<'tion 811 (b),
there shall be allowed .'in additional deduction In an- amount
determined uiuler subparagraph (B).
"(B) The amount of the additional deduction "referred to
in subpar,! graph (A) shall be the amo\mt which bears the same
ratio to the lotal 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 purjioses of section 811 (b), the amount
of the adjustment for certain re.serves provided in section 813),
and
"(ii) 100/85 of the maxinuim 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-
cluiling 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 anv taxable year shall be the mean of such reserve
(or portion thereof) at the beginning and end of the taxable
.vea r.
"(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-like insur-
ance coNTr>ACTS. — 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 adiustment shall be made in the amount taken
into account with respect to such contract for purposes of such
computation.
190
FACSIMILES OF TAX RETURNS, 1956
PAGE 7
"SEC. 805. SPECIAL INTEREST DEDUCTION.
"(a) Special Interest Deduction. — For purposes of the tax
imposed b.v 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 siiecial 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) Adjusted 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' means 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 sura 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
(e) (4), by
"(B) the means 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) Carryinc; 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 subtitle 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. DENIAL OF DOUBLE DEDUCTIONS.
"Nothing in this part slrall 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 purpo.ses 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 Dividends 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 S04 (b) (3), except that, for purposes of such computation,
the maximum limitation referred to in sectioh 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)."
U. I. GOVERNMENT PRlNTINS OFFICEi I9&I
FACSIMILES OF TAX RETURNS, 1956
191
SCHEDULE NC
(Form 1120L)
U. S. Trttaaury Department Inlernat Revunue Service
TAX COMPUTATION SCHEDULES FOR CERTAIN NEW INSURANCE COMPANIES IQSg
QUALIFYING UNDER SECTION 818
Name and address of company
NC-l— COMPUTATION OF LIFE INSURANCE TAXABLE INCOME UNDER SECTION 818
1. Net gain from operations after dividends to policyhofders (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 120U
Net gain from operations allocable to life insurance (line 1 less line 2) .
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(c) 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))
..%
NC-2— COMPUTATION OF TAX UNDER SECTION 802 (For PurposM of Section 818 (b)l
PART 1 — Computotian 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 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)
Enter 22 percent of amount on line 3 . . . .
Surtax (line 7 less $5,500; if the difference is negative, enter zero)
Normal tax and surtax (total of lines 6 and 8)
Altarnatira Tai 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
taxable income computed under section 802 (e)
Line 10 less line 11
Less; Deduction for partially tax-exempt interest
Line 12 less line 13
Normal tax (30 percent of amount on line 14)
Enter 22 percent of amount on line 12
Surtax (line 16 less $5,500; if the difference is negative, enter zero)
Partial tax (total of lines 1 5 and 17)
25 percent of line 11
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
PART n— Computed Under Section 802 (c)
23. Life-insurance taxable income (line 1, Part I above)
24. Less: Deduction for partially tax-exempt interest (line 1 2, Schedule E) .
25. Taxable income for purpose of normal tax
26. Normal tax (30 percent of amount on line 25)
27. Enter 22 percent of amount on line 23
28. Surtax Oine 27 less $5,500; if the difference is negative, enter zero)
29. First partial tax (total of lines 26 ond 28)
5,500.00
16 — 72fi02-2
501112 O - 59 - 14
FACSIMILES OF TAX RETURNS, 1956
30.
31.
32.
33.
34.
35.
36.
37.
3a,
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 3 1
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 lax (line 40 or line 41, whichever is greater)
-%
NC-3— COMPUTATION OF LIMITATION OF TAX UNDER SECTION 818(b)
PART I— Computsd Under Saction 802(a)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
Net investment income allocable to life-insurance reserves (line 17, page 2, Form I120L).
Less: Reserve and other policy liability deduction (line 3, Schedule B, Form 1120L). .
Life-insurance taxable income under section 818(b) (line I 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)
Enter 22 percent of amount on line 5
Surtax (line 9 less $5,500; if the difference is negative, enter zero).
Normal tax and surtax (total of lines 8 and 10)
5,500.00
AltamaUv* Tax Undar Saction 1201 (a)
Taxable income (line 5 above) ,
Less: Excess of net long-term capital gain over net short-term capital loss allocable to non-Ufe-insuronce
taxable income computed under section 802(e)
Line 1 2 less line 13
Less: Deduction for partially tax-exempt interest
Line 1 4 less line 15
Normal tax (30 percent of amount on line 16)
Enter 22 percent of amount on line 14
Surtax (line 18 less $5,500; if the difference is negative, enter zero)
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 11)
Income tax (line 22 or 23, whichever is the lesser)
$.,
5,500.00
PART II— Computed Under Section B02(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)
Enter 22 percent of amount on line 25
Surtax (line 29 less $5,500; if the difference is negative, enter zero)
First partial tax (total of lines 28 and 30)
5,500.00
Gross investment income (line 6, page 2, Form 1120L)
Less: Deduction for wholly tax-exempt interest (line 7, page 2, Form 1120L)
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 31 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) .
V S. GOVCRNMENT PRINTING OFFICE
1»— 72«Oa-2
FACSIMILES OF TAX RETURNS, 1956
193
FORM 1120 M
U. S. Tjecunty Deparimenl
Internal Revenue Service
U. S. MUTUAL
INSURANCE COMPANY
INCOME TAX RETURN
For Mutual Companies
Other than Liie or Marine
Insurance Companies or
Fire Insurance Companies
Issuing Perpetual Policies
FOR CALENDAR TEAR 1956
PLEASE TYPE OR PRINT PLAINLY
Kame
Numb*r and atrest
Citr or town, poatal nx
n* number. State
Date Inoorporated
Placs Incorporatsd
1956
Do not write In tpoco bwlow
InatrucUon No.
1. Interest on:
GROSS INVESTMENT INCOME
1. Interest Received
la) Wholly exempt obligations (AHooK schedule)
(b) UnU«d Stalaa Savings Bonds and Treamiry Bonds ovmed In exceaa dl the
prtnclpol amount o( $5,000 laaued prior to Morch 1, 1941
(c) ObllgaUona ol tnstrumentalltlea ol the United Stales issued prior to
March 1, 1941
(d) Obllgotloni Issued on or alter March 1. 1941. b/ the United States or
any agency or Instrumentality thereol (AHooh eohedule) ,
2. Accrual of Discount
22.
(e) Loans, notes, mortgages, bank deposits, bonds, det>enlure8, etc
Totals
Dividends on stock of:
(a) Domestic corporations subject to taxation under Subtitle A of the Internal Revenue Code of 19S4. . .
(b) Public utility corporations subject to taxation under Subtitle A of the Internal Revenue Code of 1954
(c) Foreign corporations
(d) Other corporations
Rents and royalties (Attach schedule)
Income from trade or business other than insurance business
Leases, etc
Net gain from sale or exchange of capital assets (from separate Schedule D (Form 1 120}) .
Gross investment income (total of lines 1 to 6) .
DEDUCTIONS
Interest wholly exempt from tax fline 1 (a), column 4)
Investment expenses (Attach schedule)
Taxes
4. Tolsl
■I Line t. Column 1 Plus
n 2 Less Column 3)
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 622 (c) (8) (Attach schedule)
Interest paid or accrued
Other capital losses (from Schedule B)
Total deductions on lines 8 to 16
Net investment income Oine 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 compony taxable income
COMPUTATION OF TOTAL TAX
Limitation under section 82 1 (c) (line 26, page 2)
Alternative tax (line 20, separate Schedule D (Form 1120)) 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
$-
COMPUTATION OF TAX DUE OR REFUND
Total income tax (line 27)
Credit for amounts paid on 1956 income tax:
A. Tax paid with application for extension of time in which to file
B. Payments and credits on 1956 Declaration of Estimated Tax
If tax fline 28) is larger than payments (line 29), the balance is TAX DUE Enter such balance here-
If payments (line 29) are larger than tax fline 28) Enter the OVERPAYMENT here-
Enter amount of line 31 you want: Credited on 1957 estimated tax. $ Refunded. . $ ,
Did the company file with the District Director of Internal
Revenue a copy of the annual statement for the preced-
ing year as required by General Instruction K? [H Yes n No
If "Yes," slate District Director's
office in which statement was filed
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 disbursements method been
used in preparing this return? dj Yes
If "No," describe fully in separate statement.
D No
4. Did the corporation pay anyone other than an employei
for assistance in the preparation of this return?
a Yes D No
If "Yes," enter his name and address .
5. Did the company make a return of information on Forms
1096 and 1099, or Form W-2 for the calendar year?
(See General Instruction H) D Yes
D No
SIGNATURE AND VERIFICATION
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.
(Dote)
(Signolure of Ofbcer)
rrttie]
I declare under the penalties of perjury that I prepared this return for the person named herein; and that this return (including any accompanying scheduleB
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 bo
reported in this return of which I have any knowledge.
(Individual or Firm Stgnahm)
194
FACSIMILES OF TAX RETURNS. 1956
Page 2
NORMAL TAX AND SURTAX COMPUTATIONS
1. Mutual insurance company taxable income (line 22, page 1) , , .
2. Net investment income (line 18, page I)
3. Less: Dividends received deductions from line 21 (d), page I -
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
6. 30 percent of line 1 when over $6,000
Interinsurers and reciprocal underwriters
Normal Tax
8. 60 percent of excess of line 1 over $50,000 when tine
1 is over $50,000 and not over $100,000
9. 30 percent of line 1 when over $100,000
Surtax
7. 22 percent of excess of line 4 over $25,000.
10. 33 percent of excess of line 4 over $50,000 when line
4 is over $50,000 and not over $100,000
11. 22 percent of excess of line 4 over $25,000 when
line 4 is over $100,000
12. Total normal tax and surtax under section 821 (a) (1) or (b) (sum of lines 5 through 7 or sum of lines 8 through 11) .
COMPUTATION OF TAX ON GROSS AMOUNT OF INCOME
(Section 821 (a) (2)} (Not Applicable to Interinsurers and Reciprocal Underwriters)
21.
Total gross income on lines 1 to 5, inclusive, page 1 .... , ■. ,
Net premiums
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 of 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 IB) ,
Tax under section 821 (a) (2) (line 19 or 20), whichever is applicable
Tax Under Section 821 (a) (1) or (2). or (b)
22. Line 12 for interinsurers and reciprocal underwriters; line 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
23. Total of lines 1 to 5 on page 1
24. Gross premiums received
25. Total of hnes 23 and 24
26. Limitation under section 821 (c) (line 22, above, multiphed by the ratio which the excess of line 25. above, over $75,000 bears to
$50.000)
Schedule A. —INVESTED ASSETS BOOK VALUES (See Instructions)
(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 TT. ."7777. ^. .
4. PoUcy 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 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 (Une 7. jxige 1. less the sum of Hnes 10 to 16)
15. 3% 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 plus line ] 7) .
1. Beginnin£ 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 of lines 1 to 3, inclusive
Less: Interest received (line 1, column 4, page 1, adjusted to cash method if on accrual method) -
Dividends received Oine 2. page 1 , adjusted to cash method if on accrual method)
Lines 3 to 5, page 1, ad)usted to cash method if on accrual method
Net premiums received (line 14, page 2, adjusted to cash method if on accrual method). . . .
Excess (if any) of line 4 over sum of lines S, 6, 7, and 8
1. Description of capital asset
10.
Total
2 Date acquired
I. Cost or ether basis
and cost of im-
ptovements sub-
sequent to acquisi-
tion or March I.
1913
S. Eipenseot sale
6 Deoreciation allowed (or
allowable) since acquisition
or March I, 1913 (furnish
details)
7. Loss (Column 3 plus Column 6
less the sum ol Columns 4
and S)
Total gross receipts from sales. Ime 10, column 3, should not exceed the amount shown m Ime 9. If necessary, gross receipts from a particular sale should be
appcrtioned in the above schedule and the excess reported m separate Schedule D (Form 1120).
Sales (except the apportionment mentioned above) reported in this schedule should not be reported in separate Schedule D (Form 1 120).
Enter total other capital losses (line 10, column 7) as line 16, page 1. lo— Tzwa-i
I
FACSIMILES OF TAX RETURNS. 1956
195
GENERAL INSTRUCTIONS
A. Companies Required to File a Renim. — Every mutual insurance
company other than a life or marine Insurance company and other than a flro
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 in section 501 (c) (15), in excess of $75,000. shall file a
return.
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 purprase of
winding up and liquidating its affairs, thereafter it will be taxable in the some
manner as corporations generally.
B. Period Covered. — The return shall be for the calendar year eriBed
December 31, 1956, and the taxable Income computed on the calendar year
bosis 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 whole-dollar amounts. This means that you eliminate any amount
less than 50 cents, and increase any amount from 50 cents through 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. Tin\e and Place for Filing. — The return must be sent to the District
Director of Internal Revenue for the district in which the company's principal
place of business or principal office or agency is located, on or before March
15. 1957.
E. Signature and Verification. — The return must be signed either by the
president, vice president, treosurer, 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 poge 1 of the return is required to be
signed by any person, firm, or corporation who prepared the taxpayer's return.
If the return is prepared by a firm or corporation, it should be signed in the name
of the firm or corporation. The statement is not required if the return is prepared
by a regular, full-time employee.
F. Payrrtenl of Tax. — The tax must be paid in full when the return is filed
or in two installments, 50 percent on or before the 15th day of the third month
and 50 percent on or before the 15th day of the sixth month following the close
of the taxable year.
A declaralion of estimated tax must be made by every corporation 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.
Additional Charge for Underpayment of Estimated Tax. — Underpay-
ment of installments of estimated tax will result in additional charges for the
period from the due dale 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 Inatallment la mandatory
and will be made unless the exceptions specified !n 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.
G. Failure to File, Etc. — Substantial additions to the lax are Imposed for
failing to file a return, for late filing, and for filing a false or fraudulent rehjm.
H. Information at Source. — Every Insurance company making payments
In the- course of its trade or business of (1) interest, rents, commlaslona, or other
fixed or determinable income of $600 or more during the calendar year 1956
to an individual, a partnership, or a fiduciary, or (2) salaries or wages of $600
or more shall malce 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 1956 to each shareholder who
is an individual (citizen or resident of the United States), a resident fiduciary, or
atesident partnership any member of which is a citizen or resident.
1. Information by Corporations — /. 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 1099L, afl required by instructions on Form 1096, for the
calendar year 1956.
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
comF>any and the total number of shares of each class of outstanding stock
ovmed 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 armuol statement for mutual insurance
companies adopted by the National Convention of Insurance Commissioners for
the year 1956, as Hied 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 hied 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 Unless Otherwise Indicated
1. Interest. — Enter interest received or accrued from all sources during the
taxable year. The gross amount of interest reported as gross income shall be
decreased by the amortization of premiums and increased by the accrual of
discount attributable to the taxable year on bonds, notes, debentures or other
evidences of indebtedness, determined (1) in accordance with the method
regularly employed, if reasonable, or (2) in accordance with regulations pre-
scribed by the Secretary or his delegate. (Attach statement showing method
and computation.)
2. Dividends. — Enter 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 corpxDration,
and dividends received from a corporation entitled to the benefits of section
931 and from a corporation organized under the China Trade Act, 1922. Enter
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 Royoities. — Enter the gross amount received from these sources.
4. Income From Trade 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
inlo (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 sales or exchanges of capital assets in separate Schedule D (Form 1 120)
(but see Schedule B, page 2). Every sale or exchange of a capital asset, even
though no gain or loss may be indicated, must be reported in detail.
Losses from sales or exchanges of capital assets (except losses from capital
assets sold or exchanged in order to obtain funds to meet abnormal insurance
losses and to provide for the payment of dividends and similar distributions to
policyholders) shall be allowed to the extent of 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 corporation surtax net income (computed without regard
to gains or losses from soles 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 1120).
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 mveslmenl expenses, the total amount of which, If there
be any allocation of general expenses to investment expenses, should not exceed
one-fourth of I percent of the mean of the invested assets reported on line 12,
Schedule A, plus, in cases where the taxable income computed without any deduc-
tion for (1) investment expenses and (2) tax-free interest exceeds 35i percent of
the book value of such mean of the invested assets, one-fourth of such excess.
Submit a schedule showing the nature and amount of the items Included herein,
the minor items being grouped In one amount (See section 822 (c) (2).)
196
FACSIMILES OF TAX RETURNS, 1956
10. Taxes. — Enter taxes paid or accrued exclusively upon real estate owned
by the compxiny as provided in section 164. For limitation on deduction, see
Instruction 13 (b) below.
U. Real Estate Elxpenses. — Enter all ordinary and necessary buildinq 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 (or perma-
nent improvements or betterments made to increase the value of any property or
any amount expended on foreclosed property before such property is held forth
for rental 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 pjortion of the investment in depreciable
property which, by reason of exhaustton, 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 822 (b).
The amount of depreciation should be determined upon the basis of the original
cost (not replacement cost) of the property, and the probable number of years
remaining of its expected useful life.
(a) Straight Line Method. — The most common method of compuhng 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 rem.aining
at the end of its useful life. To compute the deduchon, 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 usehil life remaining to the asset; the
quotient is the depreciation deduction.
(b) Declining Balance Method. — Under this method a uniform rate is
applied each year to the remaining cost or other basis of property (without
adjustment for salvage value) determined at the beginning of such year. For
property acquired before January 1, 1954, or used property whenever acquired,
the rate of depreciation under this method may not exceed one and one-half
times the applicable straight line rate.
(c) Special Rules for New Assets Acquired After Decen\ber 31, 1953. — The
cost or other bosis 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 erection after December 31 , 1953, may be depreciated under methods proper
In the past; or, it may be depreciated under any of the following methods provided
the asset meets qualifications (1) and (2) above.
(1) Declining Balance Method. — This method may be used with a rate not
In excess of twice the applicable straight line rate.
(2) Sum of the Years-Digits Method. — Under this method annual allow-
ances for depreciation are computed by applying changing fractions to the
taxpayer's cost or other basis of property (reduced by estimated salvage value).
A deduction for each year is computed by multiplying the cost or other basis
of the asset (reduced by estimated salvage value) by the number of years of
useful life remaining (includmg 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 5lh, 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 depreciation, and when
land and building were purchased for a lump sum the cost of the buildings
subject to depreciation must be established.
The adjusted property accounts and the accumulated depreciation shown in
the schedule should be reconciled with those accounts as reflected on the books
of the taxpayer. For limitation on deduction, see Instruction 17 (b) below.
13. 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 hie with return.
14. Trade or Business Deductions. — Enter the total of deduchons 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 omount of interest pxaid 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 upwn 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 hnes 8 to 16, inclusive.
(b) Limitation on deductions relating to real estate owned and occu-
pied. — The deductions included on lines 10 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 deductions (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 securihes, see instruction 15. Items
directly attributable to wholly exempt income shall be allocated thereto, and
items directly attributable to any class of taxable income shall be allocated to
such taxoble income. If an item is indirectly attributable both to taxable income
and exempt income, a reasonable proportion thereof, determined in the light of
all the facts and circumstances in each case, shall be allocated to each. A tax-
payer receiving any exempt income, other than interest, or holdmg any property
or engaging in any activity the income from which is exempt, shall submit with
its return as a part thereof an itemized statement, in detail, showing (I) the
amount of each class of exempt income, and (2) the amount of 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 deductions 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
banks, cooperative banks, and domestic building and loan associations and
allowed as a deduction to such banks or building and loan associations shall
not be treated as dividends. In the case of dividends received from a regulated
investment company, see section 854 regarding limitations on amount deductible;
(b) 62.1 15 percent of the amount received as dividends on the preferred stock
of a public utility which is subject to income tax and is allowed a deduction, as
provided in section 247, for dividends 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 online 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 F>aid or accrued to a foreign country or a possession of the United
States, Form 1 1 18 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 lor 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 accounting regularly
employed) to policyholders. (See section 823 (2).)
FACSIMILES OF TAX RETURNS, 1956
197
FORM 1 1 1 O
REV. OCT. 1955
U. S. Treasury Department — Internal Revenue Service
STATEMENT IN SUPPORT OF CREDIT CLAIMED BY DOMESTIC CORPORATION FOR
TAXES PAID OH 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 numlier)
(Cilv or town, postal zoie nd-nuar)
(Slate)
Claim for credit is mode for taxes ', as follows:
(Paid 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 c'.ea: iy so as to be easily identified)
1. Tax withheld at source on dividends (attach receipt or return)
2. Tax paid or accrued (exclusive of tax withheld at source on divi-
dends) (attach receipt or return)-'
3. Tax deemed to have been paid or accrued by a related corporation
(Item 10, Schedule E)
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 exiont 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 fore''gn currency'
X X X X X X X
X X X X X X X
Conversion rate *
X X X X X X X
X X X X X X X i
S. Taxable income from all sources reported on Form 1120 $_
3. Tclal United States income tax reported on Form 1120 $_
10. Ratio of taxable income from sources in this foreign country or U. S. pcL-sfssion to taxable iiicome from all sources
(Item 7 divided by Item 8)
11. Amount of tax which may be claimed as credit under limitation of Section S04 (item 9, multiplied by Item 10, but not
in excess of Item 4) $_
SUMMARY OF TAXES ALLOWABLE AS A CREDIT (FROM SCHEDULE A, ABOVE, AND FROM ANY
ADDITIONAL FORMS 1118)=
(Fill in summary on only one Form 1118)
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)
196
FACSIMILES OF TAX RETURNS, 1956
Page 2
SCHEDUIiE 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 ' " "
{What Section 902(h) applla, make computaUon hereunder first Attach another Schedule B appropriately completed)
Name Incorporated under the laws of
Address
Foreign
corporation,
or domestic
corporation
entitled to
benehts of
Sec. 931
or 941 »
(Street and number)
(City or town)
Preferred
(Country)
Conixnox\ Total
Capital stock
Number of shares outstanding
Number of shares owned 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 profits)
Statutes imposing tax
(To be named 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 SecHons 245 and 246' — which (converted at an exchange rate
(In foreign money)
of -*) equals in dollars
$..
(Submit computation or reference to item and line numbers on corporation tnoome tax return)
Date and amount of each dividend payment
2. Dividends segregated according to years when profits from which they were
paid were accumulated "
3. Total profits of related foreign corporation before tax was deducted therefrom* " "
4. Accumulated profits (total profits leas tax thereon) out of which dividends were paid. .
which, converted at an exchange rate of
equals in dollars
5. Amount of taxes paid by the related foreign corporation or deemed to have been
paid by it " under Section 902 (based upon attached tax receipts") or taxes
accrued, in foreign money upon Item 3
which, converted at an exchange rate of
equals in dollars
6. Ratio of accumulated profits to total profits (Item 4 divided by Item 3)
7. Tax paid on or with respect to accumulated profits (Item 5 multiplied by Item 6) .
8. Ratio of amount of dividends received to accumulated profits (Item 2 divided
Item
by]
.4)
Taxable periods of related foreign corporation from income of which
dividends were paid ^
"Year-
Year-.
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 ....
10— «5S»-7
., 19..
(Signature of officer)
mile)
I
FACSIMILES OF TAX RETURNS. 1956
199
NOTES
Page 3
' If the corporation elects under Section 905 to claim credit tor
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 foreign corporation, or more than one
foreign country or possession of the United States to which taxes are
paid on behalf of a related foreign corporation, additional schedules
should be attached, and the amount of the credit shown on each
such schedule should be included in the summary.
^ State this amount in the currency of the foreign country or posses-
sion of the United Stales (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 901-905 dividends received from a
foreign corporation shall be treated as income from sources without
the United States only to the extent such dividends exceed the
amount of the deduction 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 941.
(See Section 901 (c) below.)
'" If the required ownership of at least 10 percent of the voting
stock was attained or relinquished during the year by the domestic
corporation claiming credit, state the date when such change
took place.
" For purposes of this form, a foreign corporation is considered a
"related foreign corporation" if the domestic corporation owns at
least 10 percent of the voting stock of a foreign corporation from
which it receives dividends. Effective for dividends received in
taxable years beginning after Dec. 31, 1950.
" Each column relates to that part of total dividends paid from
accumulated profits shown therein.
'* Where payments were of taxes accrued tor only 1 year, give
dates of beginning and ending of such year in first column. Where
the payments were of taxes accrued for more than 1 year, give in
separate columns the dates of each annual period during which
any part of the tax payments accrued.
" It 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 ot 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 ot 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 ot the tax payment which accrued with respect to income
ot such period.
EXTRACTS FROM SECTIONS 901-905 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) Corporations Treated as Foreign. — For purposes
■of this subpart, the following corporations shall be
treated as foreign corporations:
(1) a corporation entitled to the benefits of section
93 1 , by reason of receiving a large percentage of its
gross income from sources within a possession of the
United States; and
(2) a corpxjration organized under the China
Trade Act, 1922 (15 U. S. C, chapter 4), and entitled
to the deduction provided in sechon 94 1 .
*******
Sec. 902. Credit for Corporate Stockholder in For-
THE INTERNAL REVENtJE CODE OF 1954
Tax Credit)
eign Clorporation — (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 pxissession 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.
M — MOS-T
200
FACSIMILES OF TAX RETURNS, 1956
(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-
erty 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 otherv/ise 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 v/hich 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
Pago 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 subseguent 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
v/ithout 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 reguire 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, the credit for foreign taxes with respect to all
subsequent years must be taken upon the same method.
U. S. GOVERNMENT PRINTING OFFICE 10 49538-7
FACSIMILES OF TAX RETURNS, 1956
201
TAX COMPUTATION FOR CALENDAR YEAR 1956 AND OTHER TAXABLE YEARS
ENDING ON OR BEFORE MARCH 31, 1957
1. Enter amount of taxable income expetted in 1956. (Line 42, page 3, Form 1120).
2. Enter 52 percent of line 1 (54 percent in the case of affiliated corporations filing a con-
solidated return)
Subtract $5,500, and enter difference.
5,500.00
J. Less: 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 1 above
4. Normal tax and surtax (line 2 less line 3)
5. Total tax (line 4, above, or line 20 of Separate Schedule D. Form 1120) . Enter here and as line 1 of Declaration
TAXPAYER'S COPY OF DECLARATION OF ESTIMATED TAX (FORM 1120-ES)
1956
Name and address of corporation (Number and street, city, zone. State)
U this declaration is not for calendar year 1956, indicate taxable year — beginning
1956, and ending
1. 1955 Income Tax | ; Estimate of 1956 Income Tax. . . .
2. Less: (a) Statutory exemption
(b) Estimated credits against tax.
3. ESTIMATED TAX (line 1 less line 2).
4. Enter 20 percent of line 3
$100,000
5. Less: Credit for 1955 overpayment if credit was elected on
line 5, page 1, Form 1120 for 1955
6.
If this is an amended declaration, enter payments made
on account of prior declarations for this year
7. Unpaid balance (line 4, less the sum of lines 5 and 6)
8. Amount paid with this declaration. (Read carefully Instruction 7)
KEEP THIS COPY
FOR USE
IN MAKING
ANNUAL TAX RETURN
DETACH AT THIS LINE I AND FILE FORM BELOW WITH THE DISTRICT DIRECTOR. PLEASE TYPE OR PRINT PLAINLY
FORM 1120-ES
U. 8. Treasury Departmeot
iDtemal Revenue Service
CORPORATION DECLARATION OF ESTIMATED TAX
Name and address of corporation (Number and street, city, zone. State)
1956
If this declaration is not for calendar year 1956, indicate taxable year — beginning
, 1956, and ending
19
1. 1955 Income Tax $ ; Estimate of 1956 Income Tax.
2. Less: (a) Statutory exemption
(b) Estimated credits against tax. .
3. ESTIMATED TAX (line 1 less line 2).
4. Enter 20 percent of line 3
$100,000
5. Less: Credit for 1955 overpayment if credit was elected on
line 5, page 1, Form 1120 for 1955
6.
If this is an amended declaration, enter payments made
on account of prior declarations for this year
7. Unpaid balance (line 4, less the sum of lines 5 and 6)
8. Amount paid with this declaration. (Read carefully Instruction 7)
(Cashier's Stamp)
1 declare under the penalties of perjury that this declaration has been examined by me and to the
declaration.
best of my knowledge and belief is a true, correct, and complete
(Date)
(Signature of officer or agent)
(Title of officer)
202
FORM 1120-ES
U.S. Treasuiy Department
Internal Revenue Service
FACSIMILES OF TAX RETURNS, 1956
CORPORATION DECLARATION OF ESTIMATED INCOME TAX
INSTRUCTIONS
(References are to Internal Revenue Code)
1956
1. Purpose of Declardtion. — This declaration provides a basis for
paying currently a portion of the income tax for the taxable year. Every
corporation must file an annual income tax return after the close of its
taxable year. At that time the balance of tax due on the year's income
over and above the amount paid as estimated tax must be paid in a
single payment on or before the 15th day of the third month following
the close of the taxable year or in two installments, 50 percent on or
before the date prescribed for payment as a single payment, and 50
percent on or before the 15th day of the sixth month following the
close of the taxable year.
2. Corporations Which Must Make a Declaration. — 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 life 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. In the case of affiliated corporations
filing a consolidated return, see Consolidated Regulations.
3. Short Taxable Year. — A separate declaration is required where a
corporation is required to submit an income tax return for a period of
less than 12 months, but only if such short period ends on or after
December }1, 1956. No declaration need be filed if —
(a) the taxable year is a short period of less than 9 months, or
(b) the taxable year is a short period of 9 or more months and the
requirements specified in Instruction 2 are first met after the first
day of the last month in the short taxable year.
If a short taxable year results from a change of annual accounting
period, the income must be placed on an annual basis in accordance
with section 443 (b) (1) for the purpose of determining whether a
declaration must be filed.
The declaration shall be completed by applying the statutory exemp-
tion and credits on line 2 against the annualized estimated tax and
reducing the result in accordance with the number of months in the
short taxable year.
4. When and Where To File. — The declaration of estimated tax
must be filed on or before the 15th day of the ninth month of the taxable
year. If, however, the requirements specified in Instruction 2 are first
met after the last day of the eighth month of the taxable year and before
the first day of the 12th month of the taxable year, the declaration must
be filed on or before the 15th day of such 12th month. The declara-
tions must be filed with the District Director of Internal Revenue for
the district in which the corporation expects to file its income tax return.
5. Amended Declarations. — In making a declaration, the taxpayer
must take into account the then existing facts and circumstances as well
as those reasonably anticipated relating to prospective gross income,
allowable deductions, and estimated credits for the taxable year.
Amended or revised declarations may be made in any case in which the
taxpayer estimates that its gross income, deductions, or credits will mate-
rially change the estimated tax reported in the previous declaration.
An amended declaration may be made on Form 1120-ES, marked
"Amended," and filed with the District Director for the district in
which the original declaration was filed. A declaration of estimated
tax filed prior to the 15th day of the ninth month of the taxable year
may be amended at any time on or before the 15th day of the 12th month
of the taxable year. The installment payable on the 15th day of such
12th month shall be increased or decreased, as the case may be, so as
to reflect the revised estimated tax.
6. Amount To Be Paid. — For taxable years ending on or after De-
cember 31, 1956, and before December 31, 1957, every corporation
having estimated income tax, i. e., a balance as shown on line 3, Form
1120-ES, must pay 20 percent of the estimated tax.
7. Time for Payment. — A corporation using the calendar year basis,
which meets the requirements specified in Instruction 2 before Septem-
ber 1 of the taxable year, must pay a first installment of 10 percent of
the estimated tax on or before September 15 and a second installment
of 10 percent on or before December 15. Any installment may be paid
before the due date. If, however, a corporation is not required to file
its declaration on or before September 15, but is required to file on or
before December 15, the full 20 percent of the estimated tax must be
paid with the December 15 declaration. Check or money order in pay-
ment of the tax should be made payable to "Internal Revenue Service."
(Fiscal year taxpayers substitute the 15th day of the ninth month of
the fiscal year for September 15 and the 15th day of the 12th month
for December 15.)
8. Failure To Pay. — Underpayment 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. (For exceptions, see section 6655.)
U- S. GOVERNMENT PRINTrNG OFFICE 16 72511-1
INDEX
" Page
Accounting periods 3, 61-69, 74, 93-99
Annual, by month ended 61-68, 93-99
Calendar and noncalendar 9, 69
Gross receipts and sales from operations.... 62-68,
93-99
Income tax 61, 69, 74
Major industrial group 62-68, 93-99
Net income or deficit 61-69, 74, 93-99
Part year 9, 61, 74
Percentage distribution of returns, in-
come, and tax 61
Returns with net income 61, 69, 93-99
Returns vd.thout net income 61, 69
Size of net income or deficit 69, 74
Size of total assets 69
Total assets (returns with balance sheets).. 62-69,
93-99
Accounts and notes payable 5, 35-60
Accounts payable 25-34, 83-92, 100-105
Accounts receivable. (See Notes and accounts
receivable. )
Accrued expenses 25-34, 83-92, 100-105
Active and inactive corporation returns 3
Advertising (cost item in deductions) 5, 19-34,
77-92, 100-105
Affiliated corporations. (See Consolidated
returns. )
Alternative tax under section 1201 5, 73
Amortization 5, 19-34, 77-92, 100-105
Number of retxirns with 3, 116
Amounts contributed under other employee benefit
plans 5, 7, 19-34, 77-92, 100-105
Amounts contributed under pension plans.... 5, 9, 19-34,
77-92, 100-105
Assets and liabilities (returns with balance
sheets):
Consolidated returns 100-105
Industrial divisions or groups.. 25-32, 35-60, 83-90
Text 5
Total 4, 25-60, 62-69, 83-99
Total assets by accounting period 62-69, 93-99
Total assets, size of 4, 33-60, 69, 91-92,
101-102, 104-105, 107, 111
Authority for publication of Statistics of
Income Ill
B
Bad debts 5, 19-34, 77-92, 100-105
Reserve 25-34, 83-92, 100-105
Balance sheets, returns with (See also Assets
and liabilities.) 4, 6, 8-9, 25-60,
83-92, 100-105
Bonds and mortgages payable 5, 35-60
Bonds, Government. ( See Government obliga-
tions. )
Bonds, notes, mortgages payable 5, 25-34, 83-92,
100-105
Page
Calendar year accounting periods. {See Account-
ing periods. )
Capital assets less reserves. (See also Deprecia-
ble, Depletable, and Intangible assets, and
Land.) 5, 35-60
Capital gain or loss:
Explanation 5
Net long-term capital gain reduced by any
net short-term capital loss 19-34, 73, 77-92,
100-105
Net short-term capital gain reduced by any
net long-term capital loss 19-34, 77-92,
100-105
Synopsis of law 147
Capital stock:
Common and preferred, separately 25-34, 83-92,
100-105
Total 35-60
Capital surplus, paid-in or.... 9, 25-34, 83-92, 100-105
Carryback of net operating loss not tabulated... 8
Cash 25-60, 83-92, 100-105
Changes in 1954 Code affecting 1956-57 data 3
Common stock 25-34, 83-92, 100-105
Compensation of officers 19-34, 77-92, 100-105
Compiled deductions. (See Compiled receipts and
compiled deductions.)
Compiled net profit less income tax 19-34, 77-92,
100-105
Compiled net profit or net loss... 19-60, 77-92, 100-105
Compiled receipts and compiled deductions:
Consolidated returns 100-105
Industrial groups or divisions 19-32, 77-90,
100, 103
Returns with balance sheets 6, 25-34, 83-92,
100-105
Returns with net income 77-92
Size of total assets 33-34, 91-92, 101-102,
104-105
Total compiled receipts 6, 10, 14-60, 77-92,
100-105
Consolidated returns 5, 100-105, 148
Contributions or gifts 5, 19-34, 77-92, 100-105
Cost of goods sold, and cost of operations:
Separately 5-6, 19-34, 77-92, 100-105
Total 14-18, 35-60
Credit claimed for taxes paid to foreign coun-
tries or pDSsessions of the United States 6, 74,
106-109, 111-112
Current assets, historical tables 6, 121-130
Current liabilities, historical tables 6, 121-130
D
Debts, bad 5, 19-34, 77-92, 100-105
Reserve 25-34, 83-92, 100-105
Declarations of estimated tax 6, 74
Deductions. (See Compiled receipts and compiled
deductions.)
203
204
INDEX
Page
Deduction for dividends received 7
Deduction for net operating loss of preceding
taxable years 8, 19-3-;, 77-92, 100-105
Deduction for Western Hemisphere trade
corporations 10, 108-112
Deficit. (See also Net income or deficit,) 3, 6, 8,
61, 69-73, 110-112
Deficit, size of 69-73, 75-76, 112
Delinquent returns 4-
Depletable assets 25-3A, 83-92, 100-105
Less: Accumulated depletion 25-34, 83-92,
100-105
Depletion 6, 19-34, 77-92, 100-105
Depreciable assets 6, 25-34, 83-92, 100-105
Less: Acoiimulated amortization and depre-
ciation 25-34, 83-92, 100-105
Depreciation 6, 19-34, 77-92, 100-105
Number of returns with 3, 116
Districts and regions — not prepared for 1956-57.
Dividends from foreign sources 6, 106-107,
109, 111-112
Dividends paid:
By size of net income and deficit 76
By size of total assets 33-34, 91-92, 101-102,
104-105
Cash and assets other than corporation's own
stock 14-60, 70-72, 76-92, 100-105
Corporation's own stock 19-34, 76-92, 100-105
Industrial divisions and groups 19-32, 77-90,
100, 103
Dividends received from domestic or foreign cor-
porations 6-7, 19-34, 75, 77-92, 100-105
Number of returns with dividend receipts.... 3, 115
Earned surplus and undivided profits... 7, 25-34, 83-92,
100-105
Employee benefit plans, amounts contributed
under other 7, 19-34, 77-92, 100-105
Estimated tax, payments on declarations of 7, 74
Excess profits tax, historical 7
Explanation of terms 5-10
Facsimiles of return forms 154-202
Federal tax laws, synopsis of, 1947-1956 144-151
Fiscal year returns. (See Accounting periods.)
Foreign corporations, dividends received from... 6-7,
19-34, 75, 77-92, 100-107, 109, 111-112
Foreign taxes — Corporations claiming credit for
taxes paid to a foreign country or United
States possession 6, 7, 106-109, 111-112
Form 1118 Statements in support of credit
claimed for foreign taxes paid 7, 106-
Forms, facsimiles of return:
Form 1120 — Corporation income tax return...
Form 1120ES — Declaration of estimated tax..
Form 1120L — Life insurance company income
tax return
Form 1120M — Mutual insurance company income
tax return
Form 1118 — Statement in support of credit
claimed for foreign taxes paid
107, 109,
111-112
. 155-178
. 201-202
179-192
193-196
197-200
Page
Gifts, contributions 5, 19-34, 77-92, 100-105
Government obligations 8, 25-34, 83-92, 100-105
Interest on — taxable, subject to surtax
only, and tax-exempt, separately.... 8, 19-34, 75,
77-92, 100-105
Gross receipts from operations 7, 19-34, 77-92,
100^105
Gross receipts from sales and from operations... 3, 7,
14-18, 35-60, 62-68, 93-99
Gross sales 7, 19-34, 77-92, 100-105
Guide to tables by subject 2
H
Historical data, 1947-48—1956-57
Consolidated returns and subsidiaries
Dividends paid in cash and assets other than
own stock
Excess profits tax
Gross sales and receipts from operations....
Income tax
Industrial groups 7,
Investments, Government obligations and
other 8,
Net income less deficit
Net worth 8-9,
Number of returns 9,
Returns with net income
Source Book 1926-51 and 1953-56
Specified current assets, except investments. .
Specified current liabilities 6,
Total assets
By size
Total compiled receipts 10,
118-131
5, 120
V,
120
120
7,
120-130
7, 120
121-130
121-130
8, 120
121-130
120-131
9, 120
134-142
6,
121-130
121-130
121-131
131
120, 131
Gain, net capital. (See Capital gain or loss.)
Gain, net or net loss from sales of property
other than capital assets 8, 19-34, 77-92, 100-105
Inactive corporations 3, 4, 7
Income. (See Net income. Net income or deficit,
or Compiled receipts.)
Income (other than dividends) from foreign
sources 7, 106-107, 109, 111-112
Income tax:
Alternative tax 5 , 73
Before foreign tax credit 3
By size of net income 69-73
By size of total assets 33-60, 69, 91-92,
101-102, 104-105
Calendar, noncalendar, and part year
accounting periods 51, 69
Consolidated returns 5, 100-105
Defined 7
Industrial divisions or groups 8, 14-32, 35-60,
70-72, 77-90, 100, 103
Number of returns with 3, 61, 69, 73
Payments on declarations of estimated tax. . . 9, 74
Rates , historical 145-146
Returns with balance sheets..., 6, 25-60, 69, 83-92,
100-105
Returns with foreign tax credit claimed.... 106-109,
111-112
Summarized 3
Type of tax liability 73
Western Hemisphere trade corporations 108-112
Industrial divisions and groups:
Accounting periods 62-58, 93-99
Assets and liabilities 25-32, 35-60, 83-90,
100, 103
Classification and text discussion 7
Compiled receipts and deductions 19-32, 77-90,
100, 103
INDEX
206
Industrial divisions and groups — Coatinued Page
Consolidated returns 100, 103
Divisions only 8, 70-72, 100,103
Guide to industry measurements 2
Major groups 19-32, 35-60, 62-68, 77-90, 93-99,
106, 108-110, 115-116
Minor groups 1-^-18
Size of net income and deficit , 70-72
Size of total assets 35-60
Total compiled receipts 8, 14-32, 35-60, 77-90
Intangible assets 8, 25-3*^, 83-92, 100-105
Less: Accumulated amortization 25-34, 83-92,
100-105
Interest paid 8, 19-34, 77-92, 100-105
Interest received, not on Government obligatidB. 19-34,
77-92, 100-105
Interest received on Government obligations,
taxable, subject to surtax only, and tax-
exempt separately 8, 19-34, 75, 77-92, 100-105
Inventories 8, 25-60, 83-92, 100-105
Investments :
Government obligations 8, 25-34, 83-92, 100-105
Other than Government obligations 8, 25-34,
83-92, 100-105
Total, by major industrial groups and size
of total assets 35-60
Page
Net operating loss deduction... 8, 19-34, 77-92, 100-105
Net profit, compiled, less income tax 19-34, 77-92,
100-105
Net profit or loss, compiled 19-60, 77-92, 100-105
Net short-term capital gain reduced by any net
long-term capital loss 5, 19-34, 77-92, 100-105
Net worth, historical 8-9, 121-130
New frequency data:
Number of returns with deduction for depre-
ciation, amortization, by major industry.. 3, 116
Number of returns with receipts from divi-
dends, rents, royalties, by major
industry 3, 115
Noncalendar year returns 9, 61-69, 93-99
Nontaxable returns with net income 9, 73
Notes and accounts receivable 25-34, 83-92, 100-105
Less reserve for bad debts 35-60
Reserve for bad debts 25-34, 83-92, 100-105
Notes, bonds, mortgages payable 5, 25-34, 83-92,
100-105
Number of returns (also in each table by
specific type of return or classification).... 3, 4, 9
With deduction for depreciation,
amortization 116
With receipts from dividends, rents,
royalties 115
Land 8, 25-34, 83-92, 100-105
Laws, Federal tax, synopsis, 1947-1956 144-151
Liabilities. (See Assets and liabilities. )
Limitations of data, sample and other 4
Loss:
Net loss, sales other than capital assets... 8,
19-34, 77-92, 100-105
Net operating loss deduction 8, 19-34, 77-92,
100-105
Returns without net income....... 3, 8, 9, 61, 69-74
M
Major and minor industrial groups. (See
Industrial divisions and groups. )
Month in which accounting period ended. (See
Accounting periods. )
Mortgages, bonds, notes payable 5, 25-34, 83-92,
100-105
Mortgages, bonds payable 5, 35-60
N
Net capital gain. (See Capital gain or loss.)
Net gain, sales other than capital assets 8, 19-34,
77-92, 100-105
Net income (before deficit) 3, 8, 14-18, 61, 69-73,
77-99, 106-112, 120
Net income or deficit:
By accounting periods 61-69
By size of total assets 4, 33-60, 69, 111
Consolidated returns 100-105
Definition 8
Industrial groups 14-32, 35-60, 62-68, 108
Returns with balance sheets 6, 25-60, 83-92
Retiirns with payments of estimated tax 74
Size of 8, 69-73, 107, 112
Summary for current year 3
Type of tax liability 73
Western Hemisphere trade corporations 108, 111
Net long-term capital gain reduced by any net
short-term capital loss.. 5, 19-34, 73, 77-92, 100-105
Net loss, sales other than capital assets 8, 19-34,
77-92, 100-105
0
Other assets 9,
Other deductions 9,
Other interest (nongovernment) . . . .
Other liabilities 9,
Other receipts 9,
25-34, 83-92, 100-105
19-34, 77-92, 100-105
19-34, 77-92, 100-105
25-34, 83-92, 100-105
19-34, 77-92, 100-105
Paid-in or capital surplus 9, 25-34, 83-92, 100-105
Part year accounting periods 9, 61, 74
Payments on declarations of estimated tax 9, 74
Pension plans, amounts contributed under 9, 19-34,
77-92, 100-105
Personal holding company schedules 9, 113-114
Facsimile of return (schedule PH) 173-178
Population of returns 3-4
Preferred stock 25-34, 83-92, 100-105
Prepaid expenses and supplies 25-34, 83-92, 100-105
Prior year loss deduction. (See Net operating
loss deduction. )
Profit, compiled net, less income tax 19-34, 77-92,
100-105
Profit or loss, compiled net 19-60, 77-92, 100-105
Rates of tax 145-146
Receipts:
Compiled. (See Compiled receipts and com-
piled deductions. )
Gross from operations... 7, 9, 19-34, 77-92, 100-105
Gross receipts from sales and from
operations 7, 14-18, 35-60, 62-68, 93-99
Partially and wholly tax-exempt interest.
(See Government obligations.)
Regions and districts — not prepared for 1956-57.
Regular and alternative tax 5, 10, 73
Rent paid on business property 19-34, 77-92, 100-105
Rents, received 9, 19-34, 77-92,' 100-105
Number of returns with 3, 115
Repairs (deduction) 19-34, 77-92, 100-105
Reserve for bad debts 25-34, 83-92, 100-105
206
INDEX
Reserves (accumulated amortization, depletion. Page
and depreciation) 25-3A, 83-92, 100-105
Reserves, surplus 25-34, 83-92, 100-105
Return forms for 1956 (facsimiles) 154-202
Returns, number of. (See Nxmiber of returns.)
Returns of Western Hemisphere trade
corporations 10, 108-112
Returns showing payment of estimated- tax 74
Returns used in compiling this report 3, 4, 9
Returns with and without income tax liability... 73
Returns with balance sheets 4, 6, 8, 9, 25-60,
83-92, 100-105
Returns with foreign tax credit claimed 106-109,
111-112
Returns with net income 3, 8, 9, 14-18, 61, 69-73
Returns without balance sheets 6, 25, 33, 69, 83,
91, 100, 101, 103, 104
Returns without net income 3, 8, 9, 61, 59-73
Royalties received 10, 19-34, 77-92, 100-105
Number of returns with 3 , 115
Sales, gross 7, 19-34, 77-92, 100-105
Sales of property other than capital assets, net
gain or loss 8, 19-34, 77-92, 100-105
Sample, description of, and limitations of data... 4
Securities with wholly and partially tax-exempt
interest. (See Investments, Government obli-
gations. )
Source Book, 1926-51 and 1953-56 134-142
Description and use 135
Industrial groups available 139-142
Items and classifications available 136-138
Specified current assets, liabilities —
historical 10, 121-130
States and Territories — not prepared in 1956-57.
Stock, capital:
Common and preferred, separately 25-34, 83-92,
100-105
Total 35-60
Stock dividends paid 19-34, 76-92, 100-105
Subsidiaries, number of 5, 9, 100-105
Surplus and undivided profits 10, 35-60
Page
Siirplus, earned, and undivided profits 7, 25-34,
83-92, 100-105
Surplus, paid-in or capital.... 9, 25-34, 83-92, 100-105
Surplus reserves 25-34, 83-92, 100-105
Surtax 10, 145-146
Synopsis of Federal tax laws, 1947-1956 144-151
Tables for corporation income tax returns,
listed 2, 12-13, 118
Tax. (See Income tax. )
Tax forms. (See Forms. )
Tax liability, type of 73
Tax on undistributed personal holding company
income 9 , 113-114
Tax rates, historical 145-145
Taxable income 10
Taxes paid (deduction item)... 10, 19-34, 77-92, 100-105
Taxes paid to foreign countries or possessions
of the United States 7, 105-107, 109, 111-112
Tax-exempt interest. (See Government obliga-
tions. )
Terms, explanation of 5-10
Total assets, size of 4, 33-60, 59, 91-92, 101-102,
104-105, 107, 111
Trade-mark smd trade name expenditures. (See
Amortization. )
Type of dividend paid 75
Type of tax liability 73
U
Unaudited retxrrns 3, 4-5
Unincorporated businesses filing corporation
returns 4, 9
Western Hemisphere trade corporations 10, 108-112
Wholly tax-exempt interest. (See Government
obligations. )
U. S. GOVERNMENT PRINTING OFFICE ; 1959 O - 501112
oots
no"^
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s
TATISTICS OF INCOME
Publications in Preparation
Individual income Tax Retums-1957 (Preliminary)
Adjusted gross income, taxable income, income tax liability, sources of income,
exemptions, tax credits, classified by size of adjusted gross income. Selected
sources of income by States.
Corporation income Tax Rettims-1957-58 (Preliminary) (Accounting
periods ended July 1957- June 1958)
Income statements, balance sheets, income tax liability, dividends paid, classi-
fied by major industrial groups.
Fiduciary income Tax Retums-1956
Sources of income, total income, deductions, exemptions, taxable income, and
tax, classified by tax status and size of total income. Taxable income and tax
by size of taxable income. Selected sources of income and tax by States. His-
torical summary.
Estate and Gift Tax Retums-1956
ESTATE TAX RETURNS: Gross estate, specific exemption, deductions, taxable
estate, tax, and tax credits. Classifications by size of gross estate, size of net
estate, and tax status. Gross estate, taxable estate, tax and State credit by
States. Historical summary.
GIFT TAX RETURNS: Total gifts, exclusions, deductions, taxable gifts, and
tax reported on taxable returns and nontaxable returns with gifts to third parties
divided by consent. Classifications by size of taxable gift, size of total gift
plus tax, tax status, and consent status.
Recent Publications
Individual Income Tax Retmns-1956 (119 pp., 65(f)
Corporation Income Tax Retums-1955 (Tax years ended July 1955-June 1956)
(186 pp., $1.25)
Fiduciary Income Tax Retxirns-1954 (56 pp., 40<f)
Estate Tax Retums-1954 (26 pp., 25<t)
Partnership Retums-1953 (62 pp., 45(f)
Individual Income Tax Returns, Estate Tax Rettims, Gilt Tax Retums-1953 (138
pp., 75(f)
Farmers' Cooperative Income Tax Retums-1953 (42 pp., 40<f)
Statistics of Income publications are for sale by the Superintendent of Documents,
U. S. Government Printing Office, Washington 25, D. C.
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