BOSTON PUBLIC LIBRARY
3 9999 06317 270 2
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STATISTICS OF INCOME . . . 1959-60
INCOME TAX
RETURNS
with accounting periods ended
July 1959-June 1960
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REVENUE
U. S. TREASURY DEPARTMENT • INTERNAL REVENUE SERVICE
OCCmENTAL COLLF^
OCT 31 1962 zFW
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LIBRARY
100™ c«2-ma
ANNIVERSARY
P^POSITOaT,^
Statistics of Income / 1959-60
Corporation
INCOME TAX
RETURNS
with accounting
periods ended
July 1959-June 1960
§>/7^ t-=ii=-? /TXf*'^:
in —
rnwfii?.PN PUBLIC LIBRARY
GOVERNMENT DOCUMENTS DEPARTMENT
RECEIVED
MAY 1 1 2000
000 j
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
U. S. TREASURY DEPARTMENT
Intertial Revenue Service
Publication No. 16 (9-62)
INTERNAL REVENUE SERVICE
Mortimer M. Caplin, Commissioner
Bertrand M. Harding, Deputy Commissioner
William H. Smith, Assistant CommAssioner ^Planning and Research)
Statistics Division:
Ernest J. Engquist, Jr., Director
James M. Jarrett, issistant Director
Thomas F. McHugh, Chief, Income, Finance, and health Branch
Robert A. Wilson, Statistician
united states
government printing office
washington : 1962
For sale by the Superintendent of Documents, U.S. Government Printmg Office Washington 25, D.C. - Price $\.TS (Paper Cover)
LETTER OF TRANSMITTAL
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington 25, D. C. , August 22, 1962.
Dear Mr. Secretary:
I am transmitting the Statistics of Income — 1959-60, Corporation
Income Tax Returns with accounting periods ended July 1959 through June
1960. This report was prepared in partial fulfillment of the require-
ments of section 6108 of the Internal Revenue Code of 1954-j which
provides that statistics be published annually with respect to the
operation of the income tax laws. The statistics in this report were
obtained for more than one million corporation income tax and informa-
tion returns. Forms 1120, 1120L, 1120M, and 1120-S.
In addition to the annual presentations of income statement and
balance sheet benchmarks, a wide variety of other statistics are shown.
Comprehensive information on the corporation income tax base as con-
trasted with net income is published for the first time. New data are
shown classified by year of incorporation. Separate statistics are
presented for Western Hemisphere trade corporations. Beginning and
ending inventories of manufacturing and trade corporations are summa-
rized and the inventory turnover ratios for these same corporations are
also shown. Overall, detailed statistics are provided for some 100
separate items of assets, liabilities, receipts, deductions, profits,
tax liability, and distributions to stockholders.
Commissioner of Internal Revenue
Hon. Douglas Dillon,
Secretary of the Treasury.
Ill
CONTENTS
Page
1. Corporation income tax returns, July 1959- June 1960:
Guide to tables by subject 2
Period covered 3
Comparability with previous reports 3
Summary of 1959-60 U
Growth and age of corporations 6
Depreciation 6
Unincorporated businesses electing to be taxed as corpora-
tions 7
Nonexempt corporate cooperatives 8
Statutory special deductions 8
Income subject to tax 11
New size classifications of corporation return data 14-
Ratio size classifications 14
Prior year net income 15
"Other receipts" and "Other deductions" 15
"Other current assets" and "Other current liabilities" 16
Returns with zero asset? 16
Frequency with which corporations use balance sheet and in-
come statement component accounts , 17
Industrial classification 17
Changes in law:
Life insurance companies 17
Foreign tax credit 21
Small business investment companies 22
Other changes in law 22
Population of corporations for the period covered 23
Description of sample and limitations of data 24-
Explanation of terms 28
2 . Tables compiled from corporation income tax returns, July 1959-
June 1960 49
3. Corporation income tax returns, historical summary 1950-51
through 1959-60 227
k. Frequency of returns for balance sheet and income statement
items - 1958-59 243
5. Source Book of Statistics of Income, 1926-27 through 1951-52
and 1953-54 through 1959-60 255
6 . Synopsis of Federal tax laws, 1950-59 261
7 . Corporation income tax return forms , 1959 271
Index 331
1, Corporation Income
Tax Returns,
July 1959 - June 1960
GUIDE TO TABLES BY SUBJECT
Industry measurement:
Minor industry receipts, net income, income subject to tax, tax, distributions to stockholders...
Major industry balance sheet and income statements
Major industry asset size, selected balance sheet and income statement items
Industry division business receipts size, selected balance sheet and income statement items
Industry division income size, receipts, net income, income subject to tax, tax, distributions to
stockholders
Size distributions:
lotal assets:
Balance sheets and income statements
Major industry selected balance sheet and income statement items
Net income:
Industry division receipts, net income, income subject to tax, tax, distributions to stock-
holders
Regular and alternative tax liability
Business receipts: Industry division selected balance sheet and income statement items
Income taxed at normal tax and surtax rates: Net income, income subject to tax by type of tax,
tax, foreign tax credit — none onsolida ted, consolidated, insurance returns
Statutory deductions for net operating loss, dividends. Western Hemisphere trade corporations; net
income, income subject to tax, tax, foreign tax credit, by industrial division
Tax liability by type:
Regular and alternative, by size of net income
By size of income taxed at normal tax and surtax rates and by type of return
Taxpayments: On declarations of estimated tax or with requests for extension of time in which to
file, by month accounting period ended
Ratios from returns: Business receipts to inventories, net income on business receipts, by asset
size , by major groups of manufacturing and trade
Year of incorporation:
Major industry, receipts, net income, depreciation, depreciable and total assets
Asset size, receipts, net income, depreciation, depreciable and total assets, net worth
Small business corporations electing to be taxed through shareholders, by industrial division....
"Other deduction" components: Salaries and wages not included in specific items, casualty and theft
losses, other noncategorized deductions, by industry
District of filing: Net income and tax; number of returns by size of total assets.
Inventories, manufacturing and trade corporations:
Beginning and ending inventories, business receipts, total assets, by major industry group.
Turnover, by percent of net income on business receipts, by asset size
Accounting periods:
Net income, income subject to tax, tax, by month accoxmting period ended
Calendar and noncalendar periods related to size of net income or deficit
Payments on declarations of estimated tax or with requests for extension of time in which to file,
by month accounting period ended
Prior year income, deficit, three years reported on 1959-60 returns, by major industry
Returns with net income
Consolidated returns: Balance sheets and income statements, industry or asset size
Foreign tax credit, net income, income subject to tax, tax, returns with credit claimed
Western Hemisphere trade corporation returns
Small business corporation returns, Form 1120-S
Cooperatives, nonexempt corporations: Receipts, costs, income, tax, total assets, industry.
Historical statistics , 1950-51 through 1959-60
Frequency of returns 1958-59, each income statement and balance sheet item
2
Table
Page
No.
No.
1
52
2
58
A
67
5
102
107
3
65
4
67
7
107
10
113
5
102
11
114
6
106
10
113
11
ll<i
13, U 121,122
21
1A7
15 123
16, 24 135,194
38 219
0, 17 16,138
18, 19 139,141
20
145
21
147
8
111
9
112
13, 14
121,122
12
119
22-24
185
25-28
197
30-32
204
33-35
206
36-40
212
29
203
41-45
230
46-47
246
CORPORATION INCOME TAX RETURNS WITH ACCOUNTING PERIODS
ENDED JULY 1959 THROUGH JUNE 1960
PERIOD COVERED AND RETURNS INCLUDED
The income and financial statistics for 1959-60
contained in this report were derived from a sample
of 1,120,000 corporation income tax and information
returns with accounting periods ended July 1959
through June 1960. The number of returns filed for
1959-60 was about 90,000 more than 1958-59.
Active corporations filed more than 1,074,000 re-
turns, including 71,000 information returns of small
business corporations taxed through their share-
holders. Active corporation returns were the basis
for all financial statistics presented in this
report .
Inactive corporation returns were returns showing
no income or deductions which were filed because
domestic and resident foreign corporations in ex-
istence at any time during the year, unless they
were expressly exempt, had to file a return. Finan-
cial data from inactive corporation returns were
excluded from all basic tables. So, too, were data
shown in a few special tables from the returns
filed by unincorporated businesses which chose to
be taxed as corporations.
Corporation statistics for 1959-60 were based not
only on returns with accounting periods coinciding
with the calendar year 1959, but also on returns
with noncalendar accounting periods. The span of
months comprising accounting periods covered by
this report is shown in chart 1. Chart 2 shows the
proportion of full-year returns, their net income
and their tax, by calendar year and noncalendar
year status. Though excluded from chart 2, part-
year returns were used in the compilation of the
totals shown in all 1959-60 tables.
Returns were due to be filed within two and a
half months after the close of the corporate
accounting period. However, many companies were
granted extensions of time in which to file, so that
Chart 1.— ACCOUNTING PERIODS OF RETURNS IN THIS REPORT
-I-
I I I I I I I I I I I I I I I II I I I I II
some of the returns for the accounting periods
covered by this report were not filed until late
1960 or early 1961 and the last included returns
were not available for statistical processing until
the spring of 1961.
More recent financial information, for manufac-
turing corporations only, is estimated quarterly by
the Federal Trade Commission and the Securities and
Exchange Commission and published in the Quarterly
Financial Report for Manufacturing Corporations.
COMPARABILITY WITH PREVIOUS REPORTS
The statistics presented reflect revisions made
in the preliminary estimates for 1959-60 based upon
further analysis of the source data used in their
preparation. Comparability of the statistics with
those shown in reports for periods prior to 1959-60
is affected by changes in law and changes in
content.
Changes in law relevant to the interpretation of
1959-60 statistics were several: those provisions
of the Life Insurance Company Income Tax Act of
1959 which did not become effective until January
1959; the inclusion of certain excess foreign taxes
paid in the previous year in the computation of the
current-year foreign tax credit under the tax
credit carryback and carryover conditions specified
in the Technical Amendments Act of 1958; and the
filing of some returns under rules applicable to
the small business investment companies which were
created under the Small Business Investment Act of
1958 and taxed under provisions added to the
Internal Revenue Code of 1954 by the Technical
Amendments Act of 1958. These developments are
discussed further under the text heading. Changes
in Law.
Chart Z-PERCENT OF RETURNS BY CALENDAR AND NONCALENDAR
YEAR STATUS, 1959-60°
NONCALENDAIi YEAR RETURNS
FTCrnC
100 80 60 W 20
CALENDAR YEAR RETURNS
Number of active
corporation returns _.^^;^^ X\<^'C'C »■"
Net income (less deficit)
Income tax
•Excludes poit-yeor returns
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
There are several changes in content as a result
of the following: balance sheet data were estimated
for all corporation returns and, therefore, income
statement tabulations unaccompanied by balance sheet
amounts were discontinued; data were compiled for
returns with zero assets by identifying the returns
of corporations without assets at the end of their
accounting period; there was a more precise dis-
tinction between current and noncurrent accounts on
the 1959 corporation return balance sheet schedules;
new statistics relating to the tax base were pre-
pared, including information about certain statutory
special deductions from net income, including the
net operating loss deduction, and estimates of
income subject to tax; the data were classified by
size of income taxed at normal tax and surtax rates
and by size of business receipts; date of incor-
poration was abstracted from the returns for the
first time since the 1946-4-7 report; a new ratio-
size classification was introduced to show the
variation in the relation of inventory to business
receipts; new information was obtained about certain
taxpayment patterns, nonexempt corporate coopera-
tives, and unincorporated businesses electing to be
taxed as corporations. These additional statistics
are described on the following pages.
SUMMARY OF 1959-60
The 1959-60 period was one in which corporations
generally improved their economic position. Also,
the number of active corporation returns moved past
the one million mark.
Total assets reported on tax returns continued to
climb, from the $1,064,481,000,000 reported for
1958-59 to a new high of $1,136,668,000,000. Busi-
ness receipts which had grown by less than $11,711,-
000,000 between 1957-58 and 1958-59, increased
sharply by more than $76,321,000,000 to a record
$772,915,000,000. All other receipts, mainly in-
vestment income, grew by $5,140,000,000 to an all-
time high of $43,885,000,000. The total increase in
receipts, amounting to $81 ,462, 000, 000, was the larg-
est single-year increment reported since 1955-56.
But profits again failed to keep pace with re-
ceipts. Since 1955-56, operating and manufacturing
costs and other business expenses gradually in-
creased. Thus, while net profits increased from
$39,224,000,000 for 1958-59 to $47,655,000,000 for
1959-60, the total fell short of the record net
profit benchmark of $47,949,000,000 established in
1955-56. Similarly, though net income, defined as
the difference between taxable receipts and allow-
Table A. —ACTIVE CORPORATION RETURNS: TOTAL ASSETS, TOTAL COMPILED RECEIFTS.AND NET INCOME.BY SIZE OF TOTAL ASSETS, 1959-60 AND 1958-59
Size of total assets
Accounting periods ended—
July 1959-June 1960
Number of
returns
Total
assets
( Thoitaattd
dolUra)
Total
compiled
receipts
(Thmjaand
dollaraj
Net income
(less
deficit)
(Thouiand
July 195S-June 1959
Number of
returns
Total
assets
(Thouaand
dotlara)
Total
compiled
receipts
(Thouaand
dolUra)
Net income
(less
deficit)
(Thouaand
dolUra)
Total.
Zero assets
$1 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
(1)
(2)
(3)
(4)
(5)
(6)
(7)
56,353
256,536
155,564
177,542
212,573
99,583
52,048
32,756
13,348
8,022
5,472
2,004
1,043
736
540
1,136,667,759
2,826,198
5,643,229
12,774,365
33,841,719
34,739,259
36,138,214
50,536,962
46,691,317
55,994,172
84,510,528
69,625,081
73,108,120
114,218,863
516,019,732
816,799,884
9,844,985
9,508,846
12,980,411
26,227,001
64,463,640
63,630,937
61,856,542
69,065,889
45,416,914
40,876,898
51,721,522
37,712,314
43,458,668
63,845,924
216,189,393
46,797,267
227,070
^165,891
116, 574
491,746
1,443,809
1,544,880
1,611,802
2,452,999
2,025,059
2,222,480
3,325,467
2,690,585
3,360,198
5,215,571
20,234,918
990,381
1 62, 746
227,173
143,584
166,581
195,025
88, 3U
46,346
31,003
12,318
7,870
5,322
1,898
1,001
691
512
1,064,480,945
2,536,537
5,212,076
12,050,168
31,089,325
30,827,3a
32,052,513
47,323,486
43,378,382
54,796,544
80,941,468
65,224,452
69,9U,774
105,846,767
482,786,627
^Includes data for a small number of corporations which did not supply balance sheet information.
^Deficit.
735,338,092
^7,091, 350
8,359,009
11,866,279
24,371,527
58,619,313
54,947,355
53,076,919
61,632,657
40,523,180
38,335,207
47,291,539
34,356,972
40,610,029
57,911,065
196,345,691
(8)
38,522,869
'156,388
^177,691
54,238
333,210
1,119,695
1,218,793
1,343,097
2,049,198
1,657,456
1,852,793
2,902,748
2,209,325
2,723,207
4,272,9U
16,797,496
Table B,— ACTIVE CORPORATION RETURNS: NUMBER
OF RETURNS, BUSINESS RECEIPTS, AND NET INCOME OF MANUFACTURING AND NONMANUFACTURING CORPORATIONS,
BY SIZE OF TOTAL ASSETS, 1959-60 AND 1958-59
Item and size of total assets
Total
Manufacturing corporations
Noimianufac
turing corporations
1959-60
1958-59
Increase
1959-60
1953-59
Increase
1959-60
1953-59
Increase
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Number of returns:
Active corporations, total
1,074,120
990,331
83,739
156,297
150,696
5,601
917,823
339,635
78,138
With total assets of—
1,276
1,072,844
1,203
989,178
73
83,666
293
156,004
279
150,417
14
5,587
983
916,840
924
338,761
78,079
(Uillion doUara)
772,915
696,594
76,321
356,973
324,135
32,838
415,942
372,459
43,483
With total assets of—
$100 million or more
260,661
237,395
23,266
100,077
93,443
6,634
512,254
459,199
53,055
196,389
130,133
16,206
315,865
279,016
36,849
Net income (less deficit):
Active corporations, total
46,797
38,523
8,274
24,986
18,500
6,486
21,811
20,023
1,738
With total assets of—
25,450
21,347
21,070
17,453
4,330
3,S94
14,261
10,725
10,262
8,238
3,999
2,487
11,189
10,622
10,803
9,215
Under $100 million
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
Table C.— ACTIVE CORPORATION RETURNS: RECEIPTS, DEDUCTIONS, TAX, AND
PROFITS.
Total conipiled receipts.,
Business receipts.
Other receipts. . . .
Total compiled deductions.
Cost of sales and operations.
Other deductions
CoiEpiled net profltJ.
Income tax
Compiled net profit less income tax
^Includes net profits of $.-4 billion for 1959-60 and $.1 billion for 1958-59 re-
ported en Forms 1120-S, returns of small business corporations. These corporations
are taxed through shareholders and their profits are not subject to corporation
income tax.
Chart 3.-BUSINESS RECEIPTS, BY INDUSTRIAL DIVISIONS, 1959-60
Finance, insurance 4 reai estate
Publ ic uti I i ties
1 I Services 2
I Minin.
2.7J
Construction
Agriculture .^%
BUSINESS RECEIPTS $772,915,000,000
able business deductions, showed an increase of
from $38,523,000,000 for 1958-59 to $^6,797,000,000
for 1959-60, this total, too, fell short of both
the $^7,4-78,000,000 reported for 1955-56 and also
the $4-6,885,000,000 reported for 1956-57.
The number of returns , total assets , total re-
ceipts, and net income, classified by size of total
assets for 1959-60 and 1958-59, are compared in
table A. Table B shows a comparison of business
receipts and net income for large and small manufac-
turing and nonmanufacturing corporations. A summary
showing the relationships existing among receipts,
deductions, net profit, and income tax liability
for 1959-60 and 1958-59 is presented in table C.
Chart 3 shows a distribution of corporate business
receipts by industrial divisions.
The extent to which corporations improved their
position for 1959-60 is indicated by the statistics
for returns with net income and for those without
net income. There were 671,000 returns with net
income, almost 10 percent more than in 1958-59. Net
income reported on these returns set a record at
$51,651,000,000, about $8,162,000,000 more than in
1958-59. Returns without net income increased too,
by 6.4 percent, to 404,000. The deficit reported
on these returns declined relatively little, from
$4,967,000,000 in 1958- 59 to $4,854,000,000. Chart 4
shows the relative amounts of these totals, net
income and net deficit, which were reported on
Chart 4. -PERCENTAGE DISTRIBUTION OF NET INCOME AND DEFICIT,
BY INDUSTRIAL DIVISIONS 1959-60
(All industrial
divisions=IOO?^)
Agriculture and other .1/t>
Construction 1.6^-
Mining 2.2J -
Publ ic utilities-
Finance, insurance,
and real estate *
=i
1
12.6;
—
13.9%
Manufacturing
7. I-;
10 . 3J
7.5-;
Iti 0"
i.1%
m
Y — 1
hET INCOME
$51. SSI, 000, 000
NET DEFICIT
$4.8511,000,000
Table D . —CORPORATION RETURNS: NUMBER, NET INCOME OR DEFICIT, INCOME
SUBJECT TO TAX, AND TAX
Accounting periods ended —
Increase or
decrease (-)
J-teiD
July 1959-
June 1960
July 1958-
June 1959
Number or
amount
Percent
(1)
(2)
(3)
(<•)
1,119,835
1,074,120
71, 140
45,715
670,581
46,037
51,651,374
51,046,076
605, 298
'47,648,078
537,252
'22,524,687
403,539
25,103
4,854,107
209,999
1,032,632
990,381
43,945
42, 251
611, 131
25,203
43,489,773
43,201,908
287,865
'39,277,551
511,760
'18, 814, 304
379, 250
18, 742
4, 966, 904
198, 975
87,203
83,739
27, 195
3,464
59,450
20, 8X
3,161,601
7,844,168
317,433
(')
25,492
'3,710,383
24,289
6,361
-112,797
11,024
8.5
Active corporations:
Returns with net income:
9 7
Net income, total thous. dol. .
Forms 1120, -L, -M... thous, dol..
18.8
18.2
110.3
(')
5.0
'19.7
6.4
33.9
-2.3
5.5
Income subject to tax.
Forms 1120, -L, -m'... thous. dol..
Income tax:
Returns without net income;
^Income subject to tax and income tax include amounts reported on returns without net
income by insurance companies and mutiial savings banks having life insurance deparl>-
ments. See description of income subject to tax on pp. 11-14-.
^Amounts for 1959-60 and 1958-59 are not completely comparable because of additions
to income subject to tax resulting from newly effective provisions of the Life Insur-
ance Company Income Tax Act of 1959. See changes in law on pp. 17 and 21. Also, income
subject to tax for 1958-59 does not include mutual insurance company income subject to
special rates, estimated at about $1.2 billion. See description of income subject to
tax on pp. 11-14.
^Amounts for 1959-60 and 1958-59 are not completely comparable because of the in-
crease in the life insurance con^iany tax base for 1959. Also, income tax for 1959-60
includes some 1957 liability of life insurance companies as prescribed by law. See
changes in law on pp. 17 and 21-
and returns without net
industrial division for
returns wi th net inc ome
income, classified in each
1959-60.
Paralleling the increase in net income since
1958-59 as shown on returns with net income, income
subject to tajc, found mostly on these same returns,
rose to $48,253,000,000. Of this amount, $605,000,-
000 was taxable to the shareholders of small busi-
ness corporations for \diich an election was made to
6
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
be taxed at the shareholder level. The remainder,
totaling $^7 , S'+S , 000 , 000 was income subject to the
corporate rates: $^6,360,000,000 subject to the
regular rates (including the capital gain rate),
and $1,288,000,000 subject to the special rates
applied under certain conditions to mutual insurance
company gross income. With the increase in the
corporate tax base, the corporation income tax
liability totaled $22,525,000,000, and was the
largest ever reported.
Table D shows a comparison of the number of cor-
poration returns with and without net income, levels
of net income and deficit, income subject to the
corporation income tax, and the corporate tax
liability for 1959-60 and 1958-59.
GROWTH AND AGE OF CORPORATIONS
The 1959-60 period was the first for which more
than one million active corporation returns were
filed. The total number, including returns of
inactive corporations, was 1,120,000. This was more
than four times the 262,000 returns for 1909, the
first year corporations were taxed on income. More
than two-thirds of the growth in numbers occurred
since the end of World War II. While the increase
in numbers provides a measure of economic growth,
it also reflects changes in law, and may also in-
dicate an increasing preference for the corporate
form of organization by previously unincorporated
businesses.
Tables 15, 16, 2K, and 38 for 1959-60 present new
statistics classified by the year of incorporation
reported by corporations in answer to a question on
the tax return. The number of incorporations over
a period of time is not an indicator of the number
of existing corporations. Some corporations are
formed for single ventures and disappear after
completion of the venture. Other types of liquida-
tion as well as mergers account for most of the
other differences between the number of incorpora-
tions in a particular period and the nvimber of
these corporations existing at the end of the
period. The relationship between the number of
incorporations and the number of existing corpora-
tions when based on tax return data is also affected
by the consolidated return filing privilege whereby
a parent corporation may file a single return for
all of the corporations in the affiliated group.
For 194<i—'+5, there were 4-12,000 active corporation
returns. In sharp contrast to the 662,000 increase
in the number for 1959-60 over 194A-45, was the
number of returns for 1959-60 which showed a date
of incorporation after 19'>A. Incorporations during
the period 1945-46 through 1959-60 were reported on
more than 818,000 of the 1,074,000 active corpora-
tion returns for 1959-60. Based on the date of
incorporation as indicated on returns for 1959-60,
only about 230,000 of the 412,000 active corpora-
tions which filed returns for 1944-45 were still
filing. (Some 26,000 returns for 1959-60 did not
show the date of incorporation.)
The number of active businesses incorporated after
1944- accounted for three-fourths of the total num-
ber of returns for 1959-60, but only 19 percent of
the total assets, 34 percent of the total receipts,
and 19 percent of the net income.
Previous studies relating to incorporations may
be used with the 1959-60 statistics. In the statis-
tics for 1954-55, table 23 explored the origins of
newly incorporated businesses. Of the companies
represented in this table as both filing corpora-
tion income tax returns for the first time and
providing complete answers to a question then ap-
pearing on the tax returns concerning previous
business, 67 percent were new businesses, 26 per-
cent were previously unincorporated businesses, and
7 percent were reorganized older corporations.
Year-of-incorporation statistics presented in the
1946-47 statistics, when compared with the 1959-60
statistics in table 15, show that the number of re-
turns filed for 1959-60 with dates of incorporation
1940 through 1944 were 49 percent of the similar
number shown on returns filed for 1946-47, but that
the number of returns filed for 1959-60 with a date
of incorporation prior to 1899 was 92 percent of
the similar number filed for 1946-47. Overall, the
number of 1959-60 returns showing years of incorpo-
ration prior to 1944 was 62 percent of the number
shown on 1946-47 returns.
Subchapter S of chapter 1 which was added to the
Internal Revenue Code by the Technical Amendments
Act of 1958 introduced a new impetus to the growth
in the number of corporate enterprises. The Act
created a new type of corporate tax entity, the
small business corporation, taxed through share-
holders. Its purpose was to provide owners of
generally small businesses with the opportunity to
choose the most beneficial form of legal organization
without undue regard for tax considerations. There
were 44^,000 small business corporation returns for
1958-59 filed under this Act as a result of deci-
sions made late in 1958 by owners of certain
corporations and formerly unincorporated businesses.
For 1959-60, the first full period of operation
under the new law covered by Statistics of Income,
the number had risen to 71,000.
While about 18 percent of the corporation returns,
other than those of electing small business corpo-
rations, showed a year of incorporation after 1957
on their returns for 1959-60, more than 34 percent
of the returns of these small business corporations
showed 1958 or 1959 as the year of incorporation.
These new small business corporations accounted for
about 12 percent of all incorporations after 1957.
Older companies electing to be taxed under the
provisions of subchapter S accounted for only 5
percent of the total incorporations before 1958.
DEPRECIATION
The Internal Revenue Code of 1954 provided for the
use of several methods to compute tax depreciation,
a deduction which amounted to nearly $20,500,000,000
on corporation returns for 1959-60. Table E and
chart 5 show the use made of several methods to com-
pute the depreciation claimed each year from 1954-55
through 1959-60. The straight line method whereby
an equal part of the asset cost is written off for
each year of its useful life and which was used to
compute 89 percent of the depreciation claimed for
1954-55, was used to compute only 58 percent of the
total claimed for 1959-60. The declining balance
and sum of the years-digits methods of accelerating
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
-PERCENTAGE OF THE AMDUNT OF DEPRECIATION CLAIMED, BY
METHOD, 1954-55 THROUGH 1959-60
Depreciation method ( Percent)
Year
Total
straight
line
Declining
balance
Sum of
the years-
dlglto
Other
(1)
(2)
(3)
M
(5)
100
100
100
100
100
100
58
61
70
74
81
89
22
17
16
12
10
5
16
16
11
9
6
2
1957-58
3
1956-57
5
Chart 5. -PERCENTAGE DISTRIBUTION OF DEPRECIATION BY METHOD
1954-55 THROUGH 1959-60
Percent of tota
100
Straight line
Occi ining balanea
(_ J 3u» of the jreara-digit
HH Other
n
957-56
depreciation, authorized specifically by Code section
167, whereby a larger proportion of the asset cost
is written off during the earlier years of its use-
ful life, were used to compute only 7 percent of the
total depreciation claimed for 1954—55, but accounted
for 38 percent of 1959-60 depreciation. The me-
chanics of these two accelerated methods are de-
scribed on page 281 in the tax return filing
instructions .
The percentages shown in table E and chart 5
provide but approximate measures of changes in
practices. For 1954-55, 1955-56, and 1959-60, they
were based on depreciation information reported on
the ma jority of the corporation returns. The 1956-57
and 1958-59 information was based on studies of all
large corporation returns (returns with total assets
of $50,000,000 or more), which accounted for almost
half of the total corporate depreciation reported.
The percentages for 1957-58 were derived from all
corporation income tax returns for that period.
The 1959-60 study was unique in that in addition
to depreciation method information, it provided
information about the type of depreciable assets
used in the various industry groups, the cost of
Table F . —PERCENTAGE DISTRIBUTION OF COST OF DEPRECIABLE PROPERTY AND
OF 1959-60 DEPRECIATION DEDUCTION, BY DEPRECIATION METHOD, BY YEAR OF
ACQUISITION
Depreciation method
COST OF DEPRECIABLE PROPERTY
All methods, total
Straight line
Declining balance
Sum of the years-digits.
Other
1959-60 DEPRECIATION DEDnOTION
All methods, total
Straight line
Declining balance
Sum of the years-digits.
Other
All years
(1)
Year of acquisition
Before
1954
(2)
After
1953
(3)
100
70
100
93
(M
(M
31
21
3
38
34
26
2
^Less than 0.5 percent.
NOTE: Detail may not add to 100 percent because of rounding.
Table G . —DEPRECIABLE PROPERTY ACQUIRED AFTER 1953: PERCENTAGE
DISTRIBUTION OF COST AND OF 1959-60 DEPRECIATION DEDUCTION, BY
DEPRECIATION METHOD, BY SIZE OF TOTAL ASSETS
Depreciation method
COST OF DEPRECIABLE PROPERTY
All methods, total
Straight line
Declining balance
Sum of the years-digits.
Other
1959-60 DEPRECIATION DEDUCTION
All methods, total
Straight line
Declining balance
Sum of the years-digits.
Other
Active
corporation
returns,
total
(1)
Size of total assets
Under
$1,000,000
(2)
$1, 000, 000
under
$25,000,000
(3)
$25,000,000
or more
(4)
(1)
40
32
25
3
32
34
31
3
^Less than 0.5 percent.
NOTE: Detail may not add to 100 percent because of rounding.
depreciable assets acquired prior to 1954- and sub-
sequent to 1953, and the range in the useful life
and average life of these assets. Tables F and G
were derived from data contained in the study.
The study is described more fully on page 258.
Methods used to compute the depreciation deduc-
tion by sole proprietorships and partnerships for
1959-60 are presented in Statistics of Income —
1959-60, U. S. Business Tax Returns.
UNINCORPORATED BUSINESSES ELECTING TO BE
TAXED AS CORPORATIONS
Tables H and I provide a limited amount of infor-
mation about the sole proprietorships and partner-
ships which chose to be taxed as corporations under
provisions of section 1361 of the 1954 Code. Table
J shows that relatively few unincorporated businesses
made the election. The tax returns of businesses
taxed under section 1361 were not used to derive
the data shown in the basic tables in this report.
In order to qualify for the election to be taxed
as a corporation, sole proprietorships and partner-
ships had to be owned by a citizen or resident
individual, or by a domestic partnership consisting
of not more than 50 members. No proprietor or
partner having more than a 10 percent interest in
the profits or capital of such an enterprise could
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table H. —UNINCORPORATED BUSINESSES ELECTING TO BE TAXED AS
CORPORATIONS: NUMBER OF RETURNS, BUSINESS RECEIPTS, NET INCOME
AND TAX, BY INDUSTRIAL DIVISION, AND BY FORM OF ORGANIZATION,
1959-60
Returns with and without
net income
Returns wit
1 net income
Net
Industrial division and
Business
income
Number
of
returns
Business
Net
Income
form of organization
of
receipts
(less
receipts
income
tax
returns
deficit)
(Thoutand
(Thauaand
(Thauaand
(Thooaand
dollar!)
doUara)
dollar*)
dattara)
dollara)
(ij
(2)
(3)
(4)
(5)
(6)
(7)
Industrial divisions.
445
405 146
25 478
322
1
71
393,369
65
81,609
26,974
4
3,220
9,420
1
1,340
2
78
117
84,462
'27
3,154
Wholesale and retail
trade
184
220,412
5,406
127
214,776
5,520
2,321
Finance, insurance,
and real estate
73
17,843
11,049
42
16,302
12,159
3,876
29
79
38,305
60,899
3,567
2,329
15
66
38,095
42,522
3,581
2,490
1,079
803
All other
Returns on i^ich fonr of
organization was
stated, total
383
400,193
25,501
318
391,814
26,653
9,260
Sole proprietorships..
219
230,197
12,678
195
224,597
12,956
4,566
Partnerships
169
169,996
12,823
123
167,217
13,697
4,694
Table I . — UNINCORPORATED BUSINESSES ELECTING TO BE TAXED AS
CORPORATIONS: NUMBER OF RETURNS, BUSINESS RECEIPTS, NET INCOME
AND TAX, BY SIZE OF NET INCOME, 1959-60
Size of net income
Total returns
Returns with net income, total...
Under $10,000
$10,000 under $20,000
$20,000 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 $10,000,000...
Returns without net income, total
'Deficit.
Number of
returns
(1)
Business
receipts
(Thottaand
dollara)
(2)
405,146
393,369
21,316
31,554
109,163
118,315
32,803
7,510
37,838
34,870
11,777
Net
income or
deficit
( Thooaend
dollara)
(3)
2b, ni.
226
1,008
2,420
4,290
1,666
910
7,798
8,656
Income
tax
(Thouaar\d
dollara)
(4)
9,420
9,420
52
295
790
1,822
802
456
2,607
2,596
Table J. —NUMBER OF UNINCORPORATED BUSINESSES FILING CORPORATION
INCOME TAX RETURNS UNDER SECTION 1361, 1955-56 THROUGH 1959-60
Year^
Number of
unincorporated
businesses
445
1957-58
378
223
1956-57
1955-56
229
'The number of returns for 1954-55 is not available.
be an owner having more than a 10 percent interest
in the profits or capital of any other unincorpo-
rated business enterprise taxed as a corporation.
Also, the business had to be one in which capital
was a material income producing factor, or 50 per-
cent or more of its gross income had to consist of
gains, profits, or income derived from trading as
a principal or from buying and selling real property,
stock, securities, or commodities for the account
of others. The election to be taxed as a corpora-
tion could be terminated only by changes in ownership
whereby the interest of the owners who had made the
election decreased to 80 percent or less.
NONEXEMPT CORPORATE COOPERATIVES
In their answers to the questions on the corpora-
tion income tax return, Form 1120, a total of 3, 7^+6
corporations identified themselves as nonexempt
corporate cooperatives: 2,181 as nonexempt farmers'
marketing or purchasing cooperatives, 276 as con-
sumers' cooperatives, and 1,289 as organizations
other than farmers ' or consumers ' cooperatives .
Most corporate cooperatives were designated tax-
exempt under sections 501 and 521 of the Internal
Revenue Code and were called tax-exempt cooperatives.
All other corporate cooperatives were commonly refer-
red to as nonexempt or taxable cooperatives. The
most important difference between these nonexempt
organizations and other cooperatives was that they
were allowed to exclude or deduct patronage divi-
dends paid from their gross income.
Table K. —NONEXEMPT CORPORATE COOPERATIVES, 1959-60
Number of returns
Total assets thousand dollars.
Total compiled receipts do
Business receipts do
All other receipts do
Total compiled deductions do
Cost of sales and operations do
All other deductions do
Net income (less deficit) do
Number of taxable returns
Income subject to tax thousand dollars.
Income tax do
Number or
amount
3,746
2,742,018
3,422,872
3,278,665
144,207
2,911,981
473,994
36, 397
2,100
42,572
17,775
Table L.— NONEXEMPT FARMERS' COOPERATIVES, 1959-60 and 1953-54
Number of returns
Total assets
Total compiled receipts
Business receipts
All other receipts
Total compiled deductions
Cost of sales snd operations
All other deductions
Net income (less deficit)
Income tax
Returns with accounting
periods ended —
July 1959-
June 1960
July 1953-
June 1954
(milion dollara)
1,215.0
2,398.4
2,328.6
69.8
2,034.9
279.9
832.5
2.487.8
2,460.6
27.2
2,227.0
238.7
22.1
9.2
Based on data on these 3,7A-6 returns, table 29
shows information about nonexempt cooperatives,
farmers ' , consumers ' , and others . Table K is a
summary of data shown in table 29 . For farmers '
cooperatives, information was previously published
in Statistics of Income for 1953-54. Table L
presents a comparison of the 1959-60 and 1953-54
statistics .
Nonexempt corporate cooperatives are discussed
further in the Explanation of Terms .
STATUTORY SPECIAL DEDUCTIONS
There were four statutory special deductions that
accounted for most of the difference between net
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
income and the taxable income defined by law. These
deductions were:
Net operating loss carryforward (Code section
172)
Dividends received deduction (Code sections 243
through 246)
Deduction for dividends paid on certain prefer-
red stock of public utilities (Code section
247)
Western Hemisphere trade corporation deduction
(Code section 922).
Because these deductions were not related to cur-
rent-year business expenses, they were not used in
arriving at net income.
Partially tax-exempt interest was denoted as a
special deduction by Code section 242 and was
deducted in computing income subject to normal tax.
But for purposes of this report, such interest was
included in income subject to tax because it was
subject to the 22 percent surtax. Other special
deductions not included in the statistics were
unique to two types of corporations, to life insur-
ance companies under special provisions of the law,
and to regulated investment companies for dividends
paid. Also, any deduction resulting from the carry-
back of net operating losses which occurred after
1959-60 is excluded.
Some special deductions, as explained below, were
available to corporations even though they had no
net income for the current year. In such cases,
the deductions became part of the current-year net
operating loss as defined by the Code. Also, these
deductions could serve to wipe out current-year net
income, and, under certain conditions, could create
a net operating loss for the year. As a result,
the deductions shown by the statistics reveal the
exceptions to the general statement that net income
less statutory special deductions equals income
subject to tax.
The sum of the four deductions included in this
report as statutory special deductions is distrib-
uted in appropriate tables by industry and by size
of total assets. Table 6 shows the amount of each
deduction as well as the amounts of income subject
to tax and partially tax-exempt interest, by indus-
trial divisions. Only the net operating loss de-
duction (for losses carried forward from previous
years) , and the Western Hemisphere trade corpora-
tion deduction have been shown separately in the
Statistics of Income reports of past years. The
estimates should be used with some caution because
of the limitations described below and also because
of certain peculiarities in taxpayer methods of
reporting based on the interrelationship of the net
operating loss deduction and certain other statutory
special deductions.
Net operating loss deduction
A- "net operating loss" for a year could be used
to reduce taxable income over a specified carryback
and carryover period unless fully absorbed before
the end of the period. Such a loss arose when
business deductions used in arriving at net income
exceeded receipts so that the corporation reported
a deficit for the year, and when certain special
nonbusiness deductions from net income actually
were greater than net income. Only two of the
special deductions, those for dividends received
and dividends paid, could either contribute to or
cause a "net operating loss." In order for these
two deductions to contribute to a "net operating
loss," the corporation must have reported a deficit
for the year, in which case, the entire amount of
what otherwise would have been deductions from net
income, was combined with the deficit to produce
the "net operating loss." In order for the deduc-
tions to cause a "net operating loss," they had to
exceed net income and the excess over net income
became the "net operating loss."
Losses first had to be carried back over the
specified carryback period. Such carrybacks ap-
plied to prior-year net income could not be shown
on the current-year tax return and are therefore
not shown in Statistics of Income. Amounts re-
maining after the carryback could be carried for-
ward over a period not exceeding 5 years beyond the
loss year. Losses sustained after 1957 could be
carried back 3 years; losses sustained in 1954
through 1957 could be carried back only 2 years.
The net operating loss deduction shown in this
report was from losses, incurred since 1953-54,
which were in excess of available net income during
the appropriate writeoff periods before 1959-60.
The net operating loss deduction for prior-year
losses carried forward to 1959-60 as shown in the
statistics is, in general, the effective amount for
the year, that is, the amount of prior-year loss
which could be offset against an available amount
of net income for the current year. However, some
corporations failed to report the two special divi-
dend deductions to which they were entitled. Had
they claimed these deductions, they would have
reduced the amount of net income available for off-
setting net operating losses. The amount shown may
therefore be somevdiat greater than the true effec-
tive deduction because of the failure of these
corporations to limit their net operating loss
deduction to net income after the dividends received
and paid deductions .
No deduction for net operating losses was allowed
regulated investment companies taxed under section
852 of the Code, mutual insurance companies taxed
under section 821, and electing small business
corporations taxed through shareholders under section
1372. However, net operating losses of the latter
type of corporation were allocable as deductions to
shareholders under section 1374. But, such losses
could be carried back by shareholders in recomputing
their taxable incomes only to 1958.
Dividends received deduction
A dividends received deduction was allowed most
corporations for dividends from corporations which
were themselves subject to the corporation income
tax. These corporations were domestic corporations
except (1) those operating under provisions of the
China Trade Act of 1922 to stimulate trade with
China (now limited to Taiwan and Hong Kong), (2)
those, under Code section 931, which during the
current tax year as well as the 2 preceding tax years
10
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
derived 80 percent of their gross income from
sources within United States possessions other than
the Virgin Islands, and 50 percent of their gross
income from ti^de or business vfithin such United
States possessions, and (3) those designated tax-
exempt under Code sections 501 and 521 and including
charitable, educational, farmers' cooperatives, and
other nonprofit-seeking organizations. Also, no
deduction was allowed any corporation if the divi-
dends were from stock held for less than a prescribed
number of days, or if the dividends failed to meet
certain other conditions summarized on page 282 in
the tax return filing instructions.
The dividend deduction was also allowed for divi-
dends received from resident foreign corporations
other than foreign personal holding companies, if
such dividends were paid from profits considered
earned in the United States. The foreign corpora-
tion had to engage in trade or business in the
United States for a period of at least 3 years
(unless more recently organized) , and had to earn
at least half of its gross income in the United
States.
The dividends received deduction was, in general,
equal to 85 percent of the dividends received. How-
ever, small business investment companies operating
under the Small Business Investment Act of 1958 were
allowed to deduct 100 percent of the dividends re-
ceived from domestic corporations ( except dividends
on certain public utility stock) . The deduction for
dividends received on this preferred public utility
company stock was, for all eligible corporations,
equal to 62.115 percent of the dividends. The stock
to which this smaller deduction applied is described
below in connection with the deduction for dividends
paid.
No dividends received deduction was allowed to
regulated investment companies or to electing small
business corporations taxed through shareholders .
These two groups of corporations received $4-20,000,-
000 in dividend income during 1959-60.
If the deduction for dividends received was less
than net income, the deduction was restricted and
could not exceed 85 percent of net income minus
partially tax-exempt interest and any Western Hemi-
sphere trade corporation deduction. Thus for these
returns, the dividends received deduction was the
smaller of the amount computed on dividends or of
85 percent of net income as adjusted. This restric-
tion was not applicable to small business investment
companies .
The deduction for dividends received was not
restricted for corporations with deficits or for
corporations for which the deduction exceeded net
income and became part of the corporation's "net
operating loss." This meant that returns classified
for this report as having net income may have had
a "net operating loss," under provisions of the
Internal Revenue Code, which was equal to the excess
of the dividend deduction over net income. For
returns classified as having deficits, the "net
operating loss" was equal to the sum of the deficit
and the dividends received deduction.
The estimates shown for the dividends received
deduction are the sum of amounts actually used in
determining current-year income subject to tax, as
well as of amounts eligible for carryback and carry-
forward treatment. But the estimates shown are
somewhat smaller than the amounts actually available
to corporations. In some cases, corporations with-
out net income failed to report the 85 percent of
dividends received since it could not be used as a
deduction for the current year. Also, corporations
with a net operating loss carryforward which either
equaled or exceeded current-year net income, some-
times reported only this loss deduction, failing to
limit it properly to amounts of net income remaining
after subtraction of the current-year dividends
received deduction.
Dividends paid deduction
The special deduction for dividends paid by pub-
lic utilities shown in this report was that allowed
for dividends on certain preferred stock and paid
from public utility earnings . The amounts shown
were reported on public utility company returns and
on consolidated returns of corporations classified
in other industries but with public utility subsid-
iaries. The deduction was equal to 26.923 percent
of such dividends. However, if the dividends were
greater than taxable income (net income reduced by
partially tax-exempt interest, and the net operating
loss, dividends received, and Western Hemisphere
trade corporation deductions), the deduction could
not exceed 26.923 percent of such taxable income.
As in the case of the dividends received deduction,
the full amount was available to the company if
there were no net income for the year, to be added
to the company's "net operating loss" used in com-
puting the net operating loss deduction for prior
and future years. Also, if 26.923 percent of the
dividends exceeded taxable income as defined above,
this amount was used as the deduction, first, off-
setting any taxable income, and then, creating a
"net operating loss" for the year which was eligible
for deduction purposes during the prescribed carry-
back and carryforward period. The estimates shown
for the deduction include the amounts used in
arriving at current-year income subject to tax as
well as the amounts included in the "net operating
loss" of corporations with no current-year income
subject to tax.
For the purpose of this deduction, public utili-
ties were defined in Code section 247 as corporations
furnishing telephone, electric, gas, or water utili-
ties, £ind with rates established or controlled by a
government regulatory body. The certain preferred
stock was stock issued before October 1, 194-2 (or
deemed to have been so issued) , nonparticipating,
and with cumulative dividends, payable in preference
to dividends on other stock. Further information
on this stock and dividends are outlined in section
247 of the Code.
Dividend payments allowed as deductions to regu-
lated investment companies are not shown in this
report. The return form does not provide a place
for the separate reporting of such amounts and no
attempt was made to obtain this information from
the corporations' own schedules.
Western Hemisphere trade corporation deduction
The Western Hemisphere trade corporation deduction
was available to domestic corporations operating
outside the United States but, except for incidental
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 196 >0
11
purchases, entirely within the Western Hemisphere
including United States possessions. To qualify,
corporations had to earn at least 90 percent of
their gross income from a trade or business and had
to receive 95 percent or more of their gross income
from sources outside the United States. Before the
deduction could be taken, these conditions had to
be met over a 3 year period, including the year of
the deduction. The Western Hemisphere trade corpo-
ration deduction was equal to 26.923 percent of
taxable income (net income minus partially tax-
exempt interest, and the special deductions for net
operating losses, and dividends received and paid).
This deduction could not be taken if the corporation
had a deficit for the year or if net income minus
the dividends received and paid deductions resulted
in a net operating loss .
The deduction was taken on 721 of the 759 Western
Hemisphere trade corporation returns identified for
1959-60. Additional statistics on Western Hemisphere
trade corporation returns are shown in tables 33,
3K, and 35. A discussion of these returns is pre-
sented in the Explanation of Terms section of this
report .
INCOME SUBJECT TO TAX
The Internal Revenue Code of 195<+ provided several
income tax bases for different types of corpora-
tions. These Included: the "taxable income" base
defined by section 63, used by most corporations,
and to which the regular normal tax and surtax
rates of 30 and 22 percents applied; a variation of
this base in combination with net long-term capital
gain when the maximum 25 percent tax on long-term
capital gain was used; the several tajc bases appli-
cable to insurance companies ; and the amounts tax-
able to regulated investment companies. The concept,
income subject to tax, which combines the amounts
of these several income tax bases, was introduced
on a limited and aggregate basis in Statistics of
Income— 1958-59 . Again, for 1959-60, the combined
income subject to tax aggregate is included in
each of the basic tables, but the several component
tax bases are shown in more detail in table 11.
Income subject to tax does not include the net
income of electing small business corporations taxed
through shareholders, since such taxable income was
not subject to the corporate rates. The concept is
a more inclusive one for 1959-60 than for 1958-59
in that it takes into account certain mutual insur-
ance company provisions not taken into consideration
for 1958-59.
Although the tax base for most corporations was
the net income shoxm in this report, minus the
statutory special deductions described above, this
subtraction made with aggregated data from many
returns will not give the income subject to tax
shown in the statistics. There are several reasons.
First, the special dividend deductions shown on a
return with net income may have actually exceeded
net income. The results were that income subject
to tax was reduced to zero, the return with net in-
come became a nontaxable return, and the excess
deductions produced a net operating loss for the
year which was eligible, as a statutory special
deduction, for carryback and carryforward treatment
for other years as previously explained. Therefore,
the aggregate statistics for statutory special de-
ductions include, in addition to those used on
taxable returns with net income in arriving at
income subject to tax, certain amounts reported on
nontaxable returns with net income by particular
corporations whose income subject to tax was zero.
Thus the aggregate statistics for statutory special
deductions include amoxints v^iich actually should
not be used in the subtraction from net income
statistics to arrive at the income -subject to tax
statistics. Second, income subject to tax could
also exceed net income less statutory special de-
ductions in those instances where net long-term
capital gain was used as the only tax base. This
possibility is discussed below under the explana-
tion of the alternative tax base and also in the
explanation of the life insurance and regulated
investment company income tajc bases. Third, regu-
lated investment company and some insurance company
tax bases, described below, were not defined as net
income less statutory special deductions. Finally,
smaller differences between net income less statu-
tory special deductions and income subject to tax
could also have occurred because of reporting
variations by certain corporations and because of
the rounding of amounts to thousands of dollars in
the course of statistical processing.
Regular tax base
The most important part of income subject to tax
was the base used by corporations in general, that
is, by the corporations other than certain insurance
and investment companies and by certain corporations
with net long-term capital gain. This tax base is
defined for this report as net income less special
deductions for (1) net operating losses of prior
years, (2) dividends received, (3) dividends paid
on certain preferred stock of public utilities, and
(4.) Western Hemisphere trade corporations. Each of
these deductions is described under Statutory spe-
cial deductions above. Interest received on certain
United States Government obligations which was sub-
ject only to the surtax rate is included in this
base even though the taxable portion of this
interest was determined by means of statutory spe-
cial deduction from income subject to normal tax.
Had this income been treated in the statistics as a
statutory special deduction instead of including it
in income subject to tax, the regular tax base would
have been the same as the "taxable income" defined
by the Code.
The normal tax of 30 percent was applicable to
this taxable income (excluding interest subject
only to surtax) . The 22 percent surtax rate was
applicable to this taxable income (including the
above partially tax-exempt interest) minus a $25,000
exemption from surtax. If a consolidated return
was filed, an additional 2 percent tax was charged,
with two exceptions, to the entire taxable income.
The additional 2 percent tax was not applicable to
any part of the consolidated taxable income attrib-
utable to regulated public utilities as defined by
Code section 1503, or to Western Hemisphere trade
corporations. Unlike the definition of public util-
ities for purposes of the special deductions previ-
ously explained, section 1503 added regulated trans-
12
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
portation utilities to the definition of public
utilities for purposes of computing tax on consol-
idated returns .
Alternative tax base under section 1201
The 1954- Code provided that net long-term capital
gain (reduced by net short-term capital loss) could
be subject to a maximum tax of 25 percent. Corpo-
rations other than regulated investment companies
and life insurance companies could choose the
lesser of (1) the regular normal tax and surtax on
the entire taxable income, or (2) the alternative
tax, using the 25 percent rate on long-term capital
gain and the regular rates on the balance of taxable
income . The 2 percent additional tax on consolidated
filings described under the regular tax base was
also applicable to consolidated returns with alter-
native tax.
For most corporations, use of the alternative tax
did not affect the amount shown as Income subject
to tax. But occasionally it did. In a situation
where capital gain was larger than net income, or
larger than net income less statutory special de-
ductions and the 25 percent rate on the larger
amoimt of capital gain was less than the 30 percent
rate, or the 30 and 22 percent rates used in
combination on the smaller amount of net income
less statutory special deductions, the income tax
liability was computed on the net long-term capital
gain income and there was no income subject to
normal tax and surtax. In this situation, the only
tax base was long-term capital gain, and this amount
was used, in lieu of the smaller net income less
statutory special deductions, as income subject to
tax.
Life insurance company tax bases
Taxable income of life insurance companies as de-
fined by section 802 of the Code excluded partially
tax-exempt interest but included net long-term
capital gain reduced by net short-term capital loss
and withdrawals from the special policyholders sur-
plus account. Such taxable income constituted the
amount used as income subject to tax for these
corporations. Taxable income of life insurance
companies was not derived from the net income shown
in this report, but was based instead on the lesser
of taxable investment income or gain from opera-
tions. When based on investment income, life in-
surance company taxable income included half the
difference between taxable investment income and
gain from operations .
Taxable investment income and gain from operations
are not shown in this report. Taxable investment
income was, in general, gross taxable income from
investments less costs attributable to investment
income, the deduction for dividends received, and
provisions for insurance reserves and other insur-
ance obligations. Gain from operations included
net investment income plus premiums and other in-
come, less death benefits, operating costs, statutory
special deductions, provisions for insurance re-
serves and other special deductions allowed only to
life insurance companies. Net income shown in the
statistics, was based on gain from operations and
was derived from the tax return by adding back the
statutory special deductions allowed corporations
in general.
The computation of life insurance company taxable
income is shown on lines 1 through ^ on page 289
in the return form facsimile, and is described in
detail in the instructions to the life insurance
company income tax return.
The regular normal tax and surtax rates were im-
posed on life insurance company taxable income.
In addition, beginning in 1959, the 25 percent rate
on long-term capital gain was imposed separately on
capital gains of life insurance companies. While
the combination of rates, regular normal tax and
surtax on income other than long-term capital gains
plus the separate tax on such capital gains, was
thus the same as those used by corporations choosing
the alternative tax computation formula, life in-
surance companies were given no choice as to the
tax computation formula available to them. Also,
the tax on net long-term capital gain was imposed
even though the company had no other taxable in-
come, and even though its tax return showed no net
income as defined above.
Taxable income as defined by the Code also in-
cluded withdrawals beginning 1959 from a special
insurance company policyholders surplus account
which is described under Changes in Law. Since this
account was not required before 1959, the year 1959
was the first for which such withdrawals were in-
cluded in income subject to tax. To temper the
impact of new taxes under the Life Insurance Company
Income Tax Act of 1959, only about a third of the
tax which would have been due on this income at the
30 percent normal tax and 22 percent surtax rates
was included in the income tax.
As was true in the case of long-term capital
gain, it was possible for a return to show income
subject to tax attributable to withdrawals from the
policyholders surplus account even though there was
no other taxable income and even though the return
showed no net income. Because of the additions of
long-term capital gain and withdrawals from the
policyholders surplus account to the life insurance
company income tax base, statistics for income sub-
ject to tax for 1959-60 are not altogether compara-
ble with 1958-59.
Some 1959 returns of life insurance companies
showed some tax attributable to an adjustment to
1957. These adjustments resulted from a changeover
to the accrual method of accounting as called for
by the 1959 Act. By law, the total 1957 tax adjust-
ment had to be included in the 1959 tax liability,
but the income adjustments did not have to be
reported. As a result, the income on which this
1957 tax was recomputed was not included in income
subject to tax for 1959. The presence of a tax
liability attributable to 1957 on returns for 1959
also resulted in certain instances in an income tax
reported on returns without net income.
The life insurance company tax provisions also
accounted for some income subject to tax and tax on
returns of mutual savings banks without net income.
Mutual savings banks maintaining separate life in-
surance departments computed tax separately for
such departments under the insurance company tax
provisions. For Statistics of Income, \ data for
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
13
separate insurance and banking departments were
combined and insurance company income subject to
tax and the income tax were included in the industry-
statistics for mutual savings banks. If the deficit
from one department was greater than the net income
from the other department, or, beginning 1959, if
the deficit from the insurance department exceeded
the net income from the banking department or if
both departments operated at a deficit, but in
either of these instances, the life insurance de-
partment had long-term capital gain or withdrawals
from the policyholders surplus account, the result
was a return without net income, but with income
subject to tax. It was also possible for the only
tax to be 1957 tax as described above, in which
case the result was a return without net income and
without income subject to tax, but with income tax.
Table M summarizes the amounts of income subject
to tax and tax found on returns classified for
Statistics of Income as returns without net income.
For purposes of the basic tables in this report,
such income subject to tax and tax were added to
the statistics for returns with net income.
Table M.— INCOME SUBJECT TO TAX AND INCOME TAX ON
NET INCOME, 1959-60
RETURNS WITHOUT
Type of company
Number of
returns
Income
subject
to tax
Income tax
dollars)
(Thousand
dollara}
(1)
(2)
(3)
181
10,108
418
Life insurance companies filing Form 1120L
156
1,117
323
Mutual insurance companies filing Form 1120M
17
8,967
86
Mutual savings banks with separate life insurance
departments
8
24
9
Mutual insurance company tax bases
Mutual insurance companies were uniquely subject
to a tax on gross income, or if the tax was larger,
to a tax on net investment income. If the tax on
gross income was larger, income subject to tax for
the company was defined as the gross amount of tax-
able income from investments other than capital
gains, and from net premiums, less dividends paid
to policyholders. (Net premiums were premiums in-
cluding assessments and deposits, less return pre-
miums and premiums paid or incurred for reinsurance. )
If the tax on net investment income was larger,
income subject to tax for the company was defined
as net investment income including capital gains,
minus the special deduction for dividends received.
No net operating loss deduction was allowed these
companies. The alternative tax under section 1201
was available to companies computing tax on invest-
ment income, and occasionally the net long-term
capital gain reduced by net short-term capital loss
was the only amount included in income subject to
tax. (See description of the alternative tax base,
above . )
Mutual insurance companies to which these defini-
tions applied were mut.ual companies other than life
or marine, and other than fire insurance companies
issuing perpetual policies. More than half of these
companies had a higher tax on gross income than on
net investment income. Therefore, for more than
half of the companies, gross income was the amount
included in income subject to tax. For the remain-
ing companies, income subject to tax was net invest-
ment income less the dividends received deduction,
or in a very few instances, net long-term capital
gain reduced by net short-term capital loss.
Mutual insurance companies reported only items
of investment income and expense in their tax re-
turn income statement. (Net premiums were reported
in the tax computation schedules, but no related
deductions were available on the tax return.)
Therefore, the net income ysed for Statistics of
Income is the net investment income. Because of
the tax on gross income, retiorns classified as with-
out net income showed both income subject to tax
and income tax.
The tax rates for these companies were, in gen-
eral, 1 percent of gross income, or the regular
normal tax and surtax (or alternative tax) on net
investment income. However, mutual insurance com-
panies with gross income of not more than $75,000
were exempt from taxation under Code section 501
(and are excluded from this report), and certain
modifications and limitations in the tax were ap-
plicable to other mutual insurance companies with
comparatively small incomes. The methods of com-
puting the tax, with the modifications and limita-
tions, are shown on the tax return facsimile on
page 312.
Unlike 1959-60, income subject to tax for mutual
insurance companies as shown in the statistics for
1958-59 included only the tax base of those com-
panies paying the regular or alternative tax. It
did not include the gross income base.
Regulated investment company tax base
Regulated investment companies were treated as
income conduits and were not subject to tax on income
distributable to shareholders. One of the qualifi-
cations for filing an income tax return as a
regulated investment company was that at least 90
percent of income other than long-term capital gain
be distributed. Distributions of income from either
investment income or from capital gains could be
actual, or in the form of consent dividends, that
is, dividends declared but, with the consent of the
stockholders, retained by the company as additional
capital from the stockholders, even though credited
to the stockholders for taxation. Tax was imposed
on long-term capital gain and on other income sepa-
rately and these companies were not allowed the
alternative tax privilege under Code section 1201.
Retained income other than long-term capital gain
was the only income of regulated investment com-
panies included in income subject to tax for purposes
of Statistics of Income. Income subject to tax is
thus defined as net income less net long-term
capital gain reduced by net . short-term capital
loss, and less distributions to shareholders other
than from capital gains. These companies were not
allowed the net operating loss and dividends re-
ceived special deductions as were most other corpo-
rations. Tax was computed on this income at the
regular 30 and 22 percent normal tax and surtax
rates.
14
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
The 2^ percent tax was paid on any net long-term
capital gain (less net short-term capital loss) not
distributed . The small amount of retained gain tax-
able to the company was not included in income sub-
ject to tax . The return form did not provide for
reporting the amount not distributed and no attempt
was made to determine the exact amount from schedules
attached to the return. A tax of $328,000 was paid
on retained investment income of $170,000 and on the
retained net long-term capital gain not tabulated .
Presentation of statistics on income subject to tax
Income subject to tax is shown as a total in each
appropriate table • The several components of the
total are shown in table 11, where net income, income
taxed at normal tax and surtax rates, net long-term
capital gain, income tax, and foreign tax credit are
shown by type of tax liability and by size of income
taxed at normal tax and surtax rates .
Part I of table 11 summarizes the detail from Parts
II-V. Parts II-III are for nonconsolidated and con-
solidated returns for other than life and mutual in-
surance companies. The income subject to tax in Parts
II-III is income taxed at normal tax and surtax rates
and net long-term gain reported by companies using
the alternative tax formula. Data from returns where
long-term gain subject to alternative tax exceeded
net income less statutory special deductions are
shown on the line, Taxable returns, under the heading,
Returns with no income taxed at normal tax and surtax
rates . This line also includes data for regulated
investment companies with retained long-term capital
gain but no other retained income . Returns with net
income but no tax are those with statutory special
deductions in excess of net income and those of regu-
lated investment companies with no retained income .
Part IV is for life insurance companies. The in-
come subject to tax is income taxed at normal tax and
surtax rates and net long-term capital gain taxed at
25 percent . Income subject to normal tax and surtax
includes the total withdrawals from policyholders
surplus accounts . These subtractions are shown sep-
arately as is the two-thirds tax reduction on the
subtractions . Also shown is the increase in tax for
1957 caused by changes to the accrual accounting
method . All this tax was included in the 1959 lia-
bility although it was payable over ten years . Pay-
ments deferred on 1957 tax are shown. A few incon-
sistencies in life insurance company data may be
attributable to unfamiliarity with the new law or
failure to carry all computations to return lines.
Part V is for mutual insurance companies filing
Form 112CM. The income subject to tax is income
taxed at normal tax and surtax rates, net long-term
capital gain on returns with alternative tax, and
gross income taxed under section 821 (a)(2) . Returns
with no income taxed at normal tax and surtax rates
are those showing gross income taxed and those with
net long-term capital gain in excess of net income
less the dividends received deduction which showed
alternative tax.
NEW SIZE CLASSIFICATIONS OF CORPORATION
RETURN DATA
In addition to the classifications by size of
total assets and size of net income, this report
contains two tables in which data are classified by
size of income taxed at normal tax and surtax rates
and by size of business receipts.
Size of income taxed at normal tax and surtax rates
Table 11 adds to the information heretofore avail-
able about the corporation income tax base . Size of
income subject to normal tax and surtax rates was
used to classify data on returns for which the
regular tax computation was used, on returns for
which the alternative tax computation was elected,
on life insurance and regulated investment company
returns which had an excess of net long-term capital
gain subject to the mandatory tax rate of 25 percent,
and on returns of taxable mutual insurance companies
(except life or marine, and except mutual fire in-
surance companies issuing perpetual policies), if
these ins\irance companies used the normal tax and
surtax (or alternative tax) base. This size classi-
fication was not applicable in those instances
where the mutual insurance company tax base was
gross income subject to the special rates. See the
discussion of income subject to tax on pages ll-l^-.
Size of business receipts
Table 5 presents a classification of data by size
of receipts and by Industrial division. For all
divisions except Finance, insurance, and real estate,
the receipts are the gross amounts from sales and
operations, that is, business receipts. For the
Finance, insurance, and real estate division in
which investment income is a large component, total
compiled receipts were used as the basis for classi-
fication. Selected data from corporation returns
were previously classified by size of receipts in
Statistics of Income— 1958-59 , U. S. Business Tax
Returns.
RATIO SIZE CLASSIFICATIONS
In table 21, the number of returns and business
receipts of manufacturing and trade corporations
are shown classified by the corporations' inventory
turnover ratio and by rate of profit on business re-
ceipts. These ratios were computed separately from
the data for each corporation and reveal the range
that is submerged in an average calculated by using
aggregate data for a group of returns. As shown in
table 2, net income for manufacturing corporations
totaled $2-4,985,884,000 for 1959-60, while business
receipts for these same corporations totaled $356,-
972,649,000. The average rate of earnings for these
firms based on these aggregates was 7.0 percent.
But, as shown in table N, only six returns in each
hundred showed a net income to business receipts
ratio near the group average. Table N also shows
the range of the rate of earnings for 19 58-59 and
1957-58.
Net income reflects the income and business
deductions recognized for tax purposes. Inventories
are those shown in the balance sheet. But, the
significance of net income ratios may vary with the
size of the corporation. For example, a low ratio
may not indicate unsatisfactory operating results
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
15
Table N . —MANUFACTURING CORPORATION RETURNS: PERCENTAGE DISTRIBUTION
OF NUMBER OF RETURNS BY SIZE OF NET INCOME ON BUSINESS RECEIPTS RATIo'
Size or ratio; Net income on business receipts
Total. ,
Deficit and zero percent
Greater than zero, under 2 percent.
2 under ^ percent
i, under 6 percent
6 under 8 percent
8 under 10 percent
10 under 15 percent
15 under 25 percent
25 percent or more
Accounting period ended —
July 1959-
June 1960
(1)
July 1958-
June 1959
(2)
July 1957-
June 1958
(3)
100.0
34.3
18.8
14.5
9.3
6.2
4.5
6.3
4.1
2.0
100.0
36.7
22.0
12.5
9.1
5.6
4.1
5.2
3.1
1.7
100.0
36.6
20.7
12.4
8.7
5.8
4.4
6.0
3.8
1.6
Ratios for 1959-60 were derived from the total number of returns; those for 1958-59
and 1957-58 were derived from returns with assets greater than zero.
when shareholders' salaries and wages constitute a
relatively large part of the total deductions
claimed on the income tax return.
PRIOR YEAR NET INCOME
Prior year statistics shown in table 12 relate
net income and deficits of the same corporations
for the three years, 1959-60, 1958-59, and 1957-58.
These statistics were obtained from answers to
questions on the current-year tax return forms about
prior-year net income or deficit. Returns with
amounts shown for both 1958-59 and 1957-58 were
selected for the 3 year comparison of corporate
income .
Of the 1,074,000 returns for 1959-60, almost
73<+,000 reported an amount of income or deficit for
the 2 preceding years. Among the remaining 3U0,-
000 returns, about 2,500 were returns of insurance
companies filing Forms 1120L or 1120M which did not
provide for reporting this information. Also in-
cluded in the nonresponse group were the completely
new corporations filing first-or second-year returns
which were counted among the 196,000 returns show-
ing 1958 or 1959 as the year of incorporation, and
the 76,000 returns with accounting periods of less
than one year.
Returns showing 2 prior years accounted for 90
percent of the total net income reported for 1959-
60 but only 68 percent of the total net deficit.
This undercoverage is explained by the new corpora-
tions (returns showing 1959 or 1958 as the year of
incorporation accounted for about 15 percent of the
total deficit for 1959-60), by insurance companies,
and part-year returns, and by the failure of a few
corporations to respond to the questions on the tax
return.
The prior-year incomes and deficits are as re-
ported by the corporations on their returns for
1959-60, but the amounts shown for the 3 years may
not be altogether comparable. During the period,
some corporations may have acquired or disposed of
a business unit, or may have reported for an ac-
co\mting period of less than 12 months. In some
cases, there may have been a change during this
period from consolidated to nonconsolidated return
filing or vice versa. Some, but not all, corpora-
tions with changes dioring the period apparently
adjusted prior-year incomes and some may not have
answered the questions because of such differences.
"OTHER RECEIPTS" AND "OTHER DEDUCTIONS"
Among the sources of income included in the
statistics for Other receipts in this report are
rents and royalties which were reported in combi-
nation on certain 1959 corporation income tax re-
turns. Form 1120, and which could not be separately
identified from any information provided by the
corporation in attached statements. Although the
tax return called for separate entries for each of
these two income sources, it also allowed for their
summation in a single entry. Nearly 9,000 returns
showed only the sum of the two, the separate entries
for rent and royalty income having been omitted .
Rents and royalties combined, totaling more than
$14-6,000,000, were then allocated to Other receipts
during the course of statistical processing. By way
of contrast, the total amount of Other receipts was
in excess of $6,000,000,000.
Statistics for Other deductions totaled $107,000,-
000,000 for 1959-60. Of this amount, almost $4-7,-
000,000,000 was for salaries and wages reported as
a separate deduction on 633,000 returns. The total
compensation of employees is not shown by this
statistic. Such a total would have to include re-
latively large amounts of salaries and wages de-
ducted as a cost of sales and operations. Although
compensation of off icers was specifically called for
on the tax return form, many corporations chose not
to identify this compensation apart from other
salaries and wages paid. Employee compensation un-
doubtedly was included in certain other specified
deductions, such as repairs and advertising where
the component part attributable to salaries and
wages paid was not identified.
Also added to Other deductions were losses by fire,
storm, or other casualty, or by theft reported on
about 10,000 returns and totaling $106,000,000.
Casualty and theft losses exclude any losses on
capital assets and on real and depreciable property
if such assets were held for more than 6 months and
if any compensation from insurance was received for
such losses. Losses incurred on insured property
were aggregated with income and losses from the sale
or exchange of real and depreciable property held
for more than 6 months, and with gains from the
involuntary conversion of such property and of
capital assets used in the production of income and
held for more than 6 months. Net losses resulting
from this aggregate were included in net losses
from sales other than capital assets which is de-
scribed in the Explanation of Terms.
In addition to the amounts of salaries paid and
uninsured casualty and theft losses specified by
the corporation as separate deductions but included
in the statistics for Other deductions, the amounts
shown as Other deductions include combinations of
bad debt losses with rents paid reported on 4,000
returns and totaling more than $29,000,000, com-
binations of taxes paid with interest paid reported
on over 3,000 returns and totaling nearly $10,000,-
000, and combinations of amortization with depletion
reported on about 2,500 returns and totaling about
$16,000,000. In each case, the corporation failed
to itemize the separate components in the spaces
provided for this purpose on the 1959 Form 1120
return and reported only the sura of the two items.
16
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 0. — ACTIVE CORPORATION RETURNS:
COMBINED AMOUNTS OF RECEIPTS OR DEDUCTIONS; SALARY AND WAGE,
"OTHER DEDUCTIONS," BV INDUSTRIAL DIVISION, 1959-60
AND CASUALTY OR THEFT LOSS COMPONENTS OF
Total number
of active
corporation
returns
Total
compiled
receipts
dollmra)
IteEs in-1-jded in "Other receipts"
Total
compiled
deductions
dollara)
Items included in "Other deductions"
Industrial division
Total
dolUrw)
Rett^fis showing combined
=iTio>jnts of rents end
royalties
other non-
categorized
receipts
(ThouMand
dotUra)
Tots!
(Thouaand
dollara)
Salaries and wages not
included in cost of sales
and operations or in other
specific deductions
Number of
returns
Amount
(ThtMjamd
dolUra)
Number of
returns
Amount
(Thouaand
dollara)
(1)
12)
(31
(4)
(5)
(61
(7)
(81
(91
(10-
1,074,120
816,799,884
6,316,954
8,788
146,326
6,170,628
769,145,288
107,135,900
632,978
46 591 039
15,603
12,920
66,260
156,297
43,195
334,717
109,648
199,624
25,445
318,592
110,005
16,531
3,337,620
10,354,855
32,140,410
363,157,167
62,308,546
256,647,744
125,702,917
120,151,714
10,793,113
65,911,758
22,227,256
214,528
45,512
106,336
260,252
1,552,432
397,926
2,451,851
958,417
1,358,757
134,677
1,142,827
351,588
8,180
(M
(M
202
370
(M
1,206
311
731
(M
5,595
575
(M
(M
(M
1,902
6,715
(M
7,431
2,283
3,648
(')
104,739
20,571
(M
45,136
106,217
258,350
1,545,767
393,513
2,444,420
956,134
1,355,109
133,177
1,033,083
331,017
8,120
3,731,152
9,706,239
31,559,343
338,131,185
55,510,982
251,074,636
123,136,303
117,386,949
10,551,434
57,962,394
21,256,848
211,959
623,638
1,278,465
2,249,586
37,408,455
5,077,960
31,050,973
10,758,144
18,872,817
1,420,012
24,284,593
5,076,694
35,536
6,825
5,321
35,703
105,659
18,539
278,270
35,684
174,666
17,920
123,439
56,700
2,472
238 046
975,029
Transportation, conanunication, electric, gas, and
18 569 450
5,657,121
6 490 341
2,540,833
22,620
Items included in "Other deduiJtions"— Contirmed
Losses by fire, storm,
other casualty, and theft
Returns showing combined amounts of —
Other noncategorized
deductions
Industrial division
Bad debts and rents
paid
Taxes and interest paid
Amortization and
depletion
Number of
returns
Ai&ount
da/J«r«J
Nuinber of
returns
Amount
(Thouaand
dotUra)
Number of
returns
Ainount
(Thoaaand
dollara)
Number of
returns
Amount
(Thaiaand
dollara)
Nuinber of
returns
Amount
dollara)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(IS)
(19)
(20)
10,641
106,426
4,102
29,543
3,210
9,875
2,464
15,828
989,787
60,383,189
259
213
559
1,516
983
4,293
S60
3,090
343
1,486
1,311
(M
3,914
1,756
543
51,199
14,787
18,438
6,593
11,197
643
12,035
3,699
(M
(')
215
552
(M
1,763
492
1,092
179
360
490
(M
(')
(M
1,890
5,110
(')
11,642
1,712
9,263
667
5,794
3,691
(M
(')
(')
(M
297
(M
1,038
218
661
CM
1,123
293
(M
(')
(')
(')
2,101
(')
3,033
885
1,863
(')
3,556
174
(M
(■)
(M
206
421
(')
591
(1)
404
(M
763
292
1
CM
(M
485
3,493
(M
765
(M
468
(M
1,832
7,347
1=)
14,128
11,397
62,423
151,403
39,653
326,407
106,029
196,424
23,954
274,272
102,629
~,47C
381,123
952,307
1,271,261
21,308,443
3,667,132
12,447,645
5,091,643
6,749,368
606,634
17,770,932
2,520,950
62,846
Transportation, communication, electric, gas and
Wholesale and retail trade
Retail trade
Nature of business not allocable
'Sampling ■ ariability of this estimate is too large to warrant shoving senarately. However, the data are included in totals.
^Less than $500.
Other deductions also includes an additional
$60,000,000,000 which was reported on nearly all of
the returns for the 1959-60 period. Representative
other deductions as well as items treated as "other
deductions" are listed in the Explanation of Terms.
These facts are summarized in table 0. Table 17
presents separate statistics for salaries and wages
paid and not included in the cost of sales or opera-
tions or in other specified deductions by major in-
dustrial group.
"OTHER CURRENT ASSETS" AND "OTHER CURRENT
LIABILATIES"
The balance sheet on the 1959 income tax returns
provided two new accounts which improved the sta-
tistics for current assets and current liabilities:
Other current assets and Other current liabilities .
Previously, only selected accounts on the balance
sheet could be regarded as current or noncurrent.
Assets and liabilities, either current or noncurrent,
whose identification was not specifically called
for, were grouped together in Other assets and Other
liabilities.
With the two new accounts. Notes and accounts
receivable and Accounts payable became chiefly trade
accounts, that is, accounts arising from sales or
services to customers and business purchases, on
credit, during the ordinary course of trade or
business. Nontrade accounts, such as capital stock
subscriptions, loans to or from off icers, employees,
and stockholders, were generally included in Other
current assets and Other current liabilities. Also
included in Other current assets was Prepaid ex-
penses and supplies, a separate asset account in
prior years, as well as some of the assets previ-
ously included in Other investments and Other assets.
Also included in Other liabilities was Accrued ex-
penses, formerly shown separately, and certain
liabilities previously Included in Other liabilities.
Corporations with accounting periods ended July
through November 1959 generally filed on 1958 cor-
poration income tax returns, and the balance sheets
on these returns did not provide lines for Other
current assets or Other current liabilities. How-
ever, it was possible, especially in the case of
returns of large corporations with these earlier
accounting periods, to allocate certain assets and
liabilities to the new accounts on the basis of
information provided in supporting schedules to the
tax return.
RETURNS WITH ZERO ASSETS
Returns with zero assets have been added as a
category used in classifying returns by size of
total assets. Included in this new category were
(1) returns of liquidating or dissolving corpora-
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
17
tions which had disposed of all assets and liabili-
ties and filed final income tax returns, (2) returns
of merging corporations whose assets and liabilities
were included in the returns of the acquiring
corporations, and (3) returns of resident foreign
corporations (corporations incorporated abroad but
doing business in the United States) other than
foreign insurance company returns with balance sheet
information for United States branches.
Balance sheet information was estimated for all
other returns. Asset and liability estimates for
returns of corporations which failed to provide
this information were based on schedules in the tax
return other than the balance sheet, and relation-
ships between income statement and balance sheet
items on returns in the Statistics of Income sample
of returns which had both statements and which were
classified in the same industrial subgroup.
There were 56,351 returns with zero assets for
1959-60, of which 20,544 were returns with net in-
come. By way of contrast, there were 62,746 returns
with assets zero or not reported in 1958-59, of
which 24,385 showed net income. The statistics for
1959-60 and 1958-59 are not altogether comparable
because of the estimating procedures applied to the
nonresponse group for 1959-60. The resulting elimi-
nation of the nonresponse group makes it possible
to drop the distinction formerly made between re-
turns with assets zero or not reported and returns
with assets greater than zero, and between returns
without balance sheets and returns with balance
sheets, classifications used prior to 1959-60. In
addition, it makes it possible to discontinue the
separate tables restricted only to income statement
statistics.
FREQUENCY WITH WHICH CORPORATIONS USE
BALANCE SHEET AND INCOME STATEMENT
COMPONENT ACCOUNTS
Tables 46 and 47 show the number of returns that
had dollar amounts reported for 1958-59 income
statement items and balance sheet accounts, clas-
sified by major industrial group (table 46), and by
size of total assets (table 47). Similar statistics
were included in the Source Book of Statistics of
Income for 1958-59 for 217 industrial subgroups
classified by size of total assets. (The Source
Book is described on pages 255-258.) Out of 990,000
active corporation returns, 46,000 showed dividends
received from domestic corporations, while 14,000
showed depletion and 821,000 showed depreciation.
Also, 118,000 returns showed distributions to stock-
holders in cash and assets other than in the com-
pany's own stock.
Frequency information not only describes corporate
practices in using accounts on the tax return thus
providing a degree of perspective with which to
evaluate the amount associated with a frequency, but
also offers a rough indication of the relative sam-
pling variability to associate with balance sheet
and income statement amounts. Items that occur
rarely on returns with total assets less than
$1,000,000 may be characterized by a comparatively
large sampling variability. In making this associa-
tion, the text descriptions of the sample and
limitations of the data which appear in this and in
the 1958-59 reports should be consulted.
INDUSTRIAL CLASSIFICATION
The system of industrial classification used for
this report conforms closely to the 1957 edition of
the Standard Industrial Classification issued by the
Office of Statistical Standards, Bureau of the Bud-
get, Executive Office of the President. By combining
appropriate groups, the Standard Industrial Classi-
fication, developed to classify separate establish-
ments, has been applied to a legal entity or owner-
ship basis for Statistics of Income. Groups, de-
fined in accord with the Standard Industrial Classi-
fication, were combined so as to take account of
special provisions of the Internal Revenue Code.
Regulated investment companies and life and mutual
insurance companies, for example, are among the 217
groups for which data are provided in the Statistics
of Income tables.
Though there have been no changes in the system
of industrial classification since 1958-59, year-
to-year changes in the industrial classification of
specific corporations result from mergers, or other
alterations in corporation activity, organization,
and from the privilege of filing consolidated
returns .
Returns were classified into industrial groups on
the basis of the business activity of the corpora-
tion which accounted for the largest percent of
total receipts. Even though a corporation had
numerous kinds of activities, all of the data from
its return were included in a single industrial
group. In terms of the amount of depreciable assets
used in various activities, table P provides some
indication of the diversification inactivity within
the industrial groupings used in this report. Though
table P statistics were derived from a special sur-
vey and not based directly on data in the income
tax returns used in the Statistics of Income sample,
these two data sources were tied together for sta-
tistical purposes. Since the corporations included
in the special survey were among the largest in
their respective industries, they probably account
for much of the diversification present within in-
dustry groups. Not every corporation surveyed
found it practical to provide information about all
its diversified operations so that there is greater
diversification within group activity than table P
indicates .
CHANGES IN LAW
Life Insurance Companies
While most of the provisions of the Life Insurance
Company Income Tax Act of 1959 were retroactive to
the 1958 income tax returns of life insurance com-
panies, a few provisions of the Act did not become
effective until January 1, 1959.
The principal change which was effective for 1958
related to the reporting and taxation of operating
income from premiums and any other sources except
capital gains. Previously, life insurance companies
had been taxed orJ.y on their investment income.
Similarly, while only investment income expenses
had been deductible prior to 1958, beginning with
1958, deductions were revised to include benefit
payments, insurance losses, and other ordinary
business expenses. Provisions pertaining to reserve
and other special needs were also revised to place
18
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
bp S a V
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CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
19
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CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
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CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
21
the determination of each company's deductions on
the basis of its own needs and experience.
Provisions of the law which were not effective
iintil 1959 included' (1) the reporting and taxation
of capital gains, (2) the taxation of withdrawals
from untaxed underwriting income set aside by stock
life insurance companies under section 815 of the
Internal Revenue Code, (3) a partial exemption from
tax of income from pension plan reserves, and {U)
any tax adjustment for 1957 resulting from the re-
quired changeover to the accrual method of account-
ing.
A summary of life insurance company statistics
for the 3 years, 1957, 1958, and 1959, is shown in
table Q. The statistics for 1957 were based on
provisions of law in effect for 1955 through 1957.
Table Q.— LIFE INSURANCE COMPANY ASSETS, RECEIPTS, DEDUCTIONS, INCONE
SUBJECT TO TAX, TAX, PROFIT. AND DISTRIBUTIONS TO STOCKHOLDERS , 1959 ,
1958, AND 1957
Accounting period ended December—
Number of returns with and without net income.
Total assets
Total compiled receipts
Business receipts
Net short-term capital gain reduced by net long-
term capital loss
Net long-term capital gain reduced by net short-
term capital loss
All other receipts
Total compiled deductions
Cost of sales and operations
Other regularly itemized deductions, other than
costs or other deductions
Other deductions (including special life insux-
ance company deductions for 1958 and 1959)
Compiled net profit (less net loss)^
Net income (less deficit)^
Income subject to tax, total
Withdrawals from policyholders surplus account.
Income tax, total
Current-year liability
1957 tax adjustment (net)
Compiled net profit less income tax
Diatributions to stockholders:
Cash and assets other than own stock
(1)
1,676
(2)
1,473
(3)
1,466
23,509.4
18,474.0
0.9
1.7
5,032.8
22,352.6
10,369.0
685.6
11,298.0
1,156.8
1,036.3
991.5
29.6
555.9
501.9
54.0
148.1
107,828.2
21,392.3
16,861.0
4,531.3
20,331.6
9,591.3
500.8
10,239.5
1,060.7
967.6
880.3
455.3
103.5
102,701.5
3,955.1
(M
(')
3,955.1
392.5
3,562.6
3,431.0
'527.8
3,268.2
106.1
^Capital gains for 1957 were excluded by law from gross investment income (shown
as total compiled receipts) . However, some capital gains attributable to nonlife
insurance reserves were taxable and were included in income subject to tax for 1957 .
Capital gains were completely nontaxable in 1958 and were excluded from 1958 data .
^For 1959 and 1958 derived from gain or loss from operations fl/(er special deduc-
tions applicable only to life insurance companies. For 1957, derived from net invest-
ment income betore all special deductions.
For 1959, life insurance companies reported about
$2,600,000 in net capital gains. Of this total,
about $1,700,000 was net long-term capital gain re-
duced by net short-term capital loss. All such gain
was taxable and at the 25 percent rate, although
life insurance companies were not allowed the alter-
native tax privilege. While the 259 life insurance
companies reporting this long-term gain could thus
be taxed in the same manner as corporations using
the alternative tax formula, this method was manda-
tory for life insurance companies and not elective
as in the case of most other corporations. About
$900,000 in net short-term capital gain reduced by
net long-term capital loss was also reported and
taxed at the regular rates. None of these gains
was reported or taxed for 1958, but a small portion
of the gains for 1955, 1956, and 1957 was taxable
under provisions of previous law. As a result of
the reporting and taxation of capital gains, sta-
tistics for life insurance company income reflect
increases to the extent of these gains, and corre-
spondingly, the tax liability is increased to the
extent of the tax on these gains.
The income tax liability of life insurance com-
panies included tax based on withdrawals from a
"policyholders surplus account," the creation of
which was prescribed for stock life insurance com-
panies under section 815, added to the Code by the
1959 Act. This account was set up to receive
certain underwriting income earned after 1958 and
not taxed in the year earned. As described in
sections 802 and 815 of the Code, these earnings
became taxable upon their withdrawal from the ac-
count. By law, the tax on amounts withdrawn and
distributed to stockholders was reduced by two-
thirds for 1959. Reductions of tax by only one-
third are prescribed for 1960. Tax will be reduced
not at all for 1961, so that for 1961, all with-
drawals from this account will be fully taxed. The
policyholders surplus account was not required for
1958. That part of 1958 underwriting income which
might otherwise have been set aside in this account
was tax-exempt and was not includible in the policy-
holders surplus account.
The tax on withdrawals, computed at the regular
normal tax and surtax rates, was considered to be
part of the total withdrawals for the year. How-
ever, amounts withdrawn in excess of distributions
to stockholders, such as for the tax on withdrawals,
were not eligible for the special tax reductions for
1959 and 1960. The two- thirds reduction in tax on
amounts withdrawn and distributed during 1959 was
reported onl64 taxable returns and totaled $10,000,-
000; the withdrawals from the policyholders surplus
account for the year were reported on 183 taxable
returns and totaled $29,600,000.
The third change involved an exemption from tax
of income from pension plan reserves which reduced
the amount of "taxable investment income" as de-
scribed in Code sections 804- and 805. The effect
of this change was to reduce income subject to tax
if taxable investment income rather than gain from
operations constituted the tax base as described
above in the explanation of income subject to tax.
As in the ease of withdrawals from the policyholders
surplus account, this provision was transitional,
applicable to only one-third of the companies ' in-
come from pension plan reserves in 1959, two-thirds
in 1960, and fully effective in 1961.
The fourth effective change related to any tax
adjustment for 1957 authorized by section 818(e) of
the Code. This adjustment resulted from a conversion
to the accrual method of accounting by companies
not previously employing this method. Such a con-
version was required under Code section 818(a). A
changeover was made by 364 life insurance companies .
In almost all cases, the changeover resulted in an
increase in 1957 tax. The net increase in 1957 tax
totaled $54,000,000 and was reported as part of tax
liability for 1959. But payments of this 1957 tax
could be spread over a 10-year period and 251 life
insurance companies chose to pay $4-8,300,000 in
future years .
Foreign Tax Credit
The tax credit allowed a domestic corporation for
income, war-profits, and excess profits taxes paid
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
or accrued (or deemed to have been paid under cer-
tain conditions specified in Code section 902) to
foreign countries or United States possessions
could be limited to an amount less than the actual
foreign tax paid or accrued based on the relation-
ship between foreign taxable income and total tax-
able income, computed on a per country basis. Under
section 904- of the Internal Revenue Code of 195<+, the
credit for foreign taxes paid, accrued, or deemed
paid to any foreign country or United States posses-
sion could not exceed an amount which was computed by
multiplying the total United States Federal income
tax before credit by the rate obtained by dividing
the taxable income from the foreign country or
United States possession by the total taxable in-
come from all sources. However, taxable income from
the foreign country or United States possession
could not exceed total taxable income for purposes
of this computation.
However, section 90'+(c), added to the Internal
Revenue Code by the Technical Amendments Act of
1958, provided for a carryback and carryforward of
that portion of foreign taxes paid or accrued \»tiich
could not be used in the current-year's credit by
reason of the per country limitation. Under this
provision, the excess amount of foreign taxes paid
or accrued for tax years beginning after December
31, 1957, could be carried back until used, first,
to the 2 preceding years (but not to tax years begin-
ning before January 1, 1958), and then carried for-
ward to the 5 succeeding tax years. However, amounts
carried back or carried forward could be used in
any of these years only to the extent that the taxes
paid or accrued to the foreign country or United
States possession were less than the current-year's
per country limitation on the foreign tax credit.
Small Business Investment Companies
The Small Business Investment Act of 1958 author-
ized the formation of a special type of investment
corporation, the small business investment company,
as a means of providing equity capital and long-term
debt capital for small business concerns. In order
to operate under the Act, the small business invest-
ment company first had to be approved by the Small
Business Administration. The law specified that the
investment companies had to be privately owned, had
to have at least ten shareholders, and had to have
a paid-in capital and surplus of at least $300,000
which could be obtained in several ways. At least
$150,000 had to be obtained from private sources
through the issuance of common stock, while a loan
of not more than $150,000 could be obtained from
the Small Business Administration through the sale
to the Administration of debenture bonds subordinated
to all other liabilities of the investment corpora-
tion except capital stock. In addition, the small
business investment company could obtain additional
loans from the Small Business Administration, but
not in excess of 50 percent of the company's total
paid-in capital and surplus, as well as from private
sources.
The small business investment company was author-
ized to make loans to small business concerns and
also, in the case of incorporated small businesses,
to provide debt capital by purchase of debenture
bonds convertible to common stock. In return, the
incorporated small business concern was required to
purchase stock in the small business investment
company amounting to between 2 and 5 percent of the
debenture bonds sold to the investment company. But
the investment company's total investment in any
small business concern, either through equity capital
or outstanding loans, could not exceed 20 percent
of the small business investment company's paid-in
capital and surplus .
Special tax treatment of small business investment
companies was prescribed in provisions added to the
Internal Revenue Code by the Small Business Tax
Revision Act of 1958 through the Technical Amend-
ments Act of 1958. Losses sustained on the convert-
ible debenture bonds, including stock received under
the conversion privilege, acquired in connection
with the supplying of long-term equity type capital
to incorporated small businesses (including losses
because of worthlessness and losses from sales or
exchanges of the debenture bonds) were fully deduct-
ible as ordinary losses in the year incurred under
section 1242 of the Code. Security losses were
generally deductible as capital, losses which could
be offset only to the extent of capital gains over
a 6-year period. The investment companies were
allowed a special deduction from net income in
arriving at income subject to tax under Code section
243(b) for 100 percent rather than the usual 85 per-
cent of the dividends received from taxable domestic
corporations. Code section 54-2(c) provided that
small business investment companies were not subject
to the personal holding company tax unless any of
their shareholders also held at least a 5 percent
interest in a small business concern receiving loans
from the investment company. Finally, under sections
124-2 and 1243, shareholders in small business invest-
ment companies were allowed an ordinary loss deduc-
tion rather than a capital loss allowance on losses
arising from the worthlessness or from the sale or
exchange of their investment company stock.
Provisions of the law, effective for tax years
beginning after September 2, 1958, are reflected in
the statistics for returns with accounting periods
ended, in general, September 1959 through June 1960,
accovmting periods covered by this report. Data
from 95 returns identified as having been filed by
small business investment companies are included in
the industrial subgroup statistics in table 1 for
Other holding and investment companies, and in the
major industrial group statistics in other tables
for Holding and other investment companies.
Other Changes in Law
Other changes in law which affect the statistics
in this report include the method of enumerating
husband and wife shareholders of electing small
business corporations taxed at the shareholder level,
and the percent of estimated tax payable upon filing
a declaration of estimated tax.
Previous to the issuance of tax regulations for
small business corporations filing under Code section
1372, husband and wife shareholders were, in general,
counted separately in determining the ten shareholder
limit prescribed for these companies by law. Effec-
tive with tax years beginning after December 31,
1959, husband and wife were regarded, as a rule, as
one single shareholder.
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
23
Under transitional provisions of Code section
61.5A-, the amount of estimated tax payable on decla-
ration of such estimated tax, was increased from
40 to 50 percent of the estimated liability, effec-
tive with tax years ended on or after December 31,
1959.
These changes in law are discussed fiirther in the
Explanation of Terms under the Number of shareholders
of small business corporations, and under Payments
on declaration of estimated tax.
POPULATION OF CORPORATIONS FOR THE
PERIOD COVERED
There were 1,120,000 corporation retioms for 1959-
60, of which 46,000 were returns of inactive corpo-
rations; there were 1,074,000 returns of active
corporations of which 998,000 were full-year returns
and 76,000 were part-year returns. Part-year returns
reflected reorganizations, liquidations, and changes
in accounting periods . Full-year returns comprised
499,000 returns with calendar- year accounting periods
ended December 31, 1959, and about the same number
of returns with noncalendar-year accounting periods
ended July 31 throiogh November 30, 1959, and January
31 through June 30, 1960.
The number of corporation returns for the period
covered differs from the total number of non-
government corporations in existence in 1959-60 for
several reasons. The Internal Revenue Code per-
mitted affiliated groups of corporations to file a
single return showing the combined financial data
for the group. As shown in table R, there were
14,951 subsidiary corporations reported on 4,060
consolidated retiorns of domestic corporations for
the 1959-60 period, as compared with 13,656 sub-
sidiary corporations reported on some 3,719 con-
solidated returns for the 1958-59 period.
Also, nonprofit organizations designated xax-
exempt under section 501 of the Code were excluded
from the population of corporations used for this
report. Among them were charitable, educational,
religious, scientific, and literary organizations,
as well as certain mutual and cooperative societies.
However, some of these corporations were partially
taxable and, under special conditions, at the
corporate rates. Educational and charitable orga-
nizations were taxed on the income derived from
business activities which were not substantially
related to the purpose constituting the basis for
their exempt status.
Table R.
-NUMBER OF CONSOLIDATED RETURNS AND SUBSIDIARIES,
BY INDUSTRIAL DIVISION
Industrial division
All industrial divisions
Agriculture, forestry, and fisheries. .
Mining
Construction
Manufacturing
Transportation, conuDUnication, elec-
tric, gas, and sanitary services
Wholesale and retail trade
Finance, insurance, and real estate...
Services
Nature of business not allocable
Number of consolidated
returns with accounting
periods ended —
July 1959-
June 1960
(1)
4,060
23
165
139
1,040
370
947
937
429
10
July 1958-
June 1959
(2)
3,719
21
209
135
1,001
336
629
Number of subsidiaries
with accounting periods
ended —
July 1959-
June 1960
(3)
14,951
71
578
306
3,696
1,959
2,983
3,111
2,232
15
July 1958-
June 1959
(4)
13,656
69
601
307
3,509
1,862
2,888
2,559
1,852
9
Cooperatives were included in the population only
if they were nonexempt. Thus, public utility types
such as rural electrification cooperatives were omit-
ted since they were tax-exempt under section 501.
Farmers' cooperatives designated tax-exempt under
section 521 were also omitted even though they were
taxed at the corporate rates on earnings not dis-
tributed to patrons.
Exempt organizations, even though partially tax-
able under certain conditions, did not file on cor-
poration income tax returns. On the other hand,
some other mutual societies such as mutual savings
banks and savings and loan associations were taxable
on corporation income tcix returns in a manner simi-
lar to corporations, but they were allowed to de-
duct interest paid to depositors and reserves for
future losses, while mutual insurance companies
other than life or marine, and other than mutual
fire insurance companies issuing perpetual policies,
were taxable only if their gross incomes exceeded
$75,000.
Regulated investment company returns were included
in the population. These companies were treated as
conduits of income if they met certain specified
requirements and were taxable as corporations only
on their undistributed earnings. Electing small
business corporations were also included even though
by law, they were not taxed as corporations and were
taxed instead through their individual (or fiduci-
ary) shareholders at the individual (or fiduciary)
income tax rates.
The term corporation as defined by the Internal
Revenue Code, included associations, joint stock
companies, and insurance companies. Even thoiogh
many of these companies were not legally organized
as corporations, they were taxed as corporations on
corporation income tax returns and were included in
the population of corporations used for this report.
These companies have many of the characteristics of
the corporate form, such as continuity of life, cen-
tralization of management apart from ownership,
transferability of interests, and limited liability
of owners. On the other hand, sole proprietorships
and partnerships for which an election was made to
be taxed as corporations, do not generally possess
these characteristics, and although they were taxed
on corporation income tax returns, they were excluded
from the population.
In general, this report covers corporate business
activities in the United States as reported on
returns of domestic and resident foreign corpora-
tions. However, domestic corporations, that is,
corporations organized within the United States,
could report certain income from foreign sources,
such as dividends remitted from foreign subsidiaries .
Also, a United States corporation, operating abroad
through a branch, reported all of its income from
such foreign branches. With regard to resident
foreign corporations, that is, corporations incor-
porated abroad but engaged in trade or business in
the United States, they reported only the income
from United States sources. Nonresident foreign
corporations, that is, corporations incorporated
abroad and not engaged in trade or business in the
United States, were taxable on investment income
from United States sources, but information relating
to them was not included in Statistics of Income.
24
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Both domestic and resident foreign corporations,
unless expressly exempt, were required to file
corporation income tax returns. By law, a corpora-
tion in existence at any time during the year, was
required to file a return regardless of the size of
its income. However, certain mutual insurance com-
panies as previously noted, filed only if their
gross income exceeded $75,000. This report, summa-
rizing corporate financial activities for 1959-60,
is derived from returns with accounting periods
ended July 1959 through June 1960. Income tax law
required that returns be filed for the annual ac-
counting period customarily used by the corporation
in keeping its books, and that in general, the
accounting period close at the end of the month.
Corporations tend to choose annual accounting periods
that best fit their business needs and an increas-
ing number file noncalendar year returns. A ret\arn
was due on or before the 15th day of the 3rd month
following the close of the corporate accounting
period. For corporations with accounting periods
coinciding with the calendar year 1959 (including,
by law, all insurance companies), a return was due
on or before March 15, 1960. However, about half
of the total number of corporations indicated non-
calendar year accounting periods. The filing date
for returns with the earliest accounting period
covered by this report, was on or before October 15,
1959. Returns were due for corporations with the
most recent accounting period covered, by September
15, 1960. However, many corporations were granted
extensions of time in which to file, so that the
last included returns for this report were not filed
until 1961.
Thus, returns from which statistics were derived
for this report include calendar year returns with
accounting periods ended December 1959 and non-
calendar year returns with accounting periods ended
July through November 1959 and January through
June 1960. Although representative of the period
1959-60, a span of some 23 months existed between
the beginning of the first included accounting
period on August 1, 1958, and the end of the last
included accounting period on June 30, 1960. Thus^
business receipts is the sum of the business receipts
for some corporations for the 12 months ended July
1959, plus the business receipts for corporations
with other accounting periods and as a result, in-
cludes some receipts for each of 23 different months.
Also, balance sheet items, such as end-of-year in-
ventories and depreciable assets, are combinations
of data representative not only of the position of
many corporations at December 31, 1959, but of some
companies at July 31, 1959, and of other companies
11 months later, at June 30, 1960.
DESCRIPTION OF SAMPLE AND LIMITATIONS
OF DATA
Description of Sample
Sources of data
Statistical information in this report was esti-
mated from a sample of unaudited corporation income
tax returns and small business corporation infor-
mation returns of income filed in the district
offices of the Internal Revenue Service and with the
Office of International Operations in the National
Office. The sample reflected the activities of the
total number of domestic and resident foreign corpo-
rations filing returns with accounting periods ended
July 1959 through June 1960. The total number of
returns filed was estimated to be 1,120,000. This
total represented returns. Form 1120 (U. S. Corpo-
ration Income Tax Return), Form 1120L (U. S. Life
Insurance Company Income Tax Return), Form 1120M
(U. S. Mutual Insurance Company Income Tax Return),
as well as Form 1120-S (U. S. Small Business Corpo-
ration Return of Income).
The sample was drawn to represent the total number
of returns with accounting periods ended July 1959
through June 1960, regardless of when these returns
were filed. Prior-year delinquent returns were in-
cluded for the purpose of estimating data for
current-year returns filed after the cutoff date
for this report. It was felt that the characteristics
of returns due but not yet received for the 1959-60
income year could be represented best by the previous-
year delinquent returns which were received during
the current-year filing period. The numbe r of prior-
year delinquent retiorns filed during this period was
40,000.
About 46,000 returns of inactive corporations were
counted among the total number of returns filed,
but no data were tabulated from them. Not counted
in the total were tentative returns, amended retvirns
not associated with the original return, returns
in the Form 990 series filed by organizations desig-
nated tax-exempt and the 445 returns of unincorporated
businesses electing to be taxed as corporations .
Sample selection
Returns were stratified by type of return, by
size, and by the 61 district offices and the Office
of International Operations in Washington, D. C.
Stratification by size was based chiefly on size of
total assets. Returns filed during 1960 and 1961
were so stratified and accounted for 90 percent of
the 163,000 return sample.
The remaining 10 percent of the sample, consisting
of returns filed late in 1959 by corporations with
accounting periods ended, for the most part, July
through September 1959, was stratified by size
according to the reported volume of business. Vol-
ume of business, that is, size of gross sales, gross
receipts, or total income, had been used as the
basis for size stratification in the sampling of
returns for 1958-59. In changing over to the asset-
size stratification for 1959-60, returns filed in
1959 were allocated to sample classes based on size
of gross sales, gross receipts, or total income.
It was felt that such an allocation would have coin-
cided with an allocation by size of total assets
for a significant number of these returns in most
industries.
The sample rates for each sample class were de-
termined so as to achieve approximate optimum allo-
cation of the sample with respect to total assets
reported. The sample design was adapted to fit the
regular return sorting and grouping procedures
employed by district offices to facilitate the
processing of returns for revenue collection and
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
26
audit purposes. Uniform methods of grouping returns
by type of return and by size of total assets were
prescribed for each office.
Within each of the groups^ returns were assigned
consecutive account numbers and the sample was
selected systematically by withdrawing from the
various groups all returns with designated account
numbers. For sampling purposes, these groups were
combined into sample classes which can be identified
as follows:
I. Forms 1120, 1120L, and 1120M:
Sample class A. — Returns with net income or
deficit of $1,000,000 or more, or total assets of
$10,000,000 or more.
Sample class B All of the following spe-
cial types of returns which were not included in
sample class A: consolidated returns, returns with
personal holding company schedules attached, life
and mutual insurance company returns, retiorns of
unincorporated business electing to be taxed as cor-
porations, and returns with overpayment of tax. In
addition, other returns with net income or deficit
under $1,000,000 and total assets of $1,000,000
under $10,000,000.
Sample class C. — Returns other than the spe-
cial return types described under sample class B,
with total assets of $100,000 under $1,000,000 in
the case of ciarrent-year returns, and with total
assets either under $1,000,000 or not reported in
the case of prior-year delinquent returns.
Sample class D. — Current-year returns other
than the special return types described under sample
class B, with total reported assets greater than
zero but less than $100,000.
Sample classes E and F. — Current-year returns
other than the special return types described under
sample class B, which showed assets zero or not re-
ported. After sampling in accordance with prescribed
sampling rates, returns were separated into class E
(active corporation returns) and class F (inactive
corporation retiirns). In order to provide estimates
of assets for returns of active corporations whose
assets were not reported, returns in sample class E
were then given special treatment.
II. Form 1120-S:
Sample class G Returns with net income or
deficit of $1,000,000 or more, or total assets of
$10,000,000 or more.
Sample class H. — Current-year returns with
net income or deficit under $1,000,000 and total
assets of $1,000,000 under $10,000,000, and all
prior-year delinquent returns not included in sample
class G.
Sample class I Current-year returns with
total assets less than $1,000,000, or with total
assets zero or not reported. The few returns with
total assets zero or not reported were separated
into two groups, one for active corporation returns,
and the other for inactive corporation returns, and
the active corporation returns were then given spe-
cial treatment in order to provide estimates of the
unreported assets and liabilities.
For each of these classes, the number of returns
filed by corporations, the number of returns in the
sample, and the prescribed and achieved sampling
rates are shown in table S. Returns of unincorpo-
Table S.— NUMBER OF CORPORATION RETURNS FILED, NUMBER OF RETURNS IN
SAMPLE, AND THE PRESCRIBED AND ACHIEVED SAMPLING RATES BY SAMPLE
CLASSES, 1959-60
[Active and inactive corporation returns J
Sample class ^
Number of returns^
Sampling rates
Filed
In sample
Prescribed
Achieved
(1)
(2)
(3)
(4)
^1,119,700
162,953
1,0<;8,271
11,054
75,961
367,788
546,032
32,702
14,734
71,429
8
1,736
69,685
154,577
11,054
75,961
36,898
26,028
1,806
2,830
8,376
8
1,736
6,632
1.0000
1.0000
0.1000
0.0500
0.2000
0.2000
1.0000
1.0000
0.1000
1.0000
0.1921
1.0000
I
0.0952
Size of total assets was the predominant criterion of size. However, there are in-
cluded in the above classes, about 122,000 returns filed represented by 16,000 sample
returns which were allocated to sample Glasses on the basis of gross sales, gross re-
ceipts, or total income. See text description of sample selection.
^Returns of unincorporated businesses taxed as corporations under Code section 1361
are excluded .
^There is a slight disparity between the total number of returns in this table and
the rounded estijnate of 1,119,335 in table D.
*See text description of sample classes E and F.
rated businesses taxed as corporations under Code
section 1361 were excluded from the table.
Differences between prescribed and achieved sam-
pling rates occurred for the following reasons.
Returns were ordinarily assembled and numbered in
the district offices in packs of 100 within each of
the return processing groups used for revenue col-
lection and audit purposes, and were sampled ac-
cording to designated account numbers within each
hundred. However, to facilitate field processing,
some packs were closed with less than 100 returns.
Therefore the prescribed rates, based on packs of
100 rexurns, were not always achieved. Also, some
returns with account numbers designated for the
sample were unacceptable as in the case of tentative
returns, or unavailable. Unavailable returns of
large corporations were later obtained through a
field followup of name cases prior to the cutoff
date for this report.
Method of estimation
The total number of returns filed was determined
from counts made and submitted by the district
offices and the Office of International Operations
in Washington, D.C. The adequacy of response by
sample class was reviewedby applying the prescribed
sample rates to the number of returns filed and
comparing this expected sample size with the number
of sample returns actually received from each office.
National estimates for the total number of returns
filed were determined by multiplying the sample
data by weights obtained by dividing the number of
returns filed within a sample class in all offices
by the total number of sample returns received in
that class for all offices and then summarizing the
data for all classes.
The quality of the statistics presented in tables
18 and 19 for internal revenue districts and regions
vras improved for 1959-60 by the use of weighting
factors for the district estimates which were dif-
ferent from those used for the national estimates.
Achieved sampling rates varied sufficiently among
the districts to warrant the adoption of two sepa-
rate sets of weights. The weights for the national
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
estimates were derived from the total number .of re-
turns filed chroughout the United States and the
former Territories of Alaska and Hawaii for each of
the return processing groups used for revenue col-
lection and audit purposes based on counts received
from each district office. Based on these same
counts, the second set of weights was derived for
the first time for the number of returns filed in
each separate district. As a result of using the
two sets of weights, the sums of the district esti-
mates show slight differences from the estimates
based on the national weights.
Table T— ACTIVE CORPORATION RETURNS:
RELATIVE SAMPLING VARIABILITY AT THE 95 PERCENT LEVEL OF ESTIMATED NUMBER OF RETURNS,
BY MAJOR INDUSTRIAL GROUP, 1959-60
Industrial group
Active corporation returns
Total returns
Relative
sampling
variability
Small business corporation
returns. Form 1120-S
Relative
sampling
variability
All industrial groups.
Agriculture, forestry, and fisheries, total.
Mining, total.
Metal mining
Bituminous coal a^.t ""ignite mining
Crude petroleum and nai, iral gas
Mining and quarry.'ng of I'onroetallic minerals, and anthracite mining.
Construction.
Manufacturing, total.
Beverage industries .,.
Food and kindred product:^
Tobacco manufactures
Textile mill products
Apparel and other finished producir made from fab^-ics and similar materials.
Lumber and wood products, except furniiuxe >.
Furniture and fixtures ,..■
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum refining and related industries
Rubber and miscellaneous plastics products
Leather and leather products '.
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, (including ordnance), except machinery and transportation equipment.
Machinery, except electrical and transportation equipment
Electrical machinery, equipment, and supplies
Transportation equipment, except motor vehicles
Motor vehicles and motor vehicle equipment
Professional, scientific, and controlling instruments; photographic and optical goods; watches and clocks.
Other manufacturing industries
Transportation, communication, electric, gas, and sanitary services, total.
Transportation
Communication
Electric and gas companies and systems....
Water supply and other sanitary services.
Wholesale and retail trade, total.
Wholesale trade , total
Groceries and related products
Electrical goods, hardware, and plumbing and heating equipment and supplies.
Other wholesalers
Retail trade, total
Food
General merchandise
^parel and accessories.
Furniture, home furnishings.
and equipment
Automotive dealers and gasoline service stations.
Eating and drinking places
Building materials, hardware, and farm equipment.
Other retail stores
Wholesale and retail trade not allocable
Finance, insurance, and real estate, total
Banking
Credit agencies other than banks
Holding and other investment companies
Security and commodity brokers, dealers, exchanges, and services..
Insurance carriers
Insurance agents, brokers, and service
Real estate, except lessors of real property other than buildings.
Lessors of real property, except buildings
Services, total
Hotels, rooming houses, camps, and other lodging places
Personal services
Business services
Automobile repair, services, and garages, and other repair services.
Motion pictures ,
Amusement and recreation services, except motion pictures
Other services
Nature of business not allocable.
(1)
1,074,120
15,603
66,260
156,297
(2)
1,099
22.96
1,961
17.29
6,673
8.95
3,187
12.40
2,941
11.93
15, 530
5.40
204
37.21
5,706
8.60
16,287
5.81
7,963
7.83
5,332
9.45
3,236
11.12
18, 706
5.57
8,226
7.93
823
21.08
3,932
11.51
2,711
12.48
6,384
8.03
3,655
10.00
14,690
5.63
16,275
5.57
6,593
8.43
2,076
15.10
1,292
18.88
2,730
13.72
10,000
7.45
43, 195
3.63
32,454
4.30
5,894
10.06
1,U2
16.47
3,735
13.21
334, 717
1.09
109,643
2.08
12,870
6.30
11,613
6.47
35,165
2.40
199,624
1.55
U,009
6.49
13,153
6.52
24,138
4.93
20,099
5.36
35,681
3.80
23,826
4.31
21,435
5.00
42,233
3.76
25,445
4.35
313, 592
1.13
15,182
2.59
45, 505
3.30
10,350
7.10
2,848
13.96
3,904
5.46
15,931
6.45
216,331
8,541
1 1.47
U0,005
2.30
11,890
7.01
20,109
5.66
29, 122
4.74
17,463
6.16
6,712
9.60
11,890
7.36
12,819
7.27
(3)
71, UO
16,531
6.39
13
141
434
244
11,849
242
933
11
379
1,805
620
475
233
1.699
455
23
258
324
520
210
1,092
917
421
136
45
173
818
2,510
1,363
378
55
2U
31,616
9,182
1,274
1,010
6,898
20,310
1,367
1,100
2,475
2,295
3,580
2,450
2,328
4,715
2,124
7,480
99
617
13
109
34
1,504
5,070
34
3,652
910
2,183
1,978
1,352
444
930
855
579
(4)
i')
15.65
21.20
)
51.80
29.55
39.00
(=)
38.25
19.11
(^)
i')
31.94
14.22
24.04
28.12
38.87
14.71
28.43
)
37.98
34.16
26.74
42.03
18.52
20.07
30.42
51.88
90.91
45.71
21.52
11.99
13.98
31.25
83.33
42.25
2.57
5.92
16.39
18.31
6.96
3.63
16.27
13.27
12.08
12.50
9.38
12.18
12.68
8.72
13.02
6.69
60.00
24.59
(^)
(')
15.74
8.24
6.17
19.96
12.87
13.57
16.81
28.89
19.85
20.90
25.13
^Eaeh estiiwitc includes Form 1120-S, returns of electing small business corporations taxed through shareholders.
^No reliable estimate of the sampling variability is obtainable from the sample. Statistics for these industries are not shown separately, however the data are included in
appropriate totals.
NOTE: The relative sampling variability at the 95 percent level is the sampling variability expressed as a percent of the estimate. The sampling variability when added to and
subtracted from the estimates provides the calculated upper and lower limits within which 95 percent of similarly derived estimates would be expected to fall.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
27
Table U.— ACTIVE CORPORATION RETURNS: RELATIVE SAMPLING VARIABILITY
AT THE 95 PERCENT LEVEL OF SELECTED FREQUENCY ESTIMATES, 1959-601
Total returns of
active corporations
Returns with —
Business receipts
Net long-term capi-
tal gain reduced by
net short-term capi-
tal loss
Amortization
Depreciation
Amounts contributed
under pension plans
Amounts contributed
under other
employee benefit
plans
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
Number
Relative
sampling
varia-
bility
(■Percent;
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
1,074,120
0.13
817,757
0.44
120,229
1.75
161, 845
1.73
876,996
0.38
67, 174
2.03
154, 720
1.53
Agriculture, forestry and fisheries...
Mining
Construction
Manufacturing
Transportation, communication, elec-
tric, gas, and sanitary services
Wholesale and retail trade
Wholesale trade
Retail trade
Wholesale and retail trade not
allocable
Finance, insurance, and real estate...
15,603
12,920
66,260
156,297
43,195
334,717
109,648
199, 624
25,445
318,592
110, 005
16, 531
6.12
6.41
2.91
1.67
3.68
1.09
2.08
1.55
4.85
l.U
2.30
6.89
14,889
11,218
62,215
152,165
41,616
327,976
106,536
196,787
24,653
100,590
101,345
5,743
6.29
6.79
2.99
1.69
3.76
1.11
2.11
1.57
4.91
2.15
2.42
11.79
3,003
2,902
7,770
25, 185
6,440
32, 199
12,708
17, 145
2,346
32,801
9,443
485
12.45
11.65
7.43
3.47
8.03
3.46
5.24
4.98
13.04
3.61
7.36
39.38
2,568
2,361
11,115
22, 658
6,266
47,137
16,035
27,440
3,663
49, 316
18,719
1,705
14.72
14.74
7.21
4.60
9.30
3.43
5.79
4.61
12.86
3.33
5.75
20.41
13,918
10,647
55, 507
143, 245
38, 670
293,423
90, 180
183, 282
19, 962
226, 505
91,050
4,031
6.39
6.75
3.11
1.72
3.83
1.18
2.23
1.62
5.28
1.39
2.50
13.37
314
722
4,688
20,494
4,035
19, 740
9,619
8,716
1,406
13,050
4,043
88
29.62
15.93
9.26
3.34
9.24
4.21
5.47
7.03
15.22
3.82
10.46
70.45
982
1,734
15, 465
44,144
0,095
52,976
17, 705
32, 187
3,084
17,061
13,104
153
21.79
13.55
5.60
2.83
7.18
2.78
4.57
3.73
11.74
4.23
Nature of business not allocable
66.67
^Each estimate includes Form 1120-S retijrns of electing small business corporations taxed through shareholders. See also table V below.
NOTE: The relative sampling variability at the 95 percent level is the sampling variability expressed as e percent of the estimate. The sampling variability when added to and
subtracted from the estimate provides the calculated upper and lower limits within which 95 percent of similarly deri^ed estimates would be expected to fall.
Table V . —SMALL BUSINESS CORPORATION RETURNS, FORM 1120-
S: RELATIVE SAMPLING VARIABILITY
1959-60
AT THE 95 PERCENT LEVEL
OF SELECTED FREQUENCY ESTIMATES,
Total returns of
active corporations
Returns with —
Industrial group
Business receipts
Net long-term
capital gain reduced
by net short-term
capital loss
Amortization
Depreciation
Amounts contributed
under pension plans
Amounts contributed
under other
employee benefit
plans
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bilty
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
Number
Relative
sampling
varia-
bility
(Percent)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
71, 140
0.19
65, 395
0.69
7,270
6.73
13,927
4.65
63, 610
0.80
2,741
11.20
14, 295
4.54
Agriculture, forestry and fisheries. . .
Mining
1,485
832
6,137
11, 849
2,510
31,616
9,162
20, 310
2,124
7,480
8,652
579
15.65
21.20
7.51
5.14
11.99
2.57
5.92
3.63
13.02
6.69
6.17
25.13
1,391
747
5,921
11, 631
2,459
31, 245
9,024
20, 104
2,117
3,147
8,449
405
16.25
22.22
7.60
5.18
12.12
2.59
5.97
3.65
13.08
10.68
6.25
30.37
293
177
627
1,419
437
2,924
972
1,731
221
813
555
21
34.90
45.20
24.24
15.36
23.83
10.88
19.03
14.33
40.72
21.28
25.77
(M
324
157
1,366
1,952
629
5,725
1,805
3,439
431
1,844
1,825
106
33.95
47.77
16.40
13.63
24.32
7.74
14.13
• 10.09
29.23
14.05
14.08
59.43
1,349
756
5,714
11, 167
2,374
29,522
8,319
19, 311
1,892
4,577
7,853
298
16.46
22.09
7.75
5.30
12.34
2.72
6.25
3.75
13.85
8.74
6.52
35.57
11
416
841
188
906
445
394
67
87
282
11
(')
29.33
20.57
44.15
19.43
27.42
29.95
73.13
65.52
36.17
(')
■119
33
1,905
3,666
786
5,762
1,317
3,536
410
453
1,490
32
55.46
63.36
13.75
9.77
21.63
7.62
13.37
9.93
30.00
28.26
15.64
(')
Transportation, communication, elec-
tric, gas, and sanitary services
Wholesale and retail trade not
Finance, insurance, and real estate...
Nature of business not allocable
No reliable estimate of relative sampling variability obtainable.
NOTE: The relative sampling variability at the 95 percent level is the sampling variability expressed as a percent of -the estimate. The sampling variability when added to and
subtracted from the estimate provides the calculated upper and lower limits within which 95 percent of similarly derived estimates would be expected to fall.
Limitations of Data
Sampling variability
The relative sampling variability is the sampling
variability expressed as a percent of the estimate.
The sampling variability can be obtained by apply-
ing the percent to the estimate. The relative
sampling variability at the 95 percent level when
applied to an estimate, provides the sampling
variability which, when added to and subtracted
from the estimate, gives the computed upper and
lower limits within which 19 out of 20 estimates
derived from similarly selected samples would be
expected to fall.
The relative sampling variabilities for selected
frequency estimates are shown in tables T, U, V,
and W. Table W shows, for estimates of the number
of returns, a conservative range in percent that
would not be exceeded in 19 out of 20 estimates
prepared from similarly selected samples. The first
three columns apply to tables in this report in
which returns are classified by size of total
assets. The fourth column applies to all of the
other tables in this volume. Thus, for example,
if 25,000 was the number of returns with total
assets of $100,000 under $250,000, the relative
sampling variability would be expected to be less
than 4 percent. As another example, if 2,500 was
the number of returns with any particular charac-
teristic as shown in a table in which data were
not classified by size of total assets, then the
relative sampling variability would be expected to
be less than 17.9 percent. This second example is,
as might be expected, slightly higher than the
relative sampling variability for the number of
returns with one specific characteristic. For ex-
ample, it is higher than the relative sampling
variability of 14.72 percent for the estimated
2,568 returns with amortization in the industrial
division, Agriculture, forestry, and fisheries as
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
Table W.— ACTIVE CORPORATION RETURNS: RELATIVE SAMPLING
VARIABILITY AT THE 95 PERCENT LEVEL OF THE ESTIMATED
NUMBER OF RETURNS, 1959-60
Estimated number of returns
200
300
400
500
600
700
800
1,000...,
1,200...,
1,400...,
1,600...,
1,800
2,000...,
2,500...,
3,000...,
4,000...,
5,000...,
7,000...,
10,000..,
15,000..
25,000. .
35,000..
50,000..
75,000..
100,000.
150,000.
200,000.
250,000.
500,000.
Tables showing classification by
asset size
Returns with total assets —
Under
$100,000
(1)
$100,000
under
$1,000,000
(2)
$1,000,000
or more
(3)
Tables not
showing
classifi-
cation
by asset
size
i^)
52
36
45
32
40
28
36.5
25.8
33.8
23.9
31.6
22.4
28.3
20.0
25.8
18.2
23.9
16.9
22.4
15.8
21.1
14.9
20.0
14.1
17.9
12.6
16.3
11.5
14.1
10.0
12.6
8.9
10.7
7.6
8.9
6.3
7.3
5.2
5.7
4.0
4.8
3.4
4.0
2.8
3.3
2.3
2.8
2.0
2.3
1.6
2.0
1.4
1.8
1.3
1.3
.9
63
52
45
40
36.5
33.8
31.6
28.3
25.8
23.9
22.4
21.1
20.0
17.9
16.3
lA.l
12.6
10.7
4.0
3.3
2.8
2.3
2.0
1.8
1.3
NOTE: An approximate upper limit formula was used to compute the relative sampling
variability estimates shown in this table. Therefore, the relative sampling varia-
bility estimates are higher than those which would have been obtained by using the
more exact general formula. The disparity is generally less for tables showing
classification by size of total assets than for other tables.
shown in table U. Generally, the first three
columns in table W provide closer estimates of the
relative sampling variability than does the last
column.
In many instances the relative sampling varia-
bility of a frequency estimate may be larger than
(and therefore, represent a conservative estimate
of) the relative sampling variability of the related
money estimate. This may arise when the large cor-
poration returns (sample classes A, B, G, and H)
which are sampled at a 100 percent rate, account for
a larger part of a total amount estimate but for a
smaller part of the related total number of returns
estimate.
Data have been deleted from the tables where the
actual sampling variability was judged to be ex-
cessive. Where such a deletion has been made, the
applicable tables have been appropriately footnoted.
Other sampling limitations
Returns selected for the sample represented about
14- percent of the total number of returns filed.
Therefore, the absence of statistics for items
presented in the tables and indicated by means of
a dash may be interpreted in either of two ways .
Either there were no returns with the particular
characteristic in the total population, or because
of their rarity, there were no returns in the sam-
ple with the characteristic.
Response and other nonsampling limitations
In processing returns for collection purposes in
the district offices and, later, in processing the
sample of returns for statistical purposes, several
steps were taken to reduce taxpayer reporting errors
and other errors introduced in data processing
operations . A large proportion of the returns were
mathematically verified, but not audited, in the
district offices before they were made available
for sample selection. Any corrections resulting
from mathematical verification of the coi^orations'
entries are reflected in the statistics published.
In transcribing and tabulating the information
from the sampled returns, additional checks were
imposed to improve the quality of the resulting
estimates. Returns which showed data in accompany-
ing schedules, but not on appropriate return lines,
and returns with obvious errors, were edited and
properly transcribed. Mechanical transcribing was
verified by the process of repeat card punching,
and, prior to tabulating, numerous tests for con-
sistency were applied, using an electronic computer,
to assure that the proper balance and relationship
between return items and statistical classifications
were maintained.
An extensive system of sample management and con-
trol was used to insure the selection of the pre-
scribed sample and prevent inaccuracies in esti-
mating the number of returns filed. Sample controls
were maintained on a district basis by the most de-
tailed sampling groups . In addition, a name control
file (for internal use only) containing a historical
record of tax return information for taxpayers in
sample classes A and G provided a further check on
the completeness of the sample.
However, the controls maintained over the selec-
tion of the sample returns and the processing of the
source data in the field offices did not completely
eliminate the possibility of error. Also, practical
operating considerations necessitated allowance of
reasonable tolerance in controlling the statistical
processing of the data.
EXPLANATION OF TERMS
These explanations include definitions and limitations based
on income tax law, descriptions and 1 imi tations of classi fica-
tions used, and adjustments made in preparing the statistics.
Accounts and notes payable, shown in table 4,
consists of accounts payable and bonds, notes, and
mortgages payable with maturity of less than 1 year.
Accounts payable , in general related only to trade
accounts, that is, to accounts between the company
and its trade creditors payable within a year and
not represented by notes. The addition to the
balance sheet of the new account, Other current
liabilities, permitted the separation of trade and
nontrade accounts payable. This separation was not
possible on returns with accounting periods ended
before December 1959, so that Accounts payable may
include some nontrade payables . However, in the
case of large corporation returns with these earlier
accounting periods, it was possible to identify
payables which did not arise during the ordinary
course of business based on information supplied in
supporting schedules, and these amounts were then
regarded as Other current liabilities.
Accrued expenses were shown as a separate liabil-
ity account for 1958-59 and for certain previous
periods, and tables 4-6 and 47 show the number of
returns for 1958-59 with an account for accrued
expenses. Accrued expenses comprised such items as
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
29
accrued payrolls, taxes, rent, and other payables^
generally due to be paid within a year.
In general. Accrued expenses for 1959-60 were
shown as a separate account only by corporations
with accounting periods ended July through November
1959 which filed on 1958 income tax return forms .
The expenses shown on these returns were added to
the statistics presented in this report for Other
current liabilities.
Active corporation returns were returns showing
any items of income or deduction. They comprised
the vast majority of returns and were the basis for
all of the financial statistics presented in this
report .
Advertising expenses, paid or incurred, were
deductible if they were ordinary and necessary and
bore a reasonable relation to the business activity
of the corporation. The amount shown in the statis-
tics includes advertising reported as a cost of
sales or of operations, as well as advertising
reported as a business deduction.
Alternative tax under section 1201 of the Internal
Revenue Code was the income tax liability computed
at the alternative rates. It consisted of an elec-
tive tax of 25 percent on net long-term capital
gains reduced by net short-term capital losses,
plus the normal tax and surtax at the regular rates
on the balance of taxable income as defined by the
Code. Alternative tax was used only if it was less
than the regular normal tax and surtax on the entire
taxable income.
Alternative tax did not include the nonelective
25 percent tax on life insurance and regulated in-
vestment company net long-term capital gain reduced
by net short-term capital loss, plus the normal tax
and surtax on the balance of taxable income of these
companies since, under other provisions of the law,
these corporations were not allowed the alternative
tax privilege. However, the formula for computation
of this tax was identical with the alternative tax
computation formula.
To the extent that a return with alternative tax
was filed by an affiliated group of companies, the
statistics also include the additional 2 percent
tax on consolidated filings.
Amortization was the sum of (1) deductions taken
in lieu of depreciation for Government-certified
emergency facilities for the national defense (under
section 168 of the 195<+ Code), and grain storage
facilities (section 169), and (2) the amounts of
deferred expenses written off in 1959-60 for re-
search and experimental expenditures (section 174-),
exploration and development expenditures (sections
615 and 616), organizational expenditures (section
24-8) , and trademark and trade name expenditures
(section 177) . Prior to the enactment of the
Internal Revenue Code of 1954-, amortization under
the 1939 Code pertained only to the writeoff of
emergency and grain storage facilities.
Each type of deduction comprising amortization
was elective. Because of the choice of treating
some amortizable expenditures as fully deductible
current expenses and because of the nature of the
various expenditures being written off, most of the
deduction was attributable to the writeoff of emer-
gency facilities. Section 168 provided for the
amortization of such facilities over a 60-month
period, with the privilege of changing to regular
depreciation at any time. A considerable lapse in
time between certification as an emergency facility
and the beginning of amortization could result from
(1) the time necessary to complete the facility and
(2) an election to begin amortization with the next
full tax year after acquisition or completion of
the facility. Full amortization of some facilities
brought into production in the early part of the
Korean emergency period may be reflected in the
gradual decrease in the total amortization claimed
in recent years.
Since 1951-52, the statistics for amortization in-
clude amounts identified as a cost of sales and
operations as well as amounts reported separately
as a deduction. Previously, the amounts shown for
amortization represented only the separate amounts
reported as an allowable business expense apart
from selling and operating costs. However, on cer-
tain 1959 returns, amortization was combined with
depletion as an ordinary and necessary expense and
could not be separately identified from supporting
schedules. In these instances, the combined total
was transferred to Other deductions. The components
of Other deductions are shown in text table 0.
Arounts contributed under other employee benefit
plans , excluding pension plans within the purview
of section 4-04 of the 1954- Code, consisted of em-
ployer contributions to insurance plans, noninsured
death benefit plans, and health, accident, and other
welfare benefits deductible under section 162. The
statistics for these contributions include any
amount reported as a cost of sales or operations
Amounts contributed under pension plans consisted
of employer contributions deductible under section
4-04- of the Code. Pension plans include pension,
annuity, stock bonus, profit sharing, or other
deferred compensation plans. The statistics for
these contributions also include amounts reported
as a cost of sales or operations .
Amounts taxable as ordinary income to shareholders
of electing small business corporations consisted
of current-year net income (reduced by the excess
of net long-term capital gain over net short-term
capital loss) which was either distributed or
deemed distributed for taxation puirposes. The cap-
ital gain retained its character in the hands of the
shareholders . Ordinary income did not include div-
idend distributions which were eligible for the <+
percent tax credit and $50 exclusion from gross
income because such distributions were not made
from current-year net income.
Amounts taxable as ordinary income were obtained
from the schedule of income and distributions
(Schedule K), Form 1120-S. The quality of the
statistics may not be as high as can be expected
when corporations become more familiar with the
provisions of the law and with this complex schedule
on the return form, new to many of the corporations
using it.
Annual returns, or full-year returns, were returns
representing twelve-month accoimting periods. In-
cluded were calendar year returns ended December
1959 as well as noncalendar year returns with
accounting periods ended during the months July
through November 1959 and January through June I960.
Bad debts occurring during the year or a reason-
able addition to a bad debt reserve could be taken
as a deduction. In the case of mutual savings banks.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
domestic building and loan associations, and coop-
erative banks without capital stock and operated
for mutual purposes without profit, the amount
claimed was deemed reasonable, by law, so long as it
did not exceed the lesser of (1) taxable income
before the bad debt deduction, or (2) the excess of
12 percent of deposits at the end of the year over
the sum of surplus, undivided profits, and reserves
at the beginning of the year. Where a bad debt
deduction was not separated from other deductions
on the 1959 tax return form and could not be sepa-
rately identified in supporting schedules, the
total was included in Other deductions. Bad debt
recoveries were regarded as an income item and
included in Other receipts.
Bonds, notes, and mortgages payable were separated
on the balance sheet according to the length of
time from maturity of the obligations. Length of
time from maturity was based on date of balance
sheet rather than date of issue. Accordingly, long-
term obligations maturing within the coming year
were reportable together with short-term obliga-
tions, as having maturity of less than one year.
The amounts are presented as reported .
Small business corporations taxed through share-
holders were required to report separately, the
bonds, notes, and mortgages payable to banks, small
business investment companies, shareholders, and
others.
Book income or deficit of small business corpora-
tions electing to be taxed through shareholders was
reported as part of the reconciliation of taxable
income by most electing corporations. Differences
between net income as recorded on the corporation's
book of accounts and the amount reported for tax
purposes were attributable to nontaxable income and
expenses either not deductible for tax purposes
(such as insurance premiums paid on the life of any
officer where the corporation was the beneficiary) ,
or not currently deductible for tax purposes (such
as contributions in excess of the 5 percent limita-
tion or the excess of capital losses over capital
gains) . Depreciation and depletion were additional
examples of deductions which could vary for book
accounting and tax accounting purposes .
Business receipts was, in general, the gross oper-
ating receipts of the corporation reduced by the
value of returned goods, rebates and allowances. It
was the sum of gross sales and gross receipts from
operations, formerly shown separately. Cost of sales
and operations are shown as a deduction from Total
compiled receipts.
Business receipts included rents reported as a
principal business income by real estate operators
and by certain types of manufacturing, public util-
ity, and service corporations. These corporations
included manufacturers who frequently rented rather
than sold products, such as tabulating or electronic
equipment, lessors of public utility facilities
such as docks, warehouses, and pipelines, and rental
services such as automobile and clothing rental
agencies.
Receipts reported on certain nonconsolidated re-
turns of financial corporations required special
treatment for statistical purposes . For security
and commodity brokers, dealers, and exchanges, and
real estate subdividers, developers, sind operative
builders, the net profit or loss from sales of secu-
rities or real estate was treated as net gain or loss
from sales of property other than capital assets.
Therefore, the amounts reported for these sales and
their corresponding costs were excluded from the
business receipts and cost of sales and operations
for these industries.
Throughout the Finance division, business receipts
itemized on the return were included in specific
income items such as interest or rents . Rent and
cooperative apartment assessment rent reported by
real estate operators were exceptions. These were
treated as business receipts.
Business receipts to end-of-year inventories ratio-
size information was developed only from returns
classified in manufacturing and trade. This indi-
cates the number of times inventory was turned over
during the accounting period. For example, a ratio
of 1 under 2 indicates that inventories turned over
less than twice but at least once during the
accounting period. Since the inventory base was
the value reported on the balance sheet, the ratio
only approximates the actual physical turnover.
Calendar year returns were returns with full-year
accounting periods ended December 1959.
Capital assets less reserves shown in table 4 was
the sum of the net value of three end-of-year bal-
ance sheet accounts (Depreciable, Depletable, and
Intangible assets less accumulated amortization,
depreciation, and depletion), plus Land. Capital
assets used in this sense differ from capital assets
as defined for tax purposes in Code section 1221
and described below in the explanation of Net capi-
tal gains .
Capital stock, common and preferred, comprised the
issued shares of ownership in the corporation. If
capital stock shown on the balance sheet could not
be identified as common or preferred, it was in-
cluded with common stock.
The Form 1120-S return filed by small business
corporations taxed through shareholders did not re-
quire identification as to type of capital stock.
The entire amount was treated as common stock for
purposes of the summary tables for all types of
returns .
Cash reported as an asset on the end-of-year
balance sheet, included such items as bank deposits,
checks, deposits in or shares of building and loan
associations, savings accounts, and cash in sinking
or other funds.
Compensation of officers of the corporation in-
cluded amounts reported in the income statement of
the return or identified in supporting schedules
for salaries and wages, directors' fees, stock,
bonuses, or bonds paid to officers for personal
services rendered. On many returns, officers' com-
pensation was combined with certain other deductions
and could not be identified.
Compensation paid to shareholders of small busi-
ness corporations electing to be taxed through
shareholders was reported in Schedule K,Form 1120-S.
The amount comprised salaries and wages, and other
pajrments, including director's fees, for services
rendered. Such compensation was not necessarily
equal to the amount deducted for compensation of
officers as part of the company's income statement
for the year.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
31
Compiled net profit or loss before income tax is
shown as the difference between Total compiled re-
ceipts, including wholly tax-exempt interest, and
Total compiled deductions. While net profit takes
tax-exempt interest into account, net income as
used in this report does not, and is defined as the
difference between total taxable receipts and Total
compiled deductions. Total compiled deductions is
the sum of the ordinary and necessary business ex-
penses recognized for tax purposes, plus cost of
sales and operations and net loss from sales of
other than capital assets.
The amount shown for Compiled net profit less in-
come tax is not completely comparable with previous
years. Beginning with 1958-59, it does not reflect
the income tax liability of small business corpora-
tions taxed through shareholders. The profit of
these corporations was included in the income tax
returns of shareholders and the individual (or fi-
duciary) income tax liability based on this profit
was not identifiable.
Consolidated returns were income tax returns
which contained the combined financial data of two
or more corporations meeting the following require-
ments: (1) a common parent corporation owned 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 was limited and
preferred as to dividends) of at least one member
of the group, and (2) these same proportions of stock
of each other member of the group were owned within
the group.
The filing of a consolidated return constituted
an election of group reporting which had to be
followed, with certain exceptions in subsequent
years. By law, the consolidated filing privilege
could be granted to all affiliated domestic corpo-
rations connected through stock ownership with a
common parent corporation except: (1) regulated in-
vestment companies, (2) corporations deriving a large
percentage of their gross income from sources with-
in a United States possession, (3) insurance com-
panies not affiliated with other insurance companies
of the same type and taxed under the same provi-
sions of the law, (4) corporations designated tax-
exempt under Code section 501, and (5) China Trade
Act corporations organized to stimulate trade with
China (now limited to Taiwan and Hong Kong).
A consolidated return, filed by the common parent
company, was 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
comparability of the statistics.
An additional surtax of 2 percent on taxable in-
come computed before deductions of partially tax-
exempt interest, and by excluding taxable income of
regulated public utilities and Western Hemisphere
trade corporations was imposed on affiliated groups
filing consolidated returns.
Contributions or gifts for charitable purposes
were deductible but could not exceed 5 percent of
net income before the deduction. The deduction
included a carryover of excess contributions from
the two preceding years as permitted by section
170 of the 1954 Internal Revenue Code. No contri-
butions or gifts were reported for tax purposes by
mutual insurance companies since by law they re-
ported only investment expenses.
Cost of sales and operations, an offset against
business receipts shown in this report as a deduc-
tion from total receipts, is equivalent to the sum
of cost of goods sold and cost of operations.
Separate totals were shown in prior reports. In-
cluded were such items as costs of materials, labor,
and inventories (beginning-of-year less end-of-
year). Treated as costs were benefit payments and
losses on contracts reported by life insurance com-
panies. Because the income or loss from sales of
securities or real estate by certain financial in-
dustries was transferred from Business receipts as
explained above, and the net profit or loss from
these transactions included in Net gain or loss,
sales other than capital assets, the costs of such
sales were excluded from cost of sales and opera-
tions.
Beginning with the statistics for 1951-52, cost
of sales and operations were reduced by any iden-
tifiable amounts of taxes paid, depreciation, de-
pletion, amortization, advertising, and contributions
under pension plans, and, beginning with 1952-53,
contributions under other employee benefit plans.
For 1950-51, only amortization and pension plan con-
tributions were removed from the cost of sales and
operations. All of these items for the years in-
volved were transferred to their respective deduc-
tion headings
Current assets consisted of short-term assets
convertible to another form generally within a year.
Although inventories are regarded as current assets,
they are shown separately in table 5. Current
assets other than inventories in table 5 comprise
the following: Cash; Investments in Government
obligations; Notes and accounts receivable (less
reserve for bad debts); and Other current assets.
Current liabilities consisted of short-term obli-
gations which were convertible to another form, or
which mature, generally, within a period of one year.
Current liabilities in table 5 is the sum of the
following: Accounts payable; Deposits and with-
drawable shares; Bonds, notes, and mortages paya-
ble with maturity in less than one year; and Other
current liabilities.
Depletable assets represented, in general, the
gross value of mineral property, oil and gas wells,
other natural deposits, standing timber, intangible
development and drilling costs capitalized, and
leases and leaseholds, each subject to depletion.
In some instances, depletable assets may have been
reported as Land, or included in Other investments.
Accumulated depletion represented the cumulative
adjustment to these assets shown on the corpora-
tion's book of accounts.
The value of depletable assets and accumulated
depletion may not be closely related to the current-
year depletion deduction. The balance sheet ac-
counts reflectedbook values; the depletion deduction
reflected the amount claimed for tax purposes.
Depletion allowed for the wastage of natural de-
posits or timber, could 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 could
not, however, exceed 50 percent of the taxable in-
32
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
come from the property, computed without the de-
pletion deduction. Percentage depletion rates for
each type of deposit gre listed in section 613
of the Code and range from 5 to 27-1/2 percent .
Prior to the enactment of the 1954 Code, percentage
depletion had gradually replaced another form of
depletion known as discovery depletion which was
based on the value of the property at the time its
profitability was established. Discovery depletion
was eliminated by the 195-4 statute.
Beginning with the 1951-52 statistics, depletion
included amounts Identified in the cost of sales or
operations schedules, as well as the amounts re-
ported separately as a business deduction. For
1950-51, depletion excluded any amount reported as
an operating or manufacturing cost, such amounts
being included in Cost of sales and operations for
this one time period only. On certain 1959 returns.
Form 1120, corporations failed to itemize the amounts
of depletion deducted, including them instead in a
combined total for depletion and amortization. If
this depletion could not be identified from infor-
mation in supporting schedules, the combined total
was transferred to Other deductions. The components
of Other deductions are shown in table 0.
In relating the current-year depletion deduction
to the balance sheet items, Depletable assets and
accumulated depletion, it should be noted that the
balance sheet reflects amounts reported on the cor-
poration's books, while the depletion deduction is
the amount claimed for tax purposes.
Deposits and withdrawable shares consisted prima-
rily of deposits held by banks and savings institu-
tions. Other taxpayers occasionally used this item
on the return form to report such liabilities as
contingent and contract deposits. The amounts are
shown as reported.
Depreciable assets as reported by the corporation
on the end-of-year balance sheet was, in general,
the gross value for buildings and other fixed de-
preciable assets. Depreciable property was gener-
ally defined as tangible assets, such as plant and
equipment, having a useful life of more than one
year. Included were grain storage facilities and
assets certified as emergency facilities for the
national defense which were eligible for amortiza-
tion. In some instances, the reported amount in-
cluded fully depreciated or fully amortized assets
and assets for which no depreciation deduction was
taken, such as buildings under construction. Accu-
mulated depreciation and amortization represented
the cumulative adjustment to these assets as shown
on the corporation's book of accounts.
For life and mutual insurance carriers filing re-
turns on Forms 1120L or 112CM, 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 included only the
home and branch office buildings and equipment.
Other real estate holdings of these companies were
included in Other investments.
For the industry group. Real estate except les-
sors of real property other than buildings, land
and buildings were included in Other investments,
Depreciable assets, or Land, depending on the method
of reporting used on the tax return.
In relating depreciable assets and accumulated
depreciation and amortization to the current-year
depreciation and amortization deductions, it should
be noted that the balance sheet accounts reflect
amounts reported on the corporation's book of ac-
counts, while the deductions are those claimed for
tax purposes. Also, depreciable assets as noted
above included certain assets subject to amortiza-
tion. The depreciation deduction related only to
the assets which were subject to depreciation in-
cluding certain intangible assets, such as patents,
which were excluded from the depreciable assets
balance sheet account.
Depreciation claimed for tax purposes for the
exhaustion, wear and tear, and obsolescence of busi-
ness property was a composite amount resulting from
application of the straight-line method as well as
certain accelerated methods authorized under the
195<4 Code, such as the declining balance and sum of
the years-digits methods. These methods are de-
scribed in detail in the instructions to the Form
1120 tax return reproduced on page 281. Statistics
on depreciation methods are shown in this report on
page 7. The accelerated methods of depreciation
were applicable, in general, to tangible property
acquired after December 31, 1953. Also included in
the deduction were amo\mts claimed on leasehold
improvements, patents, and copjrrights, as well as
small amounts of additional first-year depreciation
allowable on certain property. Depreciation was
not allowed on inventories, or land apart from the
physical improvements or developments added to it ,
Depreciation statistics since 1951-52 have in-
cluded amounts identified in the cost of sales and
operations schedules as well as amounts reported
separately as a business deduction. Previously,
amounts reported as an operating or manufacturing
cost were omitted from the amounts shown in Sta-
tistics of Income and were included instead, in the
composite amounts shown for cost of goods sold or
cost of operations.
In relating the statistics for depreciation with
those shown for depreciable assets and accumulated
depreciation and amortization, it should be noted
that the balance sheet accounts reflect amounts
recorded on the corporation's book of accounts,
while the deduction is that claimed for tax pur-
poses. Also, depreciable assets include certain
assets subject, as emergency or grain storage
facilities, to amortization rather than to depre-
ciation. The depreciation deduction related only
to the assets actually subject to depreciation
which also included certain intangible assets,
patents or copjn^ights for example, which were not
included in Depreciable assets.
Distributions to stockholders consisted of dis-
tributions of the corporation's own stock, and of
cash and other assets, generally reported as part
of the analysis of earned surplus and undivided
profits shown on the tax return. Distributions of
cash and assets other than in the company's own
stock consisted of the actual distributions of
corporate profits to shareholders. Distributions
of the company's own stock on the other hand, have
the effect cf converting retained earnings into per-
manent capital, or of redividing shares of owner-
ship, and do not usually change the equity of the
shareholder in the corporation.
In the case of regulated investment companies,
distributions to stockholders in other than the
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
33
company's own stock did not include amounts of net
long-term capital gain actually retained by the
company but deemed distributed to shareholders for
taxation. In the case of small business corporations
electing to be taxed through shareholders, distri-
butions to stockholders in other than the company's
own stock did not include amounts of net income
actually retained by the company but deemed distrib-
uted to shareholders for taxation. Distributions
of electing small business corporations were re-
ported in a separate distributions schedule, one
item in which provided for the reporting of non-
dividend distributions. As described in the law,
these nondividend distributions included disburse-
ments of previously taxed income which had been
retained by the company. These small business cor-
poration nondividend distributions were included
in the grand totals of distributions to stockholders
in cash and assets other than in the company's own
stock in the summary tables for all active corpora-
tion returns eind for small business corporation
returns, but were not included in the statements for
the various industry groups or size classes.
Distributions to stockholders exclude liquidating
dividends .
Dividends entitled to credit and exclusion and
paid by electing small business corporations taxed
through shareholders were distributions eligible, in
the hands of the shareholders, for the K percent in-
dividual (or fiduciary) income tax credit under Code
section 34 and the $50 exclusion from individual
(or fiduciary) gross income under Code section 116.
These dividends were paid out of (1) current-year
earnings and profits in excess of taxable income,
such as from the excess of percentage depletion used
for tax purposes over cost depletion used for book
accounting purposes, or from tax-exempt interest,
reduced by deductions not recognized in computing
the corporation's taxable income, but recognized in
computing earnings and profits out of which divi-
dends were paid, (2) earnings and profits in excess
of taxable income for any other year for which the
corporation existed as an electing small business
corporation, and (3) accumulated earnings and prof-
its of the corporation for years prior to its
election to be taxed as a small business corporation.
Dividends entitled to credit and exclusion were
obtained from the schedule of income and distribu-
tions (Schedule K) , Form 1120-S. The quality of
the statistics may not be as high as can be expected
when corporations become more familiar with the
provisions of the law and with this complex schedule
on the return form, new to many of the corporations
using it.
Dividends paid deduction on certain preferred
stock of public utilities is discussed under Statu-
tory special deductions on page 10.
Dividends receivedf rom domestic corporations were
distinguished from dividends received from foreign
corporations whether resident or nonresident. How-
ever, certain domestic corporation distributions
reported on Forms 1120, 1120L, and 1120M were ex-
cluded. Excluded dividends were added to Other
receipts and comprised dividends from special classes
of corporations : companies organized to stimulate
trade with China and known as China Trade Act cor-
porations, corporations deriving a large percent of
their gross income from sources within a United
States possession as described under Code section
931, and charitable, educational, religious, scien-
tific, and literary organizations, and mutual and
cooperative societies including farmers' coopera-
tives, each designated tax-exempt under Code sections
501 or 521. None of the distributions from these
companies was eligible for the special deduction
for dividends received. While the full amount of
dividends was reported in arriving at net income,
dividends received from all other domestic corpo-
rations as well as from certain foreign corporations
whose dividends were deemed earned within the
United States, were reduced, in general, by an 85
percent special deduction from net income in ar-
riving at income subject to tax. The special
deduction is shown in table 6, and is included in
the statistics for Statutory special deductions
described on pages 8-11 and shown in many of the
tables in this volume.
By law, small business corporations taxed through
shareholders could not be even partly owned by
another corporation, so that the statistics for
dividends received from domestic corporations ex-
clude dividends from small business corporations .
The sources of dividends received by electing
small business corporations were not reported on the
Form 1120-S returns and all dividends received
reported on this form were treated as dividends
received from domestic corporations.
Dividends received deduction allowed domestic and
resident foreign corporations for domestic dividends
is discussed under Statutory special deductions on
pages 9-10.
Earned surplus and undivided profits, a capital
accoxmt, consisted of accumulated earnings and prof-
its of the corporation less any reserves. In the
summary tables for all returns, including Form 1120-S
returns of electing small business corporations
taxed through shareholders, the two small business
corporation accounts. Earned surplus and undivided
profits accumulated and Shareholders' undistributed
taxable income, each explained separately below,
were combined and added to the statistics for Earned
surplus and undivided profits. The statistics shown
are net figures after deduction of any deficit
amounts .
Earned surplus and undivided profits accumulated
was a special account on the balance sheet of small
business corporations electing to be taxed through
shareholders. It consisted of corporate accumula-
tions less reserves from years prior to the election
under the 1958 Act, as well as earnings and profits
in excess of taxable income for years subsequent to
the election. Examples of the latter were earnings
and profits resulting from tax-exempt interest and
the excess of percentage depletion used for tax
purposes over cost depletion used for ordinary
book accounting purposes. Distributions from this
account were taxable to shareholders as dividends
eligible for the <4 percent tax credit and the $50
exclusion from gross income.
The statistics shown are net figures after re-
duction by any deficit amounts .
In the summary tables for all returns, including
Form 1120-S returns of electing small business
corporations. Earned surplus and undivided profits
34
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
accumulated, and Shareholders' undistributed taxable
income (accumulated net income previously taxed,
less deficits) were combined and included in the
statistics of Earned surplus and undivided profits.
Excess profits tax as shown in the historical
tables for 1950-51 through 1954-55 was imposed by
the Excess Profits Tax Act of 1950. Certain pro-
visions of this act were amended by the Revenue Act
of 1951. The tax was, in general, 30 percent of
adjusted excess profits net income. A general
limitation on the amount of tax was provided by
each revenue act. Under the 1950 Act, the total
excess profits tax plus normal tax and surtax was
limited to 62 percent of the excess profits net in-
come. Under the 1951 Act, the limit, applicable to
the excess profits tax alone, was 18 percent of the
excess profits net income. There were also a number
of specific relief provisions and limitations of
tax, applicable to specified tjrpes of corporations
or industries.
In determining excess profits net income, capital
gains and losses and dividend receipts were excluded
from income. With these income exceptions and a few
other minor adjustments, excess profits net income
was similar to net income. Excess profits net in-
come was adjusted, before applying the 30 percent
tax rate, by deduction of a special credit based on
earnings over a specified base period or on a
specified percentage of invested capital. A min-
imum credit of $25,000 was allowed all corporations,
and a computed credit amounting to more than the
excess profits net income for the year could be
credited to certain other years .
The amounts shown are after limitation and ad-
justments and before foreign tax credit. The tax
became effective July 1, 1950, and was terminated
December 31, 1953. For returns with accounting
periods beginning before and ending after these
dates, the tsix was a prorated amount determined
according to the n\amber of days in the accounting
period falling within the effective period.
Excess profits tax is discussed in more detail
in the Stat istics of Income reports for 1951 and
1950.
Foreign tax credit was the reduction from the
gross amount of income tax liability allowed domes-
tic corporations for income, war-profits, and excess
prof its, or similar taxes, paid or accrued, or under
certain conditions, deemed to have been paid, during
the tax year to foreign countries or possessions of
the United States . Income ta_x as shown in this re-
port is before the foreign ta-X credit.
When the foreign tax credit was taken, the al-
ternative option, a business deduction from gross
income for foreign taxes paid, could not be taken
in computing taxable income. The credit allowable
for any year with respect to each country or United
States possession to which tax was paid, was limited
to the proportion of the United States Federal in-
come tax before foreign tax credit, which the tax-
able income from the foreign country (but not in
excess of the entire taxable income from all sources)
bore to the entire taxable income from all sources .
But for years beginning after December 31, 1957,
the excess of taxes paid or accrued to any country
or United States possession over the allowable
credit per country under the above formula, could
be carried back first to the two preceding years
(but not to years beginning before January 1,1958),
and then forward to the five succeeding years. But
such excess foreign taxes could be used in computing
the per country credit for a year only to the extent
that the credit based on current-year foreign taxes
paid was less than the per country limitation for
the year. The foreign tax credit shown in the
statistics includes for the first time, any amount
of tax credit carryforward for taxes paid or accrued
in excess of the per country limitation for the
previous year (which was within the per country
limitation for the current year) and reported on
returns with accounting periods ended, in general,
December 1959 through June 1960.
Foreign taxes eligible for credit included amounts
deemed paid by a domestic corporation through a
foreign corporation in which the domestic corpora-
tion held at least a 10 percent voting stock interest
and from which the domestic corporation received
dividends during the year, or through a foreign
subsidiary, 50 percent of whose voting stock in-
terest was held by the foreign corporation, in
which the domestic corporation held at least a 10
percent voting stock interest. In the latter sit-
uation, the foreign subsidiary had to have paid
dividends to the foreign corporation, which in
turn had to have paid dividends to the domestic
corporation during the tax year. The amount of
foreign tax deemed paid by the domestic corporation
in either case was equal to a proportion of the
taxes paid by the foreign corporation or its sub-
sidiary based on the ratio to dividends paid out
of accumulated profits by the foreign company, to
its total accumulated profits .
The comparability of the statistics from year to
year is affected by the provisions of the law
which allowed a corporation to take a deduction in
one year for foreign taxes paid or accrued and a
tax credit in another year. Also, prior to the
enactment of the 195<+ Code, in addition to the per
country limitation on the tax credit, there was
overriding, a further limitation: the total credit
computed on the per country basis was limited to
the same proportion of total income tax as taxable
income from all sources outside the United States
bare to total taxable income from all sources. As
a result of this overriding limitation, the amount
allowable as a credit was reduced in those instances
where foreign losses from operations within one
country were offset against any income from opera-
tions in another country, thus reducing the total
tajcable income from sources outside the United
States. On the other hand, foreign taxes not off-
set against income tax could also be claimed as a
credit against excess profits tax subject to the
same per country and overall limitations.
Form 1120-S returns are discussed under Small
business corporation returns below.
Inactive corporation returns are defined as those
which showed no item of income or deduction. Returns
were filed by inactive corporations in accordance
with the regulation that a corporation existing
during any portion of a year must file a return.
Returns of inactive corporations are excluded from
the basic tables, but the number of these returns
is shown in text table D and in table 41.
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
35
Income tax was the gross amount of liability
reported on the tax return before credit for foreign
taxes paid or accrued. As such it could not repre-
sent the final income tax liability for the year
which would reflect the effects of subsequent audit
or the carryback of future-year net operating
losses applied against current-year taxable income.
Income tax consisted of normal tax, surtax, and
alternative tax, as well as the tax imposed on the
excess of net long-term capital gain over net short-
term capital loss of life insurance and regulated
investment companies, and a special tax imposed on
mutual insurance company gross income under certain
conditions. Income tax for 1959-60 also included
the net increase in 1957 income tax of life insur-
ance companies resulting from the required change-
over to the accrual method of accoimting by companies
not previously using this method, as well as the
tax (after reduction by two-thirds) on actual dis-
tributions from the new policyholders surplus ac-
counts of life insurance companies described under
Changes in Law.
Normal tax was 30 percent of taxable income as
defined by the Internal Revenue Code. Surtax was
22 percent of taxable income (plus partially tax-
exempt interest) in excess of $25,000. Alternative
tax under Code section 1201 consisted of a tax
amounting to 25 percent of net long-term capital
gain reduced by any net short-term capital loss,
plus the regular normal tax and surtax on the
balance of taxable income. The alternative tax
computation formula was elective and could be used
only if the tax so computed was less than the
normal tax and surtax on total taxable income. Life
insurance and regulated investment companies did
not have the alternative tax privilege, but they
were subject to the 25 percent rate, on a mandatory
basis, on the excess of net long-term capital gain
over net short-term capital loss . The tax on such
capital gain was in addition to the regular normal
tax and surtax on the balance of taxable income.
Excluded from the statistics was the tax on those
net long-term capital gains of regulated investment
companies which were deemed distributed and taxed
to shareholders. In lieu of the regular or alter-
native tax, mutual insurance companies could have
been liable to a special tax on gross income. This
tax generally amounted to 1 percent. The special
tax was imposed if it was larger than the normal
tax and surtax, or alternative tax, on net invest-
ment income.
As a result of the special provisions affecting
insurance companies and mutual savings banks having
separate life insurance departments, there was in-
cluded with the income tax for returns with net
income, a relatively small amount of tax reported
on returns without net income.
Income tax also included the 2 percent additional
tax on consolidated returns. It did not include
the income tax liability of small business corpora-
tions electing to be taxed through shareholders.
The taxable income of these firms was not subject
to the corporate rates and was included in the
income of shareholders . The amount of individual
(or fiduciary) income tax attributable to the cor-
porate profits could not be separately identified.
Because the income tax which otherwise would have
been due from these corporations is not available,
historical statistics for 1959-60 and 1958-59 are
not altogether comparable with previous years.
The tax liability as reported on returns for the
period in which income was earned as shown in this
report is not completely comparable with the amount
of tax collected for any given period as reported
in the Annual Report of the Secretary of the
Treasury on the State of the Finances, the Annual
Report of the Commissioner of Internal Revenue, and
Federal Tax Col lections because of certain factors
among which are the following: (1) While most of
the tax reported was collected and included in the
collection statistics for the fiscal year ended
June 30 as presented in the Annual Reports of the
Secretary of the Treasury and of the Commissioner
of Internal Revenue, certain payments of estimated
tax for the income year would have been collected
during the fiscal year ended June 1959, while
certain installment payments made within three
months of filing as prescribed by law were collected
during the fiscal year ended June 1961. Certain
other differences in comparability arise when using
statistics in Federal Tax Collections which are
based on a calendar year. Collections attributable
to returns included in Statistics of Income would
have been made primarily during the calendar year
1960, but certain other payments were made during
1959 and 1961. (2) Also, with regard to life in-
surance company returns for 1959-60, Statistics of
Income included the whole 1957 tax adjustment as
part of the 1959 tax liability as prescribed by
law. However, actual payments of this 1957 tax
could be spread over a ten-year period. The tax
liability included in Statistics of Income totaled
$54,000,000, but only the amount payable for 1959
totaling $5,700,000 would have been included in
collection statistics for the year. (3) Collection
statistics were based on the income tax liability
after foreign tax credit. The tax liability used
for Statistics of Income was before foreign tax
credit. (A-) Tax collected for any year included
amounts resulting from audit, both of current-year
returns and of prior-year returns currently audited.
The tax liability shown in Statistics of Income was
before audit. (5) Delinquent taxes as well as in-
terest and penalties thereon collected during the
year were not reflected in Statistics of Income .
On the other hand. Statistics of Income included in
the tax liability relatively small amounts of tax
which may have been uncollectible. (6) Included
among collections were the 2 percent income tax
withheld at source by issuing corporations on in-
terest earned on tax-free covenant bonds issued
before 1934 (such interest was deemed taxed to
recipients), as well as the 25 percent income tax
withheld at source by regulated investment companies
on retained net long-term capital gains (such gains
were deemed distributed and taxed to shareholders).
Neither of these taxes was included in the tax
liability shown in Statistics of Income. (7) Col-
lection statistics also included personal holding
company tax imder Code section 541, tax on unincor-
porated businesses electing to be taxed as corpora-
tions under Code section 1361, tax on income derived
from United States sources by nonresident foreign
corporations, tax on retained earnings of farmers'
36
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
cooperatives designated tax-exempt under Code sec-
tion 521, and tax on unrelated business income of
organizations designated tax-exempt under Code sec-
tion 501. From time to time, separate tax liability
statistics have been presented in Statistics of
Income for personal holding company tax ($559,000
for 1958-59), for tax on unincorporated businesses
electing to be taxed as corporations ($9,4-20,000
for 1959-60), and for tax on retained earnings of
farmers' cooperatives designated tax-exempt ($639,-
000 for 1953-54).
Income subject to tax is discussed on pages 11-14.
Industrial groups and divisions by which returns
were classified are discussed under Industrial
Classification on page 17.
Intangible assets were separately reported on the
balance sheet if they were subject to amortization.
Other intangible assets, not subject to amortization,
were included with Other assets. Intangible assets
could be amortized for income tax purposes only if
they had a definite life and value. Since defini-
tion, valuation, and life of intangible assets
subject to amortization, vary from business to
business, no definitive description of this item can
be given. Accumulated amortization shown as an
adjustment to intangible assets, represented the
cumulative decrease in asset value as of the end of
the year.
Interest on Government obligations issued by the
United States or its instrumentalities on or after
March 1, 1941, was wholly taxable.
Interest on United States savings bonds and
Treasury bonds owned in excess of the principal
amount of $5,000 issued prior to March 1, 1941, and
interest on obligations of instrumentalities of the
United States issued prior to March 1, 1941, was
subject to surtax only. However, this interest,
when included in the net income of a small business
corporation reporting on Form 1120-S, lost its
identity and was fully taxable to the shareholder.
Interest on obligations of a State, Territory,
United States possession, 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 was wholly tax-exempt. Amounts shown are less
amortizable bond premium.
Interest paid in connection with business indebted-
ness was deductible as an ordinary and necessary
expense. On certain 1959 returns, interest paid
was combined with taxes paid and could not be
separately identified from supporting schedules.
In such cases, the combined total was transferred
to Other deductions. Separate statistics on the
combined total are presented in text table 0.
Internal Revenue districts and regions in which
the returns were filed, is the only geographic basis
for classifying corporation income tax returns used
in Statistics of Income. This classification shows
the location of a domestic corporation's principal
office or principal place of business in the United
States including the Territories of Alaska and
Hawaii, except that returns with addresses in Alaska
were filed in the Seattle, Washington district and
returns with addresses in the District of Columbia
were filed in the Baltimore, Maryland district.
However, returns of domestic corporations with for-
eign addresses including addresses in United States
possessions were filed with the Office of Interna-
tional Operations in Washington, D. C Returns of
resident foreign corporations including those in-
corporated in United States possessions, although
filed in the district wherein the principal office
or principal place of business in the United States
was located, were also included in the statistics
for the Office of International Operations. A map
showing the internal revenue district and region
boundaries for 1959-50 is shown on page 140.
Data on the tax return are the sum of all units
and activities of a corporation regardless of the
location of the units and regardless of whether its
activities occur in one State or many. This applies
to both consolidated and nonconsolidated returns.
Therefore it is not possible to relate with accuracy
the place of filing with the place of origin of the
income or tax. This is particularly true in the
case of large corporations. Returns of large cor-
porations show most of the income and tax.
Because of the limitations of a geographical
classification of corporation return data, it is
not emphasized in this report and only selected
items on the return were so classified. Also, no
attempt was made to combine district data in order
to show separate statistics by States.
Inventories, as shown in the corporation return
balance sheet, included such items as raw materials,
finished and unfinished goods, and merchandise on
hand or in transit. Also included were growing
crops reported as assets by agricultural concerns.
Amounts reported on nonconsolidated returns by in-
vestment and holding companies (other than operating
holding companies), security and commodity brokers,
dealers and exchanges, and real estate developers
and operative builders were included in Other in-
vestments.
The amounts shown were obtained from the end-of-
year balance sheet. However, amounts were also
obtained from the beginning-of-year balance sheet
for manufacturing and trade corporation returns as
shown in table 20.
About 6.5 percent of the overall increase in
inventories for 1959-60 was attributable to a change
in the treatment of about $600,000,000 in one manu-
facturing industrial group, Transportation equipment,
except motor vehicles. This amount represented
payments on uncompleted contracts which were in-
cluded in inventories. Comparable payments in this
industrial group were included in Notes and accounts
receivable for 1958-59. However, the change in
treatment was applicable only to specific returns
and did not constitute a basic change in statistical
procedures.
Identification of inventories was accomplished
by use of generally accepted methods such as "f irst-
in, first-out" (FIFO), but the special method known
as "last-in, first-out" (LIFO) was authorized by
section 472 of the Code under certain conditions.
Under this method, inventory was taken at cost and
not the lower of cost or market value and items
identified in inventory by the LIFO method were
treated as being those contained in the opening
inventory (to the extent thereof), plus those ac-
quired during the year. Items treated as having
been in the opening inventory were taken in order
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
37
of acquisition. Additions to inventory during the
year were taken according to several optional
methods: (l) in order of acquisition, (2) on the
basis of most recent purchases, (3) at an average
cost of acquisitions, or ("4) by any other method
which was determined to reflect income clearly.
Investments, Government obligations, listed as
an asset on the balance sheet, comprised bonds or
other- obligations of a State, Territory, or United
States possession, including obligations of political
subdivisions and of the District of Columbia. United
States obligations included those of instrumental-
ities of the Federal Government. Government obliga-
tions which could not be identified as to type were
classified as Investments, Government obligations,
not stated.
Land owned by a corporation was reported as a
separate capital asset on the balance sheet. Al-
though land was not ordinarily subject to depre-
ciation, land acquired and certified as an emergency
facility for the national defense was amortizable
under the provisions of section 168 of the 1954
Code relating to emergency facilities. The corpo-
ration was required to report only the net value of
such land on the tax return balance sheet, after
deduction of this amortization.
Life insurance conpanies and the methods of taxa-
tion applicable to them are discussed under Income
subject to tax on pages 12-13 and under Changes in
Law.
Loans to shareholders were shoim as a separate
asset account only on the balance sheet provided on
Form 1120-S returns of small business corporations
for which an election was made to be taxed through
shareholders. Short-term loans to shareholders of
all other types of corporations were includible in
the Other current assets account and based on the
assumption that loans to shareholders of electing
small business corporations were mostly short-term
in duration, the amount of such loans was added to
the statistics for Crther current assets for the
summary tables in this report which include data
from Form 1120-S returns.
Long-term c'ebt.inthe historical tables, consisted
of Bonds, notes, and mortgages payable with date of
maturity one year or more from the date of the bal-
ance sheet for years beginning 1954—55. Prior to
1954-55, long-term debt comprised Bonds, notes, and
mortgages payable with original maturity one year
or more. The definition was revised during 1954-55
so that statistics for this one period comprised
data reported under both the old and new definitions .
Mortgages and real estate loans were reportable
apart from other receivables on the balance sheet.
Because the return form did not provide a separate
place for reporting any reserve for uncollectible
mortgage and real estate loan accounts, such reserves
were often included in the reserve for bad debts,
which is shown in this report as an adjustment to
Notes and accounts receivable. If a separate re-
serve was indicated in supporting schedules, it was
therefore added to the bad debt reserve.
Mutual insurance companies and the methods of tax-
ation applicable to them are discussed under Income
subject to tax on page 13.
Net capital assets except land in the historical
tables consisted of depreciable, depletable, and in-
tangible assets less accumulated depreciation, amor-
tization, and depletion.
Net capital gains comprised net short-term capital
gain reduced by any net long-term capital loss and
net long-term capital gain reduced by any net short-
term capital loss. Included were gains and losses
of life insurance companies, not reportable for
1958-59. Short-term related to gains or losses from
property held 6 months or less . Long-term related
to gains or losses from property held more than 6
months .
Capital gain or loss was (1) the gain or loss from
sales or exchanges of "capital assets" as defined
by section 1221 of the 1954 Code, and (2) the aggre-
gate net gain from sales or exchanges of certain
business property and from the involuntary conver-
sion of such property and of capital assets held
more than 6 months as provided in section 1231. An
aggregate net loss from the sale of these assets and
from certain involuntary conversions was fully de-
ductible as a net loss from sales or. exchanges of
property other than capital assets. Ihvoluntary
conversions of business property and capital assets
resulted from theft, seizure, destruction, requisi-
tion, or condemnation. But uninsured losses from
theft, or from fire, storm, shipwreck, or other
casualty were excluded in determining gain or loss
from involuntary conversions. Such losses were
fully deductible as ordinary losses and are included
in Other deductions.
According to section 1221, capital assets con-
sisted of all property held by the taxpayer except:
(1) property includible in inventory, or property
held primarily for sale in the ordinary course of
trade or business; (2) depreciable and real property
used in trade or business; (3) accounts and notes
receivable acquired in the ordinary course of trade
or business for services rendered or from sale of
property includible in inventory or ordinarily held
for sale; (4) Government obligations issued on or
after March 1, 1941, on a discount basis and payable
without interest at a fixed maturity date not ex-
ceeding one year from date of issue; and, ( 5) certain
copyrights, literary, musical, or artistic composi-
tions or similar property.
Property eligible for capital gains treatment
under section 1231 was that used in trade or busi-
ness, including real and depreciable property, held
for more than 6 months (but not certain copyrights
and similar property), as well as timber, coal, un-
harvested crops, and livestock.
Losses from sale or exchange of capital assets
were allowed only to the extent of capital gains,
but a net capital loss on assets as described in
section 1221, reduced by capital gains in interven-
ing years, could be carried over to the 5 succeeding
years as a short-term loss . If the capital loss
carryover was not eliminated during the 5-year
period, it could not be used.
On certain 1959 returns, the corporation made no
distinction in its income statement between gain or
loss from sales or exchanges of capital assets and
gain or loss from sales or exchanges of other prop-
erty, and no schedule D was filed in support of such
sales or exchanges. In such cases, the entire amount
was treated as net gain or loss, sales other than
capital assets.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Net gain or loss, sales other than capital assets
was the net gain or loss from sale or exchange of:
(1) depreciable and real property used in trade or
business; (2) accounts and notes receivable acquired
in the ordinary course of trade or business for
services rendered or from sale of property includible
in inventory or ordinarily held for sale; (3) Gov-
ernment obligations issued onor after March 1,1941,
on a discoimt basis and payable without interest at
a fixed maturity date not exceeding one year from
date of issue; (4-) certain copyrights, literary,
musical, or artistic compositions or similar prop-
erties; and, (5) securities by dealers. Although
an aggregate net gain from sales or exchanges of
certain depreciable ajid real property used in trade
or business, and from the involuntary conversion of
such property and of capital assets held for over 6
months, was treated as a capital gain under section
1231 of the Code, an aggregate net loss was re-
portable as a net loss, sales other than capital
assets. Losses arising from involuntary conversions
of uninsured property by casualty or theft were ex-
cluded from the computation of net gain or loss
under section 1231. These losses were fully de-
ductible as ordinary losses and were included in
Other deductions .
Also included in net gain or loss were amounts re-
ported as profit or loss from sales of securities
and real estate by security and commodity brokers,
dealers, and exchanges, and profit or loss from
sales of real estate by real estate subdividers,
developers, and operative builders. These amounts
were transferred from Business receipts and adjusted
for any cost of sales.
Whereas amounts presented as income from capital
gains consist of net gains reduced by any net losses,
net sales of property other than capital assets were
separated from net losses, with net gains shown as
an income item in arriving at Total compiled receipts,
and net losses as a deduction from these receipts.
On certain 1959 returns, the corporation made no
distinction in its income statement between gain or
loss from sales or exchanges of capital assets and
gain or loss from sales or exchanges of other prop-
erty, and no schedule D was filed in support of such
sales or exchanges. In such cases, the entire amount
was included in the statistics for net gain or loss,
sales other than capital assets.
Net income or deficit was the difference between
gross taxable receipts and the ordinary and necessary
business deductions allowed by the Code. For life
insurance companies, net income or deficit was the
gain or loss from gross taxable receipts reduced by
all reserve and other special deductions pertinent
only to these companies .
Net income or deficit is shown in this report as
the difference between Net profit (total compiled
receipts less total compiled deductions) and Vfliolly
tax-exempt interest. The difference between net
income and the generally smaller amount on which
the corporation income tax was imposed is described
on pages 8-14- in the explanations of Statutory spe-
cial deductions and Income subject to tax. But for
small business corporations for which an election
was made to be taxed through shareholders, net in-
come was the equivalent of taxable income, which was
however subject to the individual (or fiduciary)
income tax rates imposed on shareholders.
Net income or deficit of electing small business
corporations taxed through shareholders was either
distributed or deemed (but not actually) distributed
for taxation purposes. Undistributed net income or
deficit was either the end-of-year shareholders'
share of the company's retained net income for the
year, or the shareholders' share of the corporation's
net operating loss for the year which was allocable
to each shareholder who was an owner during the
year. Distributed net income was either net long-
term capital gain or ordinary income and was termed
dividends, though not dividends eligible for the 4
percent tax credit and the $50 exclusion from gross
income in the hands of the shareholders .
Net income to business receipts ratio as an indi-
cator of profitability is frequently stated as net
income "on" business receipts (net to sales) . This
operating ratio when based on tax return data is
affected by reporting requirements. Net income does
not take into account tax-exempt interest. Further-
more, net income is after deduction of the ordinary
and necessary business expenses recognized for tax
purposes. The significance of the ratio may vary
with the size of the corporation. For example, a
low ratio may not indicate unsatisfactory operating
results when shareholders ' salaries and wages con-
stitute a relatively large part of the total deduc-
tions claimed on the tax return.
Net long- term capital gain taxable to shareholders
of electing small business corporations consisted
of net long-term capital gain reduced by net short-
term capital loss, but only to the extent of taxable
income for the year. Such net gains, distributed
or deemed distributed for taxation, retained their
character in the hands of the shareholders. The
excess of net capital losses (long-term or short-
term) over net capital gains was not distributable
and could only be used by the corporation in
computing its capital loss carryover as described
in the explanation of Net capital gains .
Net long-term capital gain taxable to shareholders
was obtained from the schedule of income and dis-
tributions (Schedule K) , Form 1120-S. The quality
of the statistics may not be as high as can be
expected when corporations become more familiar
with the provisions of the law and with this complex
schedule on the return form, new to many of the
corporations using it.
Net operating loss deduction is discussed under
Statutory special deductions on page 9.
Net worth, in general, consists of capital stock
and surplus. In the statistics, it is the sum of
Capital stock, preferred or common, Paid-in or
capital surplus, Surplus reserves, and Earned surplus
and undivided profits, each of which is separately
explained. In the historical tables, net worth for
1954-55 includes the Reserves for estimated ex-
penses, which were shown on the corporation return
balance sheet for the one year only.
Noncalendar year returns Included returns with
full-year accounting periods ended during the span
of months, July through November 1959 and January
through June 1960.
Nondividend distributions as reported in the
schedule of income and distributions on returns of
electing small business corporations taxed through
shareholders consisted of (1) distributions not out
of earnings and profits, such as those resulting
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
39
from deductions not recognized for tax purposes,
for book depreciation in excess of tax depreciation
for example, and (2) cash distributions during the
current-year of any portion of the shareholders'
share of the corporation's retained net income
accumulated during the years of operation as a small
business corporation, reduced by operating deficits
for any year. The income was deemed (but not
actually) distributed to the same shareholders for
taxation in the year earned and was not again tax-
able upon actual distribution; operating deficits
were allocable to shareholders in the year incurred.
The quality of the statistics may not be as high
as can be expected when corporations become more
familiar with the provisions of the law and with
the complex schedule (Schedule K, Form 1120-S) from
which the statistics were obtained, new to many of
the corporations using it.
Nondividend distributions are included in the
grand totals of distributions to stockholders in
cash and assets other than in the company's own
stock in the summary tables for all active corpora-
tion returns and for small business corporation
returns, but are excluded from all statements for
the various industry groups or size classes other
than those itemizing the schedule of income and
distributions to small business corporation stock-
holders.
Nonexempt corporate cooperatives, or taxable co-
operatives, farmers', consumers', or other, were
identified by means of the questions provided for
this purpose on the corporation income tax return.
Form 1120. A cooperative is a' type of business
organization formed for the purpose of providing
goods to, or selling products of, patron-owners.
Cooperatives were allowed to deduct from gross
income amounts, regarded as rebates or discounts,
which were distributed or allocated to patrons as
patronage dividends on the basis of business done
with the cooperative, if such payments were made in
accordance with pre-existing contract.
A taxable cooperative, irrespective of its exact
legal form of organization, was considered a cor-
poration for tax purposes. Income and deductions
were computed in the same manner as for other
corporations with the exception of the treatment of
patronage dividends, while the regular corporate
rates were imposed on taxable income, which was
after deduction of patronage dividends and statutory
special deductions. Investment income was fully
taxable at the cooperative level, but income derived
from business carried on with or for patrons was
taxable at the cooperative level only if it was not
paid or allocated as patronage dividends, based on
previous agreement, in the year in which such income
was earned or by the time the corporation income
tax return for the year was due to be filed.
Nonexempt corporate cooperatives comprised or-
ganizations not designated tax-exempt under sections
501 or 521 of the Code. Thus, they did not include
the public utility type, such as rural electrifica-
tion cooperatives, which were fully tax-exempt under
section 501. Nor did they include farmers' coopera-
tives designated tax-exempt under section 521, even
though such cooperatives could be taxed to a limited
extent, on retained earnings not allocated to
patrons, and at the corporate rates. Returns of
organizations designated tax-exempt under Code sec-
tions 501 and 521 are excluded from this report.
Under section 521, tax-exempt status was granted
only to those farmers' cooperatives, including
fruitgrowers', livestock growers', dairymens', and
like associations, meeting specific requirements
with regard to operations and financial structure.
These cooperatives had to be organized (1) to market
products of members as well as nonmembers and to
return to each of them on a proportionate basis,
the proceeds less marketing expenses, or (2) to
purchase supplies and equipment for use of members
and nonmembers on the basis of cost plus necessary
expenses. Farmers' cooperatives having capital
stock could qualify as exempt corporations if their
dividend rate did not exceed the greater of 8 percent,
or the legal rate of interest in the State of incor-
poration on the issuing price of the stock; if
substantially all of their stock, other than non-
voting preferred stock with fixed dividends, was
owned by producers or purchasers who marketed their
products or purchased their supplies or equipment
through the association; and, if their transactions
with nonmembers did not exceed specified propor-
tions of overall operations. Farmers' cooperatives
not meeting these qualifications were nonexempt
corporate cooperatives.
Nontaxable returns are defined as returns which
showed no corporation income tax liability. In this
report, they do not include returns without net
income of small business corporations since these
companies are taxed through shareholders and are
not subject to the corporation income tax. The tax
liability used in determining taxable and nontaxable
returns was before foreign tax credit. No provision
was made for returns which became nontaxable as a
result of the foreign tax credit.
Most nontaxable returns were returns without net
income. But returns with net income could become
nontaxable if the net operating loss or other
statutary special deductions from net income, either
equaled net income or exceeded net income. Returns
with net income of regulated investment companies
could become nontaxable if these companies chose to
distribute their entire taxable income to share-
holders for taxation.
However, not all returns without net income were
nontaxable. There were a few returns of insurance
companies and mutual savings banks with separate
life insurance departments which showed no net
income, but which became taxable in these instances
based on special provisions of the law affecting
these companies. Because of their rarity, no at-
tempt was made to classify taxable returns without
net income by size of deficit or to separate them
from other returns without net income except by
footnote. Therefore, the number of nontaxable re-
turns is very slightly overstated by the number of
these returns. Taxable returns without net income
are discussed in the text explanation of income
subject to tax on pages 12 and 13 and are shown
separately in text table M.
Notes and accounts receivable were, in general,
the gross amounts of current trade items, that is,
items arising from sales or services to customers
on credit during the ordinary course of business,
which would probably be converted to another form.
40
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
such as cash, within the coming year. The intro-
duction of the new account. Other current assets,
on the 1959 tax return form, provided a place for
the first time for reporting current nontrade
receivables, such as capital stock subscriptions
and loans to officers, employees, and stockholders.
However, certain nontrade receivables, construction
contracts for example, which could not be identified
as current or long-term from information in support-
ting schedules to the tax return, were allocated to
Other assets. Nontrade items were previously added
to Notes and accounts receivable for Statistics of
Income .
Returns with accounting periods ended July 1959
through November 1959 did not provide an account on
the balance sheet for Other current assets. How-
ever, identifiable amounts of most nontrade items
shown in supporting schedules of returns for large
corporations were treated as Other current assets
rather than as Notes and accounts receivable.
The reserve for bad debts shown as an adjustment
to Notes and accounts receivable, included the re-
serves for the separate account. Mortgages and real
estate loans. As a result, the reserve may exceed
the amount of Notes and accounts receivable in
certain instances.
Number of returns excludes returns of inactive
corporations except in tables D and <il where in-
actives are included in the total number of returns.
The number of small business corporation returns of
income. Form 1120-S, is included in each total and
is also shown separately in each appropriate table.
The AA5 returns of unincorporated businesses for
which an election was made to be taxed as corpora-
tions under section 1361 of the 195<+ Code are
excluded from all basic tables.
Number of shareholders of small business corpora-
tions for which an election was made to be taxed
through shareholders, according to law, could not
exceed ten. All shareholders were individuals (or
estates), and none could be nonresident aliens. Each
had to consent to the election, and each new share-
holder during the year had to signify consent so
that the election could be reaffirmed. If stock
was held jointly, each owner was ordinarily regarded
as a separate shareholder, even when (in the case
of corporations with accoxonting periods beginning
before January 1, 1960) the joint owners were hus-
band and wife.
However, effective with corporation tax years
beginning after December 31, 1959, stock which was
community property of a husband and wife, or which
was held jointly by them, was regarded as owned by
one shareholder for purposes of qualifying for the
election by the corporation to be taxed through
shareholders. Even if the husband or wife owned
stock individually and both also were joint owners
of stock, the law prescribed that they be counted
only once with respect to all of their stock. But
if each of them owned stock separately and also
owned stock jointly, they continued to be regarded
as .two shareholders, unless the stock was community
property.
Although the husband and wife were thus generally
considered as one shareholder, each had to consent
to the election by the corporation and each had to
include in his gross income his share of the dis-
tributed and undistributed net income of the company.
Actual distributions of net income were made to all
shareholders who were owners during the year. A
net operating loss for the year was allocated in a
similar manner. However, amounts of net income
deemed, but not actually distributed, were allocated
only among end-of-year shareholders.
Number of shareholders as shown in the statistics
is based on the number of shareholder names listed
in the schedule of income and distributions. If
the holding period of stock ended on the last day
of the corporation's tax year, the shareholder was
counted among Number of shareholders, end-of-tax-
year. If the end of the holding period of stock
preceded the end of the corporation's tax year, the
shareholder was counted among Number of other share-
holders during the year.
With regard to the enumerating of husband and
wife shareholders on returns with accounttng periods
beginning after December 31, 1959, a general rule
was applied whereby both were counted as one share-
holder. In order to facilitate statistical process-
ing, no allowance was made for the one situation in
which both husband and wife owned stock individually
as well as jointly and should have been counted as
two separate shareholders. Since the change in law
whereby husbands and wives were generally counted
as only one shareholder was possible only on part-
year returns with accounting periods beginning after
December 1959 and ended by June 1960, most husband
and wife shareholders enumerated for this report
were counted as two separate shareholders.
Number of subsidiaries consists of the number of
affiliated corporations, active or inactive, other
than the common parent corporations which were in-
cluded in consolidated income tax returns.
Other assets, in general, comprised assets re-
garded as noncurrent which were not allocable to
specific accounts, as well as certain accounts for
which no distinction could be made between current
and noncurrent status. Noncurrent means that the
accounts probably will be held for more than a year
before being converted to another form. Included
are such assets as sinking or other funds, deferred
charges regarded as noncurrent by the taxpayer,
interest discounts, guaranty and other deposits,
and intangible assets not subject to amortization.
Other assets of banks included property held in
trust if included in the banks' assets, while other
assets of life insurance companies included market
value or real estate, and bonds and stocks in excess
of book value.
In limiting Notes and accounts receivable to trade
receivables only, most identifiable amounts of non-
trade items were allocated to Other current assets.
However, construction contracts, included in Notes
and accounts receivable in previous years, were
treated as Other assets in those instances where
they were shown in supporting schedules to the tax
return as long-term or where they were shown in
such schedules without distinction as to whether
they were current or noncurrent assets.
Returns with accounting periods ended before
December 1959 did not provide a separate account
for Other current assets. As a result, items such
as dividends receivable reported on these returns
were includible as Other assets. However, if the
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
41
contents of this accoimt were itemized in supporting
schedules of large corporation returns, it became
possible to regard certain of these assets as Other
current assets rather than as Other assets.
Other capital assets as shown in table 5, consists
of the gross amounts of the three end-of-year
balance sheet accounts, Depletable and Intangible
assets, and Land. Depreciable assets, the fourth
capital asset account on the balance sheet, is
shown separately. These capital assets should not
be confused with the capital assets defined for tax
purposes in section 1221 of the Code and described
above in the explanation of Net capital gains.
Other current assets including short-term market-
able investments was a new account which comprised
current assets not allocable to a specific current
account. In general, current means convertible to
another form, such as cash, within a year. Identi-
fiable amounts of nontrade receivables which were
formerly included with trade accounts in Notes and
accounts receivable were reported, for the most
part, in Other current assets. Included in nontrade
receivables were items not arising during the ordi-
nary course of business, such as capital stock sub-
scriptions and loans to officers, employees, and
stockholders. Prepaid items and deferred charges
regarded as current by the taxpayer could also be
reported as Other current assets. Most of these
items were included in Prepaid expenses and supplies,
shown as a separate account in past years. Also
includible in the new account were certain assets
previously regarded either as Other investments,
such as short-term nongovernment securities and
short-term loans to subsidiaries, or as Other assets,
such as dividends receivable.
Returns with accounting periods ended July 1959
through November 1959 did not provide a separate
account for Other current assets. As a result,
certain current assets could have been included in
Other assets. However, identifiable amounts of
current assets shown in supporting schedules of re-
tiirns for large corporations were regarded as Other
current assets rather than as Other assets. The
account for Prepaid expenses and supplies shown
separately on these returns is included in the
statistics for Other current assets.
Other current liabilities, shown as a separate
account on the balance sheet for the first time,
included for the most part certain amounts due and
payable within the coming year. The new account
comprised Accrued expenses, formerly a separate
account, as well as current payables not arising
from the purchase of goods and services and not
evidenced by bonds, notes, and mortgages, which
were formerly includible in Accounts payable, and
certain other accounts which were included in Other
liabilities in the past. Examples of other current
liabilities were taxes accrued or payable, accrued
employee accounts such as for payrolls and contribu-
tions to benefit plans, dividends payable, over-
drafts, and accrued interest or rent.
Amounts which were shown in the separate account
for Accrued expenses on returns with accounting
periods ended before December 1959 were added to
Other current liabilities. Other liabilities pay-
able within a year were not specified on these
returns and were includible in Accounts payable and
in Other liabilities. Any amounts which could be
identified as current, based on information provided
in supporting schedules of returns of large corpora-
tions, are included in the Other current liabilities
account statistics.
Other deductions include administrative, general,
and office expenses; salaries and wages, but only
the amount so specified on the line appearing on
the tax retxirns and not those salary and wage pay-
ments deducted as part of cost of sales and opera-
tions or in other specified deductions; 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, theft, fire, storm, shipwreck, or other
casualty, including war losses and uninsured casualty
or theft losses on real and depreciable property and
capital assets held more than 6 months; negative
amounts reported under income; and Federal Deposit
Insurance Corporation assessments reported by banks .
Also included are business expenses not itemized on
life insurance company returns, as well as reserve
and other deductions unique to these companies. In
addition, amounts deducted for bad debts, rents,
taxes, interest, amortization, and depletion, which
could not be separately identified on the tax re-
turn form, were allocated to Other deductions. (See
tables and 17.)
Other interest consisted of amounts received on
loans, notes, mortgages, bonds, bank deposits, and
corporate bonds less amortizable bond premium. Cor-
porate bonds included bonds, debentures, notes,
certificates of indebtedness, or other evidences of
indebtedness issued by a corporation and bearing
interest, with interest coupons, or in registered
form.
Other investments were, in general, long-term non-
government investments and investments which could
not be classified at all. Nongovernment investments
generally not held for conversion to another form
within the coming year included certain stocks,
bonds, loans on notes or bonds, loans to subsidi-
aries, and other types of financial securities.
Real estate not reported as a capital asset could
also be included.
In certain instances, land and buildings owned by
real estate operators (except lessors of real prop-
erty other than buildings), and real holdings of
insurance carriers, other than their home office
and branch office buildings and equipment, were
reportable as Other investments.
The new account. Other current assets, could in-
clude accounts such as short-term nongovernment
investments. However, in the case of returns with
accounting periods ended before December 1959,
these were includible in Other investments. But
identifiable amounts of other short-term investments
foimd in supporting schedules of large corporation
returns were transferred to Other current assets.
Also included in Other investments were amounts
reported as inventories on nonconsolidated returns
of investment and holding companies (other than
operating holding companies), security and commodity
brokers, dealers, and exchanges, and real estate
subdividers, developers, and operative builders.
Other liabilities were either noncurrent accounts,
in general, not convertible to another form within
a year, and not evidenced by bonds, notes, and
42
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
mortgages, or other accounts which could not be
identified as current or long-term. Other liabili-
ties of life insurance companies included net value
of outstanding policies and annuities, and borrowed
money, vAiile other liabilities of banks included
bank notes in circulation.
Additional examples of Other liabilities were
provisions for future taxes based on the effects of
either accelerated depreciation, or possible income
tax adjustments, corpus of employee and other
funds , deferred or unearned income , and borrowed
securities.
Returns with accounting periods ended July 1959
through November 1959 did not provide for a dif-
ferentiation between Other current liabilities and
Other liabilities. As a result. Other liabilities
may include some current accounts. However, in the
case of large corporation returns with supporting
schedules, it was possible to separate the current
from the noncurrent other liabilities, and to in-
clude only the latter in Other liabilities.
Other noncategorized deductions consist of those
amounts included in the statistics for Other deduc-
tions for which no separate detail was prepared.
Selected components of Other deductions are presented
in table and table 17 only. Other deductions are
described above.
Other receipts included amounts not elsewhere
reported on the return such as: profits from sales
of commodities other than the principal commodity
in which the corporation dealt; income from minor
operations; bad debts recovered; cash discounts; in-
come 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, insurance management ex-
penses, and processing taxes; and income from sales
of scrap, salvage, or waste. Also regarded as Other
receipts were dividends received from special classes
of corporations comprising those organized to stim-
ulate trade with China (now limited to Taiwan and
Hong Kong) and known as China Trade Act corporations,
corporations deriving a large percent of their gross
income from sources within a United States posses-
sion, and charitable, educational, religious, scien-
tific, and literary organizations and mutual and
cooperative societies including farmers' coopera-
tives, each designated tax-exempt. In addition,
where rents could not be separated from royalties
on the 1959 tax return form, the combined amounts
were allocated to Other receipts.
Paid-in or capital surplus for additions to
capital from other than earnings, is a net figure
after deduction of any deficit amounts reported.
Includible were surpluses by donation, appreciation
of assets, premiums on capital stock, sales of stock
in excess of stated value, stock redemptions or
conversions, and others.
Part year returns were those with accounting
periods of less than 12 months resulting from newly
organized businesses, liquidations, reorganizations,
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 1959 through June 1960.
Partially tax-exempt interest is discussed under
the heading. Interest.
Payments on declaration of estimated tax were re-
quired of a corporation if its estimated income tax
liability could reasonably be expected to exceed
$100,000 plus any overpayment credit from previous
years, any estimated foreign tax credit for the
current tax year, any estimated credit for tax
withheld by regulated investment companies on re-
tained capital gains deemed distributed for taxa-
tion, plus any other payment credits. The amounts
shown in the statistics are the sum of estimated
taxpayments plus any credits claimed for taxes
previously paid, such as for overpayments in pre-
vious years or for taxes withheld at source.
For corporations with accounting periods ended
July through November 1959, forty percent of the
estimated tax was payable either (a) in full with
the declaration on the fifteenth day of the ninth
month of the corporation's tax year, or (b) in two
equal installments due on the fifteenth days of the
ninth and twelfth months of the corporation's
tax year. For corporations with accounting periods
ended December 1959 through June 1960, the amounts
payable had to equal fifty percent of the estimated
tax liability. If a corporation did not meet the
requirements for filing a declaration of estimated
tax in time for payment during the ninth month, the
entire amount of estimated tax payable was combined
into a single payment during the twelfth month. If
the requirements for filing were not met in time
for the twelfth month payment, no declaration or
payment of estimated tax was required for the year.
An amended declaration could be filed under certain
conditions showing either more or less estimated
tax and payments on the declaration could be adjusted
accordingly. In any case, the balance of tax was
payable either in full at time of filing the tax
return, or in two equal installments, one due at
time of filing, and the other within three months
thereafter.
In some instances, the tax return showed only a
combined total for payments on declaration of esti-
mated tax and payments with request for extension
of time in which to file and the combined amounts
could not be separately identified and were omitted
from the statistics related to payments on declara-
tion of estimated tax.
Payments with request for extension of time in
which to file income tax returns are shown in the
taxpayment statistics in table 14^. Payment of the
income tax was required on or before the regular
due date even though a corporation was granted an
extension of time in which to file its return. The
tax was due within two and one-half months after
the end of the accounting period, except that half
of the taxpayment could be deferred for three months
under an installment privilege. When an extension
of time in which to file a return was requested,
at least half of the unpaid balance of the tax
liability tentatively determined for the year was
due with the application. If the installment priv-
ilege was not used by the corporation, the entire
unpaid tentative tax was due. (Payments on decla-
rations of estimated tax and any other payment
credits were subtracted from the tentative liability
in determining the unpaid balance). If the tax
liability as finally determined exceeded the ten-
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
43
tative amount shown on the request for extension
of filing time, the additional tax was subject to
6 percent interest beginning with the original due
date two and one-half months after the close of the
accounting period.
Corporations providing reasons for delay were
granted an automatic extension of three months in
which to file returns. Under certain conditions,
a second extension of three months could he granted.
In some instances, the tax return showed only a
combined total for payments with request for ex-
tension of time in which to file and payments on
declaration of estimated tax so that the amounts
shown in the statistics for payments with request
for extension of time in vdiich to file are slightly
understated.
Prepaid expenses and supplies were shown as a
separate asset account for 1958-59 and for certain
previous periods. The number of returns for 1958-
59 idiich showed an account for prepaid expenses
and supplies is presented in tables 4-6 and 4-7.
Prepaid expenses and supplies included prepaid
rents, insurance, and interest, certain deposits,
and other prepaid expenses, plus supplies not re-
ported in inventory.
In general, Prepaid expenses and supplies for
1959-60 were reported as a separate asset account
only by corporations with accounting periods ended
Jvily through November 1959 which filed on 1958
income tax return forms. They were added to the
statistics presented in this report for Other
current assets.
Prior-year net income or deficit statistics are
discussed on page 15.
Regular tax was the income tax liability computed,
as a rule, at the normal tax and surtax rates.
Normal tax was 30 percent of taxable income as de-
fined by the Code. Surtax was 22 percent of taxable
income so defined (plus partially tax-exempt in-
terest) , in excess of $25,000.
All taxable returns other than those on vdiich
alternative tax was used were regarded as returns
with regular tax. Therefore, estimates of regular
tax also include amounts of tax on the excess of
net long-term capital gain over net short-term
capital loss computed at the 25 percent rate under
nonelective provisions of the Code applicable to
life insurance and regulated investment companies.
Life insurance compsinies were not taxed on these
gains for 1958-59. Regular tax also included
amounts taxed under special provisions of the Code
applicable to taxable mutual insurance companies
other than life or marine and other than mutual
fire insurance companies issuing perpetual policies.
This tax was, in general, one percent of the gross
income base and was imposed if the tax so computed
was greater than the regular or alternative tax on
the net investment income base. Also included in
the statistics for regular tax was the two percent
additional tax reported on consolidated returns
with regular tax.
Rent paid on business property was deductible as
an ordinary and necessary expense. Identifiable
amounts of taxes and other expenses paid by lessees
in connection with rent paid were included in their
respective deduction headings. Where only a com-
bined total for certain deductions, including small
amounts of rent paid, was reported on the 1959 re-
turn from, the combination was transferred to Other
deductions .
Rents received from use of occupancy of property
consisted of the gross amounts. Depreciation, re-
pairs, interest, taxes, and other expenses, which
were deductible from gross rents, were included in
the respective deduction items. However, certain
rents were included in Business receipts as de-
scribed above. Also, if rents were not separated
from royalties on the tax return form, the combined
amount was allocated to Other receipts.
Repairs reported as an ordinary and necessary
business expense were the costs of maintenance and
incidental repairs including labor, supplies, and
other items, which did not add to the value or
appreciably prolong the life of the property. Ex-
penditures for new buildings, machinery or equipment,
or for permanent improvements which increased the
value of the property were not deductible currently
and were chargeable to capital expenditures , which
were generally depreciable.
Returns with assets greater than zero are used
as a classification of statistics for 1958-59 and
earlier years to describe returns of corporations
which supplied balance sheet information. The few
returns of corporations which had assets but failed
to report them were included in a separate classi-
fication, returns with assets zero or not reported.
For 1959-60, returns with assets greater than zero
in the historical tables comprise returns of all
corporations which had assets. For an explanation
of the classification of returns for 1959-60, see
the description of Returns with zero assets on
pages 16-17.
Returns with assets zero or not reported as a
classification of statistics for 1958-59 and earlier
years is reviewed in the description of Returns with
zero assets for 1959-60 on pages 16-17.
Returns with foreign tax credit were those returns
of domestic corporations which showed a tax credit
for taxes paid or accrued to foreign countries or
United States possessions regardless of whether or
not Form 1118 was filed with the return in support
of the credit claimed .
Returns with net income were returns of active
corporations showing gross taxable receipts exceed-
ing the ordinary and necessary business deductions
allowed by the Internal Revenue Code. See Net in-
come above. Returns without net income were returns
for which business deductions exceeded gross tax-
able receipts . Returns with a breakeven between
income and deductions were included with returns
without net income.
Returns with net income were not necessarily tax-
able returns . Some returns with net income showed
no income tax liability because net income was
prior to the additional adjustments for any net
operating loss and other statutory special deduc-
tions. Since electing small business corporations
were not allowed these statutory special deductions
from net income, a return with net income for these
corporations was equivalent to a taxable return.
Returns without net income were returns for yftilch
the ordinary and necessary business deductions rec-
ognized for tax purposes exceeded or equaled gross
taxable receipts. Almost all returns without net
income were nontaxable. However, because of special
provisions affecting life and mutual insurance com-
44
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
panies and mutual savings banks having separate
life insurance departments , a few returns without
net income were taxable. Because of their rarity,
the income subject to tax and tax found on these
nontaxable returns were added to the statistics for
returns with net income. (See table M. )
Returns with zero assets are discussed on pages
16-17.
Royalties consisted of gross amoimts received for
the use of property and the exhaustion of the value
of property. Included were earnings from such items
as copyrights, patents, trademarks, and natural re-
sources under lease such as timber, mineral mines,
and oil wells. Expenses relating to this income,
depletion or taxes for example, were not deducted
from the income , but were reported among the deduc-
tions from total receipts. Where royalties could not
be distinguished from rents on the tax return form,
the combined amount was included in Other receipts .
Salaries and wages not included in cost of sales
and operations or in other specific deductions on
the return form was the largest single component of
the statistics for Other deductions . These statis-
tics do not represent the total amount of employee
compensation in that the corporation could have re-
ported salaries and wages paid in any of several
places on the return form and the total amount dis-
bursed was not. always identifiable.
Shareholders' undistributed taxable income was a
special capital account on the return form balance
sheet of electing small business corporations taxed
through shareholders. It consisted of retained net
income accumulated during years, including the cur-
rent year, of operation under the 1958 Act, viiich
was deemed distributed and taxed to shareholders in
the year earned. The amounts contained in this
special account were reduced by operating losses for
any year; such losses were allocable to shareholders
Distributions of previously taxed income (reduced by
deficits) could be made at any time to shareholders
as nondividend distributions.
In the summary tables for all returns including
small business corporation returns, the two capital
accounts. Shareholders' undistributed taxable in-
come and Earned surplus and undivided profits accu-
mulated, were combined and included in the statistics
for Earned surplus and undivided profits .
Size of business receipts as a classification of
corporation return data is discussed on page 1<4.
Size of income taxed at normal tax and surtax
rates as a classification of tax return data is
discussed on page lA. See also the description of
income subject to tax on pages 11-14.
Size of net income or deficit classification of
corporation income tax returns was based on the
difference between gross taxable receipts and the
ordinary and necessary business deductions allowed
for tax purposes. The classification by size of net
income is not equivalent to a distribution by size
of taxable income, because net income is before the
net operating loss and other special nonbusiness
deductions . Not all returns with net income are
taxable for this reason. Also, not all returns
without net income are nontaxable because of the
special provisions of the Code affecting insurance
companies and mutual savings banks with life in-
surance departments. Income subject to tax is
described on pages 11-14.
Size of total assets classification of returns
was based on the total shown on the end-of-year
balance sheet of active corporations. This classi-
fication, including the classification of returns
with zero assets, is discussed on pages 16-17.
Small business corporation returns, Form 1120-S,
were information returns of income, filed by cor-
porations electing to be taxed through shareholders
under subchapter S of chapter 1, added to the In-
ternal Revenue Code by the Technical Amendments Act
of 1958. However, the term small business was gen-
erally indicative of ownership rather than of size.
To qualify as a small business corporation, a firm
had to be a domestic corporation with no more than
ten shareholders, each of whom was an individual
(or an estate) and no one of whom was a nonresident
alien. The cojrporation could have only one class
of stock and could not be a member of an affiliated
group eligible to file a consolidated return. Also,
it could not receive more than 20 percent of its
gross receipts from personal holding company income
(rents, royalties, interest, annuities, and gains
from sales or exchanges of stock and securities),
and could not receive more than 80 percent of its
gross receipts from sources outside the United
States.
Net income of small business corporations, whether
or not distributed, was taxed directly through each
shareholder. It was computed in the same manner as
for most corporations. However, the net operating
loss deduction and the additional statutory special
deductions allowed corporations, such as those for
partially tax-exempt interest and dividends received,
could not be taken. No foreign tax credit was
available to the corporation.
Generally, the income of the small business cor-
poration was taxable to its shareholders as ordinary
income. But net long-term capital gain retained
its character in the hands of the shareholders.
Shareholders were allowed to deduct their share of
the corporate net operating loss from other forms
of individual (or fiduciary) income. Undistributed
income previously taxed to shareholders was distrib-
utable tax free.
Income and balance sheet statements for Form
1120-S returns were comparable (though not identi-
cal) with those on corporation income tax returns.
Form 1120. Financial data from the two types of re-
turns were combined in the summary tables for all
returns . Loans to shareholders , though shown sepa-
rately in the statistics for small business corpora-
tions in tables 36 and 37, were added to the sta-
tistics for Other current assets in the summary
tables which include Form 1120-S returns, the as-
sumption being that most loans were short-term in
duration. With regard to the capital accounts under
liabilities. Earned surplus and undivided profits ac-
cumulated and Shareholders' undistributed taxable in-
come, each account unique to subchapter S corpora-
tions, were included in the summary statistics for
Earned surplus and undivided profits. Also, small
business corporations (but not other corporations)
were required to identify the amount of bonds, notes,
and mortgages which were payable to banks, small
business investment companies, shareholders, and
others. Most differences in the income statement
were attributable to terminology rather than defi-
nition, and the terminology used on the return was
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
45
also used for the most part to identify the statis-
tics. However, dividends received were not identi-
fied as to source and on the assumption that most
dividends were received from domestic corporations,
they were added to the summary statistics in tables
2, 3, 22, and 23 for dividends received from domes-
tic corporations. Distributions to shareholders
shown in tables 36 and 37 comprised both the actual
distributions of current-year net income and the
nondividend distributions of income taxed in pre-
vious years. It did not include amounts of current-
year net income retained by the company but deemed
distributed to shareholders for taxation.
Nondividend distributions of electing small busi-
ness corporations were included only in certain of
the small business corporation statistics. With
regard to the summary statistics for all corpora-
tions, they were included in the total of Distri-
butions to stockholders in cash and assets other
than own stock, but not in the industry detail,
although the amount classified by industrial groups
is shown separately in table 39 relating to small
business corporations. Nondividend distributions
of these companies were also excluded from the
summary statistics presented by size of total assets,
business receipts, and net income, although they
were included in the grand totals of Distributions to
stockholders in cash and assets other than in own
stock.
All summary tables which include data from Form
1120-S returns of electing small business corpora-
tions show numt^^r and net income form Form 1120-S
returns separately. Only in the case of small
business corporations did net income equal taxable
income, but since such income was taxable to share-
holders it was not included in the corporation sta-
tistics for income subject to tax.
The amount of income tax liability arising from
the profits of electing small business corporations
was not available, since the profits of these com-
panies were included with other income on the indi-
vidual (or fiduciary) income tax returns of share-
holders, and the tax attributable to the corporate
profit could not be separately identified on these
returns. The amounts of income tax and compiled net
profit less income tax as shown for all returns are
not completely comparable with previous years to
the extent that they are affected by the non-
reporting of tax by small business corporations
filing Form 1120-S.
Schedule K (Schedule of income and distributions)
of Form 1120-S provided information or the number
of small business corporation shareholders, the
compensation paid them by the corporation, distri-
butions, and the portion of net income attributable
to long-term capital gain. Data from Schedule K are
summarized in tables 39 and 4.0. The explanations
of terms used in the schedule are separately pre-
sented under their respective headings. The quality
of the statistics based on this schedule is affected
by its complexity and the fact that the Form 1120-S
return form was new to many of the corporations
using it for 1959-60.
Specified current assets, except investments as
shown in the historical tables consisted of Cash;
Notes and accounts receivable less reserve for bad
debts; Inventories; and for banks and trust com-
panies, Mortgages and real estate loans. For 195A~
55 through 1958-59, Specified current assets also
included Prepaid expenses and supplies, an account
that was encompassed in Other current assets for
1959-60, and the more inclusive Other current assets
account was substituted in Specified current assets
for 1959-60. Therefore, beginning with 1959-60,
Specified current assets actially included all of the
current accounts on the balance sheet other than
investments. Previously, the total amount of cur-
rent assets could not be obtained from the tax re-
tiirn, hence the designation in the historical tables.
Specified current liabilities for 1950-51 through
1953-54 as shown in the historical tables consisted
of Accounts payable and Bonds, notes, and mortgages
payable with original maturity of less than one
year. Beginning with 1954-55, it consisted of
Accounts payable and Bonds, notes, and mortgages
payable with maturity less than one year from date
of balance sheet. The definition of Bonds, notes,
and mortgages payable was revised during 1954-55 so
that the statistics for this one period comprised
data reported under both the old and new definitions.
Beginning with 1957-58, Specified current liabili-
ties also included Deposits and withdrawable shares.
For 1954-55 through 1958-59, the statistics included
Accrued expenses. This account was encompassed in
Other current liabilities for 1959-60, and the more
inclusive Other current liabilities account was sub-
stituted in Specified current liabilities for 1959-
60. Therefore, beginning with 1959-60, Specified
current liabilities included all of the current
accounts on the balance sheet. Previously, the
total amount of current liabilities could not be
obtained from the tax return, hence the designation
in the historical tables.
Statutory special deductions from net income are
discussed on pages 8-11.
Surplus and undivided profits in table 4- consists
of surplus reserves, paid-in or capital surplus,
and earned surplus and undivided profits.
Surplus reserves were those retained earnings set
aside for specific purposes and not available for
distribution to stockholders. Included were guaranty
funds and reserves such as for plant expansion, bond
retirements, and contingencies for extraordinary
losses. Specifically excluded were the reserves for
bad debts, depreciation, depletion, and amortization,
which are shown separately, and reserves for taxes,
and unrealized profits or unearned income, vtiich
were includible in Other liabilities or Other cur-
rent liabilities.
Taxable income is included in the income subject
to tax statistics whichare described on pages 11-14.
Taxable returns were defined as returns which
showed a corporation income tax liability. They do
not include returns with net income of small busi-
ness corporations since these companies were taxed
through shareholders and were not subject to the
corporation income tax. Because the corporation
income tax liability used in determining taxable
returns was before foreign tax credit, certain tax-
able returns actually became nontaxable after re-
duction of tax by this credit. No provision was
made to determine the niimber of such returns.
Almost all taxable returns were returns with net
income. But not all returns with net income were
taxable because net income is before the net oper-
ating loss and other statutory special deductions.
46
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Also, regulated investment companies could distrib-
ute their entire net income to stockholders for
taxation. When this occurred or when special de-
ductions equaled or exceeded net income, the return
became nontaxable.
A few taxable returns are actually excluded from
the number shown as taxable in this report. These
are returns without net income which showed an in-
come tax liability before foreign tax credit. This
combination occurred in certain instances as a re-
sult of the special provisions of the law affecting
life and mutual insurance companies and mutual sav-
ings banks with separate life insurance departments.
Because of their rarity, taxable returns without
net income are often shown in the statistics only
by means of a footnote. Their income subject to
tax and tax, also shown separately in many tables
by footnote, were added to the grand totals of in-
come subject to tax and tax presented for taxable
returns with net income, and no attempt was made to
distribute these returns by size of deficit. In
the summary statistics for returns with net income,
income subject to tax and tax reported on returns
without net income are combined with the amounts
representative of returns with net income. Addi-
tional statistics from taxable returns without net
income are shown in text table M and the conditions
under which they become taxable are described in
the explanation of Income subject to tax on pages
Taxes paid reported as an ordinary and necessary
business deduction included ordinary State and local
taxes paid or accrued during the year, as well as
social security and payroll taxes, unemployment in-
surance taxes, import and tariff duties, and busi-
ness, license, privilege, excise, and stamp taxes.
Also included were income and profits taxes paid to
a foreign country or a United States possession un-
less claimed as a credit against income tax. Any
identifiable amounts of taxes paid reported as a
Cost of sales or operations were added to the sta-
tistics for taxes paid.
Excluded from taxes paid were Federal income and
excess profits taxes; estate, inheritance, legacy,
succession, and gift taxes; taxes assessed against
local benefits; Federal taxes paid on interest on
tax-free convenant bonds; and unidentifiable amounts
of taxes included in Cost of sales and operations.
On certain 1959 returns, taxes paid were combined
with interest paid and could not be separately iden-
tified from supporting schedules. In such cases,
the combined deduction was transferred to Other
deductions. Components of Other deductions are sum-
marized in text table 0.
Total assets shown in this report were reported
on the end-of-year balance sheet. The total was
after reduction by accumulated depreciation, amor-
tization, and depletion, and by the reserve for bad
debts. Reserves when shown on the return as liabil-
ities were used to reduce corresponding asset
accounts.
Total liabilities shown in this report consisted
of the debts, obligations, and capital accounts re-
ported on the tax return end-of-year balance sheet.
Reserves shown on tax returns as liabilities were
used to reduce corresponding asset accounts and
total liabilities were decreased by the amount of
such reserves.
Total compiled deductions included the ordinary
and necessary business deductions from gross income,
as well as cost of sales and operations, and net
loss from sales other than capital assets. These
deductions were applied against Total complied re-
ceipts in arriving at Net profit or loss as shown
in this report. Components of Total compiled de-
ductions are shown in the income statement , table 2.
Total compiled receipts included the gross taxa-
ble receipts before deduction of cost of sales and
operations and net loss from sales of property other
than capital assets. It also included nontaxable
interest, but excluded all other nontaxable income
recognized by the corporation. The income state-
ment in table 2 shows the components of Total com-
piled receipts.
Western Hemisphere trade corporation deduction is
discussed under Statutory special deductions on
pages 10-11 .
Western Hemisphere trade corporation returns were
returns filed by domestic corporations (1) all of
whose business (except incidental purchases) was
done in North, Central, or South America, or in the
West Indies including Puerto Rico and the Virgin
Islands, (2) 95 percent or more of whose gross in-
come for the three-year period ending with the close
of the income year (or for which part of the period
as the corporation was in existence) was derived
from sources outside the United States, and (3) 90
percent or more of whose gross income for such
period was derived from active conduct of trade or
business. These companies were gi'nted a tax con-
cession equal in effect to about a 27 percent re-
duction of taxable income. (See the description of
the Western Hemisphere trade corporation deduction
under Statutory special deductions on pages 10-11. )
Income and tax statistics shown for Western Hemi-
sphere trade corporations reflected operations
other than Western Hemishpere trade activity since
aggregate data from 51 predominantly large consoli-
dated returns of affiliated corporations are in-
cluded. Data from a consolidated return were
included if any member of the affiliated group
qualified as a Western Hemisphere trade corporation,
although in many cases the consolidated return re-
flected only a small amount of Western Hemisphere
trade corporation experience. When included in an
affiliated group of companies filing a consolidated
return, the income of the Western Hemisphere trade
corporation was exempt from the 2 percent additional
tax imposed on corporations filing consolidated
returns
The number of Western Hemisphere trade corpora-
tion returns is probably understated because in
most instances the only means of identifying them
was by the presence of the 27 percent special de-
duction. The understatement is probably concen-
trated among returns without net income where there
was no taxable income to reduce by means of the
deduction and consequently no deduction was shown.
But the deduction may have also been omitted on
certain returns with net income where a net oper-
ating loss carryforward, or in some instances a
special deduction for dividends received, or both,
completely offset the taxable income before Western
Hemisphere trade corporation deduction. Also, a
consolidated return with net income may not have
shown a Western Hemisphere trade corporation de-
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
47
duction if the Western Hemisphere trade corporation
member of the affiliated group had a deficit for
the year. An understatement in the number of Western
Hemisphere trade corporations could also result
from the fact that several members of an affiliated
group filing a consolidated return may have been
Western Hemisphere trade corporations, but since
they were represented by a single tax return, they
were counted only once.
Year of incorporation reported on the income tax
return indicated the year the firm incorporated and
not necessarily the year the business began. Some
incorporations merely represented corporate reorgan-
izations or changes in the legal form of a previously
existing business. Some of the differences between
the number of returns classified by year of incor-
poration in this report and the number shown in the
ig^G-'i? incorporation statistics are attributable
to (l) liquidations, mergers, and changes in active
or inactive status during the intervening years, (2)
use of the consolidated return filing privilege for
one year but not the other, and (3) corporations re-
porting year of incorporation on the one year's
return but not on the other year's return. Asso-
ciations taxed as corporations may not have substi-
tuted the year of organization for the year of
incorporation on the tax return and may thus have
contributed to the nonresponse category.
2. Tables Compiled from
Corporation Income Tax Returns,
July 1959 - June 1960
TABLES FROM CORPORATION INCOME TAX RETURNS JULY 1959-JUNE 1960
Page
ACTIVE CORPORATION RETURNS
1. Total compiled receipts, net income, income subject to tax, tax, and distributions
to stockholders, by minor industrial group 52
2. Balance sheets and income statements, by major industrial group 58
3. Balance sheets and income statements, by size of total assets 65
<i. Selected assets, liabilities, receipts, and costs, income subject to tax, tax, and
distributions to stockholders, by size of total assets, by major industrial group 67
5. Selected income and balance sheet items, by size of business receipts, by indus-
trial division 102
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S
6. Number of returns, net income, statutory special deductions, income subject to tax,
tax, and foreign tax credit, by industrial division 106
ACTIVE CORPORATION RETURNS
7. Total compiled receipts, net income, income subject to tax, tax, and distributions
to stockholders other than in own stock, by size of net income or deficit, by
industrial division .■■*■.■■■ ^^"^
8. Number of returns, net income, income subject to tax, tax, and percentage distrib-
utions, by month in which accounting period ended • Ill
9. Total compiled receipts, net income, income subject to tax, tax, and foreign tax
credit, by calendar and noncalendar year accounting period, by size of net income
or deficit ; • ; 112
10. Regular and alternative tax liability, by size of net income or deficit 113
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S
11. Number of returns, net income, income taxed at normal tax and surtax rates, net
long-term capital gain, tax, foreign tax credit, and selected insurance company
items, by size of income taxed at normal tax and surtax rates, by type of tax
liability ; H'^
Part I.— Summary, nonconsolidated and consolidated returns. Form 1120, and insur-
ance company returns. Forms 1120L and 1120M 114
Part II.— Nonconsolidated returns with net income filed on Forms 1120, taxable and
nontaxable 115
Part III Consolidated returns with net income filed on Form 1120, taxable and
nontaxable 116
Part IV Nonconsolidated and consolidated returns. Form 1120L, filed under pro-
visions of the Internal Revenue Code applicable only to life insurance companies 117
Part v.— Returns, Form 1120M, filed under provisions of the Internal Revenue Code
applicable only to mutual insurance companies other than life or marine insurance
companies or fire insurance companies issuing perpetual policies.*. 118
ACTIVE CORPORATION RETURNS
12. Net income and deficit for 1959-60, and for two prior years when shown on the
1959-60 return, by major industrial group 119
ACTIVE CORPORATION RETURNS WITH PAYMENTS ON DECLARATIONS OF ESTIMATED TAX
13. Net income, income subject to tax, tax, foreign tax credit, and payments on decla-
rations of estimated tax, by month in which accounting period ended 121
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S
lA. Income tax, foreign tax credit, payments on delcarations of estimated tax, and
payments with requests for extension of time in which to file returns, by month
in which accounting period ended 122
ACTIVE CORPORATION RETURNS
15. Number of returns, total compiled receipts, net income, total assets, gross depre-
ciable assets, and depreciation, by year of incorporation, by major industrial
group 123
16. Number of returns, total compiled receipts, net income, gross depreciable assets,
depreciation, total assets, and net worth, by year of incorporation, by size of
total assets 135
17. Number of returns, total compiled deductions, "other deductions," and salary and
wage component of "other deductions, " by industrial groups 138
18. Net income and tax, by district in which returns were filed 139
19. Number of returns, by district in which returns were filed, by size of total assets l<il
60
TABLES FROM CORPORATION INCOME TAX RETURNS JULY 19S9-JUNE 1960— Continued
MANUFACTURING AND TRADE CORPORATION RETURNS Page
20. Beginning and ending inventories, business receipts, and total assets, by indus-
trial group I<i5
21. Number of returns and business receipts, by ratio of business receipts to end-of-
year inventories, by percent of net Income on business receipts, by size of total
assets, by major groups of manufacturing and trade industries 14-7
RETURNS WITH NET INCOME
22. Balance sheets and income statements, by major industrial group 185
23. Balance sheets and income statements, by size of total assets 192
24. Number of returns, total compiled receipts, net income, gross depreciable assets,
depreciation, total assets, and net worth, by year of incorporation, by size of
total assets 194
CONSOLIDATED RETURNS
25. Balance sheets and income statements, by industrial division 197
26. Balance sheets and income statements, by size of total assets 198
CONSOLIDATED RETURNS WITH NET INCOvE
27. Balance sheets and income statements, by industrial division 200
28. Balance sheets and income statements, by size of total assets 201
NOIEXEMPT CORPORATE COOPERATIVES
29. Business receipts, cost of sales and operations, total compiled receipts, net
income, income subject to tax, tax, and total assets, by type of cooperative,
by industrial division 203
RETURNS WITH FOREIGN TAX CREDIT
30. Net income, income subject to tax, tax, and foreign tax credit, by major industrial
group 204
31. Net income, income subject to tax, tax, and foreign tax credit, by size of total
assets 205
32. Net income, income subject to tax, tax, and foreign tax credit, by size of net
income 205
WESTERN HEMISPHERE TRADE CORPORATION RETURNS
33. Total assets, net income. Western Hemisphere trade corporation deduction, income
subject to tax, taxes, foreign tax credit, and income from foreign sources, by
major industrial group 206
34. Total assets, net income. Western Hemisphere trade corporation deduction, income
subject to tax, taxes, foreign tax credit, and income from foreign sources, by
size of total assets 210
35. Total assets, net income. Western Hemisphere trade corporation deduction, income
subject to tax, taxes, foreign tax credit, and income from foreign sources, by
size of net income or deficit 211
ACTIVE SMALL BUSINESS CORPORATION RETURNS, FORM 1120-S
36. Balance sheets and income statements, by major industrial group 212
37. Balance sheets and income statements, by size of total assets 218
38. Net income and total assets, by year of incorporation, by industrial division 219
39. Number of returns and shareholders, net income, net long-term capital gain taxable
to shareholders, ordinary income, distributions to shareholders, and book income,
by major industrial group 220
40. Number of returns and shareholders, net income or deficit, dividends received, net
long-term capital gain taxable to shareholders, ordinary income, and distribu-
tions to shareholders, by size of net income or deficit 226
51
52
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
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CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
57
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ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP
Major industrial group
All
industrial
groups
Agriculture,
forestry, and
Uining
Total
mining
Metal
mining
Bituminous
coal and
lignite
mining
Crude
petrolexim
and
natural
gas
Mining and
quarrying of
norjnetallic
minerals, and
anthracite
mining
Construc-
tion
Manufacturing
Total
manufac-
turing
Beverage
industries
(1)
(2)
(3)
M
(5)
(6)
(7)
(8)
(9)
Number of returns, total
Form 1120-S
Total assets
Cash
Notes and accounts receivable
Less ; Reserve for bad debts
Inventories, total
Last-in, first-out >
Other than last-in, first-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions ,, .
United States obligations
Not stated
Other current assets, including short-term
marketable investments.
Mortgage and real estate loans
Other investments
Depreciable assets
Less: Accumulated amortization and deprecia-
tion.
Depletable assets
Less : Accumulated depletion
Land
Intangible assets
Less : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable shares
Bonds, notes, mortgages payable maturing in
less than one year.
Other current liabilities
Bonds, notes, mortgages payable maturing in one
year or more .
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
Interest on Government obligations (less amor-
tizable bond premium) :
Wholly taxable
Subject to surtax only
Vftiolly 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-tenn capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled deductions
Cost of sales and operations
Compensation of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
Taxes paid
C6ntributions 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
Compiled net profit (less net loss) (37 less 51).
Net income (less deficit), total (68 less 41)....
Returns other than Form 1120-S:
Net income (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax
Income tax
Total compiled net profit less Income tax on
returns other than Form 1120-S (68 less 73).
Form 1120-S, net Income (less deficit) (69 less
70).
Distributions to stockholders:
Cash and assets other than own slock
Corporation's own stock
1,074,120
71, 140
15, 603
1,485
12,920
832
1,099
(M
1,961
141
6,673
434
3,187
244
66, 260
6,137
156,297
U,849
(Thouamnd datlmtK)
1,136,667,759
91,855,941
232, 680, 893
4,686,4X
38,303,970
7,527,013
35, 640, 301
45, L36, 656
29, 137, 834
102, 699, Ul
2,456,179
8,512,382
117,854,966
166, 585, 027
397, 167, 908
147,490,097
12, 098, 349
4,963,693
17, 259, 733
2, 976, 167
1, 276, 532
25,496,055
1,136,667,759
62,754,549
308,030,920
43, 171, 158
33, 204, 351
142, 912, 726
157, 590, 530
16, 521, 898
118,573,241
57,914,070
16, 756, 827
179,237,489
816, 799, 884
772,914,545
2,985,070
82, 657
857, 329
16, 967, 728
6, 826, 004
682,861
72, 391
2,971,045
1, 932, 706
2,943,191
1,040,403
6,316,954
769, 145, 286
557, 061, 666
13,411,436
8, 208, 562
6, 654, 767
2,330,969
12,558,235
19,189,112
461,575
1,565,991
20, 493, 626
3, 239, 439
8, 746, 760
4,534,044
2, 190, 268
1,292,916
107,135,900
47,654,596
46,797,267
46,401,968
3, 666, 688
47, 648, 078
22, 524, 687
25, 129, 909
395, 299
'16,241,581
2,173,518
3, 586, 542
213,737
432, 592
3,752
434,399
11, 855
153, 506
269,038
16,847
39,310
5,002
42,736
29,584
402,823
2, 147, 560
992,844
46, 765
15,696
644,009
6,311
1,005
136,364
299,644
41
402,916
87, 262
675, 361
160, 471
68,361
1,100,034
173, 189
54, 256
559, 503
3, 837, 620
3, 676, 501
1,664
33
584
6,804
24,334
6,410
540
56, 205
7,010
7,343
2,675
45,512
3,731,152
2, 536, 425
102,723
70, 694
59, 713
7,641
47, 662
78, 142
1,446
1,301
164,460
2,080
21,494
5,166
5,657
2,285
623,633
105,468
105,884
110,722
32, 129
164, 251
62, 241
44,227
%638
31,819
4,834
16, 039, 390
1, 034, 027
2,002,796
11,430
832, 593
25,904
319, 159
537, 530
89,868
626, 819
61,264
210, 302
49, 307
1, 949, 598
11, 919, 528
5, 804, 125
3,739,322
1, 613, 641
191,980
252,044
67, 273
324,416
16, 039, 390
1,165,300
339
711,902
715,446
3, 009, 032
368, 626
253, 316
2, 700, 738
2, 114, 608
230,804
4, 766, 729
10, 354, 655
9, 896, 963
27,920
34
2,742
27,369
29,915
51, 359
2,779
110, 785
13,379
79,846
5,428
106, 336
9, 706, 239
5,812,331
138,433
51,462
136,840
14, 351
152, 186
283, 555
6,498
114, 651
691,003
305, 053
13,039
61, 159
88,455
33, 703
1,278,465
648, 616
645,874
645,613
182, 952
959, 680
472,703
175, 908
261
718,846
55,485
4, 211, 305
219, 864
320, 732
1,438
245,485
1,716
126,865
116,904
33,079
349,695
35,644
80,557
U,222
628,965
2,662,028
1, 210, 964
966, 572
376, 623
36, 103
123,990
11, 670
78,064
4, 211, 305
303, 005
46
63,424
153, 167
1,101,835
72, 835
54,669
673, 045
566,536
47, 799
1, 149, 640
1, 673, 814
1,791,930
12,897
24
146
7,161
5,524
4,316
64
5,555
690
33, 838
1,528
10.091
1,790,679
1, 016, 959
8,024
4,577
21, 685
1,154
45, 010
74,933
2,229
94,137
100,305
150, 326
513
14, 141
6,818
12, 199
236, 914
83,135
82, 939
37, 791
34,976
232,938
119, 561
^36, 426
(')
162, 073
4,305
2,324,310
149, 631
365,235
2,739
87,261
4,893
36,283
46,080
18,253
142,393
9,888
41,203
870
270, 851
1, 319, 649
864,466
409,719
166,555
20,484
3,622
478
39, 979
2, 324, 610
145,361
66,790
76, 071
376, 970
48, 195
84,258
321,751
321, 576
47, 310
810, 528
1,951,445
1, 834, 238
4,290
2
601
4,982
5,787
2,209
77
25,164
1,723
12,642
70
9,660
1, 920, 272
1, 337, 926
21, 110
9,316
48,737
2,276
20,250
50, 220
653
535
115,695
52, 081
1,716
30, 467
59,898
7,949
160,941
31, 173
30, 572
29,731
15,244
54,527
22, 545
8,626
841
50, 167
6,370
7,146,456
478, 217
992, 296
4,258
363, 200
1,026
96, 052
266, 122
27,753
242, 364
2,019
60,768
16,570
762,476
5, 650, 317
2, 667, 812
2, 173, 926
1, OU, 673
76, 536
64,576
21,138
138, 317
7, 146,456
538,654
791
407, 043
402, 383
1,137,757
172, 261
38,341
1,251,472
1, 045, 887
73, 542
2,028,305
4, 676, 119
4,450,769
6,558
8
750
10,903
12,131
41, 237
2,240
60,000
10,459
13, 727
3,376
53,961
4,225,765
2, 342, 099
66, 195
26,457
26,640
8,113
63,613
111, 217
2,175
6,594
347, 529
526,403
9,036
29, 230
8,705
U,032
638,627
450, 354
449,604
446, 278
61, 368
563,429
260, 779
169, 575
3,326
447,677
3S,3J8
2, 356, 819
186, 315
324, 531
2,995
186, 647
18,264
59, 959
108,424
10,773
94,362
13,713
27,774
16,645
237,306
1,767,534
640,883
189, 105
58,790
58, 357
59,856
33,992
66,056
2, 356, 819
173, 260
132,645
81,625
390,420
75, 265
26,048
454,520
180,607
62, 153
760, 056
1, 853, 477
1, 769, 976
1,245
4,323
6,473
3,597
396
20,066
507
14,639
454
27,624
1, 769, 523
,, 115, 347
43,104
10,612
39, 573
2,806
23,313
47,135
1,441
13,365
126,979
76, 243
6,769
7,321
13,034
473
241, 963
83, 954
82,709
81,813
21,364
103, 766
49,823
34, Ul
396
53,929
6,472
14, 221, 541
1,559,492
5, 632, 435
43, 153
1, 561, 519
28, 425
673, 568
659, 526
46,831
256, 164
41, 749
237,453
42,705
1,034,238
4, 396, 979
2,563,037
71,788
17,629
234,326
19,046
2,555
1, 211, 190
14, 221, 541
3,717,429
11,902
1, 376, 901
612,532
1,343,824
1, 918, 383
148, 226
1, 622, 613
322,910
66,643
2, 655, 973
32, 140, 410
6,707
142
1,959
23,593
63,375
3,465
1,160
67, 599
10, 311
15,566
4,747
260, 252
31,559,343
26,610,044
1,005,401
134,505
140,705
41,912
116,377
397,334
10, 938
1,902
602,495
7,245
74,427
66,399
92,315
7,758
2, 249, 566
531,067
579, 108
545,331
89,469
783, 090
331, 590
249, 477
33,777
252, 134, 247
15, 239, 274
43, 088, 238
842, 747
54,798,833
6, 442, 186
20, 679, 492
27,477,153
1, 596, 206
13,431,338
362, 909
2,836,777
178, 554
26,990,480
159,141,011
77, 210, 763
6,582,114
2, 774, 609
3, 395, 206
1, 768, 166
923, 978
4.457.221
252, 134, 247
23, 990, 702
19, 257
9,453,472
16, 379, 294
32, 131, 553
8, 270, 186
6, 364, 513
43,133,455
21, 677, 161
3, 827, 949
86. 886, 705
363, 157, 167
356, 972, 649
391, 726
2,029
40,093
457,494
600,818
432, 855
20,166
923, 103
35, 618
929, 707
798, 422
1.552.482
338, 131, 185
256, 268, 083
4, 173, 670
2, 189, 206
4, 974, 916
413, 980
1, 992, 062
9, 223, 539
276, 663
583, 216
9, 227, 824
2,164,630
4, 962, 382
2, 734, 680
1, 367, 522
120, 307
37,408,455
25,025,982
24, 985, 364
24, 878, 089
1,476,916
24, 311, 362
12,435,056
12, 590, 926
107,795
91,093 7,666,473
39,096 1,230,670
(10)
2,941
242
5, 248, 563
393,200
758, 105
11,045
1, 294, 553
273, 078
476, 079
543, 396
21,449
231, 236
2,742
69,084
1,398
468,779
2,999,470
1,323,362
12,549
1,677
95,442
32,284
4,485
203.761
5, 243, 563
488, 057
2,263
187, 704
273,125
604, 654
132, 023
175, 530
678, 221
313, 323
98, 376
2.044.777
8, 307, 678
3,215,474
5,297
23
940
8,583
10, 195
5,547
165
3,934
3,339
8,381
4,125
36, 525
7, 806, 583
4,762,103
77, 354
32, 262
58, 169
5,459
49, 106
1, 226, 969
6,554
3,349
189, 570
1,260
401, 319
33,731
19, 614
4,672
935,092
501,095
500,155
494, 260
15,944
500, 600
252, 198
248, 697
5,695
132, 142 76
13,427 77
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
59
Table 2 . —BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group — Continued
Manufacturing — Continued
Food and
kindred
products
Tobacco
rnanufac-
tures
Textile
mill
products
Apparel
and other
finished
products
made from
fabrics and
similar
materials
Lumber
and wood
products,
except
furniture
Furniture
and
fixtures
Paper and
allied
products
Printing,
publishing,
and allied
industries
Chemicals
and allied
products
Petroleum
refining
and related
industries
Rubber and
miscella-
neous
plastics
products
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(IB)
(19)
(20)
(21)
Number of returns.
Form 1120-S
Total aesets.
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories, total
Last-in, first-out
Other than last-in, f irat-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions
United States obligaticms
Not stated
Other current assets, including short-term
marketable investments.
Mortgage and real estate loans
Other investments
Depreciable assets
Lesa: Accumulated amortization and depre-
ciation.
Depletable assets
Less : Accumulated depletion
Land
Intangible assets
Less: Acc\unulated amortization.
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable shares
Bonds, notes, mortgages payable maturing in
less than one year.
Other current liabilities
Bonds, notes, mortgages payable maturing in
one year or more.
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
Interest on Government obligations (less
amortisable 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 deductions
Cost of sales and operations...
Conqiensation 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
Compiled net profit (less net loss) (37 less
51).
Net income (less deficit), total (68 less 41).
Returns other than Fonn 1120-S:
Net inccme (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax
Income tax
Total compiled net profit less income tax on
returns other than Form 1120-S (68 less 73) .
Fomi 1120-S, net income (less deficit) (69
less 70) .
Distribution to stockholders :
Cash and assets other than own stock
Corporation' s own stock
15,530
983
i')
5,706
379
16,287
1,805
7,963
620
5,832
475
3,236
238
18,706
1,699
8,226
455
(M
3,932
258
(Thouamnd dallara)
18,010,406
1,428,042
3,306,557
71,223
4,219,545
400,125
1,683,967
2,135,453
56,153
421, 782
24,213
306,202
23, 973
1,583,732
11,364,721
5,406,659
17,189
5,103
395, 371
29,950
3,797
319,758
18,010,406
1,949,156
839
1,158,517
1,086,803
2,194,035
481,332
656,622
3,290,085
767,379
239,644
6,185,994
50,479,312
12, 527
122
2,633
41,245
39,645
12,162
3,305
48,0X
3,165
17,520
37,765
148,725
48,732,276
39,979,152
376,195
223,438
393, 543
54,731
175,979
572,997
24,368
4,353
741,033
4,630
963,744
176, 574
120,360
16,498
4,904,681
1,747,036
1,744,403
1,730,278
50,322
1,802,819
900,388
846,648
14,125
429,488
45,929
3,X6,120
110,204
254,896
3,715
2,458,927
845,398
490,368
1,123,161
1,535
13,475
7,904
778
94,227
589, 532
258,168
2,081
234
13,638
761
295
20, 594
3,306,120
94,247
681
360,745
202,108
552,211
60,240
182,455
570,968
156,787
81,768
1,043,910
^,835,840
450
79
2,113
1,368
1,478
5
553
31
1,020
1,339
9,532
4,288,527
2,749,653
11,279
3,818
9,295
971
29,156
962,218
2,536
236
35,096
137
263,388
23,187
5,405
494
191,653
547, 313
547,234
547,495
1,208
548,866
284, 575
262,738
(^)
150,382
889
8,929,065
549, 539
1,768,424
24, /^S
2,536,652
180,170
9e«4,131
1,392,351
29,511
234,610
15,834
80,237
21,177
768,220
5,407,823
2,668,840
2,269
1,303
54,626
6,463
1,380
149,651
8,929,065
823,425
66
499, 573
478,729
856,360
169,325
222,564
1,533,452
536,774
103,632
3,705,165
14,360,098
7,092
65
1,000
19,963
20,116
12,403
258
25,197
1,160
9,122
2,105
64,944
13,658,154
11,369,715
184,460
77,389
126,713
14,949
81,627
234,683
12,626
2,847
307,802
136
88,34A
46,815
33,171
22,730
1,054,147
701,944
700,944
696, 936
71,122
680,254
337,650
364,294
4,008
131,266
29,481
4,507,669
406,341
1,362,776
26, 332
1,711,618
73,491
803,014
835,113
6,646
44,758
9,873
55, 865
6,287
292,636
1,003,362
517,087
2,257
809
29,200
8,924
1,197
112, 551
4,507,669
1,013,074
462
499,671
320,601
302, 597
121,773
152,283
807,864
144,866
20,244
1.124.212
11,907,200
1,084
109
345
4,463
6,270
8,771
316
5,848
321
2,635
632
32,572
11,643,753
9,269,642
322,741
114,054
22,092
17,248
53,035
174,291
7,628
562
79,586
166
115,827
25,112
47,034
2,928
1,371,807
263,447
263,102
252,744
21,659
297,232
136,129
127,318
10, 358
33,873
17,502
5,333,283
328, 947
877, 503
16,000
1,063,028
69,204
380, 551
613,273
17,887
214,239
9,088
66,111
5,877
490,053
2,721,013
1,350,722
744,235
56,669
97,749
10,636
1,051
111, 359
456,885
638
379,656
255,985
749, 332
117,234
37,434
1,041,221
491,964
44,034
1,708,900
7,517,284
3,811
35
803
12,129
13,137
3,334
481
227,829
4,341
6,205
67
50,806
7,088,908
5,526,541
130,677
33,534
55,914
14,162
53,511
138, 500
4,006
2,993
195,469
230,908
28, 558
17,340
13, 598
3,992
639.155
428,376
427, 573
411,285
25,615
441,093
163,059
265,317
16,288
101,638
15,634
200,222
621,190
14,415
721,055
33,466
361,670
325,919
17,011
88, 509
3,381
32,284
1,578
139, 949
1,038,925
491,174
12,061
4,297
36, 829
2,450
423
44.698
2,449,833
312,881
522
173,240
187,126
195,105
65,645
40,339
476,035
106, 562
13,424
858,954
2,209
5
2,642
2,907
2,991
647
135
10,014
1,578
949
1,680
31.106
4,792,437
3,664,471
131,699
46,625
26,064
12,239
20,645
83,307
4,370
318
71,504
37
60,459
13,199
18,930
1,375
623.995
209,797
207,155
206,402
8,164
241,350
115,225
94, 572
753
34,011
11,446
9,977,017
534,035
1,178,666
25,016
1,397,097
36,129
569,131
741,837
22, 367
453, 524
24,529
95,885
8,427
1,132,268
7,719,703
3,273,331
507,801
81,835
115,028
10,634
2,816
160.501
9,977,017
633,825
558
359,320
504,326
1, 591, 545
269,360
256,473
1,700,052
1,067,047
30,326
3,513,685
11,845,655
11,579,374
11,555
269
1,795
16,057
12,866
6,887
128
126,806
447
16,064
19,960
51.447
10,716,271
7,917,101
122, 561
63,133
261, 586
8,620
80, 559
226,226
11,719
28,340
427,241
24,052
97,453
81,971
34,326
4,685
1,328.193
1,127,384
1,125,589
1,123,466
33,700
1,117,462
540,330
587,054
2,123
290,396
55,413
8,146,482
890,887
1,730,544
63,430
953,126
56,291
503, 993
392,342
77,788
418,868
15,321
127, 967
15,409
1,007,035
4,024,367
1,795,213
1,721
838
173,042
70,017
6,336
504.762
6,146,432
833,824
2,147
340,310
602,852
813,658
605,055
302,527
1,174,193
372,401
159,355
2.939.660
12,567,293
11,542
190
2,063
11,631
34,008
29,175
245
44,295
752
32,621
5,656
157.079
11,634,671
8,111,786
398,742
125,555
54,284
36,672
64,669
220,055
13,771
3,304
259,188
167
92,601
97, 202
41,712
6,715
2.103,028
930,559
921,719
60,008
920, 849
444,928
437,694
8,840
189,625
39,907
23,202,242
1,290,063
3,107,577
67,817
3,390,493
180,053
1,314,459
2,395,976
191,431
1,551,156
105,231
273,956
5,100
3,239,694
16,922,838
8,326,776
291,113
103,771
286,094
79,975
36,972
504.857
23,202,242
1,639,233
2,274
421, 555
1,683,499
3,359,104
523,687
774,458
3,469,868
3,226,803
284,039
7.797.722
26,699,483
26,065,022
42,415
160
4,967
28,500
26,727
97,925
1,421
70,133
2,259
180,087
93,524
36.343
23,230,779
15,460,943
250,037
130,008
434,291
29,904
171,329
425,959
32, 593
92,633
1,102,299
92,139
936,856
299, 580
78,046
5,860
3.638.302
3,468,704
3,463,737
3,458,629
185,822
3,345,064
1,705,845
1,762,859
5,108
1,146,175
123,540
39,743,483
1,526,052
5,049,103
137, 573
3,241,845
359,383
434,163
2,448,294
317,670
2,044,955
50
369,278
22,733
7,303,072
33,165,080
16,427,024
3,587,449
1,791,670
561,617
1,177,609
763,327
481.514
39,748,433
3, 304, 568
39
302,525
1,120,444
5,032,130
954,033
335,277
10,176,730
5,121,525
706,872
12.694.340
37,592,756
36,004,654
60,266
199
2,550
69,899
273,275
64,697
4,640
100,744
1,031
426, 975
269,062
314. 562
35,907,338
27,123,251
55,189
434,236
493,146
30,948
199,634
942,225
13,513
106,116
1,323,949
1,527,908
164,859
282,185
93,131
996
3.106.002
1,685,418
1,682,868
1,682,699
500,320
1,243,072
621,246
1,064,172
(M
1,414,877
269,710
4,906,503
303,330
1,250,016
26,807
1,310,409
121,479
735,398
453, 532
5,280
97,407
4,249
35,443
3,626
438,009
2,876,555
1,568,388
3,091
921
65,014
9,629
5,491
49.052
4,906,503
522, 337
11
127,491
367,659
886, 362
106,967
132,744
573,331
391,912
145,319
1.652.320
7,842,427
7,737,607
4,847
2
367
9,024
7,595
4,326
180
12,521
825
6,896
36,701
21.536
7,307,537
5,370,730
84,797
65,947
114,121
17,320
42,978
265, 532
4,840
2,233
202,975
237
127,152
53,816
34,518
1,061
919.280
534,890
534, 523
533,365
17,945
551,067
278,266
256,624
658
144,891
50,124
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations 6f Data." Income subject to tax is explained on pp.
60
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group^Coniinu-^d
Manuf a :turing — Continued
Leather
.ind
leather
products
Stone,
clay, and
glass
products
Primary
metal
industries
Fabricated
metal products
( including
ordnance),
except
machinery and
transportation
equipment
[tochineryj
except
electrical
and trans-
portation
equipment
Klectrical
machinery,
equipment,
and
supplies
Transpor-
tation
equipment,
except
motor
vehicles
Motor
vehicles
and motor
vehicle
equipment
Proftsjional,
scientific, and
controlling
instruments;
photographic
and optical
goods; watches
and clocks
Other
manufac-
turing
industries
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(3C0
(31)
Number of retums.
Form 1120-S
Total assets
Cash
Notes iind accounts rcceivabln
Less : Reserve for bad debts
Inventories, total
Last- in, first-out
Other than last-in, first-out
Not stated
Investments, Govemm'-nt obligations:
States, Territories, and U. S. possessions.
United States obligations
Not stated
Other current assets, including short-term
marketable investments.
Mortgage and real estate loans
Other investments
Depreciable assets
Less: Accumulated amortization and depre-
ciation.
Oepletable assets
Less : Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable shares
Bonds, notes, mortgages payable maturing in
less than one year.
Other current liabilities
Bonds, notes, mortgages payable maturing in
one year or more.
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
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 deductions
Cost of sales and 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
Compiled net profit (less net loss) (37 less 51)
Net income (less deficit), total (68 less ^1)...
Returns other than Form 1120-S:
Net Income (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax , . .
Income tax
Total compiled net profit less income tax on
returns other than Form 1120-S (68 less 73) .
Form 1120-S, net inccme (less deficit) (69 less
70).
Distributions to stockholders:
Cash and assets other than own stock
Corporation's own stock
,711
324
lil,5<19
511,585
9,513
627,798
22,186
276,842
328,770
8,266
26,690
5,396
17,565
2,195
207,067
532,804
280,117
30
21
15,1«
1,510
246
35.617
248,267
111
140,897
122,829
195,822
44,116
63,500
317,539
36,140
49,446
574,652
3,936,069
744
24
204
3,936
3,321
765
46
1,034
66
1,524
13
17,033
3,789,587
3,069,341
78,241
28,730
17,064
5,745
19,870
66,018
3,132
151
38,451
14
43,585
17,835
11,414
2,603
387,393
6,834
520
3,655
210
14,690
1,092
16,275
917
>,593
421
2,376
136
1,292
2,730
178
10,000
818
(Thousand dolltra)
146,482
146,278
144,842
9,779
153,287
74,562
71,920
1,436
30,402
1,653
8,713,029
609,131
1,374,305
32,072
1,332,475
62,161
722,225
548,089
48,193
522,212
22,329
120,407
5,208
624,772
6,794,656
3,142,275
139,408
56,935
146,160
15,804
1,907
141,158
8,713,029
569,829
4,437
252,613
564,517
991,216
254,506
238,934
1,625,771
692,013
135,528
3,383,665
10,763,574
13,267
147
1,879
14,652
11,130
12,971
413
23,409
1,429
21,436
27,470
53,980
9,674,185
6,905,913
170,675
53,404
257,908
19,596
57,997
211,562
10,447
15,291
4a, 108
156,928
74,279
80,275
39,341
2,314
1,196,147
1,089,389
1,087,510
1,083,168
28,311
1,095,981
552,084
537,305
4,342
297,129
95,611
26,282,013
1,446,332
3,286,995
50,032
5,051,288
1,736,833
1,444,606
1,869,849
125,115
1,938,510
8,283
244,544
14,596
1,939,512
22,718,970
U, 592, 263
987,686
564,331
436,012
34,596
17,385
224,090
26,282,013
2,002,499
554
458,936
1,694,088
4,852,074
712,650
1,005,846
3,935,174
1,6U,370
540,758
9,468,064
27,522,119
62,746
43
4,491
38,702
16,450
18,548
390
68,752
1,110
52,642
8,702
55,315
25,322,513
19,484,637
190,534
84,650
1,269,984
17,042
256,521
570,415
18,890
179,339
945,500
115,989
118,575
349,488
135,746
7,624
1,577,479
2,199,606
2,195,115
2,191,444
103,934
2,145,933
1,093,083
1,106,523
3,671
674,669
40, 573
11,772,597
917,761
2,346,959
42,703
3,229,107
285,643
1,558,031
1,385,433
66,477
361,055
31,000
131,189
10,658
855,644
6,218,222
2,798,857
58,947
20,910
183,383
32,727
11,029
202,967
11,772,597
1,196,159
1,256
622,300
818,622
1,273,942
325,269
299,004
1,969,195
720,863
122,335
4,423,652
18,963,602
1,567
17,434
17,582
10,643
1,937
29,014
3,748
21,669
42,585
95,695
17,879,608
13,617,365
423,034
127,777
239,455
30,118
93,093
335,721
13,992
7,581
415,895
2,281
167,205
128,837
39,219
U,267
2,163,768
1,083,994
1,082,427
1,070,243
49,312
1,163,262
570,171
513,823
12,184
266,092
54,346
20,137,931
1,345,370
4,265,557
72,639
5,959,678
684,418
2,678,505
2,596,755
72,318
919,014
17,475
161,336
11,075
1,727,350
10,149,204
5,015,711
25,811
9,042
249,014
89,524
33,625
275,222
1,916,034
1,447
952,259
1,205,593
2,482,089
723,626
450,584
4,060,254
1,450,280
250,865
6,644,350
25,383,611
30,188
163
2,234
51,043
43,257
66,235
1,425
44,425
3,938
40,924
49,208
112,004
23,216,247
16,353,239
479,850
156,335
321,713
28,406
173,558
520,552
24,123
17,679
820,815
3,438
262,160
258,964
116,751
8,686
3,669,978
2,167,364
2,165,130
2,151,915
95,758
2,238,991
1,127,203
1,040,161
13,215
470,727
197,953
14,300,144
888,469
3,607,858
68,889
3,983,710
472,110
1,664,474
1,347,126
205,352
802,987
35,962
139,473
7,434
1,349,603
5,014,078
2,105,019
64,289
57,506
103,178
39,799
11,642
301,008
1,162,247
1,858,178
535,741
260,650
2,021,623
1,253,254
190,425
4,409,733
22,763,762
2,960
37,260
19,705
37,257
1,725
26,533
2,457
9,158
39,146
67,437
21,051,324
15,568,625
238,065
141,556
187,044
29,025
111,848
543,036
21,458
27,262
434,782
157
389,261
257,763
118,243
4,793
2,978,901
1,711,933
1,703,973
1,711,213
40,246
1,751,990
393,883
818,055
^2,240
446,391
69,264
9,694,529
575,503
2,507,977
12,587
3,837,825
16,110
1,025,960
2,795,755
28,395
114,056
3,343
155,571
1,696
451,347
3,398,481
1,669,465
2,885
726
116,482
13,253
2,502
172,995
1,595,056
397
907,333
853,667
880,553
1,382,525
71,602
813,024
874,706
74,726
2,240,940
16,578,046
16,465,594
4,099
158
265
13,656
9,006
16,054
1,468
10,326
413
6,770
6,551
43,686
16,100,307
13,781,091
80,161
88,749
186,959
9,301
91,499
285,293
9,174
73,063
215,114
120
46,287
155,313
73,212
2,597
1,001,864
477,739
477,474
477,497
9,469
629,112
3a, 639
156,100
'23
197,931
25,153
16,561,217
740,281
1,787,365
13,007
3,382,363
339,745
1,258,277
1,784,341
239,338
2,465,197
1,674
239,238
1,786
2,090,365
10,425,018
5,241,524
3,879
4,370
118,194
72,532
5,349
258,187
16,561,217
1,457,202
37
164,661
2,038,347
1,232,561
331,253
394,447
1,346,381
1,369,763
386,100
7,339,965
24,644,023
76,351
139
4,955
36,518
16,631
7,620
1,133
9,509
185
55,685
125,985
35,903
21,657,260
17,267,277
70,343
34,761
312,079
6,182
77,452
930,640
16,389
7,246
693,852
881
196,745
250,057
173,027
3,531
1,616,793
2,986,763
2,981,308
2,981,706
113,332
2,890,899
1,498,355
1,488,408
(M
841, o95
43,527
4,545,251
249,344
1,050,327
15,814
1,343,802
98,881
774,280
470,641
9,481
350,081
16,104
39,917
2,340
300,100
2,060,392
988,413
645
412
47,836
29,399
6,942
57,064
4,545,251
356,312
35
244,316
495,834
573,505
171,217
100,035
784,801
545,664
63,462
l,a0,070
6,293,363
362
7,899
5,397
10,924
100
9,094
982
4,474
21,754
23,385
5,651,824
3,868,156
89,313
50,642
71,366
5,713
41,002
141,707
10,029
5,330
160,534
14
139,994
91,319
42,595
146
933,4(K
641,539
641,177
633,243
10,791
651,310
332,528
309,011
2,929
158,606
11,352
4,518,551
359,622
1,083,951
32,668
1,252,439
45,824
757,368
449,247
28,043
117,017
5,332
45,821
5,153
387,046
1,993,797
967,830
59,618
11,179
56,155
19,660
5,281
120.855
532,781
437
336,154
340,293
454,520
112,604
161,205
747,103
375,753
36,271
1,4a, 425
7,351,738
7,249,222
3,776
13
997
9,830
10,146
3,786
195
18,103
1,491
6,950
4,362
42,817
6,978,596
5,022,301
207,718
70,353
61,626
13,924
41,924
140,178
5,005
2,940
141,011
3,031
133,726
39,112
27,129
1,235
1,062.383
373,142
372,145
363,030
24,155
400,864
191,709
131,433
4,115
83,567 76
18,236
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
ACTIVE CORPORATION RETURNS
61
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group — Continued
Transportation, communication, electric, gas, and sanitary
services
Total trans-
portation,
coimnunica-
tion»
electric,
gas, and
sanitary
services
Transpor-
tation
Communica-
tion
Electric
and gas
companies
and systems
Vfeter
supply
and other
sanitary
services
Wholesale and retail trade
Total
wholesale
and retail
trade
Wholesale trade
Total
wholesale
trade
Groceries
and related
products
Electrical
goods,
hardware, and
plumbing and
heating
equipment
and supplies
Other
wholesalers
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(«5)
(41)
Number of returns, total
Form 1120-S
Total assets
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories, total
Last-in, first-out
Other than last-in, first-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions..
United States obligations
Not stated
Other ciirrent assets, including short-term
marketable investments.
Mortgage and real estate loans
Other investments
Depreciable assets
Less: Accumulated amortization and depreci-
ation.
Depletable assets
Less : Accumulated depletion
Land
Intangible assets
Less : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable shares
Bonds, notes, mortgages payable maturing in
less than one year.
Other current liabilities
Bonds, notes, mortgages payable maturing in
one year or more .
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
SuzplTls reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
Interest on Government obligations (less
amortizable bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rants
Royalties
Net short-teim capital gain reduced by net
long-term capital loss.
Net long-term capital gain reduced by net
short-tenn capital loss .
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled deductions
Cost of sales and 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
Compiled net profit (less net loss) (37 less 51)
Net income (less deficit), total (68 less 41)...
Returns other than Form 1120-S:
Net income (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax *
Income tax
Total compiled net profit less income tax on
returns other than Form 1120-S (68 less 73).
Form 1120-S, net income (less deficit) (69 less
70).
Distributions to stockholders:
Cash and assets other than own stock
Corporation's own stock
43,195
2,510
32,454
1,863
5,894
378
1,112
(M
3,735
214
334,717
31,616
109,648
9,182
12, 870
1,274
11,613
1,010
85,165
6,893
(Thai
intl dollars)
137,319,136 47,448,474 28,533,965 59,357,594 1,979,103 87,556,508 40,988,898 3,974,427
3,558,739
5,500,481
61,930
3,006,901
21,905
373,104
2,611,892
80,897
3,253,955
158,149
1,988,459
25,499
6,920,511
144,422,609
35,366,431
179,032
80,583
907,129
204,798
50,380
2,673,301
137,319,136
4,240,782
6,342
2,719,803
6,484,475
52,321,090
3,711,634
5,761,105
29,652,436
7,971,317
1,662,757
22,787,395
62,308,546
60,609,006
79,850
348
6,768
192,979
592,868
35,272
2,686
215,910
27,032
138,477
9,424
397.926
55,510,982
35,330,333
538,258
1,279,956
229,840
85,068
2,086,739
3,924,783
35,439
761,853
4,808,187
106,392
254, 318
684,267
284,081
23,508
5,077,960
6,797,564
6,790,796
6,774,258
232,747
6,949,807
3,528,249
3,269,315
16,538
3,039,916
178, 579
1,870,776
2,893,564
17,626
856,287
3,098
74,444
778,745
49,466
1, 550, 517
141,477
482, 536
17,695
3,984,128
48,996,873
15,470,330
135, 947
65,804
425,912
96,773
31,542
1,531,825
47,448,474
2,636,218
513
1,169,696
1,660,980
15,117,487
1,616,504
771,521
8,409,803
1,888,851
669,164
13,507,737
29,992,244
28,743,486
42,011
132
3,638
88,223
498,465
16, 554
1,639
181,280
14,786
76, 357
3,205
322.468
28,763,738
19,658,454
392,658
1,061,982
144,516
19,243
654,312
1,578,237
10,956
376,141
1,308,084
24,147
133, 681
154,837
129,465
18,050
2,593,975
1,228,506
1,224,368
1,215,652
129,193
1,445,992
684,000
544,506
9,216
548,744
55,639
442,545
711,603
12,993
787,629
2,U3
149,751
635,430
3,135
1,291,236
7,099
1,252,675
4,003
1,442,343
29,002,783
6,763,504
10,473
1,236
37,193
92,977
17,134
188,178
28,533,965
362,932
113
217,479
2,455,472
8,727,987
302,993
367,147
9,691,367
2,869,505
185,673
3,352,792
14,025,643
13,822,664
23,972
151
2,010
21,765
53,151
3,155
579
14,414
11,041
40,225
2,328
19.638
11,338,169
6,960,630
63,614
157,326
68,433
33,171
330,329
310,332
9,326
21,232
985,371
109
72,153
303,032
96,274
1,929
1,419,253
2,687,474
2,685,464
2,682,166
50,400
2,656,191
1,373,335
1,313,639
3,298
928,465
33,304
1,193,425
1,328,697
30,291
1,344,797
16,263
145,349
1,183,180
21,605
373,339
9,533
239,013
404
1,293,294
64,610,973
12,799,436
27,313
12,004
344,595
7,490
1,106
899, 943
59,357,594
1,190,105
5,568
1,242,450
2,311,529
27,688,311
1,645,271
4,493,321
11,171,081
3,097,064
791,212
5,721,682
17,325,023
17,602,025
13,456
64
913
30,163
32,228
10,548
324
13,545
1,105
19,739
3,389
47.519
15,011,957
8,535,232
68,959
56,274
12, 583
27,135
1,067,309
1,494,873
14,903
363, 835
1,963,327
32,031
42,955
223,630
57, 325
3,343
993,188
2,313,066
2,312,153
2,812,022
49, 581
2,731,206
1,440,146
1,372,920
(^)
, 540, 990
36,633
51,993
66,617
1,020
18,138
91
3,560
14,537
1,691
38,363
40
14,230
1,392
195,746
1,311,970
333^161
4,799
1,539
49,429
7,558
548
53,355
1,979,103
51,527
148
90,178
56,494
787,305
146,861
129,116
379,685
115,897
16,703
205,184
465,636
440,831
411
1
207
2,323
4,024
15
144
6,671
100
2,156
2
3.251
397,118
175,967
13,027
4,374
4,258
519
34,239
41,336
254
645
46,405
55
529
2,718
1,017
136
71,539
68,518
63,311
64,418
3,568
66,418
30,268
38,250
3,893
21,717
3,003
7,651,410
26,902,443
739,141
26,704,234
982,465
12,755,982
12,965,837
160,764
1,262,376
99,978
1,057,697
152,091
7,446,560
23,457,136
10,462,844
153,339
60,617
1,762,571
193,919
45,091
1,909,633
87,556,503
16,589,176
11,963
8,662,684
4,640,615
9,623,971
3,267,018
1,717,725
14,790,101
4,131,452
737,926
23,333,877
256,647,744
37,193
659
5,930
293, 586
426,462
38,207
7,403
197,693
22,437
173,018
125,536
2.451.851
251,074,636
202,994,607
4,251,315
2,973,213
572,223
524,749
910, 504
2,481,580
77,724
35,093
1,969,449
22,320
2,554,468
401,215
217,932
37, 321
31,050,973
5,573,058
5,567,123
5,412,404
406, 937
5,853,008
2,639,506
2,933,552
154,724
1,130,805
276,059
3,366,162
14,833,123
302,654
11,774,899
341,270
5,636,464
5,797,165
106,007
766,477
62,734
409,550
59,064
4,349,441
7,453,990
3,299,164
93, 562
38,174
506,426
108,918
23,005
756, 537
40,983,898
9,697,465
4,594
4,532,138
1,848,327
3,993,744
1,382,915
746,212
6,271,319
2,063,202
313,139
10,135,343
125, 702, 917
23,239
230
3,787
121,762
138,956
30,532
4,187
88,393
7,973
96,549
103,911
958.417
123,136,303
106,399,412
1,901,117
592, 503
179,317
220,423
416,263
955,631
34,853
20,546
647,180
20,512
734,633
171,124
75,930
3,205
10,758,144
2,566,614
2,562,827
2,490,793
201, 974
2,592,410
1,159,655
1,406,959
72,034
426,905
154,980
373,035
1,260,445
20,037
1,151,418
29,756
516, 324
605,338
10,232
52,709
13,161
50,190
7,563
368, 564
1,017,847
478, 942
2,054
779
51,791
9,613
1,277
101.840
3,974,427
919,262
608
426,343
170,743
376,315
210,064
71,405
742,285
205,624
36,315
314,963
1,234
75
116
9,216
19,234
1,553
359
3,734
1,335
5,865
5,320
160.357
22,373,040
20,197,344
222,024
72,327
31,154
20,943
40,374
101,133
2,782
303
94,123
22
88,947
15,469
11^496
1,335
1.472.254
205,674
205, 558
195,681
13,231
219,919
95,862
109, 812
9,877
38, 545
20,730
4,417,646 32,596,325
333,403
1,715.296
43,760
1,641,454
38,514
823,969
778,971
4,768
71,650
3,496
31,639
2,741
220,695
578,705
255,773
817
458
58,379
4,709
1,014
50.399
4,417,646
1,259,921
914
427,097
217,360
308,837
70, 537
94,926
717,016
95,111
16,670
1.209.257
11,861,307
1,965
26
120
10,005
9,077
762
102
4,430
504
1,235
49
104.172
11,602,595
9,653,670
235,302
68,333
10,221
36,102
38,534
83,117
3,268
792
47,996
246
82,460
20,033
8,522
1,333
1,X7.601
253,712
253,592
250,558
9,980
269,740
113,490
140,222
8,034
33,476
8,154
2,654,724
11,357,387
233,357
3,932,027
273,000
4,296,171
4,412,856
91,007
642,118
46,077
327,721
48,760
3,760,182
5,357,433
2,564,449
95,691
36,937
396,256
94, 596
20,714
603,793
32,596,325
7,518,232
3,072
3,678,698
1,460,224
3, 308, 592
1,102,314
579,831
4,812,013
1,762,467
259,654
8.111.623
91,262,396
90,030,300
20,090
179
3,551
102,541
110, 595
28,217
3,726
75,729
6,139
89,399
93, 542
693.338
89,160,663
76,543,398
1,443,791
451,343
138,442
163,378
337, 360
771,381
28,803
18,946
505,056
20,244
563,226
135, 567
55,912
5,532
7.978.289
2,102,228
2,098,677
2,044,554
173,763
2,102,751
945,303
1,156,925
54,123
349,884
126,096
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
62
ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group — Continued
Wholesale and retail trade — Continued
Retail trade
Total
retail
trade
General
merchandise
Apparel and
accessories
Furniture,
home
furnishings,
and
equipment
Automotive
dealers and
gasoline
service
stations
Eating and
driniting
places
Building
materials,
hardware,
and farm
equiproeiit
Other
retail
stores
Wholesale
and retail
trade not
allocable
(42)
(43)
(«)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
Number of returns, total
Form 1120-S
Total assets
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories, total
Last- in, first-out
Other than last- in, first-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions
United States obligations
Not stated
Other current assets, including short-term
marketable investments.
Mortgage and real estate loans
Other investments
Depreciable assets
Less : Accunulated amortization and deprecia-
tion.
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable shares
Bonds, notes, mortgages payable maturing in less
than one year.
Other current liabilities
Bonds, notes, mortgages payable maturing in one
year or more.
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
Interest on Government obligations (less amortiz-
able 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 con^iled deductions
Cost of sales and operations
Compensation of officers
Rent paid on business property
Repairs
Bad debts
Interest paid
Taxes paid
Contributions or gifts
AjWDrtization
Depreciation
Depletion
Advertising
Amounts contributed under pension plans
Amounts contributed under other employee benefit
plans.
Net loss, sales other than capital assets
Other deductions
Compiled net profit (less net loss) (37 less 51)....
Net income (less deficit), total (68 less 41)
Returns other than Form 1120-S:
Net income (less deficit) (69 less 75)
Statutory special deductions
Incone subject to tax
Income tax
Total compiled net profit less income tax on returns
other than Form 1120-S (68 less 73) .
Form 1120-S, net income (less deficit) (69 less 70).
Distributions to stockholders:
Cash and assets other than own stock
Corporation' s own stock
199, 624
20,310
14,009
1,367
13,153
1,100
24,138
2,475
20,099
2,295
35,661
3,580
28,826
2,450
21,485
2,328
42,233
4,715
25,445
2,124
(Thouaand dollaraj
42, 081, 879
3, 386, 159
10, 697, 074
450, 782
13, 669, 677
605, 513
6, 508, 242
6, 555, 922
47, 070
445, 925
32, 894
594,654
84,294
2, 721, 390
14, 593, 660
6, 515, 048
32, 245
12,115
1,130,450
75,345
20, 498
1, 064, 485
42, 081, 879
6,056,944
6,667
3,747,907
2, 568, 119
5, 134, 526
1, 644, 316
882,434
7, 663, 310
1, 922, 367
371, 812
12,078,477
120,151,714
118, 156, 300
12,847
373
1,881
157,296
258,931
5,838
2,748
94,828
13,017
67, 305
21, 593
1,358,757
117, 386, 949
88, 324, 372
2, 102, 307
2,273,474
353,780
272, 191
453,004
1,378,058
39,675
11,331
1, 208, 265
1,298
1, 715, 354
216, 150
134,013
25, 860
18, 872, 817
2, 764, 765
2,762,834
2,695,277
179, 796
2,999,673
1, 371, 276
1,393,489
67,607
664, 137
108, 680
5, 185, 863 12, 526, 114
697, 163
410,495
4,299
1,631,699
133,907
977, 333
519, 954
7,216
78,894
2,909
98,615
8,320
296,757
2,783,131
1, 132, 010
2,227
425
124, 131
10,754
2,324
172, 615
5,135,868
1,035,516
295
162,060
372, 267
761, 954
158,709
129, 731
692, 705
661,051
38,051
1, 173, 529
28,477,337
28,302,003
3,441
17
140
8,702
14,891
2,839
537
14, 554
1,342
10,119
120
118,632
27, 945, 715
22, 856, 216
148,885
376, 923
78,436
15, 191
42, 221
236,909
6,183
816
263, 506
84
261, 240
58,009
51,461
6,934
3, 542, 701
531, 622
531,432
525,716
20,821
548,920
270,847
260,775
5,766
114, 920
52, 545
1,095,752
3, 520, 860
221, 034
3, 581, 635
290,848
1, 170, 089
2, 120, 698
6,386
185, 735
2,812
152, 689
13, 052
1,046,038
4,480,666
1,921,936
985
509
370,548
11,242
6,727
202, 920
12, 526, 114
1, 233, 843
1,032
399, 919
922, 204
1, 696, 201
351,604
341, 837
1,399,489
530,472
146, 362
5, 003, 151
24,115,381
23, 656, 304
4,676
148
418
49, 530
96, 035
874
175
24,031
321
31, 103
21, 235
229, 981
22, 869, 821
15, 319, 557
176, 311
537, 165
86,410
61,486
108,480
399,396
13,839
2,235
305,782
125
586,633
108,446
14,831
5,259
5, 143, 866
1, 245, 560
1,245,142
1, 240, 533
41, 709
1,243,857
625, 165
620,395
4,609
371, 521
14, 562
3,523,553
348,371
323,775
20, 156
1, 390, 703
46,790
630, 332
663, 586
16,188
58, 892
3,711
42, 510
5,322
306,797
908,833
488,239
1,813
1,034
37,847
4,041
971
30, 195
718, 730
1,073
243,374
195, 231
292,428
104,122
112, 581
643, 472
179, 190
19,131
1,014,221
7,906,904
7, 716, 537
1,438
26
204
6,735
30, 835
195
89
2,936
509
10, 171
45
137,084
7,723,842
5, 017, 054
213,338
396,232
22,213
20,078
23, 540
105,022
3,614
1,683
76, 350
38
181, 354
8,912
7,129
3,402
1, 643, 383
183, 062
132,858
180,769
20, 679
208, 101
84,322
93,740
2,089
35,349
9,464
3, 204, 443
226,436
1,432,411
41,642
955,953
22,483
445,719
487, 751
2,962
24,587
1,737
37, 778
2,942
167,000
507, 925
242,970
1,198
493
51,400
3,282
509
74, 401
516,934
1,031
353,657
141, 289
297, 926
329, 388
60, 021
665, 397
77,652
53, 130
707,473
5, 762, 081
5,484,531
687
17
52
15,688
16,688
31
91
2,470
653
2,186
3
238,979
5,684,718
3,622,036
240,156
154,853
14,430
39,520
33,030
73,960
2,648
574
47, 210
28
177, 352
3,484
4,556
754
1, 270, 127
77,363
77,311
72, 372
12, 615
111, 361
42,044
35, 319
4,939
15,646
1,667
6,805,578
591,593
1, 536, 113
43,027
2,773,495
49, 517
1,513,729
1, 210, 249
2,589
25, 596
2,520
105,956
17,815
340,963
1,764,796
322, 120
8,773
4,755
268,670
10,129
1,230
222,747
6, 805, 578
697, 111
1,718
1,439,790
335,240
812,477
229, 507
80, 017
1,323,856
162,483
33,395
1,639,934
29,661,411
29, 232, 114
685
76
131
36,211
41,301
206
1,161
21,526
2,612
3,404
6
321, 973
29, 423, 514
25,198,223
458,353
250,433
48,053
43,613
134,856
191,458
4,772
1,662
156,319
409
250,609
9,003
27,780
1,385
2, 640, 536
237, 897
237,766
226, 573
37, 565
314, 794
124,494
113,403
11, 193
30,905
10,749
1, 771, 152
225,014
190, 813
355
132,938
2,789
68,746
61,403
1,147
15,123
1,602
46,870
9,973
96, 236
1, 506, 022
661, 598
7,891
2,060
76,646
14, 372
2,514
113,532
1, 771, 152
270, 320
226
162,975
U2,401
362, 649
87,311
21,315
387, 383
59, 085
9,218
277, 769
5,008,636
398
5
194
2,242
14,979
469
78
8,803
1,481
2,780
4, 920, 450
2, 559, 288
198,460
234,413
52,295
5,971
21, 638
123,664
1,646
1,717
131,645
3
47,664
5,337
11,498
2,792
1, 522, 344
83, 186
87, 992
82,636
13, 822
127, 248
51, 161
37, 025
5,356
22,634
3,165
3,830,454
244,844
1,224,791
33,329
1, 471, 292
33,486
717, 022
720,784
4,145
26,723
10, 317
34,524
16,573
167, 326
929, 503
455,433
2,966
675
107, 918
1,520
439
57,938
599, 143
465
436, 953
147, 138
376,696
94, 459
46,585
967, 539
30, 051
19, 477
1, 061, 948
7, 629, 129
365
7
81
16,412
13,929
781
483
10,939
3,615
2,113
7
91, 269
7, 483, 543
5,839,364
241, 788
61,584
19,707
34,919
37,200
89,451
2,898
339
78, 270
412
56,037
7,596
6,373
2,674
1,004,229
145, 586
145, 505
130,345
10, 981
163, 633
62, 508
33,078
14, 660
23,425
6,282
5,234,712
456,966
1,552,816
36, 390
1,726,957
25,693
929,767
771,497
6,437
30, 325
7,236
75,712
5,297
280, 268
1,717,784
790, 692
6,392
2,114
93,290
20,005
5,734
140,137
5, 234, 712
985, 347
827
499, 179
322, 349
534, 195
286, 716
90,347
1, 037, 969
172, 333
52,993
1, 200, 402
11, 590, 835
11, 354, 132
607
77
661
21,776
30,223
443
134
9,569
1,979
5,429
127
165,628
11,335,346
7, 912, 134
425, 016
261, 816
37, 236
46,413
51, 989
158,178
4,075
2,305
146,663
199
154,465
15,361
10, 385
1,960
2,105.131
255,489
254,828
235,833
21,604
281, 759
110, 735
144,754
18,995
44,737
10, 246
4,485,731
399,089
1, 372, 241
35, 705
1, 259, 708
35,632
611, 276
612, 750
7,687
49, 974
4,350
53,493
8,733
375,729
1,404,436
648,632
22, 532
10, 328
125,695
9,656
1,588
86,611
4,465,731
834,767
702
382, 639
224, 169
495, 701
239,787
89,079
350,472
195,333
52,975
1, 119, 557
10, 793, 113
10, 587, 083
1,062
6
262
14, 526
28, 575
1,337
468
13,972
1,442
9,164
32
134,677
10, 551,434
3, 270, 823
247, 691
107, 231
33,626
32,135
41,232
147, 891
3,196
3,216
114,004
510
104,431
13,941
7,989
3,256
241, 679
241,417
226,334
25, 167
260,925
108,575
133,104
15,083
39, 763
12, 309
Footnotes at end of table. See text for explanatory statements and for "Description of Sainple and Limitations of Data." Income subject to tax is explained on pp. 11-1".
ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 2 . —BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
63
Major industrial group — Continued
Finajice, insurance, and real estate
Total
finance,
insurance,
and real
estate
Banking
Credit
agencies
other than
banks
Holding
and other
Investment
companies
Security and
commodity
brokers,
dealers,
exchanges,
and services
Insurance
carriers
Insurance
agents,
brokers,
and
service
Real estate,
except
lessors
of real
property
other than
buildings
Lessors
of real
property,
except
buildings
(52)
(53)
(5A)
(55)
(56)
(57)
(58)
(59)
(60)
Nxjjnber of returns, total
Form 1120-S
Total assets
Cash '....'.
Notes and accounts receivable
Less : Reserve for bad debts
Inventories, total
Last-in, first-out
Other than last- in, first-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions
United States obligations '.
Not stated
Other current assets, including short-term marketable
Investments .
Mortgage and real estate loans
Other investments
Depreciable assets
I/ess: Accumilated amortization and depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable shares
Bonds, notes, mortgages payable maturing in less than one
year.
Other current liabilities
Bonds, notes, mortgages payable maturing in one year or
more.
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
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-terra capital gain reduced by net short-tenD
capital loss.
Net gain, sales other than capital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total compiled deductions
Cost of sales and 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
Compiled net profit (less net loss) (37 less 51)
Net income (less deficit), total (68 less 41)
Returns other than Form 1120-S :
Net income (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax
Income tax
Total compiled net profit less income tax en returns other
than Form 112C-S (68 less 73).
Form 1120-S, net income (less deficit) (69 less 70)
Distributions to stockholders :
Cash and assets other than own stock
Corporation ' s own stock
318, 592
7,480
15,182
45,505
617
10,350
(M
2,848
3,904
216,331
5,070
8,541
(M
(Tbouaand dotlara)
606,824,809 287,861,462 98,368,498 22,560,815
60,789,780
145,775,146
2,887,875
96,166
1,2%
49,888
44,982
27,058,740
83,313,319
1,675,029
1,759,387
117,210,681
119,550,114
38,142,133
9,514,051
1,272,083
382,024
8,886,615
222,745
44,965
13,901,786
606,824,809
10,518,971
307,976,063
17,886,675
3,048,470
38,911,636
138,790,100
1,879,732
22,404,886
20,186,910
9,974,538
35,246,628
65,911,758
36,062,139
2,429,730
78,088
796,252
15,913,677
4,514,478
269,121
32,475
1,244,415
1,797,128
1,566,888
64,540
1,142,827
57,962,894
16,084,779
2,099,697
747,532
310, 576
1,183,086
6,955,475
2,221,454
58, X6
27,358
1,763,098
130,063
506,895
458,259
81,235
1,050,438
24,284,593
7, 948, 864
7,152,612
7,093,937
1,122,114
6,957,510
2,559,002
5,389,862
58,675
3,283,340
334, 301
50,530,667
109,417,953
1,804,830
188
188
16,358,480
64,562,714
887,891
297,707
29,863,853
11,650,312
3,422,710
501,279
2,747
792
228,928
3,820
494
2,940,887
287,861,462
2,315,255
254,246,211
818,389
729,972
291,615
4,760,565
33,263
5,957,985
5,081,672
2,046,094
11,579,441
11,611,198
1,889,745
68,474
461, 533
7,157,067
166,289
2,571
4,008
92,675
1,218
74,723
998
110,679
9,436,625
4,334
829,464
143,184
48,375
398,098
2,742,555
362,713
26,785
633
252,891
1,425
164,849
213, 397
41,110
970,979
3,235,833
2,174,573
1,713,040
1,713,033
66,600
1,698,313
808,740
1,365,833
820,599
140,880
4,126,290
28,943,593
1,008,069
8,414
8,275
139
209,844
4,593,836
334, 294
432,127
46,013,986
12,452,175
1,588,263
326,740
68,881
14,655
305,642
21,330
4,999
624,185
98,368,498
3,211,894
53,657,229
10,812,185
666,795
14,236,896
5,054,738
570,746
3,103,732
1,441,615
3,197,516
2,415,152
7,109,809
2,145,671
138,298
7,207
6,135
4,404,907
53,038
1,065
4,800
81,838
17,214
89,041
15,795
144,800
,325,717
171,101
294,266
88,041
14,737
741,366
2,915,796
141,470
7,939
3,288
86,254
391
132,896
40,408
9,295
13,440
1,665,029
784, 092
777,957
771,759
98,473
769,829
344,354
439,738
6,198
316,295
33,038
498,748
583,927
4,441
2,923
18
379
2,526
227, 638
952,400
56,738
402,805
303, 826
18,645,389
320,009
118,444
594,674
169, 568
57,226
55, 581
17,733
158,117
22,560,815
427,975
11,911
304,593
123,061
968,509
1,926,520
539, 581
4,098,843
10,674,481
1, 307, 971
2,177,270
2,161,024
123,657
27,248
171
22,452
144,916
16, 652
142,976
8,413
682,488
4,231
886,805
42,179
58,836
526,827
14,047
28,449
5,332
867
1,276
50,515
21,104
2,925
8,019
12,531
87,844
3,718
4,059
640
2,832
282,659
1,634,197
1,611,745
1,610,437
398,067
231,259
88,759
1,545,438
1,396,832
78,958
245,524
1,271,856
752
51,851
445,297
114,472
105,131
2,523
1,273,983
83,937
39,249
5,896
846
27,314
2,337
417
150,143
3,750,09Ci
911,692
11,829
651,792
145,761
939,279
455, 967
41,327
183,766
87,230
14,315
307,132
791,235
220, 514
16,284
180
4,875
40,701
2,144
206
3,387
15,420
425,949
12,407
696
48,472
662,672
4,417
105,291
20,777
1,097
2,462
63,174
22,098
1,107
329
7,194
490
13,943
17,137
2,256
4,323
396.577
128,563
123,688
121,045
14,569
125,228
58, 924
69,639
2,543
13,848
3,509
143,939,035
2,849,127
243,892
6,144
5,142
10,047,330
12,297,508
222,992
46,948
40,115,724
68,129,853
1,614,701
46,954
4,312
109
16,228
22,831
777
8,376,441
143,939,035
120,203
8,170
20,518
242,396
87,511
124,115,247
18,297
1,943,331
591,585
3,002,522
13,789,154
33,853,172
344,348
1,590
294,292
3,992,589
387,493
5,126
1,655
70,072
3,309
424,255
2,331
332, 331
31,981,957
15,398,905
40,074
171,522
3,718
5,505
37,259
591, 568
5,855
506
158,444
3,090
56,141
154,958
12,151
2,531
15,339,527
1,871,215
1,576,923
1,575,484
333,129
2,596,300
722, 336
1,148,879
375,771
38,314
1,813,893
339,113
789,130
5,505
2,516
1,196
1,320
8,801
22,894
5,875
23,049
10,238
351,798
185,856
74,427
798
452
15,103
19,411
1,780
122,565
769,826
4,837
82,646
76, 576
114,967
70,377
20,245
217,591
67,354
51,389
338,084
1,375,166
1,304,360
978
13
280
7,776
5,171
561
77
6,335
1,964
10, 532
1,663
34,416
1,245,179
242,802
224, 514
38,028
2,469
9,463
7,076
22,523
1,587
831
21,127
98
17,179
14,400
4,946
435
637,701
129,987
129,707
120,414
12,588
121,585
47,879
82,108
9,293
27,771
3,411
45,239,391
2,094,699
4,404,606
56,439
61,405
1,249
34,973
25,183
131,559
376,466
52,235
430,667
888,515
6,773,574
28,852,410
8,095,485
175, 823
60,895
7,706,940
89,303
16,972
1,429,979
45,239,391
2,495,095
35,836
4,978,320
1,010,980
21,216,384
2,238,607
552, 867
5,986,350
1,683,505
323, 390
4,506,057
8,663,992
2,637,323
11,288
381
5,260
162,706
3,761,054
4,712
9,892
263,148
1,341,149
66,043
776
400,250
7,537,328
223,107
556,858
274,184
236,113
24,411
1,096,714
1,023,260
11,766
11,295
1,194,860
2,203
117,661
13,168
10,590
55,254
2.673,784
1,126,664
1,121,404
1,082,270
188,156
1,306,707
445,955
580,708
39,134
279,053
35,282
3,291,625
105,612
120,087
585
15, 576
29
4,677
10,672
13,237
62,204
532
19,953
11,916
273,030
2,074,237
311,453
417,952
134,706
529,234
7,132
1,793
89,468
3,291,625
266,031
40
218,432
52,929
1,054,375
168,079
93,405
913,268
359,367
31,341
134,338
346,152
55,595
1,541
72
1,425
3,015
121,637
111,904
243
32,439
2,094
3,082
62
13.033
245, 589
26,065
8,781
6,414
3,200
504
42,386
35,718
341
2,357
29,797
34,522
508
722
147
644
53,483
99, 573
98,148
98,495
10,532
108,289
42,054
57,519
53,171
809
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
64
ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 2 . —BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRIAL GROUP— Continued
Major industrial group — Continued
Services
Total
services
Hotels,
rooming
houses,
caraps,
and other
lodging
places
Personal
services
Business
services
Automobile
repair,
services,
and garages,
and other
repair
services
Motion
pictures
Amusement
and
recreation
services,
except
motion
pictures
Othtr
services
Nature of
business
not
allocable
(61)
(62)
(63)
(64)
(65)
(66)
(67)
(68)
Number of returns, total.
Form 1120-S
Total assets
Cash
Notes and accounts receivable
Less : Reserve for bad debts
Inventories, total
Last-in, first-out
Other than last-in, first-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions.
United States obligations
Not stated
Other current assets, including short-term marketable
investments .
Mortgage and real estate loans
Other investments
Depreciable assets
Less: Accumulated amortization and depreciation....
Depletable assets
Less : Accumulated depletion
Land
Intangible assets
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable shares
Bonds, notes, mortgages payable maturing in less than one
year.
Other current liabilities
Bonds, notes, mortgages payable maturing in one year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
Interest on Government obligations
premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
(less amortizable bond
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 deductions
Cost of sales and 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
Compiled net profit (less net loss) (37 less 51)
Net income (less deficit), total (68 less ^1)
Returns other than Form 1120-S:
Net income (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax
Income tax
Total compiled net profit less income tax on returns other
than Form U20-S (68 less 73) .
Form 1120-S, net income (less deficit) (69 less 70)
Distributions to stockholders:
Cash and assets other than own stock
Corporation's own stock
110, 005
8,652
18,354,967
1,736,205
3,205,479
45, 206
806, 603
12, 911
228,798
564, 894
74, 681
309, 273
42,346
369, 860
161, 000
2, 132, 385
12,909,458
5,530,341
46, 018
18,424
1, 188, 858
281, 707
139,779
824, 844
18,354,967
2,141,487
4,280
1, 861, 402
990, 079
4, 790, 353
1, 062, 889
311, 108
2, 744, 955
1, 212, 080
174, 205
3, 062, 129
22, 227, 256
20, 954, 310
10, 150
1,252
2,156
49, 104
572, 261
45, 940
5,023
150, 742
13,811
36, 289
29, 630
351, 588
21,256,848
11,350,725
1, 080, 488
756, 807
228,687
58,491
292, 130
573, 405
14,446
39, 906
1,259,953
1,583
351, 836
102, 370
52,654
16, 673
5,076,694
970,408
968, 252
939, 322
118, 907
1,153,544
491, 087
479, 321
28,430
215,463
53,675
11, 690
910
20, 109
2,183
29, 122
1,978
17,463
1,352
6,712
444
11, 890
930
12, 819
855
(Theniisnd dollar a)
3, 951, 205
219, 565
281, 904
4,549
56,315
1,195
21,139
33, 981
10,373
26, 203
2,730
53, 495
65,905
344,531
3,533,717
1, 376, 650
6,313
1,550
563,631
10,512
998
109, 258
1, 677, 391
3, 951, 205
210, 517
1,283
317, 153
148, 775
1, 699, 959
183,057
91,698
594, 524
371, 300
13,946
313,993
2, 666, 669
2, 234, 182
1,217
963
176
9,007
323, 539
292
504
29, 971
2,954
5,342
1,000
57, 522
2, 606, 716
1, 050, 731
56, 858
155, 066
80,824
6,519
84,639
133,060
1,767
1,595
207, 679
77
57, 514
4,368
9,300
2,960
753,759
59, 953
59, 777
64,853
14,853
110,556
45, 085
14,868
'5,076
26,501
4,403
166, 128
297, 247
5,769
103, 104
1,307
55,053
46,744
1,852
12, 779
2,367
49, 306
3,339
130, 657
1,421,122
708, 361
5,813
3,130
82, 112
12, 617
3,360
109, 068
1, 677, 391
180, 704
759
153, 397
97,713
307, 390
60, 810
34,933
352, 672
58,401
8,892
421, 720
3, 027, 059
2, 987, 765
292
75
2,030
7,312
591
466
5,918
824
2,273
4
19,009
2,923,899
1,467,487
199, 631
110,133
32, 851
9,569
21,304
78, 604
2,334
1,308
129, 780
2
50, 122
5,669
11, 705
1,712
801, 683
103, 160
103,085
95, 579
8,533
113, 236
46, 293
56,862
7,506
18,896
3,314
4, 908, 831
586, 182
1, 445, 055
15, 018
136, 016
664
47, 292
88, 060
35,217
98, 914
19,093
108,070
32, 322
815,492
2, 375, 401
1,067,398
13,158
6,421
63,343
68,013
33,946
235,333
4, 908, 831
906, 418
747
445, 470
335, 831
802, 333
303, 629
34,552
653,006
301, 263
49,740
1,025,342
7, 660, 078
3,784
123
763
14, 921
88, 920
25,007
1,234
22, 494
3,479
18, 404
22, 361
33, 337
7, 246, 175
4,417, MS
405,540
138, 482
31, 241
18, 633
55,525
104, 237
4,421
3,905
314, 602
466
71,086
59, 659
16, 077
4,510
1, 600, 743
413, 903
413, 140
403,932
33, 550
437, 088
195, 817
218,086
9,208
96, 077
35,960
138,385
295,946
4,310
95,888
1,288
49, 595
45,005
1,412
15,730
1,103
40, 936
2,326
67, 931
1,853,519
709, 102
6,731
1,661
110,613
3,533
988
45,125
1,968,667
214, 067
642
370, 491
86,855
597,483
77, 586
10, 623
263,723
53,574
11,255
282, 363
2,225,156
2,082,462
263
57
218
2,955
67,299
31, 751
5,888
675
4
33, 107
2, 129, 383
1, 000, 664
124, 960
113, 541
28,085
6,471
45,372
64,346
903
682
328,257
79
20,767
2,124
3,790
2,253
381, 089
95, 773
95,555
91, 691
10,813
108, 496
33,923
56,850
3,864
9,668
2,384
246, 089
457,787
4,622
356,834
6,782
18, 065
331, 987
6,622
60, 999
4,252
51, 165
36,710
546,749
1,612,139
945, 058
8,101
4,645
184,429
152, 374
94,482
148,960
2, 824, 403
371, 948
340
290, 637
143, 753
627, 251
211,075
39, 763
311, 906
257,723
44,719
525, 288
2, 552, 133
2, 367, ISO
1,157
51
180
10, 167
57,391
12, 700
1,968
43, 570
3,760
6,262
6,019
41, 773
2,447,293
1, 543, 504
58, 551
74,435
17, 552
5,143
39, 152
56, 145
1,042
29,433
104, 180
165
76, 184
4,319
2,279
2,596
432,613
104,890
104, 710
103,230
30, 252
130, 724
55,135
49,755
1,480
23,865
2,793
1,739,002
182, 867
125, 452
1,878
19, 195
373
10,957
7,865
2,972
35, 882
3,628
39,434
17, 783
94,712
1, 480, 752
505, 690
1,651
748
145, 348
18, 695
4,757
83, 699
1, 739, 002
112,408
477
176, 960
81, 948
568, 338
99, 767
24, 600
338,609
104,559
10, 417
220,919
1,871
10
348
5,390
20, 106
5,527
245
12,464
766
1,380
31
70, 947
1,731,630
749, 618
82, 406
87, 326
25,783
3,009
31, 657
89, 910
2,166
2,120
128,248
720
44,492
3,873
3,071
1,852
475, 379
92, 576
92, 228
85,460
12,901
126, 007
57, 515
35,061
6,768
22,334
1,337
1,285,468
196,989
302, 088
9,060
39,251
1,302
26, 697
11,252
16, 233
58,766
9,168
27,454
1,610
U2,313
582, 808
218,082
3,701
269
39, 382
10,963
1,248
93,401
1,285,468
145, 425
32
107, 294
95,204
187, 599
126, 965
24, 939
230,515
65, 260
35, 236
266, 999
2, 271, 905
2, 207, 399
1,566
48
396
4,634
7,194
1,823
79
4,574
1,140
1,953
211
2, 171, 752
1, 121, 673
152, 542
72, 819
12,351
9,147
13,981
46,603
1,813
863
47, 207
74
31, 671
22, 358
6,432
790
631, 428
100,153
99, 757
95, 077
8,000
122, 387
52, 314
47,839
4,630
13, 122
2,934
(69)
16,531
579
630, 619
73, 277
141, 283
1,200
12, 672
64
6,804
5,804
13,000
2,557
9,753
9,711
7,545
158,318
131,494
45, 656
7,883
270
49, 037
5,411
1,501
57,300
630, 619
91, 058
233
93, 201
46,178
105,406
41, 213
17, 812
223, 973
69,443
5,547
'63,450
214, 528
193, 679
125
72
840
1,122
3,493
232
159
4, 593
980
1,052
1
8,180
211,959
74,341
21.446
4,937
1,287
1,691
4,900
5,270
115
711
7,132
73
2,851
529
217
923
35,536
2,569
1,729
1,792
4,517
15, 826
5,248
'2, 679
'63
2,479
ei'i
^Sampling variability of this estimate is too large to warrant showing separately. However, the data are included in totals. Loss after tax. Deficit.
■^Included in the total but not in the detail is $61,347,000 of nondividend distributions reported on Form 1120-S returns of small business corporations taxed through shareholders.
Distribution of this amount by major industrial group is shown in table 39.
NOTE: See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
Table 3.— BALANCE SHEETS AND INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS
65
Total active
corporation
Size of total assets
2ero
assets
$1 unier
$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
number of returns.
Form 1120-S
Total assets
Cash
Notes and accounts receivable..
Less: Reserve for bad debts.
Inventories, total
Last-in, first-out
Other than last-In, first-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions.
United States obligations
Not stated
Other current assets, including short-term marketable
investments.
Mortgage and real estate loans
Other investments
Depreciable assets
Less; Accumulated amortization and depreciation- . -.
Depletable assets
Leffs: Accumulated depletion....
Land
Intangible assets
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Deposits and vri. thdrawable shares
Bonds, notes, mortgages payable maturing in less than
one year.
Other current liabilities
Bonds, notes, mortgages payable maturing in one year or
more.
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts
Business receipts
Interest on Government obligations (less amortizable
bond premium) :
Vftiolly 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 deductions
Cost of sales and 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
Compiled net profit (less net loss) (37 less 51).
Net income {less deficit), total (68 less 41)..--
Returns other than Form 1120-S:
Net income (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax
Income tax
Total compiled net profit less income tax on returns other
than Form 1120-S (68 less 73) .
Form 1120-S, net income (less deficit) (69 less 70)
Distributions to stockholders:
Cash and assets other than own stock
Corporation's own stock
(1)
1, 074, 120
71, 140
1,136,667,759
91, 855, 941
232, 680, 893
4,686,434
88, 303, 970
7, 527, 013
35, 640, 301
45,136,656
29, 137, 834
102, 699, m
2,456,179
8, 512, 362
117,854,966
166,585,027
397,167,908
147,490,097
12, 098, 349
4, 963, 693
17, 259, 733
2, 976, 167
1, 276, 532
25,496,055
1, 136, 667, 759
62, 754, 549
303, 030, 920
43, 171, 158
33,204,351
142,912,726
157, 590, 530
16, 521, 898
118, 573, 241
57, 914, 070
16, 756, 827
179, 237, 489
816, 799, 884
772,914,545
2,985,070
82, 657
857, 329
16,967,728
6, 828, 004
882,861
72,391
2, 971, 045
1, 932, 706
2, 948, 191
1, 040, 403
6, 316, 954
769, 145, 288
557, 061, 668
13,411,436
8, 208, 562
6, 654, 7S7
2, 330, 969
12, 558, 235
19, 189, 112
481, 575
1,565,991
20, 493, 626
3,239,439
8, 746, 760
4, 584, 044
2, 190, 268
1, 292, 916
107, 135, 900
47, 654, 596
46, 797, 267
46,401,968
3, 666, 688
47, 648, 078
22, 524, 687
25,129,909
395, 299
^16,241,581
2,173,518
C2)
(3)
(4)
(5)
(6)
(7)
56, 353
2,069
256, 536
18, 496
155, 564
13, 192
177, 542
15,015
212, 573
15,264
99,583
5,126
(Thousand doltara)
9,844,985
9, 359, 095
31,809
809
5,410
131, 302
121,905
6,934
838
47, 568
49,804
30,254
523
58,734
9, 612, 505
7,188,408
117, 107
112, 503
52,631
21,768
125, 104
177, 274
2,512
8,655
215, 620
20, 145
79, 251
32, 239
26, 177
29, 705
1, 403, 206
232,480
227, 070
232, 028
54, 884
394,904
182,737
49, 743
I4, 958
125,137
22, 327
2, 826, 198
457, 897
631, 396
21,799
369,883
11,072
197, 423
181, 388
2,298
U,761
4,798
50, 909
18, 830
126, 452
1, 652, 356
860,521
34,727
20, 322
129, 192
32, 940
7,489
192, 690
2,826,198
733,520
3,590
453, 087
203, 955
515,313
273, 897
57,447
1,449,585
154,733
13,357
^1,032,286
9, 508, 846
9,151,487
295
3
278
7,793
127, 633
12, 918
1,594
30,032
60, 848
1,151
109
114, 705
9, 674, 459
5,819,031
812,985
365, 091
51,934
23, 166
37,422
178, 516
2,069
3,177
180, 800
2,662
113, 560
3,255
9,778
23,346
2, 047, 667
'165,613
'165,891
'156, 259
67, 115
124, 442
34, 326
^199,939
'9,632
78, 576
2,961
5, 643, 229
693, 188
1, 227, 237
21, 088
900, 213
19,314
462, 921
417,978
5,154
23, 880
11, 256
99,515
43,275
325,269
3,022,371
1,393,152
36, 169
17,618
370, 734
47, 093
14,155
283,888
5, 643, 229
1, 076, 973
4,603
691,427
285,027
1, 010, 036
344,806
67, 667
1,840,879
195, 020
19, 859
106, 932
12,980,411
12,467,412
583
54
656
14, 677
208,344
9,887
3,406
29,884
93,427
4,566
101
147,414
12, 863, 181
8, 377, 853
863,441
345, 219
69,109
32, 691
74,134
250, 534
1,698
4,699
282, 724
2,642
128, 602
6,810
17, 923
10, 452
2, 394, 650
117, 230
116, 574
98, 623
60, 524
295, 167
85,500
31,730
17,951
40, 291
2,048
12, 774, 365
1, 404, 917
2, 946, 788
52, 075
2, 155, 122
50, 760
1,061,037
1, 043, 325
11,851
73,411
13,721
196, 323
114, 541
779,466
6, 459, 049
2,862,161
68, 525
26,401
921, 392
79, 738
19,344
509, 502
2,240,836
14,226
1,484,665
598, 019
2,332,022
671, 349
149, 619
3,437,016
353, 625
43, 173
1, 449, 815
26, 227, 001
25,223,839
1,378
100
1,100
33, 425
421,390
14, 524
1,974
60, 008
191, 820
7,182
34
265, 227
25, 734, 155
18, 030, 069
1, 331, 175
532, 806
135,457
69,564
174, 830
465,913
5,619
8,516
553, 755
4,493
234, 220
14, 148
34,387
14,034
4,075,169
492, 846
491, 746
427,491
106, 362
677, 964
207,755
285, 091
64,255
87, 145
5,673
3, 134, 042
6,342,013
160, 356
5, 623, 351
113,843
2, 855, 674
2,653,834
56,304
272,432
56,289
491. 269
353,433
2,466,643
16,022,119
6, 642, 881
193,981
67,099
2,495,956
130, 946
33,807
1, 107, 084
33, 841, 719
5, 266, 373
75, 577
3, 976, 654
1, 534, 743
7, 093, 599
1, 655, 894
422, 650
7, 394, 211
976, 789
171, 150
5, 274, 079
64,463,640
61, 976, 569
6,066
342
2,251
163, 681
1,035,516
31, 055
8,627
136,495
374,600
27,751
964
699,723
63, 017, :
46, 680, 825
2, 509, 338
910, 243
298, 527
180, 275
501,637
1,033,453
18,052
19, 117
1,263,441
16,445
543, 564
54,357
96, 700
31,419
8, 854, 932
1, 446, 060
1, 443, 309
1, 312, 670
181, 249
1, 766, 819
575, 124
870,936
131, 139
194, 081
42,275
34,739,259
2, 964, 116
9, 248, 237
180, 039
5, 730, 236
101,343
2, 984, 314
2,644,579
76,118
416, 576
51, 318
483,776
480, 660
2,773,879
15, 677, 100
6, 561, 473
217, 810
84,437
2, 293, 886
143, 913
67,465
1, 077, 148
34, 739, 259
5,093,475
212, 852
4,111,557
1, 618, 615
6, 604, 779
1, 663, 200
522, 336
6, 394, 644
1, 085, 047
212, 683
7, 220, 071
63, 630, 937
61, 233, 589
12, 060
678
2,588
258, 567
836,043
32, 009
6,362
144, 953
295, 657
38, 628
310
718, 993
62, 033, 469
47, 583, 029
1, 831, 052
675, 263
262, 338
164, 137
519, 556
962, 412
22,518
17, 821
1, 187, 925
28, 601
483, 358
90, 923
112, 359
31, 557
8, 060, 615
1,547,468
1,544,880
1,439,162
133, 353
1, 791, 270
662, 112
885, 356
212, 218
30, 521
52,048
1,537
36, 133, 214
2, 939, 219
9, 606, 376
215, 626
5, 948, 603
107, 813
3, 187, 904
2, 652, 836
173, 536
852, 480
59, 807
533,97?
535, 715
3, 273, 615
15, 724, 261
6,616,463
268, 668
107, 563
1, 984, 729
99, 176
25, 401
1, 052, 615
36, 138, 214
5, 136, 714
1, 007, 390
3,937,237
1, 670, 922
7, 012, 166
1, 809, 312
615,043
5, 618, 336
1, 219, 113
274,495
7, 787, 436
61, 856, 542
59,678,216
22, 119
1,186
14,639
265, 365
767, 762
23, Oil
6,340
144, 552
196, 617
53, 688
2,419
680, 128
0, 230, 101
46, 876, 536
1,432,819
564, 501
274, 081
146, 517
522, 317
936, 716
26, 314
16,887
1, 133, 743
28, 779
516, 590
117, 585
119, 341
14, 790
7, 502, 585
1,626,441
1,611,802
1,561,347
157, 521
1, 879, 109
782, 930
843,511
50, 455
260,823
89, 158
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
66
ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 3.— BALANCE SHEETS AND INCOME STATEMENTS, BY SIZE OF TOTAL ASSETS— Continued
Size of total a^isets — Continued
«1, 000, 000
under
$2,500,000
$2, XX), 000
under
$5,000,000
$5,000,000
under
$10,000,000
$10,000,000
undf:r
$25,000,000
$25,000,000
under
$50,000,000
$50,000,000
under
$100,000,000
$ioo,ooo,ooc.
under
$250,O:)0,00C
$250,000,000
or more
Nmnber of returns.
Form 1120-S
Total assets
Cash
Not'^s and accounts receivable..
Less: Reserve for bad debts.
Inventories , total
Last-In, first-out
Other than last-in, first-out
Not stated
Investments, Government obligations:
States, Territories, and U. S. possessions.
United States obligations
Not stated
Other current assets, including short-term marketable
investments.
Mortgage and real estate loans
Other investments
Depreciable assets
Less: Accumulated amortization and depreciation...
Depletable assets
Less: Accumulated depletion....
Land
Intangible assets
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Deposits and withdrawable sh^ires
Bonds, notes, mortgages payable maturing in less than
one year.
Other current liabilities
Bonds, notes, mortgages payable niaturing in one year or
more .
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or -^api tal surplus
Surplus reserves
Earned surplus and undivided profits
Total compiled receipts.
Business receipts
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable
Subject to surtax only
Wholly tax-exempt
Other interest
Rents
Royalties
Net short-term capital gain reduced by net long-terra
capital loss.
Net long-terra capital gain reduced by net short.-terra
(capital loss.
Net gain, sales other than capital arsets
Dividends, domestic corporations
Dividends , foreign corporations
Other receipts
Total compiled deductions
Cost of sales and 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 plane .
Net loss, sales other than capital assets
Other deductions
Compiled net profit (less net loss) (37 less 51).
Net income (lees deficit), total (68 less 41)....
Returns other than Form 1120-S:
Net Income (less deficit) (69 less 75)
Statutory special deductions
Income subject to tax
Income tax
Total compiled net profit less income tax on returns other
than FonD 1120-S (68 less 73).
Form 1120-S, net income (less deficit) (69 less 70)
Distributions to stockholders:
Cash and assets other than own stock
Corporation's own stock
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
32,756
397
13,348
36
3,022
2,C«i
l,0i3
(Thautmnd doi/.r.J
"4,627,638
13,304,516
230, 570
7, 175, 3US)
215,513
3, 878, 460
3,081,336
597,443
3, 059, 941
165, 026
592, 163
1, 606, 296
4, 914, 106
18,883,766
8, 111, 131
507,948
185,407
2,016,235
173, 335
58,809
1,498,952
50, 536, 962
6, 1C9, 326
6,117,433
4,80C,«6
2,240,115
7, 970, 131
2,576,951
972, 568
6,664,522
1,933,667
529,702
10,622,071
69, 065, 889
66, 340, 115
91,695
6,458
17, 182
509, 193
762,726
57,058
6,742
215, 757
194, 681
99,797
4,109
760, 376
66, 595, 708
51, 556, 776
1,279,219
536,229
324,167
171, 193
674,998
1,119,470
39, 526
32,363
1, 266, 074
81,228
625,476
196, 919
159, 396
28, 3C7
8,50.4,367
2,470,181
2,452,999
2,419,998
228, 168
2,740,143
1,227,568
1,242,613
33,001
458,354
132, 131
46,691,317
4,599,467
12, 587, 220
211,240
5, 144, 727
216, 510
2,734,753
2,193,464
1,061,132
4, 763, 718
232, 839
458,728
3,153,876
4,334,724
13, 703, 387
5,697,694
455, 735
176, 209
1, 153, 854
123, 225
55,212
1,C44,04C
46, 691, 317
4,425,483
13,116,452
3,296,481
1, 597, 307
5, 655, 166
2, 148, 210
839,940
4, 558, 193
1,719,738
600,784
8,713,563
45,416,914
43, 315, 164
134,801
7,802
29,664
621, 842
404,838
49,465
3,322
154, 980
96,540
109, 707
481, 901
43, 362, 191
33, 111, 851
708, 516
334,773
251,764
123, 485
590,800
803,945
31,342
25,181
899, 160
84,355
465,747
177, 130
127,450
29, 536
5, 596, 105
2, 054, 723
2, 025, 059
2, C23, 234
178,538
2, 190, 180
1,024,954
1, 029, 769
1,825
378, 255
96,931
55,994,172
5,709,406
14,241,707
297, 195
4, 797, 730
288, 207
2,502,703
2, 005, 820
1, 905, 315
7, 039, 393
298, 748
423, 700
5,765,936
5,720,177
13,288,713
5, 445, 311
700,787
216, 884
943,958
148,684
41, 762
1,011,070
84,510,528
55, 994, 172
3,443,860
22,564,019
2,939,024
1, 379, 006
5, 315, 343
2, 605, 542
743, 191
4,428,708
2, 303, 616
881,459
9, 389, 304
40, 876, 898
38,739,894
204, 193
5,563
57,070
924,477
197, 587
54,299
2,502
191, 504
50, 245
120, 177
11, 863
307, 313
38, 597, 348
29, 010, 783
536, 830
309, 688
251, 414
155, 187
699,493
808, 289
32,945
20,894
871, 545
96, 380
487,934
199, 782
114, 524
46, 827
4, 954, 782
2, 279, 550
2, 222, 480
2,216,677
183, 711
2,315,491
1, 084, 597
1, 194, 953
5,803
471, 034
106, 817
7,609,220
18,520,370
431,396
6,815,722
613,989
3,483,006
2,718,727
2, 389, 165
10, 623, 345
348, 373
445, 523
12,991,165
9,860,130
18,921,273
7,449,466
1,154,717
382,486
940, 953
170, 249
41, 745
1,425,413
84, 510, 528
3, 754, 999
36, 915, 722
3, 369, 392
1,883,408
7, 312, 398
5,259,222
1, 016, 759
5,066,077
4, 043, 699
1,502,674
13, 385, 168
51, 721, 522
48,581,341
305, 211
8,542
84,112
1, 529, 040
216, 175
94,639
7,244
267, 367
71, 328
227, 926
28, 105
300, 591
46,311,943
35,031,638
550,425
372, 106
395,767
240,066
1,113,830
1,280,933
44,756
35, 982
1, 124, 624
178,491
709,485
317, 534
149,341
92, 518
5, 674, 235
3,409,579
3,325,457
3,325,725
277, 308
3,400,096
1, 611, 906
1,797,673
'258
895, 053
163,659
5,855,554
14, 713, 797
381,532
4,314,741
507, 841
1,995,275
2,311,625
2,432,140
8, 953, 630
274, 078
450,935
12, 155, 734
7,974,418
15,619,319
6, 115, 233
897, 611
356, 755
554,066
174,405
50,229
1,438,301
73, 103, 120
69, 525, 081
2, 604, 050
30,420,969
2, 153, 055
1, 501, 932
5, 657, 656
5,986,702
814, 356
4, 269, 029
3,668,455
1, 373, 255
10,975,422
37,712,314
35, 271, 131
253, 368
4,994
68,680
1, 288, 430
125, 177
77, 169
5,436
211, 157
14, 949
147, 696
42, 787
201, 290
34,953,049
24,923,986
313, 529
306, 677
338,793
188, 573
905, 792
941, 199
29,555
43, 740
376,487
162,486
581, 238
259,418
108,419
33,349
4,889,808
2,759,265
2, 590, 585
2, 690, 585
180, 662
2, 886, 859
1,291,441
1,467,324
815,079
158, 546
5,463,823
13, 613, 005
331, 041
5,389,813
579,995
2, 147, 942
2,661,876
2,578,745
8,597,606
195,473
485, 822
11, 236, 352
9, 674, 716
20, 957, 599
7, 795, 252
1, 178, 925
539, 150
529,606
91,121
12, 068
1, 643, 024
114, 213, 353
73, 108, 120
2, 953, 267
26,406,617
2,181,404
1,792,051
7,423,753
7,474,795
1, 209, 533
5, 188, 977
4, 677, 190
1, 394, 333
12,405,200
43,453,663
40, 915, 389
245,856
11, 506
72,139
1, 180, 342
156,340
34,992
2,314
213, 198
23, 273
270, 223
44,427
228,669
40, 026, 331
29, 038, 506
249, 170
296, 924
464,534
159. 252
912, 124
1, 110, 243
37,610
86,539
1, 046, 666
206. 253
648,755
328,977
115,640
79,773
5, 242, 995
3,432,337
3, 360, 198
3, 350, 198
271,990
3,251,706
1, 549, 153
1, 883, 184
1,131,766
193, 595
8, 808, 265
21, 046, 544
555, 318
6, 357, 949
836, 681
2, 551, 338
4, 969, 930
3, 399, 233
12, 049, 535
353,948
748,725
14,147,756
16,441,965
38,800,848
13,385,983
987,519
171, 217
926, 566
231,483
73,754
2,612,772
516,019,732
37, 586, 969
92,549,185
1, 527, 009
25, 060, 571
3,864,132
5, 597, 551
15, 598, 388
13,949,395
45,851,403
390, 505
3,053,016
55, 131, 397
97,919,447
198,230,747
68, 053, 371
5,395,027
2,612,088
1, 998, 584
1, 329, 859
775, 262
10, 599, 356
114, 218, 853
4, 890, 253
36,497,703
3,114,077
3, 209, 163
14, 524, 199
12,069,886
2, 104, 171
9,413,107
8, 276, 569
2, 348, 201
17,751,534
53,845,924
59,948,567
343,195
8,053
100,981
1, 555, 014
233, 045
130, 236
3,403
344,704
23, 536
326, 728
166, 105
562, 335
58, 529, 372
41,065,377
284, 312
516,493
773,468
204,449
1,344,490
1, 571, Oil
53, 505
239, 326
1,774,333
227, 075
1, 076, 340
504, 085
199, 406
135, 777
8, 458, 925
5, 315, 552
5, 215, 571
5, 215, 571
269,942
5,042,634
2,454,658
2,861,894
1,944,092
222,428
515,019,732
14, 775, 420
134, 673, 767
6, 662, 572
13,690,086
64, 475, 965
113, 029, 654
5, 986, 606
51,639,957
27, 305, 809
7, 391, 702
75, 187, 180
216, 189, 393
200, 712, 717
1,332,436
26,462
400,579
6, 379, 030
1, 163, 522
204,665
11,687
773,986
130, 373
1, 432, 717
731, 659
789, 555
195,553,896
132, 755, 900
491,416
2, 030, 044
2,710,553
450,646
4, 361, 508
7, 449, 199
133, 543
1, 001, 094
7, 616, 529
2,099,393
2, 046, 630
2,280,777
799,427
640, 376
28,475,659
20,635,497
20, 234, 918
20,234,913
1, 290, 356
18, 891, 232
9, 749, 926
10, 885, 571
9,083,320
834,343
Loss or deficit. •'included in the total but not in the detail is $61,347,000 of nondividend distributions reported on Form 1120-S, returns of small business corporations
Loss after tai. taxed through shareholders. Distribution of this amount by size of total assets is not available.
NOTE; See text for explanatory statements and for "Description of Sample and Llaitations of Data." Income subject to tax is explained on rp. 11-14.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
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102 CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
ACTIVE CC»PORATION RETURNS
Table 5.— SELECTED INCOME AND BALANCE SHEET ITEMS, BY SIZE OF BUSINESS RECEIPTS, BY INDUSTRIAL DIVISION
Industrial division and size of business receipts
Number of
returns
Business
receipts
dolUr*)
Cost of
sales and
operations
(Thwi»*nd
don»ra)
T^tai
compiled
receipts
(Thoua*ttd
dolUri)
Net income (less deficit"
(Thouwmnd
dotUr»)
Returns
other than
Form 1120-S
(Thotiaand
dotl»fi>
Income sub-
ject to tax,
returns
other than
Form 1120-S
(Thou^Mnd
dollar')
(Thoviand
doltarw)
Distributions
to stock-
holders
other than
in own stock
(ThouMMitd
dotlaf)
ALL UmUSTRIAL DIVISIONS'-
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,030 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
ACRICULTURE, FORESTRY, AND FISHERIES
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
MINING
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000...
$500,000,000 under $1, 000, OX, 000. ,
$1,000,000,000 or more
No business receipts reported
CONSTRXTION
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
MANUFACTURING
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000 ,
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000 ,
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000. . .
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
(2)
(3)
(i)
(7)
(5)
279,891
128,816
li3,875
139,674
151,910
76,720
7i,573
8,i49
5,712
703
409
173
70
52
63,093
15,603
4,303
2,336
2,594
2,406
2,094
603
490
45
17
12,920
3,21sl
1,295
1,520
1,699
1,588
869
793
106
101
16
10
1,702
66,260
8,065
6,564
9,190
10,742
14,020
7,139
5,867
395
217
11
4,&;5
156,297
14,743
12,323
18,392
23,493
32,325
20,558
23,518
3,446
2,626
361
211
93
40
36
4,132
772,914,545
1,487,981
3,369,889
3,634,756
18,016,911
45,783,202
51,844,020
146,047,429
55,946,656
110,095,375
46,507,590
60,496,746
58,308,109
47,887,124
118,488,757
3,676,501
42,3b3
83,780
185,474
336,916
646,989
443,691
884,823
328,017
272,041
9,896,96:-:
28,081
47,209
108,729
245,488
499,660
625,865
1,672,630
752,513
2,138,854
1,143,457
1,356,730
1,277,747
31,681,534
92,986
243,369
666,816
1,543,453
4,517,135
4,956,509
11,386,056
2,659,666
4,033,447
837,660
744,387
356,972,649
156,466
457,610
1,366,823
3,416,555
10,454,829
U,589,911
49,686,185
23,691,482
53,533,033
24,801,628
32,696,913
31,907,520
28,276,694
81,937,000
557,061,660
593,764
1,577,400
4,688,294
11,128,582
31,712,841
38,572,746
113,668,351
43,223,091
81,029,502
32,523,336
41,494,607
40,080,763
33,658,058
83,110,293
40
2,536,425
24,251
39,421
107,354
200,293
449,046
321,905
713,059
274,078
220,408
816,799,834
2,875,611
4,839,373
10,594,068
20,344,255
49,272,847
54,743,076
152,721,365
58,704,722
116,054,124
49,164,559
63,525,854
61,016,965
49,630,876
122,976,798
335,391
57,161
95,156
195,402
358,536
674,704
457,218
925,396
333,401
278, 546
186,610
5,812,331
19,762
25,666
69,053
141,593
312,573
403,680
1,075,682
472,324
1,279,510
717,927
716,702
26,610,044
57,353
166,379
460,720
1,132,313
3,541,634
4,065,941
9,855,033
2,330,524
3,555,908
760,065
684,169
256,268,083
101,800
285,357
893,497
2,324,083
7,354,859
10,680,782
37,160,736
17,645,958
38,647,926
16,980,930
22,858,469
22,353,560
19,886,066
59,093,920
40
457,819
38,19..
56,042
119,833
259,964
533,087
658,149
1,762,979
736,835
2,218,867
1,206,670
1,418,026
1,286,677
9,483
32,140,410
101,095
249,393
678,400
1,567,261
4,571,329
5,008,059
11,526,024
2,703,513
4,104,014
857,473
761,021
!-53, 157,167
175,94i
469,193
1,392,029
3,475,917
10,591,437
14,757,780
50,264,512
23,984,818
54,237,911
25,ai,049
33,413,182
32,508,555
28,704,353
83,960,373
10,112
46,797,267
'90,217
291,427
436,820
639,775
1,476,352
1,502,625
4,926,934
2,665,109
7,297,927
3,680,547
5,260,559
4,726,871
3,697,963
10,523,079
'238,504
105,884
'9,689
'1,175
4,680
U,669
16,410
19,095
29,421
11,038
11,624
18,683
'8,872
645,874
'28,092
'3,437
'16,978
'8,255
U,792
'3,766
3,458
31,535
173,237
107,482
174, 548
361,930
'157,580
579,106
'6,27E
'8,486
'7,066
8,575
65,214
81,373
194,202
87,023
119,229
17,322
29,723
'1,723
24,985,88'.
'44,779
'22,481
'40,449
1,202
251,953
439,599
2,026,945
1,298,358
3,861,056
2,080,109
2,979,357
2,666,442
2,220,997
7,278,369
'10,794
46,401, 96r-'
'73, 971
292,707
403, 535
590,600
1,352,172
1,426,358
4,792,777
2,658,727
7,295,195
3,680,547
5,260,559
4,726,871
3,697,963
10,523,079
'225,151
110,72^
'7,31^
540
4,066
12,890
14, 197
18,064
28,343
11,033
11, 624
18, 683
645,613
'26,107
'3,712
'17,435
'8,152
9,690
'4,686
146
31, 535
173,237
107,482
174,543
361,930
'152,813
545,331
'5,972
'7,150
'5,921
2,620
52,478
76,467
130,245
36, 780
119,103
17,322
29,723
'364
24,878,089
'40,12i
'18,479
'42,318
'1,682
216,497
410,488
1,981,258
1,296,620
3,861,056
2,080,109
2,979,357
2,666,442
2,220,997
7,278,369
'10,499
47,648,078
337,032
529,110
719,520
939,174
1,816,489
1,921,379
5,411,230
2,723,451
6,721,465
3,327,328
5,035,406
4,538,371
3,576,797
9,843,683
57,588
164,251
959,680
1,939
2,815
4,676
10,110
26,883
23,864
86,366
46,146
l&i,383
92,182
137,293
360,938
2,085
783,090
3,460
5,072
12,710
27,692
96,005
102,979
259,645
89,738
139,034
14,358
25,898
24,8U,362
3,102
12,480
32,183
85,490
334,498
517,270
2,155,008
1,355,277
3,885,848
2,056,139
2,910,276
2,553,172
2,233,222
6,6«),829
5,568
87,784
139,280
204,272
285,159
596,301
648,265
2,280,525
1,256,010
3,403,919
1,695,350
2,585,574
2,300,671
1,902,030
5,119,630
19,767
3,513
987
6,765
1,924
8,672
2,640
16,833
5,238
29,426
10,369
18,822
7,105
38,524
13,943
11, 508
5,058
12,220
5,975
16,053
3,529
488
839
1,539
3,252
9,221
8,729
38,328
22,648
82,963
47,450
69,219
187,392
580
94h
1,478
3,735
8,433
32,063
37,653
113,519
43,412
68,379
7,200
12,166
2,591
12,435,05o
924
3,663
9,479
26,975
117,416
207,933
1,016,174
579,271
1,971,231
1,048,313
1,492,746
1,277,675
1,147,079
3,433,741
2,436
^lo,241,581
132,229
86,001
131,296
201,865
292,573
314,335
1,107,598
645,549
2,174,358
1,567,568
1,900,035
1,879,980
1,585,984
4,129,875
30,438
31,81'.'
1,2U
1,161
946
1,650
4,578
2,319
6,775
777
2,963
8,746
718,845
1,972
3,299
1,525
3,323
16,311
9,142
35,042
23,376
109,326
63,375
137,673
313,786
195
91,093
1,1U
829
375
4,157
6,733
4,487
16,373
9,366
34,819
3,702
8,050
7,565,473
3,770
802
3,837
12,223
28,170
60,900
310,617
193,384
749,015
537,366
853,799
350,407
851,922
3,208,121
1,535
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
103
ACTIVE CORPORATION RETURNS
Table 5.— SELECTED INCOME AND BALANCE SHEET ITIMS, BY SIZE OF BUSINESS RECEIPTS, BY INDUSTRIAL DIVISION— Continued
Industrial division and size of business receipts
Inventories
(Thousand
doltara)
Current
assets
other than
inventories
(Thouaand
dollara}
Gross capital assets
Depreciable
assets
(Thauaand
dotlara)
(Thousand
doltara)
Total assets
(Thouaand
dotlara)
Current
liabilities
(Thoaaartd
doltara)
Depreciation
(Thcuaand
doltara)
Amorti-
zation
(Thoaaand
dotlara)
ALL INDUSTRIAL DIVISIONS'
Total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,000
$1,003,000,000 or more
No business receipts reported
AGRICULTURE, FORESTRY, AND FISHERIES
Total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,000
$1,000,000,000 or more
No business receipts reported
MINING
Total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,003 under $500,003
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,030,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,000
$1,000,000,000 or more
No business receipts reported
CONSTRUCTION
Total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,003
$1,000,000,000 or more
No business receipts reported
MANUFACTURING
Total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000 ■
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $103,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,000
$1,000,000,000 or more
No business receipts reported
Footnotes at end of table. See text for explanatory statements and for
(10)
(11)
(12)
(13)
(14)
(15)
(16)
'88,303,970
203,061
343,462
894,U3
1,945,149
4,803,366
,146,250
,476,476
1,028,458
:, 399 ,450
,,022,471
',763,298
i,SU,921
.,533,718
,269,171
62,410
434,399
14,123
11,266
30,494
56,269
58,192
43,273
102,537
38,236
36,197
382,593
3,878
1,419
7,482
12,827
24,546
26,063
96,666
51,280
135,592
164,130
192,513
106,353
1,561,519
25,103
38,514
50,586
108,859
256,247
233,443
559,222
37,891
77,546
9,903
33,013
54,798,833
42,039
61,319
145,014
335,994
1,135,975
1,604,395
6,473,022
3,472,364
3,817,967
4,570,863
5,743,049
5,208,334
5,233,481
11,893,452
6,015
462,655,906
4,410,472
4,927,345
10,763,335
20,036,384
36,505,258
31,473,604
76,931,634
34,126,346
85,363,902
34,426,751
39,418,162
36,406,722
18,109,984
28,713,694
1,042,263
746,472
41,288
38,430
53,061
96,320
154,128
82,307
170,634
35,852
33,975
64,133
29,327
56,435
106,123
183,488
ai9,137
722,521
323,778
924,280
523,644
592,963
348,534
86,278
7,732,971
86,730
87,363
178,840
385,674
1,029,443
1,087,047
2,590,554
714,286
1,100,149
173,844
191,928
75,711,995
99,352
137,223
307,918
708,466
2,107,738
2,722,043
8,877,075
4,436,540
10,890,741
5,393,341
7,341,749
6,794,147
6,125,376
19,704,090
66,146
397,167,903
7,126,432
6,336,329
8,400,663
10,518,455
16,447,334
13,353,222
33,418,134
14,650,325
43,239,332
23,184,573
48,591,318
48,641,471
36,540,128
30,049,326
1,619,361
2,147,560
114,563
125,861
179,971
254,413
367,722
aO,304
318,433
81,734
88,043
12,880
11,919,528
114,717
66,656
161,933
277, 588
490,947
599,819
1,974,835
749,424
2,474,932
1,496,176
1,838,939
1,239,172
434,335
77,786
80,145
175,203
348,961
732,106
666,239
1,532,854
393,698
649,926
125,521
90,709
159,141,011
175,654
222,358
560,403
1,145,504
3,173,300
3,704,492
12,071,367
6,762,687
13,520,534
11,319,380
15,727,881
14,494,586
18,440,673
52,756,237
60,450
32,334,249
2,813,846
1,748,912
1,307,892
1,723,430
2,222,008
1,377,848
3,533,286
1,579,666
3,454,192
1,399,871
1,671,689
1,483,500
2,083,487
4,342,797
1,031,825
699,085
32,890
69,391
72,590
108,519
129,381
70,540
90,914
32, 512
16,204
1,136,667,759
16,330,747
14,053,829
22,906,353
36,332,371
67,738,037
61,907,479
156,474,144
70,052,094
175,669,721
82,494,630
105,360,635
98,322,498
71,013,616
152,886,042
4,525,558
246,366
218,025
306,989
464,493
624,659
339,585
633,576
161,820
172, U6
126,683
58,842
87,880
88,672
137,566
185,517
745,536
400,462
1,045,375
134,862
463,326
374,857
323,268
325,160
8,699
10,803
11,792
20,603
47,710
34,
72,877
23,361
70,220
3,728
1,059
14,128
11,765,508
29,393
15,761
37,617
55,132
151,306
191,632
613,363
476,801
1,337,129
934,918
732,539
1,246,479
1,578,937
4,250,823
13,673
16,039,390
277,679
131,393
251,844
339,318
589,186
809,041
2,472,347
1,200,791
3,441,971
1,985,713
2,537,270
1,120,223
382,109
14,221,541
212,123
209,960
387,903
783,123
1,921,979
1,985,688
4,653,990
1,247,674
1,906,143
300,463
368,281
252,134,247
333,360
363,445
883,385
1,373,496
5,496,209
6,398,014
24,181,086
13,163,739
34,241,663
19,296,503
25,448,576
23,660,330
24,595,078
71,488,787
195,576
447,160,978
4,168,029
4,647,948
10,034,366
19,403,222
39,415,630
37,054,616
91,747,770
38,485,065
86,032,990
29,229,455
30,037,912
24,293,572
16,399,921
15,034,641
1,125,841
789,865
62,057
41,495
73,934
101,317
149,395
64,233
194,667
37,292
41,734
13,276
50,413
26,764
86,333
99,432
140,286
197,015
502,047
141,578
492,363
256,560
290,362
222,630
87,699
74,689
87,061
160,199
471,387
839,917
903,619
2,049,401
533,229
557,996
55,415
93,779
94,072
49,842,725
116,672
164,032
317,328
635,320
1,743,136
2,167,681
7,143,638
3,150,188
6,740,310
3,293,218
4,533,616
4,163,094
3,764,667
11,840,489
49,286
20,493,626
337,668
358,534
532,062
742,104
1,261,376
1,061,240
2,431,420
1,025,321
2,358,312
1,278,477
1,924,540
2,010,012
1,406,099
3,675,002
91,459
164,480
7,699
9,885
1^,584
21,873
32,662
17,649
26,567
5,567
6,468
20,097
691,003
7,501
5,243
13,456
26,176
44,647
56,173
145,278
52,786
139,531
54,156
86,878
50,965
8,218
602,495
5,526
9,788
21,660
40,260
94,512
36,865
189,557
49,353
80,743
12,616
9,267
2,343
9,227,824
12,024
18,662
45,438
94,538
257,834
298,602
390,383
475,921
1,157,494
654,230
872,412
813,038
902,613
2,732,855
1,775
'Description of Sample and Lijnitations of Data." Income subject to tax is e]£plalned on pp. 11-14.
104
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETUKNS
Table 5.— SELECTED INCOME AND BALANCE SHEET ITEMS, BY SIZE OF BUSINESS RECEIPTS, BY INDUSTRIAL DIVISION— Continued
Industrial division and size of business receipts
TRANSPORTATION, COMMUNICATION, ELECTRIC, CAS, AND
SANITARY SERVICES
Total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
WHOLESALE AND RETAIL TRADE
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
FINANCE, INSURANCE, AND REAL ESTATE^
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,000...
$1,000,000,000 or more
No total compiled receipts reported.
SERVICES
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
NATURE OF BUSINESS NOT ALLOCABLE
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under .$10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
Number of
returns
(1)
12,514
5,637
6,724
5,992
5,357
2,253
2,254
376
337
73
54
36
7
2
1,579
334,717
34,720
31,294
49,591
59,320
73,333
37,723
35,996
3,410
1,805
156
77
26
16
9
6,741
318, 592
166,976
51,172
34,696
20,002
12,137
4,282
3,500
479
474
74
5
24,732
110,005
31,231
17,461
20,708
15,249
10,939
3,259
2,149
191
135
12
11
8,660
16,531
4,120
734
460
271
151
Business
receipts
(Thousand
dollars}
60,609,006
123,045
207,780
487,293
848,191
1,699,991
1,563,372
4,734,584
2,582,639
7,215,884
4,888,366
8,186,370
12,397,355
4,945,193
10,728,943
252,367,764
378,935
1,158,650
3,611,476
8,592,697
23,450,025
26,446,028
71,019,761
23,116,529
34,357,892
10,675,021
11,443,871
9,573,765
10,867,449
18,175,665
36,062,139
324,858
508,224
693,746
861,814
1,113,103
962,604
2,695,270
1,480,225
5,364,269
3,293,657
4,620,111
3,977,067
2,520,041
7,647,149
20,954,310
317,650
637,283
1,482,039
.2,136,094
3,370,469
2,226,987
3,957,460
1,330,203
3,179,955
867,801
1,448,364
193,679
23,592
25,979
32,360
35,703
60, OM
10,660
5,381
Cost of
sales and
operations
(Thousond
dollars)
(3)
10,788
35,330,333
43,669
83,326
2U,500
419,075
923,173
970,540
2,996,113
1,691,286
4,490,419
2,9eO,535
4,462,878
7,510,627
2,969,201
5,589,991
202,994,607
237,434
712,005
2,324,745
5,913,083
17,309,125
20,791,663
59,009,199
19,472,119
28,524,603
8,931,068
9,276,917
7,782,675
8,763,011
13,946,960
9,772
19,571
41,703
82,938
144,656
164,934
722,400
529,209
2,122,337
1,564,983
2,493,687
2,247,191
1,461,926
4,479,422
11,350,725
93,412
234,053
569,302
895,430
1,664,660
1,165,388
2,127,644
802,832
2,188,391
607,828
1,001,785
74,341
6,306
6,622
7,420
19,769
20,978
8,485
4,761
Total
compiled
receipts
(Thousand
dollars)
(4)
62,308,546
152,790
216,045
505,952
877,597
1,740,181
l,594,o46
4,854,264
2,647,097
7,399,426
5,025,704
3,449,226
12,767,311
5,U2,148
10,936,965
29,194
256,647,744
436,327
1,218,541
3,694,626
8,771,346
23,904,392
26,899,984
72,064,738
23,458,440
34,817,702
10,791,620
11,619,161
9,717,248
11,000,604
18,232,293
20,722
65,911,758
1,499,371
1,811,610
2,422,704
2,775,793
3,699,597
2,958,699
7,173,809
3,412,443
9,713,273
5,178,557
6,325,609
5,566,032
3,527,094
9,847,167
22,227,256
389,275
696,699
1,551,979
2,220,980
3,526,711
2,379,462
4,138,371
1,372,744
3,234,385
893,486
1,539,629
a4,528
25,453
25,694
33,143
36,861
60,438
11,272
5,381
15,236
Net incoms (less deficit)
(Thousand
dollars)
(5)
6,790,796
'1,149
6,933
27,365
36,333
76, 509
64,516
302,014
171, 561
721, 599
471,313
1,173,930
1,130,707
507,873
2,051,076
206
5,567,128
'41,128
'25,842
'10,851
93,234
429,303
447,456
1,261,842
495,245
332,142
273,970
341,040
353,530
342,373
775,456
'1,642
7,152,612
68,260
347,335
422,833
421,199
490,116
361,795
905,558
485,816
1,378,602
673,093
473,760
507, 509
264,290
418,178
'65,737
963,252
'24,876
'3,957
54,497
70,589
132, 747
92,092
203,199
34,479
200,438
57,248
88,201
13,595
Returns
other than
Form 1120-S
(Thousand
dollara)
(6)
1
729
'2
436
2
537
2
789
2
224
2
273
295
54
'5,957
5,774,258
'2,793
6,231
24,753
34,334
70, 381
63, 703
299,743
171,653
721,014
471,318
1,173,930
1,180,707
507, 373
2,051,076
340
5,412,404
'36, 229
'a, 895
'12, 601
74,312
382,718
415,880
1,203,814
490,752
830, 121
273,970
341, 040
353, 530
342, 373
775,456
'1,337
63,440
337, 820
405,176
410,393
481,542
357, 897
899,873
485,816
1,378,602
673,098
473,760
507, 509
254,290
418, 178
'63,962
939,822
'21,171
'3,167
50,692
63, 281
122,861
38,080
199,055
84,479
200, 438
57,248
68,201
1,792
'2,192
2,519
2,173
2,104
2,273
295
54
Income sub-
ject to lax,
returns
other than
Form 1120-S
(Thousand
dollars)
(7)
10,875
13,043
33,303
45,533
85,435
80,184
321,709
190,43o
753,298
521,164
1,183,116
1,163,500
507,457
2,033,715
6,939
5,853,008
13,809
21,324
68,762
162,071
482,784
503,195
1,251,302
497,750
830,400
272,661
303,542
348,889
341,424
750,819
4,276
6,957,51"
330,95C
429,544
484,125
491,643
604,313
580,564
1,075,843
434,172
730,673
313,891
392,246
456,757
233,756
393,325
703
1,153,544
25,056
15,826
2,211
2,352
2,576
2,058
1,326
152
54
4,597
(Thousand
dollars)
Distributions
to stock-
holders
other than
1 own stock
(Thousand
dollars)
(8)
3,523,249
3,082
3,865
10,649
15,403
32,457
35,229
154,830
95,118
384,454
264,360
609,816
594,704
252,857
1,058,941
2,434
2,639,506
3,650
6,137
20,790
49,138
154,957
177,882
527,081
240,874
417,952
139,244
156,007
177,658
177,041
389,712
1,383
72,359
109,584
132,125
144,319
182,367
135,353
313,660
126,006
368,443
160,530
207,198
242,105
127,711
237,236
491,087
17,223
4,769
35,715
10,986
72,513
22,353
96,689
31,570
155,770
56,869
94,050
38,191
222,681
102,887
38,270
43,600
205,609
104,522
56,933
28,253
83,035
38,522
5,248
579
754
962
821
757
53
23
(9)
3,039,916
11,033
11,270
5,498
7,590
10,537
11,897
71,470
51,218
326,841
287,556
503,895
702,570
245,875
691,630
986
4,579
3,985
6,619
19,494
57,331
56,065
161,962
70,531
142, 254
62,984
88,337
133,153
104,272
217,624
1,565
106,630
61,376
107,464
U0,053
153,320
153,141
461,023
282,448
761,278
595,845
190,064
185,104
70,129
12,500
2,455
215,463
1,764
3,237
4,749
12,958
14,517
16,854
43,801
U,399
47,862
16,240
18,217
20,865
2,479
156
42
232
407
101
25
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and LiJDitations of Data." Income subject to tax is explained on pp. 11-14.
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
ACTIVE CORPORATION RETURNS
Table 5.— SELECTED INCOME AND BALANCE SHEET ITEMS, BY SIZE OF BUSINESS RECEIPTS, BY INDUSTRIAL DIVISION— Continued
105
Industrial division and size of business receipts
TRAMSPORTATION, COMMUNICATION, ELECTRIC, GAS, AND
SANITARY SERVICES
Total
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
WHOLESALE AND RETAIL TRADE
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000. . .
$250,000,000 under $500,000,000...
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business recepits reported
FINANCE, INSURANCE, AND REAL ESTATE'
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 under $500,000,000
$500,000,000 under $1,000,000,000. . .
$1,000,000,000 or more
No total compiled receipts reported .
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000. .
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
NATURE OF BUSINESS NOT ALLOCABLE
Total.
Under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $200,000
$200,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000...
$250,000,000 under $500,000,000. . .
$500,000,000 under $1,000,000,000.
$1,000,000,000 or more
No business receipts reported
(Thousand
dollarai
(10)
1,854
2,976
6,279
10,670
33,838
24,483
76,280
62,926
301,760
261,123
526,293
782,000
299,178
616,228
1,013
107,876
209,248
617,535
1,369,692
3,193,643
3,109,701
7,070,070
2,274,489
3,350,145
939,124
1,071,015
783,798
844,706
1,759,491
3,751
'96,166
(')
Current
assets
other than
inventories
f Thousand
dotlara)
(11)
806,603
11,466
17,571
35,259
48,844
100, 595
49,801
97,874
40,772
130,243
77,273
192,415
12,672
1,717
1,149
1,494
1,994
421
805
5,092
143,915
66,851
156,015
263,036
447,554
395,096
1,162,599
634,228
1,617,736
1,056,777
1,907,147
2,763,121
1,233,429
2,549,727
81,519
36,345,527
274,459
306,830
715,677
1,628,029
4,006,387
4,011,438
9,086,616
3,104,445
4,776,605
1,400,536
1,873,923
1,709,804
1,298,631
2,076,332
75,765
317,483,526
' 3,471,080
4,022,630
8,849,765
16,273,208
27,789,683
22,353,379
53,217,034
24,500,602
65,219,674
25,666,872
27,212,767
25,110,207
9,104,014
4,383,545
309,066
5,692,638
176,916
225,667
417,709
555,805
776,072
570,833
1,100,388
369,333
800, 742
211,737
297,635
243,381
52,594
12,974
27,915
19,723
13,034
4,263
2,277
115,601
Gross capital assets
Depreciable
assets
(Thaumand
dollars)
(12)
144,422,609
268,042
287,025
620,924
816,474
1,499,415
1,341,636
4,993,348
3,278,104
16,236,546
13,459,917
28,531,041
32,136,523
15,202,555
25,475,463
275,596
23,457,136
205,071
282,009
710,699
1,311,645
2,879,074
2,490,633
4,931,317
1,566,245
2,746,394
956,304
1,275,321
1,213,577
1,408,856
1,461,164
18,322
36,142,133
5,485,439
4,633,471
4,843,752
4,809,679
5,116,557
3,018,922
5,298,453
1,154,082
1,616,790
613,360
389,215
403,149
243,867
356,962
152,935
12,909,453
650,443
679,036
1,139,948
1,547,743
2,175,870
1,314,617
2,292,198
664,351
906,117
212,920
738,212
583,003
131,494
34,717
10,268
7,320
6,448
13,848
4,329
(Thousand
dollars)
53,564
19,359
18,392
31,770
58,324
67,436
62,676
130,067
93,614
232,018
54,053
281,390
142,708
39,258
9,384
2,109,829
26,723
30,555
61,737
110,555
256,113
199,696
499,193
168,456
288,418
93,589
85,852
95,648
94,396
91,969
6,924
10,331,443
2,414,574
1,479,775
1,361,087
1,156,211
1,226,469
518,696
1,026,936
311,779
275,191
110,347
(Thousand
dollars)
Current
liabilities
(Thousand
dollars)
(14)
17,396
3,665
1,029
1,516,583
95,429
63,804
141,835
123,562
204,646
114,286
353,945
66,121
139,137
18,374
85,127
62,336
10,091
1,589
1,534
1,352
1,506
455
1,060
137,319,136
418,043
315,693
622,462
915,792
1,575,052
1,435,013
5,078,534
3,409,958
14,956,239
12,537,930
26,473,778
30,239,687
15,346,217
23,572,881
421,852
87,556,503
650,006
315,773
1,996,779
4,163,103
9,758,542
9,368,710
21,040,347
7,153,914
11,137,892
3,339,555
4,672,813
4,432,284
3,652,520
5,120,775
147,990
606,824,309
13,350,539
11,091,978
16,970,402
25,961,166
45,092,856
39,361,466
95,135,740
42,608,561
107,724,170
44,389,232
45,008,011
39,635,773
26,299,578
52,703,599
1,491,738
18,354,967
739,399
870,763
1,423,594
1,843,661
2,657,785
1,703,467
3,259,241
1,095,655
2,039,497
595,229
1,351,901
630,619
103, 232
31,799
58,000
33,219
28,259
8,283
4,982
362,845
(15)
93,938
79,605
158,292
217,551
401,625
372,291
948,485
571,487
1,669,887
1,093,281
1,932,2^3
2,774,930
956,879
2,038,471
42,397
29,904,433
232,650
292,201
724,604
1,454,324
3,353,831
3,471,907
8,047,020
2,638,800
4,029,810
1,062,143
1,379,686
1,267,617
735,790
1,105,631
53,374
339,430,379
3,269,752
3,684,998
8,127,569
15,875,286
32,036,368
29,390,407
72,040,355
31,056,226
71,870,708
23,287,870
21,540,823
16,072,521
10,719,955
224,838
260,912
370,337
528,873
737,413
483,930
813,193
303,530
630,132
175,968
262,358
205,104
230,670
42,965
10,830
15,220
19,727
11,682
3,464
2,685
124,097
Depreciation
(Thousand
dollars)
(16)
4,308,137
21,982
21,999
46,779
63,767
118,920
103,780
303,639
163,891
587,890
434,037
758,031
1,059,474
348,937
769,056
6,005
15,392
26,276
66,244
125,604
271,902
229,375
446,495
127,310
213,787
71,392
82,404
86,347
86,340
118,995
1,086
1,763,098
215,072
197, 508
214,735
214,247
225,996
134,055
214,075
66,039
96,743
36,916
43,841
31,056
17,244
54,096
1,475
1,259,953
50,668
68,230
108,534
155,029
214,169
134,127
215,053
84,454
75,651
15,130
71,707
7,132
1,304
943
532
610
1,348
368
1,977
Amortization
- iThe distribution of returns classified in Finance, insurance, and real estate is based on total compiled receipts. See "Classification of Returns by Size" on p. 14.
^Included in the total but not in the detail is $61,347,000 of nondividend distributions reported on Form 1120-S, returns of small business corporations taxed through share-
holders. Distribution of this amiunt is not available by size of business receipts but is available by major industrial group in table 39. Deficit.
'$96,166,000 of inventories for the industrial division. Finance, insurance, and real estate vrere not distributed by size of total compiled receipts.
NOTE: See text for explanatory statements and for "Description of Sample 4nd Limitations of Data." Income subject to tax le explained on pp. 11-14.
106
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S
Table 6 . —NUMBER OF RETURNS, NET INCOME, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX, TAX, AND FOREIGN TAX CREDIT, BY INDUSTRIAL DIVISION
hfumber of returns and amount of item, by industrial division
Nuiiiber of
returns
Amount
(Thousand
dollars)
Number of
returns
Amount
(Thotiaand
do liar a)
Number of
returns
Amount
(ThouaMTtd
dollars)
Number of
returns
Amount
(Thouamnd
dollmrt)
Number of
returns
Amount
{'rhoua«nd
dollara)
All industrial divisions
Agriculture, forestry.
and fis,^eries
Construction
Manuf ac t ur ing
RETURNS WITH AND WITHOUT NET INCOME
Net incane (less deficit).
1,002,980 46,401,963
Statutory special deductions, total.
Net operating loss carryforward
Dividends received deduction
Deduction for certain dividends paid by public utilities
Western Haoisphere trade corporation deduction
RFTURNS WITH NET INCOME
Statutory special deductions, total.
Net operating loss carryforward
Dividends received deduction
Deduction for certain dividends paid by public utilities
Western Hemisphere trade corporation deduction
InccHue subject to tax, total.
Partially tax-exempt interest. Forms 1120, 1120M.
Net long-term capital gain taxed at 25 percent.-.
Other
Income tax*
Foreign tax credit*
122,127
54,510
345
721
122,127
50,531
292
721
^537,242
3,552
72,367
531,483
537,252
3,993
3,666,683
1,436,016
1,993,225
23,284
214,163
3,613,300
1,436,016
1,939,986
23,135
214,163
47,648,078
76,100
1,714,691
45,857,237
22,524,687
1,179,313
(M
2,331
306
2,331
741
3
1,418
5,973
6,087
24
110,722
32,129
24,331
5,157
2,641
24,331
5,030
3i
34,449
129,769
62,241
5,3o2
(M
1,564
969
2
36
1,564
784
1
36
4,524
3
1,117
4,391
,524
122
645,613
182,952
69,980
65,140
47,326
177, 570
69,980
59,759
5
47,826
959,680
30
55,601
904,049
472,703
265,694
^')
7,914
1,648
2
14
7,914
1,464
1
14
28,982
4,215
28,319
28,982
132
545,331
39,469
74,009
12,701
2
2,757
871,964
89,196
74,009
12,429
1
2,757
783,090
41,977
741,048
331,590
■12,018
144,448 24,878,089
18,250
3,133
18,250
7,581
55
31, 638
372
17,251
81,126
31,638
1,651
1,476,916
569,017
780,795
127,056
26,231,933
1,470,046
569,017
773,959
127,056
1,624
787,123
24,022,615
12,435,056
723,223
RETURNS HTH AND WITHOUT NET INCOME
Net income (less deficit)
rransportation, communica-
tion, electric, gas, and
sanitary services
Wholesale and retail
trade
Finance, insurance, and
real estate
Nature of business not
allocable
40,635 6,774,258
Statutory special deductions, total.
(M
Net operating loss carryforward
Dividends received deduction
Deduction for certain dividends paid by public utilities
Western Hemisphere trade corporation deduction
RETURNS WITH NET INCCME
Net income.
Statutory special deductions, total.
Net operating loss carryforward
Dividends received deduction
Deduction for certain dividends paid by public utilities
Western Hemisphere trade corporation deduction
Income subject to tax, total-
Partially tax-exempt interest. Forms 1120, 1120M.
Net long-terra capital gain taxed at 25 percent...
Other
Income tax.
Foreit-n tax credit'..
5,329
1,464
186
10
5,329
1,395
186
10
21,717
3,940
21,457
21,717
157
232,747
93,161
113,344
21,884
4,358
7,161,355
213,245
93,161
93,842
21,884
4,358
6,949,807
(')
149,294
6,800,344
3, 528,249
19,079
303,101
(M
38,585
12,823
{')
483
38,535
11,936
( = )
483
168,948
336
19,564
168,025
168,948
429
406,937
241,081
140,626
24,962
405,418
241,081
139,107
24,962
497
117,006
5,735,505
2,639,506
73,440
311,112
(M
33,100
24,919
199,791
33,100
23,135
68
■"175,888
2,645
19,019
172,360
175,898
1,168
1,122,114
274,921
845,316
301
7,851,337
1,104,089
274,921
827,404
(^)
801
6,957,510
72,393
436,167
6,448,950
2,559,002
51,393
101,353
(M
14, OX
3,579
1
(^)
14,030
3,326
1
46,994
73
5,653
46,434
46,994
299
939,822
113,907
85,857
29, 288
{')
(^)
1,268,371
117,217
35,857
27,598
(')
(^)
1,153,544
1,217
90,311
1,062,016
491,087
29,082
15,952
(M
1,024
169
1,024
169
2,464
•190
2,393
2,464
1,792
3,659
858
3,659
858
15,826
2,763
12,991
5,248
^Not tabulated.
^Sampling variability of this estimate is too large to warrant showing separately. However, the data are included in totals.
■•Excludes 10 regulated investment company returns with tax on net long-term capital gain reduced by net short-term capital loss not distributed to shareholders.
'Less than $500.
NOTE: See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to taix is explained on pp. 11-14,
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
107
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CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
o c^ CO r- r
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rH kA rH TO C-
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r- lA ON TO TO O*
vO kA
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A C^ ND
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C~- CT> TO TO ^
CM lA fA -J rH TO
CM fA O C- aJ C-
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rH tA
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a^ssis
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1,824
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TO
2,831
9,184
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0,943
7,318
6,528
2,966
1,731
t> tr\ o 'O -o i\
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ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 10 . —REGULAR AND ALTERNATIVE TAX LIABILITY, BY SIZE OF NET INCOME OR DEFICIT
113
Size of net income
Returns wiih net income
Number
of
returns
(Thousand
dollara)
Returns other than Form 1120-S
Number of
returns
Net income
( Thousand
dollars}
Taxable returns
Number of
returns
(Thousand
dollars)
(Thousand
doUars)
With regular tax
Number of
returns
( Thousand
dollars)
Life insur-
ance company
net long-
term capital
gain reduced
try net short-
term capital
loss
(Thousand
do liars)
Income subject to tax
(Thousand
dollars)
(Thousand
dol lars)
(1)
(2)
(3)
(■4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
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
670,581
62.4,544
537,252
465,144
21,686
^17,204,302
7,402,310
314,233
97,053
56,416
41,209
33,169
62,098
28,793
18,141
6,576
3,528
3,347
512
369
134
69
34
470,041
668,752
677,669
703,862
848,562
2,068,855
1,966,771
2,770,557
2,292,631
2,459,177
6,835,120
3,557,759
5,741,393
4,756,185
4,71A,596
11,119,444
291,863
88,827
51,714
38,445
36,136
58,465
27,U4
17,546
6,540
3,516
3,240
512
369
134
69
34
423,934
609,723
619,941
656,039
802,972
1,942,551
1,857,995
2,681,909
2,231,136
2,451,082
6,324,417
3,557,759
5,741,393
4,756,185
4,714,596
11,119,444
231,114
76,355
47,470
35,818
34,527
55,329
25,689
16,665
6,255
3,367
3,101
486
348
128
66
34
346,953
529,241
569,992
611,682
767,654
1,835,557
1,762,350
2,551,627
2,183,794
2,344,260
6,503,235
3,374,726
5,419,559
4,552,614
4,504,618
11,119,444
88,466
149,869
161,158
176,328
223,495
606,950
716,042
1,135,585
1,003,761
1,093,355
3,097,456
1,591,176
2,599,322
2,251,696
2,203,526
5,414,584
220,562
68,536
40,995
30,617
29,030
42,183
17,185
9,772
3,108
1,547
1,186
158
99
35
19
323,314
471,073
491,945
522,796
646,934
1,391,352
1,171,438
1,480,974
1,076,729
1, 075, 173
2,396,594
1,074,322
1,486,877
1,202,845
1,272,233
911,747
24
56
127
199
90
222
100
236
163
61
325,805
471,656
492,262
516,592
650,339
1,424,438
1,221,643
1,531,705
1,136,375
1,365,594
2,537,292
970,386
1,351,112
1,117,717
1,132,367
898,744
82,239
134,436
140,041
151,984
139,688
468,742
488,577
675,678
509,598
509,343
1,158,992
505,703
709,970
539,422
601,491
486,401
Returns with net income — Continued
Returns other than Form 1120-S — Continued
Taxable returns — Continued
With alternative tax under section 1201, Forms 1120 and 1120M
Size of net income or deficit
Nuroter
of
returns
dollars)
Income subject to tax
Net-long
term capital
gain reduced
by net
short-term
capital loss
(Thousand
dollars)
(Thousand
dollars)
Income
tax (if
alternative
method had
not been
used)
(Thousand
dollars)
Income tax
( alter-
native)
(Thousand
dollars)
Nontaxable returns
Net
income
(Thousand
dollars)
Statutory
special
deductions
(Thousand
dol lara )
Returns without net income
Number
of
returns
(Thousand
dollars)
Returns other than
Form 1120-S
Number
of
returns
(Thousand
dollars)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
72,108
31,980,950
1,713,005
15,121,959
87,292
1,150,459
403,539
4,854,107
373,436
4,644,108
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
10,552
8,269
6,475
5,201
5,447
13,141
3,504
6,393
3,147
1,320
1,915
323
249
93
47
27
23,639
58,163
78,047
83,386
120,720
444,205
590,912
1,070,653
1,107,065
1,269,087
4,106,641
2,300,404
3,932,682
3,349,769
3,232,335
10,207,697
10,478
15,908
16,727
15,123
20,767
73,994
95,450
142,526
122,919
115,177
342,382
162,051
217,660
112,221
136,365
113,257
14,272
39,406
57,211
70,156
96,576
351,597
473,464
885,512
932,733
1,098,239
3,588,088
2,011,672
3,533,564
3,143,749
3,018,823
9,4U,023
13,690
21,720
26,303
23,979
33,137
155,022
250,520
495,403
530,354
619,603
2,028,466
1,130,169
1,950,349
1,693,334
1,641,372
4,959,686
6,227
15,433
21,117
24,344
33,807
138,208
227,465
459,907
499,163
589,512
1,938,464
1,085,468
1,889,852
1,662,274
1,602,035
4,928,133
60,749
11,972
4,244
2,627
1,609
3,136
1,445
881
285
149
139
26
21
81,981
80,432
49,949
44,357
35,318
106,994
95,645
130,232
97,342
106,822
321,182
183,033
321,834
203,571
209,978
82,634
80,670
49,739
43,103
34,684
106,516
95,992
132,096
97,174
90,353
178,281
43,612
48,667
66,938
281,099
49,100
21,957
12,452
8,035
16,784
8,152
4,040
1,062
537
236
22
308,605
332,815
260,875
211,776
176,222
571,424
560,046
610,234
368,824
366,349
530,499
154,300
265,363
44,950
20,174
11,475
7,189
15,761
7,711
3,931
1,036
525
286
22
232,413
303,436
239,276
194,756
157,554
536,513
530,404
594,084
359,877
358,358
530,499
154,300
^Included in the total but not in the detail is $418,000 of income tax reported on 181 returns without net income by mutual insurance companies, life insurance companies, and
mutual savings banks with life insurance departments under Code sections 821(a)(2), 802(a) and 318(e)(3), and 594, respectively.
^Included in the total but not in the detail is $333,000 of long-term capital gain reported on 105 returns without net income taxed under Code section 802(a)(2).
^Included in the total but not in the detail is $9,725,000 of income subject to tax reported on returns without net income. See footnote 1.
NOTE: See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11,-14.
114
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CCRPORATICN RETURNS OTHER THAW FORM 1120-S
Table 11.— NUMBER OF RETURNS, NET INCOME, INCOME TAXED AT NORMAL TAX AND SURTAX RATES, NET LONG-TERM CAPITAL GAIN, TAX, FOREIGN TAX CREDIT,
SELECTED INSURANCE COMPANY ITEMS, BY SIZE OF INCOME TAXED AT NORMAL TAX AND SURTAX RATES, BY TYPE OF TAX LIABILITY
PART I.— SJMHARY, NONOONSOLIDATED AND CONSOLIDATED MTURNS, FORM 11.^0, AND INSURANCE GCMPANY RETURNS, FORMS il^OL AND 1120M
Type of return and size of Income taxed at
normal tax and siirtax rates
Number of
returns
Net income
(less
deficit)
(Thousand
dollara)
taxed at
normal tax
and surtax
rates
(Thovtand
dollara)
Net long-tenn
capital gain
reduced by
net short-
term capital
loss
( Thousand
. dollars)
(Thousand
dollars)
Foreign tax credit
Number of
returns
(ThtMsand
dollars)
Returns with regular tax
Number of
returns
(Thousand
dollars)
Income
taxed at
normal tax
and surtax
rates
(Thousand
dollars)
Life insurance
company net
long-term
capital gain
reduced by net
short-term
capital loss
(Thousand
dollars)
(1)
(2)
(3)
M
(5)
(6)
(8)
(9)
(10)
(U)
Active corporation returns other than
Form 1120-3, total
Returns with net income, total
With income taxed at normal tax and surtax
rates, total
Under $5,000
$5,000 under $10,000
$10,000 under $15, OX
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $30,000
$30,000 under $35,000
$35,000 under $40,000
$iO,000 under $45,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$80,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,030 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
With no income taxed at normal tax and surtax
rates, total
Taxable
Nontaxable
Returns without net income, total
Taxable
1,002,980
44,645,186
2,888,514
22,524,687
1,179,313
465,325
(M
15,916,101
^1,686
624,544
533,087
242,560
74,739
45,493
34,980
34,046
21,298
10,600
7,716
5,905
4,914
7,876
5,801
3,923
3,199
2,519
8,053
4,627
2,449
5,608
3,015
2,794
439
309
129
60
30
91,457
4,165
87,292
378,436
181
48,612,645
572,783
618,842
631,375
670,248
822,330
6a,418
373,790
319,826
277,272
251,432
470,797
412,829
324,935
298,290
265,332
1,090,405
877, &;i
610,654
2,153,414
2,293,759
6,401,998
3,345,229
5,057,039
4,890,318
4,363,490
10,596,999
2,433,431
364,661
2,068,770
'4,644,108
(')
44,644,423
344,975
514,612
546,271
597,165
757,430
567,073
333,923
285,150
247,843
230,617
427,304
373,630
292,258
270,037
238,403
980,804
793,641
544,719
1,959,979
2,098,604
5,895,950
3,037,559
4,706,627
4,524,375
4,027,964
10,042,010
758
758
1,627,313
139,551
65,293
53,916
50,153
48,188
31,702
19,769
22,348
18,193
9,905
24,891
20,463
17,429
11,821
16,600
53,321
40,312
30,013
33,901
89,826
203,764
133,509
129,310
147,463
72,353
87,814
1,086,683
299,431
787,252
174,518
(M
22,445,042
115, UO
165,412
172,899
138,832
235,830
183,480
ia,702
110,362
100,431
94,535
183,953
166,363
133,315
125,804
113,180
477,284
395,474
276,777
1,007,186
1,093,773
3,097,070
1,611,916
2,487,303
2,393,945
2,122,104
5,265,412
79,227
79,227
418
418
3,865
351
259
151
150
151
82
45
68
45
63
68
73
39
57
45
168
120
106
325
338
638
204
155
92
41
26
123
123
1,178,798
71
135
178
253
233
116
92
85
92
177
474
201
372
748
650
2,112
1,291
2,689
10,392
17,052
70,570
58,038
115,038
177,351
150,661
569,667
515
515
464,683
223,134
66,787
39,541
29,916
28, 576
17,264
3,633
6,123
4,434
3,708
5,665
4,322
2,671
2,184
1,649
5,149
2,827
1,333
2,939
1,424
1,114
145
88
34
■ 16
7
456
456
181
181
16, 9%, 346
16,909,163
443,040
507,346
504,399
536,439
655,296
476,107
237,599
235,897
191,408
181,336
320,303
291,124
210,749
191,069
164,704
662,754
514,419
318,024
1,062,360
1,031,151
2,396,570
1,085,855
1,426,548
1,222,652
1,079,267
911,747
87,183
87,183
(M
(M
15,915,343
15,915,343
318,796
458,567
474,805
510,905
636,051
459,264
276,152
226,392
185,980
173,878
307,567
278,125
198,939
184,076
155,954
627,215
484,518
296,416
1,015,554
986,721
2,256,365
992,061
1,304,572
1,176,044
1,031,682
898,744
758
753
^1,303
1,063
32
13
2
47
32
47
24
1
18
13
6
14
(')
39
21
170
17
82
236
186
61
^240
202
'38
'333
'333
Returns with regular tax — Continued
Type of return and size of income taxed at
normal tax and surtax rates
Gross income of
mutual insur-
ance companies.
Form 1120H,
taxed under
section
821(bK2)
(Thouaiuid
dollara)
Income
tax
(Thatiaand
dolI»T3)
Foreign tax credit
Number of
returns
(Thousand
dollars)
Returns with alternative tax under section 1201, Forms 1120 and 1120M
Number of
returns
Net iiicome
(Thotiaand
dollara)
Income
taxed at
normal tax
and surtax
rates
(Thouaand
dollara)
Net
long-term
capital gain
reduced by net
short-term
capital loss
(Thouaand
dollara)
(Thouaaitd
dollara)
Foreign tax credit
Number of
returns
(Thotiaand
dollara)
(12)
(IJ)
(14)
(15)
(16)
(17)
(IS)
(19)
(20)
(21)
(22)
Active corporation returns other than
Form 1120-S, total
Returns with net income, total
With income taxed at normal tax and surtax
rates, 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 $30,000
$30,000 under $35,000
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
$50,000 under $60, OX
$60,000 under $70, XO
$70,000 under $80,000
$80, OX under $90, XO
$90, XO under $1X,X0
$1X,000 under $150, OX
$150, OX under $200,000
$2X,0X under $250, OX
$250,000 under $5X,000
$5X,000 under $1, OX, 000
$1,OX,OX under $5, OX, OX
$5, 000, OX under $10, OX, 000
$10,000,XO under $25,000,0X
$25,0X,0X under $50,0X,0X
$50,0X,0X under $1X,000,000
$1X,0X,0X or more
With no income taxed at normal tax and surtax
rates, total
Taxable
Nontaxable
Returns without net income, total
Taxable
1,288,201
1,354
72,108
31,980,960
15,121,959
2,139
1,279,234
1,279,234
1,279,234
8,967
8,967
7,389,301
87,199
138,363
141,818
154,039
190,733
143,895
96,227
84,131
72,125
69,666
128,386
120,782
88,257
83,943
71,758
297,006
235,527
146,742
510,057
503,449
1,167,813
516,352
687,027
621,207
546,248
436,401
13,009
13,009
418
418
1,854
1,836
211
leo
76
98
99
26
26
34
7
45
48
56
22
35
149
153
208,584
208,577
51
120
52
227
173
55
71
65
U
123
434
161
304
642
570
1,094
918
1,053
7,445
11,355
35,356
21,343
41,825
67,073
12,374
5,669
72,108
68,399
U,426
7,952
5,952
5,064
5,470
4,034
1,967
1,588
1,471
1,206
2,211
1,479
1,252
1,015
870
2,909
1,800
1,116
2,669
1,591
1,680
294
221
95
44
23
3,709
3,709
31,980,960
31,703,482
129,743
110,996
126,976
133,809
167,034
145,311
86,191
83,929
85,864
70,096
150,494
121,705
1U,136
107,221
100,628
427,651
363,422
292,630
1,090,554
1,262,608
4,005,428
2,259,374
3,630,491
3,667,656
3,284,223
9,685,252
277,478
277,478
28,729,085
28,729,035
26,179
56,045
71,466
36,260
121,379
107,809
62,776
58,758
61,863
56,739
119,737
95, 505
93,319
35,961
32,449
353,589
309,123
246,303
944,425
1,111,883
3,639,585
2,045,498
3,402,055
3,348,331
2,996,232
9,143,266
1,713,X5
1,445,485
82,014
41,593
39,858
36,063
35,951
23.625
U,877
19,280
17,449
8,433
21,784
16,292
U,202
11,118
13,335
50,771
36,455
27,576
84,697
84,985
194,845
133,309
129,680
U7,065
72,353
87,8U
267,520
267,520
15,055,741
27,941
27,049
31,081
34,793
45,047
39,535
25,475
26,731
28,306
24,919
55,567
45,586
45,058
41,851
41,422
180,278
159,847
130,035
497,129
590,329
1,929,257
1,095,564
1,8X,276
1,777,738
1,575,356
4,779,011
66,213
65,213
2,139
2,029
140
99
75
52
52
56
19
34
38
18
20
22
17
22
16
80
58
51
176
185
415
139
118
66
30
21
uo
110
970,221
20
15
126
31
65
61
21
20
78
49
40
40
68
106
80
1,018
373
1,631
2,947
5,697
35,214
35,695
73,263
110,278
138,287
563,998
508
508
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
115
NCNCCNSOLIDATED BETURKS WITH NET IKCCMli, FCBM 1120
Table 11 . —NUMBER OF RETURNS, NET INCOME, INCOME TAXED AT NORMAL TAX AND SURTAX RATES, NET LONG-TERM CAPITAL GAIN, TAX, FOREIGN TAX CREDIT, AND
SELECTED INSURANCE COMPANY ITEMS, BY SIZE OF INCOME TAXED AT NORMAL TAX AND SURTAX RATES, BY TYPE OF TAX LIABILITY— Continued
PART II.— NONCONSOLIDATED REIUaNS WITH NET IMCOME FILED ON FORM 1120, TAXABLE AND NONTAXABLE
Type of return and size of income taxed at
normal tax and surtax rates
Number of
returns
Net income
(Thoutartd
dollar*)
Income
taxed at
normal tax
and surtax
rates
(Thotaend
dollaraj
Net long-term
capital gain
reduced by
net short-
term capital
loss
(Thousand
dollars)
(Thou,,
dolla,
Foreign tax credit
Number of
returns
(Thousand
dollars)
Returns with regular tax
Number of
returns
(Thousand
dollars)
Income
taxed at
normal tax
and surtax
r-,t.-..r
(Thousand
dollarsi
(1)
(2)
M
(5)
(6)
(7)
(8)
(9)
(10)
Returns with net income, total
With income taxed at normal tax and surtax rates, 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 $30,000
$30,000 under $35,003
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$80,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,030,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,003 or more
With no income taxed at normal tax and surtax rates, total
Taxable
Nontaxable
=38,074,770
2,357,221
=18,976,636
530,460
242,132
74,414
45,290
34,844
33,916
21,172
10,543
7,663
5,856
4,863
7,778
5,749
3,878
3,158
2,486
7,927
4,550
2,395
5,461
2,903
2,645
397
267
106
44
23
3,675
86,384
569,218
6U,439
626,565
662,157
815,748
614,689
371,053
316,505
272,979
247,252
463,051
405,514
316,865
291,319
259,553
1,060,629
857,667
589,331
2,081,276
2,176,287
5,940,389
2,981,145
4,266,035
3,922,875
3,082,739
7,189,755
2,146,765
275,384
1,871,381
344,260
512,459
543,882
594,871
754,599
563,711
337,134
283,186
245,779
228,259
422,014
370,280
288,916
266,551
235,256
964,620
780,558
532,861
1,907,614
2,021,263
5,561,747
2,743,616
4,003,265
3,675,477
2,980,467
6,907,101
137,986
64,191
52,451
47,943
45,761
30,614
19,404
22,015
17,803
9,488
22,983
18,420
16,244
10,854
16,122
46,949
38,257
26, 556
81,560
64,628
164,889
103,864
94,738
139,839
40,443
69,295
953,924
242,319
711,605
18,924,273
114,700
164,600
171,320
167,636
234,368
182,166
120,994
110,046
99,546
93,536
181,744
164,686
131,569
123,987
111,786
468,124
389,088
269,926
980,063
1,048,845
2,913,831
1,451,920
2,101,421
1,944,201
1,555,039
3,608,636
52,349
347
255
U7
143
U7
78
43
65
44
60
151
114
97
309
315
583
182
129
31
33
19
70
135
103
253
237
116
92
85
83
174
399
196
338
744
650
1,758
1,216
2,486
9,725
15,698
55,212
41,089
67,047
154,844
51,659
294,376
153
153
462, 742
227,746
66,513
39,331
29,816
28,479
17,170
8,585
6,090
4,400
3,670
5,591
4,293
2,648
2,157
1,626
5,053
2,776
1,305
2,839
1,354
1,024
116
68
28
10
440,693
504,632
502,037
531,053
652,554
472,676
285,443
233,506
189,404
179,232
314,645
287,473
208,434
183,030
160,481
647,329
501,111
309,320
1,019,460
972,354
2,U6,396
854,514
1,070,41:3
993,660
' 666,467
545,447
56,993
56,993
313,158
456,741
472,941
509,205
633,943
456,765
274,650
224,983
164,549
172, U9
303,571
276,256
197,214
161,779
153,761
615,397
475,357
290,238
979,430
938,412
2,063,621
768,764
960,133
959,393
635,604
543,457
Returns with regular
tax— Continued
Type of return and size of income taxed at
normal tax and surtax rates
(Thousand
dollars)
Foreign tax credit
Number of
returns
(Thousand
dollsrs)
Returns with alternative tax under section 1201
Number of
returns
(Thousand
dollars)
Income
taxed at
normal tax
and surtax
rates
(Thousand
dollars)
Net long-term
capital gain
reduced by
net short-
term capital
(Thousand
dollars )
(Thousand
dollars)
Foreign tax credit
Number of
returns
(Thousand
dollars)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
Returns with net income, total
With income taxed at normal tax and surtax rates, total...
Under $5,000
$5,000 under $10,000
$10,000 under $15,030
$15,000 under $20,000
$20,000 under $25,003
$25,000 under $30,000
$30,000 under $35,000
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $60,000
$60,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $500,000
^500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,300
$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
With no income taxed at normal tax and surtax rates, total
Taxable ,
Nontaxable
=6,394,823
26,338,462
23,987,595
1,452,325
12,581,813
87,028
137,826
141,242
153,481
190,120
143,095
95,695
83,598
71,590
68,954
126,824
120,042
37,501
82,923
70,665
291,543
231,654
143,627
492,785
479,472
1,066,326
409.025
509,276
498,608
329,028
262,575
109
208
157
75
96
97
25
25
32
ZL
34
29
79
57
42
140
143
154,213
50
120
51
227
172
65
5
123
359
160
270
640
570
993
344
1,0U
7,100
10,737
29,357
12,719
12,003
63,795
11,930
681
67,716
14,386
7,901
5,909
5,026
5,437
4,002
1,953
1,573
1,456
1,193
2,167
1,456
1,230
1,001
860
2,874
1,774
1,090
2,622
1,549
1,621
281
199
78
34
19
3,665
3,665
26,120,071
123,525
109,807
124, 528
131,104
163,194
U2,013
85,610
82,999
83,575
68,020
148,406
118,041
113,431
103,239
99,372
413,330
356,556
280,011
1,061,816
1,233,933
3,793,993
2,126,631
3,195,622
2,929,015
2,416,272
6,.544,308
213,391
218,391
23,987,595
26,102
55,718
70,941
85,666
120,651
106,946
62,434
56,193
61,230
56,140
118,443
94,024
91,702
84,772
81,495
349,223
304,701
242,623
928,134
1,082,651
3,493,126
1,959,852
3,323,132
2,716,084
2,344,663
6,363,644
1,240,433
80,990
40,912
38,484
34,192
33,659
22,666
14,596
19,016
17,077
8,029
21,392
15,133
13,177
10,153
13,013
44,478
35,341
24,289
78,834
62,534
164,773
133,850
94,669
139,436
43,443
69,295
211,592
211,592
12,529,573
27,672
26,774
30,578
34,155
44,248
39,071
25,299
26,448
27,956
24,582
54,920
44,644
44,068
41,064
40,921
176,531
157,434
126,299
487,278
569,373
1,847,503
1,342,895
1,592,145
1,445,593
1,226,311
3,326,061
52,240
139
98
72
50
50
53
16
33
33
15
13
20
17
20
14
72
57
55
169
172
390
133
134
63
25
17
20
15
52
31
65
61
21
20
78
46
40
36
68
104
80
765
372
1,475
2,625
4,911
25,855
28,370
55,044
91,049
39,679
293,695
152
152
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14
116
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
CONSOLIDATED RETURNS WITH NET INCOME, FORM 1120
Table 11 . —NUMBER OF RETURNS, NET INCOME, INCOME TAXED AT NORMAL TAX AND SURTAX RATES, NET LONG-TERM CAPITAL GAIN, TAX, FOREIGN TAX CREDIT, AND ■
SELECTED INSURANCE COMPANY ITEMS, BY SIZE OF INCOME TAXED AT NORMAL TAX AND SURTAX RATES, BY TYPE OF TAX LIABILITY— Continued
PART III.— CONSOLIDATED RETURNS WITH NET INCCS^ffi FILED ON FORM 1120, TAXABLE AWD NONTAXABLE
Type of return and size of income taxed at
normal tax and surtax rates
Number of
returns
Number of
subsidi-
aries
Net income
(Thousand
dollars)
Income
taxed at
normal tax
and surtax
rates
(Thouaand
do I tar a)
Net long-term
capital gain
reduced by
net short-
term capital
loss
(Thouaand
dollars)
(Thouaand
dollars)
Foreign tax credit '
Returns with regular tax
Number of
returns
(Thouaand
dollara)
Number of
returns
Number of
ubsidi.
aries
(Thousand
dollara)
Income
taxed at
normal tax
and surtax
rates
f Thousand
dollars)
(1)
(2)
(3)
(•i)
C6J
(9)
(10)
(11)
(12)
Returns with net income, total
With income taxed at normal tax and surtax
rates, total
Under $5, OOO
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $30,000
$30,000 under $35,000
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$30,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $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
With no incorae taxed at normal tax and surtax
rates, total
Taxable
Nontaxable
6,693,259
5,532,000
2,954,366
885,531
272
156
lis
90
87
85
38
26
25
37
82
25
32
19
U
5
856
42
8U
430
287
177
159
169
222
59
72
86
69
151
63
53
64
32
315
199
122
387
356
988
353
599
345
328
210
3,131
429
2,702
6,440,887
2,618
2,523
2,816
6,586
4,620
4,530
1,854
1,138
2,867
3,295
3,995
5,331
3,424
4,541
2,570
18,327
13,471
13,1W
38,421
72,658
282,787
232,316
606,406
802,804
1,144,071
3,163,754
252,372
58,511
193,861
5,532,000
452
1,024
1,390
1,520
1,910
2,253
1,191
966
1,052
1,699
2,807
2,067
1,988
1,951
1,342
8,853
3,011
6,389
25,779
40,613
137,475
175,707
539,613
696,796
921,850
2,897,302
1,445
998
1,032
2,056
2,054
857
341
163
325
378
1,783
1,831
712
887
286
6,017
2,009
2,890
6,997
24,863
38,417
29,458
35,011
7,629
31,910
18,519
131,075
55,466
75,609
2,940,503
353
489
679
911
1,094
923
495
403
513
795
1,305
1,159
1,051
1,148
624
5,843
4,225
4,007
14,778
27,056
106,092
100, 542
292,426
365,967
492,925
1,514,700
13,863
13,863
470,525
1
(^)
75
(')
1
(')
(')
i'}
9
3
75
5
34
3
344
73
174
657
1,253
14,679
16,447
46,956
20,667
98,617
270,452
356
356
235
120
2,403
347
197
132
105
115
152
38
47
39
43
63
24
22
14
19
172
117
18
134
76
100
222
117
16
25
49
1,522
1,617
1,202
4,182
1,637
1,678
1,273
634
906
1,398
2,443
2,333
1,022
976
1,524
5,563
7,023
2,283
12,548
17,077
74,545
107,475
171,537
64,153
276,120
122,810
306,615
385
801
1,027
1,053
1,341
1,553
899
630
632
1,192
1,727
907
819
843
575
4,915
3,921
1,775
11,235
13,527
48,028
96,180
160,690
64,049
270,231
117,680
Returns with regular
tax — Continued
Type of return and size of income taxed at
normal tax and surtax rates
(Thousand
dollara)
Foreign tax credit
Number of
returns
(Thoaaand
dollara)
Returns with alternative tax under section 1201
Number of
returns
Number of
subsidi-
aries
(Thouaand
dollara)
Income
taxed at
normal tax
and surtax
rates
(Thouaand
dollara)
Net long-term
capital gain
reduced by net
short-term
capital loss
(Thousand
(Thouaand
dollars)
Foreign tax credit
Number of
returns
(Thouaand
dollara)
(13)
(15)
do)
(18)
(19)
(20)
(21)
(22)
(23)
Returns with net income, total.
423,288
,900
4,725,385
256,437
2,531,078
425,981
With income taxed at normal tax and surtax
rates, 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 $30,000
$30,000 under $35,000
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$80,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $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
423,288
108
263
321
332
425
508
319
245
258
501
763
392
378
399
256
2,426
1,979
9U
5,863
7,158
25,484
51,049
84,295
33,322
143,080
61,750
44,900
1
(')
1
1
(^)
1
75
1
1
1
34
1
2
4
94
4
72
1
18
4
335
4
482
8
5,320
7
8,122
4
28,737
1
1,438
1
9
With no income taxed at normal tax and surtax
rates, total
Tajcable
Nontaxable
3,692
83
90
45
54
54
70
21
25
47
26
86
39
31
50
13
U3
82
104
253
280
383
131
482
329
303
161
429
429
5,555,356
1,096
906
1,614
2,404
2,983
2,852
581
454
1,961
1,897
1,552
2,998
2,402
3,565
1,046
12,764
6,448
10,681
25,873
55,581
208,242
124,841
434,869
738,651
867,951
3,040,944
58, 5U
58,511
4,725,385
67
223
363
467
569
700
292
336
420
507
1,080
1,160
1,169
1,108
767
3,938
4,090
4,614
14,544
27,086
139,447
79,527
378,923
632, 747
651,619
2,779,622
201,021
939
591
973
1,780
1,952
775
279
106
325
378
273
961
552
887
182
5,977
1,089
2,890
5,536
22,199
29,850
29,453
35,011
7,629
31,910
18,519
55,466
55,466
2,517,215
245
226
358
579
669
415
176
158
255
294
542
767
673
749
368
3,417
2,246
3,093
8,915
19,898
80,608
49,493
206,131
332,145
349,845
1,452,950
13,863
13,863
(=)
( = )
(')
(')
( = )
2
4
1
1
6
250
1
1
5
156
7
322
12
771
24
9,359
6
6,325
14
18,219
6
19,229
5
93,608
4
270,303
4
356
4
356
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-1«.
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
117
LIFE INSURANCE COMPANY RETURNS WITH NET INCOME OR WITH TAX
Table 11.— NUMBER OF RETURNS, NET INCOME, INCOME TAXED AT NORMAL TAX AND SURTAX RATES, NET LONG-TERM CAPITAL GAIN, TAX, FOREIGN TAX CREDIT, AND
SELECTED INSURANCE COMPANY ITEMS, BY SIZE OF INCOME TAXED AT NORMAL TAX AND SURTAX RATES, BY TYPE OF TAX LIABILITY— Continued
PART IV NCWCONSOLIDATED AND CONSOLIDATED RETURNS, FORM 1120L, FILED UNDER PROVISXCNS OF THE INTERNAL REVENUE CODE APPLICABLE ONLY TO LIFE INSURANCE COMPANIES
Type of return and size of income taxed at normal tax and
surtax rates
Number of
returns
Net income
(less
deficit)
(Thousand
dollars)
Income taxed
at normal
tax and
surtax rates
(ThouSBiid
dollars)
Net long-term capital
gain reduced by net
short-term capital loss
Number of
returns
(Thousand
dollars)
Amount subtracted from
policyholders surplus
account
Number of
returns
(Thousand
dollars)
Reduiition in tax on
amount subtracted from
policyholders surplus
account
Number of
returns
f Thousand
dollars)
(1)
(3)
(4)
(5)
(6)
(7)
(8)
Returns with net income or with tax, total^
Returns with net income, total^
With income taxed at normal tax and surtax rates, 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 $30,000
$30,000 under $35,000
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
450,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$80,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $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
With no income taxed at normal tax and surtax rates, total^
Taxable
Nontaxable^
Taxable returns without net income, total^
With income taxed at normal tax and surtax rates —
Under $25,000
$25,000 or more
With no income taxed at normal tax and surtax rates^
29,485
10,059
706
135
62
29
26
20
25
15
14
13
131
37
94
10
138
1,110,676
1,104,470
753
958
608
964
706
1,252
698
1,344
794
502
2,111
962
1,138
1,977
2,319
7,618
4,844
5,092
24,702
36,269
171,671
107,781
184,598
164,639
136,680
243,490
6,206
2,678
3,528
'557
'844
'14,688
989,035
980,035
186
417
336
441
423
684
478
514
547
378
1,393
641
752
1,368
1,338
5,640
3,718
3, 550
20,648
30,940
141,624
93,414
163,749
152,602
125,647
237,607
154
124
1,303
1,063
32
13
2
47
32
47
24
1
18
13
6
14
162
160
39
21
170
236
186
240
202
38
28,693
15
28
99
64
36
108
73
214
100
111
308
373
1,126
1,024
326
4,356
5,013
8,206
7,060
148
5
5
9,348
2
3
22
18
11
35
21
77
35
39
114
126
334
355
110
1,510
1,738
2,845
2,448
41
690
61
Increase in 1957 tax due to change to accrual
method of accounting under 1959 Act
Type of return and size of income taxed at normal tax and surtax rates
Total'
<'T7iousand
dollars)
Number of
returns
Amount
dollars)
Deferred under 10-year
payment plan
Foreign tax credit
Number of
returns
Amount
(Thousand
dollars)
Number of
returns
Amount
(Thousand
dollars)
(10)
(11)
(12)
(13)
(15)
(16)
Returns with net income or with tax, total^.
Returns with net income, total^
With income taxed at normal tax and surtax rates, 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 $30,000
$30,000 under $35,000
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$80,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000...
$150,000 under $200,000...
$200,000 under $250,000...
$250,000 under $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
With no income taxed at normal tax and surtax rates, total^.
Taxable
Nontaxable^
Taxable returns without net income, total^.
With income taxed at normal tax and surtax rates —
Under $25,000
$25,000 or more
With no income taxed at normal tax and surtax rates^
138
110
162
140
219
171
191
182
135
507
248
309
582
507
2,437
1,495
1,779
9,224
14,853
74,404
49,165
93,456
88,777
74,140
142,076
155
155
107
201
273
254
53,800
53,749
48,177
48,131
9,378
9,375
(^)
(')
2
28
15
72
43
95
310
731
4,392
3,068
8,099
9,446
8,815
18,531
51
27
24
155
(')
(^)
(')
(^)
( = )
(')
(')
(')
4
39
5
82
21
268
26
656
46
3,847
9
2,699
9
7,253
4
8,502
2
7,933
2
16,679
14
46
12
24
2
22
49
129
2
29
435
1,085
1,640
385
4,839
3
3
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
118
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
MUTUAL INSURANCE COMPANY RETURNS WITH NET INCOME
Table 11.— NUMBER OF RETURNS, NET INCOME, INCOME TAXED AT NORMAL TAX AND SURTAX RATES, NET LONG-TERM CAPITAL GAIN, TAX, FOREIGN TAX CREDIT, AND
SELECTED INSURANCE COMPANY ITEMS, BY SIZE OF INCOME TAXED AT NORMAL TAX AND SURTAX RATES, BY TYPE OF TAX LIABILITY— Continued
PART V RFTURNS, FOHM 1120M, FILED UNDER PROVISIONS OF THE INTERNAL REVENUE CODE APPLICABLE ONLY TO MUTUAL INSURANCE COMPANIES OTHER THAN LIFE OR MARINE INSURANCE COMPANIES
OR FIRE INSURANCE CCMPANIES ISSUING PERPETUAL POLICIES
Type of return and size of income taxed at normal tax and
surtax rates
Number of
returns
(ThtMjaand
dollara)
Income taxed
at normal
tax and
surtax rates
(ThouBBnd
doltart)
Net long-term
capital gain
reduced by
net short-
tenn capital
loss
(Thouaand
dotlara}
(Thovaand
dotlara)
Foreign tax credit
Number of
returns
(Thotiaand
dollara)
Returns with regular tax
Number of
returns
(Thotiaand
doitara)
Income taxed
at normal
tax and
surtax rates
(Thouaand
dollara)
(*)
(5)
(6)
(8)
(9)
(10)
Returns with net income, total
With income taxed at normal tax and surtax rates, 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 $30,000
$X,000 under $35,000
$35,000 under $A0,000
$40,000 under $A5,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$80,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $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
With no income taxed at normal tax and surtax rates, total
Taxable:
With gross Income taxed under section 821(a)(2)
Other
Nontaxable
5,527
'37,745
21
107
56
20
23
409
2
70,253
194
922
1,386
541
1,256
947
185
839
632
383
1,640
1,022
1,508
453
890
3,831
1,859
3,067
9,015
8,545
7,151
23,987
28,088
27,512
576
77
712
663
333
498
425
125
484
465
281
1,090
642
602
167
467
1,691
1,354
1,919
5,938
5,788
5,104
19,822
,083
24
,799
88
32
91
185
431
290
105
123
341
228
184
172
_
42
169
222
47
190
26
119
119
397
198
275
473
386
78
87
192
263
316
880
25
666
397
1
,065
327
3
,121
253
3
,024
222
2
,743
1
10,289
982
462
'12,946
'12,831
115
(')
(')
(')
(')
(.')
(')
(')
(')
18
72
92
639
43
552
12
240
16
399
10
501
4
185
7
363
6
304
4
204
16
1,104
5
356
2
155
1
86
3
380
10
2,244
6
1,441
4
1,329
11
6,150
6
5,451
2
3,958
2
16,085
409
27,512
409
27,512
67
608
501
206
339
262
125
260
252
189
876
321
154
86
280
1,263
1,022
853
4,241
3,842
3,092
13,703
(')
Returns with regular tax — Continued
Type of return and size of income taxed at normal tax and
surtax rates
Gross
income
tEixed
under
section
821(a)(2)
(TT>ouaand
dollart)
Income
tax
(Thousand
doitara)
Foreign tax credit
Number of
returns
(Thounand
dotlara)
Returns vith alternative tax under section 1201
Number of
returns
Net
income
(Thouaand
dollara)
Income
taxed at
normal
tax and
surtax
rates
(Thouaand
dotlara)
Net long-term
capital gain
reduced by
net short-
terra capital
loss
(Thouaand
dollara)
Income
tax
(Thouaand
dollara)
Foreign tax credit
Number of
returns
(Thouamnd
doitara)
(11)
(13)
(U)
(15)
(16)
(17)
(18)
(19)
(20)
Returns with net income, total.
'1,238,201
'28,677
28,631
9,068
With income taxed at normal tax and surtax rates, 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 $30,000
$30,000 under $35,000
$35,000 under $40,000
$40,000 under $45,000
$45,000 under $50,000
$50,000 under $60,000
$60,000 under $70,000
$70,000 under $80,000
$80,000 under $90,000
$90,000 under $100,000
$100,000 under $150,000
$150,000 under $200,000
$200,000 under $250,000
$250,000 under $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
With no income taxed at normal tax and surtax rates, total.
Taxable:
With gross income taxed under section 821(a)(2)
Other
Nontaxable
'1,288,201
136
145
73
42
97
95
76
292
100
69
39
130
600
499
422
2,185
1,966
1,597
7,113
'12,831
'12,831
(^)
(^)
(=)
(')
122
283
834
301
857
476
328
179
536
666
1,353
367
510
1,587
418
1,738
2,865
3,094
3,193
7,902
10
104
162
127
159
224
213
92
214
321
448
81
187
428
332
1,066
1,697
1,946
2,012
6,119
85
90
411
91
340
8,953
24
49
145
59
130
99
119
105
198
175
473
317
78
48
191
133
316
280
25
167
397
643
327
936
252
1,058
222
1.146
1
3,176
(')
(^)
(')
I.')
(')
(')
(')
(')
(^)
'Not tabulated for returns without net income but with tax.
Amounts from a few life insurance company returns with no income tax shown but with small amounts of net long-term capital gain, subtractions from policyholders surplus
accounts, or with increases in 1957 tax are included in the statistics.
^Less than $500-
^Deficit.
'There were $24,000 of income taxed at normal tax and surtax rates and $9,000 of income tax on returns without net income filed by mutual savings banks with life insurance
departments included in these totals.
^Thls tax is included in income tax throughout this report. Returns with decreases in 1957 tax were excluded. These decreases amounted to $3,000.
''There was $86,000 of income tax on $8,967,000 of gross income reported on 17 returns without net income.
NOTE: See text for explanatory statenients and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp, 11-14.
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
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120
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
; e«
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ii
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t^ o
CM >t to C^
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CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
121
ACTIVE CORPORATION RETURNS WITH PAYMENTS ON DECLARATIONS OF ESTIMATED TAX
Table 13.— NET INCOME, INCOME SUBJECT TO TAX, TAX, FOREIGN TAX CREDIT, AND PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, BY MONTH IN WHICH ACCOUNTING
PERIOD ENDED
Accounting period ended
Returns with net income
Nujaber of
returns
Net income
(Thousand
dollar I)
Income subject to tax
(Thousand
dottara)
Net long-
term capital
gain taxed
at 25 per-
cent rate
(Thousand
dollara)
(Thousand
dollars}
(Thousand
dollars}
Foreign tax
credit
(Thousand
dollara)
Payments on
declarations
of estimated
tax
( Thousand
dollara)
Returns without net income^
Number of
returns
(Thousand
dollars)
Payments on
declarations
of estimated
tax
(Thousaryd
dollara)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(3)
(9)
(10)
li,851
37,665,726
36,828,238
1,110,806
35,717,<i32
18,351,784
94,076
Annual accounting periods, total.
July 1959
August 1959
September 1959.
October 1959...
November 1959..
December 1959. .
January 1960. . .
February I960..
March 1960
April 1960
May 1960
June 1960
Part-year accounting periods.
14, 561
345
373
656
472
571
9,083
461
301
573
398
325
1,003
290
37,374,873
424,467
466,044
878,242
834,054
603,731
30,228,817
1,187,352
323,678
634,231
374,063
374, 2U
1,045,983
290,853
36,543,636
412,227
461,300
865,915
807,405
595,028
29,538,010
1,162,204
313,261
621,835
373,955
362,318
1,030,128
284,602
1,105,454
19,527
27,364
15,949
32,992
12,310
893,542
14,479
10,084
21,369
30,446
10,418
16,974
5,352
35,438,182
392,700
433,936
849,966
774,413
582,718
28,644,468
1,147,725
303,177
600,516
343, 509
351,900
1,013,154
279,250
13,206,202
207,285
230,946
442, 516
408,496
303,139
14,649,001
598,225
156, 336
315,194
182,902
184,129
526,033
145,582
856,322
788
3,597
8,377
15,923
9,350
797,311
2,667
2,232
2,546
1,555
636
11,340
6,169
6,169,368
59,018
63,284
122,473
97,781
80,304
5,029,119
202,171
59,769
116,545
61,302
63,043
215,059
56,907
( = )
(=)
(^)
7
158
94,037
( = )
375
( = )
1,990
2,376
74,631
( = )
3,154
{')
89
207
I')
39
(11)
8,969
3,964
( = )
( = )
286
312
6,916
(^)
( = )
27
53
^Includes taxable returns without net income filed by mutual insurance companies, life insurance companies, and mutual savings banks with separate life insurance departments.
There was a total of 131 such returns with $10,108,000 of income subject to tax and $418,000 of income tax. However, the number of such returns with payments on declarations of
estimated tax, as well as the income subject to tax and tne income tax shown on these returns are not available.
^Sampling variability of this estimate is too large to warrant showing separately. However, the data are included in totals.
NOTE: See text for explanatory statements and for "Description of Sample and Limitations of Data." Income subject to tax is explained on pp. 11-14.
122 CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-3
Table 14.— INCOME TAX, FOREIGN TAX CREDIT, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, AND PAYMENTS WITH REQUESTS FOR EXTENSION OF TIME IN
WHICH TO FILE RETURNS, BY MONTH IN WHICH ACCOUNTING PERIOD ENDED
Accounting period ended
Total active corporation returns
other than Form 1120-S
Number
of
returns
Income tax
( Thousand
dolUra)
Foreign
tax
credit
( n,ou9«nd
dotlmra)
Total returns with payments on declarations of
estimated tax or with requests for extension of
time in which to file
Number
of
returns
(ThtKtamnd
dotUra)
Foreign
tax
credit
(Thduaand
dotlaf)
declara-
tions
f TTiousand
dollara)
PayToents
with
requests
for
extension
(Thousand
dollar a J
Returns with payments on both declarations end
requests for extension
Number
of
returns
(Tlujtsaand
dollara)
Foreign
tax
credit
(Thauaand
doltara)
Payments
on
declara-
tions
(Thouaand
dollar*)
Paynents
with
requests
for
extension
(Thoitaartd
dotlara)
CD
(3)
(i)
(5)
(8)
(9)
(10)
(11)
(12)
(13)
Grand total
Annual accounting periods, total...
July 1959
August 1959
Senlii-lber 1959
October 195?
November 1959
December 1959
January 196ti
February 1960 ,
March 1960
April 196C
May 1960
June 1960
Part year accoxinting periods, total,
Julj 1959
August 1959
September 1959
October 1959
November 1959
December 1959
January 1950
February 1960
March 1960
April 1960
Xtey 1960
June 1960
934,089
34,939
36,977
59,136
37,851
25,655
464,857
29,P77
30,292
56,425
40,705
35,571
81,804
68,891
4,388
3,631
6,084
4,077
3,626
20,857
3,304
2,877
5,051
3,906
3,781
7,309
22,524,687
22,198,775
319,184
365,924
699,046
565,166
422,857
16,863,852
742,584
258,403
510,089
326,635
300,524
824,261
325,912
21,759
15,288
35,438
26,161
70,476
63,308
9,466
8,957
16,182
23,105
10,834
24,938
1,171,704
1,216
6,831
13,714
19,543
11,711.
1,091,242
2,759
2,428
6,940
1,711
964
12, MS
7,609
24
no
342
348
31
4,279
130
2,149
136
59,113
56,152
1,768
1,733
3,426
2,307
1,663
27,712
3,177
1,803
3,366
2,079
1,828
5,290
2,961
222
192
190
250
151
765
138
154
219
184
U2
384
19,058,682
227,617
265,596
522,40.;
438,071
321,522
15,128,950
631,179
176,133
356,760
204,066
202,195
584,189
208,488
9,361
8,361
22,170
18,705
63,521
43,747
3,261
4,285
3,493
11,612
3,726
11,246
91^,624
913
6,607
10,389
17,947
10,076
842,228
2,721
2,252
6,858
1,685
759
12,189
6,628
12
84
284
348
28
4,256
1,550
7
2
0,235,744
6,173,832
59,171
63,338
122,508
93,067
80,616
5,036,035
202,456
59,907
U7,081
61,329
63,096
215,228
56,912
400
697
4,156
5,519
28,217
9,540
1,102
824
2,061
2,580
679
1,U7
7,713,962
74,699
7, ,267
146,303
147,590
67,036
6,639,226
194,332
42,960
106,207
50,272
44,052
123,958
83,520
6,141
4,178
8,770
6,608
21,169
19,861
1,644
2,126
3,582
2,132
2,513
4,796
5,016
95
120
133
135
121
3,448
221
94
145
89
70
295
0)
(')
13,937,802
113,532
111,526
203, bh:,
282, 504
135,843
11,898,710
481,638
90,897
133,272
89,721
100,316
235,958
109,374
1,692
(M
6,111
10,748
55,964
23,207
1,066
1,862
2,825
(M
896
2,350
805,807
613
3,286
2,640
15,571
8,723
756,430
2,611
2,037
1,442
1,305
604
10,545
4,592
(M
4
304
28
4,248
4,639,745
36,380
28,739
58,557
65,975
35,627
3,936,352
167,845
36,912
73,877
31,706
36,861
130,814
43,912
264
C)
1,533
4,291
26,917
7,993
264
548
945
(')
425
298
6,220,371
60,794
54,554
89,466
130,860
57,321
5,369,285
174,468
31,128
85,474
39,299
34,950
92,672
41,484
1,235
(')
2,316
4,055
13,734
3,745
643
1,024
1,254
(M
539
1,094
Returns with payments on declarations of
estimated tax only
Accounting period ended
(Thotiaand
dollara)
Foreign
tax
credit
(Thotiaartd
dollara)
Payments
declara-
tions
(Thcuaand
dollara)
Returns with payments with requests for
extension only
(Thorjaand
dollara)
Foreign
tax
credit
(Thouaand
dollara)
Payments
with
requests
for
extension
(Thouaartd
dollara)
(14)
(16)
(17)
(18)
(19)
(20)
(21)
Grand total
Annual accountljig periods, total....
July 1959
August 1959
September 1959
October 1959
November 1959
December 1959
January 1960
February 1960
March 1960
April 1960
May 1960
June 1960
Part year accounting periods, total.
July 1959
August 1959
September 1959
October 1959
November 1959
December 1959
January 1960
February 1960
March 1960
April 1960
May 1960
June 1960
9,946
9,810
262
262
433
346
457
5,793
250
212
441
318
259
727
4,254,603
4,213,403
88,753
119,420
238,631
125,992
167,296
2,750,291
116,587
67,439
126,922
93,181
83,813
240,075
36,203
792
2,009
5,706
3,248
4,126
4,523
333
431
2,639
8,407
616
2,773
50,515
175
3U
5,737
352
627
40,881
55
195
1,104
250
32
795
1,577
1,528
1
1,552,037
1,539,087
22,791
34,599
63,851
32,092
44,989
1,099,633
34,611
22,995
43,204
29,623
26,235
84,414
13,000
136
410
2,623
1,228
1,300
1,547
838
276
1,116
2,433
254
839
41,326
1,411
1,351
2,760
1,826
1,085
18,471
2,706
1,497
2,780
1,672
1,499
4,263
2,667
213
150
160
2U
130
702
(1)
U6
210
151
(M
852,480
20,332
34,650
79,888
29,575
18,383
479,949
32,954
17,797
41,566
21,164
18,066
53,156
62,905
6,677
4,195
10,353
4,709
3,431
16,017
(')
1,942
3,029
2,709
(')
5,123
58,761
58,302
125
3,010
2,012
2,024
726
44,917
54
20
4,312
130
123
849
459
12
60
258
40
1,535,627
1,493,591
13,905
22, 6U
56,837
15,730
9,765
1,269,941
19,864
11,832
20,733
10,973
9,112
31,285
42,035
4,906
3,064
5,954
2,553
2,435
11,116
(M
(')
(')
(M
1,102
2,328
1,906
^Sampling variability of this estimate is too large to warrant showing separately. However, the data are included in totals.
NOTE: See text for explanatory statements and for "Description of Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
123
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP
Year of incorporation
Number of
returns
Total
compiled
receipts
(Thouaand
dollars)
Net income
(less
deficit)
(Thousand
dollara)
Total assets
(Thovaand
dollara)
Gross
depreciable
assets
(Thousand
dollara)
Depreciation
(Thauaand
dollara)
Number of
returns
Total
compiled
receipts
(Thoiisartd
dollara)
Net income
tless
deficit)
(Thouaattd
dollars)
Total assets
(Thouaatid
dollara)
Gross
depreciable
assets
(Thouaand
dollara)
Depreciation
(Thousand
dollars)
All industrial groups
Agriculture, forestry, and fisheries
Total
1959'
1958
1957
1956
1955
1954 . . .
1953
1952
1951
1950
1945-19-49
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1379
1859 and prior
Not shown
Total
1959^
1956
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior
Not shown
Total
I959I
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1699
1860-1879
1859 and prior.
Not shown
96,433
99,879
84,987
83,344
76,770
60,005
48,143
40,061
32,263
34,296
162, 512
39,051
83,322
53,219
25,484
17,834
8,800
1,526
653
25,538
616,799,384
14,404,442
21,376,608
20,156,386
24,935,345
25,153,462
13,353,201
16,664,635
15,324,484
10,973,032
13,574,787
99,043,877
27,009,899
95,486,062
139,683,773
94,778,731
66,096,371
73,388,383
20,582,422
14,089,891
5,719,(X3
46,797,267
235,920
473,421
474,525
609,835
751,398
530,296
621,520
434,091
367,223
425,819
3,710,817
1,350,589
4,939,430
9,058,032
8,559,614
4,994,106
7,112,007
1,223,651
766,790
158,183
1,136,667,759
11,510,610
16,421,903
17,496,888
16,970,211
18,739,454
13,467,283
12,121,128
11,429,185
9,050,655
11,224,354
74,996,761
35,029,604
119,398,142
180,275,601
115,386,178
103,115,699
150,928,560
119,601,139
89,737,093
9,767,311
397,167,908
4,087,342
5,431,421
5,923,052
6,652,816
7,371,716
5,380,369
5,543,331
4,576,479
4,021,252
5,875,117
36,708,868
11,912,258
34,163,873
74,591,309
52,656,430
40,247,011
68,150,233
8,979,349
13,103,445
1,791,707
308,256
471,253
521,841
594,963
608,995
465,032
399,070
340,100
273,966
344,972
2,216,355
648,237
2,034,606
3,486,083
2,673,760
1,686,410
2,599,034
330,729
360,152
129,762
15,603
1,929
1,660
1,397
1,155
981
708
738
711
519
577
2,220
379
841
832
307
157
76
157,321
202,019
302,065
182,136
314,936
135,939
133,200
115,511
79,250
114,904
675,461
141,151
325,017
222,131
77,233
91,936
530,000
105,884
^9,836
^9,561
971
1,513
4,565
4,740
2,093
1,008
5,333
2,650
25,189
7,022
9,043
10,717
9,252
11,653
30,786
^1,416
3,586,542
209,661
211,163
200,775
163,764
157,882
108,516
95,423
93,521
102,066
105,441
&41,446
93,503
310,874
296,246
121,306
138,785
495,428
98,114
108,072
116,837
113,764
72,160
66,291
57,449
56,292
49,775
69,415
393,974
46,172
166,226
150,229
56,222
42,881
458,717
Total mining
12,920
1,215
960
1,077
1,366
971
698
542
471
466
389
1,333
430
1,171
792
339
137
121
2
159,565
259,142
262,000
450,223
330,826
258,483
226,916
145,647
160,152
274,719
1,230,252
443,693
1,766,364
1,754,665
1,188,026
471,762
890,352
24,985
645,374
^7,944
^19,794
7,987
2l
^12,412
450
'88
'20,989
2,597
6,639
U0,679
'86,363
347,383
110,528
72,751
76,013
40,766
1,578
'5,906
16,039,390
206,640
284,015
322,574
556,046
492,010
351,220
336,640
458,151
193,136
444,297
1,729,585
940,577
2,560,729
2,869,041
2,232,945
660,072
1,278,433
49,128
11,919,528
143,259
157, 194
226,131
384,441
334,031
180,723
236,031
144,644
153,217
233,541
1,556,428
767,508
2,256,416
2,195,116
1,465,346
422,626
976,154
26,938
691,003
13,144
16,808
24,071
50,495
30,968
18,961
21,727
12,504
12,713
17,521
95,201
33,817
108,584
110,172
60,784
22,365
33,876
778
Metal mining
1,099
(=)
e)
(')
117,525
37,643
(')
54,534
72,662
9,729
28,180
367,603
22,931
91,980
136,918
354,412
124,357
265,267
24,604
(^)
82,989
(=)
'4,777
12,139
(')
'6,590
0)
5,137
'20,208
t=')
3,276
82,301
'96,793
'42,842
2,369
61,386
56,959
29,765
1,583
{')
82,768
54,673
93,759
(')
113,370
255,074
(')
41,059
659,444
429,627
381,527
201,518
917,586
123,399
599,146
47,718
(')
(^)
55,849
44,335
(')
53,432
(.')
91,390
5,933
23,456
642,914
377,249
255,574
129,266
478,823
103,105
308,233
25,007
Mining — Continued
Bituminous coal and lignite milling
281
185
(')
34
165
242
126
122
113
C)
35,795
33,157
45,822
24,719
45,223
130,395
165,815
107,527
540,664
523,536
151,490
21,572
(^)
30, 572
1,086
'1,690
'824
'1,283
1,171
1,547
62
3,664
5,877
4,192
12,481
3,359
(')
18,151
15,459
(=■)
39,491
34,627
48,492
120,135
223,748
132,162
626,848
690,870
202,237
67,353
(')
16,076
14,522
45,046
29,662
40,581
134,002
156,363
107,159
469,023
512,548
135,961
43,055
(^)
115,695
1,617
2,058
5,589
1,413
2,553
11,540
9,064
5,901
23,983
28,274
7,724
1,735
(^)
Crude petroleum and natural gas
620
495
525
739
544
375
371
274
256
175
572
175
717
459
119
85,348
75,201
114,112
290,184
152,915
100,925
121,830
78,896
77,374
187,771
475,775
154,919
1,385,926
716,707
36,320
24,898
551,252
331
449,604
'3,139
^10,772
'5,449
1,307
'4,739
'2,065
'6,727
'1,775
'9
1,196
31,616
3,052
374,319
71,925
'873
1,080
6,093
'10
'5,426
124,881
145,856
186,637
390,076
252,739
186,116
199,572
126,657
90,301
361,041
713,963
215,508
1,852,882
1,509,939
134,088
45,099
548,373
1,410
5,650,317
94,700
55,989
111,712
248,836
151,552
102,216
122,044
67,082
78,325
179,655
583,231
211,554
1,738,337
1,173,0&4
72,430
32,631
586,481
1,931
33,547
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Umitations of Data.
124
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECLATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
(Thouaanit
dollara}
Net income
(less
deficit)
( Thousand
dot lara)
Total assets
(Thouaand
doUaraJ
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
( Thousand
dollars)
timber of
returns
Total
compiled
receipts
(Thousand
dollars)
Net income
(less
deficit)
(Thousand
dollars)
Total assets
(Thousand
dollars)
Gross
iepreciable
assets
(Thousand
dollars)
Depreciation
Mining — Continued
Construction
Mining and quarrying of nonmetallic minerals, and anthracite mining
Total
1959^
1958
1957
1956
1955
1954
1953 '. ..
1952
1951
1950
1945-19i9
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
18S0-1899
1860-1379
1859 and prior.
Not shown
Total
19594
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior
Not shown
Total
19591
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1899
1860-1879
1859 and prior
Not shown
3,137 1,853,477
248
226
389
372
246
218
348
( = )
255
167
110
43
43
(')
37,248
33,249
84,124
68,818
59,077
120,037
236,279
180,931
360,376
273,258
171,017
52,261
C^)
82,709
^2,357
'2,555
944
710
31
749
2,435
16,700
10,029
32,022
'243
16,615
4,100
(')
2,356,819
51,472
39,932
64,031
63,253
86,653
67,941
109,567
236,043
194,158
530,736
490,402
289,337
63,061
(')
30,139
30,834
59,439
57,372
62,379
45,806
94,695
191,281
155,346
403,763
401,545
150,931
33,386
( = )
3,694
2,926
7,843
6,684
5,301
5 ,474
9,093
18,092
(=)
13,930
18,369
17,215
9,691
2,398
66,260
3,508
8,495
7,055
6,533
5,961
4,375
3,040
2,305
1,944
1,321
8,179
1,043
2,721
1,909
706
339
C=)
1
1,233
32,140,410
1,397,312
1,857,818
1,956,122
2,079,979
2,087,704
1,781,957
1,309,219
1,005,916
1,074,551
1,023,974
6,379,580
1,036,613
3,221,978
3,037,651
1,347,073
1,003,102
(=■)
14,627
311,984
579,108
17,335
21,177
14,261
32,943
36,144
18,230
17,441
8,505
11,365
21,366
119,253
18,262
69,757
103,241
24,303
33,925
1,536
5,630
14,221,541
546,026
769,254
714,814
301,062
815,904
635,680
499,030
418,552
447,769
450,341
2,390,024
498,769
1,675,245
1,648,750
632,663
541,341
12,231
4,896,979
175,707
241,120
251,470
263,706
273,395
251,923
142,313
138,066
121,999
185,393
1,105,382
155,449
543,627
507,059
226,746
208,381
12,332
62.392
Manufacturing
Total manufacturing
156,297
10,219
11,270
10,351
10,503
9,112
7,947
7,186
5,688
4,591
5,307
30,573
5,746
13,497
10,435
5,774
3,846
1,856
160
25
2,156
363,157,167
3,370,663
5,031,996
4,442,270
5,662,557
7,506,160
4,724,595
5,441,342
5,260,129
3,296,551
3,800,999
34,163,726
10,941,215
41,375,615
77,461,415
64,602,233
32,487,821
45,660,776
5,756,120
702,119
1,463,865
24,985,884
114,296
201,427
145,398
211,692
333,287
161,161
265,601
153,161
114,539
124,765
1,593,831
648,339
2,384,409
5,045,167
6,738,577
2,684,330
3,605,767
310,136
45,707
43,644
252,134,247
2,142,245
2,741,579
2,013,911
3,000,072
4,075,133
2,082,984
2,774,832
2,665,042
2,066,899
1,778,933
16,804,249
7,321,519
25,358,331
55,721,254
49,839,255
24,887,438
40,615,124
5,001,891
484,305
704,251
159,141,011
1,002,303
1,267,302
931,456
1,738,303
2,112,709
1,081,535
1,379,434
1,135,313
1,242,523
876,747
9,268,117
4,334,130
12,976,929
37,970,436
34,565,524
17,507,628
26,125,110
2,871,361
366,131
337,020
65,637
99,844
91,227
139,013
180,139
124,078
112,391
97,183
92,756
72,369
723,113
263,949
333,117
1,944,348
2,020,256
841,823
1,307,515
154,323
20,495
27,193
Beverage industries
225
213
593
128
539
219
188
141
49
(')
132,979
120,781
200,779
555,053
570,924
2,249,945
1,996,953
1,048,635
403,436
723,323
104,187
2,360
4,653
6,073
34,272
22,484
114,054
119,361
101,670
28,545
47,9U8
3,198
26
(=)
95,180
71,735
324,045
448,185
1,297,268
1,370,107
801,102
227,044
375,671
48,746
1,698
( = )
41,471
32,690
39,276
167,296
128,781
671,622
939,673
356,203
187,507
285,765
39,563
3,595
Manufacturing — Continued
Food and kindred products
1,031
924
796
566
515
470
411
564
3,029
636
1,701
1,632
697
466
184
50,479,312
963,688
647,249
662,218
849,182
792,689
779,087
556,324
692,588
430,464
577,937
5,917,038
1,223,546
5,969,727
13,514,748
4,646,089
6,019,996
5,839,332
32,431
56,834
3,509
10,503
17,113
10,398
8,811
12,649
11,539
11,959
7,535
139,135
28,114
199,275
669,121
181,136
155,179
219,508
2,110
477,092
163,413
151,555
277,939
238,057
180,420
144,756
219,849
143,005
152,399
1,823,418
340,709
2,212,250
5,057,237
1,863,845
2,089,080
2,346,916
29,586
11,364,721
325,552
92,365
100,443
162,222
160,032
118,373
79,351
147,466
92,522
103,847
1,191,261
234,359
1,291,238
3,208,684
1,159,563
1,158,331
1,644,759
26,794
66,959
741,033
19,780
8,199
9,775
14,435
11,720
12,354
7,554
12,068
9,031
7,967
90,376
15,271
89,439
202,314
65,452
70,915
37,414
1,313
Tobacco manufactures
( = )
(=)
(')
264
6,370
5,422
3,247
(')
(=)
550,404
1,505,937
1,211,432
1,298,194
547,234
^14
(')
697
26o
25
C)
38,609
163,192
142,792
193,444
3,30o,12u
1,233
3,941
2,094
3,0u6
( = )
(')
336,046
1,102,190
890,913
379,693
539,532
354
(=)
2,73o
t.7o
78
(')
(=)
73,467
204,664
133,175
140,952
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
125
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
corapiled
receipts
(Thousand
dollara)
Net income
(less
deficit)
(Thousand
dollara)
Total assets
(Thouaand
dottara)
Gross
depreciable
assets
(Thouaand
dollara)
Depreciation
(Thousand
dollara)
Number of
returns
Total
compiled
receipts
(Thousand
dollars)
Net income
(less
deficit)
(Thousand
dollars)
Total assets
(Thousand
dollars)
Gross
depreciable
assets
(Thouaand
dollars)
Depreciation
dollars)
Manufacturing — Continued
Textile mill products
Apparel and other finished products
made from fabrics and similar materials
5,706
234
291
257
212
338
299
199
193
84
188
1,329
197
727
451
282
231
123
15
7
14,360,098
111,271
117,325
183,319
178,887
457,991
183,075
253,669
125, 8X
201,990
235,038
2,226,472
301,542
1,745,186
3,342,536
1,257,678
1,081,383
1,787,159
287,226
205,660
700,944
3,474
7,327
5,913
6,954
18,315
3,545
5,259
3,310
6,718
11,379
76,567
5,593
80,394
174,701
68,116
54,055
132,735
23,295
10,305
1.')
8,929,065
58,623
74,760
80,921
74,283
201,553
57,559
100,112
44,846
108,378
141,386
1,048,763
158,665
1,165,495
2,425,066
789,119
725,646
1,292,677
231,570
118,431
(^)
5,407,823
26,630
30,192
34,075
44,418
122,096
26,340
46,728
18,520
58,832
64,208
519,344
96,117
682,130
1,479,621
537,141
480,511
886,104
175,734
70,363
(^)
307,802
2,180
2,532
2,791
4,116
8,363
2,541
4,102
2,003
4,386
4,668
37,405
6,267
39,453
77,399
29,938
24,501
43,985
6,907
3,623
(^)
16,287
1,306
1,639
1,242
1,139
895
883
753
576
538
544
3,457
650
1,398
518
324
80
15
2
1
327
11,907,200
310,308
539,486
441,023
446,232
515,771
499,446
354,533
273,552
270,764
350,801
3,039,406
492,782
1,563,529
1,285,240
775,996
211,404
317,930
25,473
1,725
141,799
263,102
3,156
11,699
3,989
10,346
11,985
9,443
8,723
3,911
1,303
5,003
65,980
5,944
24,836
36,928
29,054
9,870
18,818
774
^14
1,354
4,507,669
111,442
171,617
115,240
116,845
148,837
132,222
99,763
77,776
82,885
114,685
1,070,945
178,713
662,049
638,916
408,508
125,625
172,706
24,600
1,028
53,267
1,003,362
22,255
41,515
25,279
26,799
25,921
34,826
20,421
13,097
18,441
20,236
206,754
39,071
130,777
156,403
85,334
35,607
75,432
13,293
641
10,710
79,536
1,719
4,114
1957
3,161
3,221
1955
3,058
1954
3,974
1,857
1952
1,688
1,742
1,735
13,140
1940-1944
1930-1939
3,117
9,828
1920-1929
10,231
5,113
1900-1909
1880-1899
1,966
3,694
1860-1879
498
38
Not shown
692
Manufacturing — Continued
Luniber
and wood pr
:ducts, except
furniture
Furniture
and fixtures
Total
195gi
7,963
615
602
446
660
542
464
305
244
305
380
1,570
387
448
381
259
222
40
(')
(')
7,517,284
159,010
223,984
211,564
367,480
473,135
261,912
182,780
159,090
211,604
214,272
1,284,004
302,994
1,060,572
860,307
337,269
864,994
277,995
(')
427,573
2868
3,347
7,638
10,935
29,381
6,563
6,193
3,308
6,119
5,524
56,669
15,494
73,519
52,812
12,801
121,533
14,112
(M
5,333,283
96,112
93,323
86,333
170,490
430,434
139,165
67,184
65,421
96,714
104,761
705,881
218,084
774,825
808,047
251,738
959,981
226,254
(')
2,721,013
40,314
57,181
44,347
88,547
164,481
67,098
41,419
27,968
46,601
56,607
374,769
101,976
409,115
321,067
128,648
636,540
99,998
(=■)
195,469
3,791
8,666
5,859
9,172
11,299
7,487
3,539
2,619
3,957
4,845
30,858
8,242
23,494
18,198
6,691
38,843
6,977
{')
5,832
285
457
418
335
322
361
226
250
257
1,396
(')
485
285
208
111
32
5,002,234
85,446
137,499
177,910
186,319
162,995
141,752
70,862
119,542
(^)
120,761
1,112,241
(^)
733,936
699,258
540,219
288,538
120,152
(^)
207,155
^316
1,879
3,650
5,174
6,330
3,621
1,363
922
''> =
=800
34,131
(')
29,118
44,808
40,077
16,780
8,942
2,449,833
69,484
50,407
54,941
76,217
70,543
55,545
23,734
39,433
(')
42,979
421,796
(')
389,483
415,398
347,045
165,184
79,073
(3)
1,038,925
27,480
19,977
21,705
27,175
23,363
27,179
16,455
12,432
17,866
178,530
(')
163,715
182,018
143,170
33,439
37,116
(')
71,504
1,356
2,261
1957
2,448
2,330
1,295
(3)
(3)
11,593
4,094
1860-1879
Not shown
(3)
Manufacturing— Continued
Paper and a
Hied products
Printing
, publishing
, and allied industries
3,236
213
466
131
C)
195
96
520
117
314
351
223
126
89
7
17
11,845,655
97,264
440,762
269,353
(')
65,147
e)
200,775
(=)
759,437
1,160,805
1,469,134
3,338,777
1,335,447
589,970
1,662,737
33,303
28,289
1,125,589
2,809
20,390
11,792
=251
8,187
(')
54,487
155,495
137,324
393,946
103,457
50,420
150,672
4,973
1,457
9,977,017
88,276
294,437
247,063
(')
95,646
(')
258,556
e)
514,923
1,165,558
1,415,409
2,549,294
1,004,176
444,554
1,613,708
25,217
19,332
7,719,703
51,455
192,986
212,353
(')
73,720
(')
241,783
( = )
371,175
806,752
1,137,401
1,877,464
829,849
375,399
1,395,333
21,940
3,040
427,241
2,213
13,115
14,078
(')
1,799
(')
12,769
(=)
24,890
46,732
57,686
108,736
43,095
20,763
70,743
1,044
642
18,706
1,359
( 1,387
< 1,051
( 1,326
1,133
848
853
650
519
479
2,543
656
1,974
1,736
857
551
394
26
364
12,567,293
177,027
325,047
236,493
339,265
208,041
173,031
213,387
142,988
223,102
166,821
1,162,816
616,672
1,657,139
2,971,953
1,082,123
1,076,044
1,127,364
524,461
143,419
930,559
474
7,295
3,837
18,594
6,929
9,237
9,501
6,923
13,701
12,017
76,594
54,021
130,223
207,073
87,570
93,496
113,672
56,961
12,391
8,146,482
127,750
202,343
115,624
217,535
112,630
90,715
99,227
72,610
137,690
107,555
6k47,675
442,431
934,148
2,U1,979
668,645
765,755
832,661
351,943
87,516
4,024,367
68,0o9
34,305
47,691
153,281
65,463
47,082
43,015
31,522
43,116
64,494
343,661
205,357
408,078
360,159
352,538
401,742
526,008
221,927
51,419
259,188
1959^ . . . .
4,579
6,590
4,805
12,209
5,243
1954. . . . ....
3,774
4,521
1952.. . . . ...
2,618
3,904
1950
4,361
1945-1949
27,133
12,792
1930-1939
27,925
1920-1929
1910 1919
1900-1909
1880-1899
1860-1879
1859 and prior
Not shown
48,979
21,304
24,736
27,619
11,955
3,641
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data.
126
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
(ThottaMttd
dotlara)
Net income
(less
deficit)
(Thousand
Total assets
(ThtKiaand
dollarn)
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
(Thouaand
dottara)
Nujnber of
returns
Total
compiled
receipts
(Thotiaand
doltara)
Net income
(less
deficit)
(Thousand
dollaeaj
Total assets
( Thouaand
dollars)
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
Manufacturing — Continued
Total
1959"^
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shoun
Total
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total....
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1399
1860-1879
1859 and prior
Not shown
Chemicals and allied products
Petroluem refining
and related industries
8,226
26,699,483
3,463,737
23,202,242
16,922,838
1,102,299
828
37,592,756
1,682,868
39,748,483
33,165,080
1,328,949
289
571
408
419
428
68,116
332,066
206,818
199,334
393,560
6,866
44,651
15,912
11,349
47,021
104,476
258,325
143,186
115,291
265,006
40,215
135,537
58,862
53,786
128,053
2,687
7,341
5,139
5,398
10,128
(=)
65
(=)
45
52
29,269
(^)
151,305
536,448
(=)
628
(')
4,100
13,207
(')
70,903
(=)
119,752
230,118
(=)
44,670
(')
113,157
194,235
1,266
(=)
4,855
15,537
599
275
3W
347
248
495,939
396,017
275,404
250,762
173,767
^3,313
39,626
19,083
25,950
19,396
267,478
328,607
174,582
336,304
125,421
188,913
266,069
120,262
291,927
44,264
39,192
17,774
10, 573
21,937
3,609
53
16
55
45
5
91,525
63,505
170,946
90,042
66,539
5,205
4,402
4,545
2,250
=743
81,727
31,623
99,450
55,589
57,925
68,183
22,939
99,449
43,323
27,693
4,439
2,391
5,453
2,400
1,222
1,490
392
981
616
383
2,509,719
1,097,826
3,357,120
4,430,147
6,677,734
235,513
100,331
420,753
523,727
1,263,6U
2,026,035
970,514
2,949,367
3,888,230
6,709,940
1,947,818
784,270
1,833,440
3,036,528
5,406,876
138, t46
43,934
105,080
170,260
357,273
116
43
142
79
27
466,732
206,479
2,137,532
13,136,708
5,363,103
25,393
1,786
34,772
533,933
123,921
344,390
173,511
1,531,863
12,208,954
6,060,081
328,293
109,538
1,039,946
11,955,096
6,451,164
24,089
5,790
67,522
466,370
186,530
229
151
5
2
79
2,576,009
2,773,041
278,727
96,921
110,456
347,482
235,221
47,280
9,034
4,211
2,093,166
2,015,752
242,539
92,715
95,308
1,270,797
1,069,157
105,524
101,445
39,095
78,897
64,022
5,799
6,171
3,339
7
7
2
2
910,277
12,411,987
1,198,661
6,528
12,731
863,398
=4,697
393
785,485
16,638,106
1,224,632
3,267
350,901
10,726,309
1,017,570
1,554
34,780
453,292
51,329
115
Manufacturing — Continued
Rubber
and miscella
[leous plastics
products
Leather and
leather products
3,932
7,842,427
534,523
4,906,503
2,873,555
202,975
2,711
3,936,069
146,273
1,343,319
532,804
38,451
368
474
394
349
286
40,863
110,774
98,773
185,794
112,723
1,208
=123
3,191
8,340
9,333
35,665
59,458
49,996
67,076
53,077
19,744
29,851
25,109
32,945
30,465
1,793
2,281
2,546
3,294
4,266
227
292
J 172
24,480
155,252
124,179
=2,699
2,493
5,875
11,370
43,378
45,412
2,405
14,311
13,264
197
1,674
1,411
216
259
147,910
251,242
10,297
10,666
76,685
247,892
42,489
101,806
3,415
7,905
} -
162,021
5,673
42,924
12,935
1,395
1 "
279,565
15,826
111,407
60,422
7,028
252
194,273
5,577
74,523
19,348
1,799
684
96
218
99
63
765,107
201,587
475,004
350,946
2,605,610
25,409
17,424
27,158
17,598
213,646
397,850
114,897
252,475
188,032
1,706,330
232,531
59,811
150,702
104,001
981,755
20,448
4,549
11,390
6,660
68,913
639
(')
317
256
127
736,595
601,728
798,747
558,079
19,805
(')
24,495
36,769
27,206
267,664
(=)
246,063
438,251
340,223
77,707
68,857
124,137
117,434
6,213
(')
5,216
7,156
7,651
12
19
1
195,410
1,991,939
27,342
9,682
164,503
305
134,547
1,407,011
3,6W
72,666
934,115
4,422
54,053
137
33
1
272,905
130,367
2,712
12,143
2,984
347
152,698
63,669
1,169
38,851
28,865
483
2,234
2,038
26
(')
(')
(')
(')
e)
(')
(')
(')
(')
(')
(')
( = )
Manufacturi
ig — Continl
led
S
tone, clay.
nd glass prod\
icts
Primary metal industries
6,884
10,763,574
1,087,510
8,713,029
6,794,656
421 , 108
3,655
27,522,119
2,195,115
26,282,013
22,718,970
945,500
475
484
475
517
412
103,525
143,064
174,817
372,075
204,562
=137
1,883
7,530
15,324
11,645
101,359
77,797
126,529
298,889
101,023
73,147
56,655
88,384
238,975
70,052
4,325
7,266
9,958
20,672
6,575
182
197
298
157
(')
241,704
136,336
613, 5e4
315,404
(')
14,124
2,265
26,643
30,118
(')
145,858
116,459
544,530
196,553
(')
109,970
73,045
380,736
129,155
(')
6,610
3,927
21,263
8,104
303
325
231
179
194
114,721
133,611
124,217
36,329
130,399
2,850
6,139
5,707
5,202
3,638
58,561
71,175
54,863
57,432
66,230
45,279
53,567
33,349
41,300
53,741
5,202
6,309
3,841
3,076
5,405
\ 285
1 212
144
263,201
261,935
221,252
14,014
10,892
4,288
130,111
149,832
146,989
37,201
98,779
101,203
6,433
7,517
7,700
1,468
231
545
4X
190
1,308,691
227,759
1,367,299
2,518,216
1,201,139
97,376
12,514
146,214
291,602
219,396
777,631
151,144
1,067,735
2,199,152
1,050,034
533,493
101,360
826,023
1,690,787
879,605
44, XI
9,234
53,032
87,771
47,220
706
165
301
361
199
1,478,746
1,413,478
1,344,578
6,101,689
3,497,786
79,396
74,021
66,387
543,971
355,541
320,911
1,222,583
1,019,474
6,410,652
3,200,464
333,538
997,626
584,938
5,445,778
2,490,750
33,645
41,337
41,378
221,413
111,060
238
111
2
1,416,094
1,078,891
15,420
(')
159,712
97,937
1,238
1,329,345
1,079,297
11,516
(')
1,038,417
376,692
8,256
(')
54,502
50,369
340
(')
175
33
11
1
(')
6,377,494
4,654,006
263,330
152,274
(')
528,103
411,237
23,074
9,264
(=)
6,912,610
4,352,702
224,027
108,093
(')
6,955,294
4,617,976
160,723
106,924
( = )
228,858
185,687
6,915
5,657
(')
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
127
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
dollars)
Net income
(less
deficit)
(Thousand
dollars)
Total assets
(ThMisand
dollars)
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
(Thousand
dollars)
Number of
returns
Total
compiled
receipts
(Thousand
dollars)
Net income
(less
deficit)
dollars)
Total assets
(Thousand
dollars)
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
(Thousand
dollsrs)
Manufacturing — Continued
Fabricated metal products ( including ordinance) , except machinery and
transportation equipment
Machinery, except electrical and transportation equipment
14,690
921
984
1,084
1,108
1,070
857
823
623
373
511
2,969
399
849
1,016
533
357
133
16
6
18,963,602
244,218
292,260
407,953
408,753
524,652
406,725
491,122
239,683
222,625
276,814
2,554,353
607,656
1,732,008
2,993,175
3,177,883
2,688,711
1,127,036
401,086
106,472
(')
1,082,427
6,402
9,663
7,615
23,167
26,022
21,859
11,048
12,314
6,537
12,013
113,904
31,778
99,815
188,364
219,826
177,017
89,976
13,991
7,772
(')
11,772,597
138,347
151,686
224,863
200,732
266,650
179,134
207,329
115,034
116,606
125,311
1,335,728
345,989
1,072,232
1,948,497
2,113,886
1,986,195
843,168
282,122
81,993
( = )
6,218,222
52,482
62,259
90,125
83,610
123,342
79,608
86,359
49,920
53,504
68,567
565,535
178,061
516,307
1,051,646
1,201,265
1,254,971
374,321
162, 521
46,151
(')
415,895
3,586
5,196
9,724
8,378
11,519
8,951
8,322
4,883
5,086
6,133
51,756
11,937
33,718
65,034
76,169
68,791
23,731
8,897
2,703
(=)
16,275
793
1,049
1,505
1,089
1,028
921
926
776
525
491
3,288
697
976
763
591
370
216
18
2
251
25,383,611
158,126
917, 399
495,913
366,331
376,388
348,458
424,160
326,561
249,797
236,596
2,452,005
723,952
3,084,112
4,595,214
6,006,780
2,546,605
1,806,559
198,458
7,168
63,029
2,165,130
7,973
63,434
35,199
15,885
14,127
14,489
16,468
11,543
^3,583
12,791
148,535
47,979
247,584
400,407
677,105
295,181
149,063
10,497
416
37
20,137,931
130,720
688,953
250,663
222,537
199,336
200,165
292,167
171,432
167,926
136,725
1,476,337
505,658
2,256,804
3,869,344
5,503,244
2,300,364
1,525,005
185,114
4,829
49,558
10,149,204
50,930
298,853
123,697
101,930
101,293
97,732
135,024
96,021
91,912
62,037
710,313
257,436
987,080
1,844,960
3,316,541
1,038,637
592,589
108,496
2,154
31,519
820,815
3,250
1958
20,716
11,171
1956
10,114
10,701
9,291
1953
11,645
1952
1951
9,200
7,049
1950
4,628
ig^s-ig^vg
19^0-1944
1930-1939
55,233
17,259
70,353
133,734
1910-1919
331,489
1900-1909
66,755
1880-1899
1860-1879
39,604
5,740
123
Not shovm
2,733
Manufacturing— Continued
Electric
al machinery
, equipment, and supplies
Transportation equipment, except motor vehicles
Total
1959^
6,593
470
489
568
591
400
324
412
261
223
226
1,429
169
385
364
135
95
19
13
1
19
22,763,762
266,285
318,222
216,931
236,032
652,047
263,846
847,819
211,479
165,034
249,443
2,665,784
730,887
1,735,950
4,267,944
1,646,504
1,241,457
4,738,340
2,234,856
41,780
33,122
1,708,978
16,467
15,761
9,375
9,883
48,092
15,123
53,741
18,555
6,090
1,243
140,326
37,249
131,212
355,046
79,693
116,085
532,355
121,944
^23
761
14,300,144
261,205
193,439
118,555
110,715
337,978
155,492
370, 522
97,928
88,478
115,705
1,314,817
358,165
1,046,313
2,773,258
1,053,771
803,017
3,024,636
2,019,767
35,478
20,905
5,014,078
69,920
80,869
30,139
32,567
137,410
52,724
97,858
26,557
32,232
50,019
443,585
111,365
345,799
952,116
432,360
373,874
959,700
760,190
20,108
4,686
434,782
3,699
7,137
3,537
3,421
15,203
5,381
8,829
3,424
2,274
5,122
40, 320
11,140
27,054
67,689
28,405
26,735
124,062
49,903
1,052
395
2,076
294
} 301
> 419
73
103
384
103
89
127
39
17
11
1
1
16,578,046
88,128
246,344
319,456
353,593
1,767,657
(^)
1,186,015
341,048
6,127,302
4,356,321
775,242
195,477
680,793
3,136
3,177
477,474
^903
2544
11,063
17,340
19,776
(')
35,373
10,106
132,133
167,844
27,243
10,185
47,170
210
239
9,694,529
38,928
98,004
142,339
184,536
1,094,212
(')
520,164
161,443
3,213,816
2,704,023
795,153
144,464
511,473
1,804
503
3,398,481
10,448
33,494
55,280
36,326
305,109
(')
186,527
52,720
895,171
792,930
633,624
73,823
283,090
795
34
215,114
398
4,765
5,550
4,003
23,502
1957
1955
1954
1952
1950
16, 596
4,808
1930 1939
59,703
1910 1919.
50,593
24,391
1900-1909
3,513
13,753
1860 1879. . - ....
-
60
Not shown
8
Manufacturii
ig — Continued
Motor
vehicles ana
motor vehicle
equipment
Professional, scientific, and controlling instruments; phot
optical goods; watches and clocks
jgraphic and
1,292
210
I 250
85
(=)
18
(=)
329
(')
100
107
64
29
4
16
24,644,023
179,397
178,705
289,915
(')
157,162
(')
361,315
(=)
630,980
3,741,057
18,446,685
501,436
20,511
25,616
2,981,808
15,386
3,917
38,442
(')
7,437
(')
17,994
(')
52,269
100,163
2,696,611
42,945
1,085
1,753
16,561,217
114,647
79,983
181,091
116,153
(=■)
178,190
(')
317,744
2,252,160
12,992,611
243,753
10,159
18,370
10,425,013
43,322
33,255
110,798
24,042
(.')
78,974
(')
150,536
1,445,408
8,399,348
103, 882
4,365
5,150
693,852
2,629
2,472
9,219
2,694
6,045
12,694
104,443
543,604
7,486
246
288
2,730
( (^)
{ 222
217
f (=)
J 100
59
\ 158
1 241
731
250
137
94
44
32
1
2
(')
6,293,363
(')
70,215
53,507
(')
946,383
96,712
104,774
158,073
425,651
(=)
918,891
893,938
649,846
1,263,869
375,526
30,894
78,472
641,177
( = )
2,593
2,935
(=)
13,683
14,231
8,789
11,255
23,574
(')
89,439
104,769
48,923
271,608
35,408
411
8,340
C = )
4,545,251
32,351
32,066
(^)
696,789
62,252
49,544
88,125
249,683
(=)
614,120
613,331
435,109
1,190,274
283,505
26,999
36,016
(')
2,060,392
(=)
9,229
15,339
( = )
305,651
24,217
18,085
22,677
92,705
(=)
208,833
239,649
157,821
777,415
122,181
11,977
11,786
(^)
160, 584
1959I
(=)
949
1957
1,519
(^)
1955
31,099
1954
1,857
1953
1952
1,508
2,064
1950
8,272
(.')
1930-1939
19,824
18,449
10,976
49,673
1880-1899
9,333
577
829
Not shown
(')
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data.'
128
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
(Thtxjaand
doliars)
Net income
(less
deficit)
(Thousand
doltarr)
Total assets
(Thousand
doltari}
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
(Thousand
doliais)
Number of
returns
Total
compiled
receipts
(Thousand
dollars)
Net income
(less
deficit;
(Thousand
dollara)
Total assets
(Thousand
dollars)
Gross
depreciable Depreciation
assets
(Thousand (Thousand
dollars) | dollars)
Ntnui'ac t,u ring — Com inued
Transportation, communication, electric, gas, and sanitaiy services
Total . .
1959^
1958
1957
1956
1955
195^
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879. . . .
1859 and prior
Not shown
lotpj. ..
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior
Not shown
Total . . ,
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Other manufncturing industries
Total transportation, communication, electric, gas, and sanitary services
805
861
633
825
730
541
516
333
283
343
1,867
246
708
518
279
199
109
21
1
(')
32,454
2,720
2,902
2,857
2,592
1,938
1,881
1,486
1,558
919
972
4,862
1,293
2,776
1,280
826
341
291
53
14
893
1,112
}(3,
37
(^)
(')
( = )
115
210
77
95
63
11
18
214,472
106,721
162,738
192,227
210,323
218,999
150,661
108,795
83,202
165,769
1,129,679
194,505
1,310,230
717,132
966,449
544,880
716, 594
82,210
5,651
(')
372,145
6,125
778
9,914
5,533
10,274
10,641
5,307
5,811
1,600
7,937
40,810
8,626
70,948
33,615
43,749
28,336
75,069
4,124
377
(')
120,392
58,491
97,036
82,509
114,181
103,314
78,199
53,513
45,515
75,875
518,239
101,675
878,949
444,280
691,041
417,738
536,282
60,356
2,220
(^)
34,412
20,137
26,761
27,174
39,487
40,843
35,970
20,288
17,237
34,661
219,428
28,420
408,834
188,844
299,321
160,348
344,233
31,132
2,169
(')
2,883
1,907
2,429
3,049
4,050
3,965
2,841
1,922
1,88'J
3,277
18,843
2,239
27,013
11,921
19,231
9,183
21,449
1,529
145
(')
43,195
3,438
3,645
3,514
3,343
2,659
2,611
1,789
2,122
1,216
1,133
6,124
1,606
3,384
1,949
1,270
1,116
691
105
48
1,377
299,955
532,588
653,087
763,930
745,682
626,667
664,213
533,007
394,196
789,053
6,329,022
2,406,945
8,037,123
10,332,310
3,596,719
4,996,437
14,969,538
1,350,080
4,032,672
255,312
6,790,796
8,510
^9,895
20,435
7,519
25,376
33,808
57, 160
36,411
26,525
52,533
507,554
170,160
474,117
1,154,584
355,220
829,333
2,775,865
87,751
177,035
795
137,319,136
396,677
461,818
1,169,748
793,004
821,838
602,483
876,617
721,753
416,292
1,855,475
12,638,073
3,500,347
11,042,993
24,002,356
10,766,629
16,241,430
35,538,826
4,362,146
10,962,049
148,077
144,422,609
306,971
345,408
970,453
685,121
780,422
627,137
886,561
734,469
397,219
2,030,342
12,894,626
3,632,994
10,575,765
25,036,900
11,614,510
17,875,613
38,398,889
4,706,566
11,726,398
146,245
Transportation, communication, electric, gas, and sanitary services — Continued
Transportation
251,135
482,177
519,714
673,850
651,304
533,3,-(3
378,741
352,971
334,280
394,282
3,705,819
1,506,922
5,730,039
3,934,516
2,033,040
349, 383
3,011,245
1,244,792
3,113,841
235,305
7,104
^5,493
15,029
961
20,384
24,610
12,208
19,495
17,765
19,024
166, 321
64,825
187,490
178,317
39,982
46,589
299,769
61,268
50,010
'735
293,473
374,466
675,785
633,552
588,690
401,567
298,313
238,674
319,356
402,559
5,027,808
1,294,765
4,674,190
4,890,421
5,089,250
1,770,334
7,508,485
3,997,443
3,855,033
113,310
237,376
238,724
523,760
562,597
574, 374
433,411
258,611
265,637
306,013
382,824
5,300,705
1,380,006
4,360,991
4,853,722
5,298,653
1,938,803
7,819,199
4,290,457
9,298,362
117,648
19,407
39, 379
49,810
46,856
55,654
32,380
21,632
22,871
20,761
26,317
224,778
74,195
358,764
205,960
107,213
47,831
172,537
73,815
189, 564
12,860
Communication
5,894
355
407
362
439
402
352
195
323
197
(')
(^)
309
271
256
537
59
11
14,025,643
25,117
37,106
51,294
69,541
48,147
58,899
51,808
100,748
33,917
500,715
(')
1,069,553
1,112,901
49, 531
108,106
10.297,956
47,383
277, 553
10,418
2,635,464
^658
'2,622
6,014
5,795
3,702
7,019
6,881
15,066
3,521
41,076
(=■)
155,004
168,571
9,727
18,323
2,201,049
13,106
22,663
1,296
28,533,965
56,643
66,963
80,392
106,035
83,048
93,708
82,706
111,005
64,339
563,403
(')
2,647,893
1,321,935
156,027
384,680
22,076,314
124,809
333,595
19,873
38,000
40,291
64,760
78,748
62,349
98,620
65,932
35,197
59,359
(^)
330,419
(')
1,769,373
1,052,610
155,713
433,963
23,948,007
158,653
416,182
13,645
Transportation, communication, electric, gas, and sanitary services — Continued
Electric and gas companies and systems
04,450
(^)
36,273
6,723
228,105
73,434
( = )
369,106
2,099,216
810,061
1,155,400
5,215,271
1,449,561
4,006,129
1,615,347
27,355
632,737
(')
2,312,153
'3,397
(=)
1,090
535
37,398
505
(=)
30,699
296,157
91,797
120,371
794,015
303,672
759,137
267,339
6,452
101 , 564
(')
376,188
(')
107,898
49,069
467,590
351,490
(')
1,376,643
6,979,564
2,006,048
3,152,052
17,503,484
5,483,764
13,931,772
5,723,033
69,703
1,724,035
(')
(=)
351,272
( = )
102,451
48,841
535,683
363,301
(')
1,570,847
7,195,897
2,164,924
3,496,213
18,827,390
6,116,390
15,340,742
6,407,741
32,262
1,953,495
(')
1,968,327
(')
11,874
(')
4,235
1,328
13,694
9,871
(')
51,440
242,564
62,621
112,030
570,024
176,461
464,473
185,369
2,702
56,488
(')
Water supply and other sanitary services
319
314
258
276
251
(')
}'^
(')
373
108
184
188
143
278
30
(')
465,636
19,995
9,370
17,629
9,279
9,453
27,657
(')
5,354
(')
23,272
43,745
82,131
69,622
(')
32,319
44,990
30,550
8,541
(')
68,311
1,814
^1,653
2,789
103
200
1,644
(')
1,345
(')
4,000
6,155
11,252
13,681
(')
5,229
7,208
6,925
2,793
(=)
1,979,103
36,564
14,388
37,383
35,672
42,202
53,139
(')
20,584
C)
67,293
111,481
566,863
286, 516
(')
154,644
230,994
170,191
49,386
24,041
11,339
25,661
30,066
41,248
46,265
(')
20,334
(')
67,605
73,353
449,188
302,673
(')
162,105
223,942
175,194
53,359
4,808,187
23,902
43,821
68,427
54,779
65,782
43,664
41,881
40,863
27,022
81,026
490,994
142,122
548,142
834,640
291,144
532,178
1,106,340
89,059
267,893
14,508
2,633
3,310
5,052
6,522
4,598
6,665
5,508
7,489
3,813
21,327
(.')
67,867
51,223
6,338
15,941
744,096
4,439
21,123
653
46,405
1,465
869
1,691
978
1,295
2,791
632
(=)
2,325
1,501
9,431
7,433
(')
3,933
4,338
3,103
718
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
129
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCO>E, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECLATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
(Thousand
dollars)
Net income
(less
deficit)
(Thousand
dollars)
Total assets
(Thousand
doUoTs)
Gross
depreciatle
assets
(Thousand
dollars)
Depreciation
(Thousand
dollars)
Number of
returns
Total
compiled
receipts
(Thousand
dollars)
Net income
(less
deficit)
(Thousand
dollars)
Total assets
(Thousand
dollars)
Gross
depreciable
assets
( Thousand
dollars)
Depreciation
(Thousand
dollars)
Wholesale and retail trade
Total ...
1959'
1958
1957
1956
1955
1954 .- . . .
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total . . .
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total . . .
1959^
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1899
1860-1879
1859 and prior,
Not shown
Total wholesale and retail
trade
Wholesale trade:
Total wholesale trade
334,717
256,647,744
5,567,128
37,556,508
23,457,136
1,969,449
109,648
125,702,917
2,562,827
40,988,898
7,453,990
647,130
33,620
7,739,994
72,283
2,704,416
656,045
64,352
9,243
3,476,742
45,103
1,098,851
183,578
19,864
32,918
11,161,047
142,025
3,101,730
751,623
92,209
9,927
4,873,725
79,566
1,367,637
233,465
31,610
26,829
10,149,842
173,441
2,804,651
637,048
79,312
8,503
4,746,048
97,414
1,293,053
193,248
26,255
24,850
13,347,436
195,214
3,290,462
769,271
89,757
7,319
6,652,590
97,499
1,373,973
197,294
24,414
22,805
11,478,049
194,372
3,109,619
792,199
92,530
7,322
5,271,276
100,092
1,335,923
216,119
23,000
13,466
9,009,273
133,199
2,563,339
696,949
74,687
6,329
4,511,225
67,230
1,277,045
242,712
25,832
14,811
7,107,257
114,679
2,045,529
562,303
56,237
4,932
3,460,404
62,362
969,971
179,110
19,338
12,221
6,745,030
121,738
2,043,165
446., 513
47,231
4,042
3,552,363
76,347
1,065,394
137,168
16,023
9,658
4,921,842
119,030
1,585,150
396,124
39,115
3,542
2,646,876
73,741
900,585
134,896
13,948
10,569
6,276,662
111,233
1,930,432
509,723
49,405
3,455
2,861,216
65,939
941,240
147,827
14,162
56, 535
43,355,920
742,286
15,032,629
3,622,768
316,135
20,550
23,298,510
445,016
7,925,991
1,326,095
124,445
U,464
8,557,079
137,012
3,006,493
745,949
59,016
3,959
5,540,978
89,233
1,818,632
309,946
25,850
25,790
31,936,609
538,867
11,216,532
2,736,159
213,214
3,139
18,555,258
336,803
6,325,367
1,117,332
86,764
14,808
36,247,423
1,111,829
13,667,391
3,978,959
276,933
5,297
17,021,894
456,669
5,639,321
1,133,507
81,036
6,374
18,979,670
591,574
8,528,623
2,752,308
171,604
2,504
7,857,362
131,230
3,124,003
501,670
34,712
4,219
21,300,765
823,436
7,177,463
2,125,617
162,972
1,549
6,223,355
141,248
2,162,315
503,459
32,509
1,035
5,280,764
190,670
2,325,821
662,275
41,232
510
3,337,138
110,044
1,317,430
245,657
14,742
30
137,511
2,347
66,166
22,306
1,481
4
32,036
273
30,126
9,767
633
1
35,463
664
107,203
81,904
2,670
1
35,463
664
107,203
81,904
2,670
7,714
2,830,108
45,729
1,249,194
511,068
33,252
1,921
1,647,853
31,100
809,738
354,236
24,323
Whole
sale and retail trade— Continued
Wholesal
Wholesale trade: Electrical goods, hardware.
and plumbing
and heating
equipment and supplies
12,870
22,578,714
205,558
3,974,427
1,017,847
94,128
11,613
11,361,307
258,592
4,417,646
578,705
47,996
967
484,339
208
92,291
29,803
3,301
978
447,603
5,543
145,886
9,298
1,199
1,046
703,764
2,992
103,037
26,129
3,533
1,084
420,509
10,752
132,557
13,187
1,597
952
850,081
11,626
139,239
34,137
5,040
897
462,323
10,883
155,932
16,381
2,037
775
842,378
11,399
115,758
29,409
3,416
308
359,639
8,701
123,319
11,963
1,373
926
1,038,379
3,344
139,131
34,193
4,154
780
439,567
10,853
166,011
19,727
2,421
738
1,134,105
3,570
160,772
34,454
3,801
918
466,827
10,018
281,081
40,891
3,733
557
572,174
3,607
88,359
27,499
2,451
617
375,914
5,894
123,330
15,225
1,792
355
335,213
3,053
51,536
12,793
1,360
492
477,137
9,370
156,000
11,268
1,557
(')
(')
(')
(')
(')
(')
376
216,245
2,954
82,741
9,291
350
432
569,133
9,561
133, 597
15,026
1,623
371
320,810
9,545
123,906
12,679
1,475
2,553
3,975,911
28,757
687, 545
137,363
17,407
1,919
2,571,125
53,602
879,198
108,299
9,313
522
1,046,651
14,798
252,257
72,151
5,093
349
349,339
7,356
133,629
18,739
1,653
1,111
3,335,354
36,463
535,333
142,720
12,735
890
1,317,153
22,088
462,493
51,061
4,346
777
3,321,109
35,885
621,095
183,070
14,473
527
1,725,500
42,631
599,483
89,213
5,953
316
2,129,490
14,715
332,826
68,447
5,675
161
585,267
13,576
230,783
39,928
2,343
325
1,030,703
7,933
247,663
56,599
4,264
188
605,171
12,559
304,422
54, 559
2,929
105
669,145
7,070
134,337
41,433
3,043
76
648,203
19,971
235,682
51,778
2,526
-
-
-
-
-
-
2
10,134
277
4,128
846
29
224
281,667
2,384
49,717
13,326
1,148
180
62,836
2,014
27,015
4,322
360
Whole,
ale and reta
1 trade — C
ontinued
Whc
lesale trade
: Other whole
salers
R
^tail trade:
Total retail
trade
85,165
91,262,896
2,098,677
32,596,825
5,857,433
505,056
199,624
120,151,714
2,762,884
42,081,879
14,598,660
1,203,265
7,298
2,544,795
39,352
860,674
144,477
14,364
21,048
3,801,323
23,378
1,412,474
412,112
39,253
7,797
3,749,452
65,822
1,132,043
194,149
26,430
20,082
5,699,212
58,300
1,525,729
472,073
55,094
6,654
3,433,644
74,905
1,002,782
142,730
19,173
16,206
5,014,145
70,952
1,366,448
411,271
49,884
6,236
5,450,573
77,399
1,134,896
155,922
19,620
15,239
6,216,710
92,036
1,714,186
525,593
60,543
5,616
3,792,830
85,890
1,030,781
162,194
21,425
13,943
5,729,672
85,754
1,554,415
524,809
58,538
4,673
2,910,293
43,642
835,192
167,367
18,293
10,937
4,104,580
60,776
1,143,286
416,560
44,713
3,808
2,512,316
52,861
758,282
136,386
15,095
9,020
3,462,787
49, 506
992,596
353,038
33,942
3,195
2,740,508
64,424
357,853
113,102
13,106
7,346
2,897,641
39,617
831, 531
239,436
23,935
2,977
2,222,073
72,604
778,010
116,320
11,997
5,524
2,045,693
35,803
604,131
239,800
23,348
2,652
1,971,213
46,333
683,737
120,122
11,059
6,334
3,124,185
41,738
890,905
326,087
31,785
16,078
16,751,474
362,657
6,359,243
1,030,433
97,225
32,292
18,190,703
254,922
6,289,350
2,017,113
168,012
3,088
4,144,938
67,129
1,432,796
219,006
19,099
6,728
2,618,301
39,421
1,019,810
371,168
28,244
6,188
13,852,751
273,247
5,277,491
923,551
69,683
15,822
12,059,879
171,800
4,340,626
1,435,581
112,569
3,993
11,975,235
373,153
4,468,743
866,224
60,610
8,089
17,821,277
616,371
7,357,353
2,666,045
184,659
2,027
5,142,605
152,939
2,560,394
393,295
26,694
3,332
10,520,241
393,241
5,127,695
2,160,066
131,398
1,036
4,537,431
120,751
1,610,230
392,301
25,316
2,299
14,509,946
663, 537
4,759,472
1,549,117
125,772
329
2,069,340
33,003
^350
897,461
152,446
9,168
437
1,256,774
45,985
687,234
278,214
18,337
2
71,952
25,998
8,921
654
25
49,771
2,202
33, 569
11,765
735
1
35,463
664
107,203
81,904
2,670
_
-
-
-
-
-
1,517
1,303,355
26,702
733,006
336,088
22,815
4,871
1,028,369
12,045
381,019
138,807
12,504
Footnotes at end of table. See text for explanatory statements and for "Description of Sample- and Limitations of Data.'
130
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
Table 15.
-NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
(Thati*Mnd
dollarai
Net income
(less
deficit)
(Thousand
dollar')
Total assets
(Thouiand
dolUra)
Gross
depreciable
assets
(Thovaand
dollara)
Depreciation
(Thcvaand
dollara)
Number of
returns
Total
compiled
receipts
(Thotiaattd
dollara)
Net income
(less
deficit)
(Thouaaiyd
dollara)
Total assets
f Thousand
dollara)
Gross
depreciable [Depreciation
assets
Cntouaand (Thotiaand
dollara) dollara)
Wholesale and retail trade — Continued
Retail trade; Food
Total . . .
1959'.
1958
1957
1956
1955
195i
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior,
Not shown
Total . . .
1959^
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900.-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total . . .
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
14,009
1,976
1,613
1,106
1,355
1,002
1,069
775
460
351
458
1,348
454
748
406
69
(^)
28,477,337
662,117
1,328,450
615,070
1,197,741
806,784
752,673
617,858
464,181
328,255
757,945
2,100,645
175,320
2,847,379
6,050,621
2,611,525
6,908,933
(')
149,149
531,482
2,909
19,091
8,074
11,551
7,986
7,294
4,547
4,139
3,534
9,106
22,433
3,044
53,033
173,381
58,276
144,074
5,185,668
138,160
222,714
99,657
157,879
144,552
127.615
96,181
95,798
56, 578
134,747
403,561
32,537
542,996
1,660,211
544,260
686, 205
71,272
101,661
51,021
94,268
87,863
71,820
52,337
47,469
35,541
66,300
235,581
20,118
237,377
807,283
366,656
402,611
263, Xb
6,606
11,307
5,985
10,197
8,448
7,457
5,831
5,148
3,291
6,803
21,558
1,925
22,240
58,893
33,691
51,202
(')
Retail trade: General merchandise
13,153
1,437
1,281
1,133
996
1,067
595
514
436
299
530
1,780
331
835
660
548
332
128
1
a0,839
291,034
331,337
375,227
555,479
174,947
187,306
153,311
158,663
215,137
1,327,163
252,933
1,594,520
6,005.408
5,645,808
5,809,332
716,324
26,086
83,527
155
4,288
6,809
17,931
24,409
5,728
5,114
1,902
8,297
6,858
39,769
3,155
44,826
310,430
254,565
471 , 357
35,950
696
12,526,114
109,229
110,846
112,851
142,294
175,522
69,879
61,345
65,268
51,918
85,349
592,714
128,661
811,382
3,093,665
3,350,429
3,094,660
411,665
10,664
47,773
22,698
34,345
40,683
62,359
52,645
30,460
24,289
25,351
23,573
42,213
212,186
50,949
268,891
1,090,139
1,434,349
867,152
175,196
3,972
19,216
2,850
5,067
5,271
7,370
6,790
4,148
2,967
2,810
3,277
4,891
20,070
2,978
20,729
74,201
72,372
56,468
12,080
319
Wholesale and retail trade — Continued
Retail trade: Apparel and accessories
24,138
2,158
2,172
1,890
1,606
1,824
1,190
1,222
795
891
771
4,139
1,090
2,453
943
260
203
41
1
261,143
361,522
323,035
363,178
425,781
350,651
213,922
178,481
171,240
135,451
1,219,652
301,858
1,591,638
1,036,115
396,124
398,676
82,065
542
182,858
2,736
6,428
9,246
1,877
10,779
10,141
5,642
4,615
5,018
3,407
22,370
6,323
19,951
32,856
19,738
17,604
1,731
38
2,358
146,031
132,186
118,714
138,057
151,040
108,277
79,863
80, 124
64,502
56,177
562,622
139,923
726,972
485,009
239,099
208,442
43,636
998
41,881
908,833
28,314
31,712
27,232
39,771
34,273
25,082
19,984
20,224
16,054
13,760
157,297
37,151
200,649
115, 591
62,583
57,815
13,742
10
7,589
76,350
2,530
3,435
3,540
4,341
4,190
2,994
2,189
1,764
1,632
1,480
12,102
2,786
14,630
8,360
4,901
3,854
906
2
Retail trade: Furniture, home furnishings, and equipment
20,099
2,210
2,047
1,915
1,588
1,163
1,147
818
785
535
555
3,657
527
1,140
955
364
(')
45
(^)
5,762,081
313,055
325,897
442,121
382,406
376,726
288,489
193, 574
253,718
126,230
189,650
1,213,078
112,118
434,756
528,131
230,440
(')
109,320
(')
66,402
77,311
^665
170
5,2X
4,784
1,332
6,133
2,068
3,532
1,849
2,097
21,510
1,860
6,287
12,315
3,423
3,270
(=)
228
124,861
118,117
167,159
163,467
150,027
124,751
94,220
110,044
52,824
%,918
762,841
79,107
300,051
399,946
198,034
(')
74,118
(')
507,925
20,887
17,446
23,408
19,821
25,701
19,789
14,463
18,854
10,522
18,052
118,892
12,304
46,446
62,676
31,828
(^)
16,279
(')
47,210
2,059
2,325
3,223
2,873
3,525
2,303
1,703
2,147
1,131
1,465
10,373
1,014
3,704
4,525
1,982
(')
(')
Wholesale and retail trade — Continued
Retail trade: Automotive dealers and gasoline service stations
35,681
3,569
3,623
3,047
3,211
2,651
1,808
1,685
1,137
1,001
1,136
6,926
853
2,404
1,513
210
i')
29,601,411
1,147,697
1,936,843
1,968,248
2,391,559
2,128,193
1,402,197
1,221,434
1,002,851
790,442
1,157,741
7,951,916
790, 504
2,868,715
1,951,076
562,466
(')
237,766
9,054
15,064
15,322
21,946
19,508
11,935
11,765
9,317
8,164
10,677
65, 574
4,503
'13,675
22,945
21,490
6,805,578
323,785
358,619
341,646
416,521
398,123
279,407
252,818
191,929
171,250
252,191
1,939,759
215,541
753,749
521,052
223,656
(')
1,754,796
56,564
60,714
75,206
92,727
88,706
63,352
53,258
46,786
44,321
59,283
575,908
65,851
243,752
158,119
34,382
156,319
5,785
7,745
10,038
10,307
10,851
7,583
5,385
5,006
5,043
6,244
44,704
4,701
18,261
9,668
2,922
(=)
2,007
Retail trade: Eating and drinking places
28,826
3,562
3,419
2,582
2,286
2,380
1,885
1,291
1,129
767
804
3,509
1,558
2,041
354
168
3
1
1,087
5,008,636
340,295
427,961
290,055
392,892
400,423
342,239
205,992
150,149
119,638
157,710
719,984
355,322
441,984
221,213
316,539
34,295
50
71,390
87,992
'4,327
2,191
2,754
6,274
5,673
5,496
4,813
2,359
3,191
1,837
13,257
8,681
14,884
7,664
11,300
1,671
1,771,152
145,122
147,925
109,734
122,041
135,427
121,283
63,756
61,086
45,276
46,328
236,462
103,496
153,075
100,357
133,119
20,707
48
99,939
113,121
83,607
104,452
121,372
105,890
50,293
51,227
40,715
49,900
224, 569
82,520
128,349
85,294
113,703
19,254
131,645
8,861
12,531
9,455
11,372
12,432
10,072
5,497
4,652
3,480
4,465
16,351
6,392
9,203
5,264
7,421
1,044
1
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
131
ACTIVE CORPORATION RETURNS
Table 15.
-NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Total
1959'
1958
1957
1956
1955
1954 '■■■■
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1899
1360-1879
1859 and prior
Not shown
Number of
returns
Total
compiled
receipts
(Thouwand
doltara)
(less
deficit)
(Thousand '
dollara)
Total assets
(Thousand
dollars}
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
(Thousand
dollars}
Number of
returns
Total
compiled
receipts
(Thousand
dollars)
Net income
(less
deficit)
(Thousand
dol lars)
Total assets
(Thouaand
dollars)
Gross
depreciable
assets
(Thousand
dollars)
Depreciation
(Thou*^^
dollars)
Wholesale and retail trade — Continued
Retail trade: Building materials, hardware, and farm equipment
21,485
1,661
1,583
1,351
1,369
1,229
993
990
990
508
715
4,078
547
1,852
1,322
926
826
(')
7,629,129
304,247
343,219
383,482
420,546
435,162
275,156
338,200
285,349
120,926
218,165
1,620,876
250,337
723,909
748,130
459,889
466,810
(').-
93,637
U5,505
4,208
3,515
6,265
9,175
5,754
4,391
4,258
5,047
1,213
3,371
26,345
4,922
13,482
20,694
14,408
12,170
(')
2,313
156,799
149,607
167,922
170,586
163,139
115,375
128,021
125,291
60,650
101,033
808,210
148,705
374,138
425,710
295,377
283,160
. (=■)
929,503
27,872
25,237
31,304
31,934
38,154
23,259
30,717
28,143
13,966
25,250
183,981
41,433
96,335
126,206
77,479
75,784
( = )
11,239
78,270
2,958
3,195
3,674
3,781
4,234
2,313
3,111
2,971
1,665
2,621
16,128
2,963
6,817
8,706
5,252
5,011
(')
Wholesale and retail trade — Continued
Wholesale and retail trade not allocable
25,445
3,329
2,909
2,120
1,792
1,540
1,150
309
833
592
780
3,693
777
1,779
1,422
538
371
88
1
922
461,424
538,110
389,649
478,136
477,101
393,468
184,066
294,526
229,273
291,261
1,366,707
397,300
1,371,472
1,404,252
602,067
567,464
636,802
5,654
3,302
4,159
5,075
5,679
9,026
10,193
2,311
5,274
4,436
3,506
42,348
8,308
30,264
38,239
17,103
13,651
34,641
218
193,091
203,364
140,150
202,303
169,281
143,508
82,962
96,240
80,384
98,287
317,238
168,001
550,539
620,717
276,925
255,676
321,107
2,471
58,437
60,355
46,085
32,529
46,384
51,271
37,677
30,155
19,909
21,428
35,314
279,555
64,835
183,246
174,407
90,572
73,041
138,404
774
5,735
5,505
3,673
4,800
5,992
4,142
2,957
2,273
1,819
3,458
23,728
4,922
13,881
11,293
5,494
4,691
8,153
63
1,425
Retail trade: other retail stores
42,233
4,475
4,344
3,182
2,828
2,627
2,300
1,725
1,614
1,172
1,365
6,355
1,358
4,349
1,936
833
621
( = )
1
1,094
11,590,835
562,435
684,286
660,797
693,161
600,124
518,228
484,501
399,601
230,299
282,336
2,037,389
379,409
1,556,978
1,280,578
374,307
530,449
11,463
254,328
9,308
7,553
16,728
18,498
10,203
9,653
11,299
8,206
4,537
4,385
42,564
6,933
33,013
36,536
11,438
19,136
1,094
1,712
263,437
235,715
248,765
403,341
231, 585
196,699
211,382
151,991
101,183
118,112
933,171
171,740
668,263
671,393
133,921
267,934
(')
13,080
73,394
1,717,734
84,566
87,837
78,810
80,261
76,095
75,908
97,697
51,382
50,103
39,329
301,704
60,742
213,732
220,737
63,405
33,118
( = )
3,944
27,566
Finance, insurance, and real estate
Total finance, insurance, and real estate
313, 592
22,468
26,304
22,584
24,907
24,818
18,091
14,444
11,633
10,396
10, 525
41,745
14,344
27,391
17,957
8,908
7,185
4,653
1,214
566
7,409
65,911,758
493,633
1,144,320
1,110,906
1,124,340
1,365,510
956,651
837,136
666,533
556,901
646,466
3,249,332
2,592,421
6,008,508
7,302,727
3,949,762
4,973,311
5,763,882
13,290,749
9,313,781
559,889
41,306
139,138
73,194
120,428
106,430
135,003
106,000
97, 594
69,415
80,476
449,294
408,674
964,202
1,311,677
657,628
502,958
453,306
820,864
543,154
66,871
606,824,809
4,336,517
7,430,184
9,157,947
7,234,539
8,271,141
6,268,050
4,683,657
4,124,563
3,822,563
4,104,659
22,519,861
18,972,573
65,138,219
79,601,210
42,446,229
52,711,936
70,416,576
110,099,269
73,179,132
7,255,974
33,142,133
1,061,933
1,739,669
1,955,119
1,350,949
2,301,654
1,823,572
1,690,417
1,346,269
1,244,065
1,523,315
5,801,553
1,656,602
3,535,976
3,342,528
1,554,755
1,533,555
1,364,682
1,330,985
922,739
556,785
Finance, insurance, and real estate — Continued
230
184
211
141
167
109
183
138
131
106
687
342
1,804
1,705
2,243
3,425
1,775
309
308
479
7,300
25,533
120,155
24,703
60,192
49,132
36,053
27,027
42,973
45,707
228,685
117,415
1,012,510
1,873,886
779,760
1,406,306
1,840,129
2,180,827
1,573,932
157,903
1,713,040
'1,413
330
U,336
2,973
5,360
3,233
5,048
4,161
7,127
3,422
28,592
12,931
163,605
323,289
125,804
237,145
253,168
370,184
135,811
19,884
237,861,462
272,807
619,607
3,292,645
525,066
1,404,452
1,097,775
710,443
532,568
1,066,617
995,358
5,010,700
2,762,038
25,049,193
45,909,964
19,199,557
35,301,552
44,937,473
55,133,131
38,564,814
3,975,642
3,422,710
10,407
15,460
50,945
13,943
25,693
16,157
24,591
3,255
11,635
13,262
53,719
42,091
356,712
486,167
221,263
437,251
563,565
618,345
405,220
36,968
332
1,132
3,172
1,370
1,996
1,263
1,293
735
981
1,025
5,957
3,598
27,823
37,132
21,631
35,075
43,456
39,004
21,485
3,330
Credit agencies other than banks
45,505
2,895
2,687
3,023
3,580
3,793
2,679
2,181
1,614
1,524
1,359
5,848
1,697
4,273
3,111
1,278
792
1,707
144
55,908
110,052
213,200
230,032
288,547
149,283
127,761
128,542
91,648
105,819
497,976
313,497
1,600,685
1,249,800
882,093
185,907
723,560
54,198
637
95,664
777,957
^3,128
4,932
23,144
30,330
29,106
20,994
13,201
14,782
2,980
13,820
90,467
45,562
96,081
187,697
182,479
6,937
10,915
203
60
2,395
98,368,498
837,700
1,185,924
2,149,446
2,750,477
2,235,073
1,628,825
1,120,847
1,141,234
353,861
855,704
5,037,113
3,633,663
24,996,724
15,842,079
12,937,561
3,573,627
14,585,443
1,164,456
42,941
1,740,800
1,588,263
33,700
27,931
38,443
61,580
53,009
50,765
21,171
34,428
23,750
24,511
101,152
54,261
382,862
213,628
97,749
111,182
200,267
15,240
13,386
24,043
1>;8,683
7,604
9,439
8,698
10,302
8,058
7,843
7,258
4,437
3,829
3,816
26,226
4,930
16,935
15,041
4,304
(')
120
2,956
39,422
73,612
97,055
93,061
118,143
92,300
76,310
58,585
53,392
61,368
245,486
77,870
156,078
141,829
61,790
70,333
75,737
83,136
68,345
18,746
86,254
736
1,223
3,031
3,389
3,306
1,790
1,586
2,165
1,773
1,776
8,649
3,518
18,895
13,676
7,940
2,753
8,359
567
Footnotes at end of table. See text for explanatory statements and for "Description of Sainple and Limitations of Data.
132
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECLATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
(Thousand
dottara)
Net income
(less
deficit)
(Thouaand
dollar a)
Total assets
(Thauaand
dotlara)
Gross
depreciable
assets
(Thousand
dotlara)
Depreciation
(Thousand
dollars}
Number of
returns
Total
compiled
receipts
(Thouaand
dollars)
Net income
(less
deficit)
(Thousand
dollars)
Total assets
f Thousand
dollars)
Gross
depreciable [Depreciation
assets
(Thousand (Thousand
dollars) dollar:
Finance, insurance, and real estate — Continued
Total
1959^
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910 1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Holding and other investment companies
Securitj
and commodity brokers, dealers, exchanges, and services
10,350
2,161,024
1,511,745
22,560,815
320,009
12,531
2,848
791,235
123,688
3,750,090
83,937
7,194
457
12,182
5,239
344,241
18,228
108
262
16,795
2,507
70,533
1,875
177
597
81,915
45,110
970,693
6,614
214
406
182,481
31,563
747,700
5,889
1,010
544
17,402
8,911
252,607
12,375
559
253
13,634
472
34,366
1,102
151
648
37,592
13,465
375,219
3,554
353
212
44,757
5,301
114,799
3,959
479
660
21,617
^1,712
129,533
23,100
940
182
56,357
5,032
153,498
2,873
552
511
61,391
33,929
475,916
2,169
236
359
20,356
5,158
130,375
4,800
485
252
30,506
22,775
334,535
3,986
380
>• 336
56,683
3,864
124,699
7,485
569
244
8,136
3,364
99,999
10,332
26
192
18,331
11,693
153,910
1,453
70
1,401
139,799
103,043
1,397,303
13,159
647
428
110,653
18,670
920,400
4,984
716
538
211,981
185,717
2,607,905
13,024
320
46
14,464
1,080
90,954
1,117
118
1,230
484,049
397,005
5,239,095
23,424
965
504
165,572
30,223
705,499
11,652
1,445
1,278
607,866
507,900
5,971,704
32,128
3,635
126
64,056
9,879
293,453
5,475
595
572
235,333
176,428
1,849,225
73,686
2,430
32
27,361
4,412
360,426
5,301
244
336
44,640
30,189
343,375
3,220
272
(^)
(^)
C)
(')
(')
(')
106
82,469
23,128
833,893
3,780
795
14
3,623
930
55,318
1,716
99
10
3,196
2,647
43,436
74
6
1
466
=11
3,210
73
2
6
8,531
7,748
102,660
110
3
3
25,057
3,123
64,751
30,076
S91
409
33,732
2^,003
405,131
267
32
(^)
n
<.')
(')
('}
( = )
Finance, insurance, and
real estate — Continued
Insurance
carriers
Insurance agents, brokers, and service
3,904
33,853,172
1,575,923
143,939,035
1,614,701
158,444
15,931
1,375,165
129,707
1,813,893
135,866
21,127
i'}
i')
i''
( = )
( = )
(=)
1,374
56,092
6,132
33,874
5,623
675
185
70,560
^3,132
135,554
7,405
305
1,482
126,329
4,462
95,004
9,620
1,306
215
89,486
=5,934
159,966
4,248
240
1,304
58, -792
3,464
87,906
5,135
689
175
145,453
=974
259,181
5,293
512
1,304
64,790
5,444
76,269
9,711
991
216
163,346
'9,578
415,944
8,902
1,223
3,028
75,003
7,656
91,475
9,079
1,208
172
115,407
3,010
221,354
12,792
741
737
42,905
6,299
53,400
5,831
750
105
136,362
15,232
249,103
16,119
732
817
50,098
3,003
55,216
5,532
681
148
80,229
6,533
191,051
16,622
842
693
54,337
4,252
66,698
7,723
346
68
45,932
=405
94,756
10,017
499
407
47,177
2,505
51,295
5,349
685
66
64,620
670
163,620
5,191
251
591
43,784
3,548
55,603
9,860
848
408
675,751
15,239
1,951,647
50,627
3,897
1,836
205,595
21,262
258,950
31,486
3,689
169
1,376,497
77,274
7,666,430
44,831
9,729
389
57, U7
2,377
52,996
8,692
6c7
368
1,672,203
104,093
4,144,261
108,781
7,611
1,803
195,701
17,635
228,993
34 ,523
3,958
319
2,538,000
134,925
7,675,389
156,166
10,901
1,232
157,321
23,849
226,560
19,339
2,045
248
1,709,701
96,465
6,454,286
112,473
6,674
383
58,722
6,328
83,511
7,037
593
206
3,103,069
174,976
11,621,255
163,627
14,727
121
49,237
6,039
161,574
6,929
847
265
2,959,519
122,433
9,286,533
131,374
12,913
4
16,417
3,020
35,129
605
247
159
11,035,131
444,491
53,450,577
438,301
41,605
_
_
-
_
_
-
U2
7,683,063
391,965
39,216, 54C
312,740
44,589
_
-
-
_
-
134
144,747
2,257
385,736
6,432
401
376
15,219
2,412
23,333
3,036
282
Finance, ir
surance, and
real estat
e — Ccntinued
Real e
state, except
lessors of
real property
other than bu
ildings
Lessors
of real property, except buildings
216,331
8,663,992
1,121,404
45,239,391
28,352,410
1,194,860
8,541
345,162
96,148
3,291,625
2,074,237
29,797
16,610
305,651
25,903
2,463,747
973,217
36,621
474
5,519
=217
118,313
17,172
626
20,207
539,470
56,008
3,550,755
1,652,552
67,465
556
5,425
=635
74,947
14,198
952
16,689
578,900
36,907
3,046,251
1,772,699
83,512
345
19,337
=656
134,260
70,165
5,701
18,298
570,615
52,230
3,112,389
1,738,425
35,300
548
6,368
1,659
71,139
13,379
652
18,229
593,776
69,885
3,760,703
2,159,9U
107,834
543
6,672
671
80,407
13,097
1,084
13,508
515,141
53, 5U
2,701,156
1,711,377
86,022
233
8,590
2,357
52,534
25,202
1,238
10,275
444,632
59,335
2,336,281
1,603,812
70,549
443
5,307
2,029
38,902
12,987
837
8,339
328,018
43,462
1,774,866
1,229,977
52,802
400
8,347
722
58,729
44,462
741
7,W3
307,155
49,645
1,602,539
1,168,907
48,909
358
4,475
1,423
36,882
7,683
465
7,859
359,160
39,748
1,842,138
1,463,653
57,179
307
2,603
935
13,107
5,127
184
30,323
1,365,677
157,984
7,256,507
5,471,509
220,495
814
25,196
8,037
177,236
64,907
1,436
11,360
498,124
82,521
2,132,781
1,486,871
59,598
303
3,296
1,212
25,801
5,515
302
16,958
338,547
142,139
3,549,372
2,542,707
92,963
946
38,241
13,421
224,082
75,110
2,417
9,412
780,480
113,622
3,477,818
2,291,568
72,554
774
31,318
10,516
204,143
87,507
1,131
3,674
220,848
52,943
990,858
539,322
18,469
473
35,944
12,759
515,795
442,920
3,609
1,761
143,784
34,727
753,057
452,453
13,717
519
38,970
12,712
445,091
343,659
1,913
671
54,837
15,543
312,385
183,974
6,491
111
73,323
24,169
370,397
269,400
3,372
\ 23
12,842
2,817
285,916
256,827
1,674
5,038
2,960
133,778
130,257
654
4,390
102,520
13,268
503,592
311,401
13,074
316
8,226
1,242
214,116
174,453
549
Footnotes at end of table. See text Tor explanatory statements and for "Description of Sample and Limitations of Data.
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
133
ACTIVE CORPORATION RETURNS
Table 15.— NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION,
BY MAJOR INDUSTRIAL GROUP —Con t inued
Year of incorporation
1959'.
1958..
1957.,
1956. ,
1955.
1954. ,
1953.
1952.
1951.
1950.
1945-1949..
1940-1944.
1930-1939.,
1920-1929.
1910 1919.
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total
1959'
1958
1957
1956
1955
1954 ; . . .
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total
1959'
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior
Not shown
Number of
returns
Total
compiled
receipts
(Thatiaand
dollars)
Net income
{less
deficit)
(Thovaatid
dollara)
Total assets
(Ttwusand
dollara)
Gross
depreciable
assets
(Thouaand
dollara)
Depreciation
(Thouaand
dollara)
Number of
returns
Total
compiled
receipts
(Thouaand
dollara)
Net income
(less
deficit)
(Thouaand
dollara)
Total assets
(Thouaartd
dollara)
Gross
depreciable
assets
(Thouaand
dollara)
Depreciation
(Thouaand
dollara)
Total services
110,005
13,175
13,072
11,004
9,446
8,091
6,264
5,013
4,056
2,923
3,401
13,743
3,166
6,881
3,985
1,611
651
230
4
3,276
22,227,256
758,788
1,161,541
1,260,305
1,296,040
1,310,882
855,050
938,387
842,329
487,008
636,236
3,530,265
886,974
2,752,547
3,266,724
1,036,617
765,818
136,249
5,399
194,241
968,252
4,099
11,074
31,715
38,499
58,943
38,054
58,606
30,589
17,790
25,697
U2,824
47,327
150,584
208,002
60,133
30,252
10,927
805
2,102
18,354,967
873,428
1,366,861
1,069,363
1,046,630
958,416
837,208
794,541
867,491
403,347
534,700
2,654,661
673, U2
2,035,434
2,412,849
747,725
747,363
166,338
4,944
(')
156,152
12,909,458
623,517
809,101
824,850
840,469
701,841
644,865
583,144
564,740
415,645
444,473
2,029,753
447,791
1,368,821
1,406,280
410,202
530,377
134,362
3,329
(')
119,625
1,259,953
65,193
92,392
108,570
115,203
74,979
68,975
66,142
58,949
31,006
40,905
174,925
49,226
98,108
119,417
36,069
37,229
8,630
356
(')
13,430
Hotels, rooming houses, camps, and other lodging places
11,890
1,391
1,343
990
922
846
711
569
530
471
546
1,439
340
725
527
184
92
(')
1
218
99,789
139,736
93,042
156,400
123,473
106,286
121,001
86,563
76,121
103,916
419,206
75,029
391,961
249,062
86,629
294,111
( = )
283
20,856
59,777
=3,324
=5,775
=2,469
2,698
=1,540
1,278
4,822
1,498
1,015
2,549
24,139
209
20,435
6,434
2,516
6,873
214,850
382,040
201,198
201,060
211,300
178,995
158,282
105,196
109,577
U2,537
560,014
130,511
548,572
316,740
97,277
349,059
(=)
273
38,407
3,583,717
158,144
205,544
167,635
186,138
188,089
172,468
160,742
117,240
96,493
124,357
503,850
114,521
535,854
317,824
116,942
330,330
101
34,665
Services — Continued
Personal services
20,109
2,661
2,350
1,841
1,370
1,168
975
690
744
431
550
2,876
697
1,732
943
416
(5)
118,394
167,068
151,499
127,710
141,237
109,862
104,493
93,077
86,975
81,782
546,001
98,330
403,406
483,412
175,930
( = )
41,376
5,435
4,036
4,590
5,715
7,303
3,273
5,348
3,310
3,693
2,829
15,905
2,756
11,659
20,963
4,396
I')
=1,758
1,677,391
94,858
104,085
84,671
75,680
64,920
59,256
56,200
40,716
39,960
30,864
244,744
56,797
239,147
288,991
104,662
(')
1,421,122
71,284
69,991
62,972
60,138
53,711
55,687
42,303
34,399
33,674
23,020
255,1A6
40,765
194,997
243,628
97,482
( = )
21,598
129,780
7,764
10,137
7,788
6,273
5,358
5,457
4,159
3,554
3,253
1,948
21,612
3,883
14,959
21,062
6,165
Business services
29,122
3,552
3,579
3,144
2,860
2,317
1,681
1,511
1,148
671
782
3,431
762
1,603
848
337
132
233,989
238,454
407,903
391,683
448,901
247,249
237,174
137,282
102,144
130,640
1,458,756
346,379
1,088,060
1,559,407
287,357
244,075
63,455
4,106
33,064
413,140
2,426
4,258
13,953
11,309
28,037
10,354
13,087
11,542
7,659
5,563
46,525
15,583
58,277
126,095
22,867
17,240
5,743
521
195,312
238,459
277,737
275,754
247,239
238,532
192,028
124,281
90,815
106,145
787,689
191,895
537,207
954,069
160,408
173,124
86, 511
4,503
27,123
2,375,401
118,289
119,344
198,215
211,360
147,787
146,457
153,422
69,287
56,924
43,547
408,602
47,776
155,092
291,328
57,627
73,358
54,957
2,915
18,913
Services — Continued
Automobile repair, services, and garages, and other repair services
17,463
2,262
2,187
2,030
1,583
1,433
972
1,039
544
670
500
1,707
427
945
433
118,956
190,066
189,300
237,385
151,988
87,600
151,720
95,258
100,799
70,073
280,624
113,039
181,708
190,512
95,555
1,780
3,501
5,056
9,013
6,395
5,487
6,659
7,817
4,990
4,135
10,041
5,925
8,091
11,604
1,968,567
129,850
153,236
175,724
197,543
114,544
92,817
112,828
104,107
71,150
71,195
241,750
104,070
137,015
201,732
112,017
107,739
165,082
185,120
107,158
102,377
116,689
117,064
65,503
75,093
220,701
104,875
121,884
206,708
16,849
28,659
328,257
20,224
15,654
34,336
34,016
17,476
19,750
21,873
19,713
10,336
13,451
41,483
20,325
18,229
36,076
Motion pictures
343
511
322
386
375
365
244
338
271
362
1,426
290
811
376
84
12
(=)
23,258
131,060
56,624
64,314
73,709
80,146
202,713
244,697
63,453
123,924
387,410
58,177
324,216
397,913
292,502
23,487
e)
232
1,202
2,740
823
5,066
3,758
24,738
=3,605
=1,118
3,908
15,594
3,535
15,892
8,877
20,813
460
( = )
2,824,403
32,019
196,727
46,754
59,534
91,882
141,641
176,755
377,771
48,974
146,468
399,623
46,627
334,014
412,113
250,651
60,150
(=)
21,805
94,121
24,452
41,795
51,356
94,121
44,532
122,709
134,973
120,526
341,198
17,987
189,384
223,935
64,800
22,514
( = )
Footnotes at end of table. See text for explanatory statements and for "Description of Sample and Umitations of Data."
134
ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
Table 15.
-NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME, TOTAL ASSETS, GROSS DEPRECIABLE ASSETS, AND DEPRECIATION, BY YEAR OF INCORPORATION
BY MAJOR INDUSTRIAL GROUP— Continued
Year of incorporation
Number of
returns
Total
compiled
receipts
(Thouaand
dolUra)
Net income
(less
deficit)
(Thousand
dollars)
Total assets
(Thoiiaand
doltara}
Gross
depreciable
assets
(Thouaand
dollars)
I>epreciation
(Thotjsartd
dollars)
Number of
returns
Total
compiled
receipts
(Thaosattd
dollars)
Net income
(less
deficit}
(Tltouaand
dollars)
Total assets
(Thousand
dollars)
Gross
depreciable
assets
( Thousai^
dollars)
Depreciation
( rhousancf
dollars)
Services — Continued
Amusement and recreation services, except motion pictures
Total . .
1959
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
Total
1959^
1958
1957
1956
1955
1954
1953
1952
1951
1950
1945-1949
1940-1944
1930-1939
1920-1929
1910-1919
1900-1909
1880-1899
1860-1879
1859 and prior.
Not shown
11,890
1,544
1,685
1,424
1,U9
1,012
Tie
485
311
(=)
219
1,340
330
487
268
1
1
576
16,531
1,861
1,555
1,176
1,236
1,372
845
580
804
530
519
2,060
373
1,146
502
195
184
(')
1,824,206
74,734
181,310
142,609
140,236
157,212
126,792
58,550
95,709
(')
53,854
299,421
113,575
168,553
33,229
73,016
439
658
26,855
92,228
^3,514
^2,019
^1,383
3,725
4,659
9,353
1,411
8,310
( = )
3,341
20,351
13,657
17,268
10,448
6,201
^14
262
1,739,002
140,272
221,142
180,657
124,627
143,679
74,439
58,498
66,648
(')
34,976
258,687
104,908
150,689
79,087
219
1,026
9,746
1,480,752
113,232
185,880
152,063
104,254
114,233
51,489
47,376
78,959
( = )
36,452
226,484
97,662
140,231
53,287
58,299
400
1,145
6,791
128,248
10,817
21,059
14,583
10,386
9,526
5,658
3,853
8,961
( = )
2,728
16,271
7,U7
9,395
2,941
2,880
17
39
660
Nature of business not allocable
214,528
21,711
26,137
19,789
28,704
13,713
9,586
7,010
9,382
2,581
11,769
25,319
3,803
12,301
8,727
1,398
419
(')
1,729
^4,129
^2,170
1,623
2,023
*807
601
28
1,074
629
460
^93
106
1,068
2,237
^324
(.')
630,619
95,000
55,299
38,105
34,632
37,511
17,303
14,809
36,947
13,428
19,576
86,233
22,206
59,780
56,504
20,802
9,871
131,494
18,993
11,932
9,638
6,292
3,295
2,374
5,679
10,173
685
1,658
36,267
3,663
3,954
3,802
10,816
361
(')
1,882
7,132
523
731
342
465
334
181
233
1,230
68
2U
1,917
65
163
177
195
10
(')
Other services
12,319
1,422
1,317
1,253
1,106
940
842
475
441
264
442
1,524
320
573
590
370
13
1
(')
748
89,658
113,847
219,328
178,262
204,362
97,U5
62,736
89,743
40,112
72,047
238,347
82,445
194,643
303,184
137,393
(')
20,643
854
(')
37,264
99,757
1,064
5,871
8,223
5,216
8,023
4,551
2,541
1,717
1,383
3,372
10,169
5,562
7,762
23,581
6,176
(')
2,479
275
(^)
955
1,285,463
66,267
71,172
102,622
112,432
84,852
51,528
39,950
43,772
25,694
32,515
162,154
38,104
88,789
160,117
91,991
13,769
222
(')
25,712
582,808
28,746
26,482
54,431
51,664
39,507
22,266
18,080
25,082
15,563
21,378
73,572
24,204
31,379
69,570
36,989
(')
9,057
13
(')
47,207
1,924
2,982
5,428
5,497
3,758
2,500
1,449
2,283
1,136
1,594
5,643
1,144
2,556
4,824
1,723
(')
407
1
(')
Includes part year returns with accounting periods beginning after December 31, 1959 and ended on or before June 30, 1960 and with 1960 as year of incorporation. There were
2,976 such returns of which 1,335 had net income.
^Deficit.
"Sailing variability of this estimate is too large to warrant showing separately. However, the data are included in totals.
HUlE: iee text for explanatory statements and for "Description of the Sample and Limitations of Data. "
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
135
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uiuiHiuiui ^vienfMrH oeosOiA+j
OsQ.Cf'CtT' C-fT-CT^O^O^ O^COtOCOO
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
137
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138
ACTIVE CORPORATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
Table 17.— NUMBER OF RETURNS, TOTAL COMPILED DEDUCTIONS, "OTHER DEDUCTIONS," AND SALARY AND WAGE COMPONENT OF "OTHER DEDUCTIONS," BY INDUSTRIAL GROUPS
Major industrial group
Total
number of
active
corporation
returns
Total
compiled
deductions
(Thousand
dot Urm)
Items included In "Other deductions"
(Thoutmxd
dolUra)
Salaries and wa^'eo not
included in cost of sales
and operations or in other
specific deductions
Number of
returns
Amount
(Thoutand
dollara)
Other non-
categorized
deiluctions
(Thonmand
dollarm)
(1)
(2)
(3)
U)
(5)
(6)
All industrial groups
Agriculture, forestry, and fisheries.
Mining
Metal mining.
Bituminous coal and lignite mining
Crude petroleum and natural gas
Mining and quarrying of nonmatallic minerals, and anthracite mining.
Construction.
Manufacturing
Beverage industries
Food and kindred products
Tobacco manufactures
Textile mill products
J^parel and other finished products made from fabrics and similar materials
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum refining and related industries
Rubber and miscellaneous plastics products
Leather and leather products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, (including ordnance), except machinery and transportation
equipment.
Machinery, except electrical and transportation equipment
Electrical machinery, equipment, and supplies
Transportation equipment, except motor vehicles
Itotor vehicles and motor vehicle equipment
Professional, scientific, and controlling instruments; photographic and optical goods;
watches and clocks.
Other manufacturing industries
Transportation, communication, electric, gas, and sanitary services.
Transportation
Communication
Electric and gas companies and systems
W^ter supply and other sanitary services
Wholesale and retail trade.
Wholesale trade
Groceries and related products.
Electrical goods, hardware, and plumbing and heating equipment and supplies.
Other wholesalers
Retail trade
Food
General merchandise
Apparel and accessories
Furniture, home furnishings, and equipment.
Automotive dealers and gasoline service stations.
Eating and drinking places
Building materials, hardware, and farm equipment.
Other retail stores
Wholesale and retail trade not allocable.
Finance, insurance, and real estate
Banking
Credit agencies other than banks
Holding and other investment companies
Security and commodity brokers, dealers, exchanges, and services. .
Insurance carriers
Insurance agents, brokers, and service
Real estate, except lessors of real property other than buildings.
Lessors of real property, except buildings
Services
Hotels, rooming houses, camps, and other lodging places
Personal services
Business services
Automobile repair, services, and garages, and other repair services.
Motion pictures
Amusement and recreation services, except motion pictures
Other services
769,145,268
107,135,900
632,978
46,591,039
69 Nature of business not allocable.
15,603
12,920
1,099
1,961
6,673
3,187
66,260
156,297
2,941
15,530
204
5,706
16,287
7,963
5,832
3,236
13,706
8,226
828
3,932
2,7U
6,884
3,655
14,690
16,275
6,593
2,076
1,292
2,730
10,000
43,195
32,454
5,894
1,112
3,735
334,717
109,648
12,870
IJ.,613
85,165
199,624
14,009
13; 153
24,138
20,099
35,681
28,826
21,435
42,233
25,445
318,592
15,182
45,505
10,350
2,848
3,904
15,931
216,331
8,541
110,005
11,390
20,109
29,122
17,463
6,712
11,890
12,819
16, 531
3,731,152
9,706,239
1,790,679
1,920,272
4,225,765
1,769,523
31,559,343
338,131,185
7,806,583
48,732,276
4,288,527
13,658,154
11,643,753
7,088,908
4,792,437
10,718,271
U, 634, 671
23,230,779
35,907,338
7,307,537
3,789,587
9,674,185
25,322,513
17,879,503
23,216,247
21,051,824
16,100,307
21,657,260
5,651,824
6,978,596
55,510,982
28,763,738
11,338,169
15,011,957
397,11.8
251,074,686
123,136,303
22,373,040
11,602,595
89,160,668
117,386,949
27,945,715
22,869,821
7,723,842
5,684,718
29,423,514
4,920,450
7,463,543
11,335,346
10,551,434
57,962,894
9,436,625
6,325,717
526,827
662,672
31,981,957
1,245,179
7,537,328
246,589
21,256,348
2,606,716
2,923,399
7,246,175
2,129,383
2,447,293
1,731,630
2,171,752
623,638
1,278,465
236,914
160,941
638,627
241,983
2,249,586
37,403,455
935,092
4,904,681
191,653
1,054,147
l,371,d07
639,155
623,995
1,328,193
2,103,028
3,633,302
3,106,002
919,230
387, 393
1,196,147
1,577,479
2,168,768
3,669,978
2,973,901
1,001,864
1,616,798
933,404
1,062,383
5,077,960
2,593,975
1,419,253
993,183
71,539
31,050,973
10,758,144
1,472,254
1,307,601
7,978,239
18,872,817
3,542,701
5,U3,366
1,643,333
1,270,127
2,640,536
1,522,344
1,004,229
2,105,131
1,420,012
24,284,593
3,235,333
1,665,029
282,659
396,577
15,339,527
637,701
2,673,734
53,483
5,076,694
753,759
301,683
1,600,743
381,089
432,613
475,379
631,428
85,536
6,825
5,321
400
865
2,458
1,598
35,703
105,659
2,337
11,498
165
3,708
10,198
5,201
3,951
2,453
10,654
5,468
548
2,571
1,930
4,969
2,702
10,499
ll.,030
4,945
1,517
913
1,991
6,361
18,539
14,221
2,749
547
1,022
278,270
85,684
10,807
9,763
65,114
174,666
12,239
11,280
22,134
17,433
31,358
24,232
19,433
36,507
17,920
123,439
14,434
20,279
1,663
2,077
1,023
11,968
70,870
1,170
56,700
6,700
10,423
15,298
7,941
3,321
6,097
6,915
238,046
322,237
45,101
55,045
142,784
79,307
975,029
16,038,109
494,666
2,346,835
40,221
386,401
592,684
246,836
243,929
551,793
916,083
1,423,834
932,257
442,751
134,926
536,890
787,546
1,019,785
1,743,503
1,139,545
549,225
473,334
520,538
464,477
1, 394, 374
902,930
331,635
132,753
27,056
18,569,450
5,657,121
819,854
772,776
4,064,491
12,100,658
2,219,153
3,731,212
1,044,138
661,524
1,532,049
974,739
611,002
1,276,836
8U,671
6,490,341
1,940,809
731,251
34,039
220, 318
2,434,167
319,259
803,616
6,882
2,540,833
373,410
429, 828
910,541
162,944
155,130
191,770
317,210
22,620
385,592
956,228
191,813
105,896
495,343
162,676
1,274,557
21,370,346
440,426
2,557,846
151,437
667,746
779,123
392,319
330,066
776,400
1,136,945
2,214,463
2,173,745
476,529
202,467
659,257
739,933
1,143,933
1,926,475
1,839,356
452,639
1,143,464
412,316
597,906
3,663,536
l,691,Oi5
1,087,623
860,435
44,483
12,481,523
5,101,023
652,400
534,825
3,913,798
6,772,159
1,323,543
1,362,654
599,745
603,603
1,103,487
547,605
393,227
828,295
608,341
17,794,252
1,295,024
933,773
243,620
176,259
12',905,360
318,442
1,870,163
46,601
2,535,861
380,349
371,855
690,202
218, U5
277,483
233,609
3U,213
62,916
NOTE: See text for explanatory statements and for "Description of Sample and Limitations of Data.
ACTIVE CORPCKATION RETURNS
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
139
Table 18.— NET INCOME AND TAX, BY DISTRICT IN WHICH RETURNS WERE FILED
Internal Revenue Region
and District
Returns with and without net income
Number of returns
Returns
other than
Form
1120-S
Form
1120-S
Net income (less deficit)
(Thousand
dollars)
Returns
other than
Fonn
1120-S
f Thouaand
dollara)
Form
1120-S
(Thouaand
dollara)
Returns with net income
Number of returns
Returns
other than
Form
1120-S
Form
1120-S
Net income
(ThousAnd
dollars)
Returns
other than
Form
1120-S
(Thousand
dollars)
Form
1120-S
(Thousand
dollars)
Income
tax
f Thousand
dollara)
(1)
(2)
M
(5)
All regions and districts....
Atlanta Region
Atlanta
Birmlnghajn ^
Columbia
Greensboro
Jackson
Jacksonville
Nashville
Boston Region
AugXiSta
Boston
Burlington
Hartford
Portsmouth
Providence
Chicago Region
Chicago
Detroit
Milwaukee
Springfield
Cincinnati Region
Cincinnati
Cleveland
Indianapolis
Louisville
Parkersburg
Richmond
Dallas Region
Albuquerque
Austin
Dallas
Little Rock
New Orleans
Oklahoma City
New York City Region
Albany
Brooklyn
Buffalo*.
Manhattan.
Syracuse
Omaha Region
Aberdeen
Cheyenne
Denver
Des Moines
Fargo
Kansas City
Qnaha*
St< Louis
St. Paul
Wichita
Philadelphia Region
Baltimore^
Camden
Newark
Philadelphia
Pittsburgh
Scranton
Wilmington
San Francisco Region
Boise
Helena
Honolulu
Los Angeles
Phoenix
Portland
Reno
Salt Lake City i.
San Francisco
Seattle^
Alaska
Office of International Operations*
(6)
(8)
(9)
(10)
(11)
(12)
(13)
1,002,827
70,926
109, 156
15,662
9,054
8,355
18,634
5,563
39,880
12,008
89,615
5,745
47,197
2,299
21,322
4,249
8,803
116, 574
49,152
34,565
23,017
9,840
108,466
18,505
33,430
21,420
9,838
8,116
17,107
3,257
22,325
20,035
5,555
13,344
9,639
215,903
10,552
61,727
15,263
119,685
8,676
83,508
2,735
2,036
10,759
10,670
2,517
9,510
7,088
16,570
18,132
3,491
137,243
24,534
13,158
47,733
27,698
13,801
5,457
4,812
133,530
3,192
3,861
3,038
59,136
6,525
9,076
1,958
4,806
25,309
16,079
1,094
603
101,331
7,775
64,597
68,474
63, 336
2,970,040
86,105
14, 599
8,381
7,806
17,523
5,021
36,794
11,257
85,051
1,063
673
549
1,1U
542
3,036
751
4,564
486,729
273,127
173,420
791,352
68,150
447,828
319,027
430,566
268,857
171,606
777,173
66,226
425,461
305,147
2,406,297
6,163
4,270
1,814
14,179
1,924
22,367
13,830
22,028
10,195
6,257
5,194
12,742
3,771
22,512
7,803
54,396
9,481
5,793
4,856
11,852
3,356
20,714
7,279
52,030
714
459
333
890
415
1,798
524
2,866
539,281
302,995
195,686
835,976
35,707
646,648
363,747
2,753,164
530,125
297,657
193,437
819,915
81,487
612,671
348,643
2,726,324
9,156
5,333
2,249
16,061
4,220
33,977
15,104
31,840
5,416
45,137
2,177
19,846
3,996
8,479
108,434
329
2,060
122
1,476
253
324
8,U0
88,160
1,407,439
25,008
695,391
68,275
U3,552
8,920,537
86,658
1,405,063
21,891
636,878
63,957
141,850
8,867,207
1,502
2,376
3,117
9,013
4,313
1,702
53, 330
3,619
29,201
1,226
12,950
2,617
5,283
74,830
3,388
27,953
1,153
12,006
2,461
5,069
69,601
231
1,243
73
944
156
214
5,229
100,714
1,587,919
33,533
783,157
86,035
166,756
9,473,525
98,983
1,579,752
30,268
771,364
81,411
164,546
9,397,635
1,731
8,167
3,265
11,793
4,674
2,210
75,890
45,090
32,423
21,830
9,091
100,944
4,062
2,142
1,187
749
7,522
3,549,614
4,093,757
345,720
431,446
4,785,453
3,517,069
4,081,831
841,979
426,328
4,739,293
32,545
11,926
3,741
5,118
46,165
32,146
21,249
14,987
6,448
70,724
29,373
20,070
14,299
5,859
65,858
2,773
1,179
589
4,866
3,790,694
4,317,565
909,106
456,160
5,329,525
3,743,364
4,296,141
902,564
450,066
5,263,278
41,830
21,424
6,542
6,094
66,247
17,459
31,133
19,928
9,050
7,566
15,803
69,890
1,046
2,297
1,492
838
550
1,299
4,265
1,188,687
1,367,582
759,309
339,687
95,332
534,311
1,968,406
1,183,501
1,860,792
745,468
333,065
92,452
524,015
1,944,165
5,186
6,790
14,341
6,622
2,930
10,296
24,241
12,220
21,644
14,381
6,440
5,055
10,984.
46,140
11,591
20, 358
13,254
5,862
4,674
10,119
43,323
629
1,286
1,127
573
331
365
2,817
1,243,891
2,162,336
342,120
373,050
121,933
535,640
2.435,114
1,235,125
2,149,107
324,796
363,699
113,225
572,326
2,393,346
8,766
13,729
17,324
9,351
3,763
13,314
41,268
3,060
21,422
19,043
4,987
12,487
8,391
200,145
197
903
992
563
357
743
15,758
43,485
731,716
546,418
63,049
241,011
342,727
13,252,707
42,493
725,645
544,209
57,622
233,864
340,327
13,203,119
987
6,071
2,209
5,427
7,147
2,400
49,583
2,017
13,464
12,752
3,723
8,141
6,043
130,763
1,901
12,833
12,150
3,311
7,554
5,574
120,761
116
631
602
412
587
469
10,002
54,991
879,449
686, 572
88,055
321,413
404,634
14,146,487
52,842
870, 569
677,574
81,613
312,167
399,081
14,060,165
2,149
8,380
8,993
6,442
9,246
5,553
86, 322
10,002
56,360
14,456
1U,116
8,211
81,854
550
5,367
807
8,569
465
6,654
609,301
484,914
631,242
11, 348, 350
178,900
3,197,035
608,110
473,986
628,970
11,313,848
178,205
3,138,253
1,191
10,928
2,272
34,502
695
58,782
6,063
35,441
9,331
74,163
5,765
59,970
5,727
32,102
3,809
68,614
5,509
55,332
336
3,339
522
5,549
256
4,638
644,532
611,997
685,487
11,952,906
251,565
3,495,856
640,947
589,356
631,196
11,898,768
249,498
3,420,931
3,535
22,141
4,391
54,138
2,067
74,925
2,454
1,341
9,877
9,672
2,329
8,811
6,400
15,596
17,068
7,306
128,991
281
195
332
998
138
699
683
974
1,064
685
3,252
33,468
17,634
268, 393
342, 532
22,463
466,214
136,743
737,602
843,054
278,932
5,332,806
30,616
14,971
262,355
331,092
20, "09
461,415
179,645
724,305
837,508
274,237
5,858,676
2,652
2,663
5,538
U,440
1,55»
4,799
7,098
12,797
5,546
4,695
24,130
2,006
1,331
6,824
7,627
1,371
6,323
5,138
11,527
11,751
5,522
81,817
1,806
1,211
6,227
6,880
1,695
5,845
4,672
10,794
11,140
5,062
76,705
200
120
597
747
176
478
516
733
611
460
5,112
38,779
27,833
307,982
371,019
29,371
494,017
202, 531
783, 588
935,606
305,080
6,451,186
35,438
24,369
299,264
357,794
27,754
487,427
194,435
769, 583
926,977
297,890
6,399,256
3,341
3,464
8,713
13,225
1,617
6,590
8,146
14,005
8,629
7,190
51,930
23,332
12,262
44,373
26,266
12,934
5,155
4,619
125,534
1,202
896
3,410
1,432
817
302
193
7,996
606,503
177,465
1,032,842
1,193,223
1,189,008
239,748
1,339,017
3,748,632
603,317
176,561
1,016,664
1,197,979
1,186,952
288,745
1,338,458
3,694,132
3,186
904
16,178
244
2,056
1,003
559
54,550
15,534
7,180
27,773
16,806
7,755
3,344
3,370
82,253
14,865
6,605
25,543
16,028
7,237
3,195
3,232
76,991
719
575
2,235
773
518
149
138
5,262
702,545
210,478
1,131,164
1,357,334
1,271,390
316,589
1,411,186
4,517,483
696,416
206,006
1,157,287
1,348,456
1,266,449
314,315
1,410,327
4,424,774
6,129
4,472
23,377
8,878
5,441
2,274
859
92,714
2,905
3,418
2,959
56,524
5,966
3,371
1,793
4,415
24,456
U,727
1,055
■ 603
287
443
129
2,612
559
705
165
391
1,353
1,352
39
66,526
51,490
79,760
1,332,437
36,138
202,909
49,484
79,150
1,398,353
402,335
7,642
41,983
64,649
47,505
78,144
1,319,459
63,144
195,327
52,649
75,743
1,389,068
333,439
7,332
41,988
1,377
3,985
1,616
13,028
2,994
7,582
^3,165
3,402
9,285
13,946
310
2,015
2,379
1,650
36,034
3,813
5,432
1,208
2,367
16,682
9,973
655
339
1,789
2,069
1,757
34,374
3,498
4,995
1,111
2,555
15,303
9,040
626
389
226
310
93
1,660
315
437
97
312
879
933
29
31,263
60,706
96, 184
1,754,141
116,974
237, 322
65,644
101,939
1,534,462
468,653
11,722
70,405
79,086
55,628
94,418
1,724,473
112,656
223,508
63,772
98,083
1,517,772
450,371
11,390
70,405
2,175
5,078
1,766
29,668
4,318
8,814
1,872
3,651
16,690
18,482
332
1,236,951
229,599
130, 328
83,468
375,954
31,265
238,276
148,061
1,064,379
41,295
570, 212
12,059
344,868
32,715
63,230
,471,752
1,753,042
2,094,084
420, 647
203,979
2,412,227
534, 383
1,012,537
357,184
164,229
44,026
249,368
980,011
19,421
325,467
291,241
32,657
135,880
175,345
6,365,624
310,931
238, 541
319,449
5,384,364
112,339
1,436,866
13,693
8,828
117,960
161,667
9,907
202,117
78,747
345,120
366,076
132,731
287,055
90,598
503,308
600,623
606,025
146,916
513,095
28,630
22,014
33,302
721,416
43,077
93,891
23,197
40,276
608,205
169,316
3,852
20,534
^Includes the District of Columbia.
^Deficit.
^Includes Alaslia.
*This office receives returns of domestic corporations with foreign addresses and returns of resident foreign corporations.
NOTE: See text for explanatory statements and for "Description of Sample and Limitations of Data." Weights used for statistics classified by internal revenue district are de-
scribed on pp. 25-26 and account for the differences between the totals in this table and other totals in this volume.
140
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
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CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
ACTIVE CORPORATION RETURNS
Table 19 . —NUMBER OF RETURNS, BY DISTRICT IN WHICH RETURNS WERE FILED, BY SIZE OF TOTAL ASSETS
141
Size of total assets
All regions
Atlanta Region, by district
Birmingham
Jacksonville
Grand total.
Beturna with net income, totai.
Zero assets
I ;l under $25, 000
( 125, 000 under i50, 000
I i50, 000 under $100, 000
$100, 000 under $250, 000
t250, 000 under *500, 000
i iSOO, 000 under $1, 000, 000
;;l,000,000 under $2,500,000
112,500,000 under S5, 000, 000
; i5, 000, 000 under $10, 000, 000
;:10,000,000 under 425,000,000...
; 125, 000, 000 under 550,000,000...
; :50, 000, OOO under $100, 000, 000. .
;:100,000,000 under $250,000,000.
: 1250,000,000 or more
Returns without net income, total.
Zero assets
il under $25, 000
25,000 under t50,000
50, 000 under $100, 000
100, 000 under $250, 000
i250, 000 under 4500, 000
1500, 000 under $1, 000, 000
$1, 000, 000 under 42, 500, 000
S2, 500, 000 under 15, 000, 000
$5, 000, 000 under $10, OOO, 000
4l0, 000, 000 under 425, 000, 000. . .
425, 000, 000 under S50, 000, 000
450,000,000 under $100,000,000..
4100,000,000 under $250,000,000.
$250, 000, 000 or more
(1)
(2)
(3)
M
(5)
(6)
(7)
(8)
(9)
1,073,753
109, 156
670, 256
68,474
20, 451
1,386
107,779
9,377
93, 765
8,688
120, &4i
12,240
157, 906
18,158
77, 551
8,643
■41, 247
4,335
26, 174
2,714
10, 665
1,151
6,437
679
4,165
375
1,512
109
842
48
622
44
496
27
403,497
40,632
35, 616
3,838
148,455
13,539
62, 076
6,198
57, 067
6,179
54, 507
6,082
22,044
2,360
10,738
1,193
6,569
623
2,639
274
1,615
185
1,307
131
494
48
211
18
115
13
44
1
10, 195
280
1,373
1,228
1,588
2,739
1,357
670
527
229
115
54
14
11
6
4
5,467
240
1,824
759
987
892
348
209
119
38
21
20
6
3
1
6,257
1,019
744
1,059
1,443
930
396
279
152
69
25
16
6
7
4
2,797
162
1,031
444
374
418
193
8,355
5,194
323
628
648
1,250
1,121
518
302
225
87
46
26
12
3
4
524
930
573
376
417
(M
(M
18,634
12, 742
255
1,829
1,592
2,307
3,411
1,541
882
521
197
111
51
23
6
6
10
5,892
575
1,858
756
1,048
966
322
69
55
51
5,563
3,771
248
567
764
967
499
246
170
84
50
1,792
(')
472
452
269
245
(1)
103
102
32
39, 880
22, 512
597
3,646
2,974
4,160
6,128
2,727
1,188
561
223
125
121
17
11
3
17, 368
1,991
6,108
2,404
2,450
2,553
971
440
242
84
52
41
11
9
11
1
12,008
7,803
183
634
935
1,112
2,349
1,071
651
431
179
163
68
4,205
271
1,316
810
675
591
(')
70
35
16
15
4
3
1
Size of total assets
Boston Region, by district
Augusta
Burlington
Chicago Region, by district
Chicago
Spring-
field
Grand total.
Returns with net income, total.
Zero assets
4l under $25, 000
$25,000 under $50,000
450, 000' under $100, 000
$100,000 under $250,000
i250, 000 under $500, 000
500,000 under $1,000,000
1, 000, 000 under 42, 500, 000
2, 500, 000 under 45, 000, 000
5, 000, 000 under $10, 000, 000
$10,000,000 under $25,000,000...
425,000,000 under $50,000,000...
450,000,000 under $100,000,000..
4100,000,000 under $250,000,000.
$250, 000, 000 or more
Heturns without net income, total.
Zero assets
$1 under $25, 000
:i25,000 under $50,000
1 :50, 000 under $100, 000
$100,000 under $250,000
! 250, OOO 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...
425,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
4100,000,000 under $250,000,000.
$250,000,000 or more
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
89,615
54, 896
1,046
11,410
9,262
10,364
11,719
5,189
2,571
1,623
600
451
320
171
78
54
38
34,719
2,830
14,984
5,584
4,707
4,052
1,214
576
321
152
101
119
47
23
6
3
5,745
3,619
193
446
546
719
835
371
201
144
45
79
23
12
2,126
273
832
268
374
233
(M
47, 197
29, 201
412
6,524
5,367
5,475
5,804
2,692
1,183
848
303
214
176
99
50
36
18
17, 996
1,130
8,414
2,611
2,434
2,049
677
266
166
2,299
1,226
(')
232
324
378
1,073
(1)
192
395
157
170
21, 322
12,950
2U
2,709
1,899
2,521
3,018
1,315
582
328
135
81
66
41
16
11
17
8,372
505
3,630
1,537
1,027
987
316
169
91
31
19
40
13
3
2
2
2,617
(')
512
342
570
576
222
173
100
47
31
250
519
319
198
199
5,283
193
1,136
959
755
1,108
501
344
166
50
26
22
11
, 7
3
2
3,520
480
1,194
708
517
445
(M
n
116, 574
74, 830
2,654
10, 021
9,648
12,701
17, 816
9,719
5,502
3,375
1,423
916
555
225
131
84
60
41,744
3,224
14, 385
6,179
5,882
6,495
2,485
1,438
776
355
207
187
77
29
15
10
49,152
32, 146
819
4,680
4,348
5,216
7,275
4,392
2,449
1,504
585
352
271
115
62
46
32
17,006
1,331
6,035
2,560
2,360
2,349
948
579
379
203
102
82
43
20
34,565
21,249
669
2,558
2,834
3,824
5,428
2,635
1,616
841
352
239
132
45
36
22
18
13,316
864
4,126
1,904
2,066
2,380
1,014
570
213
65
39
42
21
23, C17
14, 987
899
2,028
1,895
2,732
3,468
1,708
960
631
286
206
94
39
26
9
6
8,030
561
3,251
1,249
1,035
1,103
381
179
121
51
9,840
6,448
267
755
571
929
1,645
984
477
399
200
119
58
26
7
7
4
468
973
466
421
663
142
110
63
36
22
20
6
1
1
Footnote at end of table. See text for explanatory statements and for "Description of Sample and Limitations of Data. " Weights used for statistics classified by internal reve-
nue district are described on pp. 25-26 and account for the differences between the totals in this table and other totals in this volume.
142
CORPORATION INCOME TAX RETURNS, JULY 1959- JUNE 1960
ACTIVE CORPORATION RETURNS
Table 19.— NUMBER OF RETURNS,
BY DISTRICT IN WHICH RETURNS WERE FILED, BY SIZE OF TOTAL ASSETS— Continued
Size of total assets
Cincinnati Region, by district
Indianapolis
Parkersburg
Eallaa Region, by district
Albuquerque
Grand total.
Hetxims with net income, total.
Zero assets
$1 under $25, 000
|25, 000 under t50, 000
S50,000 under Jl00,000
$100, 000 under $250, 000
i250, 000 under $500, 000
500,000 under $1,000,000
1, 000, 000 under $2, 500, 000
2, 500, 000 under 15, 000, 000
5, 000, 000 under $10, 000, 000
$10, 000, 000 under $25, 000, 000. . .
$25,000,000 under $50,000,000...
S50,000, 000 under $100,000,000..
S100,000,000 under $250,000,000.
$250, 000, 000 or more
Returns without net income, total.
Zero assets
$1 under $25, 000
$25, 000 under $50, 000
S50, 000 under $100, 000
$100, 000 under $250, 000
i250,000 under $500,000
! ,500, 000 under $1, 000, 000
;l, 000, 000 under $2, 500, 000
; ;2, 500, 000 under 15, 000, 000
; ;5, 000, 000 under $10, 000, 000
110,000, 000 under *25,00O,000
125,000,000 under S50,000,000
:i50, 000,000 under $100,000,000...
;;100,000,000 under $250,000,000..
:;250, 000,000 or more
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
108, 466
70,724
2,216
9,817
8,886
13,733
17,459
8,213
4,368
2,899
1,321
833
589
132
83
37,742
3,749
11,974
6,003
6,213
5,262
2,193
944
692
281
196
141
65
19
13, 505
12,220
(M
1,608
1,435
2,478
3,285
1,302
836
612
217
148
124
34
16
18
15
6,235
432
2,248
633
1,146
833
426
(•)
173
93
53
34
17
2
1
9,888
6,440
8,116
487
3,425
1
613
427
2,331
1
699
4,534
2
596
5,163
3
673
2,318
1
981
1,313
853
742
663
314
286
207
134
174
134
62
39
30
16
25
9
19
6
11,786
7
039
745
301
4,290
1
920
1,933
1
246
2,045
1
090
1,570
1
098
568
396
273
159
179
155
58
64
40
57
34
37
20
13
13
3
5
_
3
-
212
270
844
866
783
651
1,221
971
1,588
1,288
715
395
396
2U
301
184
205
106
102
63
45
39
12
5
4
5
9
_
3
1
3,448
3,061
394
352
1,132
809
496
529
517
638
439
404
186
)
0)'"°
59
37
26
15
24
8
13
5
5
1
10,934
342
1,647
1,487
1,933
2,462
1,502
759
397
193
129
73
30
15
9
6
6,123
1,025
1,575
1,111
777
918
397
165
39
25
14
18
9
74,155
46,140
1,154
6,178
5,600
8,507
11,919
5,384
2,995
2,108
1,019
645
397
109
64
29
32
28,015
2,298
8,657
3,797
4,174
4,712
2,067
1,002
706
263
174
112
28
16
7
2
3,257
2,017
(')
(')
282
368
601
276
167
71
26
28
18
1
2
1
1,240
119
219
197
301
234
(')
17
10
6
22, 325
13,464
355
2,070
1,587
2,394
3,082
1,684
968
641
314
172
120
36
23
6
12
3,861
513
2,930
1,106
1,367
1,615
675
274
230
60
4S
26
12
5
2
1
Size of total assets
Dallas Region, by district — Continued
New York City Region, by district
Little
Rock
New Orleans
Oklahoma
City
Albany
Brooklyn
Syracuse
Returns with net income, total.
Zero assets
$1 under $25, 000
$25, 000 under $50, 000
$50, 000 under $100, OOO
$100, 000 under $250, 000
$250, 000 under $500, 000
$500,000 under $1,000,000
SI, OOO, 000 under 12,500,000
$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 net Income, total.
Zero assets
$1 under $25, 000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
: 1250, 000 under $500, 000
; .500, 000 under $1, 000, 000
;;l,000,000 under $2,500,000
;.2,500,000 under $5,000,000
; i5, 000, 000 under $10, 000, 000. . . .
MO, 000, 000 under $25,000,000...
:. 25, 000,000 under $50,000,000
; 50, 000, 000 under $100,000,000..
: 100, OOO, 000 under $250, OOO, 000.
: ;250, OOO, 000 or more
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
20,035
12,752
151
1,693
1,631
2,204
3,446
1,528
830
574
277
218
123
38
23
7,283
445
2,235
1,082
1,009
1,252
536
303
220
92
62
34
6
3
3
1
5,555
207
425
437
629
953
373
284
176
106
53
15
10
4
1
1,832
238
335
213
393
363
8,141
176
1,121
799
1,839
2,369
876
346
3U
124
93
54
13
9
7
9,639
6,043
215
743
814
1,073
1,468
647'
400
335
172
81
67
11
3
6
623
360
,729
1,209
755
444
574
530
701
547
426
184
192
134
96
100
49
37
24
23
23
20
8
1
2
6
1
1
130,763
3,824
28,347
21,978
24,587
26,469
12, 173
5,999
3,688
1,232
698
525
251
158
147
132
85, 140
6,230
39,211
13,542
10, 101
8,676
3,689
1,592
1,141
452
201
163
70
37
27
6,063
325
1,052
827
1,229
1,469
627
211
143
74
42
37
10
8
6
3
4,489
(M
1,542
1,157
623
593
133
(1)
41
30
11
11
10
35,441
925
8,983
6,901
7,005
6,559
2,682
1,296
705
179
88
49
28
12
12
12
26, 286
2,387
13,003
4,392
2,667
2,123
914
359
266
15,263
9,331
161
1,436
1,568
1,765
2,132
1,061
532
339
126
70
49
17
11
5,932
272
2,402
923
886
796
421
99
78
30
6
14
1
2
2
U9,635
74, 163
2,257
16,683
U,687
13,414
14,914
7,179
3,575
2,315
809
4A3
362
132
121
112
110
45,522
3,260
21,329
6,693
5,360
4,637
1,962
952
717
285
141
107
40
17
15
7
5,765
156
688
995
1,174
1,345
629
385
186
94
55
28
14
6
(')
(')
935
377
560
522
39
19
13
8
6
3
1
Footnote at end of table. See terl for explanatory statements and for "Description of Sample and Limitations of rata.
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
143
ACTIVE CORPORATION RETURNS
Table 19 . —NUMBER OF RETURNS ,
BY DISTRICT IN WHICH RETURNS WERE FILED, BY SIZE OF TOTAL ASSETS— Continued
Size of total assets
Grand total
Returns with net income, total. . . .
Zero assets <
tl under $25, 000
S25, 000 under pO, 000
S50,000 under $100,000
$100, 000 under $250, 000
$250,000 under $500,000
1500, 000 under $1, 000, 000
11,000,000 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...
S50,000,000 under 5100,000,000..
|100,000,000 under $250,000,000.
$250,000,000 or more
Returns without net Income, total.
Zero assets
$1 under $25, 000
$25,000 under $50,000
S50, 000 under $100, 000
$100, 000 under $250, 000
$250, 000 under $500, 000
S500, 000 under $1, 000, 000
11, 000, 000 under $2, 500, 000
12,500,000 under 15,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000...
150,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Cbiaha Region, by district
(42)
88,508
59, 970
2,021
7,388
7,021
9,577
U,922
8,089
.4,460
3,392
1,553
800
434
146
77
46
44
28, 538
2,581
8,354
4,631
4,577
4,747
1,780
847
521
202
128
118
28
13
10
(43)
2,006
257
(^)
210
262
514
218
160
121
85
17
12
6
3
C)
225
154
(44)
2,036
1,331
(^)
(')
211
194
416
183
(»)
34
19
21
6
2
1
705
83
156
(1)
102
136
(1)
(45)
10, 759
6,824
1,218
780
1,146
1,632
859
517
292
106
73
37
13
11
3,935
407
1,095
580
747
689
172
97
83
25
15
Des
Ifoines
(46)
10, 670
7,627
423
595
760
1,037
2,015
1,078
677
525
282
134
61
20
3
10
2
560
466
525
539
529
168
130
55
28
20
17
1
Pargo
(47)
2,517
1,871
(1)
166
273
400
384
281
89
90
62
22
17
4
1
646
(^)
167
190
136
(»)
7
4
2
4
2
Kansas
City
(48)
9,510
6,323
187
649
928
962
1,558
808
500
362
192
82
47
22
14
5
7
3,187
(^)
1,114
564
548
512
182
(1)
57
14
21
(49)
5,188
(1)
706
405
934
1,397
763
332
367
134
63
32
U
4
5
3
1,900
205
660
320
174
327
(50)
U,527
266
1,788
1,477
1,749
2,712
1,708
899
507
182
109
65
34
14
5,043
361
1,702
839
622
803
436
104
83
43
18
22
6
3
1
(51)
U,751
353
1,573
1,540
1,916
2,801
1,432
803
690
315
162
103
22
15
9
17
6,381
544
1,990
942
1,050
1,026
383
238
118
35
29
17
3
2
3
(52)
5,522
205
472
437
977
1,493
759
405
404
176
117
54
12
2,969
(1)
779
505
637
483
249
71
40
15
14
5
Size of total assets
Philadelphia Region, by district
Philadelphia
Pittsburgh
Wilmington
Grand total.
Returns with net income, total.
Zero assets
11 under $25, 000
$25, 000 under $50, 000
150, OOd under $100, 000
$100, 000 under $250, 000
i250, 000 under $500, 000
500,000 under $1,000,000
1, 000, 000 under 12, 500, 000
2, 500, 000 under $5, 000, 000
5,000,000 under $10,000,000
$10,000,000 under $25,000,000...
1125,000,000 under 150,000,000...
1150,000,000 under $100,000,000..
(1100,000,000 under $250,000,000.
] 1250, 000, 000 or more
Hfiturns without net income, total.
Zero assets
1 11 under $25, 000
;125,000 under $50,000
i 150, OOO under $100, 000
11100,000 under $250,000
$250, 000 under $500, 000
$500,000 under $1,000,000
$1, 000, 000 under $2, 500, 000
12,500, 000 under 15, 000, 000
$5,000,000 under $10,000,000
ilO,000,000 under $25,000,000...
25,000,000 under 150,000,000...
50,000,000 under $100,000,000..
100,000,000 under $250,000,000.
250, 000, 000 or more
(53)
(54)
(55)
(56)
(57)
(58)
(59)
(60)
1J7, 243
81,817
3,055
13,734
11, 502
14,224
18,645
9,317
5,244
3,036
1,217
788
589
177
124
98
67
55,426
5,539
19,889
8,617
7,964
6,993
3,199
1,409
895
365
226
217
67
28
12
6
15,584
810
2,632
2,133
2,446
3,544
1,877
1,025
643
188
122
97
25
10
17
15
8,950
1,086
2,915
1,147
1,239
1,279
668
255
205
56
28
37
18
13,158
7,180
392
1,281
1,067
1,504
1,614
666
327
125
80
66
35
13
5
1
5,978
478
2,196
1,018
961
848
261
(M
27,778
1,244
6,278
4,792
5,405
5,552
2,173
1,080
669
248
121
108
45
31
20
12
20,005
2,950
8,319
3,131
2,613
1,633
724
271
175
63
27, 698
16,806
209
2,097
1,855
2,759
4,248
2,437
1,490
884
341
221
145
43
41
18
18
10, 892
448
3,620
1,874
1,665
1,592
790
422
242
107
13,801
7,755
144
616
965
1,085
2,299
1,145
643
349
173
134
115
33
19
23
12
6,046
307
1,779
1,040
932
1,009
442
223
147
51
54
47
11
3
5,457
3,344
(1)
494
456
482
798
362
280
179
101
74
3
2
2,113
(1)
670
291
291
374
205
336
234
543
590
657
399
187
86
50
41
14
9
12
7
1,442
(1)
(1)
(M
263
258
32
32
14
Footnotes at end of table. See teit for explanatory statements and for "Description of Sample and Limitations of Data.
144
CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
ACTIVE CORPORATION RETURNS
Table 19 . —NUMBER OF RETURNS,
BY DISTRICT IN WHICH RETURNS WERE FILED, BY SIZE OF TOTAL ASSETS— Continued
Size of total assets
Sajl Francisco Region, by district
Los
Angeles
Salt LaJle
City
San
Francisco
OITiee of
Inter-
national
Operations^
Grand total.
Returns with net income, total.
Zero assets
$1 under $25,000
; 125,000 under 450,000
1 150, 000 under $100, 000
I ilOO, 000 under $250, 000
$250, 000 under $500, 000
S500,000 under $1,000,000
$1, 000, 000 under $2, 500, 000
12,500,000 under $5,000,000
$5, 000, 000 under $10, 000, 000
$10,000,000 under $25,000,000...
$25, 000, 000 under 150, 000, 000. . .
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Returns without net income, total.
Zero assets
il 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, OOO, 000
5,000,000 under $10,000,000
1110,000,000 under $25,000,000...
! 125, 000, 000 under $50,000,000...
i 50,000,000 under $100,000,000..
1.100,000,000 under $250,000,000.
1 1250, 000, 000 or more
(61)
(62)
(63)
(6^)
(65)
(66)
(67)
(68)
(69)
(70)
(71)
(72)
(73)
133, 530
82, 253
2,530
10, 932
ll,lii
W,66«
20,725
10,816
5,760
3,311
1,086
617
365
138
70
49
46
51,277
5,314
17,433
7,479
7,226
7,487
3,020
1,718
887
290
194
112
61
28
IB
10
3,192
2,015
(')
(M
253
427
635
287
(M
54
20
15
2
1
1,177
(1)
234
241
202
277
(1)
14
5
7
2,379
(M
284
264
306
847
295
157
75
49
28
11
7
1
1,482
110
342
153
353
301
(M
13
3
325
234
286
492
193
157
78
39
15
3
1
2
1,238
(1)
406
302
176
242
36,034
1,163
5,665
5,313
6,703
8,426
4,468
2,115
1,346
383
209
130
52
24
22
15
23,102
2,215
8,770
3,269
3,081
3,2U
1,222
686
351
103
6,525
3,813
(1)
319
539
758
904
573
323
159
32
26
9
1
2
2
2
2,712
201
964
450
353
336
222
(1)
39
16
3
2
1
2
5,432
159
716
573
1,115
1,486
546
389
261
3,644
775
1,088
509
517
440
1,958
1,208
(M
119
237
182
243
151
152
68
22
11
7
5
1
750
(')
236
222
4,806
2,867
106
344
283
515
786
451
162
113
43
37
17
4
3
1,939
307
546
297
244
260
(1)
112
42
15
5
7
2
25, 809
16,682
463
1,632
2,097
2,617
4,495
2,531
1,464
783
264
137
108
42
21
10
18
9,127
769
2,658
1,234
1,451
1,511
744
391
227
63
39
18
15
5
2
16,079
9,973
377
1,412
1,301
1,755
2,411
1,321
730
374
140
79
39
6,106
676
2,189
917
729
938
315
158
96
30
23
20
10
1
3
1
1,094
655
(1)
270
186
(')
28
6
6
439
(M
189
194
603
389
(^)
2S
13
10
16
4
4
1
214
13
Sampling variability of this estimate is too large to warrant showing separately. However, the data are included in totals.
^Includes the District of Columbia.
'This office receives returns of danestic corporations with foreign addresses and returns of resident foreign corporations.
NOTE; See text for erplanatory statements and for "Description of Sajnple and Limitations of Data. "
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
145
MANUFACTURING AND TRADE CORPORATION RETURNS
Table 20. — BEGINNING AND ENDING INVENTORIES, BUSINESS RECEIPTS, AND TOTAL ASSETS, BY INDUSTRIAL GROUP
Industrial group
Returns with and without beginning- and
end-of-year inventories
Number of
returns
Busineas
receipts
(Thauaand
dollars)
Total
assets
(Thousand
dollars)
Inventory,
end-of-
year
fTTtoua and
dollars)
Returns with both beginning- and end-of-year inventories
Number of
returns
Business
receipts
(Thousand
dollars)
Total
assets
(Thoussnd
dollars)
Inventory,
beginnlng-
of-year
(Thouaar\d
dollars)
Inventory,
end-of-
year
(Thousand
dollars)
(1)
(2)
(3)
M
(5)
(6)
t?)
(8)
(9)
Manufacturing, total
Beverage industries
Food and Inndred products
Tobacco manufactures
Textile mill products
Apparel and other finished products made from fabrics and
similar materials
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemi cals and allied products
Petroleum refining and related industries
Rubber and miscellaneous plastics products
Leather and leather products
Stone , clay, and glass products
Primary metal industries
Fabricated metal products, (including ordnance), except ma-
chinery and transportation equipment
Machinery, except electrical and transportation equipment.
Electrical machinery, equipment, and supplies
Transportation equipment, except motor vehicles
Motor vehicles and motor vehicle equipment
Professional, scientific, and controlling instruments; pho-
tographic and optical goods; watches and clocks
Other manuf a cturing industries
Vholesale and retail trade , total
Wholesale trade
Groceries and related products
Electrical goods, hardware, and plumbing and heating
equipment and supplies
Other wholesalers
Retail trade
Food
General merchandise
Apparel and accessories
Furniture , home furnishings , and equipment
Automotive dealers and gasoline service stations
Eating and drintlng places
Building materials, hardware, and farm equipment
Other retail stores
Wholesale and retail trade not allocable
156,297
356,972,649
252,13-4,2'i7
5-4,798,833
114,-481
336,977,946
240,760,169
47,667,810
52,285,557
2,941
15,530
204
5,706
16,287
7,963
5,832
3,236
18,706
8,226
828
3,932
2,711
6,884
3,655
14,690
16,275
6,593
2,076
1,292
2,730
10,000
8,215,474
50,112,468
4,817,872
14,196,673
11,843,834
7,193,236
4,945,371
11,579,374
12,238,036
26,065,022
36,004,8"..
7,737,607
3,907,359
10,581,391
27,194,223
18,712,082
24,938,517
22,500,260
16,465,594
24,273,354
6,200,826
7,249,222
5,248,563
18,010,406
3,306,120
8,929,065
4,507,669
5,333,283
2,449,833
9,977,017
8,146,482
23,202,242
39,748,483
4,906,503
1,843,319
8,713,029
26,282,013
11,772,597
20,137,931
14,300,144
9,694,529
16,561,217
4,545,251
4,518,551
1,294,553
4,219,545
2,458,927
2,536,652
1,711,618
1,063,028
721,055
1,397,097
953,126
3,890,493
3,241,845
1,310,409
627,798
1,332,475
5,051,288
3,229,107
5,959,678
3,983,710
3,837,825
3,382,363
1,343,302
1,252,439
2,502
12,086
191
4,392
10,738
5,615
4,861
2,459
10,578
6,242
601
2,821
2,284
5,487
3,024
11,657
12,015
4,955
1,411
1,093
2,186
7,273
7,904,532
47,242,511
4,812,180
13,213,570
10,643,605
6,563,944
4,652,089
10,556,289
10,707,611
25,146,329
34,798,717
7,406,606
3,675,395
9,782,595
26,215,637
17,597,557
23,801,741
21,668,271
13,683,333
24,186,311
5,865,097
6,853,526
5,104,518
17,040,156
3,300,954
8,380,538
4,131,154
4,933,070
2,314,204
9,168,797
7,130,250
22,573,612
38,747,619
4,730,058
1,762,893
8,250,244
25,575,166
11,186,615
19,385,308
13,850,656
8,059,174
16,499,784
4,337,264
4,248,135
1,183,019
3,874,408
2,346,777
2,235,890
1,337,123
897,061
623,824
1,170,114
327,384
3,478,001
2,982,400
1,137,602
549,948
1,116,234
4,320,532
2,868,565
5,043,798
3,334,329
2,828,647
2,766,818
1,U28,293
1,066,543
1,267,449
3,982,843
2,457,867
2,417,933
1,623,407
1,011, WO
694,821
1,294,771
914,904
3,303,308
3,129,321
1,276,364
607,680
1,265,718
4,911,865
3,099,870
5,793,805
3,858,641
3,022,664
3,363,773
1,288,007
1,199,406
334,717
252,867,764
87,556,508
26,704,284
219,792,799
76,748,510
24,645,557
109,648
12, 870
11,613
85,165
199,624
14,009
13,153
24,138
20,099
35,681
28,826
21,435
42,233
25,445
124,124,376
11,728,810
90,030,300
118,156,300
28,302,003
23,656,304
7,716,537
5,484,531
29,232,114
4,922,001
7,488,628
11,354,189
10,587,088
3,974,427
4,417,646
32,596,325
42,081,879
5,185,863
12,526,114
3,523,553
3,204,448
6,805,578
1,771,152
3,830,454
5,234,712
11,774,399
1,151,413
1,641,454
3,982,027
13,669,677
1,631,699
3,581,635
1,390,708
955,953
2,778,495
132,938
1,471,292
1,726,957
1,259,708
71,034
8,407
8,527
54,100
149,724
10,052
9,563
19,301
15,797
27,248
17,461
17,818
32,434
15,737
106,943,991
19,262,854
10,515,930
77,165,207
103,491,359
21,379,024
22,346,235
7,061,860
4,740,334
26,161,605
3,944,489
6,758,465
10,099,347
34,832,799
3,386,329
3,973,127
27,473,343
37,936,496
4,243,185
12,200,191
3,245,123
2,841,580
6,026,314
1,361,252
3,481,380
4,537,471
3,979,215
10,291,073
1,047,102
1,402,957
7,841,014
11,660,137
1,223,534
3,220,587
1,209,292
796,292
2,368,192
111,863
1,265,344
1,465,033
1,076,613
11,020,123
1,075,246
1,559,584
3,385,298
12,444,360
1,286,920
3,489,781
1,281,271
853,168
2,484,515
116,307
1,355,025
1,577,373
1,181,069
NOTE:
See text for explanatory statements and for "Description of Sample and Limitations of Data."
146 CORPORATION INCOME TAX RETURNS, JULY 1959-JUNE 1960
BAANUFACTURING AND TRADE C<»PQRATION RETURNS
Table 20- —BEGINNING AND ENDING INVENTORIES, BUSINESS RECEIPTS, AND TOTAL ASSETS, BY INDUSTRIAL GROUP— Continued
Industrial group
Returns vlth only begiiining-of-year
inventory
Number of
returns
Business
receipts
(Thouamnd
doll»rm)
Total
assets
(Thou»*nd
dolUru)
Returns with only end-of-year inventory
Inventory
beginning- Number rf
of-yeor returns
(Thousand
dollmrt)
Business
receipts
(Thouasnd
doUmrt)
Total
assets
(Thousand
doller»)
Inventory,
end-of-
year
(Thouaand
dolUrm)
Returns with no inventories
Number of
returns
Business
receipts
(Thousand
dollar*)
Total
assets
(Thouumnd
dollmra)
(10)
(11)
(12)
(13)
(U)
(15)
(16)
(17)
(18)
(19)
llELnufacturing, total.
Beverage industries
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other finished products made from fabrics
and similar materials
Lumber and wood products, except furniture..
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Petroleum refining and related industries..
Rubber and miscellaneous plastics products.
Leather and leather products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, (including ordnance), ex-
cept machinery and transportation equipment
UBchinery, except electrical and transportstlon
equipment
Electrical machinery, equipment, and supplies
Transportation equipment, except motor vehicles
Motor vehicles and motor vehicle equipment
Professional, scientific, and controlling instru-
ments; photographic and optical goods; watches and
clocks
Other manufacturing industries
Wholesale and retail trade, total.
Wholeaale trade
Groceries and related products
Electrical goods, hardware, and plumbing end heat-
ing equipment and supplies
Other wholesslers
Retail trade.
Food
General merchandise
Apparel and accessories
Furniture, home furnishings, equipment
Automotive dealers and gaaoline service stations...
Eating and drinking places
Biiilding materials, hardware, and farm equipment...
Other retail stores
i,283
1,178,980
5.17,012
251,253
13,256
13,304,298
9,058,259
2,513,276
2i,277
5,511,425
(M
466
1
(')
(M
(M
534
204
(1)
(')
(')
(1)
(»)
(M
(M
(M
(')
CM
231,518
1,239
(')
121,551
60,909
(M
(M
90,546
27,626
(')
(M
(')
(')
49,984
90,811
fM
rM
(M
38,969
(»)
56,378
671
(M
31,402
48,003
(1)
(M
44,866
35,208
(M
(M
f')
(')
40,190
75,889
tM
f>)
(M
19,703
(M
17,408
596
(M
36,382
14,495
(M
(1)
10,876
3,770
tM
(M
(')
fM
15,668
32,931
fM
fi)
(M
(1)
m
1,387
397
1,351
768
440
250
1,243
832
(M
505
199
661
(M
1,291
1,258
614
338
(M
219
1,059
(M
1,898,891
(M
619,950
563,940
315,277
224,449
653,415
547,984
601,598
(M
196,786
160,234
503,313
715,415
640,922
499,140
2,528,361
295,332
243,391
(1)
805,927
406,734
230,164
215,491
106,333
735,833
396,486
547,357
tM
136,777
62,452
359,470
(M
419,096
552,330
357,356
1,596,245
CM
194,240
212,281
(M
236,702
(M
118,669
88,211
51,938
26,234
102,326
38,222
87,185
CM
34,045
20,118
66,757
CM
129,237
165,873
125,069
815,161
CM
55,795
53,033
CM
1,591
794
3,434
1,300
438
393
6,351
948
CM
532
CM
643
412
1,443
2,525
913
241
CM
282
1,438
CM
739,548
514,738
253,106
51,054
256,279
891,895
289,469
CM
124,686
CM
264,637
116,661
349,126
405,043
301,243
236,892
CM
34,440
113,336
2,058,727
15,280,710
2,957
385
CM
2,399
565
467
462
369
737
1,575
294
803
Wholeaale and retail trade not allocable.
CM
794,747
620,342
127,755
33,463
58,101
30,085
184,095
98,544
35,073
53,226
61,522
304,408
42,608
CM
219,949
247,291
19,363
25,594
15,358
27,587
69,014
43,075
24,616
22,684
47,616
131,078
65,998
CM
58,153
100,828
6,168
8,442
11,360
6,644
48,610
1,995
9,758
7,851
9,457
1,160
7,683
24,712
1,804
1,677
2,818
2,426
4,865
4,127
1,856
5,139
3,466
7,240,815
1,465,119
561,866
5,213,830
8,151,080
2,447,970
494,781
435,667
541,113
2,410,176
561,894
480,306
779,173
617,043
2,862,150
220,8U
227,738
2,413,601
877,403
238,788
206,572
298,169
592,996
257,417
260,631
392,925
754,771
76,172
81,870
596,729
344,779
91,854
109,437
102,785
293,980
16,631
116,267
U9,584
25,640
2,904
1,753
20,983
19,916
1,588
1,446
1,557
1,507
2,831
5,663
1,517
3,807
5,310
8,836,117
1,369,256
610,345
6,856,516
5,893,019
3,847,254
281,825
160,909
172,499
476,238
317,074
214,784
422,436
C20)
1,768,807
CM
107,945
114,949
136,719
20,148
33,084
524,880
46,065
CM
31,989
CM
84,779
94,562
126,696
124,404
73,616
26,069
CM
6,079
38,432
3,956,223
2,989,541
324,679
174,930
2,489,932
773,191
45,917
61,541
56,500
37,112
117,254
109,408
63,827
281,632
193,491
^Sampling variability of this estimate is too large to warrant showing separately. However, the data are Included in totals.
fTOTE: See text for explanatory statementa and for "Description of Sample and Limitations of Data."
CORPORATION INCOME TAX RETURNS, JULY 1959 -JUNE 1960
147
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