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"BOSTON PUBLIC LIBRARY |
GOVERNMENT GOCUMENTS OF.PARTMENT
RECEIVED
MAY 0 7 1999
STATISTICS IQCC
OF INCOME luDO
CORPORATION
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Internal Revenue Service
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Publication 16 (4-70)
OCCHr'r,«VrLLEGE
Publication 16 (4-70)
Price $3.00 (paper cover)
Library of Congress Card No. 61-37568
Suggested citation
Internal Revenue Service
Statistics of Income — 1966, Corporation Income Tax Returns
U.S. Government Printing Office, Washington, D.C. 1970
Statistics of Income publications are for sale by
the Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402
Other recent publications for sale
Individual Income Tax Returns for 1967 (259 pp., $2.75)
Foreign Tax Credit Claimed on Corporation Income Tax Returns for 1961
(73 pp., 50it)
Foreign Income and Taxes reported on Corporation Income Tax Returns
for 1962 (263 pp., $2.00)
Corporation Income Tax Returns for 1965 (354 pp.. $3.25)
Business Income Tax Returns for 1966 (321 pp., $2.50)
Business Income Tax Returns for 1967, Preliminary (34 pp., 35<')
Fiduciary, Gift, and Estate Tax Returns filed during 1966 (114 pp., $1.25)
Personal Wealth Estimated from Estate Tax Returns filed during 1963
(103 pp., 650
Zip Code Area Data, Individual Income Tax Returns for 1966, Supplemental
(96 pp., $1.00)
Farmers' Cooperative Income Tax Returns for 1963 (58 pp., 40c*)
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Publications in preparation
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STATISTICS
OF INCOME
1966
CORPORATION
10^
Internal Revenue Service
Randolph W. Thrower, Commissioner
William H. Smith, Deputy Commissioner
Albert W. Brisbin, Assistant Commissioner (Planning and Research)
Statistics Division
Vito Natrella, Director
Robert J. Tolliver, Assistant Director
Thomas F. McHugh, Cliief, Income, Finance, and Wea/th Branch
Ted E. McHold, Chief, Statistical Techniques Branch
Alfred J. McKeon, Chief, iWat/iematica/ Statistics Branch
Bernard F. Duck, Sr., Acting Chief, Program Management Branch
This report was prepared in the Income, Finance, and
Wealth Branch by the Corporation Statistics Staff
under the direction of Mrs. Barbara R. Vatran.
The procedures for sampling processing and reviewing
the data were developed by other branches of the
Statistics Division. The returns were sampled at
the Service Centers at Andover, Massachusetts;
Austin, Texas; Chamblee, Georgia; Covington, Kentucky;
Kansas City, Missouri; Philadelphia, Pennsylvania
and Ogden, Utah.
The Data Center at Detroit, Michigan performed the
statistical abstracting of the data and designed
and conducted the computer processing.
Letter of Transmittal
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington, D. C, December 30, 1969.
Dear Mr. Secretary:
I am transmitting the S^a«s«cs of Income- -1966, Corp oration Income
Tax Returns with accounting periods ended July 1966 through June 1967.
This report was prepared in partial fulfillment of the requirements of
section 6108 of the Internal Revenue Code of 1954, which provides that
statistics be published annually with respect to the operation of the in-
come tax laws.
This report presents the first complete statistics about the tem-
porary suspension of the investment credit and how the suspension
reduced the credit claimed for 1966. Also, in addition to the regular
presentations on corporate assets, liabilities, receipts, deductions,
profits, income tax liability, and distributions to stockholders, special
tables are included providing information on book and tax net income,
intercorporate dividends, members of controlled groups, and the age of
Small Business Corporations filing under section 1372.
Statistics for 1966 relating to the foreign tax credit and Controlled
Foreign Corporations will be included in a special supplement to be
published during 1970.
Commissioner of Internal Revenue.
Hon. David M. Kennedy,
Secretary of the Treasury.
m
Foreword
Income and financial statistics presented in this report are based
on data derived from a stratified sample representing all corporation
income tax returns (Forms 1120, 1120F, 1120L, 1120M and 1120-S) with
accounting periods ended July 1966 through June 1967. Returns were
due to be filed within 2-1/2 months after the close of the corporate ac-
counting period. However, many companies were granted extensions of
time in which to file, so that some of the returns for the accounting peri-
ods covered by this report were not filed until early 1968.
The Internal Revenue Code of 1954, as amended, provides the legal
basis for the tax activity detailed in this report. Amendments to the
Code or procedures affecting these statistics include provisions for:
• The temporary restriction of the use of accelerated depreciation
methods for certain real property (Described in section 6)..
• The temporary suspension of the investment credit and an expansion
of the definition of property eligible for the investment credit (De-
scribed in section 6).
• The acceleration of payments on estimated tax (Described in section
5).
• Treatment of refundable taxes on nonhighway use of gasoline and
lubricating oil as a credit toward payment of income tax (Described
in section 5).
• The treatment of certain net long-term capital gains as taxable to
Small Business Corporations electing to be taxed through sharehold-
ers (Described in section 8).
• The treatment as current year undistributed income, of certain distri-
butions made after the close of the year by Small Business Corpora-
tions electing to be taxed through shareholders (Described in section
8).
• The relaxing of the restrictions on investment income for new Small
Business Corporations electing to be taxed through shareholders
(Described in section 8).
Contents
GUroE TO BASIC AND HISTORICAL TABLES, vii
Section 1
SUMMARY OF CORPORATE ACTIVITY, 1
Section 2
CORPORATIONS, RETURNS, AND ACCOUNTING
PERIODS, 3
Section 3
INDUSTRY AND SIZE CHARACTERISTICS, 5
Section 4
BOOK NET INCOME, 107
Section 5
COMPUTATION AND PAYMENT OF TAX, 115
Section 6
INVESTMENT CREDIT, 141
Section 7
CONSOLIDATED RETURNS AND CONTROLLED GROUPS, 159
Section 8
SMALL BUSINESS CORPORATION RETURNS, FORM 1120-S, 197
Section 9
EXPLANATION OF TERMS, 201
Section 10
DESCRIPTION OF THE SAMPLE AND LIMITATIONS
OF THE DATA, 221
Section 11
HISTORICAL SUMMARY, 227
Section 12
FORMS AND INSTRUCTIONS, 1966, 241
Section 13
INDEX, 313
VI
Guide to Basic and
Historical Tables
INDUSTRY MEASUFIEMENT
Minor industry (Table 1), 6
Major industry, balance sheets and income statements
(Tables 2, 3), 14, 21
Major industry, selected balance sheet and income
statement items, by size of total assets (Table 4), 28
Major industry, selected items by size of business
receipts (Table 5), 63
Major industry, book and tax net income, (Table 7), 112
Major industry, net income, statutory special deductions,
and tax items (Table 8), 120
Major industry, dividends received, and dividends
received deduction (Table 9), 127
Major industry, investment credit and related items
(Table 17), 144
RETURNS WITH NET INCOME
Major industry, balance sheets and income statements
(Table 3), 21
SIZE DISTRIBUTIONS
Total assets (Table 4), 28
Business receipts (Table 5), 63
Income tax before credits (Table 13), 135
Income tax after credits (Tables 14, 15), 136, 138
Income taxed at normal tax and surtax rates
(Table 10), 128
INVENTORIES
Beginning and ending inventories, by accounting period
(Table 6), 98
ACCOUNTING PERIODS
Inventories (Table 6), 98
Tax items (Tables 11, 12), 130, 131
Payments on declarations of estimated tax (Table 16),
140
BOOK NET INCOME OR DEFICIT (description on
page 107 (Table 7), 112
STATUTORY SPECIAL DEDUCTIONS
By major industry (Table 8), 120
By size of income taxed at normal tax and surtax rates
(Table 13), 135
♦DIVIDENDS
Type of dividends received, and dividends received
deduction, by major industry (Table 9), 127
TAX LIABILITY
Tax items, by major industry (Table 8), 120
Alternative tax (Table 10), 128
By size of income taxed at normal tax and surtax rates
(Table 10), 128
INVESTMENT CREDIT ITEMS
By major industry (Table 17), 144
By size of total assets, by industrial division (Table
18), 147
By size of tax available for credit (Table 19), 153
OTHER CREDITS
Payments on declarations of estimated tax (Tables 10,
12-14), 128, 131-136
"Tax paid with application for extension (Table 15), 138
*U. S. tax on nonhighway gasoline and lubricating oil
(Tables 13-16), 135-140
CONTROLLED GROUPS
Selected items, by type of surtax exemption, and by type
of controlled group relationship, by industry (Tables
20, 21), 162, 174
CONSOLIDATED RETURNS
By industry (Tables 23, 24), 188, 195
By size of total assets (Table 22), 186
SMALL BUSINESS CORPORATION RETURNS
Form 1120-S (Tables 25-27), 198-200
♦Year of incorporation and year of election to be taxed
through shareholders (Table 27), 200
HISTORICAL STATISTICS,
28-32), 231-238
1957 through 1966 (Tables
*New presentation for 1966
VII
CONTENTS
Text tables
1.1 Returns, net income, income subject to tax, income tax, and tax credits,
1965 and 1966, 2
1.2 Receipts, deductions, and net income before and after tax, 1965 and
1966, 2
1.3 Returns, assets, receipts, and net income, by size of total assets, 1965
and 1966. 2
Chart
1A Net income and income tax, 1962-1966, 1
Section
1
Summary of
Corporate Activity
Total receipts reported on corporation income tax re-
turns increased by more than 9 percent to over $1.3
trillion in 1966. However, not all types of receipts shared
in this increase. Both foreign and domestic dividends
actually showed a decrease.
Domestic dividends decreased about 2 percent from
$4.5 billion for 1965 to $4.4 billion for 1966 and foreign
dividends dropped from $2.2 billion to $2.0 billion.^ Con-
structive distributions of profits of Controlled Foreign
Corporations to their U.S. parent corporations remained
about the same as 1965. However, data for the two types
of foreign distributions are not entirely comparable for the
2 years because for 1965 the statistics may have included
not only the distributions, but to some extent amounts
equal to foreign taxes deemed paid. The Revenue Act of
1962 required that distributions from "developed coun-
tries" be increased by these amounts if a foreign tax
credit was to be claimed. Although this "gross-up" was
^This amount is not shown throughout this report because of changes made
too late to be included in the basic tables. See table 9.1 for revised data.
excluded from foreign dividends for statistical purposes
for 1965 whenever it could be identified, it was not until
1966 that it could be more fully identified through a line on
the return form.
The deductions from total receipts used to arrive at net
income showed an increase of $105.4 billion. Of these
deductions, depreciation increased nearly 10 percent, the
largest increase since that recorded for 1962. Part of
this increase may be due to the liberalizing of the depre-
ciation guidelines under Revenue Procedure 65- 13 issued
in February 1965.' Under the Procedure, modifications of
the original 1962 Procedure were made which generally
facilitated its adoption.
Net income summarized in table 1.1 and illustrated in
chart l,A,showed an increase of $6.9 billion for 1966 and
resulted in an increase in income tax before credits of
$2,8 billion. The effective tax rate (income tax to net in-
come) was over 39 percent for tax before credits and
nearly 34 percent for tax after the foreign tax and invest-
ment credits, the lowest percentages in recent years.
These lower percentages reflected, in part, the reduction
Chart 1A
Returns with net
income, 1962-1966
Both corporate net
income before tax
and income tax
after credits'
increased 8%
over 1965
87.7
Billions of dollars
Net income 56.2
Income tax
after credits
V Investment and foreign tax credits
21.5
1962 1963 1964 1965 1966
Corporation Returns/1966 • Summary of Corporate Activity
Table 1.1.— CORPORATION RETURNS: NUMBER, NET INCOME OR DEFICIT, INCOME
SUBJECT TO TAX, INCOME TAX, AND TAX CREDITS, 1965 AND 1966
Number of returns, total ■
Active corporations, total
With net income ■
Without net income ■
Inactive corporations ■
Number of returns with income tax.
Net income (less deficit) ■
Net income
Deficit
Income subject to tax
Income tax
Investment credit
Tax after investment credit
Foreign tax credit
19d5
1966
Increase
Number or
ajiiount
Percent
(1)
(2)
(3)
(4)
1,490,103
1,537,857
47,754
3.2
1,423,980
1,468,725
44,745
3.1
915,311
503,669
939,846
528,879
24,535
20,210
2.7
4.0
ot>,li3
69,132
3,009
4.6
o91,463
714,798
23,335
3.4
(Thousand dottar
■)
73,889,821
80,796,801
6,906,980
80,527,706
87,740,224
7,212,518
6,637,885
6,943,423
305,538
9.0
8.6
4.4
70,839,773
31,661,573
1,716,290
77,100,586
34,449,174
2,006,385
6,260,813
2,787,601
290,095
8.8
8.8
16.9
29,945,283
2,615,945
32,442,789
2,861,270
2,497,506
245,325
8.3
9.4
in income tax rates under the Revenue Act of 1964. The
new tax rates, accomplished through a two step reduc-
tion, were not fully effective until the 1966 tax year.
The statistics in table 1,1 also reveal an increase in
the foreign tax and investment credits. The foreign tax
credit, allowed on taxes paid or accrued primarily on
dividends and branch profits, increased by 9 percent, to
$2.9 billion. The investment credit allowed on investments
in certain machinery and equipment increased by 17 per-
cent to $2.0 billion. This rate of increase, the lowest since
1962 when the credit was introduced, reflected the 5 month
suspension of the investment credit from October 10, 1966,
to March 9, 1967.
Corporate profits (net income less deficit minus tax
after investment credit) during the 1966 tax year, as shown
in table 1.2 were over $4 billion greater than during the
previous year. This 8.7 percent increase reflected a 3.1
percent increase in the number of active corporations as
well as an overall increase in the volume of business.
Total assets, receipts and net income are compared for
1965 and 1966 by size of total assets in table 1.3.
Table 1.2.— ACTIVE CORPORATION RETURNS: RECEIPTS, DEDUCTIONS, AND
NET INCOME, 1965 AND 1966
Total receipts
Business receipts
All other receipts
Total deductions
Cost of sales and operations
All other deductions
Net income ( less deficit )
Net income (less deficit) less tax after investment credit
NOTE: Detail may not add to totals because of rounding.
SO. 5
48.1
Table 1.3.— ACTIVE CORPORATION RETURNS: NUMBER OF RETURNS, TOTAL ASSETS,
TOTAL RECEIPTS, AND NET INCOME, BY SIZE OF TOTAL ASSETS. 1965 AND 1966
Year and size of total assets
1965
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000 ,
$250,000 under $500,000 ,
$500,000 under $1,000,000
$1,000,000 under $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
1966
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000...,
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Number of
returns
(1)
1,423,980
43,763
564,496
237,903
280,271
137,481
72,936
62,601
10,874
7,397
2,857
1,500
1,079
822
1,468,725
43,634
575,963
244,880
291,520
144,699
73,652
63,968
11,048
7,792
2,954
1,576
1,137
882
Total assets
(Thouiwtd
dollars)
(2)
1,723,524,382
11,146,166
17,070,862
44,697,741
48,007,215
50,384,071
130,154,152
76,073,703
114,883,839
99,139,366
104,338,717
165,384,897
862,243,653
1,844,775,452
11,343,860
17,574,983
46,675,492
50,615,994
54,538,313
132,528,545
78,025,040
121,105,609
102,673,722
109,554,421
174,869,569
945,269,904
Total receipts
(ThousMid
dollars)
(3)
1,194,600,662
8,379,824
32,139,987
35,914,905
85,735,096
86,867,041
86,655,336
166,532,977
57,550,524
65,700,793
53,848,783
54,857,105
86,061,497
374,356,794
1,306,517,897
9,489,443
32,996,292
37,(2.2,779
90,775,035
92,527,514
95,349,502
180,236,435
62,633,209
73,010,052
59,031,124
58,147,865
95,635,932
419,667,715
Net income
(less
deficit)
(TTtouaaitd
(hilars)
(4)
73,889,821
346,416
92,847
789,633
2,434,332
2,380,520
2,704,104
6,435,926
2,924,795
3,841,604
3,560,936
3,884,831
7,478,538
37,014,734
80,527,706
628,847
54,644
817,025
2,458,432
2,670,596
2,884,622
6,796,040
3,159,168
4,199,436
3,711,053
4,240,093
7,526,336
41,381,314
Section
CONTENTS
Number of corporations vs. number of returns, 3
Accounting periods, 3
Chart
2A Returns and net income, by accounting period, 4
Corporations, Returns,
and Accounting Periods
Income and financial statistics for 1966 presented in this
report were derived from a stratified sample of the
1,538,000 (table 1,1 in section 1) corporation income tax
and information returns filed for accounting periods
ended July 1966 through June 1967. The types of returns
used, and their accounting period coverage, with a brief
comparison of number of returns and number of cor-
porations are described below. The design of the sample
is discussed in section 10.
NUMBER OF CORPORATIONS VS.
OF RETURNS
NUMBER
All domestic and resident foreign corporations in exist-
ence at any time during the year, unless expressly exempt,
were required to file a return regardless of the size of
their income. Almost 1,469,000 returns were filed by
active corporations, including about 182,000 returns filed
by Small Business Corporations electing to be taxed
through their shareholders. Active corporation returns
were the basis of all financial statistics presented in this
report. Inactive corporation returns, defined as those
showing no income or deductions, were filed by approxi-
mately 69,000 corporations. Financial data from the re-
turns of inactive corporations, of the few proprietorships
and partnerships electing to be taxed as corporations
under Code section 1361, and of nonresident foreign cor-
porations which may have had taxable income from United
States sources, were excluded from all tables. Also ex-
cluded were returns of farmers' cooperatives (even though
taxable on their undistributed earnings) and returns of
non-profit organizations (educational, charitable, and
other) exempted from income tax under Code sections
521 and 501, respectively (even though some of these or-
ganizations were subject to tax on business income not
related to their tax-exempt status).
The Internal Revenue Code recognizes as corporations
subject to tax many types of organizations such as joint-
stock companies, insurance companies, and unincorpo-
rated associations including business trusts, savings and
loan associations, certain partnerships, mutual savings
banks, and cooperative banks. Though not all were legally
organized as corporations, they possessed characteris-
tics typical of the corporate form such as continuity of
life, centralization of management apart from ownership,
limited liability of owners, and transferability of the
shares of capital ownership and consequently were re-
quired to file income tax returns.
Since returns, rather than individual corporations, are
the basic units used in this report, frequencies of returns
generally may not be the same as the number of legal
corporate entities actually involved in the condition being
measured. There are two primary factors accounting for
this disparity.
First, the Internal Revenue Code permitted a parent
corporation to file a single consolidated return for an
affiliated group of corporations, reporting the combined
financial data for the group. An affiliated group of cor-
porations is comprised of one or more chains of includ-
able corporations connected through stock ownership with
a common parent. Although the number of affiliated
groups using the privilege to file consolidated returns
has been increasing since the repeal by the Revenue Act
of 1964 of the 2 percent additional tax imposed for such
filing, consolidated returns accounted for less than 5 per-
cent of the number of returns filed. For 1966, approxi-
mately 10,000 parent corporations filed consolidated re-
turns which included data from 42,000 subsidiary corpora-
tions. For most corporations the tax reporting unit was
the legal entity, without regard to ownership.
The second factor involved the possibility of the inclu-
sion of two return forms for the same corporation. This
situation may have existed because, in addition to their
normal tax year return, corporations electing a change
in accounting period were required to file a return for the
short period between the close of the former tax year and
the beginning of the new tax year. Also, reorganized cor-
porations and corporations changing to or from taxation
at the shareholder level were required to file separate
part-year returns for both the period preceding and fol-
lowing the date of reorganization or change, Itwas there-
fore possible for either a full year and a part-year, or
two part-year returns for the same corporation to appear
in the sample. There was not a duplication of financial
data, however, since the returns covered different periods
of time,
ACCOUNTING PERIODS
Corporation statistics are based not only on returns
with accounting periods coinciding with the calendar
year, but also on returns with the eleven noncalendar
year accounting periods ended July of one year through
June of the following year. By defining the income year
in this way, noncalendar year accounting periods are con-
sidered to be centered at the calendar year. Chart 2A
shows the 12 accounting periods covered by the 1966
statistics. As shown in that chart, a span of 23 months
existed between the first-included accounting period be-
ginning on August 1, 1965, and the last-included period
ending on June 30, 1967. Income may have been received
Corporation Returns/1966 • Corporations, Returns, and Accounting Periods
Chart 2 A
Number of returns and net income, by accounting periods
1
Accounting
periods
1
1
1
^^^^^
1 1 1 1 1
J
^^^^\
I
^^^^^
I
1
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1965
1966
Calendar year
1967
Aug.-JulY
■m3.7
1.5
Percent distribution
Sept. -Aug.
■■1 3.9
Returns and
Oct.-Sept.
^■^3
7.0
net income
(less deficit)''
Nov. -Oct.
MB 4.2
^■3.0
Dec.-Nov.
■■ 2.8
^^ Returns
Jan. -Dec.
■■HBJI
mSX
■M^^^^
Feb.-Jan.
■■ 3.5
1^2.8
^ Net income (less deficit)
Mar.-Feb.
r."
Apr.-Mar.
s?r
7.0
May-Apr.
■■■4.5
June-May
■■3.9
■ 1.1
July-June
■■■■■1
■1 9.9
■■■4.2
74.9
Excludes part-year returns
or expenses incurred in any of the months, August 1965
through June 1967, End-of- year balance sheet items such
as inventories and depreciable assets, on the other hand,
represented not only the composition of many corpora-
tions at December 31, 1966, but of some companies at
July 31, 1966, and of other companies as much as 11
months later, at June 30, 1967.
As required by law, corporations filed returns for the
accounting period customarily used by the corporation in
keeping its books. Although less than half of the returns
were filed for calendar year periods, the fact that nearly
75 percent of the net income (less deficit) was reported
on those returns indicated that the larger corporations
generally filed returns on a calendar year basis. The
percentages of both returns and net income (less deficit)
filed for each accounting period are shown in chart 2A.
Approximately 5.6 percent of the 1,469,000 returns
filed for active corporations were for accounting periods
of less than 12 months (see table 11). In addition to re-
turns filed for short periods by continuing corporations,
short-period returns were required to be filed for new
corporations in existence less than 12 months, for merg-
ing corporations and for liquidating corporations.
Changes in law occurring during the accounting periods
covered by this report are reflected in the statistics to a
varying degree. For some corporations the change may
have been fully applicable, for others only partially ap-
plicable, and for still others not applicable at all, de-
pending on the accounting periods used and the effective
date of the change in law.
More current financial information, on a different basis
and for manufacturing corporations only, is estimated
quarterly by the Federal Trade Commission and the Se-
curities and Exchange Commission and published in the
Quarterly Financial Report for Manufacturing Corpora-
tions.
Section
CONTENTS
Chart
3A Percentage distribution: Returns, assets, receipts, net income, tax, by
industry division, 5
Basic tables
1 Important summary statistics, by minor industry, 6
Balance sheet and income statements—
By major industry—
2 Active corporation returns, 14
3 Returns with net income, 21
Selected balance sheet and income statement items, by major industry—
4 By assets size, 28
5 By business receipts size, 63
6 Beginning and ending inventories, by accounting periods, by major
industry, 98
Tables 1 through 6 in this section present basic statis-
tics, including income statement and balance sheet items,
for tax year 1966. The industrial classification used in
this section, and elsewhere in the report, conforms gener-
ally with the classification issued by the Office of Statis-
tical Policy, Bureau of the Budget. Returns were classi-
fied in the industry which accounted for the largest por-
tion of total receipts even though the return may have
been for a company engaged in many different business
activities or may have been a consolidated return filed
for the members of an affiliated group of corporations.
(See also, "Industrial divisions and groups" in section
9).
Varying degrees of industry detail are shown in these
tables. The most detailed classification, minor industry,
is shown in table 1. Generally, however, the broader
classification of major industry is presented. In addition
to major industry, table 4 shows statistics distributed by
size of total assets, table 5 shows a distribution by size
of business receipts and table 6 presents the statistics
according to the month in which the accounting period
ended.
More detailed statistics are presented in the Corpora-
tion Source Book of Statistics of Income. They are avail-
able as unf)ublished worksheets and contain, for each in-
dustry in basic table 1, all balance sheet and income state-
ment items shown in table 2, cross -classified by total
assets classes shown in table 4.-"^
Chart 3A shows the relative importance of the major
industrial divisions as indicated by a percentage distri-
bution of number of returns, total assets, business re-
ceipts, cost of sales and operations, net income (less
deficit), and income tax. Manufacturing accounted for
over half of the net income and tax liability for all cor-
porations, but only about 22 percent of the total assets.
^Information about the specific content and cost of the Source Book data may
be obtained from the Director, Statistics Division, Internal Revenue Service,
Washington, D. C. 20224.
Industry and Size
Characteristics
Chart 3A ■■^■■■^^■■I^H^^HHH
Percent distribution of selected
items among industries, 1966
Number of returns, total assets, business receipts,
cost of sales and operations, net income, and Income tax
Manufacturing
accounted for nearly
half of business
receipts and over
half of net Income
(less deficit)
55.1
58.5
Trade
exceeded in ^"-^
number of returns
Finance
accounted for
over half of
total assets
Public utilities
7.7
4.1
Services
13.8
■
2.0
3.4
2.6
2.3
2.3
Other -
11.1
2.9
n
ri
m
pi
// ^^J^J"^
Contract construction. Mining, and
Agriculture, forestry, and fisheries
Corporation Returns/1966 • Industry and Size Characteristics
ACTIVE CORPORATION RETURNS
Table 1 —NUMBER OF RETURNS, RECEIPTS, COST OF SALES AND OPERATIONS, NET INCOME, TAX AND CREDIT ITEMS, DISTRIBUTIONS TO
STOCKHOLDERS, TOTAL ASSETS, NET WORTH, DEPRECIABLE ASSETS, AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY
Minor industry
N'jiT.ber oC returns
Tutal receipts
All
returns
(Thousmid
dollars)
Returns with
net income
(Jhoua^d
dollars)
Business
receipts
(Thousand
dollars)
Cost of
sales and
operations
(Thousand
dollars)
Net
income
(less
deficit)
(Tho
ars)
f TTiouiand
dollars)
Income
subject
to tax
(1)
U)
(4)
(5)
(6)
(8)
(9)
All industries
Agriculture, forestry, and fisheries
Farms
Agricultural services and hunting and trapping
Forestry and forestry services
Fisheries
Mining
Metal mining
Iron ores
Copper, lead and zinc, gold and silver ores
Miscellaneous metal mining
Coal mining
Crude petroleum and natural gas
Crude petroleum, natural gas, and natural gas
liquids
Oil and gas field services
Nonmetallic minerals (except fuels) mining
Crushed, broken, and dimension stone; sand and
gravel
Miscellaneous nonmetallic minerals, except fuels..
Contract construction
Building construction
Heavy construction, except building construction....
General contractors not allocable
Plumbing, heating, and air conditioning
Electrical work
Special trade contractors rot elsewhere classified. .
Special trade contractors not allocable
Contractors not allocable
Manufacturing
Food and kindred products
Meat products
Eairy products
Canned and frozen foods
Grain mill products
Bakery products
Sugar
Confectionery and related products
Malt liquors and malt
Wines, brandy, and brandy spirits
Distilled, rectified, and blended liquors, except
brand.y
Bottled soft drinks and flavorings
Vegetable and animal oils '
Food and kindred products not elsewhere classified
Food and kindred products not allocable
Tobacco manufactures
Textile mill products
Broad woven fabric mills, cotton
Broad woven fabric mills, man-made fiber and silk.
Eyeing and finishing textiles, except wool fabrics
and kni t goods
Broad woven fabric mills and finishing, wool
Knitting mills
Carpets and rugs: woven, tufted, and braided
Yam and thread mills
Narrow fabrics
Textile mill products not elsewhere classified....
Textile mill products not allocable
Apparel and other fabricated textile products
Men' s and boys' clothing
Women's, children's and infants' clothing
Miscellaneous apparel and accessories
Miscellaneous fabricated textile products
Apparel and other fabricated textile products not
allocable
Lumber and wood products, except furniture
Logging, lumber, and wood basic products
Millwork, veneers, plywood, and prefabricated
structural products
Miscellaneous wood products, except furniture
Furniture and fixtures
Household furniture
Furniture and fixtures, except household furniture
Paper and allied products
Pulp mills
Paper, paperboard, building paper, and building
board mi lis
Converted paper and paperboard products, except
containers
Paperboard boxes and other containers
1,468,725
27,945
18,930
6,956
726
1,333
14,831
886
(«)
545
213
2,336
7,924
3,799
4,125
2,915
770
112,373
40,023
12,096
487
14,679
3,881
35,338
(•)
830
187,642
18,359
2,222
3,545
2,065
2,133
2,717
(♦)
666
145
(•)
(-)
2,874
385
1,872
(•)
100
5,741
229
156
515
321
1,931
255
439
444
1,387
(•)
17,421
2,801
8,801
2,615
3,107
(•)
8,793
3,082
2,975
2,736
6,341
4,561
2,280
3,324
•)
1,457
1,533
16.004
11,041
4,420
276
867
7,284
267
(•)
(•)
(•)
1,048
3,646
1,611
2,035
1,983
340
70,461
22,556
8,235
287
10,561
5,995
22,616
(-)
133,439
13,022
1,670
2,440
1,515
1,489
1,551
(•)
498
(*)
(•)
(•)
2,118
298
1,200
(•)
(♦)
4,174
179
(•)
382
231
1,382
161
375
286
1,046
(•)
12,861
2,330
6,652
1,557
2,289
(-1
5,817
2,067
1,816
1,934
4,593
3,148
1,445
2,593
(••)
1,083
1,280
1,306,517,897
3,604,616
5,716,753
2,615,460
81,745
190,658
14,609,352
2,989,523
(-)
1,331,983
292,280
3,357,381
5,581,206
3,480,110
2,101,096
1,939,643
741,094
63,029,374
25,796,126
15,544,251
111,114
6,623,660
3,844,028
10,932,788
(*)
163,748
571,009,172
86,270,885
23,344,264
12,543,403
7,676,477
9,425,212
5,710,774
(•)
1,950,828
4,031,501
(-1
(•)
4,632,258
3,095,681
5,911,060
(•)
5,731,013
13,791,323
4,493,769
1,311,399
772,220
1,500,442
3,392,305
1,437,171
2,005,959
472,391
1,993,017
(•)
19,420,284
6,435,353
9,514,546
1,355,880
2,069,298
(•)
10,350,730
4,799,542
3,914,409
1,636,829
7,393,972
5,206,U9
2,137,853
16,630,848
(>)
9,538,315
3,449,803
2,936,722
1,180,714,247
6,451,549
4,179,279
2,051,779
59,152
151,339
11,962,687
2,809,424
(«)
(•)
(•)
2,717,841
4,340,352
2,864,023
1,476,324
1,595,580
498,990
51,861,537
20,762,362
13,015,029
103,633
5,670,334
3,217,425
8,943,070
(«)
143,845
537,795,065
76,412,467
19,455,749
10,990,410
7,259,360
3,426,642
4,763,256
(•)
1,730,288
(«)
(•)
(*)
4,261,295
2,327,673
5,481,078
(«)
(■)
17,023,726
4,215,330
(«)
650,686
1,389,399
2,997,129
1,286,654
1,701,311
456,942
1,763,810
(*)
17,212,914
5,860,189
8,369,528
1,081,665
1,872,416
(•)
8,764,635
4,323,599
2,979,291
1,461,745
6,546,574
4,619,666
1,926,908
15,336,168
(-)
9,271,554
3,266,392
2,748,113
1,224,370,364
8,203,046
5,376,132
2,569,079
71,383
185,947
13,389,920
2,838,542
(•)
1,735,799
279,144
3,208,053
5,276,435
3,265,524
2,010,911
2,566,390
1,850,287
716,603
61,850,382
25,306,247
15,032,954
107,331
6,569,409
3,793,333
10,317,260
(•)
166,022
557,318,291
85,209,409
23,264,530
12,353,095
7,548,351
9,304,061
5,652,488
(«)
1,922,152
4,032,570
(")
{•)
4,503,495
3,041,543
5,827,115
(»)
5,697,953
18,523,286
4,437,324
1,739,589
764,547
1,457,520
3,352,148
1,421,977
1,932,226
467,753
1,945,483
(•)
19,249,093
6,371,212
9,433,242
1,347,1J34
2,047,750
(•)
9,900,358
4,498,782
3,738,317
1,613,259
7,304,961
5,145,194
2,159,767
16,244,072
(•)
9,286,278
3,391,368
2,939,678
866,425,312
5,887,109
3,700,247
1,987,004
66,084
133,774
8,137,175
1,683,236
(»)
1,031,933
192,041
2,365,735
2,592,260
1,187,429
1,404,831
1,545,944
1,U1,106
414,838
51,867,138
22,614,976
12,450,308
91,476
5,330,618
2,998,206
3,235,291
(♦)
US, 304
390,877,215
65,492,426
21,013,366
9,891,268
5,675,025
7,545,595
3,556,304
(•)
1,291,733
1,860,693
(•)
(«)
2,522,465
2,623,308
3,929,737
(•)
3,213,773
14,578,669
3,438,179
1,435,844
586,046
1,159,393
2,676,194
1,125,121
1,575,134
350,241
1,524,925
(«)
14,324,565
4,913,039
7,271,501
1,031,772
1,567,039
(♦)
7,626,416
3,507,174
2,940,884
1,178,358
5,313,946
3,790,982
1,527,964
11,078,632
(-)
6,355,700
2,201,606
2,035,543
80,527,706
289,214
217,354
58,234
2,741
10,885
1,739,573
576,296
(-)
357,323
16,625
96,120
932,344
876,387
56,457
113, 545
20,768
1,398,935
355,206
482,384
7,307
143,879
120,877
287,152
(•)
2,077
44,403,696
3,493,133
234,306
424,063
375,332
435,103
212,040
(♦)
171,608
223,239
(♦)
(♦)
392,375
76,986
438,933
(•)
661,835
1,014,586
328,306
122,702
23,936
65,944
127,165
49,968
107,479
28,922
97,503
(•)
683,855
263,257
286,052
29,925
106,530
(•)
427,683
252,136
103,365
72,182
400,587
270,944
129, 6A3
1,411,932
(•)
773,399
372,856
198,122
465,397
367,281
80,355
4,792
12,969
2,077,353
614,651
(•)
(•)
(«)
152,817
1,121,471
996,309
125,162
188,914
137, 043
51,371
1,974,904
604,487
629,649
7,821
194,587
150,923
334,456
(-)
2,928
46,161,490
3,759,331
282,196
469,170
400,916
457,754
234,960
(•)
185,249
(•)
(•)
(•)
410,761
86,410
477, U6
(•)
(•)
1,098,465
334,144
(•)
39,710
75,988
150,706
55,708
120,642
30,043
105,162
(-)
773,559
277,519
338,833
42,057
114,391
(«)
534,776
285,719
161,812
87,245
452,554
305,952
146, 602
1,452,546
(")
389,741
203,043
77,100,586
317,522
246,829
56,135
4,542
10,016
1,738,631
479,937
(•)
(•)
(«)
117,524
1,059,716
951,234
108,482
103,943
27, 5U
1,600,923
467,083
554,077
1,091
155,764
121,218
299,602
(*)
2,040
43,638,512
3,592,259
253,377
439,910
375,710
435,709
225,216
(•)
181,651
(*)
(•)
(«)
395,988
80,243
468,997
(♦)
(*)
1,051,734
326,779
(«)
35,505
72,222
140,213
53,871
117,728
29,142
93,050
(«)
669,361
259,168
295,288
39,526
75,035
(•)
503,933
273,946
152,380
77,655
430,804
290,140
140, 664
1,407,744
(•)
381,425
193,722
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Ebta.
Corporation Returns/1966 • Industry and Size Characteristics
ACTIVE CORPORATION RETURNS
Table 1.— NUMBER OF RETURNS, RECEIPTS, COST OF SALES AND OPERATIONS, NET INCOME, TAX AND CREDIT ITEMS, DISTRIBUTIONS TO STOCKHOLDERS,
TOTAL ASSETS, NET WORTH, DEPRECIABLE ASSETS, AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY— Continued
Mining
Metal mining
Iron ores
Copper, lead and zinc, gold and silver ores.
Miscellaneous metal mining
Minor industry
All industries.
Agriculture, forestry, and fisheries.
Farms
Agricultural services and hunting and trapping.
Forestry and forestry services
Fisheries
Coal mining
Crude petroleum and natural gas
Crude petroleum, natural gas, and natural gas
liquids
Oil and gas field services
Nonmetallic minerals {except fuels) mining
Crushed, broken, and diniension stone; sand and
gravel
Miscellaneous nonmetallic minerals, except fuels.
Contract construction
Build ing construction
Heavy construction, except building construction —
General contractors not allocable
Plumbing, heating, and air conditioning
Electrical work
Special trade contractors not elsewhere classified.
Special trade contractors not allocable
Contractors not allocable
Manufacturing
Food and kindred products.
Meat products
Dairy products
Canned and frozen foods.
Grain mill products
Bakery prodacts
Sugar
Confectionery and related products
Malt liquors and [oalt
Wines , brandy, and brandy spirits
Distilled, rectified, and blended liquors, except
brandy
Bottled soft drinks and flavorings
Vegetable and anijnal oils
Food and kindred products not elsewhere classified.
Food and kindred products not allocable
Tobacco manufactures
Textile mill products
Broad woven fabric mills, cotton
Broad woven fabric mills, man-made fiber and silk. .
Eyeing and finishing textiles, except wool fabrics
and knit goods
Broad woven fabric mills and finishing, wool
Knitting mills
Carpets and rugs: woven, tufted, and braided.
Yam and thread mills
Narrow fabrics
Textile mill products not elsewhere classified
Textile mill products not allocable
Apparel and other fabricated textile products
Men's and boys' clothing
Women's, children's and infants', clothing
Miscellaneous apparel and accessories
Miscellaneous fabricated textile products
Apparel and other fabricated textile products not
allocable
Lumber and wood products, except furniture
Logging, lumber, and wood basic products
Millwork, veneers, plywood, and prefabricated
structural products
Miscellaneous wood products, except furniture
FXirniture and fixtures
Household furniture
Furniture and fixtures, except household furniture.
Paper and allied products
Pulp mills
Paper, paperboard, building paper, and building
board mills
Converted paper and paperboard products, except
containers
Paperboard boxe s and other containers
(Thotisend
doltaraj
(10)
3A,i49,17-
117,695
93,389
19,422
1,283
3,601
832,088
225,701
(-)
(«)
(•)
55,594
495,168
449,713
45,455
55,625
43,296
12,329
612,479
180,406
231,026
389
53,972
44,154
101,743
{•)
761
20,143,330
1,664,693
116,180
193,776
173,887
204,242
103,685
(*)
84,912
(-)
(-)
:-)
181,153
35,974
220,721
(•)
(*)
487,185
154,668
(-)
15,556
33,54A
62,149
24,554
54,836
12,680
44,054
(*)
290,026
117,887
124,651
16,175
31,185
(•)
170,128
63,827
54,276
32,025
191,987
126,865
63,122
629,338
(•)
335,207
177,977
88,056
roreign
tax
credit
ill)
12,655
(M
564,225
129,506
(»)
(*)
(♦)
209
429,473
423,006
6,4o7
5,037
79
4,956
16,926
4,101
12,242
16
555
1,999,021
120,572
1,604
12,250
7,179
33,659
7,748
(•)
4,687
(•)
(-)
39,379
280
3,800
(-)
(•)
3,356
903
(-)
12
673
669
397
22
81
232
(•)
3,464
1,728
1,279
33
424
5,394
4,924
143
327
762
257
505
28,321
(♦)
6,562
14,716
6,415
Investment
credit
(Thoustrtd
dollars)
Distributions to stock-
holders except in cr^Ti stocf
(12)
8,646
6,447
1,724
3
472
32,094
9,166
(•)
(•)
(»)
7,254
7,904
2,590
5,314
6,703
1,047
42,632
6,560
26,624
22
1,059
852
7,287
(•)
16
1,150,275
92,136
8,556
12,637
10,504
10,539
6,756
(-)
2,255
(-)
(•)
(•)
11,481
3,541
5,362
(')
(-)
43,027
14,722
(-)
1,095
2,615
4,553
1,256
4,443
943
3,574
(*)
8,808
3,653
3,495
477
1,181
(-)
19,313
11,344
5,167
2,802
6,882
4,861
2,021
57,070
(*)
38,740
7,746
6,868
f Thousand
dollars)
(13)
27,033,180
91,469
74,526
12,366
2,578
1,999
1,067,912
249,455
(»)
154,097
8,121
59,514
703,557
675,816
27,741
34,966
40,420
199,726
69,005
59,273
2,057
20,690
11,892
36,609
966,126
60,491
131,806
84,717
137,479
62,827
(-)
44,970
50,473
(«)
(•)
106,258
21,070
113,964
(•)
230,850
206,044
78,455
28,067
3,996
20,146
20,296
7,561
14,957
3,322
17,627
(♦)
126,971
37,539
43,031
4,496
41,847
(«)
121,798
68,602
40,894
12,302
53,513
39,109
14,404
412,609
(«)
273,315
64,982
39,676
Returns with
net incon^
(thousarid
dotlara)
(14)
26,597,799
83,314
67,393
12,225
1,724
1,972
245,988
(*)
(•)
(*)
54,302
685,550
660,954
24,596
32,638
33,716
192,209
66,104
56,313
2,047
20,112
10,939
34,694
12,749,548
947,696
58,713
130,743
84,428
132,877
56,144
(•)
44,843
(•)
(•)
(-)
106,244
20,794
112,628
(•)
(•)
200,618
77,617
(•)
3,771
19,646
20,223
7,203
12,007
3,322
17,387
(•)
123,398
37,105
40,669
3,736
41,630
(•)
119,751
68,261
39,411
12,079
52,436
38,041
14,395
412,306
(*)
273,199
84,866
39,565
(Thoasard
dollars)
(15)
1,644,775,452
7,557,326
6,255,625
1,061,497
131,272
108,934
17,604,769
4,444,397
(*)
2,661,619
374,879
2,700,583
7,232,560
5,397,590
1,834,970
1,935,848
1,291,381
28,609,377
12,496,396
7,861,275
37,660
2,568,553
1,550,674
4,235,735
(♦)
50,967
405,967,386
35,378,073
4,040,878
5,024,265
4,219,467
4,077,049
2,315,507
(•)
974,002
2,138,929
(•)
(•)
2,925,523
1,397,893
2,287,929
{•)
4,344,693
11,933,142
3,273,701
1,295,851
421,647
1,227,795
1,770,212
696,631
1,192,275
284,962
1,152,539
(»)
8,279,737
3,332,567
3,402,479
583,253
946,450
(•)
7,495,286
3,688,953
2,956,632
849,701
3,715,666
2,415,354
1,300,312
14,756,553
(-)
9,658,434
2,299,754
1,812,415
(Thousmd
dollars)
(16)
567,081,617
3,351,401
2,837,721
425,554
38,948
49,176
10,315,801
3,069,834
(*)
2,022,764
253,208
1,459,925
3,854,329
3,154,880
699,449
1,931,713
1,160,534
771,179
8,419,913
2,552,564
3,018,232
7,446
735,449
542,440
1,540,886
!•)
19,694
233,970,632
19,804,495
2,158,602
2,631,938
2,191,472
2,439,844
1,362,311
(•)
663,870
1,389,623
(•)
(*)
1,561,685
706,4*
1,316,960
(«)
2,824,364
6.703,972
2,223,211
675,675
216,455
640,647
820,685
341,278
682,680
147,559
599,143
(«)
3,631,144
1,558,122
1,330,121
274,479
462,354
(•)
3,999,988
2,205,763
1,325,778
468,447
2,099,708
1,386,134
713,574
8,797,002
(»)
5,612,132
1,421,989
1,054,010
depreciable
(Thousand
dollars)
630,786,479
4,238,657
3,337,176
781,191
27,527
92,761
13,174,499
2.849,532
'(•)
1,540,063
181,383
2,332,068
5,216,657
3,562,997
1,653,660
2,776,242
1,873,139
903,103
10,561,799
2,716,426
5,267,143
14,630
524,373
330,022
1,693,155
(*)
14,056
255,723,593
21,998,546
2,461,388
3,254,658
2,243,815
2,555,102
1,878.498
.(■)
556,371
1,947,861
(•)
(•)
2,206,527
764,318
1,431,081
(«)
933,999
7,276,719
2,504,327
641,244
273,659
486,642
652,107
346,004
963,075
123,825
495,917
(•)
1,934,534
738,416
719,657
151,685
319,628
(*)
4,816,052
2,748,791
1,555,016
512,243
1,556,645
1,071,214
485,431
12,566,786
(•)
8,926,796
1,518,792
1,326,494
Ifepreciation
deduction
for year
("niouiand
dollsrs)
118)
319,023
247,306
62,537
874
8,306
916,697
147,789
(•)
85,113
12,176
212,255
346,545
165,258
183,237
210,108
153,203
56,905
231,209
593,403
1,669
57,330
36,519
200,027
(•)
1,350
16,333,903
1,573,598
174,410
241,329
145,507
162,202
139,026
(*)
34,501
123,844
(•)
(-)
233,271
54,033
122,176
(»)
60,794
485,769
159,899
52,358
20,606
35,435
62,540
23,977
62,365
9,713
32,442
(•)
155,640
51,327
66,636
11,325
25,8%
(♦)
328,672
160,775
106,164
41,733
107,843
75,903
31 ,940
746,119
C)
511,826
102,257
68,005
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 • Industry and Size Characteristics
ACTIVE CORPORATION RETURNS
Table 1. —NUMBER OF RETURNS, RECEIPTS, COST OF SALES AND OPERATIONS, NET INCOME, TAX AND CREDIT ITEMS, DISTRIBUTIONS TO STOCKHOLDERS,
TOTAL ASSETS, NET WORTH, DEPRECIABLE ASSETS, AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY— Continued
Minor industry
Nuir.ber of returijs
With net
inijome
Tot^l receipts
All
returns
(Thousand
doltart)
Returns with
net income
(Thousmrd
doitars)
Business
receipts
(Thotixaf
dolLar:
Cost of
sales and
operations
(Thaustt^d
dollars)
Net
income
(less
deficit)
( thousand
dollars)
Income
subject
( Thousand
dollars)
97
98
99
100
101
102
103
104
105
106
107
lOS
109
110
112
113
115
life
117
118
119
120
121
122
12-1
125
126
127
128
129
130
131
132
133
134
135
136
U7
138
139
UO
Kl
142
U3
U4
(21
(3)
(5)
(6)
(7)
(8)
Manufacturing — Continued
Printing, publishing, and allied industries
Newspapers
Periodicals
Book publishing or publishing and printing, and
miscellaneous publishing
Printing, including manifold business forms and
books
Bookbinding and printing trade services
Printing, publishing, and allied industries
not allocable
Chemicals and allied products
Basic chemicals
Plastics materials and synthetic resins, rubber,
and man-made fibers, except glass
Soap and related products, except perfumes,
cosmetics, and other toilet preparations
Perfumes, cosmetics, and other toilet preparations.
Paints and allied products, including gum and
wood chemicals
Fertilizers and other agriv'ultiu'al chemicals
Miscellaneous chemical produc ti:
Chemicals and allied products not allocable
Petroleum refining and related industries
Petroleum refining, without extraction
Integrated petroleum refining and extraction..
Miscellaneous petroleum and coal products
Rubber and miscellaneous plastics products
Tires and inner tubes
Rubber products, except tires and inner tubes.
Miscellaneous plastics products
Leather and leather products
Footwear, except rubber
Leather tanning and finishing, and leather products
not elsewhere classified
otone, clay, and glass products
Glass and glass products
Cement, hydraulic
Structural clay products
Pottery and related products
Concrete, gypsum, and plaster products
Miscellaneous nonmetallic mineral products.
Primary metal industries
Blast furnaces, steel works, and iron and steel
foundries and forgings
Smelting, refining, rolling, drawing, and alloying
of nonferrous metals, including foundries and
forgings
Miscellaneous primary metal industries
Primary metal industries not allocable
Fabricated metal products, except machinery and
transportation equipment
Metal cans
Cutlery, hand tools, and general hardware
Heating apparatus (except electric) and plumbing
fixtures
Fabricated structural metal products
Screw machine products, and bolts, nuts, screws,
rivets , and washers
Metal stampings
Metal coating and engraving
Fabricated wire products and miscellaneous
fabricated metal products
Fabricated metal products not allocable....
Machinery , except elec trical
Engines and turbines
Farm machinery and equipnent
Construction, mining, and materials handling
machinery and equipnent
Metalworking machinery and equipment
Special industry machinery and equipment, except
metalworking
General industrial machinery and equipment
Office, computing, and accounting machines
Service industry machines
Miscellaneous machinery, except electrical
Machinery, except electrical, not allocable
Electrical machinery, equipment, and supplies
Electrical transmission and distribution equipment.
Electrical industrial apparatus
Household appliances
Radio and TV receiving sets, except communication
types
Communication equipment
Electronic components and accessories
Electric lighting and wiring equipnent, except
insulated wire
Electrical machinery, equipment, and supplies not
elsewhere classified
Electrical ma^iiiiiery, equipment, and supplies
not allocable
23,314
4,514
1,643
11,211
3,337
(*)
10,492
1,150
1,319
1,288
1,533
822
1,229
1,059
1,929
(«)
1,111
(•)
164
781
4,914
(•)
956
3,768
2,917
893
a,44o
1,067
332
4,395
1,441
5,326
1,572
2,920
805
(«)
21,124
(«)
1,287
1,343
6,745
1,384
2,751
5,192
(•)
20,726
90
968
1,450
5,900
2,811
2,206
307
1,044
5,331
(■)
8,868
526
663
485
775
671
3,115
1,104
1,472
(-)
15,710
3,381
1,039
1,415
7,545
2,276
(•)
7,000
740
896
321
1,086
424
905
645
1,446
(»)
777
(*)
(•)
543
3,111
(•)
716
2,321
2,270
700
1,570
5,462
544
(•)
426
203
3,307
940
2,242
700
(•)
16,489
(•)
897
1,010
4,954
1,545
1,594
2,226
4,166
(•)
16,206
(-)
663
1,130
4,890
2,097
1,767
(•)
784
4,420
(■)
5,632
296
534
393
390
385
1,954
767
(•)
20,684,000
6,240,126
2,779,653
3,160,790
7,086,952
1,337,288
(•)
44,750,925
13,279,527
8,132,659
7,072,281
4,096,052
1,670,294
3,144,714
1,406,330
3,571,135
(•)
56,290,463
(>)
53,910,086
1,369,455
11,351,418
(•)
2,236,795
2,580,554
5,487,108
3,139,989
2,347,119
13,348,451
3,539,241
(*)
965,436
534,697
3,944,213
3,060,567
42,761,281
24,653,321
17,023,361
951,913
(•)
31,820,452
(«)
2,650,989
2,782,849
9,753,784
2,217,865
3,627,361
1,073,955
6,535,712
(•)
46,225,717
1,376,964
6,440,786
8,101,831
6,326,562
5,859,169
5,189,647
7,321,746
2,777,518
2,708,723
(■)
40,438,699
8,388,449
2,548,476
4,689,890
6,264,306
2,783,110
8,618,069
1,752,464
2,472,074
(•)
19,303,123
6,015,176
2,598,551
6,438,503
1,216,286
(*)
43,580,709
13,191,630
7,772,197
6,998,282
4,003,915
1,555,482
3,004,387
1,197,794
3,492,539
(•)
54,569,739
(«)
(•)
1,273,497
10,825,960
(•)
2,062,132
2,261,604
5,030,990
2,911,459
2,169,531
11,694,036
3,439,531
(*)
772,160
400,917
3,251,736
2,822,974
41,655,673
24,154,801
16,478,049
390,142
(*)
30,107,932
(•)
2,572,929
2,603,779
8,976,844
3,473,346
992,175
6,161,491
(•)
44,739,375
(•)
6,328,132
7,869,436
6,133,736
5,582,042
5,026,129
(•)
2,671,661
2,506,869
(•)
38,356,510
8,201,017
2,383,955
4,212,408
6,045,506
2,569,599
8,081,400
1,638,580
2,306,129
(")
19,975,864
5,93^,522
2,669,694
3,004,407
6,971,719
1,316,105
(♦)
43,584,237
12,929,226
7,985,824
6,824,777
3,947,301
1,615,562
3,087,290
1,381,530
3,504,939
(•)
52,483,666
(•)
50,165,013
1,313,160
11,118,791
(•)
2,205,174
2,554,221
5,430,390
3,106,344
2,324,546
13,034,671
3,507,625
(')
933,228
529,251
3,857,090
2,977,381
24,259,677
16,756,395
931,537
(•)
31,376,104
{•)
2,595,690
2,742,592
9,621,073
2,168,891
3,577,396
1,065,537
6,465,957
(•)
44,476,219
1,364,010
6,311,532
7,449,497
6,238,064
5,630,294
5,098,354
6,904,131
2,718,722
2,639,043
(•)
39,843,831
8,303,174
2,510,023
4,617,417
6,187,792
2,685,663
8,501,308
1,732,780
2,425,394
(•)
12,798,486
3,923,721
1,737,779
1,553,648
4,680,183
846,509
(*)
25,981,270
8,291,552
4,722,051
3,272,076
2,440,911
715,392
2,150,439
1,033,554
2,190,692
(•)
35,037,979
(«)
33,270,857
947,039
7,459,224
(•)
1,508,250
1,782,977
4,145,452
2,343,643
1,801,809
8,576,050
2,247,163
(•)
606, 563
363,754
2,667,287
1,990,926
29,988,676
16,760,059
12,480,914
660,176
(*)
22,376,507
(»)
1,602,415
1,965,404
7,258,611
2,620,451
670,831
4,534,858
(•)
23,984,224
943,609
4,443,385
5,168,914
4,050,467
3,894,163
3,298,212
3,381,771
1,932,098
1,736,606
(•)
27,688,034
5,698,093
1,625,293
3,112,501
4,724,034
1,902,605
5,953,275
1,621,042
(>)
1,828,870
759,320
207,361
462,047
90,954
(*)
5,312,636
1,513,152
1,083,333
1,120,416
431,827
249,719
229,457
40,090
322,683
(-)
3,837,745
(«)
3,686,802
87,930
783,671
(•)
140,163
151,226
241,744
142,986
98,758
977,052
377,344
(•)
56,717
24,914
159,742
275,082
3,535,279
1,960,935
1,468,928
88,010
(*)
2,404,286
(•)
298,840
167,152
546,331
260,795
79,746
546,177
(•)
5,333,685
135,734
501,483
1,301,874
633,174
522,572
562,470
1,204,917
196,196
213,900
(•)
3,265,084
842,703
262,554
350,596
478,130
202,929
553,214
139,173
225,846
(•)
1,933,872
787,548
226,094
324,176
490,911
98,644
(•)
5,399,285
1,529,575
1,109,717
1,125,787
434,889
256,245
237,740
54,398
333,665
(•)
3,864,016
(♦)
(•)
93,195
832,894
(*)
155,593
131,955
257,871
149,747
108,124
1,099,893
393,922
(•)
69,158
37,832
209,050
293,354
3,598,501
1,994,706
1,489,043
97,346
(•)
2,525,032
(•)
307,334
179,889
595,528
249,690
268, 695
86,351
577,871
(«)
5,450,067
(«)
510,034
1,315,333
699,591
541,683
577,153
(•)
205,902
226,121
(•)
3,432,020
854,011
271,921
377,803
489,580
222,373
626,661
144,142
235,438
(•)
1,750,726
733,452
139,045
436,412
75,184
(*)
5,212,901
1,491,173
1,086,390
1,102,705
397,868
240, 593
217,352
47,526
319,769
(•)
3,199,463
(•)
(•)
89,763
738,173
(-)
149,395
157,070
230,630
136,005
94,625
1,045,370
378,943
(•)
62,167
35,203
187,480
287,328
3,297,450
1,345,678
1,348,335
86,031
(•)
2,356,546
(•)
286,263
171,818
530,829
241,270
254,390
72,203
544,818
(•)
5,252,274
(»)
473,111
1,288,533
676,832
506,197
545,438
(•)
197,188
205,530
(•)
3,331,518
849,823
261,923
367,691
486, 51J
204,878
587,650
135,547
230,019
(•)
Footnotes at end of table.
!.ext for explanatory statements and for "Description of the Sajiiple and Limitations of the Data.
Corporation Returns/1966 • Industry and Size Characteristics
ACTIVE CORPORATION RETURNS
Table 1.— NUMBER OF RETURNS, RECEIPTS, COST OF SALES AND OPERATIONS, NET INCOME, TAX AND CREDIT ITEMS, DISTRIBUTIONS TO STOCKHOLDERS,
TOTAL ASSETS, NET WORTH, DEPRECIABLE ASSETS, AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY— Continued
Minor industry
(Thousand
dollars)
foreign
tax
credit
Investraeni
credit
(Thousand
dollars)
Distributions to stock-
holders except in own stock
(Thousand
dollars)
Returns with
net income
(Thousand
dollars)
Total
assets
(Thousand
dollars)
( Thousand
dollars)
Depreciable
assets
(Thousand
(kllars)
I>2preciation
deduction
for year
(Thousand
dollars)
(11)
Hi)
(13)
(li)
(16)
(17)
and
Manufacturing — Continued
Printing, publishing, and allied industries.
Newspapers
Periodicals
Book publishing or publishing and printing,
miscellaneous publishing
Printing, including manifold business forms and
books
Bookbinding and printing trade services
Printing, publishing, and allied industries
not allocable i
Chemicals and allied products
Basic chemicals
Plastics materials and synthetic resins, rubber,
and man-made fibers, except glass
Drugs
Soap and related products, except perfumes,
cosmetics, and other toilet preparations
Perfumes, cosmetics, and other toilet preparations.
Paints and allied products, including gum and
wood chemicals
Fertilizers and other agricultural chemicals
Miscellaneous chemical products
Chemicals and allied products not allocable
Petroleum refining and related industries
Petroleum refining, without extraction
Integrated petroleum refining and extraction. .
Miscellaneous petroleum and coal products
Rubber and miscellaneous plastics products
Tires and inner tubes
Rubber products, except tires and inner tubes.
Miscellaneous plastics products
Leather and leather products
Footwear , except rubber
Leather tanning and finishing, and leather products
not elsewhere classified
Stone, clay, and glass products
Glass and glass products
Cement , hydraulic
Structural clay products
Pottery and related products
Concrete, gypsum, and plaster products....
Miscellaneous nonmetallie mineral products
Primary metal industries
Blast furnaces, steel works, and iron and steel
foundries and forgings
Smelting, refining, rolling, drawing, and alloying
of nonferrous metals, including foundries and
forgings
Miscellaneous primary metal industries
Primary metal industries not allocable
Fabricated metal products, except machinery and
transportation equipment
Metal cans
Cutlery, hand tools, and general hardware
Heating apparatus (except electric ) and plumbing
fixtures
Fabricated structural metal products
Screw machine products, and bolts, nuts, screws,
rivets, and washers
Metal stampings
Metal coating and engraving
Fabricated wire products and miscellaneous
fabricated metal products
Fabricated metal products not allocable
Machinery, except electrical
Engines and turbines
Farm machinery and equipment
Construction, mining, and materials handling
machinery and equipment
Metalworking machinery and equipment
Special industry machinery and equipment, except
metalworking
General industrial machinery and equipment
Office, computing, and accounting machines
Service industry machines
Miscellaneous machinery, except electrical
Machinery, except electrical, not allocable
Electrical machinery, equipment, and supplies
Electrical transmission and distribution equipment.
Electrical industrial apparatus
Household appliances
Radio and TV receiving sets, except communication
types
Communication equipment
Electronic components and accessories
Electric lighting and wiring equipment, except
insulated wire
Electrical machinery, equipment, and supplies not
elsewhere classified
Electrical machinery, equipment, and supplies
not allocable
793,448
342,983
86,741
190,047
30,209
(•)
2,468,740
710,239
517,193
522,574
187,836
114,610
100,914
20,579
147,813
(•)
1,432,408
(")
(■)
36,780
365,898
(«)
68,617
67,765
103,345
62,503
40,842
482,396
179,309
(■)
28,335
16,072
79,663
134,752
873,112
635,325
39,002
(*)
1,065,830
(")
133,302
78,965
236,700
105,704
115,747
27,997
246,359
(«)
2,353,141
(•)
224,202
509,393
305,596
233,108
253,204
(')
91,667
84,679
{«)
1,574,436
405,991
123,072
175,089
232,872
96,453
273,066
61,807
106,252
(•)
14,833
4,119
5,950
1,676
217
240,256
64,190
24,721
61,837
43,308
14,7^9
5,238
4
11,753
(•)
701,762
{•)
(*)
556
36,524
(•)
657
398
348
267
81
51,488
10,254
(•)
3,067
19
2,872
31,888
125,746
14,354
106,888
4,479
(')
45,619
(•)
14,060
6,314
8,985
762
30
198,947
(♦)
14,970
25,887
7,700
16,039
10,624
(«)
2,513
2,305
(-)
104,233
24,874
1,781
24,694
8,688
28,959
4,322
842
6,020
(•)
36,000
11,912
3,069
3,746
14,715
2,183
(•)
161,865
72,763
47,883
12,521
3,653
1,020
3,382
3,092
9,324
(•)
133,976
(-)
1-)
2,689
28,255
(")
3,869
6,445
3,610
2,155
1,455
38,073
14,4bb
(•)
1,793
890
9,973
7,662
144,014
50,427
1,652
(•)
53,995
C)
4,536
2.829
10,563
5,879
5,595
2,063
10,154
(«)
79,875
(•)
8,265
12,860
13,759
3,179
9,632
(•)
3,470
5,820
(♦)
67,682
16,605
3,177
4,268
10,113
5,555
16,970
1,843
3,538
(*)
371,049
142,410
54,834
92,322
18,206
(«)
1,745,362
480,890
392,381
389,625
125,729
77,158
74,423
14,565
73,560
(")
2,413,525
(-)
2,388,874
15,584
197,281
(>)
24,136
23,001
50,326
40,227
10,599
348,323
121,643
(•)
16,015
5,685
65,528
77,120
948,639
583,587
345,186
18,342
(")
424,607
(«)
73,751
34,677
94,233
24,555
39,065
9,290
72,449
(-)
947,461
26,604
202,176
92,446
108,657
89,147
278,605
36,140
21,765
(♦)
742,796
269,062
44,351
110,341
83,699
54,033
51,439
19,967
51,223
(«)
368,972
142,365
53,872
92,442
18,138
(•)
1,742,522
480,840
392,259
383,947
125,714
77,158
74,315
12,714
73 , 544
(M
2,347,097
(")
(«)
15,584
195,865
(»)
24,086
21,641
50,716
40,197
10,519
337,832
121,334
(•)
15,529
5,621
65,063
75,333
343,164
18,310
(■)
422,681
(■>)
73,701
34,560
92,859
24,555
33,904
9,281
72,234
(•)
945,229
(-)
89,858
201,387
92,249
107,915
88,861
(♦)
36,091
21,676
(*)
739,208
269,062
44,166
108,231
83,699
53,327
50,362
19,967
51,213
(-)
14,252,662
4,892,393
1,799,786
4,090,727
774,012
(')
37,870,578
13,275,017
8,243,662
5,141,817
2,137,558
1,150,052
1,879,919
1,402,034
2,370,972
{')
60,450,333
(♦)
58,989.466
866,622
8,095,793
(•)
1,513,437
1,507,646
2,699,499
1,630,454
1,019,045
12,231,731
3,202,701
(-)
995,851
357,617
3,046,211
2,515,587
14,559,434
568,837
(*)
18,793,083
{-)
1,791,396
1,745,373
5,150,661
1,311,359
2,020,649
531,828
3,807,527
(M
34,276,688
814,261
5,088,700
5,918,748
4,024,710
4,423,327
3,606,313
7,098,211
1,699,436
1,532,683
(*)
26,367,779
5,072,806
1,629,307
3,323,652
2,857,014
2,651,833
5,941,059
885,160
1,593,880
(')
7,835,714
3,160,634
755,826
1,237,921
2,270,489
382,253
(«)
22,869,103
7,399,714
5,206.661
3,363,757
1,444,397
796,303
1,213,425
559,644
1,488.583
(•)■
41,999,717
(•)
41,269,909
507,918
4.298,030
(«)
809,746
702,107
1,481,223
916,829
564,394
7,704,515
2,046,867
(«)
664,083
225,174
1,746,081
1,698,257
22,237,476
14,234,204
7,679,189
329,400
(«)
10,585,998
(•)
1,120,814
1,036,417
2,590,886
1,157,922
267,204
2,190,064
(•)
20,301.574
471,612
2,685,459
3,724,831
2,451,925
2,491,129
2,181,925
4,594,662
883,918
780,337
(«)
13,220,250
2,799,911
1,004,236
1,741,602
1,276,543
1,163,662
2,626,237
514,958
949,104
(•)
7.097,204
2,677,759
583,318
2,836,498
398,801
(»)
28,487.170
11,248,532
7,888.543
2,510,441
908,027
265 ,080
981,763
376,843
1,641,006
(•)
49,270,546
(*)
48,044,558
669,832
4,910,418
!■)
765,962
922,013
807,176
465,337
341,339
10,667,436
2,636,775
I")
829,673
247,201
2,739,736
1,830,734
35,653,645
25,206,875
10,018,653
381,242
(•)
10,003,985
(«)
805,824
881,063
2,054,573
1,158,496
359,609
1,886,175
(•)
16,996,592
389,397
1,917,141
2,276,683
2,261,730
1,829,049
1,867,529
4,789,799
659,773
968,067
(•)
10,394,402
2,520,244
715,763
965,992
1,205,792
795,562
2,067,036
363,397
668,084
(»)
(18)
509,469
172,242
40,385
51,317
209,544
33,192
(•)
1,915,658
756,354
539.848
145,522
61,936
18,610
61,283
58,535
111,084
(')
2,244,131
(•)
2,169,291
46,630
356.321
(')
60,595
36,114
24,481
673,192
146,731
(•)
49,801
13,331
226,239
109,396
1,875,467
1,328,911
513,882
29,715
(-)
713.172
(•)
60,245
52,712
163,329
79,221
29,212
135,794
(•)
1,401,208
28,132
135,689
167,220
158,160
142,525
128,405
499,222
58,609
80,239
(•)
908,367
197,443
53,315
93,262
105,757
78,324
232,430
30,224
50,757
(•)
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
381-123 O - 70 ■
10
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Industry and Size Characteristics
-NUMBER OF RETURNS, RECEIPTS,
TOTAL ASSETS, NET WORTH,
COST OF SALES AND OPERATIONS, NET INCOME, TAX AND CREDIT ITEMS, DISTRIBUTIONS TO STOCKHOLDERS,
DEPRECIABLE ASSETS, AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY— Continued
Minor industry
Manuf ac turing — Continued
Motor vehicles and motor vehicle equipment
Motor vehicles
Motor vehicle parts and accessories
TranspDri.ation equipnent, except motor vehicles
Aircraft, and complete guided missiles and
space vehicles
Aircraft parts, and guided missile and space
vehicle subassemblies
Ship and boat building and repair
Railroad equipment, including street cars
Transportation equipnent not elsewhere classified.
Scientific instruments, photographic equipnent,
watches and clocks
Scientific and mechanical measuring instruments...
Optical, medical, and ophthalmic goods
Photographic equipment and supplies
Watches and clocks
Miscellaneous manufacturing industries, including
ordnance and accessories
Jewelry and silverware
Toys and sporting goods
Ordnance, except guided missiles
Costume Jewelry
Musical instruments, office and artists' materials,
and manufacturing industries not elsewhere
classified
Manufacturing not allocable
Transportation, communication, electric, gas, and
sani tary services
Transportation
Railroad transportation, terminals, and related
services
Local, suburban, and intercity passenger
transportation, terminals, and related services...
Motor freight transportation, warehousing,
terminals, and related services
Water transportation, terminals, and related
services
Air transportation, terminals, and related services
Pipe line transportation, terminals, and related
services
Miscellaneous transportation services
Communication services
Telephone communications (wire or radio)
Telegraph communications (wire or radio)
Radio and television broadcasting
Communication services not elsewhere classified..,.
Electric, gas, and sanitary services
Electric companies and systems (95 percent or more
of total receipts )
Gas companies and systems (95 percent or more of
total receipts )
Combination companies and systems - gas, electric,
or other services
Water supply and other sanitary services
185 Wholesale and retail trade.
Wholesale trade
Groceries and related products
Meat and meat produc ts
Groceries and related piroducts, except meat and
meat products
Machinery, equipnent, and supplies
Miscellaneous wholesale trade
Motor vehicles and automotive equipnent.
Drugs, chemicals, end paints
Dry goods and apparel
Farm products — raw materials
Electrical goods
Hardware, and plumbing and heating equipment and
supplies
Metals and minerals, except petroleum products
and scrap
Petroleum bulk stations and terminals
Alcoholic beverages
Paper and i ts produc ts
Lumber and construction materials
Other wholesale trade
Wholesale trade not allocable.
Retail trade
Building materials, hardware,
stores
Building materials dealers.
Hardware stores
Farm equipment dealers
fli-unber of returns
end farm equipment
General merchandise stores
Department stores
Variety stores
Mail order houses
General merchandise stores not elsewhere
classified
Food stores
2,152
741
1,411
2,796
(O
776
1,008
(«)
824
3,724
1,385
1,879
368
(-)
10,261
1,353
1,841
121
470
6,476
492
59,925
46,402
24,642
4,516
2,195
341
6,182
7,046
2,249
C-)
3,187
1,556
6,477
(*)
4,954
151,177
17, OU
2,832
U,181
21,397
109,912
11,475
6,801
8,726
6,728
8,332
8,242
3,201
5,846
3,574
3,001
8,587
35,399
2,355
298,432
29,426
16,954
7,408
5,064
18,584
4,285
3,027
1,317
9,955
22,154
With net
income
(2)
1,617
507
1,110
1,732
608
539
(•!
2,683
956
1,394
2i3
(•)
7,069
1,122
1,036
(♦)
341
4,478
208
39,245
30,385
312
5,650
16,539
2,679
1,062
(•)
3,969
4,799
1,837
(«)
2,123
786
4,061
2,907
im,850
11,954
1,948
10,006
16,136
80,229
8,493
4,399
6,152
4,691
6,496
6,376
2,621
5,118
2,826
2,435
5,793
24,824
1,531
195,547
20,271
11,188
5,U4
3,939
12,827
3,350
2,344
652
6,431
13,667
Total receipts
All
returns
( Thousand
dailarsi
(3)
50,546,818
42,939,674
7,607,144
24,264,419
(•)
6,194,024
1,752,944
(•)
1,568,962
9,832,197
3,727,790
2,295,878
3,117,503
8,500,722
1,212,540
1,946,169
436,796
266,844
4,638,373
117,397
97,097,754
44,854,426
2,205,497
14,324,137
3,897,841
7,046,297
l,332,icr?
2,830,577
23,824,946
20,155,998
(•)
2,995,260
284,292
28,413,382
(«)
780,060
184,921,354
35,996,032
6,175,727
29,820,305
18,062,208
130,433,371
9,015,329
8,415,352
3,415,408
15,941,298
9,901,772
8,608,313
7,900,993
7,036,397
9,823,576
4,492,572
7,891,359
32,991,002
429,743
202,563,961
12,343,585
7,846,325
1,731,127
2,766,133
41,879,664
30,149,214
5,625,162
1,467,307
4,637,481
47,224,079
Returns with
net income
f Thousand
dollars)
M
49,263,950
41,870,499
7,398,451
(*)
6,035,677
1,631,653
(*)
1,387,521
9,506,671
3,586,152
2,211,626
3,019,439
(•)
7,710,801
1,177,177
1,760,137
(»)
222,411
4,136,451
91,151
90,563,695
33,808,423
3,530,514
6,231,179
(•)
2,437,782
23,580,995
20,145,545
(•)
2,875,143
171,799
28,174,277
707,111
164,223,223
31,433,233
5,277,791
26,155,442
16,231,716
116,166,751
7,998,268
7,587,432
7,231,796
13,218,290
9,380,379
8,194,497
7,225,242
5,619,174
9,170,274
4,281,289
6,743,884
29,516,226
391,523
173,725,513
10,156,507
6,303,487
1,421,610
2,431,410
39,159,959
28,421,571
5,473,569
1,287,565
3,977,254
41,892,383
Business
receipts
(Thousand
dollars)
(5)
49,711,805
42,196,136
7,515,669
23,997,964
(*)
6,142,058
1,728,442
(•)
1,548,438
9,644,913
3,661,350
2,250,868
3,048,969
(*)
8,318,512
1,203,162
1,367,183
428,726
260,472
4,558,969
112,290
94,205,011
42,840,271
12,210,533
2,U7,203
14,091,004
3,666,993
6,635,999
1,306,803
2,761,726
23,342,536
19,813,206
(«)
2,877,100
262,604
28,022,154
8,579,502
9,917,240
(•)
743,962
182,166,272
35,578,902
6,156,598
29,422,304
17,624,403
128,544,654
8,900,199
8,301,909
8,299,194
15,637,331
9,769,946
3,482,720
7,321,456
6,331,653
9,773,056
4,425,253
7,769,593
32,477,344
418,303
197,324,082
12,074,596
7,682,091
1,693,762
2,693,743
39,947,618
28,523,180
5,537,940
1,363,926
4,512,572
46,875,272
Cost of
sales and
operations
(Thousand
dollars)
(6)
36,144,393
30,731,248
5,413,145
(•)
4,695,616
1,393,810
(-)
1,282,774
5,380,934
2,336,676
1,260,357
1,316,724
(»>
5,581,019
828,186
1,281,086
305,934
191,914
2,973,899
85,063
54,677,629
28,828,083
8,173,283
1,314,581
9,743,121
2,672,817
4,326,359
770,470
1,822,447
11,856,925
9,964,071
(«)
1,528,018
152,602
13,992,621
3,429,004
6,339,037
(»)
356,226
300,089,372
153,699,528
31,850,140
5,532,349
26,267,791
13,738,660
107,827,901
7,032,355
6,781,684
6,802,212
14,694,314
7,929,323
6,735,837
6,697,694
5,343,313
8,125,619
3,685,280
6,517,750
26,982,015
282,827
145,146,903
9,213,296
5,751,093
1,181,107
2,281,091
25,541,008
13,189,697
3,490,202
747,176
3,113,933
37,065,597
Net
income
(less
deficit)
f Thousand
dollars)
(7)
5,511,721
4,806,652
705,069
1,293,658
(•)
359,013
83,650
(-)
56,291
1,455,403
328,560
273,162
794,384
(*)
523,759
79,043
66,306
54,136
5,698
323,571
437
11,619,764
2,443,438
706,699
140,380
515,729
260,226
539,174
173,940
107,290
4,583,359
4,208,530
(•)
374.918
-13,090
4,592,967
1,996,252
976,233
(•)
32,770
8,240,466
3,794,051
356,875
48,834
308,041
537,853
2,831,302
277,077
223,674
186,528
116,004
325,237
241,426
243,554
95,279
188,726
96,533
116,368
720,846
18,021
4,410,477
249,554
159,536
40,367
49,651
1,711,306
1,330,456
225,146
37,463
118,241
681,907
(Thousand
dollars)
(8)
5,573,303
4,360,043
713,260
1,363,154
(•)
368,627
95,573
(•)
68,668
1,492,271
348,480
278,022
306,436
(«)
597,027
79,661
93,515
(•)
7,563
360,484
6,404
11,990,041
2,736,949
602,350
293,008
590,747
(-)
136,949
4,540,256
4,210,815
(•)
401,420
14,903
4,612,336
1,997,868
981,336
(♦)
95,920
4,365,047
422,339
60,625
361,714
654,002
3,267,646
312,357
251,497
232,698
158,402
357,290
262,438
263,738
152,144
197,932
103,533
154,915
320,652
21,060
5,290,129
350,037
230,951
55,137
63,949
1,802,210
1,371,610
231,879
48,731
149,990
784,925
Income
subject
to tajc
(Thousand
dollars)
(9)
5,496,017
4,825,610
1,330,029
(♦)
359,515
86,931
(♦)
60,413
1,465,089
339,299
267,771
300,242
(«)
559,635
70,733
87,843
(•)
6,388
340,476
3,940
11,457,166
2,370,834
629,359
133,542
245,690
557,904
(•)
123,454
4,549,541
4,145,547
(•)
381,061
10,614
4,536,791
1,960,826
953,433
(•)
34,533
3,790,465
347,380
43,336
304,044
585,284
2,841,936
275,073
231,149
205,582
131,646
325,469
231,431
245,379
121,679
183,191
91,811
120,014
679,012
15,865
4,565,004
278,437
186,677
43,347
47,963
1,664,244
1,277,379
224,072
33,107
124,686
735,350
Footnotes at end of -table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data.
Corporation Returns/1966 • Industry and Size Ciiaracteristlcs
11
ACTIVE CORPORATION RETURNS
Table 1.— NUMBER OF RETURNS, RECEIPTS,
TOTAL ASSETS, NET WORTH,
COST OF SALES AND OPERATIONS, NET INCOME, TAX AND CREDIT ITEMS, DISTRIBUTIONS TO STOCKHOLDERS,
DEPRECIABLE ASSETS, AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY— Continued
Minor industry
f TTwusand
dollars)
Foreign
tax
credit
Investment
credit
(Thousi
datUt
Distributions to stock-
holders except in own stock
f TTiousand
dollars)
Returns v/ith
net income
(Thousand
dollars)
Total
assets
(Thousand
dollars)
( Thou sand
dollars)
Eepreciable
assets
(Thoustsid
dollars)
Depreciation
deduction
for year
(Thousand
dollars)
145
146
147
148
149
151
152
153
155
156
157
158
160
161
162
163
164
167
168
172
173
175
176
177
178
179
180
181
182
183
184
Manufacturing — Continued
Motor vehicles and motor vehicle equipment.
Motor vehicles
Motor vehicle parts and accessories
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
Transportation equipment, except motor vehicles
Aircraft, and complete guided missiles and
space vehicles
Aircraft parts, and guided missile and space
vehicle subassemblies
Ship and boat building and repair
Railroad equipment, including street cars
Transportation equipment not elsewhere classified.
Scientific instruments, photographic equipment,
watches and clocks
Scientific and mechanical measuring instruments...
Optical, medical, and ophthalmic goods
Photographic equipment and supplies
Watches and clocks
Miscellaneous manufacturing industries, including
ordnance and accessories
Jewelry and silverware
Toys and sporting goods
Ordnance , except guided missiles
Costume jewelry
Musical instruments, office and artists' materia
and manufacturing industries not
elsewhere classified
Manufacturing not allocable
Transportation, communication, electric, gas, and
sanitary service s
Transportation
Railroad transportation, terminals, and related
services
Local, suburban, and intercity passenger
transportation, terminals, and related services....
Motor freight transportation, warehousing,
terminals, and related services
Water transportation, terminals, and related
service s
Air transportation, terminals, and related services.
Pipe line transportation, terminals, and related
services
Miscellaneous transportation services
Communication service s
Telephone communications (wire or radio)
Telegraph communications (wire or radio)
Radio and television broadcasting
Communication services not elsewhere classified
Electric, gas, and sanitary services
Electric companies and systems (95 percent or more
of total rece ipts )
Gas companies and systems (95 percent or more of
total receipts )
Combination companies and systems - gas, electric,
or other services
Water supply and other sanitary services
185 [Wholesale and retail trade.
186
187
188
189
Wholesale trade
Groceries and related products
Meat and meat products
Groceries and related products, except meat and
meat products
Machinery, equipment, and supplies
191
192
193
194
195
196
199
20O
201
202
203
205
206
207
208
209
210
211
212
213
214
Miscellaneous wholesale trade
Motor vehicles and automotive equipment.
Drugs, chemicals, and paints
Dry goods and apparel
Farm products — raw materials
Electrical goods
Hardware, and pliimbing and heating equipment and
supplies
Metals and minerals, except petroleum products
and scrap
Petroleum bulk stations and terminals
Alcoholic beverages
Paper and its products
Lumber and construction materials
Other wholesale trade
Wholesale trade not allocable.
Retail trade
Building materials, hardware, and farm equipment
stores
Building materials dealers
Hardware stores
Farm equipment dealers
Cjeneral merchandise stores
Department stores
Variety stores
Mail order houses
General merchandise stores not elsewhere
classified
Food store s
2,626,058
2,309,795
316,263
629,504
(•)
169,476
40,109
(«)
27,243
639,968
155,361
124,413
383,000
(').
250,369
31,275
39,759
(>)
2,518
151,029
1,187
5,383,301
1,053,541
290,847
56,462
215,164
106,623
261,316
(•)
52,011
2,170,687
1,985,805
(-)
175,851
3,316
2,159,073
946,669
455,008
(■)
34,211
3,360,627
1,526,323
135,905
16,060
119,845
232,759
1,152,580
115,112
99^900
82,673
49,320
137,803
91,492
108,265
45,210
78,251
35,661
43,727
265,166
5,079
,822,921
94,056
64,975
13,741
15,340
758,520
592,255
103,051
16,790
46,424
325,407
258,727
252,081
6,646
(*)
2,498
12
(*)
7
37,798
7,201
8,834
21,166
(-)
7,354
355
324
(-)
30,731
15,132
1,282
2,077
119
2,978
5,115
(•)
1,774
12,516
9,279
(*)
3,108
70
3,083
403
1,464
(-)
28
56,981
18,804
3,709
212
14,147
540
1,378
885
4,915
240
1,217
360
239
4
62
3,347
32
IS
14
32,809
5,965
25,824
540
480
175
98,940
85,657
13,283
40,765
13,419
1,641
(•)
687
23,126
5,515
2,988
14,009
(*)
9,087
707
1,203
(-)
56
6,291
82
529,301
133,844
62,491
9,284
30,457
15,563
55,208
(*)
3,567
147,362
137,033
(•)
9,415
757
197,595
74,901
(-)
4,266
135,552
43,622
6,101
590
5,511
5,504
31,954
1,902
1,983
1,336
4,314
1,415
1,041
3,394
4,456
944
765
1,951
7,953
63
91,379
2,340
1,962
351
527
32,741
23,001
5,668
531
3,541
28,099
1,887,960
1,699,510
188,450
274,272
(•)
75,363
10,686
(•)
8,667
305,049
63,585
38,649
192,803
(•)
102,116
14,827
8,354
8,786
943
69,201
1,191
4,952,630
905,232
494,831
50,913
52,636
73,005
112,061
31,896
1,594,339
1,501,842
(*)
71,227
2,713
2,453,059
561,011
(•)
38,780
1,730,385
620,278
83,867
3,230
75,637
75,631
458,440
41,295
39,805
21,390
29,122
31,970
37,216
33,235
34,232
33,145
13,406
35,325
107,749
2,340
1,137,413
50,760
33,190
3,853
8,717
519,174
418,528
74,971
2,953
22,722
204,013
1,337,783
1,699,510
188,273
(•)
75,349
9,325
(•)
3,667
304,392
63,214
38,363
192,803
(*)
100,165
14,827
8,317
(>)
324
67,916
1,191
4,932,691
888,406
489,673
50,264
86,375
51,948
69,071
(•)
30,434
1,594,093
1,501,655
(•)
71,168
2,713
2,450,192
559,477
(«)
37,447
1,723,328
593,312
76,323
8,140
68,183
74,485
440,164
40,262
32,856
21,073
27,050
30,788
36,033
30,921
34,059
33,107
13,397
34,898
105,720
2,340
1,107,405
46,796
31,974
7,320
7,502
510,186
411,449
74,967
2,953
20,817
199,863
33,517,323
33,355,417
4,662,406
15,437,299
(•)
4,260,034
1,085,290
(»)
552,138
7,796,211
2,845,527
1,555,450
2,923,358
(•)
5,404,415
702,873
1,317,925
265,018
93,706
3,024,333
76,381
204,061,020
65,945,576
36,331,954
2,223,373
7,470,965
4,777,409
9,334,378
3,092,394
2,715,103
51,423,476
46,742,601
(•)
3,260,331
618,024
86,691,968
21,451,774
(•)
3,018,222
135,943,102
61,447,412
6,472,180
765,688
5,706,492
7,636,840
47,172,317
3,625,756
3,361,801
3,270,226
4,326,651
3,345,673
3,238,599
3,154,357
3,887,725
2,482,409
1,363,441
2,713,898
12,401,781
166,075
73,611,420
6,078,756
3,334,940
913,134
1,330,682
23,690,221
17,932,981
2,908,308
942,026
1,906,906
8,817,040
20,003,673
17,038,914
2,969,764
6,031,363
(•)
1,802,881
498,989
(•)
234,504
4,644,091
1,588,927
1,001,991
1,832,150
(«)
2,819,805
352,298
546,674
172,035
45,806
1,702,992
21,917
95,899,247
30,636,103
378,757
2,085,603
2,909,967
854,092
842,337
28,999,828
26,809,624
(»)
1,458,969
289,892
36,213,316
(•)
1,166,395
25,882,293
2,587,819
287,358
2,300,461
3,144,720
20,076,631
1,704,723
1,394,535
1,298,133
1,716,982
1,362,945
1,638,989
1,327,238
1,628,584
1,202,144
613,700
1,323,173
4,815,430
73,123
32,778,008
3,043,650
2,100,976
488,621
454,053
10,427,730
7,659,975
1,644,979
269,056
853,720
4,491,588
17,409,753
15,064,435
2,345,263
6,924,011
(*)
1,339,740
454,805
(•)
174,187
3,375,371
1,153,472
591,207
2,001,426
(•)
2,114,349
169,474
424,421
119,313
23,183
1,377,958
26,254
216,747,982
65,530,737
4,095,365
7,667,742
3,529,584
2,346,344
51,879,761
43,992,981
(•)
1,602,038
390,760
99,337,484
24,485,767
(•)
2,865,945
13,621,437
1,884,043
188,926
1,695,117
1,336,764
10,358,099
706,590
861,467
371,008
1,717,408
381,035
539,352
735,339
1,323,601
369,410
228,935
681,463
2,442,441
42,531
25,338,152
1,594,032
1,134,301
235,478
224,253
7,573,746
5,484,701
1,131,922
84,636
872,437
5,326,430
(18)
1.207,506
1,034,077
173,429
501,206
(«)
135,473
30,731
(•)
16,613
350,741
104,645
49,561
187,644
(•)
154,827
10,123
34,408
8,651
1,793
99,852
1,608
9,475,211
3,645,296
1,384,510
199,032
252,390
736,965
163,990
161,759
2,398,131
2,166,751
(«)
133,587
36,083
3,431,734
863,923
(»)
91,986
3,235,453
1,085,795
168 ,020
19,319
148,701
144,456
770,131
57,097
38,803
29,747
100,664
37,117
43,313
53,273
99,964
31,539
18,271
61,263
199,080
3,188
2,133,015
126,357
83,311
17,360
20,636
555,037
367,263
39,494
6,873
91,407
464,272
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
12
Corporation Returns/1966 • Industry and Size Characteristics
ACTIVE CORPORATION RETURNS
Table 1 —NUMBER OF RETURNS, RECEIPTS, COST OF SALES AND OPERATIONS, NET INCOME, TAX AND CREDIT ITEMS, DISTRIBUTIONS TO STOCKHOLDERS,
TOTAL ASSETS, NET WORTH, DEPRECIABLE ASSETS, AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY— Continued
Minor industry
Wholesale and retail trade — Continued
Retail trade — Continued
AutoiKJtive dealers and gasoline service stations.
Automobile and truck dealers
Gasoline service stations
Tire, battery, and accessory dealers, and
automotive dealers not elsewhere classified...
Apparel and accessory stores
Furniture, home furnishings, and equipnent stores..
Eating and drinlcing places
Miscellaneous retail stores
Drug stores and proprietary stores
Liquor s tvres
Jewelry stores
MiscelZaneous retail stores, except drug, liqiior,
and jewelry stores
Reta^ trade not allocable
Wholesale and retail trade not allocable.
Finance, insurance, and real estate.
Banks and trust companies
Mutual savings banks
Banks and trust companies, except mutual
savings banks
and other credit
Credit agencies other than banks.
Savings and loan associations..
Personal credit agencies
Business credit agencies
Loan correspondents and brokers
agencies
Credit agencies and finance not allocable
Security and commodity brokers, dealers, exchanges,
and services
Security brokers, dealers, and flotation companies.
Commodity brokers and dealers; security and
commodity exchanges; and allied services
Holding and other investment companies
Regulated investment companies
Real estate investment trusts
■'^mflii business investment companies
Other holding and investment COTipanies
Insurance carriers
Life insurance
Mutual insurance, except life or marine and certain
fire or flood insurance companies^
Other insurance companies
Insurance agents, brokers, and service
Real estate
Real estate operators (except developers) and
lessors of buildings
Lessors of mining, oil, and similar property
Lessors of railroad property
Lessors of real property not elsewhere classified..
Real estate subdividers, developers, and operative
builders
Agents , brokers , and managers
Title abstract companies
Combinations of real estate, insurance, loans, and
law offices
Hotels, rooming houses, camps, and other lodging
places
Tourist courts and motels
Hotels and other lodging places, except tourist
courts and motels
Personal services
Laundries, laundry services, cleaning and dyeing
plants
Riotographic studios, including commercial
photography
Beauty and barber shops and miscellaneous personal
services
Business services
Advertising
Services to dwellings and other buildings, and
miscellaneous business services
Automobile and other repair services
Automobile parking, repair, and services.
Repair services, except automobile
Number of returns
and
Motion pictures
Motion picture production, distribution,
related services
Motion picture theaters
Amusement and recreation services, except motion
pi c tures
Miscellaneous services
Medical services
Educational services
Services not elsewhere classified
284 Nature of business not allocable.
(!)
48,567
28,072
7,932
33,041
28,299
51,333
66,585
16,350
7,640
5,690
36,905
443
15,505
509
14,996
54,539
5,922
18,211
3,712
6,350
20,344
4,406
3,348
1,058
31,143
481
(*)
654
29,880
5,174
1,816
1,071
2,287
27,191
264,782
185,681
2,247
(*)
6,100
44,389
19,157
1,707
5,397
202,065
17,180
7,056
10,124
32,431
16,112
2,473
13,846
57,182
7,974
49,208
32,241
23,231
9,010
8,314
4,097
4,217
23,408
31,309
8,6U
3,600
19,096
8,030
With net
income
(2)
31,777
18,313
5,238
7,726
23,978
19,053
28,il0
45,385
11,694
4,900
4,317
24,474
1,548
13,954
414
13,540
35,420
4,932
12,924
2,483
3,858
11,223
2,746
2,105
641
17,880
399
(•)
321
17,084
3,140
855
763
1,522
19,585
155,933
113,083
1,473
3,434
23,972
10,578
1,059
2,279
U5,899
3,541
3,912
4,629
20,527
10,016
1,359
34,612
5,110
29,502
19,499
13,749
5,750
4,621
2,038
2,583
10,554
17,545
5,572
1,978
9,995
1,311
Total receipts
All
returns
(3)
50,070,281
42,406,617
3,366,547
4,297,117
11,909,835
9,687,869
9,851,630
19,553,845
6,653,521
1,954,670
1,460,654
9,485,000
48,123
23,230,994
3,161,673
20,069,321
13,542,578
7,420,557
2,913,990
1,603,412
1,246,591
358,028
2,008,070
1,712,729
295,341
5,121,883
3,034,108
47,623
1,937,741
59,527,958
36,916,391
6,494,460
16,U6,607
2,675,870
13,707,558
9,053,233
677,811
(*)
126,423
2,004,308
1,417,330
137,779
43,082,993
4,484,928
1,419,611
3,065,317
4,952,164
3,204,855
392,244
15,285,760
5,302,600
4,955,462
3,653,308
1,302,154
3,806,043
2,807,571
998,472
3,553,578
6,(X5,053
1,833,232
477,237
3,734,589
113,834
Returns with
net income
(Thauamid
dolUt*)
(4)
39,849,307
33,855,863
2,602,221
3,391,223
10,650,784
7,986,065
7,387,090
16,615,780
5,788,769
1,571,810
1,303,474
7,951,727
1,542,359
107,471,146
20,709,693
2,187,269
18,522,424
11,736,274
6,419,379
2,588,217
1,468,499
977,912
282,267
1,790,166
1,532,053
258,108
4,926,665
3,022,449
(»)
32,254
1,739,999
56,320,049
35,322,790
5,735,315
15,261,444
2,310,183
9,678,U1
6,193,555
531,217
(«)
101,360
1,492,508
1,051,947
99,858
192,352
35,059,237
3,215,818
1,056,536
2,159,232
4,065,360
2,643,594
302,850
13,290,102
4,869,355
3,420,747
3,361,439
2,720,580
1,140,359
3,102,260
2,306,899
795,361
2,612,996
4,911,262
1,375,370
388,663
3,147,224
Business
receipts
(ThotiaMtd
dotUrM}
(5)
49,233,234
41,798,898
3,311,994
11,557,244
9,269,627
9,629,432
19,142,593
6,551,516
1,933,568
1,375,895
9,276,619
44,461
1,622,798
66,013,937
2,935,032
83,(»0
2,846,942
3,407,264
335,495
1,356,465
956,753
721,411
37,135
629,404
423,443
200,961
329,278
(•)
2,366
308,895
49,360,980
23,465,054
6,105,165
14,790,761
2,562,126
6,789,353
4,958,563
68,380
(•)
19,794
128,572
1,255,612
126,339
223,736
41,184,713
4,073,432
1,307,096
2,766,336
4,871,463
3,155,139
384,142
1,332,182
14,751,669
5,245,096
9,506,573
4,759,329
3,470,812
1,289,017
3,556,300
2,661,614
894,686
3,323,254
5,848,766
1,795,647
457,465
3,595,654
91,912
Cost of
sales and
operations
( TtwuMand
dollar*)
(6)
41,898,520
36,288,605
2,525,321
3,084,094
7,513,158
6,187,973
4,423,126
13,269,065
4,547,568
1,568,515
750,396
6,402,536
35,155
1,242,941
32,221,922
86,751
86,751
178,656
5,331
54,544
41,937
75,381
1,463
17,978
9,217
8,761
98,CS0
(»)
249
95,703
29,572,207
17,139,561
3,679,441
8,753,205
600,857
1,667,333
1,253,650
24,784
(•)
2,931
51,146
280,344
12,936
41,517
22,560,589
1,809,755
519,332
1,290,423
2,460,706
1,710,764
9,213,471
3,779,081
2,336,240
1,563,127
303,113
1,800,718
1,319,788
480,930
1,439,681
3,400,018
975,873
176, 571
2,247,574
57,163
Net
income
(less
deficit)
(Thoutend
dollara)
(7)
405,236
294,140
52,590
382,447
224,376
224,206
529,649
181,893
32,054
30,036
235,666
1,796
35,938
11,002,431
2,064,362
16,945
372,236
192,398
390,064
226,923
63,819
-1,418
291,528
253,392
33,136
3,798,700
2,803,262
(•)
4,693
971,950
2,731,395
1,872,169
175,910
683,316
239,193
681,410
86,649
(•)
20,292
128,417
68,666
9,948
4,871
1,827,647
94,538
51,777
42,761
211,912
15,205
72,413
779,036
205,240
573,796
164,738
111,783
52,950
231,166
183,320
47,346
112,572
233,685
52,385
27,320
153,980
5,930
(3)
598,268
415,953
70,070
443,741
305,664
345,430
657,240
213,976
43,332
36,913
313,019
(»)
2,208,923
76,321
2,132,602
1,217,146
256,886
466,861
259,206
103,334
130,859
329,976
278,563
51,408
3,902,514
2,303,892
(«)
10,691
1,068,679
2,953,540
2,024,189
203,578
725,773
268,450
1,832,345
1,224,454
111,454
(•)
34,496
366,765
105,527
12,672
21,523
2,537,101
230,317
94,358
135,459
260,794
974,432
228,854
240,703
176,797
63,906
219,533
60,183
247,233
353,896
92,318
36,328
224,250
18,257
Income
subject
(9)
493,162
348,987
57,242
375,926
225,620
253,583
522,433
166,196
33,135
76,239
246,913
(•)
30,324
7,855,553
2,114,073
21,703
2,092,370
1,062,571
250,531
404,454
225,642
86,942
95,002
308,713
262,033
46,630
461,451
266
(•)
7,330
453,785
2,187,768
1,794,955
64,906
327,907
203,048
1,512,929
1,047,336
101,063
(•)
29,125
230,756
73,782
10,036
13,610
2,052,816
167,574
66,508
101,066
197,260
127,307
13,246
56,707
799,048
203,193
595,855
183,112
U0,U1
43,001
247,355
204,224
43,131
202,134
256,333
60,398
24,312
171,123
3,665
Footnotes at end of table. See text for explanatory statements and for "Description of the Sainple and Limitations of the Cbta.
Corporation Returns/1966 • Industry and Size Characteristics
13
ACTIVE CORPORATION RETURNS
Table 1. —NUMBER OF RETURNS, RECEIPTS, COST OF SALES AND OPERATIONS, NET INCOME
TOTAL ASSETS, NET WORTH, DEPRECIABLE ASSETS,
TAX AND CREDIT ITEMS, DISTRIBUTIONS TO STOCKHOLDERS,
AND DEPRECIATION DEDUCTION, BY MINOR INDUSTRY— Continued
Minor industry
(Thousand
dollars)
Foreign
tax
credit
(Thousxid
dollars)
Investment
credit
( Thou sand
dollars)
Distributions to stock-
holders except in ovm stock
(Thousand
dollars)
Returns with
net income
(Thousand
dollars)
Total
assets
(Thousand
dollars)
(Thousand
dollars)
Depreciable
assets
Depreciation
deduction
for year
( Thousand
dollars)
216
217
218
219
220
221
222
223
22*
225
226
227
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
Wholesale and retail trade — Continued
Retail trade — Continued
Automotive dealers and gasoline service stations.
Automobile and truck dealers
Gasoline service stations
Tire, battery, and accessory dealers, and
automotive dealers not elsewhere classified...
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
Apparel and accessory stores
Furniture, home furnishings, and equiprent stores.
Eating and drinking places
Miscellaneoxis retail stores
Drug stores and proprietary stores
Liquor stores
Jewelry stores
Miscellaneous retail stores, except drug,
and jewelry stores
Retail trade not allocable
liquor.
Wholesale and retail trade not allocable.
Finance, insurance, and real estate.
Banks and trust companies
Mutual savings banks
Banlcs and trust companies, except mutual
savings banks
Credit agencies other than banks
Savings and loan associa fcions
Personal credit agencies
Business credit agencies
Loan correspondents and brokers, and other credit
agencies
Credit agencies and finance not allocable
Security and commodity brokers, dealers, exchanges,
and services
Security brokers, dealers, and flotation companies.
Commodity brokers and dealers; security and
commodity exchanges; and allied services
Holding and other investment companies
Regulated investment companies
Real estate investment trusts
Small business investment companies
Other holding and investment companies
Insurance carriers
Life insurance
Mutual insurance, except life or marine and certain
fire or flood insurance companies^
Other insurance companies
Insurance agents, brokers, and service
and
Real estate
Real estate operators (except developers)
lessors of buildings
Lessors of mining, oil, and similar property
Lessors of railroad property
Lessors of real property not elsewhere classified. .
Real estate subdividers, developers, and operative
builders
Agents, brokers, and managers
Title abstract companies
Combinations of real estate, insurance, loans, and
law offices
Hotels, rooming houses, camps, and other lodging
places
Tourist courts and motels
Hotels and other lodging places, except tourist
courts and rrotels
Personal services
Laundries, laundry services, cleaning and dyeing
plants
Photographic studios, including commercial
photography
Beauty and barber shops and miscellaneous personal
services
Business services
Advertising
Services to dwellings and other buildings,
miscellaneous business services
Automobile and other repair services
Automobile parking, repair, and services.
Repair services, except automobile
Motion pictures
Motion picture production, distribution, and
related services
Motion picture theaters
Amusement and recreation services, except motion
pictures
Miscellaneous services
Medical services
Educational services
Services not elsewhere classified
284 Nature of business not allocable.
169,208
119,936
19,164
30,108
132,202
74,694
88,526
178,971
62,300
10,835
27,412
78,424
(«)
936,176
7,629
923,547
422,469
99,320
160,807
102,314
32,938
27,090
140,943
120,337
20,606
156,727
121
(»)
2,048
154,541
1,016,576
■ 850,001
28,642
137,933
73,001
455,610
303,892
40,954
(•)
8,654
71,228
22,159
3,260
3,717
797,262
63,570
25,550
38,020
67,255
47,301
4,466
321,385
87,777
60,802
47,336
13,466
107,669
92,704
14,965
82,828
93,753
18,877
9,103
65,773
890
(M
(M
16
4,621
333
(M
3
4,285
(»)
137,321
55,029
65
54,964
17,742
(1)
14,711
1,867
928
236
737
735
22,741
10
22,731
38,311
34,231
536
3,544
2,523
238
207
10
(M
(')
43,410
2,163
48
2,115
182
115
67
(M
11,943
4,988
26,415
26,415
699
2,000
527
1,473
5,147
2,931
9S7
1,229
4,164
995
9,289
8,104
3,001
359
394
4,350
(«5
551
56,614
30,455
415
30,040
4,477
1,414
667
1,592
485
319
1,631
1,307
324
727
(*)
9,516
6,330
879
2,307
735
9,073
6,373
747
(•)
355
1,167
293
55
44
51,224
5,690
2,376
3,314
7,149
5,796
243
19,366
1,577
17,789
8,213
7,752
461
2,620
1,901
719
3,893
4,293
1,430
435
2,428
47
96,483
81,056
6,536
8,891
49,076
48, 629
63,969
105,186
41,213
5,005
6,186
52,782
128
22,689
5,611,516
1,230,393
39
370,342
35,330
162,871
87,178
25,878
59,085
36,776
24,596
12,180
2,929,127
2,242,641
(')
1,762
660,601
600,408
215,627
384,781
60,150
384,320
239,982
61,692
(«)
6,132
40,999
16,879
7,895
5,194
422,979
40,016
17,756
22,260
49,912
32,691
1,782
15,439
159,403
37,653
42,047
33,234
8,813
25,059
12,338
36,303
57,901
12,595
7,460
37,846
93,031
78,323
6,035
46,542
47,351
61,417
102,091
40,713
4,116
5,921
51,341
(♦)
22,611
5,450,867
1,155,910
39
1,155,871
351,563
33,977
157,985
86,092
23,194
50,315
35,935
23,939
11,996
2,907,767
2,234,895
(•)
1,448
649,878
586,257
208,715
377,542
56(920
356,515
217,192
61,136
(♦)
5,996
38,578
15,866
7,869
5,143
408,566
37,328
16,749
20,579
47,414
30,576
1,757
15,081
156,128
37,433
118,695
39,555
31,051
8,504
35,868
23,700
12,168
34,912
57,361
12,281
7,386
37,694
12,632,087
9,723,315
989,411
1,919,361
5,317,910
4,668,305
4,033,935
8,342,505
2,297,136
582,724
1,074,334
4,388,311
30,661
884,270
1,007,716,563
470,297,044
60,633,446
409,663,598
182,954,915
125,513,742
22,016,293
18,968,169
U,752,994
4,703,717
9,527,226
8,935,892
591,334
55,111,414
35,911,742
(»)
572,610
17,737,139
213,370,705
168,967,630
9,863,403
34,539,672
3,236,455
73,218,804
52,972,845
2,345,791
(•)
1,090,198
13,203,529
1,847,608
245,060
694,121
36,857,947
6,816,714
2,548,688
4,268,026
2,894,945
1,747,832
168,146
11,090,480
1,929,369
9,161,111
4,507,932
3,973,260
534,672
4,137,316
3,024,465
1,112,851
3,653,164
3,757,396
1,452,504
274,163
2,030,729
257,960
4,519,050
3,494,787
402,179
2,783,472
2,053,843
1,551,450
3,891,077
1,123,163
245,318
503,513
2,019,083
16,148
422,412
144,086,844
35,335,970
4,172,498
31,163,472
13,793,223
4,232,849
4,025,537
2,277,666
1,621,137
1,636,034
1,145,406
919,818
225,588
44,114,489
32,554,118
(*)
298,029
10,977,849
30,443,321
14,101,021
2,821,454
13,520,846
1,098,488
18,155,947
13,554,866
602,339
(*)
452,181
2,343,058
506,609
142,007
189,326
11,869,154
1,635,666
500,396
1,135,270
1,411,377
517,028
3,856,551
745,920
1,186,964
930,672
256,292
1,362,847
920,478
442,369
1,064,172
1,351,577
354,485
104,554
892,538
85,912
3,063,723
1,995,928
542,017
525,778
1,285,403
792,179
3,326,630
2,874,988
791,611
179,382
125,975
1,778,020
1,021
6,679,258
484,428
6,194,830
3,194,243
2,100,787
242,240
167,233
239,421
444,562
190,156
109,379
80,777
2,312,842
1,023
(»)
10,513
1,770,910
2,542,966
1,605,409
222,361
715,196
391,637
48,748,228
44,720,819
154,124
(*)
373,761
2,046,381
463,672
39,004
123,958
26,568,832
6,582,232
2,425,327
4,156,905
2,507,869
1,677,206
106,621
724,042
5,636,587
545,189
5,091,398
4,180,082
3,960,857
219,225
2,231,008
1,417,270
813,738
3,377,316
2,053,738
1,234,988
167,277
651,473
51,799
(18)
276,631
179,543
43,503
103,503
73,076
275,756
257,765
66,558
15,668
10,391
165,148
118
16,643
3,054,653
526,041
24,107
501,934
170,603
93,898
25,477
18,358
19,846
13,024
16,127
12,366
3,761
51,980
175
(»)
374
31,892
309,144
210,282
28,384
70,478
38,895
1,941,863
1,756,634
12,632
(-)
18,754
104,191
30,603
2,524
7,560
3,009,302
362,030
146,013
216,017
218,875
148,665
10,748
59,462
706,576
60,765
645,811
740,559
716,527
24,032
600,915
552,718
48,197
243,128
137,219
67,811
13,867
55,541
3,161
(*) Estimate is not shown separately because of high sampling variability. However, the data are included in the appropriate totals.
^Less than $500 per return. deludes companies with gross income under $150,000 which are tax-exempt under section 501.
NOTE: See text for explanatoiy statements and for "Eescription of the Sample and Limitations of the Data."
14
ACTIVE CORPORATION RETURNS
Number of returns^ total.
With net income
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans....
Other investments
Depreciable assets
Less: Accuniulated depreciation,
Depletable assets
Less: Accumulated depletion....
Land
Intangible assets (amortizable) . . .
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in
less than one year
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in
one year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surpliis
Retained earnings, appropriated...
Retained earnings, unappropriated.
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
Other interest
Rents
Royalties
Net short-terra capital gain reduced by
net long-term capital loss
Net long-term capital gain reduced by
net short-term capital loss
Net gain, noncapital assets
Dividends , domestic corporations
Dividends, foreign corporations
Other receipts
Total deduc tions ,
Cost of sales and operations.,,.
Compensation of officers ,
Repairs
Bad debts
Rent paid on business property.
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Peii:;ion, profit sharing, stock bonus,
annuity plans
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Corporation Returns/1966 • Industry and Size Characteristics
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY
All
industries
(I)
1,468,725
939,846
Major industry
Agriculture,
forestry, and
fisheries
(2)
27,945
16,604
Mijiix;g
Total
mining
(3)
14,831
7,284
Metal
mining
(4)
886
267
Coal
mii X
(5)
2,336
1,048
Crude
petroleum
and
natural
gas
(6)
7,924
3,646
Nonmetallic
minerals
(except
fuels)
mining
(7)
3,685
2,323
Contract
c ens true tion
(8)
112,373
70,461
Manuf ac taring
Total
manuf ac turing
(9)
187,642
133,439
Food and
kindred
products
(10)
18,859
13,022
(Thautend doll*ri)
1,844,775,452
Total receipts less total deductions
Constructive taxable income Trom related
foreign corporations
Net income (leas deficit) (66 plus 67 minus 39)
Net income
Deficit
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (68 minus
72 plus 73)
Net income after tax
Distributions to stockholders :
Cash and property except own stock.
Corporation's own stock
126,254,588
428,290,282
13,906,411
141,019,086
94,474,916
57,070,989
6,027,593
36,860,706
2,
177,
319
630
246,
17
.295,985
,688,266
,721,854
,786,479
,027,694
,944,017
,197,874
,068,999
,730,078
,270,466
,944,059
1,544,775,452
99,226,401
98,167,306
518,439,931
17,505,929
232,505,779
2U,847,489
19,629,121
148,149,215
U5, 069, 525
17,800,148
273,150,345
6,716,737
1.306,517,8^7
1,224,370,364
4,099,561
1,925,751
35,866,694
8,818,362
2,004,179
138,959
5,923,769
3,093,979
4,434,963
1.877.099
13,964,207
433,365
888,683
13,397
969,826
46,091
27,962
15,227
U2,790
77,947
25,195
761,510
4,238,657
2,017,792
90,518
37,554
1,708,869
13,020
3,179
219,590
7,557,328
1,245,398
201,755
342,201
1,607,263
295,587
102,830
1,684,920
544,400
42,051
1,049,773
72,573
8,604,516
1,225,224,603
365,425,312
22,819,103
10,354,190
4,273,426
15,486,559
35,258,317
31,348,428
805,035
207,992
37,473,286
5,121,827
14,533,672
8,227,254
4,558,577
1,U3,549
157,218,066
81,293,294
1,160.163
80,527,706
87,740,224
7,212,518
77,100,586
34,449,174
2,006,385
48,084,917
55,301,204
27,033,180
2,677,450
,203,046
2,111
1,856
30,931
49,270
28,579
2,225
95,966
15,737
15,945
658
158,291
8,318,677
5,887,109
228,119
135,740
10,640
161,574
170,090
149,603
2,999
676
319,023
13,137
28,048
17,209
11,172
9,327
1,174,211
17,604,759
1,182,174
2,706,609
23,181
889,767
390,374
127,932
31,608
468,240
43,431
73,186
2,377,155
13,174,499
6,462,994
3,253,054
1,595,145
357,879
211,591
70,272
458,853
17,604,759
1,428,027
1,069,555
1,175,385
265,053
2,666,264
683,682
261,428
2,342,657
2,004,855
113,390
5,791,539
198,068
14,609,352
13,889,920
17,687
5,663
80,355
53,964
71,531
3,013
141,532
29,925
85,530
29,838
199,394
242,988
482,857
1,862
352,695
190,041
46,310
125
233,902
438
2,067
868,721
2,849,532
1,305,184
445,573
200,839
29,175
87, 569
22,515
142,804
4,444,397
378,034
68,888
190,828
70,305
549,825
116,683
50,539
688,141
529,875
17,799
1,734,858
11,488
2,989,528
12,884,105
285,939
5,131
289,214
465,397
176,183
317,522
117,695
8,646
180,165
356,507
91,469
11,249
8,187,175
214,005
242,988
15,135
U6,987
387,843
194,488
7,471
6,909
918,697
1,020,563
19,318
61,970
103,811
25,984
1,360,761
1,725,247
19,989
1,739,573
2,077,853
338,280
1,788,631
832,088
32,094
939,579
1,277,975
1,087,912
73,956
2,838,542
6,152
351
20,882
2,831
5,867
228
25,013
551
38,852
27,349
22,910
2,420,450
1,583,236
13,509
32,797
713
5,666
86,517
29,983
2,470
3,929
147,789
209,168
1,774
13,500
6,694
5,352
177,353
154,443
476,724
4,174
80,853
44,284
33,659
5,841
47,264
1,213
3,874
280,905
2,332,068
1,107,000
313,012
129,450
64,501
7,405
1,079
96,240
2,700,583
262,980
170,616
105,U5
37,163
528,144
135,509
26,393
348,303
409,576
37,769
670,680
32,801
3,357,881
3,208,053
3,553
1,136
15,170
22,232
5,397
373
39,386
6,287
21,692
58
34,544
3,260,749
569,078
7,569
576,296
614,651
38,355
479,937
225,701
9,186
359,781
398,136
249,455
43,959
2,355,735
37,055
56,397
2,354
38,171
101,405
37,745
1,831
1,032
212,255
80,704
2,946
10,004
82,259
1,237
219,557
7,232,560
545,688
1,242,182
9,193
230,480
U0,730
41,047
17,147
88,045
38,001
39,444
978,228
5,215,557
2,657,152
2,179,212
1,157,132
105,754
U2,312
45,300
156,410
7,232,560
544,637
518,993
761,224
87,593
1,072,514
293,270
96,863
843,103
810,288
39,200
2,140,283
75,408
5,581,206
4,770
3,553
32,284
16,769
54,712
2,405
57,040
15,901
21,726
1,435
93,166
239,055
504,346
7,952
225,739
45,319
6,915
3,495
99,029
3,779
27,801
249,301
2,776,242
1,393,658
315,257
107,725
168,449
4,305
1,378
63,409
3,227,229
211,059
119,188
69,992
515,731
137, 120
77,528
453,110
255,116
13,622
.,195,708
78,371
2,680,737
4,656,956
97,132
124
96,120
152,817
55,597
117,524
55,594
7,254
47,780
104,489
59,514
4,625
2,592,260
98,083
42,185
5,900
48,827
111,508
87,793
1,333
465
343,545
621,485
6,973
22,882
5,322
17,584
644,809
924,250
12,157
932,844
1,121,471
188,627
1,059., 716
495,168
7,904
445,580
634,309
703,557
21,314
2,566,890
3,212
613
12,019
12,132
5,555
20,093
5,186
4,260
995
48,774
2,545,950
,545,944
65,343
101,609
6,158
24,323
88,412
38,966
1,787
1,482
210,108
109,205
7,525
15,534
3,536
1,8U
319,042
28,809,377
2,908,833
9,947,817
68,053
3,673,809
156,405
59,844
61,875
2,310,989
183,044
145,528
1,730,034
10,561,799
5,342,427
108,382
34,415
929,769
28,281
U,334
909,197
28,S(»,377
3,498,403
2,930,250
540,815
3,567,200
2,601,635
222,494
2,734,963
690,299
119,995
4,933,457
281,295
63,029,874
51,850,382
9,540
3,123
94,550
316,555
7,480
2,730
120,150
51,161
22,239
13,381
528,357
51,637,538
134,787
139
IX, 313
188,914
54,601
131,454
55,625
7,750
85,438
141,041
75,386
4,058
51,857,138
2,025,800
317,950
123,257
352,787
1,106,634
385,011
19,913
5,822
1,123,883
15,081
119,965
198,972
213,629
16,398
3,735,298
405,957,386
18,992,922
86,279,657
1,610,412
85,829,111
7,881,772
2,061,351
553,735
7,825,225
321,524
257,841
45,868,985
255,723,593
129,707,093
10,599,565
4,459,752
7,119,591
4,032,025
2,596,840
10,994,591
405,957,386
40,601,121
24,959,800
29,493,416
2,583,159
59,844,078
14,415,180
6,415,277
50,579,570
35,629,179
4,154,130
140,449,473
3,257,997
571,009,172
557,318,291
392,137
96,974
1,414,536
1,238,833
992,355
31,010
2,012,091
249,561
1,159,456
1,619.479
4,424,349
527,519,331
1,392,335
9,727
1,398,935
1,974,904
575,959
1,600,928
612,479
42,532
829,088
1,405,362
199,726
44,558
390,877,215
6,464,577
7,439,143
912,205
4,503,192
17,022,352
4,585,521
469,260
83,409
16,333,903
3,337,717
8,056,115
4,804,671
3,017,703
163,966
59,393,382
43,489,841
1,010,829
44,403,696
46,161,490
1,757,794
43,633,512
20,143,330
1,150,275
25,410,641
27,169,646
12,378,870
1,137,638
35,378,073
2,030,832
6,637,774
126,880
7,933,041
385,550
231,593
53,203
779,560
40,770
21,702
4,051,774
21,998,546
10,724,101
83,908
16,433
823,485
50,005
18,753
1,087,497
35,378,073
2,794,773
2,371,735
333,335
5,243,378
859,714
886,029
4,590,061
2,342,447
381,410
11,948,261
343,713
86,270,885
85,209,409
34,991
7,985
U9,587
96,386
39,045
2,177
122,304
30,313
45,709
100,145
462,834
82,855,953
55,492,425
535,743
680,799
98,512
456,280
2,635,075
478,577
45,333
5,861
1,573,598
11,466
2,067,768
310,099
243,053
38,041
8,082,317
3,414,932
35,241
3,493,188
3,759,331
266,143
3,592,259
1,664,693
92,136
1,920,631
2,187,274
955,128
43,402
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Lijuitations of the Data."
Corporation Returns/1966 • Industry and Size Characteristics
ACTIVE CORPORATION RETURNS
15
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Item
Major
industry— Cc
ntinued
Manuf
acturing — Continued
Tobacco
manu-
factures
Textile
mill
products
Apparel
and other
fabricated
textile
products
Lumber
and wood
products,
except
furniture
Furniture
and
fixtures
Paper and
allied
products
Printing,
publish-
ing, and
allied
industries
Chemicals
and allied
products
Petroleum
refining
and
related
industries
Rubber and
miscellane-
ous plastics
products
Leather
and
leather
products
Number of returns , total
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
1
100
(•)
5,741
4,174
17,421
12,861
8,793
5,817
6,841
4,593
3,324
2,593
23,314
15,710
10,492
7,000
1,111
777
4,314
3,111
2,917
2,270
Total assets
rTTjouaand dotlari)
?
4,344,693
11,933,142
8,279,737
7,495,286
3,715,666
14,756,553
14,252,662
37,870,578
50,450,333
8,095,793
2,699,499
152,873
301,226
6,647
2,612,656
2,819
3,599
2,589
27,692
125
146
710,351
933,999
446,307
574
20,077
2,289
251
26,881
581,439
2,845,393
34,870
3,322,046
90,201
26,220
7,965
191,961
8,495
21,189
976,138
7,278,719
3,717,177
84,459
20,725
75,255
20.681
4,961
180.714
629,-231
2,544,804
40,813
3,044,058
26,679
5,682
14,807
124,997
28,504
4,294
591,123
1,934,534
931,571
3,614
684
61,007
34,561
8,176
213,086
345,776
1,183,453
21,615
1,526,048
84,121
24, 101
14,250
193,122
8,629
28,075
553.664
4,816,052
2.310,403
741,468
42.772
191,636
9,642
3,743
153,782
224,804
972,452
19,915
1,150,059
40,593
22,401
14,435
83,531
9,496
2,459
256,936
1,556,645
736.266
17,134
7,503
60,815
7.996
2.544
62.138
522,065
1,951,571
40,010
2,048,275
111,346
66,640
29,196
228,151
1,623
11,187
1,836,911
12,566,786
5,715,642
728,038
131.087
203.552
21.420
9.672
326.203
1,320,030
3,310,753
231,159
1,718,788
361,526
39,848
59,669
435,314
49,996
12,513
1,837,534
7.097,204
3,329,993
42.129
6,304
299 . 524
65,158
29 . 377
1.150.009
1,569,884
6,541,454
113,156
6,584,607
936,801
203,310
55,988
566,753
15,175
10, 505
5,012,589
23.487,170
14,223,817
349,977
120,910
599,594
406,119
171,153
1.159,688
1,796,443
10,077,287
149,552
4,251,134
996,976
225,990
103.559
1,204,153
15,085
41,125
10,478,716
49,270,546
25,688,058
6,830,053
3,193,081
2,083,667
2.813.444
2.123.451
1,416,292
344,928
2,120,490
40,313
1,995,214
25.855
3,751
17,693
60,063
6,078
3,986
942.859
4,910,418
2.539,480
5,817
1,377
92,381
33.456
14.406
127.380
194,593
5
6
Notes and accounts receivable
Less : Allowance for bad debts
773,817
13,821
861,627
8
9
10
11
12
13
14
15
16
17
Investments in Goveroinent obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
^k3rtgage and real estate loans
Other investments
Depreciable assets
Less : Accmnulated depreciation
Depletable assets
7,408
3,218
3,352
117,636
6,990
606
297,868
807,176
433,148
2,919
20,728
20
21
Intangible assets (amortizable)
1,080
520
22
Other assets
47,970
?3
Ttotal liabilities
4,344,693
11,933,142
8.279,737
7,495,286
3.715.666
14,756,553
14,252,662
37,870,578
60,450,333
3,095,793
2,699,499
154.434
447,155
339,620
1,109
493,532
84,479
114,112
681,430
177,094
142,274
1,745,836
36,382
1.404,324
1,348,^421
687,857
90,007
1,481,744
216,817
197,364
1,418,474
527,977
51,507
4,611,063
102,413
1,729,579
" 1,029,086
696,713
104,194
892,374
196,642
148,409
991,707
410,420
24,524
2,149,311
93,227
651,133
636,427
402,779
108,865
1,540,629
155,465
92,437
1,054,942
643,799
50,240
2,255,048
96,478
481,322
312,833
315,671
71,507
351,729
82,896
52,201
518,151
207,020
12,549
1,354,091
44.304
1.173,370
349,410
801,313
4^,709
3,095,727
495,022
401,688
1,907,473
1,394,453
42,331
5,132,294
31,237
1.418.691
675,677
1,390,047
223,763
1,761,995
946,775
313,431
1,657,411
977,326
146,536
4,906,509
170,599
3,195,429
977,604
2,704,413
334,732
6,682,373
1,106,924
760,315
4,608,361
4,382,390
363,123
13,226,602
471,688
4,890,697
1,132,766
2,273,837
29,463
8,155,820
1,968,033
481,213
9,665,339
3,063,352
923,413
23,351,561
485,671
792 . 932
449,783
758,586
77,983
1,426,072
292,357
134,863
744,750
712,480
48,170
2,683,613
25,346
381,740
25
Mortgages, notes, and bonds payable in
253,146
26
Other current liabilities
192,954
27,756
28
Mortgages, notes, and bonds payable in
293,493
69,187
30
Capital stock, preferred
99,716
378,363
32
33
34
35
Retained earnings , appropriated
Retained earnings, unappropriated
Less; Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State ana local
Other interest
Rents
173,714
12,361
852,195
35,126
36
5,731,013
18,791,323
19,420,284
10,350,780
7,393,972
16,630,848
20,684,000
44,750,925
56,290,463
11,351,418
5,487,108
37
33
39
40
5,697,953
295
210
5,766
482
6,836
39
420
1,625
1,943
3,156
12,288
18,523,286
6,747
949
50,339
31,766
26,700
467
22,966
6,895
12,079
3,714
105,415
19,249,093
1,820
1,014
19,152
11,421
26,916
823
9,577
3,371
8,623
1,488
86 . 986
9,900,358
3,583
1,103
25,492
21,117
7,625
299
266,589
17,849
4,793
2,013
99,959
7,304,961
2,323
768
6,728
6,381
1,468
175
13,056
1,341
2,385
345
54,041
16,244,072
8,348
3,294
38,136
20,062
16,115
1,173
169,703
5,433
21,854
30,413
72,245
19,975,864
18,104
3,547
51,362
61,510
35,425
926
62,343
11,398
55,693
16.526
391,302
43,584,237
33,303
10,633
132,148
48,045
208,603
2,672
87,144
20,574
96,467
246,530
280,569
52,483,666
57,917
5,867
226,191
452,954
126,164
6,181
445,710
44,470
604,217
451,989
1,385,137
11,118,791
1,773
299
20,584
10,148
14,650
154
14,215
5,658
14.865
53,214
97,067
5,430,890
450
1,715
6,782
2,725
2,652
43
44
45
46
47
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, noncapital assets
Dividends, domestic corporations
163
4,678
3,008
7,174
338
48
Other receipts
Total deductions
26,528
49
5,072,106
17,777,080
18,736,337
9,932,934
6,992,857
15,235,138
18,857,093
39,595,425
52,571,106
10,586.062
5,243,720
3,213,773
14,465
23,949
778
8,734
1,071,798
37,769
4,849
441
60,794
349,882
41,803
12,412
4
230,655
14,578,669
230,027
150,325
21,507
125,267
365,059
188,132
15,246
719
485.769
13,282
111,016
97,434
43,482
8,536
1,342,610
14,824.565
479,414
42,024
24.228
208.742
378,913
148,006
13,672
1,228
155,640
339
171, 513
66,191
97,290
13,488
2,111,079
7,626,416
208,124
86,496
25,071
81,539
249,554
125,628
5,441
331
328,672
269,619
44,490
37,466
14,638
3,093
826,356
5,318,946
194,249
36,859
15,772
83,049
166,803
45,453
7,239
717
107,843
30
71,194
37,648
29,031
982
877,042
11,078,632
167,353
368.323
20,819
137,701
382,905
166,233
16,161
3,174
748,119
63,048
125,639
106,838
71,989
4,565
1,773,579
12,798,486
638,060
104,789
75,125
248,556
463,651
149,677
36,812
3,523
509,469
6,222
239,574
168,586
79,225
5,607
3,329,731
25,981,270
386,708
626,671
66.655
303.557
793,192
390,813
74,879
9,472
1,915,658
127,275
1,810,444
490,538
162,155
9,124
6,441,964
35,037,979
99,439
788,121
91,918
808,913
3,100,226
422,252
28,386
7,647
2,244,131
2,444,112
294,617
345,555
126,959
6,855
6,723,946
7,459,224
145,948
152,320
28.713
119,819
394,299
91,804
9,456
637
356,321
1,239
197,221
112,238
60,745
2,342
1,453,236
4,145,452
101,854
52
26,706
7,560
54
55
56
Rent paid on business property
Taxes paid
59,728
116,773
45,720
57
58
59
60
Contributions or gifts
Depreciation
4,615
219
60,595
1,996
65,023
62
Pension, profit sharing, stock bonus.
26,503
20,838
64
Net loss , noncapital assets
364
559,774
66
67
658,907
3,138
661,835
(*)
2,809
(•)
(»)
(♦)
347,819
(*)
230,850
96
1,014,243
1,292
1,014,586
1,098,465
83,879
1,051,734
487,185
43,027
570,428
654,376
206,044
34,567
683,947
922
683,355
773,559
89,704
669,361
290,026
8,808
402,637
492,344
126.971
12,202
417,846
10,940
427, 683
534,776
107,093
503,983
170,128
19,313
276,868
383,995
121,798
30, 619
401,115
240
400,587
452,554
51,967
430,304
191,987
6,882
215,482
267,449
53.513
23,716
1,395,710
19,516
1,411,932
1,452,546
40, 614
1,407,744
629,333
57,070
839,664
880,289
412,609
36,658
1,826,907
5,510
1,823,370
1,933,372
105,002
1,750,726
793,448
36,000
1,071,422
1,176,430
371,049
97,608
5,155,500
167,769
5,312,636
5,399,285
86,649
5,212,901
2,468,740
161,865
3.005,761
3,092,551
1,745,362
122,627
3,719,357
124,255
3,837,745
3,864.016
26,271
3,199,463
1,432,408
133,976
2,539,313
2,565,644
2,413,525
292,492
765,356
18,614
783,671
832,894
49,223
788,173
365,898
28,255
446, 028
495,263
197,281
12,184
243,383
Constructive taxable income from related
71
68
69
70
71
72
73
74
75
76
77
Net income (less deficit) (66 pliis 67 minus 39)
241,744
257,871
16,127
230,630
103,345
3,610
Net income (less deficit) after tax (68 minus
72 plus 73)
Net income after tax
Distributions to stockholders:
Cash and property except ovm stock
Corporation's own stock
142,009
158,138
50,826
13,290
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
16
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Industry and Size Characteristics
Table 2.-
-BALANCE SHEETS AND
INCOME STATEMENTS, BY
MAJOR INDUSTRY— Continued
Major industry
— Continued
Manufacturing
—Continued
Item
Stone, clay,
and glass
products
Primary
metal
industries
Fabricated
metal
products,
except
machinery and
transporta-
tion equipment
Machinery,
except
electrical
Electrical
machinery,
equipment,
and
supplies
Motor
vehicles
and motor
vehicle
equipment
Transpor-
tation
equipment,
except
nwtor
vehicles
Scientific
instruments,
photographic
equipment,
watches
and clocks
Miscellaneous
manufacturing
industries,
including
ordnance and
accessories
Manufac-
turing
not
allocable
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
8,446
5,462
5,326
4,317
21,124
16,489
20,726
16,206
3,368
5,632
2,152
1,617
2,796
1,732
3,724
2,683
10,261
7,069
492
2
With net income
208
Total assets
(Tyimiatn
i dollaft)
?
12,231,731
37,793,961
18,793,083
34,276,688
Zb,'ibl,m
38,517,323
15,437,299
7,796,211
5,404,415
76,381
I,
Cash
675,492
2,016,347
59,512
1,846,712
256,072
66,652
20, 167
205,624
10,005
7,842
1,073,596
10,667,436
5,356,937
277,943
72,293
292,113
18,470
7,527
293,534
1,652,013
5,143,509
89,738
7,407,740
1,120,184
162,486
16,460
1,170,249
15,035
6,360
3,029,140
35,653,645
19,477,063
1,306,669
813,532
654,770
59,152
15,501
792,433
1,318,843
4,346,500
76,686
5,149,443
150,370
36,688
56,514
255,458
31,829
20,606
1,482,580
10,003,935
4,767,536
47,154
1,650
301,365
79,376
29,330
387,074
1,962,803
8,433,978
160,274
10,125,947
326,718
95,265
38,757
631,599
31,931
23,500
3,141,486
16,996,592
8,349,020
15,008
8,278
386,637
101,719
46,217
523,487
1,243,257
6,947,964
110,588
3,056,590
215,366
74,553
20,489
559,126
10,164
22,839
2,803,307
10,394,402
5,092,611
2,032
1,639
m.kbz
113,060
43,664
365,570
1,095,776
13,793,880
137,157
6,474,271
1,776,973
539,668
10,571
352 , 329
1,998
7,605
4,503,740
17,409,753
9,259,622
11,056
3,243
288,322
28,469
6,201
1,629,635
657,323
3,108,672
42,480
6,092,584
58,751
74,694
3,034
336,274
3,893
3,348
1,043,447
6,924,011
3,296,687
25,676
13,573
220,461
20,387
8,230
220,719
302,134
1,641,446
23,195
1,997,830
327,075
95,350
4,411
208,296
3,430
4,337
831,818
3,875,371
1,775,470
13,384
3,532
88,736
105,474
36,884
136,150
366,324
1,568,521
70,635
1,565,336
79,388
8,777
5,308
92,364
17,273
3,567
393,774
2,114,349
1,022,511
5,080
349
71,119
35,017
16,217
182,480
6,059
13,364
1,296
15,055
Investments in Government obligations:
_
9
865
1,268
11
968
-
13
-
9,634
26,254
16
17
Less : Accumulated depreciation
13,678
423
18
277
19
Land
6,335
20
50
21
??
lisss : Accunnilated amortization
12
6,369
??
Total liabilities
12,231,731
37,793,961
13,793,083
34,276,688
2b,3bl,T19
38,517,823
15,437,299
7,796,211
5,404,415
76,381
21.
856,409
482,791
712,211
39,506
2,039,604
346,695
303,990
1,792,317
1,047,079
92 , 191
4,615,536
146,598
3,397,609
851,092
2,614,685
80,950
7,426,452
1,135,697
595,386
5,501,666
2,513,698
510,573
13,294,821
128,668
2,112,206
1,236,714
1,733,430
349,486
2,179,399
590,850
310,826
2,401,900
1,362,909
73,303
6,669,095
237,035
3,273,134
1,892,886
2,927,619
246,868
4,401,178
1,233,379
383,865
5,413,645
2,091,223
593,602
12,034,342
215,108
3,552,322
2,223,655
2,579,185
190,382
3,451,365
1,145,620
350,791
2,538,811
3,053,050
205,846
7,245,980
229,228
3,262,014
5,323,089
2,978,768
40,848
5,001,266
1,403,160
487,334
1,352,143
2,347,595
365,553
14,501,329
45,231
2,635,095
1,062,301
1,679,640
48,494
2,207,024
1,722,377
99,304
1,212,761
1.217,954
32,223
3,617,497
147,871
566,247
440,359
880,710
93,051
957.857
213,896
98,792
952,958
1 , 142 . 525
54.014
2.453.267
57.465
635,752
525,235
436,607
93,687
747,055
146,274
98,760
632,897
328,873
23,332
1,799,357
63,414
15,939
25
Mortgages, notes, and bonds payable in
9,097
10,031
27
2,464
2S
Mortgages, notes, and bonds payable in
14,012
2,921
396
31
13,505
6,796
33
3i
35
Retained earnings, appropriated
Less: Cost of treasury stock
(')
1,365
645
?ft
13,348,451
42,761,281
31,820,452
46,225,717
40,438,699
50,546,818
24,264.419
9,832.197
8.500,722
117,397
13,034,671
8,551
3,696
34,407
24,982
23,882
82
27,329
8,339
26,426
53,367
101,719
42,079,402
43,744
13,659
151,036
43,122
26,422
400
58,460
6,371
162,793
54,464
121,408
31,376,104
8,262
2,107
47,222
41, 699
30.157
2,088
56,063
14.369
14,120
44,842
182,919
44,476,219
23,424
3,093
159,611
262,270
217,371
8,235
508,603
25,932
32,104
182,571
326,234
39,843,831
14,252
6,371
97,337
49,835
92,929
2,681
43,746
9,062
12,233
74,195
192,227
49,711,305
109,705
24,006
115,999
52,694
29,687
1,786
38,140
12,963
28,564
255,377
166,092
23,997,964
2,153
3,389
55,269
30,711
19,430
131
23,456
6,036
6,729
6,349
112,802
9,644,913
9,344
2,899
21,229
9,041
33,069
35
24,453
8,845
5,277
33,100
39,992
3.318,512
3,031
301
29,997
11,200
7,172
313
10,355
4,474
4,607
4,843
105,912
112,290
Interest on Government obligations:
17
39
69
262
41
Rents
282
42
37
43
Net short-term capital gain reduced by
44
45
46
Net long-term capital gain reduced by
net short-term capital loss
Net gain, noncapital assets
2,781
235
801
-
46
Other receipts
Total deductions
623
49
12,410,432
39,233,623
29,448,289
41,030,840
37,233,562
45,238,168
22,971,688
8,401,596
7,978,381
116,891
50
8,576,050
223,732
359,841
36,331
101,020
331,469
129,745
13,535
2,534
673,192
78,766
99,130
113,609
77,390
16,033
1,523,100
29,988,676
312,013
1,894,221
33,714
191,630
1,005,392
421,729
32,731
5,909
1,875,467
295,773
133,567
459,531
368,903
10,262
2,199,055
22,376,507
744,934
387,896
66,849
266,896
708,816
214,124
24,254
5,361
713,172
3,322
261,791
258,563
148,342
11,674
3,255,783
28,984,224
813,806
493,436
90,322
342,322
1,094,738
378,446
46,015
7,153
1,401,208
3,636
377,601
499,421
314,308
4,360
6,179,844
27,688,034
403,263
288,369
66,553
327,304
922,438
309,291
34,312
16,031
908,367
427
592,363
355,343
213,933
5,911
5,101,063
36,144,393
131,356
505,161
65,643
197,830
1,759,653
531,900
13,933
5,190
1,207,506
1,630
546,681
687,261
693,767
14,952
2,731,312
18,516,477
129,301
234,727
16,812
222,119
584,165
152,998
14,128
2,363
501,206
13,396
65,094
392,345
162,906
4,078
1,909,073
5,330,934
140,474
129,233
10,495
113,463
249,272
72,933
20,915
2,301
350,741
1,619
243,348
141,164
43,917
1,596
1,498,691
5,581,019
258,524
58,534
48,029
96,551
195,308
83,077
7,287
1,533
154,827
503
181,344
55,675
32,013
1,582
1,222,570
85,063
4,735
52
343
794
54
55
56
Rent paid on business property
2,172
2,353
1,159
57
58
Contributions or gifts
56
65
59
60
Depreciation
1,608
17
61
62
Advertising
Pension, profit sharing, stock bonus.
1,305
760
63
64
65
Other enployee benefit plans ,
Net loss, noncapital assets
Other deduc tions
352
12
15,597
66
67
68
69
70
Total receipts less total deductions
Constructive taxable income from related foreign
corporations
Net income (less deficit) (66 plus 67 minus 39)
Net income
937,969
42,779
977,052
1,099,893
122,341
1,045,870
482,396
38,073
532,729
655,692
348,323
14,374
3,527,658
21,280
3,535,279
3,598,501
63,222
3,297,450
1,555,535
144,014
2,123,753
2,137,022
948,639
49,463
2,372,163
34,230
2,404,236
2,525,032
120,746
2,356,546
1,065,330
53,995
1,392,451
1,513,263
424,607
38,335
5,194,377
141,901
5,333,685
5,450,067
116,382
5,252,274
2,353,141
79,875
3,060,419
3,176,815
947,461
113,026
3,205,137
66,313
3,265,084
3,432,020
166,936
3,331,518
1,574,436
67,682
1,758,330
1,925,296
742,796
107,344
5,308,650
227,077
5,511,721
5,573,308
61,587
5,496,017
2,626,058
98,940
2,934,603
3,046,191
1,887,960
19,662
1,292,731
4,316
1,293,658
1,363,154
69,496
1,330,029
629,504
40,765
704,919
774,419
274,272
23,153
1,430,601
27,701
1,455,403
1,492,271
36,368
1,465,089
689,968
23,126
788,561
825,443
305,049
29,234
522,341
6,719
528,759
597,027
68,268
559,635
250,369
9,087
287,477
355,775
102,116
13,023
506
437
6,404
5,967
71
72
Income subject to tax
Income tax
3,940
1,187
82
74
75
76
77
Net income (less deficit) after tax (68 minus 72
plus 73 )
Net income after tax
Distributions to stockholders;
-668
5,299
1,191
8
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitaticre of the Data."
Corporation Returns/1966 • Industry and Size Characteristics
ACTIVE CORPORATION RETURNS
17
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Major industry — Continued
Transports ti
communication, electric ,
and sanitary services
Total trans-
portation,
communication,
electric,
gas, and
sanitary
services
(32)
Number of returns, total
With net incoine
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans
Other investments
Depreciable assets
Less : Accumulated depreciation
Depletable assets
Less : Accumulated depletion
Land
Intangible assets (amortizable)
l£ss : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in
less than one year
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in
one year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Lees : Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends , foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Conjjensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus,
annuity plans
Other enplcyee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign
corporations
Net income (less deficit) (66 plus 67 minus 39).
Net income
Deficit
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (68 minus 72
plus 73) ,
Net income after tax ,
Distributions to stockholders:
Cash and property except own stock
Corporation ' s own stock
59,925
39,2-45
Transpor-
tation
(33)
46,402
30,385
Communi-
cation
services
(34)
7,046
4,799
Electric,
gas, and
sanitary
services
(35)
6,477
4,061
Wholesale and retail trade
Total
wholesale
and retail
trade
(36)
453,17-4
306,945
Wholesale trade
Total
wholesale
trade
(37)
151,177
109,850
Groceries
and
related
products
(38)
17,013
11,954
Machinery,
equipment,
and
supplies
(39)
21,897
16,136
Miscella-
neous
wholesale
trade
(40)
109,912
80,229
Wholesale
trade
not
allocable
(Thouamtd dollars)
204,061,020
4,673,686
10,133,093
133,803
4,242,869
2,493,759
254,984
1,284,322
4,470,267
75,675
26,810
788,293
747,982
760,874
236,381
98,070
648,358
311,920
100,982
766,350
10
216,
56,
204,061,020
5,712,370
5,848,331
11,590,748
483,166
77,090,423
7,436,735
7,562,628
35,179,677
15,952,411
1,683,428
35,807,867
286,764
97,097,754
94,205,011
94,805
26,310
424,559
945,211
45,106
11,680
258,237
126,514
205,159
15,292
739,870
85,470,167
54, 677, 629
922,622
177,801
200,020
2,153,646
6,244,587
3,548,262
63,368
21,600
9,475,211
166,397
550, 154
1,233,767
554, 625
28,792
5,451,686
11,627,537
18,487
11,619,764
11,990,041
370,277
11,457,166
5,383,301
529,301
6,765,764
7,136,489
4,952,630
169,422
65,945,576
2,521,605
5,717,411
62,433
1,164,397
1,951,779
179,362
36,055
1,684,477
61,436
13,471
5,101,400
65,530,737
20,862,172
84,359
40,519
632,982
116,800
45,100
2 . 15SI, 529
65,945,576
2,467,256
4,490,779
275,131
21,764,537
2,956,727
738,440
7,763,278
4,475,402
862,493
16,987,446
140,956
44,854,426
52 , 863
14,208
222,097
777,206
15,187
2,180
163,511
101,706
93,024
6,098
566,075
42,404,467
28,828,083
659,678
36,249
45,973
1,774,254
2,282,846
1,130,616
17,709
9,211
3,645,296
26,924
277,386
293,737
237,701
19,792
3,119,012
2,449,959
7,687
2,443,438
2,736,949
293,511
2,370,834
1,053,541
183,844
1,573,741
1,867,483
905,232
62,865
51,423,476
813,684
1,556,419
25,292
1,400,314
94,927
34,095
1,243,105
2,055,797
9,999
3,770
3,200,289
51,879,761
11,819,702
1,751
767
211,967
147,682
38,818
654,495
51,423,476
817,452
3,718,570
147,444
16,108,384
950,002
455,498
12,900,190
6,983,828
60,851
8,618,825
19,364
23,824,946
23,342,586
23,391
10,323
96,263
99,866
23,190
7,366
36,365
15,054
74,949
7,730
87,863
19,240,309
11,856.925
131,247
118,574
94,420
254,915
1,547,114
722,013
16,920
7,650
2,398,131
121
177,117
598,042
212,464
2,397
1,102,259
4,584,637
9,045
4,583,359
4,640,256
56,897
4,549,541
2,170,687
147,862
2,560,534
2,617,436
1,594,339
28,233
86,691,968
1,333,397
2,359,263
46,078
1,678,158
447,053
41,527
5,162
729,993
4,240
9,569
2,486,604
99,337,484
24,079,000
150,271
56,784
303,409
47,438
17,064
952,326
86,691,968
2,563,623
3,381,399
60,591
39,217,502
3,530,006
6,368,690
14,516,209
4,493,181
760,084
10,201,596
126,444
28,418,382
18,551
1,779
106, 199
68,139
6,729
2,134
58,361
9,754
37,186
1,464
85,932
23,825,391
13,992,621
131,697
22 , 973
59,627
124,477
2,414,627
1,695,633
28,739
4,739
3,431,784
139,352
95,651
341,938
104,460
6,603
1,230,415
4,592,991
1,755
4,592,967
4,612,836
19,869
4,536,791
2,159,073
197,595
2,631,439
2,651,570
2,453,059
78,324
135,943,102
10,011,039
40,911,045
1,077,161
43,300,235
567,344
176,308
159,967
2,507,576
562,203
162,337
9,942,592
39,659,988
13,153,365
391,872
109,690
3,372,200
245,552
94, 693
3,412,753
135,943,102
23,322,711
17,671,447
8,294,861
2,851,097
14,979,290
4,740,933
1,781,959
18,186,671
6,432,146
502,020
33,291,767
1,111,850
389,155,391
331,613,152
33,830
9,764
539,591
892,693
65,138
14,404
293,904
94,466
184,265
30,823
5,233,361
380,940,191
300,089,372
6,942,951
1,007,184
882,299
5,194,717
4,385,817
2,115,847
113,890
13,325
3,235,453
46,144
4,057,133
769,974
361,364
67,457
51,151,264
8,215,200
35,030
8,240,466
9,702,287
1,461,321
8,385,793
3,360,627
135,552
5,015,391
6,477,788
1,780,385
277,725
61,447,412
4,480,999
21,639,227
400,646
18,212,233
230,552
111,939
96,296
1,178,661
236,006
74,377
5,496,123
13,621,437
6,295,150
358, 150
93,202
1,049,479
97,932
34,514
1,342,458
61,447,412
15,422,236
3,325,222
3,401,623
1,048,019
6,074,668
1,293,301
839,206
8,033,713
3,072,151
245,656
14,201,011
559,444
134,921,354
182,166,272
16,517
4,857
253,343
292,974
56,285
8,602
126,740
39,403
84,018
38,516
1,833,822
131,133,178
153,699,528
3,190,872
323,909
363,623
1,069,761
1,973,031
838,898
48,643
8,557
1,085,795
41,429
883,307
365,463
134,450
25,962
17,014,445
3,788,176
10,732
3,794,051
4,365,047
570,996
3,790,465
1,526,323
43,622
2,311,350
2,832,562
620,278
137,927
>,472,180
515, 150
2,168,391
32,017
1,722,283
24,793
9,359
6,459
153,458
36,910
4,010
514, 171
1,884,043
877,632
3,535
1,203
121,959
9,630
3,441
212,322
6,472,180
809,075
332,104
144,567
753,392
200,188
74, 939
902,032
359,928
22,941
1,282,608
54,629
35,996,032
35,578,902
1,125
633
27,367
32,525
939
4,457
18,876
4,276
7,897
1,767
317,263
35,641,731
31,850,140
366,562
69,642
43,692
160,173
212,470
99,052
5,024
1,338
163,020
401
101,012
44,536
24, 369
3,832
2,490,818
354,301
3,207
356,875
422,339
65,464
347,330
135,905
6,101
227,071
292,588
33,367
7,267
Footnotes at end of table. See text for explanatory statements and for "Description of the Saii5)le and Limitations of the Data.
7,636,340
538,131
2,762,363
59,057
2,613,928
32,266
4,416
5,405
126,530
36,587
5,263
523,858
1,336,764
564,389
16,310
3,552
106,727
13,585
3,304
145,509
7,636,840
1,692,695
1,244,982
476,683
162,250
718,706
196,804
35,076
1,042,782
277,517
31,932
1,776,889
69,476
18,062,208
17,624,403
2,437
344
49,004
69,927
4,084
559
10,281
6,225
5,439
1,174
287,826
17,473,630
13,733,660
527,951
32 , 333
54,872
121,290
170,376
119,074
6,260
956
144,456
1,323
88,330
60,157
13,788
2,925
2 , 390, 829
538,578
U9
587,353
654,002
66,149
535,234
232,759
5,504
360,598
426,755
75,631
23,369
47,172,317
•3,400,848
16,657,331
307,646
13,852,714
223,493
98,214
84,283
895,356
160,060
65,101
4,430,068
10,353,099
4,332,330
336,940
92,592
818,140
74,534
27,242
977,496
47,172,317
12,102,713
6,258,691
2,530,242
736,690
4,576,380
890,965
726,345
6,051,081
2,432,453
190,735
11,109,756
434,239
130,433,371
128,544,654
12,955
3,380
176,050
189,916
51,112
3,572
95,937
28,801
70,460
35,575
1,220,909
127,606,095
107,827,901
2,261,048
226,268
269,005
783,813
1,586,132
668,197
37,331
6,205
770,131
39,697
697,282
258,112
95,372
19,130
12,060,471
2,327,276
7,406
2,831,302
3,267,646
436,344
2,841,936
1,152,580
31,954
1,710,676
2,147,175
458,440
107,291
(41)
2,355
1,531
166,075
26,870
51,142
1,926
23,308
149
3,317
2,449
3
28,031
42,531
20,249
1,365
855
2,653
183
27
7,131
166,075
36, 838
12,474
12,594
4,512
21,190
5,344
2,346
37,818
2,253
48
31,758
1,100
429,743
927
606
150
14
1,596
101
222
7,819
411,722
282,827
35,311
616
1,059
4,485
4,053
2,575
28
3
3,183
8
2,133
2,608
421
25
72,327
18,021
13,021
21,060
3,039
15,865
5,079
63
13,005
16,044
18
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Industry and Size Characteristics
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Major industry — Continued
Wholesale and retail trade — Continued
Retail trade
Total
retail
trade
Building
materials ,
hardware,
and fariD
equipment
stores
General
merchandise
stores
Food
stores
Automotive
dealers
and
gasoline
service
stations
Apparel
and
accessory
stores
Furniture,
home fur-
nishings,
and
equipment
stores
Eating
and
drinking
places
Miscella-
neous
retail
stores
Retail
trade not
allocable
Wholesale
and retail
trade not
allocable
(^2)
(■;3)
(-W)
K?)
Ke)
(47)
(4a)
(49)
(50)
(51)
Number of returns, total
With Det incone
Total assets
Cash
Notes and accounts receivable
Less : Allowance for bad debts
Inventories
Investments in Covernjnent obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans
Other investinents
Depreciable assets
Less: Accumulated depreciation
Depletable assets
Less: Accumulated depletion
Land
Intangible assets (amortizable)
Less: Accumulated amortization
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in
less than one year
Other current liabilities
Loans from stocidiolders
Mortgages, notes, and bonds payable in
one year or more
Other liabilities
Capital stock, preferred
Capital stock, comioon
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations :
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends , foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Condensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus,
annuity plans
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related
foreign corporations
Net income (less deficit) (66 plus 67 minus 39)
Net income
Deficit
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tajt (68 minus
72 plus 73)
Net income after tax
Distributions to stockholders:
Cash and property except own stock
Corporation's own stock
293,432
195,547
29,426
20,271
18,584
12,827
22,154
13,667
45,567
31,777
33,041
23,978
28,299
19,053
51,333
28,410
66,585
45,385
(«)
CThouaaid dtllMfM)
73,611,420
5,459,846
19,092,034
673,001
24,832,596
286,061
64.269
62.690
1,317,416
324,523
86.320
4,236,198
25,838,152
11,767.133
33,548
11,476
2,303,933
146,793
59,881
2,038,532
73,611,420
12,768,532
9,269,704
4,846,529
1,789,446
8,745,409
3,413,792
856; 089
10,021,369
3,340,170
253,605
18,346,170
541,395
202,568,961
197,824,082
17,219
4,905
331,072
592,239
8,446
4,434
165,228
53,976
98,855
42,270
3,426,235
198,177,795
145,146,903
3,715,675
672,149
509,007
4,100,040
2,887,309
1,211,305
64,865
10,205
2,133,015
4,715
3,149,498
398,886
225,679
41,064
33,906,980
4,391,166
24,216
4,410,477
5,290,129
879,652
4,565,004
1,822,921
91,379
2,678,935
3,558,947
1,137,418
138,985
6,078,756
437,208
1,752,853
44,536
2,410.034
19,964
1.523
4.661
89,343
23,965
16,559
290,108
1,594.032
821,281
9,858
4,219
205,569
3,982
1,359
90,992
6,073,756
1,030,293
334,553
260,356
197,991
597,176
114,237
68,557
1,269,426
174,554
21,729
1,573,363
63,979
12,343,585
12,074,596
862
155
30,329
31,362
1,228
19,207
7,065
3,309
12,093,876
9,213,296
401,692
39,074
71,732
137,372
184,870
81,416
2,786
442
126,357
769
95,150
19,963
13,036
314
1,704,557
249,709
249, 554
350,037
100,483
273,437
94,056
2,840
153,338
253,844
50,760
11,532
23,690,221
1,249,761
8,790,391
415,344
6,426,819
134,130
42 ,415
3.363
319,731
23,178
11,228
1,631,743
7,573,746
3,299,624
295
94
670,320
26,014
14,313
466,462
23,690,221
4,433,828
1,819,664
1,757,314
156,206
3,166,467
1,929,012
257,779
2,008,478
1,030,918
65,437
7.136,896
121,778
41,879,664
39,947,618
8,883
1,946
124,728
177,139
500
803
54,470
7,673
53,832
41,235
1,460,787
40,190,503
25,541,003
270,306
147,827
172,433
990,363
790,512
464,343
26,628
1,929
555,037
421
1,094,642
162,756
25,470
3,293
9,938,535
1,689,161
24,091
1,711,306
1,802,210
90,904
1,664,244
758,520
32,741
985,527
1,076,443
519, 174
24,703
8,817,040
901,483
656,429
7,010
2,838,953
36,362
5,999
4,477
197,963
28.338
11,486
616,179
5,326,430
2,455,132
3,733
2,432
314,442
14.035
4,304
329,649
8,817,040
1,848,454
336,566
692,250
149,161
1,037,408
261,613
121,869
1,019,654
1,023,008
35,364
2,366,068
74,375
47,224,079
1,603
1,129
26,336
77,395
251
287
14,610
5,379
6,701
109
215,007
46,541,151
37,065,597
309,315
147,040
21,479
725,466
490,010
81,362
9,308
785
464,272
599
629,596
96,678
101,747
8,653
6,389,244
632,928
108
681,907
784,925
103,018
735,350
326,407
28,099
383,599
486,696
204,013
33,001
12,632,087
800,494
2,523,523
70.532
6,005.915
17.035
1.648
13.299
245.427
63.123
11,748
390,811
3,063,723
1,333.577
4,367
1,234
567,276
14,041
5,720
325,720
12,632,087
1,209.675
4,287,712
684,010
370,007
1,261,334
300,249
126.966
1,771,245
182,073
32,417
2,495,597
89.248
50,070,281
49,283,234
1,518
209
62,613
111,197
1,511
451
29,113
13,651
6,617
17
560,145
49,664,836
41,898,520
738,260
94,535
97,713
450,985
449,024
303,994
6,702
1,551
276,631
553
469,039
32,298
23,550
5,754
4,765,727
405,445
405,236
598,268
193,032
498,162
169,203
5,147
241,175
434,249
96,483
22,145
5,317,910
557,081
1,213,435
34,441
2,172,302
26.016
4.090
14.215
100.512
31,392
5,626
434,959
1,285,403
687,205
1,823
423
67,257
9,589
4,343
120, 127
5,317,910
1,121,604
314,192
375,959
154,397
453,843
114,443
84,143
329,397
283,792
9.527
1,619,536
43,423
11,909,835
1,088
367
13,353
66,797
121
287
5,574
1,911
12,829
(M
244,764
11,527,021
7,513,158
352,536
32,158
29,295
555,046
194,429
47,504
6,239
1,208
103,503
656
249,633
19,625
10,755
2,734
2,403,442
382,814
382,447
443,741
61,294
375,926
132,202
4,164
254,409
315,736
49,076
6,066
4,668,305
337,745
1.896.839
56,516
1,618,813
13.451
4.082
5,184
63,342
24.891
6.142
177,002
792 . 179
394,183
1,215
390
75,587
3,527
2,075
96,420
4,668,305
860,463
571,761
230,347
173,467
391,132
332,292
46,543
340,683
126,563
35.728
1,043,874
39,548
9,687,369
1,135
391
30,386
19,625
428
990
8,035
1,553
2,910
3
352,786
9,463,102
6,187,973
410,154
26,583
52,367
249,204
151,356
66,229
3,873
395
73,076
694
257,053
16,424
3,653
2,243
1,956,310
224,767
224,376
305,664
81,238
225,620
74,694
995
150,677
231,965
43,629
9,464
4,033,935
437,874
440,763
2,947
245,770
13,114
70
7,674
115,303
51,653
13.146
206,074
3.326,630
1,374,799
4,351
1,645
228,323
40,552
14,063
296,092
4,033,935
511,245
368,509
287,213
259.256
924,833
131,374
29,643
713,516
201,610
4,663
625,789
28.776
813
40
9,003
52,614
3,505
493
15,633
9,652
3,060
(^i
127,425
9,627,434
4,423,126
412,732
114,369
7,181
495,322
319,759
63,789
2,461
1,392
275,756
55
U0,970
15,506
19,836
8,732
3,350,898
224,246
224,206
345,430
121,224
263,583
88,526
9,289
144,969
266,308
63,969
17,413
8,342,505
735,367
1,312.312
41,339
3.107,613
24,410
4,442
9,817
185,568
77,468
10,211
426,917
2.374.938
1,395.856
7,906
1,034
174,708
30.053
13,204
312,208
8,342,505
1,746,075
735,540
508,199
323,207
907,448
223,959
119,843
1,553,133
317,276
48,715
1,921,941
74,831
19,553,345
1,213
668
28,171
55,980
902
365
17,633
5,837
8,770
320
290,328
19,023,545
13,269,065
768,876
70,522
56,654
495,326
307,290
97,509
6,802
2,003
257,765
968
243,011
35,636
22,520
3,767
3,385,831
530,300
17
529,649
657,240
127,591
522,483
178,971
8,104
358,732
486,424
105,136
14,656
30,661
2,828
5,439
236
5,822
1,579
222
515
174
12,405
1,021
421
(M
30, 661
4,895
1,207
376
754
5,668
1,613
741
5,337
376
25
10,106
437
48,123
44,461
99
143
30
943
1,205
327
81
779
46,327
35,155
1,804
41
153
956
559
159
61
113
349
12
24
1,936
1,796
(•)
818
(*)
(»)
(•)
1,459
(•)
(52)
3,565
1,548
834,270
70,194
179,784
3,514
255,406
731
50
981
11,499
1.674
1,640
210,266
200.399
96,082
174
12
18,788
827
298
31,763
884,270
131,893
76, 521
46,709
13,632
159,213
33,890
36,664
131,589
19,825
2,759
242,586
11,011
1.665.076
1,622,798
94
2
5,171
7,480
407
1,368
1,936
1,087
1,392
37
23,304
1,629,218
1,242,941
36,404
6,126
4,664
24,916
24,977
15,644
382
63
16,643
13,323
5,625
1,735
431
229,839
35,858
82
35,933
47, lU
11,173
30,324
U,333
551
25,106
36,279
22,689
813
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data,"
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Industry and Size Characteristics
Table 2.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
19
Major industry — Continued
Finance, insurance, and real estate
Total
finance,
insurance,
and real
estate
Banks and
trust
conpanies
Credit
agencies
other than
banks
Security and
commod ity
brokers ,
dealers,
exchanges,
and services
Holding and
other
investment
conpanies
Insurance
carriers
Insurance
agents,
brokers ,
and services
Real
estate
(53)
(54)
(55)
(56)
(57)
(58)
(59)
Number of returns, total
With net income
Total assets
Cash
Notes and accounts receivable ,
Less : Allowance for bad debts
Inventories
Investments in Government obligations;
United States
State and local
Not stated
Other current assets
Loans to stockholders ,
Mortgage and real estate loans
Other investments ,
Depreciable assets
Leas : Accumulated depreciation
Depletable assets
Less : Accumulated depletion
land
Intangible assets (amortizable)
Less : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in less than one year.
Other current liabilities
Loans from stockholders ,
Mortgages, notes, and bonds payable in one year or more...
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less : Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Coapensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign corpora-
tions
Net income (less deficit) (66 plus 67 minus 39)
Net income
Deficit
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (68 minus 72 plus 73)...
Net income after tax
Distributions to stockholders :
Cash and property except own stock
Corporation ' s own stock
402,740
24^,658
15,505
13,954
54,539
35.420
4,406
2,746
31,143
17,880
5,174
3,140
27,191
19,585
(Thousand dolle.
1,007,716,563
84,933,522
270,761,829
10,866,843
293,114
82,643,393
54,139,273
3,836,610
17,618,023
787,843
,879,393
549,376
059,330
611,032
220, 612
849,667
550,162
460,629
165,313
476,209
176,
244
S4,
16,
3,
1,007,716,563
11,535,505
39,282,033
562,319,788
8,759,481
61,847,700
179,885,212
2,869,703
32,751,222
51,364,406
11,022.357
47.192,452
1,113,296
119,814,911
66,013,937
3,533,266
1,774,098
33,097,356
4,647,173
741,923
54,113
2,852,115
2,427,607
2,692,555
90,698
1.880,059
107,083,783
32,221,922
3,629,348
513,150
1,971,509
1,460,583
4,012,275
19,537,273
100,727
44,806
3,054,653
518,221
955,038
872,013
187,333
765,622
37,239,310
12,731,128
45,451
11,002,481
12,762,894
1,760,413
7,855,553
3,201,502
56, 614
7,857,593
9,518,549
5,611,516
856,268
470,297,044
70,627,991
212,425,219
4,774,755
12,159
51,540,934
38,841,900
2,510,712
2,076,617
21,577
52,246,028
13,484,469
6,679,258
1,163,509
7,045
1,021
608,807
8,353
2,310
5,152,570
470,297,044
295,831
2,405,587
420,315,253
5,279
3,643,779
8.295,345
113,933
8.953,524
12.679,541
2.511.976
11.093,7&i
16,768
23,230,994
2,935,032
2,568,552
1,218,294
15,812,195
297,909
2,644
3,851
97,252
7,476
103,813
4,505
179,240
19.950.625
86,751
1,394,835
102,645
910,607
370,104
656,444
9,186,449
45,525
3,325
526,041
879
312,567
340,915
75,489
603,991
5,334,056
3,280,368
2,288
2,064,362
2,208,923
144,561
2,114,073
936,176
30,455
1,158,641
1,303,403
1,230,393
184,078
182,954,915
5,869,912
41,909,968
5,886,175
48,305
7,845,770
256,488
695,853
1,880,231
244,450
112,910,215
12,029,420
3,194,243
778,358
198,139
38,431
900,322
49,761
19,311
1,644,112
182,954,915
2,938,528
23,888,995
115,530,434
5,417,170
16,784,350
4,602,115
929.344
3,591,581
2.837.024
2.283.347
4.390,943
239,016
13,542,578
3,407,264
376,637
10,435
9,051,603
151,041
6,842
6,452
110,004
27,958
94,722
8,721
280,899
12,668,625
178,555
455,481
35,509
884,015
157,701
283,454
7,373,062
9,320
18,237
170,603
6,560
222,628
63,068
17,887
46,901
2,734,543
873,953
8.758
872,286
1,217,146
344,860
1,062,571
422,459
4,477
454,294
799,207
370,342
29,859
9,527,225
551,022
3,744,859
2,348
32,594
809,552
65,690
22,135
2,791,280
6,727
8,731
1,080,482
190,155
72,411
3,274
1,273
30,252
5,520
1,153
262,027
9,527,226
2,951,294
2,692,006
1,947,500
52,533
352,191
386,195
78.258
297.310
183,517
26.866
623.416
63,971
629,404
55,139
10,801
150,052
7,099
3,400
4,414
17,764
959,103
14,149
1,127
145,608
17,978
224,985
4,369
7,404
62,922
56,125
190,179
3,325
783
15,127
10
25,476
37,757
5,674
7,353
1,048,756
298,837
3,492
291, 528
329,976
38,448
308,713
140,943
1,631
152,216
190, 665
35,776
12,019
55,111,414
1,211,808
2,610,119
45,498
13,388
2,027,079
577,019
212,101
1,748,324
90,375
867, 164
42,390,164
2,312,842
355,818
573,311
144,987
568,352
105,424
67,702
418,949
55,111,414
617,481
1,363,223
823,012
193,420
3,781,041
4,218,748
1.001,994
8.054 896
28,915,700
1,186,658
5,318,006
362 . 765
5,121,883
329,278
104,787
26,215
508,283
110,439
181,108
26,958
2,007,704
44,237
1,633,603
56,978
82,293
1,322,008
98,090
67,312
5,844
44,178
17,914
58,227
259,357
4,205
6,004
51,980
103 , 162
7,624
6,278
1,668
11,257
558,897
3,799,875
25,040
3,798,700
3,902,514
103,814
461,451
156,727
727
3,542,700
3,745,516
2,929,127
495,185
213,370,705
3,212,055
2,300,790
22,556
26,534
10,025,301
14,228,884
229,255
4,481,463
1,473
93,242
170,375,082
2,542,966
108,712
852
67
82,535
5,020
747
5,897,335
213,370,705
430,016
575,732
21,736,206
395,745
436,383
159,353,302
101,203
2,935,098
3.192,214
4,650,379
19,572.625
8.703
59,527,958
49.360,980
399,155
499,980
7,214,427
537,081
19,521
5,652
198,822
18,251
753,950
7,851
512,288
56,297,645
29,572,207
279,257
7,884
50,902
312,483
1,261,985
153,574
20, 579
1,335
309,144
16,784
151,157
353,984
58,323
4,178
23,713,769
3,230,313
1,562
2,731,895
2,953,540
221,545
2,187,758
1,016,576
9,515
1,724,835
1,945,633
600,408
80,065
3,236,455
623,623
1,315,958
17,601
2,744
40,102
6,748
8,187
117,931
27,001
16,459
544,934
391, 637
167,043
1,551
359
56,048
19,088
8,280
257, 627
3,236,455
1,356,547
210,287
172 , 583
48,046
213,909
135,495
21,379
369,072
164.384
27.339
545.855
30.041
2.562,126
• 2,580
540
19,502
12,849
101
360
12,279
1,964
10,399
335
52,735
600,857
474,662
4,189
19,823
77,206
56,595
22,592
2,931
777
38,895
140
30,333
33,148
11,446
1,252
1,065,380
235,644
4,094
239, 198
258,450
29,252
208,048
73,001
735
166,932
196, 186
60,150
6,006
(60)
264,782
155,933
2,837,211
6,454,916
117,900
157,379
354,545
162,544
153,357
4,522,127
396,240
737, 554
4,644,775
48,748,228
13,959,181
2,436,440
663,529
14,303,846
257,453
65 . 810
1,343,589
73,213,304
2,945.508
8,146,203
1,794,800
2,647,183
36,636,047
2,893,011
623.077
8,549,741
3,392.026
335.292
5,647,843
392,032
13.707,558
6,739,853
25,206
7,833
321,284
3,530,755
528,307
16,415
408,281
1,368,618
81,929
1,080
626,996
12,595,420
1,567,383
721,315
352,709
54,530
462.253
1,629,445
2,332,050
14,741
14,344
1,941,853
390,586
195,253
26,853
15,846
90,690
2,733,909
1,012,138
207
1,004,512
1,882,345
877,833
1,512,929
455,510
9,073
557,975
1,435,938
384,320
49,055
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and limitations of the Data. "
20
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Industry and Size Characteristics
Table 2.— BALANCE SHEETS AND
INCOME STATEMENTS, BY
MAJOR INDUSTRY— Continued
Item
Major industry— Continued
Services
Total
services
Hotels,
rooming
houses,
canps, and
other
lodging
places
Personal
services
Business
services
Autoiiobile
and other
repair
services
Motion
pictures
Amusement and
recreation
services,
except
motion
pictures
Miscella-
neous
services
Nature of
business
not
allocable
(61)
(62)
(63)
(64)
(65)
(6*)
(67)
(63)
(69)
202,065
115,899
17,180
8,541
32,431
20,527
57, 182
34,612
32,241
19,499
8,314
4,621
23,408
10,554
31,309
17,545
8,030
0
With net income
1,311
Total assets
(Thouami daltart)
3
36,857,9*7
6,816,714
2,894,945
11,090,480
4,507,932
4,137,316
3,653,164
3,757,396
257,960
f,
Cash
3,091,564
6,592,047
111,233
1,800,431
295,778
223,335
84,249
1,041,629
225,728
113,832
3,631,396
26,568,832
10,953,316
41,435
13,530
2,329,049
426,534
227,713
1,697,450
331,823
444,823
10,619
70,727
17,735
5,859
7,401
120,405
33,585
61,623
440,569
6,582,232
2,405,501
5,736
1,474
905,564
21,001
5,760
190,935
309,661
483,719
11,630
150,321
14,606
2,819
6,664
90,238
22,260
5,711
201,258
2,507,869
1,288,808
1,365
810
149,846
20,109
9,015
233,762
1,095,272
3,235,281
47,693
393,157
159,405
176,522
23,930
368,507
89,235
20,645
1,555,011
5,636,587
2,396,380
3,980
2,922
208,250
66,412
22,094
512,880
309,914
625,601
U,543
261,166
4,610
1,175
4,493
90,537
22,321
4,179
233,021
4,180,082
1,551,442
1,297
551
191,538
12,315
3,650
132,369
263,988
746,815
5,849
715,345
31,426
9,233
5,939
133,855
14,223
5,544
720,926
2,231,008
1,285,641
5,309
3,763
190, OU
166,128
113,750
261,519
316,350
225,330
3,284
44,733
17,626
10,614
19,536
91,765
12,764
13,306
165,020
3,377,316
1,407,003
5,341
3,062
481,831
115,439
59,152
228,644
464,556
825,478
20, 610
159,982
50,370
17,063
11,236
96,322
30,340
2,324
316,091
2,053,738
618,041
13,357
993
202,009
25,130
9,292
137,341
27,383
69,502
6
2,328
19,924
ft
Investments in Government obligations:
(^)
q
(M
n
5,967
18,590
13
4,144
v.
22,013
Ti
51,799
16
17
Ifiss: Accumulated depreciation
13,796
2,193
Iff
(M
1*»
Land
43,122
526
■51
140
9,056
Total Uabilities
23
36,357,947
6,316,714
2,894,945
11.090.480
4,507,932
4,137,316
3,653,164
3,757,396
257,960
24
25
Accounts payable
Mortgages, notes, and bonds payable in less than one year
3,971,462
4,559,015
2,377,305
1,472,089
10,831,714
1,777,208
404,921
4,586,381
2,426,814
161,403
4,683,203
393,568
320,552
619,703
275,563
363,958
3,448,668
152,604
101,332
912.527
50i,390
17,966
173,880
75,429
265,819
224,850
173,644
144,293
576,642
98,320
42,876
566,015
118,487
7,481
718,129
41,611
1,838.322
1,328,967
889,491
302,703
2,086,915
787,531
148,853
1,191,938
745,367
58,429
1,836,805
124,891
342.068
1,027,707
205,860
207,991
1,405,357
131,985
19,551
430,113
142,958
6,497
611,315
23,470
533.763
609,579
366,509
73,556
1,014,413
176,644
27,794
365.410
345,198
26,772
649,463
51,790
255,061
389,127
170,269
252,035
1,366,672
155,328
40,352
641,150
286,185
15,808
112,661
31,934
415,377
359,082
295,969
127,553
933,042
274,296
23,663
479.178
283,729
23.450
580,950
44.393
41,321
33,323
5,422
?7
9,868
28
Mortgages, notes, and bonds payable in one year or more
Other liabilities
71,847
10,267
30
11
Capital stock, preferred
6,381
103,154
32
33
34
35
Paid-in or capital sxirplus
Retained earnings, appropriated
Retained earnings, unappropriated
less: Cost of treasury stock
Total receipts
Business receipts
25,015
1,373
-i9,186
1,325
36
43,082,993
4,484,923
4,952,164
15,235,760
4,955,462
3,806,Oi3
3,553,578
6.045,053
113,334
37
3«
41,134.713
15,972
7,958
134,152
623,187
52,067
9,720
149,063
83,308
53,743
26.930
731.680
4.073.432
1.197
222
24,109
225,553
977
427
46,971
5,281
4,930
2,595
99,234
4.371,463
972
83
6,079
14,283
132
235
10.401
3,982
6.441
508
37,530
14,751,669
3,418
5,812
51,228
162,673
9,445
3,474
29,597
26.635
27,511
7,726
201.572
4,759,829
338
207
8.818
65,856
1.871
2.984
15.503
37,465
3.176
9
59.406
3.556,300
1,245
308
18,443
57,352
26,342
695
13,624
3,143
8,074
14,825
105,692
3.323,254
1,051
482
11,722
63,066
5,720
1,308
20,385
10,034
3,038
132
113,286
5,848,766
2,751
839
13,753
34,404
7,530
597
12.582
2,268
5,523
1,085
114,960
91,912
213
19
An
454
41
1,365
42
43
Royalties
Net short-tenn capital gain reduced by net long-term
74
44
Net long-term capital gain reduced by net short-term
710
4'i
200
46
60
47
48
Other receipts
13,846
4^^
41,262,907
4,390,172
4,740,276
14,503,504
4,790,517
3,581,841
3,440,666
5,810.931
107, 9CH
-in
22 , 560, 589
2.385,000
469,524
157.475
1.525,230
1.424.239
828,935
27.405
25,939
3.009.302
4,567
747,135
263.615
108,196
33.964
7.686.792
1,309.755
94,677
126,075
17.948
253,396
265.442
225,885
2.151
2,102
362, 03()
2,139
97,333
7.324
14.214
6,307
1.103,389
2,460,706
353,451
66,237
17.519
199,644
167,814
46.367
3,276
2.268
218,875
116
69, 178
20,444
14,793
2,973
1.096.615
9,213,471
368,069
85,813
51,936
329.583
371,212
186.740
8.853
6,235
706,576
601
265,353
132,793
33.329
3.130
2,234,250
2,386,240
289,081
59,506
23,454
200,276
158.685
131.927
1.630
9,190
740.559
eo
46,575
8,784
9,315
5.137
720,098
1,800,718
111,638
28.190
14.115
U4.584
78,269
70,878
4.139
1.428
600,915
460
122,030
19,922
3,603
3,226
602,726
1,489,681
134.771
66.583
6,097
214,707
203,314
93,725
3,389
2,945
243,128
523
94,733
13,773
5,704
6,705
854,833
3,400,018
533,313
37,120
26.406
213.035
179.003
68,413
3.462
1.771
137,219
668
51,428
65,570
17,238
1,436
1.074,831
57,163
•il
6,681
*>?
710
ST
386
•>4
2.843
•i*;
4,480
56
3,488
-i?
2
^
•)9
3 161
60
(M
61
6?
73
61
Other eniplcyee benefit plans
244
64
2,039
6'>
66
1,820,036
15,519
1,827,647
2,587,101
759,454
2,052,816
797,262
51,224
1,081,609
1,841,474
422,979
56,634
94,756
4
94,538
230,317
135,779
167,574
63,570
5,690
36.658
172,438
40,016
3,480
211,838
112
211,912
260,794
43.332
197,260
67.255
7,149
151,306
200,721
49,912
4,937
777,256
7.592
779,036
974.432
195.396
799.048
321,385
19,366
477,017
672,612
159,403
29,543
164,945
164 733
240',703
75.965
183,112
60,302
3,213
112.149
188,265
42.CK7
3,153
224,202
7,272
231,166
279,721
48,555
247.355
107.669
2,620
126,117
174,672
37.397
3,860
112,912
142
112,572
247,238
134,666
202.134
82.828
3,893
33.637
168,315
36.303
3.186
234,127
397
233,685
353.896
120,211
256,333
93.753
4,293
144.225
264.451
57,901
8,475
67
6ft
Constructive taxable income from related foreign corporations-..
5,930
18,257
12 327
69
70
Deficit
71
47
74
71
Net income (less deficit) after tax (68 mlnuB 72 plus 73)
5,087
17,414
Distributions to stockholders;
77
(*) Estinate is not shown separately because of high eanpllng variability. However, the data are included in the appropriate totals.
^LesB than $500 per return.
NOTE: See text for explaiiatory statements and for "Description of the Sample and UMtations of the Data."
RETURNS WITH NET INCOME
Corporation Returns/1966 • Industry and Size Characteristics
Table 3.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY
21
Total number
of returns
with net
income
Major industry
Agriculture,
forestry, and
fisheries
Mining
Total
mining
Metal
mining
Coal
mining
Crude
petroleum
and
natural
gas
Nonmetallic
minerals
(except
fuels)
mining
Contract
construction
Manufacturing
Total
Manuf a c turing
Food and
kindred
products
(1)
(2)
(3)
W
(5)
(6)
(7)
(8)
(9)
(10)
Mujnber of returns with net income
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stocliholders
Mortgage and real estate loans
Other investments
Depreciable assets ,
Less : Accumulated depreciation
Deple table assets
Less : Accumulated depletion
land
Intangible assets (ajBortizable)
Less : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in
less than one year
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in
one year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets
Dividends , domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus,
annuity plans
Other employee benefit plans
Net loss , noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related
foreign corporations
Net income (65 plus 66 minus 38)
Income subject to tax
Income tax
Investment credit
Net income after tax (67 minus 69 plus 70
Distributions to stockholders :
Cash and property except own stock
Corporation's own stock
939,8*6
1,655,393,918
115,215,248
389,372,305
12,412,808
128,248,844
86,983,178
52,765,645
5,528,720
31,321,253
1
146
303
565
223
14
6
23
4
2
,608,038
,020,630
,185,134
,447,599
,921,619
,860,719
,313,758
,948,563
,438,051
,762,898
,811,074
1,655,393,918
84,389,561
77,606,906
554,300,700
12,067,754
190,158,518
201,535,788
17,939,766
129,963,649
103,700,657
16,293,439
273,364,965
5,927,785
1,180,714,247
1,107,110,112
3,763,451
1,771,608
32,284,506
7,219,959
1,724,165
111,170
5,644,588
2,595,657
4,333,289
1,849,957
12,305,785
1,092,359,506
777,092,026
19,327,366
9,478,279
3,376,587
12,961,846
31,825,916
26,005,678
799,982
153,173
33,370,907
4,656,450
13,121,589
7,966,893
4,261,527
683,787
147,277,500
88,354,741
1,157,091
87,740,224
77,099,900
34,445,349
2,006,329
55,301,204
26,597,799
2,583,276
16,604
1,048
3,646
70,461
13,022
(ThoMaand dollars)
5,244,888
346,650
621,593
11,184
665,473
41,684
26,387
11,956
85,220
45,352
14,704
610,066
3,012,259
1,498,132
31,520
5,398
1,072,122
10,674
2,421
166,363
5,244,888
648,710
161,096
180,136
871,067
224,584
67,049
1,110,225
396,640
37,380
1,262,625
58,092
6,451,549
6,126,741
1,733
1,764
23,814
39,065
27,757
1,689
78,615
12,867
13,555
644
123,305
5,989,519
4,196,737
179,413
100,075
6,871
124,894
128,774
84,096
2,766
353
226,193
11,763
22,867
15,305
9,842
891
878,679
462,030
5,131
465,397
317,522
117,536
8,646
356,507
83,314
3,743
13,034,648
910,257
2,177,449
17,794
728,316
364,730
124,675
25,548
409,132
25,645
33,534
1,866,552
9,801,535
5,028,757
2,057,983
1,131,291
260,636
160,568
48,344
314,274
13,034,648
643,383
1,065,801
109,171
1,470,403
447,834
164,307
1,614,418
1,467,257
91,753
5,104,019
135,822
11,962,687
11,392,405
16,181
3,670
64,224
42,373
34,395
1,649
128,040
24,454
78,889
29,481
146,926
9,900,950
6,470,260
153,462
191,317
10,456
76,001
296,680
114,985
7,403
3,776
696,325
845,319
15,396
54,066
84,599
6,702
874,203
19,786
2,077,853
1,788,631
831,972
32,094
1,277,975
1,052,194
58,096
232,669
454.644
l,8i2
330,367
189,176
46,103
125
225,807
54
2,001
827,947
2,487,783
1,233,870
362,769
193,222
23,413
65,659
12,823
107,224
3,913,964
60,213
179,339
33,376
335,013
101,721
54,924
549,874
464,834
17,230
1,759,694
5,420
2,809,424
2,668,352
6,119
351
20,117
2,580
4,936
228
23,824
508
38,842
27,312
16,255
,555,650
11,443
32,334
604
4,669
80,875
19,271
2,470
1,936
134,073
199,208
1,602
12,462
6,492
4,835
134,067
607,433
7,569
614,651
479,937
225,701
9,186
398,136
245,988
43,959
2,149,357 4,707,534
127,299
371,600
3,153
59,478
32,206
31,611
5,302
38,501
690
3,831
257,675
1,790,422
829,187
239,896
93,746
40,900
6,334
538
70,236
2,149,357
120,466
75,981
12,488
431,413
106,299
17,301
258,329
355,079
33,817
586,243
25,001
2,917
822
13,922
17,999
3,133
176
35,740
5,273
21,206
57
30,414
2,564,326
1,856,308
28,869
41,445
1,773
26,016
79,593
30,411
1,879
477
169,733
73,205
2,629
8,911
66,864
199
176,014
153,515
124
152,817
117,524
55,582
7,254
104,489
54,302
3,060
345,569
965,198
7,163
192,459
100,342
40,720
12,217
59,731
23,448
6,971
608,871
3,517,484
1,869,513
1,295,915
796,348
65,580
86,906
34,254
93,401
4,707,534
306,183
315,924
708,404
32,822
476,302
152,587
59,911
462,610
436,809
22,472
1,793,913
60,403
4,340,852
4,145
2,074
20,228
11,437
23,923
1,242
49,892
13,185
14,756
1,143
54,488
3,229,261
1,880,883
62,302
32,531
3,638
27,144
72,624
44,037
1,294
265
234,553
493,134
5,997
20,808
5,443
1,082
343,526
1,111,591
11,954
1,121,471
1,059,716
495,066
7,904
634,309
685,550
7,019
2,263,793
204,720
386,007
5,616
146,012
43,006
6,241
7,904
85,093
1,453
20,731
172,059
2,005,846
1,096,187
159,403
47,975
130,743
1,669
729
43,413
2,263,793
146,780
102,077
30,485
227,675
87,227
32,171
343,605
210,535
18,234
964,169
44,998
2,094,570
1,993,532
3,000
423
9,957
10,357
2,403
18,584
5,488
4,085
969
45,769
1,905,372
1,177,419
50,848
85,007
4,441
18,172
63,588
21,266
1,760
1,098
157,966
79,772
5,168
11,885
5,800
586
220,596
189,198
139
188,914
131,454
55,623
7,750
141,041
66,354
4,058
22,206,885
2,520,898
7,871,453
45,737
2,651,008
133,006
53,253
54,921
2,034,077
119,507
108,142
1,390,031
8,231,372
4,257,551
98,533
31,590
609,395
22,429
7,830
651,568
22,206,835
5,321,065
2,291,414
2,447,240
388,801
2,101,248
1,894,537
174,676
2,106,927
520,107
98,841
5,100,175
233,146
51,361,587
8,633
2,306
76,111
226,226
6,597
1,894
95,709
47,320
20,480
13,355
401,171
49,893,604
42,263,418
1,638,559
259,356
73,559
268,810
886,199
251,052
19,782
4,869
893,469
13,477
90,907
178,303
180,734
3,824
2,866,786
1,967,983
9,727
1,974,904
1,600,928
612,174
42,632
1,405,362
192,209
43,327
384,910,415
18,093,041
81,925,185
1,495,211
81,101,295
7,821,269
2,042,463
515,147
7,322,463
268,146
205,755
44,562,728
242,629,123
123,614,832
10,147,925
4,322,208
6,506,276
3,419,997
2,317,668
10,099,521
384,910,415
21,787,524
28,412,152
1,869,964
54,932,799
13,716,803
5,929,180
47,335,026
33,477,138
3,336,290
139,382,498
3,033,078
537,795,065
524,643,926
386,488
95,756
1,362,329
1,189,135
955,792
28,229
1,970,320
227,802
1,158,031
1,616,433
4,160,774
492,547,663
364,633,533
5,748,446
7,211,808
785,327
4,109,058
16,071,671
4,106,985
468,988
67,460
15,467,514
3,207,820
7,684,245
4,713,655
2,892,684
95,955
55,282,009
45,247,402
1,009,844
46,161,490
43,638,512
20,142,119
1,150,275
27,169,646
12,749,548
1,177,035
32,271,378
1,359,232
5,983,738
103,749
7,399,094
369,272
226,643
46,198
688,551
32,406
13,042
3,865,015
19,523,417
9,424,549
87,393
16,182
729,397
40,320
15,046
967,176
32,271,378
2,271,522
2,207,741
217,228
4,513,234
746,591
796,468
4,122,846
2,129,934
376,045
11,769,913
303,632
76,412,467
75,434,173
33,923
7,801
111,370
82,955
37,645
2,135
115,611
27,908
43,532
100,120
415,294
72,731,575
57,272,367
539,615
619,433
77,366
386,182
2,305,204
398,147
45,289
4,153
1,409,950
10,891
1,951,382
237,882
215,875
12,821
7,195,018
3,630,892
86,240
3,759,331
3,592,259
1,664,193
92,136
2,187,274
947,696
46,812
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data.
22
RETURNS WITH NET INCOME
Corporation Returns/1966 • Industry and Size Characteristics
Table 3. —BALANCE SHEETS AND INCOME
STATEMENTS, BY MAJOR INDUSTRY— Continued
Item
Major
industry — Continued
Manufacturing— Continued
Tobacco
manu-
factures
Textile
mill
products
Apparel
and other
fabricated
textile
products
Lumber
and wood
products,
except
furniture
Furniture
and
fixtures
f^per and
allied
products
Printing,
publish-
ing, and
aUied
industries
Chemicals
and allied
products
Petroleum
refining
and
related
industries
Rubber and
miscellane-
ous plastics
products
Leather
and
leather
products
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
96
4,174
12,861
5,817
4,593
2,593
15,710
7,000
777
3,111
2,270
Total assets
(ThoutKid doliara)
?
4,285,326
10,699,765
7,440,505
6,329,967
3,295,726
14,142,338
13,337,978
36,599,053
58,431,456
7,673,453
2,507,018
149,907
290,135
6,493
2,585,610
2,819
3,599
2,539
27,254
125
146
701,914
910,098
431,180
574
19,759
2,284
249
26,435
543,506
2,614,602
30,102
2,947,753
89,642
25,495
7,269
170,243
7,342
14,540
898,780
6,532,646
3,356,229
1,211
514
66,811
19,329
4,617
151,558
589,453
2,293,235
35,361
2,721,525
26,552
5,518
10,419
101,443
23,090
3,330
536,113
1,711,524
822,601
3,583
682
55,907
26,874
6,555
192,133
297,545
983,127
16,720
1,294,636
81,605
21,403
9,625
162,782
6,191
2,828
471,488
4,144,838
2,001,590
670,356
39,445
130,750
4,480
1,560
107,628
207,941
859,180
14,594
998,377
37,550
22,401
12,489
70,859
8,525
2,459
242,239
1,368,845
639,963
17,134
7,503
52,866
5,607
2,174
53,488
504,747
1,844,231
37,199
1,948,772
111,068
66,640
29,196
212,537
1,186
11,167
1,801,814
12,060,978
5,510,448
717,376
130,058
193,149
19,784
8,973
306,371
1,255,770
3,092,517
223,935
1,583,706
356,746
83,886
53,872
413,250
45,759
12,427
1,775,338
6,587,764
3,101,264
42,093
6,803
279,292
52,993
26,307
1,055,869
1,530,737
6,326,047
106,212
6,392,528
932,600
202,484
55,841
535,319
12,875
10,324
4,981,335
27,624,887
13,992,753
348,682
120,486
570,514
337,231
165,272
1,072,377
1,751,019
9,827,312
145,464
4,102,142
996,664
225,990
103,559
1,169,729
15,069
37,195
10,401,596
47,575,237
24,314,326
6,624,308
3,109,997
1,872,057
2,371,995
1,895,267
1,323,138
326,891
2,045,736
37,957
1,912,693
24,078
3,751
16,887
52,591
5,013
3,986
917,399
4,633,490
2,427,320
998
1
84,913
26,794
13,379
96,895
137,896
i.
717,093
5
6
Less : Allowance for bad debts
12,763
802,971
7
Investments in Government obligations:
United States
6,8L2
3,191
3,171
10
113,849
2,963
12
476
280,241
14
732,893
15
390,944
.
17
_
Ifl
Land
18,731
19
1,041
439
21
Other assets
39,836
22
Total liabilities
4,285,326
10,699,765
7,440,505
6,329,967
3,295,726
14,142,338
13,337,973
36,599,053
58,431,456
7,673,458
2,507,018
23
150,622
438,992
339,218
281
480,484
83,677
113,923
673,357
173,302
142,131
1,721,507
32,668
1,194,844
1,191,396
642,271
50,511
1,123,071
189,526
164,274
1,255,651
457,174
49,459
4,463,030
81,442
1,524,498
826,920
638,025
73,130
780,898
168,619
122,077
858,507
346,899
20,902
2,163,200
83,170
489,472
365,203
342,870
66,507
1,241,483
114,421
77,797
877,254
565,687
23,473
2,248,653
82,853
378,262
235,257
277,684
49,279
283,327
76,527
45,217
4A3,583
183,896
9,763
1,350,395
37,464
1,069,733
266,969
732,901
35,525
2,860,744
468,105
388,456
1,801,267
1,363,579
38,092
5,146,323
79,361
1,264,290
555,125
1,323,666
150,105
1,566,590
870,956
309,817
1,430,084
849,337
145,936
4,980,316
159,244
3,009,813
840,311
2,660,981
289,017
6,205,063
1,081,784
741,614
4,335,233
4,228,007
362,257
13,311,088
466,110
4,730,057
1,015,730
2,206,304
16,373
7,916,324
1,922,624
428,058
9,519,100
7,795,107
793,025
22,561,902
473,648
717,054
409,060
741,938
34,954
1,301,412
278,927
127,082
655,359
662,579
46,735
2,723,150
25,342
348,272
24
Mortgages, notes, and bonds payable in
211,678
■3S
180,466
20,677
27
265,120
?fl
Other liabilities
67,738
?q
91,322
342,593
11
159,040
7,716
11
844,767
34
Less : Cost of treasury stock
32,871
35
Total receipts
5,668,081
17,023,726
17,212,914
8,764,635
6,546,574
15,886,168
19,303,123
43,580,709
54,569,739
10,825,960
5,080,990
36
5,635,330
287
210
5,658
474
6,836
39
415
1,604
1,927
3,156
12,145
16,791,515
6,698
906
46,953
27,481
11,054
162
20,782
6,358
11,277
3,382-
97,158
17,064,148
1,748
883
18,144
9,783
25,450
792
8,520
2,236
8,149
1,436
71,625
8,357,016
3,228
1,055
17,931
17,182
7,302
240
258,692
12,022
4,521
1,936
83,510
6,471,660
2,159
768
6,221
4,799
994
143
12,821
1,011
2,380
345
43,273
15,512,085
8,330
3,294
37,488
15,674
15,883
1,115
167,706
5,003
21,486
30,413
67,691
13,624,651
16,249
3,494
49,091
59,361
31,452
909
60,027
10,784
55,288
16,449
375,363
42,437,958
32,827
10,586
129,583
46,140
207,484
2,666
85,416
18,125
96,166
246,337
267,421
50,828,877
57,914
5,343
221,370
422,077
124,093
6,127
444,982
43,658
603,173
451,373
1,360,242
10,601,796
1,457
299
19,535
3,752
13,496
11
12,062
5,403
14,326
53,214
95,109
5,029,219
17
Interest on Government obligations:
423
1«
1,713
l-^
6,545
4n
2,574
41
2,608
42
Net short-term capital gain reduced by
167
43
Net long-term capital gain reduced by
4,659
44
2,696
7,130
4^
338
47
Other receipts
22,913
48
Total deductions
5,006,365
15,925,571
16,439,202
8,239,744
6,093,492
14,449,844
17,371,262
33,338,607
50,824,130
10,011,381
4,821,472
40
3,174,445
13,518
23,552
694
8,34A
1,063,212
36,418
4,849
433
59,236
345,319
41,698
12,149
2
222,496
13,083,927
202,512
140,865
16,468
106, 527
327,161
157,298
15,246
482
443,021
768
104,843
94,790
37,716
6,837
1,187,110
13,063,422
419,850
37,274
19,641
173,832
332,700
122,510
13,657
1,113
138,525
339
154,310
63,729
85,035
12,916
1,800,349
6,321,625
171,986
69,376
18,356
61,862
209,845
91,383
5,440
250
272,909
250,003
39,699
35,430
12,109
1,239
678,232
4,657,877
166,080
32,814
12,256
66,415
143,526
34,115
7,199
410
96,111
2
65,353
35,944
25,077
550
749,763
10,499,535
154,108
359,728
17,723
126,616
365,537
148,766
16,159
2,684
720,523
62,550
L21,305
105,355
69,471
2,919
1,676,865
11,831,131
558,860
97,663
68,610
220,800
431,730
130,683
36,745
2,719
472,447
5,947
220,722
165,764
75,236
4,134
3,048,071
25,137,114
351,4A3
612,656
58,137
292,985
772,176
360,413
74,866
8,204
1,862,717
127,259
1,773,366
488,112
158,355
7,376
6,252,378
33,339,255
93,716
772,723
37,838
781,425
3,028,305
409,901
28,335
7,502
2,160,539
2,359,560
279,103
334,464
124,393
2,221
6,514,800
7,062,929
126,694
147,189
26,692
108,544
383,082
81,771
9,452
409
330,439
240
189,068
111,349
59,262
2,132
1,372,129
3,303,677
*in
92,984
25,056
*)?
6,934
55,522
54
106,759
■i^
40,558
=ift
4,615
S7
159
-ift
55,484
sq
1,996
60
61
Advertising
Pension, profit sharing, stock bonus.
62,408
25,599
1^?
19,317
143
fvl
515,261
661,716
3,138
664,644
662,366
317,710
3,694
350,628
230,114
96
1,093,155
1,216
1,098,465
1,051,734
487,116
43,027
654,376
200,618
33,305
773,712
730
773,559
669,361
290,023
8,808
492,344
123,398
11,731
524,891
10,940
534,776
503,983
170,094
19,313
383,995
119,751
30,619
453,032
240
452,554
430,804
191,987
6,882
267,449
52,436
23,602
1,436,324
19,516
1,452,546
1,407,744
629,327
57,070
880,289
412,306
36,658
1,931,861
5,505
1,933,872
1,750,726
793,442
36,000
1,176,430
368,972
97,403
5,242,102
167,769
5,399,235
5,212,901
2,468,599
161,865
3,092,551
1,742,522
122,529
3,745,609
124,255
3,864,016
3,199,463
1,432,348
133,976
2,565,644
2,347,097
292,247
814,579
18,614
832,894
738,173
365,886
28,255
495,263
195,365
12,100
259,513
66
Constructive taxable income from related
66
257,371
fsn
230,630
69
103,293
70
3,610
71
7?
Net income after tax (67 minus 69 plus 70)
Distributions to stockholders:
158,183
50,716
7"^
13,290
Footnote at end of table- See text for explanatory statements and for "Description of the Sample and Lijnitations of the Data-
Corporation Returns/1966 • Industry and Size Characteristics
RETURNS WITH NET INCOME
23
Table 3.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Major industry — Continued
Manufacturing — Continued
StdE, clay,
and glass
products
Primary
metal
industries
Fabricated
metal
products ,
except
machinery and
transporta-
tion equipment
Machinery,
except
electrical
Electrical
machinery,
equipment,
and
supplies
Motor
vehicles
and motor
vehicle
equipnent
Transpor-
tation
equipment,
except
motor
vehicles
Scientific
instruments
photographic
equipment,
watches
and clocks
Miscellaneous
manufacturing
industries,
including
ordnance and
accessories
Manufac-
turing
not
allocable
Number of returns with net income.
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans,,..
Other investments
Depreciable assets
Less: Accumulated depreciation,
Depletable assets
Less: Accumulated depletion,...
land
Intangible assets (amortizable). . .
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in
less than one year
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in
one year or more
Other liabilities
Capital stock, preferred
Capital stock, common
F&id-in or capital surplus
Retained earnings, appropriated. . .
Retained earnings, unappropriated.
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on GovemjDent obligations:
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions.
Cost of sales and operations . . . ,
Compensation of officers
Repairs
Bad debts
Rent paid on business property. ,
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus,
annuity plans
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related
foreign corporations
Net income (65 plus 66 minus 38)
Income subject to tax
Income tax
Investment credit '.
Net income after tax (67 minus 69 plus 70).
Distributions to stockholders:
Cash and property except own stock.
Corporation's own stock
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
5,462
4,317
5,632
2,683
(Thousaid doiU
10,581,046 36,706,832
608,718
1,758,738
51,614
1,631,917
249,376
64,529
10,772
167,901
6,763
7,298
963,623
9,169,212
4,668,451
242,398
59,285
231,417
16,272
6,935
238,347
10,581,046
676,434
305,663
660,184
59,907
1,560,488
306,820
259,852
1,463,425
916,442
87,689
4,410,394
126,252
11,694,036
11,416,091
8,223
3,644
31,491
20,100
23,574
54
24,387
6,997
25,790
53,210
80,475
10,633,249
7,348,606
181,158
326,665
27,578
84,266
330,868
93,837
13,531
1,597
573,037
70,456
91,654
106,758
69,838
1,594
1,311,756
42,750
1,099,393
1,045,870
482,274
38,073
655,692
337,832
14,678
1,621,681
4,969,750
86,680
7,154,426
1,119,814
162,486
15,907
1,156,328
U,142
6,316
2,971,436
34,684,512
19,016,207
1,286,550
803,470
641,314
56,421
14,529
767,135
36,706,832
3,254,902
772,283
2,566,357
64,295
7,062,233
1,081,762
550,665
5,390,446
2,362,625
508,611
13,216,129
123,476
41,655,673
40,986,222
43,681
L3,624
150,012
42,355
25,588
321
57,243
6,245
160,166
54,457
115,764
38,064,833
29,091,631
294,710
1,852,894
31,207
185,041
980,399
395,795
32,729
5,774
1,821,140
294,565
135,713
456,839
363,477
8,900
2,114,019
3,590,845
21,280
3,598,501
3,297,450
1,555,493
144,014
2,187,022
946,179
49,277
17,744,319
1,262,876
4,075,772
68,691
4,848,536
150,247
35,378
56,054
228,747
27,943
19,173
1,447,593
9,473,094
4,529,846
46,954
1,574
282,509
74,191
28,057
343,370
17,744,319
1,864,085
1,055,130
1,680,820
239,353
1,998,507
553,019
284,303
2,206,135
1,271,013
73,382
6,733,901
220,829
30,107,932
29,693,655
8,130
1,937
45,399
38,096
29,508
702
53,335
13,544
13,837
44,734
164,455
27,615,193
21,039,904
685,370
376,884
49,962
233,612
667,340
187,521
24,240
4,333
676,114
3,313
249,813
255,661
141,151
6,956
3,007,509
2,492,739
34,230
2,525,032
2,356,546
1,065,764
53,995
1,513,263
422,631
36,898
33,097,043
1,897,225
8,162,568
151,791
9,711,058
825,497
95,265
37,603
613,219
26,475
23,146
3,033,985
16,433,287
8,609,208
13,879
7,673
369,235
79,913
39,383
477,693
33,097,043
3,044,404
1,734,417
2,842,580
166,893
4,193,438
1,183,145
367,189
5,178,357
1,970,696
587,703
12,029,683
206,512
44,739,375
43,022,838
23,273
3,009
156,335
253,813
216,096
7,905
507,196
24,822
31,955
182,551
309,527
39,428,194
27,886,491
745,437
486,307
83,076
323,063
1,057,057
352,898
45,993
4,975
1,353,021
3,631
362,027
495,126
307,771
3,771
5,912,550
5,311,131
141,895
5,450,067
5,252,274
2,353,127
79,375
3,176,815
945,229
110,762
24,778,061
1,176,202
6,598,900
101,371
7,522,385
213,059
69,447
19,054
526,223
8,306
20,231
2,593,130
9,833,220
4,871,113
1,387
1,519
258,766
94,094
35,370
803,030
24,778,061
1,927,174
2,486,204
119,147
3,102,073
1,102,329
320,878
2,366,416
2,757,234
126,836
7,381,639
205,134
38,356,510
37,802,353
13,819
6,112
91,436
40,887
91,239
2,678
39,891
8,247
11,420
73,996
174,427
34,984,696
26,053,406
353,007
277,006
54,521
295,914
873,464
274,742
34,308
12,735
861,869
427
566,761
349,998
206,697
2,047
4,767,794
3,371,814
66,318
3,432,020
3,331,513
1,574,406
67,632
1,925,296
739,208
105,622
37,511,432
1,042,056
13,435,169
132,532
6,242,085
1,771,048
539,668
10,571
313,086
1,799
6,705
4,430,607
17,028,085
9,039,724
11,056
3,243
279,970
15,544
5,083
1,614,565
37,511,432
5,567,040
2,913,294
36,447
4,328,504
1,372,179
431,024
1,796,258
2,746,128
332,276
14,327,141
44,731
49,263,950
43,449,037
109,659
24,006
113,736
48,691
28,207
1,736
37,960
12,809
23,069
254,906
160,034
43,393,623
35,133,356
123,579
488,044
63,078
187,353
1,703,200
510,763
13,931
4,176
1,182,466
1,630
503,785
672,731
675,498
14,912
2,610,121
5,370,327
226,937
5,573,308
5,496,017
2,626,057
93,940
3,046,191
1,887,783
19,151
15,071,916
644,173
3,035,356
41,406
5,975,885
52,161
74,694
3,084
316,330
4,942
3,079
1,029,549
6,795,932
3,241,813
25,232
13,275
212,958
13,572
6,661
187,624
15,071,916
1,000,963
1,647,846
36,330
2,144,170
1,703,223
91,153
1,116,460
1,174,929
31,484
3,672,906
140,764
23,733,375
2,074
3,354
54,268
29,234
19,200
131
23,086
5,338
6,705
6,347
103,189
22,426,683
18,102,521
119,325
232,359
13,276
215,963
571,654
144,644
14,125
2,149
490,966
13,396
53,753
391,450
161,205
1,333
1,843,564
1,362,192
4,316
1,363,154
1,330,029
629,500
40,765
774,419
273,397
23,158
7,498,120
292,979
1,556,831
20,537
1,916,351
327,075
95,350
4,411
201,153
3,233
4,337
795,779
3,783,009
1,735,886
1,357
227
85,924
97, 524
34,040
118,497
7,498,120
371,796
861,397
77,659
904,711
206,706
85,149
912,022
1,076,787
51,584
2,480,829
52,420
9,506,671
9,327,295
9,317
2,845
19,957
8,581
32,199
35
23,847
3,667
4,992
32,840
36,096
1,038,685
5,156,400
123,878
127,663
8,723
107,197
241,839
65,535
20,915
1,357
342,303
716
237,433
140,442
43,165
1,479
1,419,080
1,467,986
27,130
1,492,271
1,465,089
689,954
23,126
825,443
304,392
29,234
4,354,353
333,723
1,431,390
64,568
1,399,734
77,584
8,775
5,303
79,902
14,499
3,550
363,869
1,898,820
932,272
4,899
271
64,122
13,704
7,210
153,300
4,854,353
551,148
421,516
403,926
64,501
594,230
125,365
81,461
536,190
283, 54A
21,141
,825,621
54,735
7,710,301
7,541,144
2,997
299
29,027
9,845
5,842
111
8,907
3,616
4,491
4,343
99,679
7,120,184
5,001,271
227,252
55,459
43,245
31,153
174,546
68,688
7,258
1,337
133,070
122
165,575
53,870
29,105
1,173
1,072,060
590,617
6,709
597,027
559,635
250,339
9,087
355,775
100,165
17,805
(31)
53,315
3,759
13,708
472
9,061
865
1,268
662
9,385
13,335
6,140
5,365
25
12
2,506
53,315
3,379
4,929
1,345
6,595
2,260
396
3,983
2,199
19,506
370
91,151
36,359
17
69
229
281
37
2,775
209
801
84,673
62,643
3,364
198
391
1,442
2,067
549
56
4
1,122
4
803
664
282
(M
11,084
6,473
6,404
3,940
1,187
82
5,299
1,191
8
Footnote at end of table. See text Cor explanatory statements and for "Description of the Sample and Limitations of the Data."
24
RETURNS WITH NET INCOME
Corporation Returns/1966 • Industry and Size Characteristics
Table 3.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
—
Major industry —
Continued
Item
Transportation, comraunication, electr
and sanitary services
ic, gas,
Wholesale and retail trade
Total
wholesale
and retail
trade
Wholesale trade
Total trans-
portation,
comraiinication,
electric,
gas, and
sanitary
services
Transpor-
tation
Coramuni-
cation
services
Electric,
gas, and
sanitary
services
Total
wholesale
trade
Groceries
and
related
products
Machinery,
equipnent,
and
supplies
Miscella-
neous
wholesale
trade
Wholesale
trade
not
allocable
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
1
39,245
30,385
4,799
4,061
306,945
109,850
11,954
16,136
80,229
1,531
Total assets
(Thoun^d
dotlmrt)
2
195,209,108
58,711,212
50,630,654
85,367,242
115,990,092
52,164,237
5,590,937
6,538,579
39,837,108
147,563
4,240,482
9,298,357
96,906
4,059,044
2,434,386
248,498
1,279,846
4,264,245
56,985
21,426
10,375,855
207,945,489
53,902,823
229,270
97,013
1,334,032
239,915
83,009
3,311,029
2,296,540
4,979,503
29,160
1,000,049
1,903,193
173,139
34,297
1,501,850
45,928
10,273
4,757,788
57,919,478
18,274,906
77,930
39,767
456,351
99,129
39,133
1,838,775
624,028
1,520,720
24,070
1,394,176
85,461
34,094
1,243,105
2,042,327
8,070
1,594
3,153,539
51,439,968
11,707,389
1,573
651
174,541
95,987
27,240
565,821
1,319,914
2,798,134
43,676
1,664,819
445,727
41,265
2,444
720,063
2,987
9,559
2,459,528
98,586,043
23,920,528
149,767
56,595
753,140
44,799
16,586
906,433
3,984,871
35,399,476
957,235
37,312,390
529,198
165,599
143,215
2,096,132
441,102
134,573
7,826,182
32,781,430
15,238,149
312,718
75,622
2,826,843
168,245
65,663
2,704,787
4,055,211
18,796,457
349,154
16,073,172
260,051
104,037
87,582
1,018,933
187,233
60,789
3,311,215
11,120,104
5,286,842
289,737
63,707
900,692
70,943
27,618
1,060,302
467,711
1,883,009
28,202
1,461,799
23,394
9,235
6,039
137,901
30,679
3,909
456,455
1,586,268
748,379
3,038
1,203
110,687
8,493
3,111
183,215
492,532
2,472,587
50,754
2,333,907
29,711
4,416
5,405
34,422
30,952
4,273
302,351
1,065,251
456,380
5,824
1,760
96,894
10,280
2,322
111,490
3,069,838
14,398,178
269,320
12,256,503
206,946
90,386
75,939
793 , 597
123,478
52,607
3,025,441
8,431,838
4,064,254
279,560
64,389
690,384
52,107
21,664
759,833
25,130
42,633
5
878
5
20,963
Investments in Government obligations:
8
_
q
Not stated
149
10
3,013
11
2,174
12
13
26,968
36,697
15
17,829
16
1,365
855
Ifl
Land
2,227
63
20
21
21
Other assets
5,714
7?
Total liabilities
195,209,108
58,711,212
50,630,654
85,867,242
115,990,092
52,164,237
5,590,937
6,538,579
39,887,108
147,563
'?
5,100,003
5,072,811
11,090,791
264,941
73,228,960
6,865,317
7,396,673
33,600,313
15,339,175
1,614,671
35,894,373
259,425
2,772,111
1,819,733
4,045,598
149,895
18,573,623
2,501,653
586,530
6,604,757
3,974,349
804,111
17,000,337
L21,590
638,569
752,045
3,686,914
73,863
15,844,654
922,179
451,762
12,587,587
6,931,526
57,637
3,702,436
18,568
1,689,323
2,501,033
3,358,279
41,183
33,310,683
3,441,480
6,358,336
14,408,469
4,433,300
752,923
10,191,500
119,267
23,204,232
13,924,344
7,508,532
1,831,664
11,705,968
4,117,701
1,531,195
14,517,945
4,927,499
440,431
33,248,307
963,226
12,523,739
6,361,912
3,116,097
742,724
4,554,223
1,046,047
773,169
6,573,134
2,027,647
219,844
14,215,568
499,922
1,311,460
641,353
333,307
105,606
637,370
160,446
68,415
746,355
316,433
17,825
1,293,965
46,598
1,455,593
1,024,949
443,615
118,127
550,728
147,830
63,030
800,520
173,010
29,481
1,790,218
58,572
9,723,229
5,136,049
2,323,493
517,125
3,349,728
734,663
644,323
4,995,759
1,537,533
172,490
11,096,308
393,652
33,507
2'i
Mortgages, notes, and bonds payable in
9,561
?s
Other current liabilities
10,682
?fi
1,866
27
Mortgages, notes, and bonds payable m
16,402
?fl
Other liabilities
3,103
?Q
2,346
in
35,500
11
571
3?
48
11
35,077
34
1,100
35
Total receipts
90,563,695
33,808,423
23,580,995
23,174,277
339,491,100
164,223,223
31,433,233
16,231,716
116,166,751
391,523
1ft
87,935,396
92,159
25,906
387,833
831,279
44,614
11,287
242,577
109,434
202,301
15,149
664,760
37,031,834
51,224
13,829
198,946
665,787
14,364
1,858
143,539
86,585
91,180
5,955
497,822
23,115,628
22,516
10,323
85,911
99,072
23,170
7,366
36,039
14,742
74,760
7,730
83,733
27,738,434
18,419
1,754
102,976
66,420
6,580
2,063
57,999
8,107
36,861
1,464
33,200
332,908,134
31,347
8,459
510,976
716,841
51,338
11,475
261,387
63,606
178,317
58,418
4,690,802
161,836,528
15,115
4,031
215,087
250,477
44,778
7,951
114,543
23,592
80,737
16,113
1,614,221
31,069,977
1,018
583
24,072
27,431
931
4,455
17,031
2,937
7,468
1,589
275,741
15,847,034
2,398
515
42,123
61,347
3,667
489
9,646
4,916
4,678
708
254,195
114,538,998
11,699
2,983
147,965
161,191
40,130
2,993
86,270
15,638
63,369
13,816
1,076,699
380,519
17
Interest on Government obligations:
1ft
_
IP
927
40
508
41
50
42
Net short-terra capital gain reduced by
14
43
Net long-term capital gain reduced by
1,596
44
101
i"!
222
4f.
(M
47
Other receipts
Total deductions
7,586
48
78,566,234
36,065,331
18,939,461
23,561,442
329,813,607
159,863,050
31,013,518
15,577,318
112,901,751
370,463
4q
50,135,038
794,626
174,569
185,365
1,830,293
5,919,111
3,335,112
63,211
16,925
8,977,156
165,954
493,739
1,205,302
522,587
20,414
4,676,327
24,635,830
546,530
33,254
35,007
1,464,937
1,979,610
952,741
17,576
7,292
3,209,837
26,521
226,790
267,666
207,023
12,878
2,441,789
11,719,671
121,371
113,355
92,431
243,101
1,537,390
704,101
16,918
4,933
2,363,732
115
172,014
596,073
211,890
1,570
1,035,746
13,829,537
126,725
22,960
57,927
122,260
2,402,111
1,678,270
28,717
4,650
3,403,537
139,313
94,935
341,563
103,674
5,966
1,199,292
260,918,710
5,848,080
346,030
693,354
4,300,997
4,200,900
1,695,169
113,286
13,529
2,699,553
33,156
3,493,111
734,512
315,522
27,435
43,880,258
136,085,381
2,813,576
281,649
290,163
904,073
1,739,038
710,422
48,554
6,673
910,661
30,071
784,693
347,613
117,293
13,628
14,779,512
27,797,401
311,664
57,396
34,414
131,577
181,762
31,645
5,017
1,097
136,221
401
92,656
40,226
21,131
2,668
2,118,192
12,354,883
431,603
27,152
43,452
103,083
147,764
93,693
6,235
366
115,117
814
73,225
57,603
12,703
463
2,059,152
95,675,032
1,988,462
196,653
211,239
665,450
1,405,881
532,896
37,274
5,207
656,779
28,848
616,848
247,270
32,938
10,472
10,540,402
253,015
■HI
31,347
■il
Repairs
448
*>?
Bad debts
1,053
53
54
55
5ft
Rent paid on business property
Interest paid
3,958
3,681
2,183
28
57
58
sq
Amortization
Depreciation
3
2,544
8
60
61
Pension, profit sharing, stock bonus.
1,964
2,509
62
63
64
Other employee benefit plans
Other deductions
421
25
61,766
6*;
11,997,461
13,486
11,990,041
11,457,166
5,382,853
529,301
7,136,489
4,932,691
168,329
2,743,092
7,686
2,736,949
2,370,834
1,053,310
133,844
1,367,483
883,406
61,772
4,641,534
9,045
4,640,256
4,549,541
2,170,682
147,362
2,617,436
1,594,093
23,233
4,612,835
1,755
4,612,336
4,536,791
2,153,361
197, 595
2,651,570
2,450,192
78,324
9,677,493
33,253
9,702,287
3,385,793
3,360,051
135,552
6,477,738
1,723,323
261,399
4,360,173
3,955
4,365,047
3,790,465
1,526,107
43,622
2,882,562
593,312
123,165
419,715
3,207
422,339
347,330
135,852
6,101
292,588
76,323
7,167
654,398
119
654,002
585,284
232,751
5,504
426,755
74,485
23,351
3,265,000
5,629
3,267,646
2,841,936
1,152,425
31,954
2,147,175
440,164
97,547
21,060
66
Constructive taxable income from related
67
ftp
Net income ( 65 plus 66 minus 38 )
21,060
15,865
6*^
5,079
70
63
71
16,044
72
71
Distributions to stockholders:
Cash and property except own stock
2,340
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data-
RETURNS WITH NET INCOME
Corporation Returns/1966 • Industry and Size Characteristics
Table 3.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
25
Numter of returns with net inccane.
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans.
Other investments
Depreciable assets
Less: Accumulated depreciation,
Depletable assets ,
Less : Accmmilated depletion. . . .
Land
Intangible assets (amortizable). . .
Less: Accumulated amortization.
Other assets ,
Total liabilities ,
Accounts payable ,
Mortgages, notes, and bonds payable in
less than one year
Other current liabilities ,
Loans from stocJiholders ,
Mortgages, notes, and bonds payable in
one year or more ,
Other liabilities ,
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated,..
Retained earnings, unappropriated.
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions.
Cost of sales and operations...
Compensation of officers
Repairs
Bad debts
Rent paid on business property.
Taxes paid
Interest paid ,
Contributions or gifts
Amortization ,
Depreciation
Depletion
Advertising
Pension, profit sharing, stoc!
annuity plans
Other employee benefit plans.
Net loss, noncapital assets..
Other deductions
Total receipts less total deductions
Constructive taxable income from related
foreign corporations
Net income (65 plus 66 minus 38)
Income subject to tax
Income tax
Investment credit
Net income after tax {67 minus 69 plus 70),
Distributions to stockholders:
Cash and property except own stock.
Corporation's ovm stock
Major industry— Continued
Wholesale and retail trade — Continued
Retail trade
Total
retail
trade
(42)
195,547
Building
materials,
hardware ,
and farm
equipment
stores
(43)
General
merchandise
stores
(■W)
12,827
Food
stores
(45)
Automotive
dealers
and
gasoline
service
stations
(46)
Apparel
and
accessory
stores
(47)
Furniture ,
home fur-
nishings,
and
equipnent
stores
(48)
19,053
Eating
and
drinking
places
(49)
Miscella-
neous
retail
stores
(50)
Retail
trade not
allocable
(51)
Wholesale
and retail
trade not
allocable
(Thausertd dollars}
63,017,781
■4,862,520
16,942,788
604,888
21,009,989
268,436
61,562
54,652
1,067,799
252,955
73,121
3,811,695
21,477,866
9,864,034
22,757
6,903
1,911,858
96,566
37,778
1,616,820
6,997,007
4,350,350
1,078,611
7,013,233
3,040,222
717,404
7,838,009
2,879,985
217,830
18,780,601
457,795
173,725,518
169,568,160
16,139
4,376
291,327
459,665
6,329
2,157
145,106
39,003
96,239
42,268
3,054,749
168,455,229
123,683,318
3,003,785
558,881
399,788
3,375,025
2,438,861
970,607
64,350
6,804
1,773,851
3,085
2,690,796
381,281
196,647
13,747
28,894,403
5,270,289
24,216
5,290,129
4,565,004
1,822,561
91,379
3,558,947
1,107,405
132,421
4, 870 ; 201
367,586
1,386,169
35,017
1,983,401
17,028
1,350
4,226
65,712
17,115
13,933
232,976
1,220,654
624,867
6,383
2,355
148,555
1,532
658
66,478
4,870,201
789,989
632,580
225,957
128,925
419,040
84,567
60,205
960,658
122,052
20,494
1,479,220
53,486
10,156,507
9,937,716
717
151
25,942
22,976
991
177
15,760
3,601
3,389
5
145,082
9,806,319
7,543,120
323,202
31,503
46,755
103,321
146,206
58,005
2,772
307
97,476
498
76,326
19,018
10,627
339
1,346,844
350,188
350,037
278,487
94,033
2,840
258,844
46,796
11,346
22,346,867
1,179,135
8,443,473
399,129
5,966,502
133,384
42,204
3,002
286,819
16,612
9,865
1,562,726
7,093,012
3,066,156
264
71
629,204
17,327
6,577
435,271
22,346,867
4,105,044
1,601,460
1,688,458
93,563
2,962,362
1,845,764
243,755
1,804,856
913,888
58,739
7,140,830
111,852
39,159,959
37,336,091
8,664
1,669
111,933
135,301
322
183
48,320
6,647
53,583
41,233
1,416,013
37,380,171
23,715,607
233,611
136,435
160,545
888,984
746,507
432,185
26,585
1,304
517,634
97
1,007,813
159,931
23,594
4,425
9,324,914
1,779,788
24,091
1,802,210
1,664,244
758,503
32,741
1,076,448
510,186
23,132
7,645,282
800,919
561,090
5,947
2,501,808
36,346
5,999
4,472
162,344
22,296
9,146
577,597
4,542,369
2,119,717
2,769
1,771
258,875
10,704
3,310
279,293
7,645,282
1,500,810
223,621
615,698
93,368
851,357
223,332
106,896
779,226
972,789
28,361
2,311,831
62,507
41,892,383
1,601
1,129
23,236
64,741
251
262
11,181
3,222
6,367
109
177,635
41,106,437
32,882,822
241,938
126,790
13,596
618,789
422,622
63,028
9,188
579
405,259
533
537,742
92,189
93,356
3,063
5,594,943
785,946
108
784,925
735,350
326,328
28,099
486,696
199,863
32,907
,078
692,140
2,009,709
54,372
4,607,900
8,939
1,596
6,578
183,183
42,810
6,926
322,731
2,311,941
1,026,903
2,704
638
442,319
10,344
4,378
240,549
9,809,078
3,123,616
563,364
209,132
863,202
232,458
76,984
1,319,366
127,307
22,986
2,432,498
71,802
39,849,307
39,233,923
1,374
209
54,010
83,137
1,333
327
26,113
10,073
6,023
17
432,763
39,250,830
33,284,077
640,682
73,037
65,546
326,260
350,090
216,393
6,526
1,013
210,892
281
354,301
29,646
18,857
1,070
3,671,659
598,477
598,263
498,162
169,166
5,147
434,249
93,031
18,296
4,669,115
509,045
1,069,565
30,000
1,879,446
22,979
3,048
14,139
84,219
27,326
5,624
410,331
1,093,692
593,112
502
29
60,486
7,999
4,197
103,052
4,669,115
922,654
255,531
344,814
102,309
378,781
104,387
70,966
663,741
249,527
8,530
1,607,103
39,228
10,650,784
10,338,389
929
302
17,276
56,522
36
52
5,155
702
12,679
(M
218,242
10,206,741
6,695,053
307,078
28,043
24,795
476,443
169,829
40,043
6,224
1,090
39,511
466
220,817
19,041
9,917
568
2,117,318
444,043
443,741
375,926
132,169
4,164
315,736
46,542
6,066
3,349,348
290,647
1,538,875
43,946
1,310,149
13,327
3,103
4,986
49,773
17,972
6,142
152,974
624,630
305,999
741
334
63,754
2,844
1,422
71,682
413,701
243,368
132,455
307,318
284,203
34,424
655,988
71,700
30,474
1,062,899
29,355
7,986,065
7,622,508
843
245
25,695
16,544
377
161
6,277
853
2,679
3
309,380
7,680,156
5,050,071
328,656
21,596
39,734
193,836
124,177
46,528
3,812
301
57,996
428
207,159
15,644
6,917
641
1,582,610
305,909
305,664
225,620
74,694
995
231,965
47,351
8,893
2,861,080
369,736
354,383
2,081
174,858
12,176
70
7,496
75,699
45,654
12,428
167,054
2,269,098
989,611
1,774
769
163,412
25,947
9,179
132,935
2,861,080
211,015
218,733
112,892
542,043
84,141
21,339
449,648
153,225
2,794
752,352
23,336
740
3
7,418
40,661
2,574
226
15,053
7,688
2,939
(M
104,200
7,041,657
3,258,507
300,810
82,319
4,475
366,588
225,611
41,206
2,445
959
191,007
30
30,257
11,595
13,269
1,461
2,461,118
345,433
345,430
263,533
88,411
9,239
266,308
61,417
17,125
6,941,028
651,098
1,525,915
34,185
2,581,375
22,678
4,192
9,753
154,828
62,656
8,883
372,901
2,316,304
1,137,455
7,620
886
145,204
19,869
8,057
237,335
6,941,028
529,351
449,132
205,967
683,495
180,106
102,094
1,199,726
263,370
45,452
1,983,471
65,319
16,615,780
16,266,351
1,172
668
25,669
39,731
440
769
16,304
5,012
8,253
820
250,591
15,957,889
11,236,328
626,297
59,143
44,289
400,354
253,397
72,585
6,737
1,251
203,997
752
206,207
34,217
20,093
2,180
2,789,557
657,891
17
657,240
522,483
178,920
8,104
486,424
102,091
14,656
25,282
2,214
3,609
211
4,050
1,579
222
514
174
12,405
666
214
1,770
1,132
326
5,635
764
741
4,300
127
(M
10,397
410
24,445
99
143
52
943
1,205
327
81
343
25,029
17,228
1,511
15
422
134
61
12
4,940
2,614
1,149
337
(M
2,277
(52)
1,074
67,140
160,231
3,193
229,229
711
981
9,400
864
663
203,272
183,460
87,273
174
12
14,293
736
267
27,665
;,074
118,119
65,925
42,085
10,329
133,507
31,432
35,622
101,802
19,367
2,757
252,138
10,509
1,503,446
93
4,56;-
6,699
231
1,367
1,738
1,011
1,341
37
21,332
1,495,328
1,150,011
30,719
5,500
3,403
21,899
22,951
14,140
382
52
15,046
17,622
5,618
1,532
60
206,343
47,031
82
47,111
30,324
11,383
551
36,279
22,611
813
Footnote at end of table- See text for explanatory statements and for "Description of the Sample and Limitations of the Data-"
381-123 O - 70 - 3
26
RETURNS WITH NET INCOME
Corporation Returns/1966 • Industry and Size Characteristics
Table 3. —BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
==
Item
Major industry — Continued
Finan
ce, insurance.
and real estate
Total
finance,
insurance,
and real
estate
Banks and
trust
companies
Credit
agencies
other than
banks
Security and
commodity
brokers ,
dealers,
exchanges ,
and services
Holding and
other
investment
companies
Insurance
carriers
Insurance
agents,
brokers,
and services
Real
estate
Huniber of returns with net income
(53)
(54)
(55)
(56)
(57)
(58)
(59)
(60)
1
243,658
13,954
35,420
2,746
17,880
3,140
19,585
155,933
Total assets
(Thouamd dalUra)
?
891,522,509
421,014,216
157,708,337
8,634,153
51,712,764
205,944,255
2,769,704
43,739,030
3
<;
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
?1
77,450,602
246,111,431
9,702,083
162,101
75,398,916
49,889,080
3,428,768
14,306,941
438,537
145,419,041
233,517,384
42,393,313
12,072,771
1,958,612
645,138
9,833,087
263,525
106,552
13,422,260
65,277,653
196,692,494
4,322,173
2,428
56,414,113
35,627,386
2,290,555
1,354,105
15,543
45,548,010
11,339,447
5,942,379
1,066,697
6,028
282
542,268
6,664
1,387
4,846,182
5,077,782
36,369,489
5,228,304
7,843
6,908,674
229,947
610,049
1,443,035
141,852
98,379,313
10,105,395
2,325,326
595,413
70,286
13,170
560,596
23,905
11,018
1,307,245
486,144
3,436,049
1,830
31,284
705,879
46,290
20,631
2,595,966
4,332
8,324
924,312
169,232
65, U9
3,272
1,273
26,246
4,509
1,029
240,934
1,083,358
1,905,412
32,201
10,771
1,993,633
505,532
181,503
1,575,656
54,736
822,749
41,083,051
1,982,409
301/561
361,357
107,632
321,159
61,696
43,432
254,568
2,763,360
2,143,083
21,403
23,336
9,042,675
13,319,653
197,407
4,210,158
1,205
88,321
166,356,971
2,285,493
99,455
824
49
78,600
3,218
379
5,551,232
572,540
1,134,847
9,935
2,506
33,686
5,933
7,652
106,795
21,472
11,157
437,930
327,199
143,979
759
313
47,058
15,058
6,348
205,687
2,189,765
4,430,052
86,237
83,928
Investments in Government obligations:
300,256
154,339
120,971
2,521,176
249,397
560,667
3,270,778
29,366,280
9,800,547
1,516,086
517,469
8,257,160
143,475
42,459
Other assets
1,016,412
22
Total liabilities
891,522,509
421,014,216
157,708,387
8,634,153
51,712,764
205,944,255
2,769,704
43,739,030
9,200,431
30,232,526
501,705,372
6,766,101
39,229,674
172,918,365
2,366,304
26,643,999
45,396,847
10,053,329
47,398,832
894,771
249,269
2,115,699
376,270,197
5,279
2,955,439
7,631,042
39,038
8,253,744
11,231,112
2,177,618
10,000,478
14,749
2,510,491
19,992,036
100,979,952
4,906,263
13,741,913
3,697,454
783,134
2,656,725
2,064,497
1,949,164
4,614,550
187,792
2,684,469
2,398,175
1,843,968
26,263
301,814
366,326
63,239
223,736
131,742
25,834
621,599
53,062
506,316
947,416
773,465
62,307
2,780,357
3,935,675
895,998
7,411,828
28,138,837
1,168,176
5,357,444
316,105
331,837
538,943
20,555,745
393,702
381,201
155,269,605
99,004
2,443,570
2,236,211
4,494,640
19,152,963
8,166
1,189,327
144,851
130,174
36,874
160,056
107,703
17,242
293,010
97,703
25,543
595,363
28,142
1,673,722
2i
25
Mortgages, notes, and bonds payable in less than one year
4,095,406
1,151,871
1,334,913
27
28
Mortgages, notes, and bonds payable In one year or more
18,908,394
1,910,560
419,099
30
5,361,386
31
1,896,695
32
212,304
7,056,435
3A
236,755
35
Total receipts
107,471,146
20,709,693
11,736,274
1,790,166
4,926,665
56,320,049
2,310,188
9,673,111
59,547,743
3,213,000
1,625,930
29,749,342
3,703,149
558,519
46,794
2,738,484
2,041,017
2,625,791
89,763
1,531,114
2,637,419
2,351,776
1,103,368
14,005,274
271,071
2,253
3,181
75,290
7,285
83,924
4,455
159,397
3,011,792
323,970
9,014
7,823,388
109,218
6,366
4,969
97,354
21,231
93,354
8,710
221,403
523,128
51,955
6,462
149,153
5,664
3,390
4,135
11,861
897,487
12,277
1,026
123,628
298,604
99,587
24,636
459,394
89,643
138,505
17,691
1,997,369
42,722
1,621,134
66,693
70,687
46,497,185
362,049
469,604
7,058,118
514,144
19,265
4,615
179,295
18,027
728,306
7,662
461,779
2,208,950
2,289
523
17,270
11,229
101
360
11,648
1,634
9,948
335
45,901
4,370,665
Interest on Government obligations:
21,374
■^fl
7,323
T=l
231,745
2,702,180
41
388,639
42
Net short-term capital gain reduced Ijy net long-term
U,843
43
Net long-term capital gain reduced by net short-term
365,667
44
1,052,631
76,848
46
882
47
Other receipts
448,314
48
Total deductions
93,127,667
17,394,584
10,518,882
1,457,220
1,024,555
52,898,467
2,045,309
7,788,650
29,902,572
3,074,353
354,907
1,522,226
1,184,232
3,214,590
15,839,624
93,836
29,441
2,190,089
374,644
787,174
822,663
165,917
520,277
32,996,072
14,982
1,288,970
94,615
759,783
332,221
596,749
7,793,829
44,962
2,720
482,374
731
280,117
315,671
69,589
476,954
4,840,312
142,132
386,638
27,377
675,573
120,533
230,367
6,336,475
3,791
15,870
131,509
5,429
181,865
57,298
15,272
27,327
2,155,926
16,342
181,289
3,797
3,718
51,417
50,507
163,605
3,290
699
13,755
10
22,148
37,213
5,005
596
898,829
90,575
52,169
4,424
11,104
13,288
58,763
195,881
4,202
1,125
39,052
72,786
6,193
5,855
1,262
4,089
463,787
28,113,706
222,413
6,890
39,870
287,850
1,182,351
153,029
20,512
586
293,202
16,714
146,588
351,796
52,655
3,383
22,006,422
437,610
409,164
3,687
14,035
62,791
49,173
16,417
2,913
525
33,563
50
26,095
32,400
10,163
362
696,346
1,037,225
533,710
51
214,117
18,138
53
316,132
V,
1,045,630
55
1,225,388
14,211
7,916
•ift
1,196,629
278,924
60
124,163"
61
22,430
6?
11,966
7,566
64
Other deductions
1,734,450
14,343,479
45,345
12,762,894
7,854,367
3,200,903
56,558
9,618,549
5,450,867
819,873
3,315,109
2,132
2,208,923
2,113,330
935,929
30,409
1,303,403
1,155,910
175,582
1,217,392
8,768
1,217,146
1,062,571
422,416
4,477
799,207
351,563
13,881
332,946
3,492
329,976
308,713
140,941
1,631
190,666
35,935
11,198
3,902,110
25,040
3,902,514
461,451
156,725
727
3,746,516
2,907,767
493,139
3,421,582
1,562
2,953,540
2,137,325
1,016,413
9,506
1,946,633
586,257
76,259
264,879
4,094
268,450
208,048
72,999
735
196,186
56,920
5,998
1,889,461
66
207
1,882,345
1,512,929
6^5
455,480
7C
9,073
1,435,938
Distributions to stockholders:
356,515
T3
43,316
Footnote at end of table- See text for explanatory statements and for "Description of the Sample and Limitations of the Data-
RETURNS WITH NET INCOME
Corporation Returns/1966 • Industry and Size Characteristics
Table 3. —BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
27
Major Industry — Continued
Services
Total
services
Hotels,
rooming
houses,
camps, and
other lodging
places
Personal
services
Business
services
Automobile
and other
repair
services
Motion
pictures
Aiausement and
recreation
services,
except
motion
pictures
Miscella-
neous
services
Nature of
business
not
allocable
Number of returns with net Income.
Total assets
Cash
Notes and accounts receivable
Less : Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stocJsholders
Mortgage and real estate loans,...
Other investments
Depreciable assets
Less: Accumulated depreciation.
Depletable assets
Less: Accumulated depletion, .. .
Land
Intangible assets (amortizable ) . , .
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in less than one year.
Other current liabilities
Loans from stoctholders
Mortgages, notes, and bonds payable in one year or more...
Other liabilities
Capital stock, preferred
Capital stock, common
Ifeid-in or capital surplus
Retained earnings, appropriated...
Retained earnings, unappropriated.
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
Other interest
Rents
Royalties
Total deductions
Cost of sales and operations,..,
Compensation of officers
Repairs
Bad debts
Rent paid on business property. ,
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans.
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign corporations..
Net income (65 plus 66 minus 38)
Income subject to tax
Income tax
Investment credit
Net income after tax (67 minus 69 plus 70).
Distributions to stockholders:
Cash and property except own stock, ,
Corporation's own stock
(61)
(62)
115,899
27,205,092
2,653,304
5,452,442
. 86,388
1,566,003
259,989
215,690
69,319
800,752
160,851
82,457
3,028,792
18,620,778
8,300,081
24,158
5,4^
1,451,003
202,473
131,411
1,140,409
27,205,092
2,951,509
2,996,467
1,908,153
655,122
6,601,781
1,348,031
309,700
3,017,998
1,668,785
129,920
5,962,524
334,903
35,059,237
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, noncapital assets
Dividends , domestic corporations
Dividends, foreign corporations
Other receipts .".
13,697
7,317
109,037
471,503
45,153
8,153
128,797
68,981
55,349
26,714
571,174
32,480,338
18,502,328
1,886,884
339,845
98,681
1,066,279
1,105,854
527,168
25,658
16,820
2,218,849
4,317
533,941
242,514
89,642
8,264
5,813,284
2,578,899
15,519
2,587,101
2,052,816
796,851
51,224
1,841,474
408,566
51,474
(63)
(64)
(65)
(66)
(67)
(68)
8,541
20,527
10,554
(Thcuasid dotlara)
255,576
320,926
7,356
52,822
13,256
4,567
6,166
77,551
24,389
48,359
321,233
4,228,464
1,641,687
2,134
73
541,712
8,769
2,358
119,649
4,374,099
186,234
337,668
180,449
113,722
2,046,630
105,733
75,452
501,891
356,537
10,000
519,265
59,482
1,056
208
15,219
170,928
824
67
43,963
2,002
3,549
2,504
79,177
2,985,297
1,268,020
67,041
89,204
10,640
166,953
176,518
137,384
2,100
977
241,167
2,115
66,096
6,494
11,275
688
738,625
230,521
4
230,317
167,574
63,569
5,690
172,438
37,328
2,759
2,334,081
283,532
415,212
9,932
122,725
13,603
2,773
5,944
73,946
17,952
4,101
167,698
1,952,953
1,019,718
1,051
538
113,669
12,845
7,888
184,153
196,176
140,763
143,423
83,273
408,750
73,734
34,947
415,531
79,721
7,140
734,171
33,548
744
86
5,470
9,645
145
148
5,285
3,564
6,010
508
30,422
3,804,592
1,984,725
277,844
52,476
13,321
147,808
135,115
31,645
3,244
1,475
170,590
116
56,710
19,381
12,545
1,463
896,134
260,768
112
260,794
197,260
67,222
7,149
200,721
47,414
4,937
8,886,722
952,032
2,734,853
37,476
349,986
141,238
173,366
24,512
295,767
59,633
10,505
1,329,734
4,253,943
1,976,128
5,455
2,195
155,839
31,014
12,777
396,821
8,886,722
1,515,412
901,149
770,634
159,531
1,343,403
665,475
120,630
856,927
523,584
45,153
2,088,790
108,966
13,290,102
7,572
5,430
45,344
134,441
8,436
2,956
26,227
21,968
26,818
7,706
174,362
12,317,832
8,028,162
699,174
66,708
32,408
271,743
320,012
128,446
8,853
2,863
547,223
576
178,833
126,657
33,895
2,271
1,869,958
972,270
7,592
974,432
799,043
321,186
19,366
672,612
156,128
25,666
3,352,488
262,482.
495,143
7,437
209,109
3,655
1,175
4,343
63,629
18,677
1,792
202,852
3,052,631
1,192,169
596
258
141,165
9,142
2,417
88,378
3,352,488
248,978
694,246
162,847
139,232
959,216
84,919
11,306
300,570
95,129
6,11.4
668,539
18,608
3,861,439
3,715,925
199
207
7,467
33,611
1,850
2,875
14,497
31,196
3,130
9
45,473
3,620,529
1,872,149
221,740
42,900
12,618
134,748
121,985
90,546
1,270
8,147
540,044
50
32,481
7,946
7,300
1,790
524,315
240,910
240,703
183,112
60,651
8,213
188,265
39,555
2,597
3,371,329
240,312
651,762
5,205
687,383
29,947
9,231
5,820
155,154
10,577
5,362
628,824
1,716,200
1,072,991
64
27
159,829
108,828
92,073
132,277
3,371,829
359,906
484,670
288,683
50,406
726,502
154,000
22,972
293,662
257,769
22,497
755,511
49,749
1,190
305
15,754
48,770
23,268
428
10,265
2,998
7,852
14,814
86,727
2,829,506
1,492,686
80,042
21,811
9,486
76,420
61,890
51,503
4,130
753
478,050
460
90,382
11,473
4,397
656
444,367
272,754
7,272
279,721
247,355
107,669
2,620
174,672
35,868
3,860
253,135
156,722
1,195
23,040
16,083
10,036
18,401
61,031
7,527
9,518
U4,552
2,109,210
951,141
3,197
2,357
231,860
23,963
10,14*
119,205
2,202,643
132,862
216,843
114,713
57,939
612,635
90,891
27,966
340,188
146,867
9,298
479,170
26,739
2,612,996
2,462,107
937
472
7,804
44,374
3,816
1,094
17,653
6,061
2,323
92
65,253
2,365,428
1,086,845
101,467
43,286
3,985
123,796
151,053
47,411
3,367
1,671
147,182
357
71,179
11,280
4,506
931
567,112
247,568
142
247,238
202,134
82,816
3,893
168,315
34,912
3,136
401,235
677,824
17,787
115,433
42,207
13,992
4,133
73,674
22,046
2,320
263,899
1,307,377
446,247
11,661
(M
106,879
7,912
3,754
99,926
2,683,230
311,941
221,123
247,404
51,019
504,645
173,279
16,427
304,229
204,178
19,718
667,078
37,811
4,911,262
1,999
609
11,979
24,234
6,814
585
10,902
1,192
5,167
1,081
89,755
4,557,154
2,769,741
439,576
23,460
16,223
144,811
139,291
40,233
2,694
934
94,593
643
37,710
59,283
14,724
465
772,773
354,108
397
353,896
256,333
93,733
4,293
264,451
57,361
8,469
(69)
70,281
15,143
14,919
220
3,214
2,291
1,913
998
6,994
27,295
8,523
C-)
5,169
225
70,281
7,610
9,227
1,558
1,354
16,613
2,616
177
11,298
7,209
824
11,612
322
53,181
40,620
213
340
388
659
176
26
39,924
19,425
3,543
372
248
1,277
2,127
1,487
2
(')
(M
209
73
25
9,382
18,257
13,257
3,665
890
47
17,414
^Less than $500 per return.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
28
Corporation Returns/1966 • Industry and Size Characteristics
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29
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42
Corporation Returns/1966 • Industry and Size Characteristics
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49
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Corporation Returns/1966 • Industry and Size Characteristics
61
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79
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Corporation Returns/1966 • Industry and Size Characteristics
81
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99
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Corporation Returns/1966 • Industry and Size Characteristics
« -8
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101
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Corporation Returns/1966 • Industry and Size Characteristics
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CONTENTS
Comparison of book and tax net income, 107
Reasons for differences, 108
Text table
4.1 Comparison of tax net income with book net income, 1963-1966, 107
Basic table
7 Net income per Internal Revenue Code and per books of account, by major
industry, 112
Section
Net income per Code and
per Books of Account
COMPARISON OF BOOK AND TAX NET INCOME
For 1966, there were 1,333,000 returns on which was
reported a net income (less deficit) per books of account
totalling $48.2 billion. This was $6,8 billion more than
the $41.4 billion of net income (less deficit) after tax,
reported on these same returns and computed under
provisions of the Internal Revenue Code.
The source of the information on book net income was
schedule M-1 of the tax return^ which requires that cor-
porations, as part of the overall reconciliation of their
opening and closing earned surplus and undivided profits,
reconcile the difference between book and tax profits.
The framework for this reconciliation can be seen in the
facsimile of the corporation income tax return repro-
duced at the end of this report.
Although all corporations were required to provide a
reconciliation of profits, some did not include these
statements in their returns as originally filed and others
used schedules of their own design from which total net
income per books of account could not always be deter-
mined.
As shown in table 4.1 returns showing book net income
represented 91 percent of all returns. They accounted
for 86 percent of the net income (less deficit) computed
under provisions of tax law.
For the most part, provisions of the Internal Revenue
Code are in agreement with general accounting practices
and go far in recognizing the application of general ac-
counting principles to the conditions and practices of a
particular trade or business. Code section 446, for ex-
ample, requires the reporting of income under the method
Table 4. 1— COMPARISON OF TAX NET INCOME WITH BOOK NET INCOME,
1963-1966
Total
active
Returns
with book net income
corporation returns
or deficit shovm
Met income
Net income
(less
(less
Net income
deficit)
deficit)
(less
Year
Number
per
Number
per
deficit)
of
Internal
of
Internal
per books
returns
Revenue
Code
returns
Revenue
Code
of accounts
(Thousand
(Thousand
(Thousand
dollars)
dollars)
dollars)
(1)
(2)
(3)
(4)
(5)
1963
1,323,187
1,373,517
29,108,075
35,036,713
'882,088
1,221,035
'24,978,591
34,350,431
'34,073,907
19M
46,099,435
1,423,980
1,468,725
43,944,538
48,034,917
1,296,847
1,332,878
41,374,412
41,390,466
50,423,475
48,212,768
'includes returns with accounting periods ended December 1963 through June 1964.
For most insurance companies, net income per books was derived from the
Annual Statements filed with the returns.
of accounting used regularly in computing income by a
business in keeping its books.
Tax law has as one of its objectives the collection of
as much of the legitimate tax as possible as soon as pos-
sible and thus works in some ways to maximize corpora-
tions' profits. On the other hand the law also has provi-
sions designed to encourage business and to provide for
future profits. Therefore, it allows or requires special
accounting for certain kinds of income, deductions, or
transactions that digress from generally accepted ac-
counting methods. It stands to reason that corporations
try to minimize their income and taxes by using permis-
sive accounting provisions of the law which are not always
the same as those used in reporting to stockholders.
Depreciation, depletion, installment sales, gains and
losses from dispositions of property, and interest on State
and local Government obligations, described in detail
below, are all examples of items afforded unique treat-
ment for tax purposes.
Although measures of the causes leading to the differ-
ences between the two profits concepts were, with the
exception of tax-exempt interest on State and local Gov-
ernment obligations, not tabulated, the industry distribu-
tion in table 7 shows a substantial excess of book profits
over tax profits in some industries. The petroleum re-
fining industry had a difference of $1.6 billion with book
profits two times tax profits. In this industry percentage
depletion probably accounted for a large part of the dif-
ference, although the practice of expensing intangible
drilling costs for tax purposes was also a contributing
factor.
Difference in book and tax depreciation methods can
largely account for higher book profits in the regulated
transportation and electric and gas utility industries.
Transportation companies showed book profits almost
$500 million above tax profits, while public utility book
profits were nearly $1 billion higher. These heavy fixed
capital industries are often required by regulatory agen-
cies to use straight line depreciation on their books but
are free to use some form of accelerated depreciation for
tax purposes. While, in theory, this type of discrepancy
should be offset in the future as property becomes fully
depreciated for tax purposes, in actual practice, with
ever expanding capital investment, the offsetting years
are rarely reached.
The finance industry showed a substantial excess of
book profits over tax profits. The largest difference in
this area was for bank and trust companies with $1.4
billion more in profits on their books, or about double
their profits for income tax purposes. This reflects, in
part, the effect of tax-exempt interest on State and local
107
108
Corporation Returns/1966 • Book Net Income
Government obligations. The interest received by banks
from this source totaled $1.2 billion. The situation was
similar to the insurance industry where tax-exempt in-
terest amounted to nearly $500 million.
Credit agencies other than banks also indicated a wide
divergence between book and tax income. The difference
amounted to almost $500 million with book profits almost
twice as much as tax profits. Most of the difference was
in the savings and loan segment of the industry. The tax
definition of bad debt charges for savings institutions
allows for larger deductions on the tax return than are
usually shown on the books of account.
Differences in treatment of installment sales and, to a
lesser extent, bad debts could also account for the more
than $300 million discrepancy in trade.
Many other industries showed book profits in excess of
profits for tax purposes. In these industries it is not pos-
sible to draw any conclusions as to m.ajor reasons for the
differences. It is logical to assume that differences in
depreciation accounted for a large part of the discrepan-
cies in manufacturing industries. The primary metal in-
dustries, for example, showed excesses of over $150
million in favor of book profits. Generally, there was a
tendency for most industrial groups to show larger book
profits.
Because more definitive measures of the differences
between the two sets of profits are not available, caution
should be used in interpreting the statistics. For while
some of the measures could reveal the effect of defini-
tional differences such as those mentioned above by in-
dustry, they would also shed light on other lesser known
effects, many reflecting only accounting differences in
timing the receipt or expensing of similarly defined
items. This kind of difference might be expected to "wash
out" over a period of years.
In addition, when comparing the two sets of profit sta-
tistics, it should be pointed out that the net income for
tax purposes is likely to be more uniformily determined
than the net income reported for book purposes because
of the necessity to conform with provisions of the Internal
Revenue Code. On the other hand complete uniformity for
tax net income is also lacking because of the various elec-
tions, special treatments, and other provisions incorpo-
rated into tax law.
Also when comparing the 1966 statistics with previous
years, comparability is affected by changing accounting
practices with respect to book income and changes in law
with respect to tax net income.
The differences between the two sets of profits data
may or may not be more sizable than the estimates
show, depending on the unknown effects of offsetting dif-
ferences. Without analysis data the differences may well
resemble the iceberg above the water surface; the size of
the iceberg beneath the surface has not yet been deter-
mined.
units in reconciling their book and tax profits. Statistics
for net income per books of account are on the same,
generally nonconsolidated, basis as those for net income
per Code. However, differing treatment of foreign profits
may have a significant effect on the gap between book and
tax profits. With certain exceptions, foreign subsidiary
profits are generally excluded from tax net income until
remitted as a dividend. On the books, income may be re-
ported even if unremitted.
Five fundamental reasons account for most of the dis-
parity between tax and book incomes: (1) different bases,
or accounting values, for certain includable items, (2) dif-
ferent definitions of numerous components, (3) accounting
differences intimingthereceiptof income and the expens-
ing of deductions, (4) recognition of certain income and
deductions for tax purposes only, and (5) recognition of
certain income and deductions for book purposes only.
Property Basis
The "basis", or accounting value, of property being
written off or sold has a direct effect on the size of the
amount written off or of the gain or loss realized when
the property is sold. The distinctions made in defining
basis for tax purposes have no parallel in general ac-
counting.
Ordinarily, for tax purposes, basis is cost, adjusted
for subsequent capital expenditures and for depreciation
(or depletion). Thus, the value is affected by the method
of depreciation (or depletion). Also, it may be dependent
on cost to a previous owner, if property was acquired by
transfer, merger, or similar means. In many cases, the
basis available to the taxpayer (known as "substituted
basis") is the one carried forward from the transferor,
though perhaps with certain adjustments. When conditions
require use of substituted basis, tax law permits disposal
of property without immediate recognitionof gain or loss.
Instead, recognition can be postponed until a future event.
For example, the gain postponed when property is sold
by one related corporation to another is recognized when
the property is later resold to an unrelated taxpayer.
Thus, with few exceptions, gains and losses are reported
in tax net income, either immediately or at a later date.
For book purposes, in contrast, timing factors related
to basis are irrelevant and no thread of continuity with a
technical concept of cost is necessary. Current values
(market value or a value determined by appraisal, ne-
gotiation, or the like) can be used for basis (in place of
cost), and assets can be revalued at any appropriate
time, such as when a merger or reorganization occurs.
Although property gains or losses are included in tax net
income, they may be omitted from book income and
charged directly to earned surplus. However, this method
of treating nonrecurring income has been increasingly
discouraged in recent years.
REASONS FOR DIFFERENCES
It is often assumed that major differences between book
and tax income statistics lie in the degree to which related
corporations report on a consolidated basis and in the
treatment of foreign subsidiary profits. For Statistics of
Income data, however, the first assumption is not valid
because corporations generally use the same reporting
Definitions of Components
Depreciation
In the two incomes, depreciation is affected particularly
by the different property bases, described above, and by
the adoption of different useful lives and depreciation
methods.
Corporation Returns/1966 • Book Net Income
109
Also, tax depreciation is allowed only on assets with a
limited useful life. Thus, certain intangible assets, such
as patents, are regarded as depreciable for tax purposes
but not for book purposes; others, notably goodwill, may
be considered depreciable for book purposes but not for
tax purposes.
In addition, other distinctions also occur: (1) Emer-
gency facilities certified before 1960 which have been
completely amortized over a 60-month period in the tax
accounts, still may be subject to depreciation in the book
accounts. (2) Expenditures are capitalized and recovered
through depreciation in one set of accounts but are ex-
pensed currently in the other. (3) Any increase or de-
crease in depreciation resulting from revaluation of as-
sets for book purposes is not recognized by the Internal
Revenue Code.
Generally, tax depreciation practices result in larger
deductions on the income tax return than in the books of
account. In some cases, these differences are only tem-
porary since larger deductions in the earlier years of an
asset's life are offset by smaller deductions as the asset
grows older. But, depending on such factors as retirement
and replacement practices, the differences can become
permanent. Also with respect to depreciation, differences
in practices often contribute to differences in the size of
gain or loss realized when disposal is finally made of the
assets. (Gain or loss is determined based on the differ-
ence between selling price and the remaining undepreci-
ated cost.)
Depletion
For corporations with extractive operations, large
annual differences exist between the depletion deduction
allowed by the Code and the depletion deduction used in the
books of account. Many corporations use percentage de-
pletion for tax purposes and cost depletion (or no deple-
tion) for their books. In contrast to depreciation where
differences may or may not be temporary, differences due
to depletion lead to permanent differences in profits.
Charitable contributions
For corporations on an accrual basis, the entire amount
of contributions authorized during the year may be de-
ducted from book income. For tax purposes, however, the
deduction is for contributions paid during the year (al-
though corporations may elect to include authorized con-
tributions paid within 2-1/2 months after close of tax
year). Since the Code also limits the contribution deduc-
tion to 5 percent of net income computed before the deduc-
tion, companies without net income generally are unable to
claim a deduction. Furthermore, for contributions in
property, the Code allows a deduction on the basis of fair
market value, although on the books corporations gener-
ally use their original cost.
Bad debt losses
This deduction may represent either bad debts deter-
mined worthless during the year or a reasonable addition
to a bad debt reserve. A corporation may either (1)
choose one of the above methods for both tax and book
income purposes, or (2) use one method for tax purposes
and the other for book purposes. In the latter case, tax
and book incomes do not agree.
In the case of banking and savings institutions, special
rules are set forth in the law which limit the size of the
allowable deduction. The law also requires that these
institutions treat losses or worthless securities as bad
debt losses; for other corporations, such losses are in-
cluded in the computation of capital gain or loss.
Deferred compensation plans
Accounting methods for the cost of pension and other
deferred compensation plans may vary from company to
company. In addition, such cost is usually deductible for
tax purposes for the year when employers contribute to
the fund. Any departure from this cash basis for general
accounting purposes leads to differences between tax and
book net income. Differences can also result when an em-
ployee's right to compensation is revocable. When this
applies, the deduction for tax purposes is allowed when the
employee is paid rather than when the employer contribu-
tion is made. In addition, amounts deductible in any one
year are limited by law.
Inventories
Since opening and closing inventories are components
of the deduction for "cost of goods sold", the method by
which inventories are valued contributes to the size of the
deduction, and thereby, to the size of net income. Not all
valuation practices used in the books of account are recog-
nized by the Code. Furthermore, practice may differ in
how to apply writedowns or to assign cost or market
values.
Dividend income
Except for certain income from Controlled Foreign
Corporations, dividends are included in tax net income
only when received. No provision is made for accruing
them. Therefore, if income shown on a parent corpora-
tion's books represents undistributed profits of subsidi-
aries or dividends declared but not yet received, it is not
recognized for tax purposes until an actual distribution is
made.
Timing of Entries
For any single year, accounting practices for tax and
book income purposes may not agree in the timing of both
the receipt of income and the expensing of deductions. In
some cases, tax law may require inclusion of income at an
earlier date and expenses at a later date than general ac-
counting methods sanction. Also, the Code contains spe-
cial carryover provisions for certain disallowed losses
and deductions. In addition, certain types of expenditures
are typically capitalized under one accounting system and
recovered over time through depreciation, but considered
a current expense under the other accounting system. In
either case, the expense is allowed in full, either presently
or ultimately. Such annual differences usually are tempo-
rary--covering a span of years. There are numerous ex-
amples of variations in timing. Among them are:
110
Corporation Returns/1966 • Book Net Income
1. Installment Sales.--Profits on installment sales in
retail trade operations are accrued on the books for the
year in which the sale is recorded. However, they are
reported for tax purposes only as they are collected over
the term of the agreement.
2. Construction Contracts. --Taxpayers may elect to
report income either on a percentage of completion or on
a completed contract basis, regardless of how such con-
tracts are treated on the books. Thus, many corporations
use the completed contract method for tax purposes and
the percentage of completion method for financial re-
porting.
3. Prepaid Income. --Receipts for rents, royalties,
repairs, advertising, and future services are taxable in
the year received regardless of their treatment on the
books of account because a "claim of right" to the income
has been established.
4. Includable Income of Controlled Foreign Cor-
porations.--These undistributed earnings would be in tax
income in the year they were constructively received,
but not necessarily in book income. In a future year, if
the income is remitted as a dividend, it might be reflected
in book net income but not in tax net income since it has
been taxed previously.
5. Anticipated Future Losses or Expenses. --For
such losses and expenses book accounting may recognize
reasonable estimates set aside in contingency reserves,
whereas, for tax purposes they are not recognized (except
for bad debts) until the exact liability has been deter-
mined. Therefore, while estimates credited to reserves
to cover pending law suits or claims, cost of product
guarantee or warrantycontracts, repairs or maintenance,
self insurance, future losses to be incurred in collection
of accounts receivable from installment sales, cash dis-
counts allowable to customers, and losses on purchase
commitments, can be treated as deductions on the books,
they are generally not deductible for tax purposes until
the exact liability has been fixed.
6. Losses on Sales of Capital Assets, Charitable
Contributions, and Contributions to Certain Employee
Pension Plans in Excess of Statutory Limitations. --The
full amount of these losses and deductions may not be
allowed in the computation of tax net income. However,
portions of the disallowed amounts may be carried into a
stated number of additional tax years (usually immedi-
ately subsequent years). Therefore, deductions on the
books for these expenses may be in substantial disagree-
ment with those required for tax purposes in the same
year. Under the carryover provisions of the Code, any
amounts unused at the end of the allowed period are
forfeited,
7. Taxes Paid and Interest Paid. --Usually they are
deducted currently for tax purposes even if they are
capitalized on the books. However, taxpayers have the
option of either capitalizing or expensing the taxes and
interest paid on property temporarily unproductive, such
as on buildings being constructed.
8. Research and Experimental Expenditures. --On
the books, they are typically capitalized and recovered
over time through depreciation. On the returns, they may
be expensed currently, or capitalized and (1) amortized
over a period of at least 60 months starting with the month
in which benefits from them are received, or (2) capital-
ized without amortization until such time as successful
completion creates an asset or unsuccessful termination
or abandonment creates an allowable loss, or (3) amor-
tized and, if a patent results, the remaining cost recov-
ered over a longer period of time through ordinary de-
preciation.
9. Organization Expenses. --Normally they are a
capital expenditure, but for tax purposes may be either
deducted currently, or capitalized and amortized over a
period of at least 60 months under special elective provi-
sions of the Code. Such charges might otherwise be re-
covered only at time of liquidation, since a corporation
does not usually have the determinable life necessary to
claim depreciation on itself under tax law.
10. Mineral Extraction Expenses, --Certain capital
expenditures associated with mineral extractive opera-
tions may be expensed for tax purposes. Intangible ex-
penditures in the drilling and developing of oil and gas
wells may be either capitalized and recovered through
depreciation and depletion, or expensed currently, at the
taxpayer's option. Typically though, they are expensed
for tax purposes. Exploration and development expenses
associated with mineralsother than oil and gas may either
be deducted currently or treated as deferred expenses to
be amortized ratably as the minerals uncovered are sold,
11. Federal Income Tax,- -The Federal income tax is
considered as an expense deductible in the computation of
book income. (In order to present more comparable tax
and book incomes in this report, income tax after invest-
ment credit was removed from the net income per Inter-
nal Revenue Code.) However, the amount deducted on the
books need not and rarely does equal the amount reported
on the income tax return. Instead it may be an amount
set aside in a reserve, that is tied more closely to book
net income than to tax net income. As such it includes
taxes payable in other years because of timing differences
in accounting for depreciation or installment sales, for
example. Differences in accounting for the investment
credit lead to further differences in the income tax
deducted.
Recognition of Income
Items only in Income Per Code
Differences between tax and book net income are also
caused by recognition for tax purposes of certain income
and deductions which are not reflected in book net income.
Examples are:
Dividend "gross up" for foreign taxes deemed paid on
profits of subsidiary companies in "developed coun-
tries,"
Certain unusual, nonoperating, or nonrecurring items
of income or expense, such as foreign expropriation
losses, losses due to embezzlement not insured and
extending over several years (when these losses are
omitted from book income and charged directly to
earned surplus), or amounts written off in one year
because of sudden obsolescence or unanticipated sale
or retirement of assets.
Corporation Returns/1966 • Book Net Income
111
Items only in Income Per Books of Account
Additional differences between book and tax net income
are caused by recognition for book income of certain in-
come and deductions which are not reflected in income
for tax purposes. Examples are:
Income:
Tax-exempt interest on State and local Government
obligations
Proceeds received on life insurance policies
Undistributed profits of foreign subsidiaries unless
taxed as constructively received income from
Controlled Foreign Corporations
Deductions or losses:
Foreign taxes paid or accrued (when a foreign tax
credit is elected on the income tax return)
Interest incurred to purchase or carry tax-exempt
obligations
Lobbying expenses, political contributions, and do-
nations not qualifying as "charitable" contribu-
tions under Code section 170
Insurance premiums paid on employees' lives where
the corporation is the beneficiary
Fines, penalties, and illegal payments
Losses on transactions between related companies
Taxes assessed against local benefits
P
112
Corporation Returns/1966 • Book Net Income
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CO (D
CONTENTS
Dividends received deduction, 115
Tax credits, 116
Payments on declarations of estimated tax, 116
Payments with requests for extension of filing time, 117
Credit for certain U.S. tax paid on nonhighway gasoline and lubricating
oil, 117
Tax due or overpayment, 118
Text tables
5.1 Net income, statutory special deductions, income subject to tax, income
tax, and tax credits, 1965 and 1966, 115
5.2 Comparison of percentage of estimated tax payment due, 116
Chart
5A Credit for U.S. gasoline taxes, by industrial division, 118
Basic tables
8 Income, statutory special deductions, tax and tax credits, by major
industry, 120
9 Type of dividends received, and dividends received deduction, by major
industry, 127
Section
Computation and
Payment of Tax
Income subject to tax, tax, and tax credits-
10 Size of income taxed at normal tax and surtax rates, 128
11 Returns with net income, by accounting period, 130
12 Returns with income tax, by accounting period, 131
13 Size of income tax before credits, 135
14 Size of income tax after credits, 136
15 Returns with tax due, by size of income tax after credits, 138
16 Returns with payments on declarations of estimated tax, by accounting
period, 140
For 1966, corporations reported an income tax liability
before foreign tax and investment credits of nearly $34.5
billion, an increase of 8,8 percent over the $31,7 billion
reported for the prior taxable year. As shown in table
5.1 the increase in tax reflects in part the 8.8 percent
increase in income subject to tax, from $70.8 billion for
taxable year 1965 to $77.1 billion for taxable year 1966.
Table 5.1— NET INCOME, STATUTORY DEDUCTIONS, INCOME SUBJECT TO
TAX, INCOME TAX AND TAX CREDITS, 1965 AND 1966
Total receipts less total deductions
Constructive taxable income from related
foreign corporations, total^
Net income ( less deficit )
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on public
utility stock
Western Hemisphere Trade deduction
Income subject to tax
Net long-terra capital gain taxed at 25
percent
Income taxed at normal and surtax rates
Income tax
Investment credit
Foreign tax credit
Income tax after credits
Net income (less deficit), less income
tax after foreign tax credit
(1)
(2)
Increase or
decrease (-)
Amount Percent
(3)
(Thouaard dollai
74,740,654
899,979
73,889,821
5,714,336
2,348,712
2,993,917
25,854
345,853
'70,839,773
2,486,871
68,352,396
31,661,573
1,716,290
2,615,945
27,329,338
44,844,193
1,160,163
80,527,706
5,684,391
2,422,288
2,834,458
25,814
401,831
77,100,586
3,102,703
73,997,883
34,449,174
2,006,385
2,861,270
29,581,519
48,939,802 4,095,609
6,552,640
260,184
6,637,885
-29,945
73,576
-159,459
-40
55,978
6,260,813
615,832
5,645,487
2,787,601
290,095
245,325
(4)
28.9
9.0
-0.5
3-1
-5-3
-0.2
16.2
24.8
8-3
8.8
16.9
9.4
8.2
9.1
See "Constructive taxable income from related foreign corporations" in section 9.
^Includes mutual insurance company gross income of $506,000 taxed under Code section
821(a)(2) before amendment.
The income tax liability for most corporations gener-
ally was computed on the following bases summarized as
"income subject to tax" in the statistics:
1. "Taxable income" (net income after statutory
special deductions), and
2. Net long-term capital gain taxed at 25 percent in
combination with "taxable income."
Income tax as shown in these statistics also includes
amounts computed on variations of these bases. These
reflected:
1. Special provisions of the Internal Revenue Code
applicable to insurance businesses,
2. The special tax on certain net long-term gains
reported by Small Business Corporations electing
to be taxed through shareholders (more fully dis-
cussed in section 8),
3. The 25 percent tax on undistributed net long-term
capital gains applicable to regulated investment
companies and real estate investment trusts.
Also included in the income tax, except as noted in
the tables, is the tax from recomputing prior year in-
vestment credit.
DIVIDENDS RECEIVED DEDUCTION
Taxable income, shown in the statistics as income
subject to tax and described under that heading in section
9, was generally net income after the four statutory spe-
cial deductions- -
1. Net operating loss deduction
2. Dividends received deduction
3. Deduction for dividends paid on certain public
utility stock
4. Western Hemisphere Trade Corporation deduction
However, there were some exceptions that are explained
in section 9 under:
"Net income or deficit"
"Statutory special deductions"
"Income subject to tax"
As shown in table 8, where the special deductions are
shown separately by industry, nearly half of the $5.7
billion total for statutory special deductions was accounted
115
116
Corporation Returns/1966 • Computation and Payment of Tax
for by the deduction for dividends received. For the first
time statistics are available showing domestic and for-
eign dividends earned in the United States, by type of de-
duction allowed. Also shown are foreign dividends con-
structively received and dividends actually received.
Although most of the dividends received deduction was
based on the domestic dividends received subject to the
85 percent deduction, this may not be apparent from the
statistics in table 9, This is because dividends received
by regulated investment companies, real estate invest-
ment trusts, and Small Business Corporations electing to
be taxed through shareholders, although not eligible for
the special deduction, were included for this report in the
statistics for domestic dividends subject to the 85 percent
deduction. Also included were wholly deductible dividends
received by small business investment companies.
Also, as explained in section 9 under "Statutory special
deductions," the dividends received deduction was subject
to limitations based on net income. For corporations with-
out net income the deduction was unlimited, so that some
such corporations may not have reported the allowable
deduction even though it was a part of their statutory net
operating loss.
Also, because the data were rounded to thousands of
dollars during statistical processing, discrepancies due to
rounding would be another factor which would affect the
percentage relationship between the dividends and deduc-
tions in table 9,
TAX CREDITS
The income tax liability as computed on income subject
to tax does not represent the actual corporate tax liability.
Two credits, the foreign tax credit and the investment
credit, were allowed which could under some conditions
completely affect the tax. These credits, amounting to
$4.9 billion, were claimed against current year income
tax of $34.4 billion, (The credits could not be applied to
the tax from recomputing prior year investment credit
nor to the capital gain tax of Small Business Corporations
electing to be taxed through shareholders.)
The foreign tax and investment credits reduced the in-
come tax liability to $29.6 billion, the payment of which
could be accomplished in several ways. In addition to
remittances made after the determination of the final tax
liability, corporations were credited for certain payments
made prior to the time the return was filed. These in-
cluded payments on declaration of estimated tax, payments
with request for extension of filing time, and credit for
the Federal tax on nonhighway gasoline and lubricating
oil (a new credit in 1966), Additional minor credits not
included in these statistics, were allowed corporations as
shareholders in regulated investment companies for their
proportionate share of taxes paid these companies on re-
tained long-term capital gains and for tax withheld at
source on interest paid on tax-free covenant bonds.
Payments on Declarations of Estimated Tax
A corporation was required to file a declaration of the
following year's estimated tax on Form 1120-ES if its
income tax after foreign tax and investment credits was
reasonably expected to exceed $100,000. If the tax liability
could be expected to meet this condition within the first
3 months of the year, advance payments on an installment
basis were due to be paid by the 15th day of the 12th
month of the year. Installment payments of a portion of
estimated tax were in general due with the filing of the
declaration in the 4th month, and in the 6th, 9th and 12th
months of the year respectively. However, if tax liability
was only later determined to be subject to the estimated
tax requirements, a deduction might be filed in the 6th,
9th or 12th month of the year. Of course a late declara-
tion entailed fewer installment payments, but the percent-
age due for each installment was proportionately in-
creased.
The starting point for determining whether a declara-
tion of estimated tax had to be filed was the estimated
income tax after foreign tax and investment credits. If
this tax exceeded the sum of (a) $100,000, (b) overpay-
ment credits from prior years, and (c) any other pay-
ment credits such as for tax withheld at source, the
filing of Form 1120-ES and advance payments were re-
quired.
Since 1950 corporations have been gradually required
to accelerate their payments of estimated tax. The Reve-
nue Act of 1964 provided a transition period ending in
1970 when the entire estimated tax after credits would be
paid in four equal installments within the taxable year,
(Previously, only the first two installment dates fell
within the taxable year,) The Tax Adjustment Act of 1966
accelerated the transition period to achieve full prepay-
ment of estimated tax for 1967, Table 5,2 compares the
percentages of estimated tax due by the end of the taxable
year, when paid in four installments, under the 1964 Act,
with the new rates under the 1966 Act,
Table 5.2— COMPARISON OF PERCENTAGE OF ESTIMATED TAX PAYMENT DUE
Calendar year
1966.
1967.
1968.
1969.
1970.
Revenue Act of 19d4
1st two
installments
(1)
2nd two
installments
U)
Tax Adjustment Act of 1966
1st two
installments
(3)
2nd two
installments
(4)
25
25
25
25
25
Installment payments were considered as meeting the
legal requirements if the "estimated tax" upon which
they were based fell into any of the following four cate-
gories:
(1) If it amounts to 70percentof the tax shown on the
final return, after subtracting the $100,000 estimated tax
exemption and allowable credits,
(2) If it amounts to as much as the previous year's
tax reduced by $100,000, provided the prior year account-
ing period covered 12 months,
(3) If it is equal to what would have been last year's
tax liability (after subtracting the $100,000 exemption and
allowable credits), had the current tax rates been applic-
able to that year's income, or
(4) If it is at least equal to 70 percent of the tax that
would be due (after subtracting the $100,000 exemption
and allowable credits) on the basis of current income, up
to a specified cut-off date, annualized for the year.
Corporation Returns/1966 • Computation and Payment of Tax
117
If the income tax liability after foreign tax and invest-
ment credits reported on the return was in excess of the
payments of estimated tax (and other payments and credits
discussed below) the balance was due in two equal install-
m ents on the 1 5th day of the 3rd and 6th months following
the close of the taxable year. Table 14 presents tax and
payment items for returns either showing or not showing
payments on declarations of estimated tax.
Payments on declarations of estimated tax shown in this
report may be somewhat less than the legal maximum per -
centages of the tax due because, as indicated above, cer-
tain tolerances were allowed by law in the relationship of
the installment payments to the tax. Further, corporations
with accounting periods ended before December 1966 are
included in these statistics and their payments on declara-
tions of estimated tax would have been in compliance with
the less accelerated requirements of the 1964 Revenue
Act. In addition, payments may be slightly understated,
due to taxpayer reporting variations and the inability to
identify for the statistics, all of the amounts from the tax
returns.
The payments on declarations of estimated tax shown
herein were secured from the final income tax return,
rather than from the declaration. Form 1120-ES. They
therefore include credits for taxes previously paid as well
as the installment payments made before the income tax
return for the year was filed (see line 32 (b), page 1,
Form 1120).
Payments With Requests for Extension of Filing Time
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 2-1/2 months after the end of the account-
ing period, except that half of the taxpayment could be de-
ferred for 3 months under an installment privilege. When
an extension of time in which to file a return was re-
quested, at least half of the unpaid balance of the tax lia-
bility tentatively determined was due with the application.
If the installment privilege was not used, the entire unpaid
tentative tax was due. (Payments on declarations of esti-
mated tax and any other payment credits were subtracted
from the tentative liability in determining the unpaid bal-
ance.) If the tax liability as finally determined exceeded
the tentative 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 2- 1/2 months
after the close of the accounting period.
Corporations providing reasons for delay were granted
an automatic extension of 3 months in which to file re-
turns. Under certain conditions, a second extension of 3
months could be granted.
Table 15, shows that there were 87,500 returns on which
was reported $9.0 billion paid with requests for extension
of filing time. However, almost 80 percent of these re-
turns still had tax due when the return was filed. Some
returns, about 6,000, showed payments with requests for
extension of filing time even though when the return was
actually filed there was no income tax liability. Such
payments represented overpayments which could be
credited toward the following year's tax liability or re-
funded. (See Overpayment below.)
The payments with requests for extension of filing
time shown in these statistics were those reported on the
income tax return actually filed, rather than from the ap-
plication for extension of time in which to file. Form
7004. The statistics, like those for estimated tax pay-
ments, may be slightly understated because of taxpayer
reporting variations andbecauseof the inability to identify
the total amount from the tax returns.
Credit for Certain United States Tax Paid on
Nonhighway Gasoline Lubricating Oil
For 1966 for the first time, corporations were allowed
to credit toward the payment of income tax, the Federal
excise taxes paid on the nonhighway use of gasoline and
lubricating oil purchased after June 30, 1965, Under the
provisions of Public Law 89-44 the credit was allowed on
timely filed returns and was applicable for accounting
periods beginning after June 30, 1965. Previously, such
excise taxes were refunded directly to the taxpayer with-
out regard to the income tax.
For corporations with income tax the credit could be
claimed only at the end of the taxable year, unless the
credit computed for any of the first 3 quarters of the tax-
able year exceeded $1,000, in which case a separate
claim for refund might be immediately filed. These re-
funds were subtracted from the credit at the end of the
year and do not appear in the statistics.
There was a transitional rule which allowed credit for
gasoline and lubricating oil purchased during the last six
months of 1965 to be applied against the 1966 income tax.
Therefore, because of the accounting periods covered by
these statistics, those ending from July 1966 through June
1967, some corporations may have reported a 1966 credit
for gasoline or lubricating oil purchased over a period of
33 months. (See "Credit for United States tax paid on
nonhighway gasoline and lubricating oil," in section 9.)
The gasoline and lubricating oil tax eligible for credit
included amounts paid on: (1) gasoline used other than as
a fuel in highway vehicles requiring registration under the
laws of any State or foreign country, (2) gasoline used
by local transit systems providing regularly scheduled
commuter services, (3) gasoline used in certain farming
operations, and (4) gasoline used for such other nonhigh-
way uses, as in pumps, generators, motor boats, and bull-
dozers, and (5) lubricating oil used in other than highway
motor vehicles.
The credit for taxes paid on gasoline and lubricating
oil was claimed on 21,483 returns and amounted to $41
million. Although the credit provisions in effect applied
to a limited number of industrial activities, chart 5A,
showing the percentages of total returns and credit
claimed by industrial division, indicates that the credit
was present in a wide variety of industrial groupings.
In part, this reflects the diversified activities of com-
panies in these groups. Of the returns showing the credit,
one-third of them were in manufacturing, while one-fifth
of them were classified in agriculture. The 4,000 returns
in agriculture, however accounted for only 4 percent of
the credit claimed by all corporations. The largest
single percentage claimed was in manufacturing which
contributed over 40 percent of the total. Other indus-
tries for which the credit significantly reduced the tax
118
Corporation Returns/1966 • Computation and Payment of Tax
Chart 5A
Credit
for U.S.
gasoline
taxes^ in
1966 was
$41 million
on 21
thousand
returns
Construction and
manufacturing
accounted for
46% of the returns
and 70% of
the credit
Credit for certain U.S. taxes paid
on nonhighwav gasoline and
lubricating oi I
Agriculture,
Mining
Construction
Manufac-
Public
Wholesale
Finance,
Services
forestry
turing
utilities
and retail
insurance.
and
trade
and real
fisheries
estate
due, as shown in table 8, were construction and trans-
portation which together accounted for 42 percent of the
total credit claimed.
TAX DUE OR OVERPAYMENT
If the income tax liability (tax less foreign tax and in-
vestment credits) exceeded the sum of advance payments
and payment credits, the balance was the "tax due to be
paid." If the income taxliability was less than the sum of
advance payments and payment credits the balance repre-
sented an overpayment which the taxpayer could choose
either to have refunded or to have credited toward the
following years' estimated tax. "Tax due" and "Over-
payment" are more fully explained in section 9.
Tax due was present on nearly all returns with income
tax after foreign tax and investment credits, including
some returns whose tax was solely from recomputing
prior year investment credit or from the tax on un-
distributed Personal Holding Company income (which was
not tabulated), as well as some returns showing adjust-
ments for prior years. (This should be taken into account
when relating the number of returns with tax or with tax
due in tables 10 and 15, for example.) As presented in
table 15, about 40 percent of the $19 billion tax liability
(after foreign tax and investment credits)reportedon re-
turns with tax due was payable at the time the returns
were filed.
There were 14,000 returns for which all of the tax was
either prepaid or overpaid when the return was filed.
The number of these returns with overpayments was
11,000 and they accounted for most of the $383 million
total in overpayments reported on returns for 1966. The
total number of returns with overpayments was 23,000.
Most overpayments were claimed as a refund. Such
refunds, amounting to $248 million, were reported on
21,000 returns. The amount credited to 1967 estimated
tax, although reported on fewer than 3,000 returns, totalled
$135 million. As shown in table 15, this amount was con-
centrated on returns of larger taxpayers.
The statistics for tax due and overpayment as shown in
table 15 will not equal the difference between the tax lia-
bility and the sum of advance payments and payment cred-
its, chiefly because the data for each component involved
in the computation were rounded to thousands of dollars
during statistical processing and also because of taxpayer
reporting variations.
120
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Computation and Payment of Tax
Table 8.— TAX ITEMS: NUMBER OF RETURNS, NET INCOME OR DEFICIT, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX AND INCOME TAX ITEMS,
INVESTMENT AND FOREIGN TAX CREDITS, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, CREDIT FOR TAX PAID ON NONHIGHWAY GAS AND LUBRICATING OIL,
CERTAIN FOREIGN INCOME, SMALL BUSINESS CORPORATION (FORM 1120-S) INCOME AND TAX, AND NUMBER OF RETURNS BY TYPE OF TAX, BY MAJOR INDUSTRY
[Amounts in thousands of dollars ]
Total
active
corpor-
ation
returns
Major industry
Agri-
culture,
forestry,
and
fisheries
Mining
Total
mining
Metal
mining
Coal
mining
Crude
petroleujt
and
natural
gas
Non-
metallic
minerals
(except
fuels)
mining
Contract
construc-
tion
Manufacturing
Total
irenufac-
turing
RITITRNS WITH AND WITHOUT NET INCOME
(1)
(2)
(3)
U)
(5)
(6)
(7)
(8)
(9)
Number of rettims
Net income (less deficit)
Statutory special deductions, total
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Income subject to tax
Income tax , total
Tax from recomputing prior year investment credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil:
Number of returns
Amount
Returns With Net Income
Number of returns
Net income, total
Returns other than Form 1120-S
Statutory special deductions , total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax, total
Net long-term capital gain taxed at 25 percent
Income taxed at normal tax and s»irtax rates
Income tax, total
Tax from recomputing prior year investment credit
Investment credit
Foreign tax credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credi ts
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
IJumber of returns
Amount
Returns Without Net Income
Number of returns .
Deficit
Statutory special deductions
Income tax, total
Tax from recomputing prior year investment credit
Investment and foreign tax credi ts
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil.
RETURNS OF SMALL BUSINESS CORPORATIONS, FORM 1120-S,
WITH AND WITHOUT NET INCOME
Number of returns...
Net income:
Number of returns.
Amount
Deficit
NUMBER OF RETURNS WITH INCOME TAX
Number of retiims with net income —
With tax before recomputing prior year investment credit
With tax from recomputing prior year investment credit, total.
Wi th other tax
Without other tax
Number of returns without net income —
With tax before recomputing prior year investment credit.
With tax from recomputing prior year investment credit...
1,<68,725
80,527,706
5,68i,391
2,834,458
25,814
77,100,536
34
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of retiirns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Niimber of returns
Amount
449,174
73,504
442,789
587,904
581,519
21,483
41,081
472
193,016
714
967, 147
939,846
87,740,224
85,507,256
5,611,129
2,422,288
2,761,196
25,814
401,831
77,099,900
3,102,703
73,997,197
34,445,349
69,941
2,006.329
2,861,270
32,439,020
31,584,079
29,577,750
13,305,365
29,574
455
191,971
707
965,120
528,879
7,212,518
3,825
3,563
21,144
11,507
181,851
118,374
2,232,968
577,884
708 , 188
54,271
53,766
505
27,945
289,214
69,019
12,769
317,522
117,695
668
109,049
105,040
96,394
4,074
1,690
(•)
(•)
16,604
465 , 397
383,181
67.294
48,089
11,044
8,161
317,522
30,599
286,923
117,536
509
8,646
12,655
108,890
104,881
96,235
17,391
1,269
(•)
(•)
11 , 341
176,183
1,725
159
159
451
421
7,427
4,207
82,216
54,075
10,239
1,267
1,264
(•)
14,831
1,739,573
249,784
73,338
1,788,631
832,088
11,257
799,994
267,863
235,769
1,291
1,994
13
11,579
14
,410
7,284
2,077,853
2,028,998
243,371
75,936
66,925
1,788,631
94,630
1,694,001
831,972
11,141
32,094
564,225
799,878
267,747
235,653
97,678
1,640
(•)
(•)
14
8,410
7,547
338,280
116
116
1,153
43,855
4,918
1,037
1,030
(•i
(•)
132,199
33,190
225,701
1,077
216,515
96,195
87,009
36
243
(»)
(•)
(«)
(•)
267
614,651
611,846
132,199
3,658
33,190
479,937
23,157
456,780
225,701
1,077
9,186
129,506
216,515
96,195
87,009
42,796
220
(«)
(•)
(•)
(•)
619
1,355
(•)
(•)
(•)
(•)
127
31
30
(«)
(♦)
2,336
96,120
28,825
18.457
55,594
9,331
48,340
55,385
48,131
15,930
245
834
(•)
(»)
1,048
152,817
145.906
28,451
10,368
18,083
117,524
31,580
85,944
55,582
9,319
7,254
209
48,328
55,373
43,119
15 , 930
743
(•)
(»)
1,288
56,697
(•)
(»)
2,844
804
205
204
(«)
(*)
7,924
932,344
52,622
18,088
495,168
420
487,264
65.695
57,791
23.889
252
421
(»)
(•)
(»)
(•)
3,64b
1,121,471
1,104,072
46,719
33,447
12,185
1,087
1,059,716
31,903
1,027,813
495,066
318
7,904
429,473
487,162
65,593
57,689
23,843
295
(.)
(•)
(•)
(«)
4,278
188,627
5,903
102
102
46
126
1,097
573
17,399
21,405
2,331
440
435
(»)
3,685
134,313
36,138
3,603
55,625
429
47,875
50,583
42,833
758
496
(•)
(•)
2,323
138,914
167.174
36,002
28,463
3,467
4,072
131,454
7,990
123,464
55,623
427
7,750
5,037
47,873
50,586
42,836
15,109
382
(•)
(♦)
1,362
54,601
136
2
40
114
606
359
21,740
3,344
1,656
361
361
(•)
112,373
1,398,935
178,501
18,710
612,479
2,850
569,847
595,553
552,921
2,828
10,498
12
,375
15
,352
70,461
1,974,904
1,777,939
177,119
156,069
17,328
3,722
1,600,928
60,756
1,540,172
612,174
2,545
42,632
16,926
569,542
595,248
552,616
94,503
2,227
12
,375
15
.352
41,912
575,969
305
305
1,360
8,271
17,603
12,105
196,965
36,846
49,659
5,003
4,961
(•i
187,642
44,403,696
1,973,202
1,019,350
20,143,330
32,064
18,993,055
13,144,309
16,994,034
7,004
18,027
290
136,277
516
874,552
133,439
46,161,490
45 , 581 , 393
1,968,833
695,450
1,009,931
263,402
43,638,512
1,856,932
41,781,530
20,142,119
30,853
1,150,275
1,999,021
18,991,844
18,143,098
16,992,823
8,218,211
16,482
281
135,531
512
874,313
54,203
1,757,794
9,369
1,211
1,211
12 . 562
1.545
14,666
580,092
103,915
105,534
15,898
15,804
(»i
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data.
Corporation Returns/1966 • Computation and Payment of Tax
121
ACTIVE CORPORATION RETURNS
Table 8.— TAX ITEMS: NUMBER OF RETURNS, NET INCOME OR DEFICIT, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX AND INCOME TAX ITEMS
INVESTMENT AND FOREIGN TAX CREDITS, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, CREDIT FOR TAX PAID ON NONHIGHWAY GAS AND LUBRICATING OIL,
CERTAIN FOREIGN INCOME, SMALL BUSINESS CORPORATION (FORM II20-S) INCOME AND TAX, AND NUMBER OF RETURNS BY TYPE OF TAX, BY MAJOR INDUSTRY— Con.
[Amounts in thousands of dollars]
ajor industry — Continued
Manufacturing — Continued
Tobacco
manu-
factures
Textile
mill
products
Apparel
and other
fabri-
cated
textile
products
Lumber
and wood
products
except
furni-
ture
Fumi
ture
and
fixtures
Paper and
allied
products
Printing,
publish-
ing, and
allied
industries
Chemicals
and
allied
products
Petroleum
refining
and
related
industries
Rubber and
miscel-
laneous
plastics
products
leather
prod-
ucts
RETURNS WITH AND WITHOUT NET INCOME
(11)
(12)
(13)
(K)
(15)
(16)
(17)
(IB)
(19)
(20)
Number of returns
Net income (less deficit)
Statutory special deductions, total
Dividends received deduction
Deduction for dividends paid on certain public utility stock
Income subject to tax
Income tax, total
Tax from recomputing prior year investment credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil:
Number of returns
Amount
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns ,
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns With Net Income
Number of returns
Net income , total
Returns other than Form 1120-S
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax, total
Net long-term capital gain taxed at 25 percent
Income taxed at normal tax and surtax rates
Income tax, total
Ta>: from recomputing prior year investment credit
Investment credit
Foreign tax credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Ajnount
Returns Without Net Income
Number of returns .
Deficit
Statutory special deductions
Income tax, total
Tax from recomputing prior year investment credit
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil..
RETURNS OF EMAIL BUSINESS CORPORATIONS, FORM 1120-S,
WITH AND WITHOUT NET BICOME
Number of returns
Net income:
Number of returns
Amount
Deficit
NUMBER OF RETURNS WITH INCOME TAX
Number of returns with net income —
With tax before recomputing prior year investment credit
With tax from recomputing prior year investment credit, total.
With other tax
Without other tax
Number of returns without net income —
With tax before recomputing prior year investment credit.
With tax from recomputing prior year investment credit...
100
661,835
1,883
1,883
317,710
270
314,016
313,824
310,130
1,131
4
2,007
6M,644
664,232
662,366
142
662,224
317,710
270
3,694
3,886
314,016
313,824
310,130
177,376
16
2
1,131
4
2,007
(»)
(-)
(•)
(•)
(■•)
(«)
(*)
5,741
1,014,586
41,022
10,352
1,051,734
487,185
945
444,158
483,829
4^0,802
205,724
182
168
(«)
(•)
11
1,014
4,174
1,098,465
1,091,604
40,370
30,670
9,700
1,051,734
17,004
1,034,730
487,116
876
43,027
3,356
444,089
483,760
44-0,733
203,621
164
(-)
(O
11
1,014
1,567
33,879
652
69
69
307
6,861
3,554
583
582
(•)
17,421
683,855
35,337
7,691
290,026
532
281,218
286,562
277,754
92,048
5
395
(•)
(«)
12,361
773,559
703,810
34,934
27,482
7,288
669,361
7,775
661,586
290,023
529
8,808
3,464
281,215
286,559
277,751
90,273
39
4
203
(»)
(•)
4,560
89,704
403
3
3
2,041
69,749
9,659
723
723
8,793
427,683
23,847
4,021
170,128
586
150,815
154,734
145,421
852
927
(*)
(•)
5,817
534,776
507,648
23,634
19,826
3,808
503,983
238,866
265,117
170,094
552
19,313
5,394
150,781
164,700
145,387
52,449
796
(*)
(•)
2,976
107,093
213
34
34
31
131
677
27,128
4,645
897
895
(•)
(•)
6,841
400,587
11,636
2,000
191,987
137
185,105
191,225
184,343
139
20
(»)
(•)
(«)
(•)
4,593
452,554
442,523
11,634
9,634
1,998
430,804
9,923
420,881
191,987
137
6,882
762
185,105
191,225
184,343
67,423
20
(•)
(•)
(•)
(•)
2,248
51,967
524
10,031
3,474
454
454
(•)
3,324
1,411,932
33,918
19,718
1,407,744
629,338
981
572,268
601,017
543,947
214
680
7
3,631
18
15,885
2,593
1,452,546
1,440,782
33,610
13, 524
19,410
1,407,744
166,853
1,240,891
629,327
970
57,070
28,321
572,257
601,006
543,936
266,428
659
18
15,885
731
40,614
247
11,764
2,138
392
391
(•)
23,314
1,828,870
109,568
48,232
1,750,726
793,448
1,174
757,448
778,615
742,615
147
164
(•)
(•)
18
4,960
15,710
1,933,872
1,860,072
109,243
60,783
47,907
1,750,726
36,443
1,714,283
793,442
1,168
36,000
14,833
757,442
778,609
742,609
356,746
163
(•)
(«)
18
,960
7,604
105,002
325
(')
297
1
1,980
73,800
11,977
1,384
1,382
(«)
(«)
10,492
5,312,636
159,306
88,544
5,212,901
2,468,740
4,581
2,306,875
2,228,484
2,066,619
1,126,922
407
2,861
(•)
(•)
138,573
7,000
5,399,285
5,371,825
159,107
50,239
88,345
20,523
5,212,901
75,149
5,137,752
2,468,599
4,440
161,865
240,256
2,306,734
2,228, X3
2,066,478
1,124,531
2,815
(«)
(»)
3,492
86,649
141
141
2,391
46
444
27,460
5,745
828
826
(♦)
1,111
3,837,745
665,353
513,749
1,432,408
1,992
1,298,432
730,646
596,670
145
1,582
(-)
(*)
777
3,864,016
3,863,923
664,462
17,876
512,858
133,728
3,199,463
444,562
2,754,901
1,432,348
1,932
133,976
701,762
1,298,372
730,585
596,610
255,810
1,540
(•)
(«)
25
122,329
334
26,271
891
60
60
(')
(»)
(•)
(')
(»)
(»)
(«)
4,814
783,671
28,003
13,187
365,898
945
337,643
329,374
301,119
204
1,730
12,585
3,111
832,894
815,931
27,966
14,006
13,150
810
788,173
11,470
776,703
365,886
933
28,255
35,524
337,631
329,362
301,107
145,733
563
6
6,029
11
12,585
1,703
49,223
1,057
(«)
(•)
2,555
348
345
(♦)
(»)
(21)
2,917
241,744
13,673
5,976
103,345
155
99,735
102,997
99,387
(*)
(»)
(»)
(•)
2
56
2,270
257,871
249,249
18,635
12,502
5,939
95
230,630
1,323
229,307
103,293
103
3,610
348
99,683
102,945
99,335
33,539
(•S
2
66
647
16,127
37
52
52
303
8,622
1,730
198
198
(•)
Footnotes at end of table. See text for explanatoiy statements and for "Description of the Sample and Limitations of tiie Data."
381-123 O - 70 - 9
122
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Computation and Payment of Tax
Table 8. —TAX ITEMS: NUMBER OF RETURNS, NET INCOME OR DEFICIT, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX AND INCOME TAX ITQ1S,
INVESTMENT AND FOREIGN TAX CREDITS, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, CREDIT FOR TAX PAID ON NONHIGHWAY GAS AND LUBRICATING OIL,
CERTAIN FOREIGN INCOME, SMALL BUSINESS CORPORATION (FORM 1120-S) INCOME AND TAX, AND NUMBER OF RETURNS BY TYPE OF TAX, BY MAJOR INDUSTRY— Con.
[Aniouiits in thousands of dollars ]
Major industry — Continued
Manufacturing — Continued
Stone ,
clay, and
glass
products
Primary
metal
industries
Fabricated
metal prod-
ucts, except
machinery
and trans-
portation
equipment
Machinery,
except
electrical
Electrical
machinery,
equipment,
and
supplies
Motor
vehicles
and motor
vehicle
equipment
Transpor-
tation
equipment J
except
motor
vehicles
Scientific
instruments ,
photographic
equipment,
watches
and clocks
Miscellaneous
manufacturing
industries,
including
ordnance and
accessories
RETURNS WITH AND WITHOUT NET INCOME
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
Number of returns
Net income (less deficit)
Statutory special deductions, total
Dividends received deduction
Deduction for dividends paid on certain public utility stock
Income subject to tax
Income tax, total
Tax from recomputing prior year investment credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil:
Number of returns
Amount
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend Income resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns With Net Income
Number of returns
Net income, total
Returns other than Form 1120-S
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax, total
Net long-term capital gain taxed at 35 percent
Income taxed at normal tax and surtax rates
Income tax, total,
Tax from recomputing prior year investment credit
Investment credit
Foreign tax credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns Without Net Income
Number of returns.
Deficit
Statutory special deductions
Income tax, total
Tax from recomputing prior year investment credit
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil.
RETURNS OF SMALL BUSINESS CORPORATIONS, FORK 1120-S,
WITH AND WITHOUT NET INCOME
Number of returns...
Net income:
Number of returns.
Amount
Deficit
NUMBER OF RETUHNS WITH INCOME TAX
Number of returns with net income —
With tax before recomputing prior year investment credit
With tax from recomputing prior year investment credit, total.
With other tax
Without other tax
Number of returns \dthout net income —
With tax before recomputing prior year investment credit.
With tax from recomputing prior year investment credit...
8,446
977,052
38,559
22,619
432,396
1,156
444,323
430,908
392,835
1,185
1,159
(•)
(•)
19
33,817
5,462
1,099,393
1,084,034
38,080
15,016
22,140
924
1,1X5,870
19,937
1,025,933
482,274
1,034
38,073
51,488
444,201
430,786
392,713
213,330
1,046
(•)
(*)
18
33,738
2,984
122,841
479
122
122
712
113
632
15,859
14,612
4,325
840
839
(•)
(.')
5,326
3,535,279
274,786
149,728
3,297,450
1,555,535
1,345
1,411,521
1,429,789
1,285,775
552
2,524
15
9,031
19
12,249
4,317
3,598,501
3,570,020
272,553
45,065
147,495
79,993
3,297,450
52,039
3,245,411
1,555,493
1,303
144,014
125,746
1,411,479
1,429,747
1,285,733
598,505
2,482
15
9,031
19
12,249
1,009
63,222
2,233
42
42
270
42
441
359
28,481
359
3,617
609
604
(•)
(«)
21,124
2,404,286
82,508
12,421
2,356,546
1,065,830
2,371
1,0U,835
1,020,211
966,216
713
632
22
3,510
40
30,720
16,489
2,525,032
2,438,673
82,268
67,006
12,181
3,081
2,356,546
45,339
2,311,207
1,065,764
2,305
53,995
45,619
1,011,769
1,020,145
966,150
358,868
629
22
3,510
40
30,720
4,635
120,746
240
66
66
254
3
2,354
1,759
86,359
4,382
^r
(-)
20,726
5,333,685
148,650
28,843
5,252,274
2,353,141
3,116
2,273,266
2,154,194
2,074,319
964,712
778
1,123
67
20,333
84
121,563
16,206
5,450,067
5,400,760
143,538
107,888
28,731
11,919
5,252,274
498,351
4,753,923
2,353,127
3,102
79,875
198,947
2,273,252
2,154,180
2,074,305
963,789
1,111
(•)
(»)
84
121,568
4,520
116,382
923
12
1,479
49,307
6,030
13,323
1,872
1,869
(-)
89,616
10,795
3,331,513
1,574,436
1,819
1,506,754
1,470,203
1,402,521
153
435
26
10,500
51
55,818
5,632
3,432,020
3,418,627
38,924
75,235
10,103
3,331,518
36,880
3,294,633
1,574,406
1,789
67,632
104,233
1,506,724
1,470,173
1,402,491
714,651
422
26
10,500
51
55,318
3,236
166,936
659
13
521
13,393
4,261
671
655
(•)
2,152
5,511,721
49,686
24,894
2,626,058
2,246
2,527,113
2,367,331
2,268,391
158
1,261
(«)
(")
19
222,142
1,617
5,573,308
5,545,242
49,266
24,465
24,474
5,496,017
37,801
5,458,216
2,626,057
2,245
98,940
258,727
2,527,117
2,367,330
2,268,390
1,169,065
1,258
(♦)
(-)
17
222,052
535
61,587
420
1
1
523
3
(•)
(•)
1,300
265
265
(-)
2,796
1,293,658
16,171
5,723
1,330,029
629,504
2,059
588,739
619,873
579,108
307,863
154
657
15
3,934
1,732
1,363,154
1,346,200
16,158
8,772
5,710
1,330,029
20,552
1,309,477
629,500
2,055
40,765
9,631
588,735
619,869
579,104
307,441
652
15
3,934
1,064
69,496
422
5
219
16,954
1,364
364
3^
3,724
1,455,403
20,771
4,465
1,465,089
689,968
731
666,842
652,170
629,044
42
717
15
3,293
24
24,408
2,683
1,492,271
1,484,918
20,525
16,306
4,219
1,465,089
23,450
1,441,639
689,954
717
23,126
37,798
666,828
652,156
629,030
312,834
717
14
2,842
23
24,288
1,041
36,868
140
,353
2,287
280
1280
(30)
10,261
523,759
21,281
4,014
250,369
418
241,282
243,015
233,928
89,489
86
137
(•)
(•)
18
3,865
7,069
597,027
580,906
21,227
17,252
3,960
15
559,635
3,461
551,174
250,339
388
9,037
7,354
241,252
242,985
233,898
89,274
137
(«)
(•)
18
3,865
3,192
68,268
54
931
16,121
5,336
506
504
(•)
(■)
(•)
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 • Computation and Payment of Tax
123
ACTIVE CORPORATION RETURNS
Table 8.— TAX ITEMS: NUMBER OF RETURNS, NET INCOME OR DEFICIT, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX AND INCOME TAX ITEMS,
INVESTMENT AND FOREIGN TAX CREDITS, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, CREDIT FOR TAX PAID ON NONHIGHWAY GAS AND LUBRICATING OIL,
CERTAIN FOREIGN INCOME, SMALL BUSINESS CORPORATION (FORM 1120-S) INCOME AND TAX, AND NUMBER OF RETURNS BY TYPE OF TAX, BY MAJOR INDUSTRY— Con.
[Amounts in thousands of dollars]
Total trans-
portation,
somniunicationj
electric, gas,
and sanitary
services
Major industry — Conrinued
Transportation, communication, elect
and sanitary services
Transpor-
tation
Commu-
nication
services
Electric,
gas, and
sanitary
services
Total
wholesale
and
retail
trade
Wholesale and retail trade
Total
wholesale
trade
Wholesale trade
Groceries
and
related
products
MachiH'
ery,
equip-
ment,
and
supplies
Miscel-
laneous
wholesale
trade
Whole-
sale
trade
not
allo-
cable
RETUENS WITH AND WITHOUT NET INCOME
(32)
(33)
(.y.)
(35)
(36)
(37)
(38)
(39)
(■40)
Numtier of returns
Net income (less deficit)
Statutory special deductions , total
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Income subject to tax,
Income tax, total
Tax from recomputing prior year investment credit
Income tax after —
Investment credit only ,..,
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil:
Number of returns
Amount
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns With Net Income
Number of returns
Net income, total
Returns other than Form 1120-S
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility stock
Western Hemisphere Trade Corporation deduction
Income subject to tax, total
Net long-term capital gain taxed at 25 percent
Income taxed at normal tax and surtax rates
Income tax, total
Tax from recomputing prior year investment credit
Investment credit
Foreign tax credit
Income tax after —
Investment credit onl^
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Amount.
Returns Without Net Income
Number of returns.
Deficit
Statutory special deductions
Income tax, total
Tax from recomputing prior year investment credit.
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil.
RETURNS OF SMALL BUSINESS CORPORATIONS, FORM 1120-S,
WITH AND WITHOUT NET INCOME
Number of returns . . ,
Net income:
Number of returns.
Amount
Deficit
NUMBER OF RETURNS WITH INCOME TAX
Number of returns with net income —
With tax before recomputing prior year investment credit
With tax from recomputing prior year investment credit, total.
With other tax
Without other tax
Number of returns without net income —
With tax before recomputing prior year investment credit.
With tax from recomputing prior year investment credit...
59,925
ll,619,76i
465,442
175,475
25,814
11,457,166
5,383,301
13,334
4,854,000
5,352,570
4,823,269
2,027
6,719
28
8,566
12
9,921
39,245
11,990,041
11,918,351
463,538
261,049
173,571
25,814
3,104
11,457,166
213,460
11,343,706
5,382,853
12,886
529,301
30,731
4,853,552
5,352,122
4,822,821
2,599,468
6,130
27
8,565
12
9,921
20,680
370,277
1,904
448
448
720
589
4,621
71,690
30,142
3,574
3,502
72
46,402
2,443,438
316,631
78,299
1,053,541
3,549
369,697
1,038,409
854,565
393,717
1,750
5,286
24
4,838
(•)
(«)
30,385
2,736,949
2,683,802
315,162
236,435
76,830
1,897
2,370,8X
121,065
2,249,769
1,053,310
3,318
183,844
15,132
869,466
1,038,178
854,334
393,015
4,701
23
4,837
(*)
(«)
16,017
293,511
231
231
702
585
5,707
3,664
53,147
23,458
2,525
2,508
(«)
7,046
4,583,359
83,342
65,034
855
4,549,541
2,170,687
7,117
2,022,825
2,158,171
2,010,309
28
142
2
3,495
3
5,550
4,799
4,640,256
4,632,751
83,181
16,808
64,873
855
645
4,549,541
34,744
4,514,797
2,170,682
7,112
147,862
12,516
2,022,820
2,158,166
2,010,304
1,052,798
142
2
3,495
3
5,550
2,247
56,897
734
464
7,505
1,947
3,712
651
600
(•)
(»)
6,477
4,592,967
65,469
32,142
24,959
2,159,073
2,668
1,961,478
2,155,990
1,958,395
1,153,673
249
1,291
4
1,522
4,061
4,612,836
4,601,798
65,195
7,806
31,868
24,959
562
4,536,791
57,651
4,479,140
2,158,861
2,456
197,595
3,083
1,961,266
2,155,778
1,958,183
1,153,655
1,287
2
233
2,416
19,869
212
212
656
493
11,038
2,271
2,972
398
394
(»)
453,174
:, 240,466
544,188
159,471
3,360,627
5,498
3,225,075
3,303,646
3,168,094
884,478
2,599
1,226
72
6,043
65
28,987
306,945
9,702,287
8,922,298
540,344
365,105
155,627
19,612
8,385,793
164,893
8,220,900
3,360,051
4,922
135,552
56,981
3,224,499
3,303,070
3,167,518
882,683
968
69
5,948
63
27,305
146,229
1,461,821
3,844
576
1,795
258
49,950
779,989
226,336
16,692
16,518
174
151,177
3,794,051
235,524
71,387
1,526,323
2,290
1,4B2,701
1,507,519
1,463,897
1,466
647
53
5,558
109,850
4,365,047
4,021,556
233,434
146,550
69,297
17,587
3,790,465
70,209
3,720,256
1,526,107
2,074
43,622
18,804
1,482,485
1,507,303
1,463,681
343,584
449
51
3,876
41,327
570,996
216
216
1,194
198
21,068
15,689
343,491
42,871
84,843
8,189
6,128
61
17,013
356,875
26,386
6,554
135,905
376
129,804
132,196
126,095
27,063
111
100
(•)
(«)
2
139
11,954
422,339
373,500
26,080
18,739
6,248
347,380
12,074
335,306
135,852
323
6,101
3,709
129,751
132,143
126,042
26,809
45
(•)
(»)
5,059
65,464
2,759
2,079
48,839
10,411
8,924
1,041
1,029
(•)
(•)
21,897
587,853
27,469
4,650
232,759
524
227,255
231,811
226,307
40,788
230
92
(•)
(•)
16,136
654,002
612,268
26,877
20,991
4,058
585,284
8,175
577,109
232,751
516
5,504
948
227,247
231,803
226,299
40,626
91
(«)
(«)
5,761
66,149
2,181
1,745
41,734
2,071
13,314
1,422
1,419
(•)
109,912
2,831,302
180,014
59,994
1,152,580
1,390
1,120,626
1,138,433
1,106,479
276,897
1,123
455
1,987
51
5,419
80,229
3,267,646
3,018,266
178,822
105,515
58,802
2,841,936
49,948
2,791,988
1,152,425
1,235
31,954
14,147
1,120,471
1,138,278
1,106,324
276,119
313
40
1,892
49
3,737
29,683
436,344
1,192
155
155
778
142
11,595
249,380
30,133
61,620
5,712
5,666
(•)
(41)
2,355
18,021
1,655
189
15,865
5,079
5,016
5,079
5,016
(»)
(•)
1,531
21,060
17,522
1,655
1,305
189
15,865
12
15,853
5,016
5,079
5,016
30
824
3,039
270
3,538
985
(«)
(•)
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data.'
124
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Computation and Payment of Tax
Table 8.— TAX ITEMS: NUMBER OF RETURNS, NET INCOME OR DEFICIT, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX AND INCOME TAX ITEMS,
INVESTMENT AND FOREIGN TAX CREDITS, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, CREDIT FOR TAX PAID ON NONHIGHWAY GAS AND LUBRICATING OIL,
CERTAIN FOREIGN INCOME, SMALL BUSINESS CORPORATION (FORM 1120-S) INCOME AND TAX, AND NUMBER OF RETURNS BY TYPE OF TAX, BY MAJOR INDUSTRY— Con.
fAmoimts ir. thousands of dollars]
or industry — Continued
Wholesale and retail trade — Continued
Retail trade
Total
retail
trade
Building
materials,
hardware .
and farm
equipment
stores
General
merchan-
dise
stores
Food
stores
Automotive
dealers
and
gasoline
service
stations
Apparel
and
acces-
sory
stores
Furniture,
home fur-
nishings.
and
equipment
Eating
end
drinking
places
Miscel-
laneous
retail
stores
Re-
tail
trade
not
allo-
cable
'i3)
U^)
I if,)
li-:)
■if)
'49)
'50)
(51)
HETVHl.'S WITH AHD WITHOUT NET INCOME
Number of returns
Net income f less deficit)
Statutory special deductions, total
Dividends received deduction..
Deduction for dividends paid on certain public utility stock.
Income subject to tax
Income tax. total
Tax from recomputing prior year investment credit
Income tax after-
Investment credit only
Foreign tax credit only ■
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil:
Number of returns
Amount.
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Arootint
Returns With Net Income
Number of returns
Net income , total
Returns other than Form 1120-S
Statutory special deductions, total
Net operatli^ loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility stock
Western Hemisphere Trade Corporation deduction
Incone subject to tax, total
Net long-term capital gain taxed at 25 percent
Income taxed at noimel tax and surtax rates -.
Income tax, total
Tax from recomputing prior year investment credit
Investment credit
Foreign tax credit
Income tax after-
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns ,
Amount
Foreign dividend income resulting from foreign taxes deemed paid;
Number of returns
Amount
Returns Without Net Income
Number of returns.
Deficit
Statutory special deductions
Income tax, total
Tax from recomputing prior year investment credit.
Investment and foreign tax credits
Payments on declarations of estijnated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil,,
RETURNS OF 3«LL BUSINESS CORPORATIONS, POiW 1120-S,
WITH AND WITHOUT (KT INCOME
Number of returns...
Net income:
Number of returns.
Amount
Deficit
NUMBER OF RETURNS WITH INCOME TAX
Number of returns with net income^
With tax before recomputing prior year investment credit
With tax from recomputlnj? prior year investment credit, total.
With other tax
Without other tax
Number of returns without net inccnie —
With tax before recomputing prior y«ar Investment credit.
With t:ax from recomputing prior year investment credit...
20-.i32
,il0.477
305,568
86.933
.822,921
3,lii
.■731.542
,785.255
.693,376
537,725
1.120
573
(.)
',)
'.)
(.)
195,54'
5.290,129
4,867,368
303,856
216.610
85,221
4.565,004
93.199
4,471,805
1,822.561
2,784
'31.379
37,666
1.731,182
1,784,895
1,693,516
537.124
515
(.)
(,)
(.)
(.)
102. 8" 5
'''79.652
360
360
33,907
422,761
140, 46i
8.406
8,295
111
29.426
249,554
18,023
2,865
94,056
175
91,216
94.024
91,184
11,543
538
114
20,271
350,037
296,400
17,815
15,133
2,657
278.487
9,390
269,097
94,033
152
2,840
32
91,193
94,001
91,161
11,535
80
o,15f
100,483
208
23
3,980
53.637
13.923
1.104
1,088
(.)
1,711,306
112,489
50,475
758,520
526
725,779
725,711
692,970
301, 856
43
28
',)
12,827
1,802,210
1,775,550
112,318
62,014
50,304
1.664,244
45,310
1,618,934
758,503
509
32,741
32,809
725,762
725,694
692,953
301,679
28
(.)
'.)
(.)
.)
5,757
90.904
171
17
1,607
26.660
10.104
633
631
f.)
22.154
681.907
23,100
5,292
326,407
644
298,308
326,232
298,133
'»)
13,667
784,925
758.288
22,851
17,808
5,043
735,350
7,634
727,716
326,328
565
28,099
175
298,229
326,153
298,054
146,51'
81
8,487
103,018
249
79
2,318
26,637
9,753
575
574
I.)
48,567
405,236
31,490
5,285
169,208
422
164,061
169,200
164,053
15,090
233
250
31,77-7
598,268
528,893
31,098
24,476
4.893
498,162
10, 195
487,967
169,166
380
164,019
169,158
164,011
14.999
233
16, -790
193,032
392
42
5,106
69,375
23,787
1,885
1,860
'.1
33.041
382.447
32,512
10,876
375,926
132,202
132
128,038
132,199
128,035
17,768
(,)
(.)
23,978
443,741
408,341
32,379
21,636
10.743
375,926
3,802
372,124
132,169
99
4,164
3
128,005
132,166
128,002
17,706
9,063
61,294
133
33
5,224
3,576
35,400
18,571
569
569
(.)
2-'. 299
224.376
21,134
2,392
225,620
74.694
38
73,699
74,694
73.699
7,434
I,)
(.)
19.053
305,664
246,558
20,983
18,742
2,241
225,620
3,603
222,017
74,694
38
995
(^)
73,699
74,694
73,699
9,246
81,288
4,079
59,106
12,759
564
560
',)
;i.333
224.206
29.647
2.493
263,583
88,526
723
79,237
88,510
79,221
28,410
345.430
293,332
29.640
27,154
2.486
263,583
3,941
259,642
88,411
608
9,289
16
79,122
88,395
79,106
11,070
2
22,923
121,224
115
115
4,369
52,098
19.217
1,094
1,069
•)
35,732
6.972
178,971
434
170,867
174 , 350
166,246
26,164
201
91
(.)
45,385
657,240
557,440
35,331
28,489
6,571
522,483
8,482
514,001
178,920
383
8,104
4,621
170,816
174,299
166,195
26,126
91
21,200
127,591
8,845
99,800
32,210
1,957
1,931
443
1,796
l,4il
283
337
50
337
335
335
179
2,614
2,566
1,441
1,158
283
1,149
842
307
337
50
337
335
335
2M
818
'.)
(.)
140
'.)
''.)
(•)
Footnotes at end of table. See text for explanatoiy statements and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 • Computation and Payment of Tax
125.
ACTIVE CORPORATION RETURNS
Table 8.— TAX ITEMS: NUMBER OF RETURNS, NET INCOME OR DEFICIT, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX AND INCOME TAX ITEMS,
INVESTMENT AND FOREIGN TAX CREDITS, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, CREDIT FOR TAX PAID ON NONHIGHWAY GAS AND LUBRICATING OIL,
CERTAIN FOREIGN INCOME, SMALL BUSINESS CORPORATION (FORM 1120-S) INCOME AND TAX, AND NUMBER OF RETURNS BY TYPE OF TAX, BY MAJOR INDUSTRY— Con .
[Amounts in thousands of dollars]
Major industry — Continued
Finance, insurance, and real estate
Total
finance ,
insurance,
and real
estate
Banks and
trust
companies
Credit
agencies
Dther than
banks
Security and
commodity
brokers ,
dealers ,
exchanges,
nd services
Holding
and other
investment
companies
Insurance
carriers
Insurance
agents ,
brokers ,
and
service
Real
estate
RETURNS WITH AND WITHOUT NET INCaME
Number of returns
Net income (less deficit)
Statutory special deductions , total
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Income subject to tax
Income tax, total
Tax from recomputing prior year investment credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tajc paid on nonhighway gas and lubricating oil:
Number of returns
Amount
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns With Net Income
Number of returns ,
Net income, total
Returns other than Form 1120-S ,
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction ,
Deduction for dividends paid on certain public utility stock.,
Western Hemisphere Trade Corporation deduction
Income subject to tax, total ,
Net long-term capital gain taxed at 25 percent
Income taxed at normal tax and surtax rates
Income tax, total ,
Tax from recomputing prior year investment credit
Investment credit
Foreign tax credit
Income tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil
Constructive taxable income from related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend income resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns Without Net Income
Number of returns.
Deficit
Statutory special deductions
Income tax, total ,
Tax from recomputing prior year investment credit.
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil.
RETURNS OF SMALL BUSINESS CORPORATIONS, FORM 1120-S,
WITH AND WITHOUT NET INCOME
Number of returns . . .
Net income:
Number of returns.
Amount
Deficit
NUMBER OF RETURNS WITH INCOME TAX
Number of returns with net income —
With tax before recomputing prior year investment credit
With tax from recomputing prior year investment credit, total.
Wi th other tax
Wi thout other tax
Number of returns without net income —
With tax before recomputing prior year investment credit.
With tax from recomputing prior year investment credit...
TW
(54)
(557
(56)
(57)
(58)
(59)
(60)
402,740
11,002,481
1,949,545
1,325,895
7,855,553
3,201,502
3,866
3,144,888
3,064,131
3,007,567
1,213,697
622
594
37
16,291
56
29,160
248,658
12,762,894
12,593,773
1,903,588
623,360
1,279,938
7,354,367
621,949
7,232,918
3,200,903
3,529
56,558
137,321
3,144,345
3,063,582
3,007,024
1,209,755
567
37
16,291
55
29,054
154,082
1,760,413
45,957
599
337
3,942
27
13,340
169,116
56,197
15,505
2,064,362
117,251
87,575
2,114,073
936,176
1,697
905,721
831,147
850,692
410,819
31
29
5
1,176
13,954
2,208,923
2,208,551
100, 916
29,676
71,240
2,113,830
49,030
2,064,800
935,929
1,549
30,409
55,029
905,520
880,900
850,491
408,209
25
54,539
872,236
137,676
82,592
1,062,571
422,469
559
417,992
404,727
400,250
45
101
2
1,112
1,551
144,561
16,335
247
148
2,610
4
(♦)
(•)
(-)
(»)
199,309
13,076
5,406
1,332
5,336
1,328
70
(»)
(•)
(•)
35,420
1,217,146
1,197,445
136,892
54,845
81,808
,062,571
54,085
,008,486
422,416
506
4,477
17,742
417,939
404,674
400,197
113,157
101
(•)
(•)
19,119
344,860
1,445
902
19,701
30,007
1,499
1,483
(•i
4,406
291,528
18,931
11,538
308,713
140,943
42
139,312
140,206
138,575
54,427
(•)
(•)
3
,362
(♦)
(•)
2,746
329,976
325,664
17,569
7,393
10, 176
303,713
7,672
301,041
140,941
40
1,631
737
139,310
140,204
138,573
3
,362
(»)
(•)
1,660
38,448
302
,312
1,916
112
112
31,143
3,798,700
629,305
533,379
461,451
156,727
153
156,000
133,986
133,259
39,404
61
38
13
8,916
21
16,124
17,1
3,902,514
3,839,112
622,884
45,376
576,958
461,451
205,465
255,986
156,725
151
727
22,741
155,993
133,984
133,257
39,284
38
13
8,916
21
16,124
13,263
103,814
6,421
2
2
1,416
574
13,402
13,024
197
185
12
5,174
2,731,395
737,721
484,495
2,187,768
1,016,576
820
1,007,060
978,265
968,749
29
351
6
779
3,140
2,953,540
2,953,231
720,665
253,226
467,439
2,187,325
111,778
2,075,547
1,016,413
820
9,506
38,311
1,006,907
978,102
968,596
531,193
346
6
779
2,034
221,645
17,056
163
247
5
(•)
(•)
(*)
(♦)
2,216
215
202
13
(»)
27,191
239,193
17,393
8,636
73,001
90
72,266
70,478
69,743
16,413
(»)
(»)
2
,931
3
,163
19,585
268,450
225,626
17,526
9,207
8,319
208,048
8,269
199,779
72,999
88
735
2,523
72,264
70,476
69,741
16,368
(•i
2
1,931
3
2,163
7,606
29,252
4,564
42,824
3.827
13,407
563
562
(•)
(•)
264,782
1,004,512
290,768
67,630
1,512,929
455,610
505
446,537
455,372
446,299
47,333
443
71
(•)
(♦)
(•)
(•)
155,933
1,382,345
1,794,099
287,136
223,137
63,998
1,512,929
185,650
1,327,279
455,480
375
9,073
233
446,407
455,242
446,169
47,188
53
(♦)
(•)
(•)
(»)
108,349
877,833
130
130
145
18
6,724
38,246
39,952
125,663
1,483
1,464
24
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
126
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Computation and Payment of Tax
Table 8 —TAX ITEMS- NUMBER OF RETURNS, NET INCOME OR DEFICIT, STATUTORY SPECIAL DEDUCTIONS, INCOME SUBJECT TO TAX AND INCOME TAX ITEMS,
INVESTMENT AND FOREIGN TAX CREDITS PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, CREDIT FOR TAX PAID ON NONHIGHWAY GAS AND LUBRICATING OIL,
CERTAIN FOREIGN INCOME, SMALL BUSINESS CORPORATION (FORM 1120-S) INCOME AND TAX, AND NUMBER OF RETURNS BY TYPE OF TAX, BY MAJOR INDUSTRY-
[Amounts in thousands of dollflre ]
Major industry — Continued
Total
services
Hotels,
rocaning
houses,
camps , and
other lodg-
ing places
Personal
services
Business
services
Auto-
mobile
and
other
repair
services
Motion
pictures
Amusement
and recre-
ation ser-
vices, ex-
cept motion
pictures
Miscel-
laneous
services
RETUHNS WITH AND WITHOUT NET INCCME
Number of returns
Net incane ( less deficit)
Statutory special deductions, total
Dividends received dedution
Deduction for dividends paid on certain public utility stock.
Inccme subject to tax
InccDie tax, total
Tax fron reccanputing prior year inves-tanent credit
Incane tax after —
Investment credit only
Foreign tax credit only
Investment and foreign tax credits
PaymentB on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil;
Number of returns
Amount.
Constructive taxable incane fran related foreign corporations:
Includable incane of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend incane resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns With Net Incane
Number of returns.
Net Income, total
Returns other than Foxu 1120-S
Statutory special deductions, total
Net operating loss carryover ■
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Western Hemisphere Trade Corporation deduction
Incane subject to tax, total
Net long-term capital gain taxed at 25 percent
Incase taxed at nonnal tax and surtax rates
Incane tax, total
Tax from recanputing prior year investment credit
Investment credit
Foreign tax credit
Incane tax after-
Investment credit only...
Foreign tax credit only
Investment and foreign tax credits
Payments on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil
Constructive taxable incane fron related foreign corporations:
Includable income of Controlled Foreign Corporations:
Number of returns
Amount
Foreign dividend inccme resulting from foreign taxes deemed paid:
Number of returns
Amount
Returns Without Net Incane
Number of retTims.
Deficit
Statutory special deductions
Incane tax, total
Tax fran recomputing prior year Inveslment credit.
Investment and foreign tax credits
PaymentB on declarations of estimated tax
Credit for U.S. tax paid on nonhighway gas and lubricating oil..
RETURNS OF SMALL BUSINESS CORPORATIONS, FOm 1120-S,
WITH AND WITHOUT NET INCCME
Number of returns...
Net Inccme:
Number of returns.
Amount •
Deficit
NUMBER OF RETURNS WITH INCCME TAX
Number of returns with net Income.—
With tax before recanputing prior year investment credit
With tax fran recanputing prior year Investment credit, total.
With other tax
Without other tax
Number of returns without net incane—
With tax before recanputing prior year investment credit.
With tax fran recanputing prior year investment credit...
(61)
(62)
(63)
(64)
(65)
(66)
(67)
(68)
202,065
.,827, 6i7
2i8,439
49,4il
797,262
3,967
746,038
753,852
702,628
1,038
333
15
5,467
32
10,052
115,899
2,587,101
2,296,361
245,780
195,968
46,782
3,030
2,052,816
59,484
1,993,332
796,851
3,556
51,224
43,410
745,627
753,441
702,217
185,676
291
32
10,052
86,166
759,454
2,659
411
411
226
42
30,918
18,169
290,740
112,764
81,197
5,394
5,351
43
17,180
94,538
36,168
3,887
167,574
63,570
111
57,880
61,407
55,717
(.)
(.)
8,541
230,317
200,866
35,119
32,281
2,838
167,574
20,321
147,253
63,569
no
5,690
2,163
57,879
61,406
55,716
15,680
11
(.)'
(.)
8,639
135,779
3,133
1,526
29,451
36,830
5,423
158
158
(.)
32,431
211,912
20,683
5,339
67,255
246
60,106
67,073
59,924
2
1L2
20, 527
260,794
217,258
20,346
15,344
5,002
197,260
1,508
195,752
67,222
213
7,1A9
182
60,073
67,040
59^891
10,399
3
2
112
11,904
48,882
5,537
3,659
43,536
6,242
13,987
848
843
(•)
57,182
779,036
82,857
24,083
321,385
1,748
302,019
309,442
290,076
317
U6
11
3,122
18
4,470
34,612
974,432
881,618
82,281
58,351
23,507
799,048
17,190
781,858
321,186
1,549
19,366
11,943
301,820
309,243
289,877
86,473
104
11
3,122
18
4,470
22,570
195,396
576
199
199
4,643
92,81A
12,499
25,464
2,226
2,193
(«)
32,241
164,738
21,566
2,394
60,802
1,248
52,589
60,794
52,581
19,499
240,703
204,796
21,536
19,172
2,364
183,112
3,474
179,638
60,651
1,097
52,438
60,643
52,430
5,380
66
12,742
75,965
30
151
151
(.)
2,988
35,907
11,902
14,289
975
975
(.)
8,314
231,166
25,298
6,761
107,669
70
105,049
81,254
78,634
2
2,267
4,621
279,721
271,7U
25,116
16,082
6,579
2,455
247,355
7,690
239,665
107,669
70
2,620
26,415
105,049
81,254
78,634
22,539
2,267
8
5,005
3,693
48,555
178
2
518
8,007
3,391
86
84
(•)
(.)
23,408
112,572
29,U5
2,559
82,828
92
78,935
82,129
78,236
374
56
(.)
(*)
(•)
(»)
10,554
247,238
231,222
28,961
26,586
2,375
202,134
6,080
196,054
82,816
3,893
699
78,923
82,117
78,224
29,762
29
(.)
(•)
(")
(•)
12,854
134,666
184
12
12
3,698
1,522
16,016
6,394
360
359
(.)
31,309
233,685
32,722
4,418
256,333
93,753
452
89,460
91,753
87,460
2
397
17,545
353,896
288,887
32,421
28,152
4,117
256,333
3,221
253,112
93,738
437
4,293
2,000
89,445
91,738
87,445
15,443
74
2
397
13,764
120,211
301
15
15
5,140
3,313
65,009
15,560
12,249
741
739
(•)
(.)
(•) Eetlmate is not shown separately because of high Bampllng variability. However, the date are Included in the appropriate totals,
^LesB than $500 per return.
NOTE: Detail may not add to totals because of rounding. See text for explanatory statements and for "Description of the Sanqple and Limitations of the Data.'
Corporation Returns/1966 • Computation and Payment of Tax
ACTIVE CORPORATION RETURNS
127
Table 9,— NUMBER OF RETURNS, DIVIDENDS RECEIVED BY TYPE OF DIVIDEND, AND DEDUCTION FOR DIVIDENDS RECEIVED, BY MAJOR INDUSTRY
Total
number
of
active
corpora-
tion
returns
Number of'
returns
with one
or more
dividends
received
amounts
Dividends received from
domestic corjxDrations
Dividends
subject
to 85
percent
deduction
(Includes
Col. 12)
Dividends
Dn certain
publi c
utility-
stock
subject
to 60.208
percent
deduction
Intragroup
dividends
qualifying
for 100
percent
deduction
Dividends received
from foreign
corporations
Dividends
subject
to 85
percent
deduction
( Includes
Col. 13)
Other
foreign
dividends
Constructive taxable,
income from related
foreign corporations
Includable
income of
Controlled
Foreign
Corpora-
tions
Income
resulting
from
foreign
taxes
deemed
paid
Other
dividend
income
Statutory
special
deduction
for
dividends
received
Dividends received
by Small Business
Corporations electing
to be taxed through
shareholders
Dividends
from
domestic
corpora-
tions
Dividends
from
foreign
corpora-
tions
(1)
(2)
(3)
(i)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
Number of returns .
All industrial groups.
Agriculture, forestry, and fisheries
Mining
Metal mining
Coal mining
Crude petroleum and natural gas
Nonmetallic minerals (except fuels)mining.
Contract construction
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile
products .
Lujnber 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.
Rubberaid miscellaneous plastics products
Leather and leather products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except
machinery and transportation equipment.
Machinery, except electrical
Electrical machinery, equipment, and
supplies .
Motor vehicles and motor vehicle equipment
Transportation equipment, except motor
vehicles .
Scientific instruments, photographic
equipment, watches and clocks.
Miscellaneous manufacturing industries,
including ordnance and accessories.
Manufacturing not allocable
Transportation, communication, electric,
gas, and sanitary services.
Transportation
ComnBinication services
Electric, gas, and sanitary services
Wholesale and retail trade
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment stores .
General merchandise stores
Food stores
Automotive dealers and gasoline
service stations.
Apparel and accessory stores
Furniture, home furnishings, and
equipment stores.
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable.
Finance, insurance, and real estate
Banis and trust companies
Credit agencies other then banks
Security and commodity brokers, dealers,
exchanges, and services.
Holding and other investment companies . . .
Insurance carriers
Insurance agents, brokers, and service...
Real estate
Services
Hotels, rooming houses, camps, and other
lodging places.
Personal servl ces
Business services
Automobile and other repair services
Motion pictures
Amusement and recreation services,
except motion pictures.
Miscellaneous services
Nature of business not allocable.
1, "168, 725
27,945
14,831
886
2,336
7,924
3,685
112,373
187,642
18,859
100
5,741
17,421
8,793
6,841
3,324
23,314
10,492
1,111
4,814
2,917
8,446
5,326
21,124
20,726
8,868
2,152
2,796
492
59,925
46,402
7,046
6,477
453,174
151,177
17,013
21,897
109,912
2,355
298,432
29,426
18,584
22,154
48,567
33,041
28,299
51,333
66,585
443
3,565
402,740
15,505
54,539
4,406
31,143
5,174
27,191
264,782
202,065
17,180
32,431
57,182
32,241
8,314
23,408
31,309
8,030
109,256
109,256
3,316
1,306
(•)
(•)
804
303
3,599
13,529
1,972
(•)
510
1,012
334
424
309
2,138
849
140
211
342
630
475
1,168
1,500
396
159
(»)
285
466
(•)
2,992
2,266
356
370
24,688
11,636
1,281
1,401
8,753
(•)
12,896
2,128
1,040
1,266
2,468
1,238
902
811
3,030
(»)
(»)
51,099
6,317
7,889
1,475
12,018
2,598
2,997
17,805
8,633
505
1,211
3,726
649
592
373
1,577
(»)
94,031
4,054,446
15,848
83,384
(»)
(•)
21,090
4,226
20,932
985,935
36,873
(♦)
10,146
5,709
4,743
2,385
13,803
46,661
50,428
603,092
11,272
7,174
24,752
86,677
10,948
20,845
9,296
24,363
(•)
(•)
190.502
91,817
65,434
33,251
133,697
70,172
7,882
4,646
57,422
(•i
62,332
3,727
21,642
5,169
6,597
10,548
2,493
3,059
8,770
(»)
(•)
2,572,129
101,290
72,344
13,884
1,596,618
698,660
8,537
80,796
51,959
4,912
6,395
21,265
3,118
7,714
3,088
5,467
(•)
13,216
12
13
(»)
(•)
38
163
11
(•)
17
(M
(•)
(M
(M
(M
12,714
618
34
29
815
11,091
12
115
75
(M
367,301
86
3,133
(»)
(•)
636
30
1,269
183,358
8,825
(•i
1,916
2,914
50
8,045
8,941
46,038
1,118
3,593
1,674
76,102
3,164
11,257
2,936
(•)
14,521
1,197
9,479
3,845
50,503
13,310
15
772
13,023
36,494
82
32,134
1,530
2,273
417
(»)
107,722
1,905
22,344
236
36,170
44,199
1,850
1,018
6,709
6,246
58
360
41
8,103
(M
1
2
142
4
(') "
(M
56
10
11
(M
(M
2
(•)
(M
(M
(M
(M
7,904
38
9
35
7,618
161
16
1
(M
1,868,996
654
29,837
(•)
(»)
1,435
995
13,379
1,619,337
100,141
t»i
3,714
1,459
2,009
345
30,413
16,470
246,520
451,978
53,214
338
53,865
54,462
44,841
182,549
74,195
255,377
(•)
33,100
4,843
6.090
7,730
1,462
80,799
38,492
1,765
1,174
35,553
41,235
109
17
(M
(M
820
(•)
(•)
82,794
4,568
8,712
1,092
59,360
7,690
334
1,038
26,914
2,594
508
7,725
9
14,815
182
193,016
3,418
11,579
(•)
(»)
11,254
5,375
136,277
24.558
(.)
278
395
4,772
6
3,631
550
29,196
1,926
6,029
5
8,962
9,031
3,510
20,333
10,500
4,935
(•)
3,293
2,854
4,838
3,495
233
6,043
5,174
3,068
119
1,987
967,147 101,483 2,834,458
(»)
16,291
1,112
75
3,362
8,916
783
1,931
112
5,467
2,267
74
1,713
3,410
(♦)
903
139
4,352
874,552
61,683
(•)
1,014
527
6,168
234
15,885
4,960
138,573
122,329
12,585
66
33,817
12,249
30,720
121,568
55,813
222,142
(•)
24,408
3,865
9,921
2,849
5,550
1,522
28,987
5,558
139
5,419
23,254
108
(♦)
29,160
1,176
8,693
130
16,124
779
2,163
112
4,470
5,005
68
1,104
181
(•)
(*)
169
12
213
2,413
1,526
14
76
6
1
91
69
128
61
24
312
41
16
(M
257
41
274
4,630
1,825
675
13
1,125
(•)
2,786
203
19
1,954
300
252
14
17
27
(»)"
91,973
26,744
46,381
760
14, 157
2,473
181
1,277
397
100
20
115
12 , 769
73,338
(»)
(•)
18,088
3,603
18,710
1,019,350
39,815
(•)
10,352
7,691
4,021
2,000
19,718
48,232
88,544
513,749
13,187
5,976
22,619
149,728
12,421
28,843
10,795
24,894
(»)
4,465
4,014
(•)
175,475
78,299
65,034
32,142
159,471
71,387
6,554
4,650
59,994
(•)
86,933
2,865
50,475
5,292
5,285
10,376
2,392
2,493
6,972
{•)
{»)
1,325,895
37,575
32,592
11,538
583,379
484,495
8,686
67,630
49,441
3,887
5,339
24,083
2,394
6,761
2,559
4,418
(♦)
7,143
7,266
462
192
(•)
(•)
131
1,310
142
53
256
213
132
1
76
51
151
(M
(•)
314
313
1
(')
2.704
1,031
122
70
339
1,589
172
49
674
115
(•)
1,039
170
258
338
190
993
129
152
188
84
140
55
(•)
(13)
(M
(•)
(M
0)
(M
(M
< '
(M
(')
38
33
(M
(M
(M
(•) Estimate is not shown separately because of high sampling variability. However, the data are included in the appropriate totals.
Less than $500 per return.
NOTE: Detail may not add to totals because of rounding. See text for explanatory statements and for "Description of the Sample and Limitations of the Data.
128
Corporation Returns/1966 • Computation and Payment of Tax
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Corporation Returns/1966 • Computation and Payment of Tax
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S
131
Table 12.— NUMBER OF RETURNS, SELECTED RECEIPTS, NET INCOME, INCOME SUBJECT TO TAX, INCOME TAX, FOREIGN TAX AND INVESTMENT CREDITS, CREDIT FOR TAX
PAID ON NONHIGHWAY GAS AND LUBRICATING OIL, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, AND INVESTMENT CREDIT CARRYOVER AND UNUSED CREDIT, BY
INCOME AND TAX STATUS, BY MONTH ACCOUNTING PERIOD ENDED
Part I — TOTAL
Accounting period ended
Total
number of
active
corporation
returns
other than
Form 1120-S
Returns with net income
Number
of
returns
Net long-
term capital
gain reduced
by net
short-term
capital
loss
(Thousand
dollars)
Dividends received
from domestic
corporations
Intragroup
dividends
qualifying
for 100
percent
deduction.
(Thousand
dollars)
(Thousand
tbllars)
Income subject to tax
Net long-
term capital
gain taxed
at 25
percent
( Thousand
dollars)
Income
taxed at
normal tax
and surtax
rates
C7J>ouaflnd
dollata)
(Thousertd
dollars)
Tax before recomputing prior
year investment credit
(Thousand
dollars)
Additional tax under
controlled group
provisions for
Reduction
in surtax
exemption
under
section
1561
(Thousand
dollars)
Multiple
surtax
exemptions
under
section
1562
(Thousand
dollars)
Tax from
reconputing
prior year
investment
credit
(2)
(3)
M
(5)
(6)
(7)
(8)
75r
(10)
(11)
(12).
(13)
Total
Annual returns:
December 1966
Noncalendar year, total,
July 1966
August 1966
September 1966
October 1966
November 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
Faxt year returns, total..
July 1966
August 1966
September 1966
October 1966
November 1966
December 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
821,472
4,326,825
366,008
85,507,256
3,102,452
73,997,197
34,4*5,286
99,508
555,248
658,771
45,517
48,561
85,671
52,753
34,334
40,238
41,708
84,250
54,471
49,055
122,213
72,855
4,678
4,288
6,760
5,196
4,217
19,925
3,368
3,310
5,751
3,751
3,742
7,869
429,536
29,644
31,526
57,013
35,428
22,869
27,927
26,049
54,789
33,424
30,977
79,890
32,999
1,830
1,860
3,513
2,399
2,309
8,168
1,769
1,462
2,894
1,593
1,553
3,649
3,729,035
1,721,432
98,324
152,786
172,145
320,938
342,990
95,519
51,852
141,114
117,686
54,290
173,788
57,013
2,902
3,789
3,323
4,875
5,503
24,516
816
1,037
1,579
1,921
3,275
3,477
3,387,512
921,713
45,319
46,611
135,343
199,925
147,431
87,030
17,832
43,866
60,238
34,726
103,392
17,600
3,060
502
1,042
469
1,841
6,290
522
453
798
288
1,011
1,324
264,124
101,698
7,348
2,396
1,895
5,837
3,069
35,613
1,808
4,093
931
963
37,745
186
61,909,017
22,249,608
1,390,390
1,476,585
2,968,530
2,581,658
1,866,653
2,339,677
1,086,637
2,274,270
1,472,996
1,012,624
3,779,538
1,348,631
44,032
41,929
91,243
60,825
94,599
281,086
43,181
38,279
75,800
41,968
388,947
146,742
2,444,104
618,891
48,988
50,803
67,692
52,004
33,802
68,610
36,132
88,173
38,337
31,541
102,809
39,457
881
731
683
4,648
2,516
22,074
468
924
T19
1,053
2,179
2,521
54,004,126
18,782,550
1,177,645
1,240,785
2,519,135
1,970,601
1,307,746
2,090,134
978,725
2,000,823
1,219,562
877,617
3,399,777
1,210,521
35,268
35,378
82,743
54,132
81,590
239,749
39,466
34,520
71,538
37,489
366,265
132,383
25,740,648
8,168,186
509,246
536,911
1,092,210
874,857
581,943
947,642
424,013
854,581
517,630
360,560
1,468,593
536,452
14,363
14,171
33,015
22,479
35,980
108,721
15,496
14,613
30,128
15,301
174,263
57,922
8,151,287
508,158
535,908
1,089,808
873,216
580,891
946,451
423,115
852,240
516,335
359,493
1,465,672
533,604
14,135
14,116
32,705
22,294
35,840
108,204
15,287
14,412
29,959
15,177
173,853
57,622
7,296
7,215
353
415
892
598
850
779
244
983
672
424
1,005
974
33
112
23
66
20
361
28
32
96
16
138
49
40,103
55,299
3,884
3,694
7,863
4,672
2,727
6,278
2,542
6,323
4,108
3,084
10,124
4,106
312
128
467
410
300
931
348
208
267
192
162
361
16,899
1,038
1,003
2,402
1,641
1,052
1,191
898
2,341
1,295
1,067
2,921
2,848
228
55
310
135
140
517
209
201
169
124
410
300
Accounting period ended
Returns with net income — Continued
Foreign
tax credit
( Thou sand
dollars)
Investment
credit
(Thouaand
dollars)
Income tax after foreign tax
and investment credits
(Thouamid
dollars)
Before recomj«ting prior
year investment credit
Number of
returns
(Thousaid
tbltars)
Credit for
certain U.S.
tax paid on
nonhighway
gas and
lubricating
oil
(Thous^id
dollars)
Payments on
declarations
of esti-
mated tax
(Thoussnd
dollara)
Investment
credit
carryover
(Thouaand
dollara)
Unused
Investment
credit
(Thousmtd
dollara)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
29,577,687
648,998
29,507,746
29,574
Annual returns:
December 1966.
Noncalendar year, total.
July 1966
August 1966
September 1966.
October 1966.. .
November 1966. .
January 1967. . .
February 1967. .
March 1967
April 1967
May 1967
June 1967
Part year returns,
July 1966
August 1966
September 1966..
October 1966
November 1966. . .
December 1966. . .
January 1967. .
February 1967.
March 1967. . . .
April 1967
May 1967
June 1967
2,663,168
188,541
7,059
16,355
26,489
39,774
12,022
8,483
6,457
20,368
11,974
2,405
37,155
9,561
439
46
281
1,770
33
835
494
14
14
33
576
5,026
1,556,640
428,353
28,633
31,465
66,231
46,764
30,004
37,023
21,284
44,183
28,668
17,663
76,435
21,336
749
789
1,884
1,385
1,276
5,528
785
396
1,315
994
3,659
2,576
21,520,840
7,551,292
473,554
489,091
999,490
738,319
539,917
902,136
396,272
790,030
476,988
340,492
1,355,003
505,555
13,175
13,336
30,850
19,324
34,671
102,358
14,217
14,203
23,799
14,274
170,028
50,320
286,159
336,533
23,570
24,338
44,260
27,981
18,295
23,216
19,779
42,472
26,159
24,311
62,152
26,306
1,387
1,512
2,717
2,009
1,780
6,435
1,452
1,236
2,251
1,426
1,132
2,969
21,470,646
7,534,393
472,466
488,088
997,088
786,678
538,865
900,945
395,374
787,689
475,693
339,425
1,352,082
502,707
12,947
13,281
30,540
19,139
34,531
101,841
14,008
14,002
28,630
14,150
169,618
50,020
22,559
6,756
807
225
586
583
251
296
4^
1,180
707
503
1,172
259
4
12
9
22
135
13
4
3
9
14
25
2,427,055
132,005
151,324
276,544
243,059
178,418
358,678
135,141
235,378
143,731
89,503
483,224
191,650
3,940
3,894
7,924
4,406
13,902
41,737
2,352
2,241
9,072
6,509
68,880
26,793
176,233
12,838
11,303
25,626
10,084
12,098
14,161
5,937
20,419
13,111
8,291
42,365
15,183
700
1,172
791
2,307
118
3,941
471
433
871
1,592
1,377
1,410
915,741
204,915
13,511
13,350
33,334
12,516
11,943
17,305
8,128
24,917
14,027
■ 10,405
45,474
22,283
795
1,325
1,134
5,524
428
6,244
484
595
1,009
2,213
571
1,956
Footnote at end of table- See text for explanatory statements and for "Description of the Sample and Limitations of the Data-
132
Corporation Returns|1966 • Computation and Payment of Tax
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S
Table 12.— NUMBER OF RETURNS, SELECTED RECEIPTS, NET INCOME, INCOME SUBJECT TO TAX, INCOME TAX, FOREIGN TAX AND INVESTMENT CREDITS, CREDIT FOR TAX
PAID ON NONHIGHWAY GAS AND LUBRICATING OIL, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, AND INVESTMENT CREDIT CARRYOVER AND UNUSED CREDIT, BY
INCOME AND TAX STATUS, BY MONTH ACCOUNTING PERIOD ENDED— Continued
Part I-— TOTAL— Continued
Returns without net income^
Number
of
returns .
Net long-
term capital
gain reduced
by net
short-term
capital
loss
( Thousand
dollar!)
Dividends received fran
domestic corporations
Deficit
f Thousand
dyllars)
Income tax
Total in-
come tax
after for-
eign tax and
investment
credits
(Thousand
dollars)
Credit for
certain U.S.
tax paid on
nonhighway
gas and
lubricating
oil
( TTiou sand
dollars)
Payments on
declarations
of esti-
mated tax
( Thoustrtd
Investment
credit
carryover
(Thousand
dollars}
Accounting period ended
Total
( Thousand
dollars)
Intragroup
dividends
qualifying
for 100
percent
deduction
(Thousartd
dollars)
Total
(Thousand
dollars)
Tax from
recomputing
prior year
investment
credit
(Thousand
dollars)
Unused
investment
credit
(Thousand
(*>llars)
(23)
(24)
(25)
(26)
(27)
(23)
(29)
(30)
(31)
(32)
(33)
(34)
Total
465,402
264,316
100,872
1,293
6,634,634
3,825
3,563
3,769
11,507
21,144
236,701
411,336
Annual returns:
Decemter 1966
196,311
229,235
15,373
17,035
23,658
17,325
11,465
12,311
15,659
29,461
21,047
18,078
42,323
39,356
2,348
2,423
3,247
2,797
1,908
11,757
1,599
1,843
2,857
2,153
2,139
4,220
139,053
119,439
5,558
7,550
14,716
11,554
5,061
6,056
6,154
16,424
8,583
7,174
30,609
6,324
1,367
63
285
207
355
317
25
1
52
2,860
274
513
74,477
24,798
1,164
1,203
3,021
4,645
2,245
1,309
1,730
3,364
2,202
1,033
2,827
1,597
149
156
135
63
18
330
1
26
3
400
94
172
946
252
60
24
62
80
16
10
95
95
2,901,862
3,248,082
218,295
223,462
428,981
253,539
160,197
202,686
136,455
426,367
313,848
220,860
6r3,392
484,690
30,322
23,956
34,779
43,417
25,746
126,369
39,636
28,451
30,753
31,503
32,706
37,047
1,424
2,060
63
86
162
487
90
101
242
296
140
98
295
341
27
12
30
46
32
194
1,162
2,060
63
36
162
437
90
101
242
296
140
98
295
341
27
12
30
46
32
194
1,368
2,060
63
36
162
487
90
101
242
296
140
98
295
341
27
12
30
46
32
194
2,338
9,144
14
19
52
33
28
19
140
348
88
3,114
289
25
2
2
19
1
1
11,726
7,537
74
681
654
510
268
393
1,893
1,984
290
790
1,831
37
269
753
507
12
303
144,309
85,333
5,930
5,373
7,959
6,896
3,599
3,172
4,501
12,308
7,822
7,033
20,230
7,009
124
286
372
506
156
1,430
524
954
1,404
340
270
643
229,616
159,510
13,356
August 1966
11,033
16,743
October 1966
11,190
7,062
January 1967
6,331
February 1967
8,830
March 1967
23,106
15,066
May 1967
13,129
33,664
22,210
1,047
967
1,925
2,045
November 1966
623
4,666
1,259
February 1967
2,136
2,451
April 1967
1,899
May 1967
715
Footnote at end of table- See text for explanatory statements and for "Description of the Sample ajid Limitations of the Data-'
Corporation Returns/1966 • Computation and Payment of Tax 133
ACTIVE COftPORATION RETURNS OTHER THAN FORM 1120-S
Table 12. -NUMBER OF RETURNS, SELECTED RECEIPTS, NET INCOME, INCOME SUBJECT TO TAX, INCOME TAX, FOREIGN TAX AND INVESTMENT CREDITS CREDIT FOR TAX
PAID ON NONHIGHWAY GAS AND LUBRICATING OIL, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, AND INVESTMENT CREDIT CARRYOVER AND UNUSED CREDIT BY
INCOME AND TAX STATUS, BY MONTH ACCOUNTING PERIOD ENDED— Continued '
Part II — RETUHNE WITH INCOME TAX BEFORE RECOMPUTING PRIOR YEAH INVESMENT CREDIT, AND BEFORE FOREIGN TAX AMD INVESTMENT CREDITS
AcGounting period ended
Total
Aimual returns:
December 1966
Noncalendar year, total.
July 1966
August 1966
September 1966
October 1966
November 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
Fart year returns, total. .
July 1966
August 1966
September 1966
October 1966
November 1966
December 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
Total
number of
active
corporation
returns
other than
Form 1120-S-
(1)
308,389
369,606
25,619
27,189
48,555
30,585
19,984
24,850
21,799
46,959
28,792
26,373
68,901
30,184
1,487
1,575
3,296
2,244
2,006
7,786
1,608
1,376
2,636
1,490
1,312
3,368
Returns with net income
Number
of
returns
(2)
369,606
25,619
27,139
48,555
30,585
19,984
24,850
21,799
46,959
28,792
26,373
68(901
30,184
1,487
1,575
3,296
2,244
2,006
7,786
1,603
1,376
2,636
1,490
1,312
3,368
Net long,
term capital
gain reduced
by net
short-term
capital loss
3,502,091
2,682,739
775,916
61,696
61,341
83,758
65,529
43,998
76,177
45,424
105,632
50,338
39,433
132,090
43,436
885
921
993
4,871
4,193
22,760
482
1,012
976
1,214
2,439
2,690
Dividends received from
domestic corporations
C7>iousand
doiiarsj
(4)
2,567,634
410,057
21,156
24, 526
43,811
41,507
29,117
66,171
14,181
36,597
19,327
21,010
92,654
8,490
236
422
847
249
1,163
3,191
491
117
312
286
270
906
Intragroup
dividends
qualifyii]g
for 100
percent
deduction
(Thoust
dottat
(5)
311,886
212,375
99,511
7,261
2,018
1,792
5,827
3,069
35,595
560
4,022
899
949
37,519
Net
income
( Thousand
doltarx)
0,871,175
59,471,299
20,111,013
1,277,442
1,333,313
2,682,429
2,091,796
1,388,819
2,234,397
1,043,608
2,158,364
1,312,522
945,592
3,642,231
1,288,863
37,419
37,614
86,458
59,615
35,678
268,552
40,637
35,597
73,712
38,816
334,324
140,441
Income subject to tax
Net long-
term cap-
ital gain
taxed at
25 percent
(7)
2,444,104
618,891
48,938
50,803
67,692
52,004
33,802
68,610
36,132
88,173
38,337
31,541
102,809
39,457
881
731
633
4,648
2,516
22,074
468
924
779
1,053
2,179
2,521
Income
taxed at
normal tax
and surtax
rates
f Thousand
dollars)
(8)
54,004,126
18,782,550
1,177,645
1,240,785
2,519,135
1,970,601
1,307,746
2,090,134
973,725
2,000,823
1,219,562
877,617
3,399,777
1,210,521
35,268
35,378
82,743
54,132
81,590
239,749
39,466
34,520
71,533
37,489
366,265
132,383
Income tax
(Thousand
dollars)
(9)
34,444,641
25,740,519
3,163,047
509,245
536,911
1,092,208
874,337
581,936
947,592
424,010
854,573
517,630
360, 529
1,468,576
536,075
14,363
14,159
33,015
22,479
35,980
108,372
15,496
14,613
30,128
15,301
174,263
57,906
Tax before recomputing prior
year investment credit
(Thousmd
doliara)
Reduction
in surtax
exemption
under
section
1561
(Thousand
dollars)
(10)
25,690,454
8,151,237
508,158
535,908
1,039,808
873,216
580,891
946,451
423,115
852,240
516,335
359,493
1,465,672
533,604
14,135
14,116
32,705
22,294
35,840
108,204
15,287
14,412
29,959
15,177
173,853
57,622
Additional tax under
controlled group
provisions for
(11)
7,296
7,215
353
415
892
598
350
779
244
983
672
424
1,005
974
33
112
23
66
20
361
28
32
96
16
133
49
Multiple
surtax
exemptions
under
section
1562
(Thousand
doliara)
(12)
40,103
55,299
3,884
3,694
7,863
4,672
2,727
6,278
2,542
6,323
4,108
3,084
10,124
4,106
312
128
437
410
300
931
348
208
267
192
162
361
Tax from
recomputing
prior
year
investment
credit
(Thousand
dollars)
(13)
16,760
1,087
1,003
2,400
1,621
1,045
1,141
395
2,333
1,295
1,036
2,904
2,471
228
43
310
185
140
163
209
201
169
124
410
284
Accounting period ended
Returns with net income — Continued
Foreign
tax credit
(Thousand
dollars)
Investment
credit
Income tax after foreign tax and
investment credits
Before recomputing prior
year investment credit
Number of
returns
(Thous.
dolla.
Credit for
certain U.S
tax paid on
nonhighway
gas and
lubricating
oil
( Thousand
dollars)
Payments on
declarations
of esti-
mated tax
(Thous.
doIlBi
Investment
credit
carryover
(Thoosattd
dollars)
Unused
investment
credit
( Thouamid
dollars)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
Total
Annual returns:
December 1966
Noncalendar year, total
July 1966
August 1966
September 1966
October 1966
November 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
Part year returns, total.
July 1966
August 1966
September 1966
October 1966
November 1966
December 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
2,361,270
2,006,329
29,577,042
13,297,329
2,663,163
133,541
7,059
16,355
26,439
39,774
12,022
3,433
6,457
20,368
11,974
2,405
37,155
9,561
439
46
281
1,770
33
335
494
14
14
33
576
5,026
1,556,640
423,353
28,633
31,465
66,231
46,764
30,004
37,023
21,284
44,183
28,663
17,663
76,435
21,336
749
789
1,884
1,335
1,276
5,528
785
396
1,315
994
3,659
2,576
21,520,711
7,551,153
473,553
489,091
999,483
788,299
539,910
902,036
396,269
790,022
476,933
340,461
1,354,986
505,178
13,175
13,324
30,850
19,324
34,671
102,009
14,217
14,203
23,799
14,274
170,028
50,304
286,159
336,533
23,570
24,338
44,260
27,931
13,295
23,216
19,779
42,472
26,159
24,311
62,152
26,306
1,387
1,512
2,717
2,009
1,780
6,435
1,452
1,236
2,251
1,426
1,132
2,969
21,470,646
7,534,393
472,466
488,088
997,038
736,678
538,865
900,945
395,374
787,689
475,693
339,425
1,352,082
502,707
12,947
13,281
30,540
19,139
34,531
101,841
14,008
14,002
28,630
14,150
169,613
50,020
21,526
6,440
793
205
570
540
223
287
436
1,133
692
425
1,136
256
2
4
12
9
22
135
IS
4
10,680,316
2,425,454
132,005
151,320
276,347
243,059
173,418
357,725
135,141
235,373
143,781
89,062
483,223
191,559
3,940
3,894
7,924
4,322
13,902
41,737
2,352
2,241
9,065
6,509
68,880
26,793
509,418
110,146
3,980
6,666
18,760
6,141
7,652
4,684
4,239
14,834
7,406
5,243
25,541
9,834
112
60
480
2,287
2
2,525
349
148
402
1,592
1,221
656
700,826
118,036
8,405
7,068
23,732
6,186
5,704
5,033
5,995
17,314
7,433
6,299
24,817
14,236
164
62
736
5,488
244
2,748
350
244
514
2,213
396
1,072
Footnote at end of table . See text for explanatory statements and for "Description of the Sample end Limitations of the Data - "
134 Corporation Returns/1966 • Computation and Payment of Tax
ACTIVE COftPORATION RETURNS OTHER THAN FORM 1120-S
Table 12.— NUMBER OF RETURNS, SELECTED RECEIPTS, NET INCOME, INCOME SUBJECT TO TAX, INCOME TAX, FOREIGN TAX AND INVESTMENT CREDITS, CREDIT FOR TAX
PAID ON NONHIGHWAY GAS AND LUBRICATING OIL, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, AND INVESTMENT CREDIT CARRYOVER AND UNUSED CREDIT, BY
INCOME AND TAX STATUS, BY MONTH ACCOUNTING PERIOD ENDED— Continued
Part III.— HCTDRie WITHOITT INCOME TAX BEFORE RECOMPUTING IRIOH YIAR INVESTMENT CREDIT, AND BEFORE FOREIGN TAX AND INVESTMENT CREDITS
Accoimtljig period ended
Total
number of
active
corporation
returns
other than
Form 1120-S
Returns with net income
Number
of
returns
Net long-
term capital
gain reduced
by net
short -term
capital loss
( Thousand
doii«r*J
Dividends received from
domestic corporations
Intragroup
dividends
qualifying
for 100
percent
deduction
(Thouatnd
dotlara)
Net
income
(Thotiaand
dollmrm)
Income tax
frcm
recomputing
prior year
investment
credit
( Thousand
dollara)
Credit for
certain U.S.
tax paid on
nonhighway
gas and
lubricating
oil
Payments on
der-larations
of esti-
mated tax
f Thousand
doltarni
Investment
credit
carryover
(Ihouatnd
ttiltarm)
Unused
investment
credit
( TTiousjnd
doiiarij
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(10)
(11)
Total
Annual returns:
December 1966
Noncalendar year, total,
July 1966
August 1966
September 1966
October 1966
November 1966
Janilary 1967
February 1967
March 1967
April 1967
May 1967
June 1967
Part year returns, total,.
July 1966
August 1966
September 1966
October 1966
November 1966
December 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
2,005,389
1,340, 6«
4,636,081
1,352
246,859
289,165
19,898
21,372
37,116
22,168
14,350
15,388
19,909
37,291
25,679
22,682
53,312
42,671
3,191
2,713
3,464
2,952
2,211
12,139
1,760
1,934
3,115
2,261
2,430
4,501
50,567
59,930
4,025
4,337
8,458
4,843
2,885
3,077
4,250
7,830
4,632
4,604
10,989
2,815
343
285
217
155
303
382
161
86
258
103
241
281
1,046,296
945,516
36,628
90,945
83,387
255,409
293,992
19,342
6,428
35,482
67,348
14,857
41,698
13,577
2,017
2,868
2,330
4
1,310
1,756
334
25
603
707
836
787
511,656
24,163
22,085
91,532
158,418
118,314
20,859
3,651
7,269
40, 9U
13,716
10,738
9,110
2,824
80
195
220
678
3,099
31
336
486
2
741
418
51,749
2,187
87
378
103
10
18
1,248
71
32
14
226
186
2,437,718
2,138,595
112,948
142,772
286,151
489,862
477,834
105,280
43,029
115,906
160,474
67,032
137,307
59,768
6,613
4,315
4,785
1,210
8,921
12,534
2,544
2,682
2,088
3,152
4,623
6,301
129
139
1
2
20
7
1,033
316
14
20
16
43
28
9
10
47
15
78
36
1,601
953
5
441
1
66,087
3,858
4,637
6,866
3,943
4,446
9,477
1,698
5,585
5,705
3,048
16,824
5,349
588
1,112
311
20
116
1,416
122
285
469
156
754
86,879
5,106
6,282
9,602
6,330
6,244
12,272
2,133
7,603
6,544
4,106
20,657
8,047
631
1,263
398
36
184
3,496
134
351
495
175
Accounting period ended
Returns without net income
Number
of
returns
Net long-
term capital
gain reduced
by net
short-term
capital loss
Dividends received from
domestic corporations
(Thouaand
dollar*)
Intragroup
dividends
qualifying
for 100
percent
deduction
(Ihouiard
dollara)
( Thouaand
dollara)
Income tax
from
recomputing
prior year
investment
credit
(Thouamid
dollaya)
Credit for
certain U.S.
tax paid on
nonhighway
gas and
lubricating
oil
( Thousand
dollara)
FSyments on
declarations
of esti-
mated tax
C Thou SI
dollai
Investment
credit
carryover
( Thousand
dollars)
Unused
investment
credit
( Thous^id
dollars)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(191
(20)
(21)
Total
Annual retxims:
December 1966
Noncalendar year, total.
July 1966
August 1966
September 1966
October 1966
November 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
Part year returns, total.,
July 1966
August 1966
September 1966
October 1966
November 1966
December 1966
January 1967
February 1967
March 1967
April 1967
May 1967
June 1967
92,930
1,293
6,598,868
3,563
11,507
21,144
411,258
229,235
15,873
17,035
28,658
17,325
11,465
12,311
15,659
29,461
21,047
18,078
42,323
39,856
2,848
2,428
3,247
2,797
1,908
11,757
1,599
1,848
2,857
2,158
2,189
4,220
125,267
119,439
5,558
7,550
14,716
11,554
5,061
6,056
6,154
16,424
8,583
7,174
30,609
6,324
1,367
68
285
207
355
317
25
1
52
2,860
274
513
66,535
24,798
1,164
1,208
3,021
4,645
2,245
1,309
1,780
3,364
2,202
1,033
2,827
1,597
149
156
185
63
18
330
1
26
3
400
94
172
2,866,096
3,248,082
218,295
223,462
428,981
253,539
160,197
202,686
186,455
426,367
313,848
220,860
613,392
484,690
30,322
23,956
34,779
43,417
25,746
126,369
39,636
28,451
30,753
31,508
32,706
37,047
1,162
2,060
63
86
162
487
90
101
242
296
140
98
295
2,338
9,144
14
19
52
33
23
19
140
348
88
8,114
289
11,726
7,537
74
681
654
510
268
393
1,893
1,984
290
790
1,881
37
269
753
507
32
194
85,383
5,930
5,878
7,959
6,896
3,599
3,172
4,501
12,308
7,322
7,088
20,230
7,009
124
236
372
506
156
1,430
524
954
1,404
340
270
643
229,533
159,510
13,356
11,033
16,743
11,190
7,062
6,331
8,330
23,106
15,066
13,129
33,664
22,210
1,047
967
1,925
2,045
623
4,666
1,259
2,136
2,451
1,899
715
2,477
^Includes 19 returns with deficit of $35,766,000, income subject to tax of $686,000, and income tax of $262,000.
provisions of the Internal Revenue Code applicable to Insurance businesses.
NOTE: See text for explanatory statements and for "Description of the Sample and Liinitations of the Data."
Tax on returns without net income occurs because of special
1
Corporation Returns/1966 • Computation and Payment of Tax
135
Tax from
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credit
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136 Corporation Returns/1966
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S
Computation and Payment of Tax
Table 14.— NUMBER OF RETURNS. NET INCOME, INCOME SUBJECT TO TAX, INCOME TAX, FOREIGN TAX AND INVESTMENT CREDITS, CREDIT FOR TAX PAID ON NONHIGHWAY
GAS AND LUBRICATING OIL, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, AND UNUSED INVESTMENT CREDIT, BY SIZE OF INCOME TAX LESS FOREIGN TAX AND
INVESTMENT CREDITS
Size of income tax before addition
of tax from recomputing prior year
investment credit but after foreign
tax and investment credits
Number of
returns
other than
Form 1120-S
Net income
or deficit
Income subject to tax
Net
long-term
c apital
gain
taxed at
25 percent
(Thousand
doUmra)
Income
taxed at
normal tax
and surtax
rates
(Thousand
dollars)
Income tax
(Thousand
dollars)
Tax before recomputing prior year investment credit
(Thouaard
<k>Umra)
Additional tax under controlled
group provisions for
Reduction in surtax
exemption under
section 1561
Number of
returns
Amount
(Thoua»id
dollara)
Multiple surtax
exemptions under
section 1562
Number of
returns
Amount
(ThoutKid
dollars)
Tax from
recanputing
prior year
investment
credit
RETURNS WITH AND WITHOUT PAYMENTS
ON DECLARATIONS OF ESTIMATED TAX
Total
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Returns with net Income, total
With income tax before credits^
With income tax after credits, 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 $10,000,000...
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more.
Without income tax after credits.
Without income tax before credits^.
Returns without net income.
RETURNS WITH PAMENIS ON DECLARATIONS OF
ESTIMATED TAX
Returns with net income, total....
With income tax before credits^.
With income tax after credits, 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 $10,000,000...
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Without income tax after credits.
Without income tax before credits^.
Returns without net income.
RETURNS WITHOUT PAYMENTS ON DECLARATIONS OF
ESTIMATED TAX
Total.
Returns with net ijicome, total
With income tax before credits
With income tax after credits, 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 $10,000,000.
$10,000,000 or more
Without income tax after credits.
Without Ijicome tax before credits^.
1,286,874.
821,472
648,998
454,727
80,074
25,199
16,062
10,467
25,361
16,487
10,951
4,197
2,235
2,367
330
24
17
59,162
113,312
465,402
20,630
20,552
20,335
1,309
503
233
231
148
703
1,835
6,852
3,771
2,093
2,288
328
24
17
217
78
1,265,447
800,842
628,663
453,418
79,571
24,966
15,831
10,319
25,158
14,652
4,099
426
142
79
2
58,945
113,234
78,872,622
85,507,256
80,871,175
79,978,623
3,156,479
2,289,531
1,037,298
846,610
688,215
2,431,094
2,957,709
4,300,031
4,378,155
3,676,498
16,523,007
18,827,395
5,020,120
13,846,481
892,552
4,636,081
-6,634,634
64,424,497
64,591,759
64,526,964
64,239,629
15,485
17,693
9,608
12,465
19,269
80,921
447,465
2,746,772
3,948,270
3,413,609
16,024,861
18,636,610
5,020,120
13,846,481
287,335
64,795
14,448,125
20,915,497
16,344,211
15,738,994
3,140,994
2,271,838
1,027,690
834,145
668,946
2,350,173
2,510,244
1,553,259
429,885
262,889
498,146
190,785
605,217
4,571,286
11,316
49,080
44, U2
36,726
35,992
109,023
132,041
208,521
139,366
174,636
697,003
826,700
99,497
525,361
13,078
2,284,948
2,284,948
2,284,948
626
1,173
199
1,475
748
3,124
24,336
111,405
94, 565
127,715
631,385
660,894
99,497
525,361
2,445
806,871
10,690
47,907
43,913
35,251
35,244
105,899
107,705
97,116
44,801
46,921
65,618
165,806
10,633
2,820,840
2,114,624
942,121
774,191
618,320
2,211,838
2,671,653
3,793,751
4,023,359
3,381,926
14,984,720
17,270,202
4,612,579
13,130,084
636,989
59,783,730
59,783,730
59,783,730
59,569,060
12,133
14,683
8,939
10,514
13,648
67,849
365,217
2,509,323
3,722,595
3,187,234
14,663,163
17,251,099
4,612,579
13,130,084
214,670
13,791,148
2,808,707
2,099,941
933,182
763,677
604,672
2,143,989
2,306,436
1,289,428
305,764
194,692
321,557
19,103
422,319
34,444,641
634,688
581,304
317,439
287,994
245,137
938,239
1,223,077
1,815,293
1,947,330
1,657,208
7,372,798
8,507,375
2,241,930
6,444,180
230, 594
Returns without net income.
464,605 -6,467,372
29,212,298
29,211,866
29,211,855
29,108,796
3,410
5,192
3,438
4,635
6,011
30,319
172,186
1,194,733
1,791,411
1,552,222
7,202,375
8,456,754
2,241,930
6,444,180
103,059
11
5,236,813
5,233,420
5,232,786
5,105,251
631,278
576,112
314,001
283,359
239,126
907,920
1,050,891
620,565
155,969
104,986
170,423
50,621
127,535
634
3,393
34,375,607
34,375,345
34,375,345
34,146,493
630,768
579,205
316,670
287,273
244,288
936,200
1,220,083
1,812,083
1,944,876
1,654,428
7,353,747
8,494,424
2,233,766
6,433,632
223,352
29,158,242
29,158,242
29,158,242
29,055,227
3,269
5,094
3,384
4,494
5,978
30,005
171,259
1,192,735
1,789,311
1,549,980
7,183,454
3,443,816
2,233,766
6,433,682
103,015
5,217,103
5,217,103
5,091,266
627,499
574,U1
313,286
282,779
238,310
906,195
1,043,324
619,348
155,565
104,448
170,293
50,608
125,837
6,207
6,207
6,207
5,820
2,140
1,311
405
292
171
448
322
270
199
98
148
14
1,186
1,186
1,186
1,132
36
106
63
63
15
128
112
209
138
94
147
14
1
5,021
5,021
5,021
4,638
2,104
1,205
337
229
156
320
210
61
15,485
15,485
14,962
1,522
2,789
1,528
1,100
744
1,763
1,545
1,379
1,144
504
850
81
7
6
6,443
28
441
421
403
85
826
610
1,107
1,079
477
843
81
7
8,543
1,494
2,348
1,107
692
659
937
935
272
96,261
96,261
96,261
92,597
35,845
21,081
7,751
4,864
3,112
7,764
5,TO7
3,692
1,512
857
922
94
3
3
6,300
6,800
106
UO
61
63
80
226
609
2,330
1,379
797
900
94
3
3
85,336
35,739
20,971
7,690
4,801
3,032
7,533
4,438
1,362
133
60
22
97,532
16,563
27,678
11,540
7,257
4,634
11,603
7,639
5,532
2,267
1,287
1,381
141
5
5
1,976
10,049
10,049
46
156
92
94
120
340
914
3,492
2,067
1,196
1,348
141
5
5
33
89,459
87,516
16,517
27,522
11,448
7,163
4,514
11,263
6,725
2,040
200
91
33
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 • Computation and Payment of Tax
137
ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-3
Table 14. —NUMBER OF RETURNS, NET INCOME, INCOME SUBJECT TO TAX, INCOME TAX, FOREIGN TAX AND INVESTMENT CREDITS, CREDIT FOR TAX PAID ON NONHIGHWAY
GAS AND LUBRICATING OIL, PAYMENTS ON DECLARATIONS OF ESTIMATED TAX, AND UNUSED INVESTMENT CREDIT, BY SIZE OF INCOME TAX LESS FOREIGN TAX AND
INVESTMENT CREDITS— Continued
Size of income tax before addition
of tax from recomputing prior year
investment credit but after foreign
tax and investment credits
Foreign tax credit
Number of
returns
Investment credit
(Thousand
dolUra)
Number of
returns
(Thouamd
doIUra)
Income tax before recomputing
prior year investment credit
After foreign
tax credit
Number of
retiims
Amount
(Thousand
After
foreign
tax and
investment
credits
(Thousojd
dollara)
Total
income tax
after
foreign
tax and
investment
credits
(Thousand
dollars)
Credit for
certain U.S.
tax paid on
ncmhighway
gas and
lubricating
oil
(Thousand
dollars)
Payments
on
declarations
of
estimated
ta^c
(Thousand
dollars)
Unused
investment
credit
(Thousand
dollmrs)
RETUHNS WITH AND WITHOUT PAYMENTS
ON DECLAiiATIONS OF ESTIMATED TAX
Total
Returns with net income, total
With income tax before credits^
With income tax after credits, 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 $10,000,000
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 or more
Without income tax after credits ....
Without income tax before credits^ ....
Returns without net income
RETURNS WIIU PAYMENTS ON DECLAEATIONS OF
ESTIMATED TAX
Total
Returns with net income, total
With income tax before credits^
With income tax after credits, 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 $10,000,000
$10,000,000 under $50,000,000..-
$50,000,000 under $100,000,000
$100,000,000 or more
Without income tax after credits
Without income tax before credits^
Returns without net income
RETUHNS WITHOUT PAYMENTS ON DECLARATIONS OF
ESTIMATED TAX
(12)
(13)
(W)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
Total.
Returns with net income, total
With income tax before credits^
With income tax after credits, 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 $10,000,000.
$10,000,000 or more
Without income tax after credits.
Without income tax before credits^.
6,197
938
474
172
124
142
383
496
637
512
474
1,005
241
18
16
565
2,853
2,853
(•)
(•)
30
m
454
456
444
978
240
18
16
Returns without net income.
3,344
3,344
3,344
2,795
926
415
171
119
129
353
385
183
56
30
27
1
2,661,270
2,861,270
2,861,270
2,706,916
3,650
49,477
1,721
2,060
3,630
5,669
23,098
46,680
428,026
31,103
374,344
773,216
517,340
446,902
154,354
2,691,857
2,691,857
2,691,857
2,589,605
565
589
(•)
(«)
2,086
1,984
17,032
15,166
421,172
28,702
366,005
772,053
517,340
446,902
102,252
169,413
169,413
117,311
3,085
48,888
1,717
2,055
1,544
3,685
6,066
31, 514
6,854
2,401
8,339
1,163
52,102
381,077
381,077
322,322
179,809
49,819
17,636
12,003
7,861
21,686
14,4a
10,188
3,981
2,165
2,322
330
24
17
58,755
18,411
18,411
18,411
18,205
518
271
128
183
111
609
1,656
6,482
3,588
2,044
2,246
328
24
17
206
362,675
362,666
304,117
179,291
49,548
17,508
11,820
7,750
21,077
12,825
3,706
393
121
76
2
2,006,385
2,006,329
2,006,329
1,931,831
61,395
32,225
18,924
14,966
11,957
41,937
50,445
73,445
60,687
74,770
405,861
661,975
114,401
308,842
74,498
1,657,480
1,657,480
1,656,717
480
1,174
593
568
598
2,923
11,762
51,834
52,453
69,881
390,519
650,639
114,401
308,842
763
348,849
348,849
275, U4
60,915
31,051
18,331
14,398
11,359
39,014
38,683
21,561
8,234
4,889
15,342
11,337
73,735
707,772
707,753
707,753
648,998
454,727
80,074
25,199
16,062
10,467
25,861
16,487
10,951
4,197
2,235
2,367
330
24
17
58,755
20,335
1,309
503
233
231
148
703
1,835
6,852
3,771
2,093
2,288
328
24
17
206
687,212
628,663
453,418
79,571
24,966
15,831
10,319
25,158
14,652
4,099
426
142
79
2
31,514,337
31,514,075
31,514,075
31,439,577
627,118
529,728
314,949
285,213
240,658
930,531
1,196,985
1,765,403
1,516,850
1,623,325
6,979,403
7,721,208
1,721,426
5,986,780
74,498
2,704
4,505
3,380
4,489
3,892
28,021
154,227
1,177,569
1,368,139
1,521,278
6,817,449
7,671,763
1,721,426
5,986,780
763
5,047,952
624,414
525,223
311,569
280,724
236,766
902,510
1,042,758
587,834
148,711
102,047
161,954
49,445
262
29,507,952 29,581,456
29,507,746
29,507,746
29,507,746
565,723
497,503
296,025
270,247
228,701
888,594
1,146,540
1,691,958
1,456,163
1,548,555
6,573,542
7,059,232
1,607,025
5,677,938
2,224
3,331
2,787
3,921
3,294
25,098
142,465
1,125,685
1,315,686
1,451,397
6,426,930
7,021,124
1,607,025
5,677,938
4,699,047
4,698,841
4,698,841
4,698,841
563,499
494,172
293,238
266,326
225,407
863,496
1,004,075
566,273
140,477
97,158
146,612
38,108
29,577,687
29,577,042
569,643
499,602
296,794
270,968
229,550
890,633
1,149,534
1,695,173
1,458,667
1,551,335
6,592,593
7,072,183
1,610,189
5,688,436
1,742
3,769
24,862,529
24,862,518
24,862,474
2,365
3,429
2,841
4,062
3,327
25,412
143,392
1,127,633
1,317,786
1,453,639
6,445,851
7,034,062
1,610,189
5,688,436
44
11
432
4,718,495
4,715,158
4,714,524
4,712,826
567,278
496,173
293,953
266,906
226,223
865,221
1,006,142
567,490
140,881
97,696
146,742
38,121
1,698
634
41,031
29,574
28,222
27,033
1,174
594
229
317
126
657
1,029
1,615
1,178
1,770
8,013
8,146
848
1,337
1,189
1,352
22,607
22,359
22,334
22,177
16
36
22
26
35
61
321
1,101
944
1,722
7,642
8,066
848
1,337
157
25
18,474
7,215
5,888
4,356
1,158
558
207
291
91
596
708
514
234
48
371
80
1,032
1,327
11,259
13,326,509
13,305,365
13,297,829
13,293,439
4,375
3,471
2,456
2,154
3,442
16,868
58,717
380,274
578,474
741,949
3,519,511
4,019,309
873,071
3,089,368
4,390
7,536
13,326,509
13,305,365
13,297,829
13,293,439
4,375
3,471
2,456
2,154
3,442
16,868
58,717
380,274
573,474
741,949
3,519,511
4,019,309
873,071
3,089,368
4,390
7,536
(22)
1,554,275
1,142,939
833,098
9,660
5,514
2,810
1,434
8,569
9,051
20,425
23,703
45,301
38,638
214, 568
315,240
214
132,971
309,841
411,336
629,938
620,135
587,770
253
1,563
103
240
5,597
1,338
U,622
13,693
15,609
35,281
198,563
303,694
214
32,365
9,803
25,934
898,403
513,001
112,357
9,407
3,951
2,707
1,194
2,972
7,713
8,803
15,010
29,692
3,357
16,005
11,546
100,606
300,033
335,402
(•) Estimate is not shown separately because of high sampling variability. However, the data are included m the appropriate totals.
^Excludes returns with only income tax from recomputing prior year investment credit.
^Also includes returns with only Income tax from recomputing prior year investment credit.
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of the Data.
81-123 O - 70 - 10
138
Corporation Returns/1966 • Computation and Payment of Tax
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CONTENTS
Cost of property used for investment credit. 141
Investment qualified for credit, 141
Tentative investment credit, 142
Investment credit carryover, 142
Unused investment credit, 142
Summary of changes in law affecting treatment of certain depreciable
property, 142
Temporary suspension of investment credit, 142
Expansion of definition of property eligible for investment credit, 143
Concurrent restriction of use of accelerated depreciation methods, 143
Other changes in investment credit provisions, 143
Text table
6.1 Investment credit items, for manufacturing and public utility corporations,
1966, 141
Section
Investment Credit
Basic tables
Investment credit items, depreciable assets, and depreciation deduction-
17 By major industry, 144
18 By size of total assets, by industrial division, 147
19 Investment credit items, by size of income tax available for investment
credit, by major industry, 153
As shown in table 6.1, manufacturing and public utility
corporations reported nearly 84 percent of the $2 billion
investment credit claimed for 1966. Manufacturers re-
ported 57 percent, public utilities 26 percent, and all other
industrial divisions 16 percent. Investment credit was
claimed on only 381,000 of the 1,469,000 returns filed for
1966. An additional 127,000 returns showed either invest-
ment credit items or carryover from previous years
although no credit could be claimed.
Table 6.1— ACTIVE CORPORATION RETURNS OTHER THAN FORM 1120-S:
INVESTMENT CREDIT ITEMS, FOR MANUFACTURING AND PUBLIC UTILITY
CORPORATIONS, 1966
All
industries
(Million
dollars)
Manufacturing
Public utilities
Item
Amount
(Million
doll »ra)
Percent
of total
Amount
(•Hi //ion
dollars)
Percent
of total
(1)
(2)
(3)
(4)
(5)
Cost of property used for uivest-
41,286
40,589
2,461
lj094
2,006
1,554
20,800
18,979
18,698
1,302
437
1,150
590
<i5.6
46.0
46.1
52.9
39.9
57.3
38.0
16,203
15,4^0
15,199
718
407
529
599
35.6
Investment qualified by life years
37.4
Total qualified investment
Tentative investment credit
Investment credit carryover
37.4
29.2
37.2
26.4
Unused investment credit
38.5
COST OF PROPERTY USED FOR INVESTMENT CREDIT
The cost of depreciable property placed in service
during the year and reported for investment credit pur-
poses on corporation returns totaled $46.2 billion.^ This
is about 8 percent of the $566.1 billion'- of depreciable
assets reported as owned by these corporations on their
balance sheets, and about 7 percent of the $630.8 billion
of depreciable assets reported by all corporations for
1966.
Throughout the statistics the cost figures include cost
of suspension period property. The cost of such property
^Includes amounts reported by Small Business Corporations electing to be
taxed through shareholders (see columns 27-33 of table 17). Because the
credit was computed and claimed by the shareholders on their separate re-
turns, only the investment credit items shown in columns 28-31 were required
to be reported on the returns filed by these corporations. All other investment
credit items shown in the statistics were derived from returns other than those
filed by electing Small Business Corporations. Tax year 1966 is the first for
which Small Business Corporations were required to report qualified invest-
ment.
was not required to be reported separately and is, there-
fore, not available. However, the cost of suspension period
property selected for the general $20,000 exemption was
available and is shown so that it may be related to other
suspension period data. (See column 4 of table 17.)
INVESTMENT QUALIFIED FOR CREDIT AND
SUSPENSION PERIOD PROPERTY
Since enactment in 1962, the investment credit provi-
sions have required that the investment cost be qualified
for credit purposes by the property's useful life- -the
longer the life, the larger the percentage of cost eligible
for credit (limited though to $50,000 in the case of used
property). The limitations were 33-1/3 percent of cost
for property with a useful life of 4 but less than 6 years,
66-2/3 percent for a life of 6 but less than 8 years, and
100 percent for a life of 8 years or more. For 1966, in-
vestment qualified for credit by life years, including
suspension period property, totalled $41.8 billion.^ The
closeness of this amount to the $46.2 billion^ cost attests
to the predominance of investment in longer lived assets.
For 1962-1965 the item "investment qualified for
credit" was the base used in determining the tentative
credit. For 1966, to obtain the credit base, "investment
qualified for credit" had to be reduced by qualified invest-
ment in suspension period property. This reduction was
computed by applying the appropriate life year percent-
ages to the cost of property subject to the suspension
period rules that was purchased or constructed during
the suspension period and placed in service during tax
year 1966. However, as explained in the summary of
changes in law, a maximum of $20,000 in property cost
could be exempted from the suspension period provisions.
Thus, to obtain the qualified investment base used for
1966 the computation was: investment qualified for credit
minus qualified investment in suspension period property
plus qualified exemption. For example, in table 17, the
total investment qualified for credit of $41.3 billion in
column 5 is comparable to similar amounts in earlier
years, but unlike earlier years, it is not the base used in
computing tentative credit. The 1966 base of $40.6 billion
is shown in column 10.
141
142
Corporation Returns/1966 • Investment Credit
Qualified investment in suspension period property of
$1.2 billion was reported on 151,000 returns. Of this
amount $524 million (with cost before qualification of
$622 million) was claimed as qualified exemption by
145,000 taxpayers. Since only one $20,000 exemption was
available for the entire suspension period (covering parts
of 2 tax years for many taxpayers), some taxpayers may
have deferred claiming the exemption until 1967. This
deferment, coupled with the fact that some members of
affiliated groups could not claim an exemption because
the single $20,000 available to the groups was allocated
to other members of the group, may have accounted for
the 6,000 returns showing qualified suspension period
property but no exemption.
Because investment is reported and credit claimed (or
carryover determined) in the year the property is placed
in service, reporting of the total contractual investment
made during the suspension period and subject to the sus-
pension provisions will be spread over several years.
TENTATIVE INVESTMENT CREDIT
Tentative creditwas, in general, 7 percent of the invest-
ment qualified for credit. An exception was made for in-
vestment in certain public utility property. The law speci-
fied that for such property the otherwise qualified invest-
ment should be reduced to three-sevenths of the total
amount. As a matter of practical computation, however,
the full qualified investment was usually reported and a
3 percent rate substituted for the 7 percent rate in order
to obtain the legal tentative credit (see facsimile of Form
3468 in section 12 of this report). Because of this com-
putational device the amounts shown under the heading
' 'investment qualified for credit" are larger for the
public utility industrial division (and for the U.S. total)
than they would have been if computed according to the
formula in the Internal Revenue Code. The amount of
tentative credit reported by public utilities reflects the
limitations imposed by law on the credit for this type of
investment.
Other exceptions to the general computation of invest-
ment qualified for credit were made for certain conduit
and mutual financial corporations and for cooperatives.
These exceptions may be reflected in some minor dis-
crepancies in the usual relationship of tentative credit to
qualified investment. Some discrepancies may also result
because of investment in public utility property reported
on returns classified in other industries because of con-
solidated filing or diversification of business activities.
INVESTMENT CREDIT CARRYOVER
Corporations were not always able to use in any one
year all of the credit they earned on that year's invest-
ment. Thus, companies with no income tax liability were
unable to use any of the credit, and the amount of credit
available to companies with a tax liability could be limited
by law based upon the size of their tax. (See "Investment
credit" in section 9 for the explanation and method of
limiting the credit.) More than $1 billion of investment
credit carryover was reported on the 1966 returns. The
amount shown may be understated because some corpora-
tions may not have reported their carryover if it could
not be used during 1966.
Over 11 percentof the carryover reported was absorbed
in 1966, constituting about 6 percent of the total credit
claimed. Statistics for the 32,000 returns showing carry-
over used during 1966 are shown under "returns with in-
vestment credit greater than tentative credit" (columns
20-26 of table 17).
UNUSED INVESTMENT CREDIT
Unused credit at the end of 1966 was over $1,5 billion.
This represented amounts generated during 1966 andun-
absorbed amounts of carryover reported on the 1966 re-
turns. The unused credit shown in the statistics was not
reported on the tax return but was derived during prepa-
ration of this report by subtracting the investment credit
from the sum of the tentative credit and the investment
credit carryover on a return-by-return basis. Because
the computations were made after the data were rounded
to thousands of dollars, differences of $1,000 were dis-
regarded unless the investment credit was zero. If invest-
ment credit was reported without tentative credit or
investment credit carryover, unused investment credit
could not be computed. For this reason, and because of
rounding, computations made at table level will not give
the unused credit. Any understatement of investment
credit carryover would also be reflected in the unused
investment credit computed for this report.
SUMMARY OF CHANGES IN LAW AFFECTING
TREATMENT OF CERTAIN DEPRECIABLE PROPERTY
Temporary Suspension of Investment Credit
On November 8, 1966, Public Law 89-800 temporarily
suspended the investment credit for new expenditures
effective October 10, 1966, as part of an overall program
to ease inflationary pressures. On June 13, 1967, Public
Law 90-26 terminated the suspension period as ofMarch
9, 1967, at which time it was felt that curbs on new capital
investments were no longer needed. The restoration act,
in effect, shortened the duration of the original suspension
period (about 15 months) to a 5 month period. With some
exceptions, the revised suspension period applied to ac-
counting periods ended after October 9, 1966, The resto-
ration provisions applied, in general, to accounting peri-
ods ended after March 9, 1967,
Under the suspension provisions, investment credit was
disallowed on property constructed or acquired during the
5 month period ended March 9, 1967, or before May 24,
1967 pursuant to an order placed during the period. If the
construction of property began before but was not com-
pleted by May 24, 1967, a "split basis" rule was applied.
Under this rule, only the portion of the basis completed
before May 24, 1967 constituted suspension period prop-
erty.
However, the suspension act did allow an exemption of
up to $20,000 in the cost of certain suspension period
property per taxpayer, "Affiliated groups", defined in
terms of 50 percent stock ownership, were allowed only
one exemption for the group as a whole. This amount
continued to be eligible for the investment credit despite
the suspension period. For purposes of the exemption.
Corporation Returns/1966 • Investment Credit
143
property transactions between certain related taxpayers,
including purchases by one member from another member
of the same affiliated group of corporations, were ex-
cluded. Moreover, in the case of leased property, the
exemption (and the credit based on it) could not be passed
on to the lessee even though for ordinary investment credit
purposes this treatment was allowed. Also, a lessor could
not claim a credit on exempted property unless it was in
the business of leasing property.
In addition, under the provisions of section 48(h) certain
other property which would otherwise have been subject
to the suspension rules was excluded from the definition
of suspension period property. Investment credit on such
property was allowed in addition to the credit based on
the $20,000 of exempted property.
With the end of the suspension period, most of the
existing rules governing the investment credit again ap-
plied. However, the "suspended credit" had to be taken
into account in computing the credit limitation based on
size of tax. The suspended credit was the amount that
would ordinarily have been allowed as investment credit
but for the suspension period. The law provided that for
any taxable year ended after October 9, 1966, in which
suspension period property was placed in service, the dis-
allowed credit had to be applied against income tax first
before claiming any allowable investment credit. In effect,
this requirement reduced the amount of income tax that
could be offset by investment credit.
Ejcpansion of Definition of Property Eligible
for Investment Credit
The definition of property eligible for investment credit
was expanded, beginning in 1966, to include property lo-
cated within United States possessions. Previously, this
property was excluded under the general rule that only
property located for more than half of the taxable year
within the United States qualified for credit. The excep-
tion, added by Public Law 89-809 and effective for prop-
erty acquired after December 31, 1965, was conceived
to promote economic growth in U.S. possessions. Both
domestic corporations and corporations organized under
the laws of a U.S. possession could claim credit on prop-
erty used for more than one half of the taxable year
within a possession. Such property was subject to the
suspension provision.
Concurrent Restriction of Use of Accelerated
Depreciation Methods
Provisions in Public Law 89-800 also imposed tempo-
rary restrictions on the use of accelerated depreciation
methods for certain real property. The restriction on
accelerated depreciation was imposed so that corpora-
tions might be dissuaded from shifting their capital in-
vestments during the suspension period from machinery
and equipment and other depreciable property otherwise
eligible for the investment credit, to real property, such
as buildings, that was ineligible for the credit. However,
if corporations chose nevertheless to purchase invest-
ment credit property despite the suspension period, no
restriction on the use of accelerated depreciation methods
was imposed as a penalty.
As a result of this restriction, (and its modifications
by Public Law 90-26) real property not eligible for credit,
acquired or constructed during the suspension period
ended March 9, 1967, or before May 24, 1967 pursuant to
an order placed during the suspension period, could be de-
preciated using only the straight-line method or the de-
clining balance (or units -of-production) method at a rate
not exceeding 150 percent of the straight-line method.
A "split basis" rule was allowed on construction begun
during the suspension period and completed after May 24,
1967, so that only the portion of the basis actually com-
pleted during the period was subject to the depreciation
restriction. The basis still to be completed could be de-
preciated using the accelerated methods.
There were several exceptions to this restriction.
Corporations were permited to select some of their new
acquisitions of real property and depreciate them by ac-
celerated methods. For this purpose, the cost of the
property selected could not exceed $50,000, or its cost
when added to the cost of any other property selected
could not exceed $50,000. "Affiliated groups", defined in
terms of 50 percent stock ownership, were limited to
$50,000 for the group as a whole. In addition to the
$50,000 exception, any real property covered by the sus-
pension period exemption rules continued to be eligible
both for investment credit and accelerated depreciation.
Property types covered by the exemption rules are de-
scribed in Code section 48(h). Real property eligible for
investment credit is described in section 9 under the
heading, "Investment credit".
Other Changes In Investment Credit Provisions
There were other changes in the investment credit pro-
visions that were effective after the end of the suspension
period. One increased the size of the allowable credit by
relaxing the limitation based on size of income tax.
Another increased the number of years to which unused
credits could be carried. Because of the effective date of
these changes, they had little effect on the statistics for
1966.
I
144
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Investment Credit
Table 17.— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS,
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT DEPRECIABLE ASSETS
AND DEPRECIATION DEDUCTION, BY MAJOR INDUSTRY
Industry
Total
number of
active
corporation
returns
Returns, other than Fonn 1120-S, with investment credit items
Number of
returns
Cost of property used
for investment credit
Total
(including
suspension
period
property)
( Thouamid
dollars)
Amount
selected
for
exemption
from
suspension
period
property
C Thousand
dollars)
Investment qualified for credit
Total
(including
suspension
period
property)
(Thouaand
dollar a)
Suspension period property
Number of
returns
Number of
returns
C Thousand
dolUr»)
Total
qualified
investment
(excluding
suspension
period
property)
( Thotiamtd
dollara)
CD
(2)
C3)
C^)
(^)
(6)
(7)
(8)
(9)
(10)
All industries.
Agriculture, forestry, and fisheries.
Mining
Me Lai mining
Coal mining
Crude petroleum and natural gas
Nonmetallic minerals (except fuels) mining..,.
Contract construction
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products.
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, except machinery
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies.
Motor vehicles and motor vehicle equipment,...
Transportation equipment, except motor
vehicles
Scientific instruments, photographic
equipment, watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
Manufacturing not allocable
Transportation, communication, electric, gas,
and sanitary services
Transportation
Communication services
Electric, gas, and sanitary services
Wholesale and retail trade
Wholesale trade
Groceries and related products..,.
Machinery, equipment, and supplies
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hai'dware, and farm
equipment stores
General rrerchandise stores
Food stores
Autoirotive dealers and gasoline service
stations
Apparel and accessory stores
Furniture, home furnishings, and equipment
stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable.
Finance, insurance, and real estate
Banks and trust companies
Credit agencies other than banks
Security and commodity brokers, dealers,
exchanges, and services
Holding and other investment companies.
Insurance carriers
Insurance agents, brokers, and service.
Real estate
Services
Hotels, rooming houses, camps, and other
lodging places
Personal services
Business services
Automobile and other repair services
Motion pictures
Amusement and recreation services, except
motion pictures,
Miscellaneous services
1,468,725
Nature of business not allocable.
27,945
14,631
886
2,336
7,924
3,685
112,373
187, 6i2
18,859
100
5,741
17,421
8,793
6,841
3,324
23,314
10,492
1,111
4,814
2,917
8,446
5,326
21,124
20,726
3,868
2,152
2,796
3,724
10,261
492
59,925
46,402
7,046
6,477
453,174
151,177
17,013
21,897
109,912
2,355
298,432
29,426
18,584
48,567
33,041
28,299
51,333
66,585
443
3,565
402,740
15,505
54,539
4,406
31,143
5,174
27,191
264,782
202,065
17,180
32,431
57,182
32,241
8,314
23,408
31,309
621,967
41,285,819
1,219,033
10,758
5,924
134
843
2,927
2,020
41,131
107,251
11,697
57
3,637
8,446
4,989
3,671
2,320
11,691
4,937
727
2,994
1,768
5,005
3,628
13,915
13,238
4,743
1,387
1,577
2,268
4,410
146
26,492
19,296
4,354
2,342
179,972
62,335
7,076
9,629
45,146
484
117,057
11,815
8,212
9,954
22,822
12,459
8,614
18,743
24,411
(■)
579
66,209
12,092
14,285
1,284
1,119
1,638
7,121
28,570
69,864
5,867
14,053
19,829
10,433
2,654
6,914
10,108
208
230,952
903,207
163,302
185,303
277,977
276,625
1,156,331
20,800,213
1,726,185
60,395
731,579
170,171
432,449
123,687
1,100,213
622,193
2,662,617
2,546,373
433,352
82,128
776,459
2,409,078
879,406
1,511,827
1,180,991
1,530,224
1,080,546
470,261
163,535
1,544
16,203,180
5,524,292
4,897,065
5,781,823
3,148,338
1,092,286
162,019
151,297
777,386
1,584
2,039,941
92,093
627,737
547,813
167,991
98,930
38,627
255,530
211,153
(-)
16,111
1,407,484
627,961
155,577
40,945
38,592
235,587
25,520
283,302
1,714,635
160,296
177,787
657,486
333,333
120,290
116,297
149,146
188,438
813,920
157,463
166,235
237,549
252,673
795,912
13,979,386
1,524,647
57,208
700,713
147,330
423,822
112,196
1,057,639
568,436
2,554,719
2,439,756
439,592
63,464
702,308
2,336,303
803,971
1,223,067
981,072
1,423,861
912,749
351,579
143,550
1,354
15,439,548
5,110,628
4,634,336
5,694,534
2,637,031
840,783
121,795
105,337
612,397
1,254
71,585 1,784,590
15,634
17,105
343
2,823
7,348
6,091
63,357
225,019
29,383
124
8,578
8,995
8,971
7,148
6,134
17,452
10,561
2,043
7,297
2,332
12,456
10,492
29,413
29,384
13,737
5,267
4,597
6,465
41
49, 511
32,402
9,737
7,372
138,199
65,437
9,207
9,520
46,671
89
7,459
9,157
8,953
13,938
3,019
4,364
12,161
12,534
33,142
12,953
4,696
1,340
761
3,947
2,912
11,528
74,947
4,236
11,035
23,846
12,239
2,569
7,050
8,972
65,327
555,316
510,222
132,673
88,093
27,289
233,266
172,389
(-)
11,708
1,133,143
506,727
124,952
31,706
36,002
167,255
17,730
248,771
1,295,153
137,389
150,145
432, X8
209,345
110,936
94,237
110,703
3,238
3,310
2,093
(•)
301
935
741
13,666
40,976
4,785
25
1,369
2,614
1,897
1,474
968
4,016
1,900
323
1,140
480
1,776
1,644
5,310
5,060
2,073
1,427
C«)
9,172
5,911
2,040
1,221
47,133
18,664
2,033
3,087
13,452
(-)
28,291
2,371
2,042
2,381
7,507
2,251
1,979
4,013
5,242
16,946
5,179
2,997
363
263
792
1,767
5,535
18,191
1,411
3,309
5,550
2,564
540
1,607
3,110
(•)
17,297
32,927
(»)
4,786
15,572
10,240
65,312
484,352
54,789
239
15,516
11,747
11,918
8,876
12,115
24,438
27,823
58,780
9,766
3,146
17,723
28,593
40,811
51,550
46,524
23,714
11,207
10,907
C-)
279,971
72,388
56,794
150,789
133,296
70,398
10,877
10,008
49,424
(•)
Ul,238
6,328
22,088
32,956
12,314
3,566
3,605
15,218
15,153
51,297
17,894
6,559
1,990
894
9,199
2,204
12,457
103,579
10,473
12,823
41,700
14,693
7,134
7,289
9,462
(■)
3,286
1,949
(•)
264
908
711
13,389
38,905
4,478
23
1,286
2,477
1,790
1,414
939
3,814
1,811
300
1,102
475
1,722
1,563
5,575
4,787
1,392
1,371
(•5
8,421
5,610
1,854
957
45,027
18,078
1,926
2,983
13,077
(•)
26,772
2,747
1,907
2,251
7,402
1,834
1,888
3,845
4,848
16,463
5,023
2,837
363
254
748
1,764
5,473
17,619
1,368
3,109
5,333
2,529
619
1,586
3,076
{•)
14,509
(•)
1,998
6,538
5,136
45,320
203,833
24,752
118
8,096
8,484
7,605
6,&i7
5,845
16,357
9,450
1,933
5,500
2,092
10,398
9,933
27,401
28,206
12,455
2,667
4,608
4,315
5,931
(-!
39,927
23,955
9,133
6,839
114,671
53,461
7,467
7,801
33,104
(•)
60,282
5,550
7,512
8,335
11,253
2,623
3,266
11,065
10,673
34,009
12,015
4,221
1,288
696
3,695
2,125
9,969
59,171
3,774
9,721
21,400
3,423
2,231
5,608
8,014
(')
133,897
795,469
155,922
163,437
228,552
247,553
774,821
13,697,962
1,494,606
57,088
693,310
144,046
419,478
109,957
1,051,429
559,525
2,535,301
2,382,913
436,339
52,421
694,938
2,317,658
795,506
1,20;, 720
946,962
1,417,339
888,653
344,714
138,561
1,348
15,199,418
5,052,199
4,586,597
5,550,622
2,557,863
823,637
113,304
103,132
600,947
1,254
1,733,248
64,548
540,714
435,560
131,540
87,007
26,911
229,138
167,815
C-i
10,973
1,115,514
500,826
122,242
30,990
35,808
151,742
17,664
246,242
130,633
146,947
462,038
203,097
106,119
92,561
109,260
3,238
Footnotes at end of table- See text for explanatory statements and for "Description of the Sample and Lijnitations of the Data.
Corporation Returns/1966 • Investment Credit
145
ACTIVE CORPORATION RETURNS
Table 17.— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT SUSPENSION PERIOD ITEMS
I^dPprLim?S'^eSuc??S"'bY m5Sf ™SI?RY-Con?Sue5' ™™"' '^''' ''^^''^' '^'°'^' ^^'^^ INVESTMENT CREDIT, DEPRECIABLE ASSETS,
Industry
Returns, other than Form 1120-S, with investment credit items — Continued
Investment
credit
carryover
(Thousmid
dollars)
(12)
All industries.
Agriculture, forestry, and fisheries
Mining
Metal mining
Coal mining
Crude petroleum and natural gas
Nonmetaliic minerals (except fuels) raining.
Contract construction
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products.
Lumber and wood products, except furniture...,
Fumiture and fixtures
Paper and allied products
Printing, publishing, and allied industries...
Chemicals end 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, except machinery
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies.
Motor vehicles and motor vehicle equipment,...
Transportation equipment, except motor
vehicles
Scientific instruments, photographic
equipment, watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
Mauiufacturing not allocable
Transportation, communication, electric, gas,
and sanitary services
Transportation
Communication services
Electric , gas , and sanitary services
Wholesale and retail trade
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies.
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment stores
General merchandise stores
Food stores
Automotive dealers and gasoline service
stations
Apparel and accessory stores
Furniture, home furnishings, and equipment
stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable.
Finance, insurance, and real estate
Banks and trust companies
Credit agencies other than banks
Security and commodity brokers, dealers,
exchanges , and services
Holding and other investment companies.
Insurance carriers
Insurance agents, brokers, and service.
Real estate
Services
Hotels, rooming houses,
lodging places
Personal services
Business services
camps, and other
Automobile and other repair services
Motion pictures
Amusement and recreation services, except
motion pictures
Miscellaneous services,
Nature of business not allocable.
8,510
53,645
3,191
16,314
24,520
9,620
23,597
436,937
30,011
89
10,203
2,978
13,793
1,339
19,189
11,047
38,291
193,580
4,162
1,664
18,766
43,575
9,462
14,768
14,214
5,015
1,609
934
2,240
406,680
360,777
12,000
33,903
64,936
18,673
1,711
3,479
13,474
9
46,063
1,286
15,766
9,126
2,775
3,146
323
9,152
4,489
(*)
200
31,495
6,524
4,27S
274
689
5,572
162
13,996
68,147
11,652
6,392
19,672
10,347
4,708
10,991
4,385
(Thousand
dollars)
(13)
33,033,879
107,086
720,251
U5,485
35,765
486,194
52,807
546,809
19,978,650
1,640,662
313,793
481,691
277,259
163,723
187,867
627,385
771,407
2,453,135
1,426,161
364,613
101,280
477,779
1,549,973
1,054,309
2,340,322
1,564,950
2,623,120
626,286
242,525
1,112
5,340,247
1,015,232
2,167,966
2,157,049
3,010,209
1,320,295
115,853
201,296
1,000,416
2,730
1,680,505
81,244
745,915
318,183
102,642
58,779
79,296
145,655
(*)
9,409
2,627,265
913,131
299,571
131,741
73,193
979,073
55,975
174,581
703,180
58,056
62,469
282,915
46,740
94,473
78,456
80,071
J-
After
foreign tax
credit^
dollara)
(14)
93,351
237,388
92,727
35,625
61,720
47,816
533,020
17,965,176
1,518,749
309,797
477,680
273,318
157,892
186,991
598,199
756,135
2,213,019
727,606
327,333
100,827
425,389
1,422,902
1,007,346
2,139,159
1,459,098
2,362,185
614,624
650,571
235,257
1,099
5,299,348
999,262
2,148,469
2,151,617
2,958,539
1,304,452
113,187
200,042
988,493
2,730
81,078
713,087
317,415
148,469
102,519
58,741
78,954
144,907
(•i
8,914
2,496,453
856,828
286,487
130,970
54,495
940,075
53,365
174,233
664,009
55,817
62,163
272,020
45,599
72,537
77,751
78,122
182
Investment
credit
(Thousand
doners)
(15)
2,006,385
8,646
32,094
9,186
7,254
7,904
7,750
42,632
1,150,275
92,136
3,694
43,027
19,313
6,882
57,070
36,000
161,865
133,976
28,255
3,610
38,073
144,014
53,995
79,875
67,682
98,940
40,765
23,126
9,087
82
529,301
183,844
147,862
197,595
135,552
43,622
6,101
5,504
31,954
63
91,379
2,340
32,741
23,099
5,147
4,164
995
9,239
8,104
(♦)
551
56,614
30,455
1,631
727
9,516
735
9,073
51,224
5,690
7,149
8,213
2,620
3,893
4,293
Unused investment
credit
Number of
returns
(16)
4,543
3,232
76
426
1,692
1,037
11,281
28,896
4,015
(«)
1,084
1,758
1,552
1,031
586
3,601
1,204
261
367
1,999
817
2,954
2,741
1,645
558
529
905
(»)
9,821
7,195
1,611
1,015
48,044
12,829
1,814
1,332
9,555
(*)
35,057
2,996
2,143
3,661
6,188
3,133
1,885
7,981
7,057
(•i
153
19,544
1,461
4,284
383
493
652
1,599
10,672
25,800
2,697
5,142
6,782
3,287
1,002
3,673
3,216
156
(Thousand
dollars)
(17)
1,554,275
12,063
76,697
4,916
20,323
32,398
19,055
32,296
589,713
41,804
(•)
15,515
3,549
23,681
1,376
35,631
13,921
53,029
226,363
6,387
2,284
29,106
61,950
10,497
13,647
12,417
22,954
1,774
2,657
(*i
599,297
529,316
18,549
51,432
97,157
29,177
3,177
4,500
21,492
(•)
67,607
2,042
20,266
14,346
5,186
4,373
516
14,579
6,299
(•)
373
47,038
9,745
6,166
706
2,377
7,294
251
20,499
99,74A
14,627
8,559
31,352
15,606
9,369
13,184
7,047
Depreciable
assets
(Thousand
dollars)
(IS)
561,002,388
2,940,718
10,792,795
1,776,404
2,142,202
4,419,098
2,455,091
8,542,289
250,051,698
20,765,504
923,352
7,096,033
1,713,130
4,425,878
1,435,333
12,404,952
6,582,376
28,160,397
49,039,571
4,784,264
767,163
10,136,721
35,459,695
9,522,865
16,564,487
10,228,334
6,842,275
3,840,782
1,962,913
13,051
211,243,248
61,480,758
50,890,571
98,371,919
32,447,077
11,331,011
1,539,431
1,147,355
8,630,040
14,165
20,972,657
1,122,614
7,277,026
4,783,794
2,240,617
944,599
445,294
2,137,342
1,970,914
(•)
143,409
26,711,772
6,517,416
2,610,820
159,549
1,428,149
2,311,579
235,625
13,446,634
18,254,575
4,414,436
1,767,737
4,404,612
2,762,953
1,445,794
2,139,830
1,299,213
13,216
Deprecia-
tion
deduction
(Thous.
dollar
(19)
33,259,613
214,092
745,277
103,516
168,351
290,097
183,313
921,149
15,903,706
1,485,564
59,924
473,863
135,867
298,935
99,578
737,391
471,145
1,895,129
2,234,663
345,183
57,250
628,882
1,860,709
674,932
1,369,436
894,590
1,201,950
492,060
348,178
142,330
1,077
9,134,438
3,392,045
2,333,430
3,403,963
2,610,994
882,612
133,303
123,356
624,789
1,164
1,716,595
89,010
529,646
425,723
203,194
75,660
40,940
183,656
168,687
(•i
11,787
1,612,524
513,694
146,731
13,970
20,505
294,730
24,177
598,517
245,520
158,439
573,448
489,662
399,401
153,748
91,129
Returns with investment
credit greater than tentative
investment credit
Number of
returns
(20)
(♦)
(•)
767
644
314
171
7,178
727
266
542
323
(«)
159
959
321
105
266
104
349
247
756
1,105
305
(•)
(•)
(•)
315
(•)
2,160
1,546
430
184
9,509
2,392
409
296
1,685
(•)
7,104
396
675
822
759
544
265
2,046
1,594
(«)
3,842
473
592
(«)
(«)
75
400
2,160
591
1,373
1,278
900
166
509
750
(«)
Tentative
investment
credit
(Thousand
dollars)
(21)
1,117
9,301
(•)
(*)
1,097
508
4,156
324,009
14,190
6,673
579
1,262
(*)
5,713
2,914
51,681
61,623
5,426
446
2,835
44,843
6,966
8,716
11,769
(»)
(•)
(•)
1,347
(.)
20,894
13,420
2,990
4,484
7,631
1,931
313
86
1,578
(•)
5,650
26
1,966
2,754
119
169
22
302
263
(«)
3,535
2,047
154
(»)
(»)
723
20
394
1,158
453
1,854
392
125
Investment
credit
carryover
(Thousand
dollars)
403
282
(*)
(22)
2,371
12,579
(•i
(-)
6,494
1,092
7,648
126,403
7,920
3,759
1,096
2,649
(•)
7,910
5,165
16,101
30,535
1,756
562
4,975
19,756
4,439
6,629
8,742
(•)
(•)
(»)
1,016
(•S
41,149
32,125
3,426
5,598
16,802
4,357
609
370
3,872
(•)
11,932
303
2,159
3,288
1,066
70
2,846
1,576
(•)
7,419
1,515
496
(♦)
(-)
1,055
64
4,147
16,872
3,621
1,934
4,511
2,230
423
3,164
989
(«)
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data-
146
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Investment Credit
Table 17,— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS,
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT, DEPRECIABLE ASSETS,
AND DEPRECIATION DEDUCTION, BY MAJOR INDUSTRY— Continued
Industry
Returns with investment credit greater than
tentative investment credit — Continued
--
Income tax
after
foreign
tax
credit^
( Jhoiiaand
Investment
credit
(Thouamyd
doll art)
Unused investment
credit
Number of
returns
(ThouMmid
dollars)
Small Business Corporation returns (Form 1120-S) with investment credit items
Number of
returns
Cost of
property
used for
investment
credit
(including
suspension
period
property)
(Thouttnd
dolUra)
Investment qualified for credit
Total
(including
suspension
period
property)
( Thouaartd
Suspension period
property
Number of
returns
(Ihouamd
Depreciable
assets
(Thoutmid
dollar*^
Depreci-
ation
deduction
(23)
(2^)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
All industries.
Agriculture, forestry, and fisheries.
Mining
Metal raining
Coal raining
Crude petroleura and natural gas
Nonmetallic minerals (except fuels) mining.
Contract construction
Manufacturing
Food and kindred products,
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products.
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, except machinery
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies.
Motor vehicles and motor vehicle equipment,...
Transportation equipment, except motor
vehicles
Scientific instruraents, photographic
equipment, watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
Manufacturing not allocable
Transportation, communication, electric, gas,
and sanitary services
Transportation
Communication services
Electric, gas, and sanitary services
Wholesale and retail trade
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies.
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment stores
General merchandise stores
Food stores
Automotive dealers and gasoline service
stations
Apparel and accessory stores
F\irniture, home furnishings, and equipment
stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable.
dealers.
Finance, insurance, and real estate.
Banks and trust companies
Credit agencies other than banks,.
Security and commodity brokers,
exchanges, and services
Holding and other investment companies.
Insurance carriers
Insurance agents, brokers, and service.
Real estate
Services
Hotels, rooming houses,
lodging places
Personal services
Business services
camps, and other
Automobile and other repair services
Motion pictures
Amusement and recreation services, except
motion pictures
Miscellaneous services
Nature of business not allocable.
16,072
70,89*
(•)
(•)
13,608
4,302
38,238
,593,662
206,856
92,121
3,590
9,232
(♦i
90,033
52,797
452,572
435,753
61,289
8,106
33,097
372,731
106,827
267,589
171,969
(»)
(•)
(«)
19,855
(•i
187,223
103,019
38,869
45,335
116,671
37,001
6,569
4,844
25,192
(•)
79,644
1,250
25,139
28,024
2,908
7,623
1,542
8,504
4,654
(»)
83,713
28,762
12,358
(•)
(•)
21,311
821
11,336
13,042
2,910
25,328
3,034
2,781
3,959
4,007
(»)
5,431
645,180
6,152
35,022
5,057,510
2,626
13,817
(«)
(.)
3,397
1,134
9,178
396,485
17,934
11,833
1,392
2,652
(•)
10,077
6,414
58,061
80,337
6,543
733
4,495
53,581
10,673
13,563
17,284
(•)
(«)
(*)
2,281
(»)
38,224
26,024
5,284
6,916
20,394
5,353
805
329
4,709
(•)
14,528
356
3,384
4,909
652
956
121
2,531
1,619
(•)
8,464
3,280
626
(•)
(•)
1,737
73
2,419
2,954
1,672
4,471
1,601
401
1,734
1,079
(•)
185
263
(•)
(•)
66
367
1,240
187
(«)
(*)
(«)
(•)
(*)
(-)
73
18
141
131
23
(-)
(•)
(•)
(»)
531
373
116
37
1,236
240
(•)
(•)
168
996
(«)
(»)
(•)
(«)
380
130
(•)
(•)
(-)
(•)
364
1,121
(>)
255
290
126
(•)
199
82
(")
917
8,045
(»)
(•)
479
2,730
54,312
4,182
(«)
1,319
(•)
3,581
(•)
9,710
(•)
(-)
(•)
3,333
11,017
310
1,967
3,280
(•)
(•)
(»)
(•)
23,718
19,431
1,118
3,169
4,597
1,032
(*i
(«)
796
(•)
(•)
1,170
(-)
(«)
655
256
2,606
281
(-)
(")
(•)
(«)
2,180
7,844
(•)
753
1,939
1,064
(•)
1,874
226
(«)
2,863
997
(•)
(«)
522
273
7,049
1,173
170
764
534
196
(•)
681
255
(•)
(•)
417
141
697
908
192
(«)
(«)
(•)
2,063
1,490
ZL9
354
18,744
5,688
855
745
4,003
(•)
12,971
1,509
657
876
2,512
1,087
1,173
2,358
2,799
(*)
2 466
")
■)
•)
•)
1,058
1,159
7,883
938
1,545
1,690
1,143
299
632
1,635
(•)
52,893
42,352
(«i
(«)
18,748
12,247
62,361
135,003
39,393
1,054
5,568
11,984
2,207
(•5
15,286
2,423
(•)
(-)
8,383
4,243
13,162
13,657
3,167
(•)
4,220
(•)
1,851
(•)
87,445
71,493
2,553
13,399
147,063
54,350
11,000
4,088
39,173
(>i
92,443
7,311
2,165
11,293
13,085
5,511
4,217
30,827
18,029
(•)
13,082
(-S
(•)
(•)
(•)
(")
1,286
4,340
104,4A6
21,056
16,081
17,922
9,532
4,711
17,895
17,249
(•)
42,336
28,202
(«S
(•)
9,261
9,054
46,460
116,060
31,162
913
5,270
10,322
1,860
(«>
14,484
2,232
(•)
(•)
6,261
3,522
11,979
12,181
2,672
(•)
3,993
(•)
1,213
(•1
62,284
51,031
1,954
9,299
122,583
44,645
9,130
3,105
32,324
(*i
77,701
4,413
1,725
10,693
10,043
5,174
2,302
23,072
14,779
(•)
10,754
(*)
(•)
(•)
(')
(•)
974
3,035
85,744
18,517
13,049
15,185
7,630
3,873
14,861
12,629
(•)
480
(«)
(•)
(•)
(•)
1,059
287
(«)
(«)
(•)
(•)
(•)
(«)
(•)
(•)
(•)
(«)
(♦)
(•)
(•)
(•)
(•)
(*)
416
273
(*)
(•)
2,077
361
(•)
141
606
1,216
195
(*)
(«)
(•)
(»)
(«)
(•)
(•)
(»)
981
180
(•)
356
(•)
(•)
(«)
(•)
1,130
9,323
(•)
(•)
(•)
(«)
2,036
9,577
1,015
(>)
(•)
(•)
(•)
(*)
(•)
(«)
(•)
(«)
(•)
(«)
(•)
(•)
(•)
(•)
(•)
4,375
3,245
(•i
(«)
4,278
2,207
(«)
642
1,267
2,071
234
(•)
(«)
562
(»)
(•)
(•)
(•)
(")
(>)
1,164
(•)
735
(•)
(•)
(•)
(•)
426,418
293,485
(«)
(«)
134,314
102,882
350,805
1,149,374
322,418
16,665
51,719
128,981
17,130
(•)
82,396
32,7CX
(«)
(•)
97,462
50,203
104,276
104,676
30,527
(•)
27,867
(«)
14,073
(•i
439,815
319,238
13,310
107,267
1,210,396
436,970
67,253
31,628
337,020
(•)
763,997
73,668
41,079
92,938
160,596
36,301
49,907
176,115
133,393
(-)
76,614
(•)
(•)
(«)
(«)
(«)
14,226
54,820
351,507
170,457
98,297
98,788
47,781
149,589
194,001
(«)
{») Estljnate is not shown separately because of high sampling variability. However, the data are included in the appropriate totals-
Income tax Is before addition of tax from recomputing prior year investment credit-
NOTE: Detail may not add to totals because of rounding. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 • Investment Credit
ACTIVE CORPORATION RETUiOJS
147
Table 18.— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS,
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT, DEPRECIABLE
ASSETS, AND DEPRECIATION DEDUCTION, BY SIZE OF TOTAL ASSETS, BY INDUSTRIAL DIVISION
Industrial division, size
of total assets
Total
number
of active
corporation
returns
Returns, other than Form 1120-S, with investment credit items
Number of
returns
Cost of property used
for investment credit
Total
(including
suspension
period
property)
(Thownd
dollars)
Amount
selected
for
exemption
from
suspension
period
property
(Thousand
dollars)
Investment qualified for credit
Total
(including
suspension
period
property)
(Thousand
dollars)
Suspension period property
Number of
returns
(Thousmd
dollars)
Exemption
Number of
returns
(Thousand
dollars)
Total
qualified
investment
(excluding
suspension
period
property)
(Thousmd
dollars)
Tentative
investment
credit
(Thousand
dollars)
ALL INDUSTRIAL DIVISIONS^
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(3)
(9)
(10)
Total.
Zero assets
$1 under $50,000
! 50,000 under $100,000
100,000 under $250,000
250,000 under $500,000 .-. .
$500,000 under $1 000,000
! 1,000, 000 under $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
AGRICDITOHE, FORESTRY, AND FISHERIES
Total
Zero assets
!1 under $50,000
50,000 under $100,000
100,000 under $250,000
250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 or more
Total.
Zero assets
$1 iinder $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 45,000,000
$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
CONTRACT CONSTRHCTION
Total.
Zero assets
$1 under $50,000
!50, 000 under $100,000
100,000 under $250,000
250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $5,000,000
i 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
MANBFACTDHING
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $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 ,
i3,634
575,963
244,880
291,520
144,699
78,652
63,988
11,04«
7,792
2,954
1,576
1,137
882
27,945
546
8,720
4,979
7,469
3,602
1,625
889
78
28
14,831
570
4,800
2,396
2,779
2,013
1,017
907
151
101
48
112,373
2,562
51,193
18,104
21,446
9,352
5,548
3,606
350
149
32
16
13
2
187,642
3,750
55,368
26,251
39,136
25,042
17,128
16,096
2,063
1,401
534
347
255
221
507,313
2,833
106,057
80,255
125,117
77,410
48,884
45,365
9,058
6,824
2,685
1,452
1,041
823
10,758
(•)
1,804
1,865
3,349
1,997
923
692
52
25
3
5,924
41
753
739
1,317
1,234
692
734
139
92
44
17
14
9
41,131
112
10,273
6,888
10,574
5,352
4,036
2,900
303
133
31
14
12
2
107,252
817
15,194
13,230
24,963
19,101
14,303
14,897
1,996
1,360
568
343
253
221
45,568,270
210,623
353,633
526,559
1,404,117
1,423,323
1,618,484
3,453,313
1,344,382
1,992,614
1,656,794
2,046,538
3,704,386
25,832,999
230,952
(•)
8,931
11,781
39,093
42,543
25,618
58,101
13,526
17,791
2,940
6,756
2,341
1,333
903,207
931
3,303
6,139
30,930
63,661
44,288
130,779
70,742
75,843
118,005
55,814
100,778
201,994
1,156,331
1,663
35,473
35,910
127,934
120,130
176,666
318,883
117,595
72,622
26,280
29,771
73,269
15,075
31,322
61,868
101,229
352,930
444,685
580,002
1,519,810
629,366
984,723
897,486
1,153,347
2,053,804
11,939,136
621,967
4,672
30,933
47,996
131,009
108,486
92,408
123.848
:/,058
21,900
10,640
7,469
7,113
3,385
15,684
(•)
361
2,246
3,681
3,302
2,480
2,910
367
173
48
60
16
20
318
375
2,769
5,248
2,264
3,457
1,100
655
431
179
181
123
63,357
664
4,166
4,530
13,336
13,645
11,936
11,928
1,725
947
198
126
36
20
225,019
1,704
5,121
9,151
41,888
33,089
34,330
53,828
12,383
9,658
5,023
3,341
2,616
2,887
41,235,819
196,578
277,375
411,216
1,102,718
1,146,233
1,330,237
2,844,165
1,134,474
1,727,789
1,477,293
1,335,191
3,403,937
24,393,613
138,438
(»)
6,405
9,575
30,690
34,881
20,266
47,837
11,728
15,114
2,257
6,243
2,075
1,203
813,920
789
2,482
4,668
23,652
51,706
37,221
109,058
62,147
64,476
113,124
53,920
93,796
196,881
795,912
953
21,609
22,392
85,653
83,767
124,334
216,695
72,923
51,030
16,667
25,933
60,086
13,865
13,979,336
75,857
53,952
36,754
309, 586
386,964
509,835
1,341,928
563,272
875,913
310,593
1,032,421
1,384,969
11,047,342
151,490
890
13,745
18,295
36,336
25,947
19,140
20,504
4,276
3,469
1,514
923
739
662
3,310
(•)
337
599
1,014
602
363
336
34
15
3
3
(«)
(«)
425
618
230
354
(»)
13,666
81
2,239
1,840
3,417
2,424
1,938
1,435
165
89
22
40,976
317
3,377
3,013
9,034
7,869
6,207
7,973
1,247
396
391
241
181
176
24,581
27,656
43,183
122,131
111,447
99,234
170,636
57,694
66,949
48,413
53,406
72,127
321,576
17,297
(»)
337
1,996
3,074
3,054
2,282
3,313
930
1,176
518
567
32 , 927
(•)
(»)
2,273
7,377
2,714
7,090
(»i
2,814
2,078
1,498
1,168
1,306
66,312
422
3,102
3,552
11,507
13,127
10,071
15,308
3,418
2,572
450
1,003
1,576
204
434,352
5,275
4,321
9,159
42,203
40,356
38,111
79,555
25,599
28,607
23,253
26,601
23,504
136,808
145,064
792
18,193
17,641
35,209
25,091
18,211
19,233
3,961
3,206
1,395
850
651
579
3,286
(•)
337
598
1,014
590
362
334
30
11
3
3
1,949
(»)
(♦)
(«)
425
593
192
328
47
26
13
12
13,389
80
2,214
1,790
3,391
2,334
1,874
1,338
156
31
19
33,905
231
3,276
2,862
8,880
7,655
5,836
7,374
1,095
790
333
211
155
152
524,207
4,270
25,559
39,000
107, 349
89,712
75,765
105,116
24,600
20,382
10,138
7,175
6,905
8,236
12,765
(•)
337
1,847
2,900
2,581
2,170
2,291
313
169
47
14,509
(•)
(•)
2,186
4,477
2,041
2,847
(♦!
611
417
176
179
127
45,320
386
2,952
3,227
9,949
10,076
8,258
8,042
1,246
783
172
119
85
20
203,833
1,685
4,621
8,632
37,676
33,528
29,650
53,373
11,740
9,206
4,915
3,283
2,598
2,876
40,538,887
176,252
274,980
406,783
1,087,574
1,124,365
1,306,182
2,778,563
1,101,340
1,681,187
1,439,011
1,783,959
3,333,657
24,085,034
183,897
(•)
6,405
9,426
30,492
34,408
20,166
46,824
11,113
14,106
1,735
5,734
2,075
1,202
795,469
789
2,457
4,663
23,527
48,795
36,562
104,821
59,009
62,273
111,467
52,598
92,804
195,699
774,821
903
21,435
22,042
84,087
80,705
122,497
209,434
70,764
49,243
16,387
25,049
58,594
13,631
18,697,962
72,261
53,753
86,173
305,001
379,637
500,796
1,315,652
549,414
856,507
792,243
1,009,101
1,864,007
10,913,412
(11)
9,930
12,588
22,944
66,838
73,105
86,015
187,405
74,367
112,006
94,258
116,797
213,188
1,391,030
12,221
(•)
383
502
1,861
2,332
1,381
3,232
777
983
125
401
145
84
55,245
55
101
249
1,619
3,373
2,556
7,302
4,123
4,353
7,303
3,681
6,331
13,699
51,363
41
778
1,042
5,009
5,387
8,343
14,471
4,916
3,440
1,144
1,753
4,082
957
1,301,798
5,007
2,842
5,243
19,632
25,493
34,640
91,553
33,354
59,312
55,354
70,630
129,961
763,722
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
148
Corporation Returns/1966 • Investment Credit
ACTIVE CORPORATION RETURNS
Table 18.— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS,
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT, DEPRECIABLE
ASSETS, AND DEPRECUTION DEDUCTION, BY SIZE OF TOTAL ASSETS, BY INDUSTRUL DIVISION— Continued
IndUGtrial division, size
of total assets
TBANSPOHIATION, COMMUNICATION, ELECTRIC
GAS, AND SANITARY SERVICES
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
WHOLESALE AND RETAIL TRADE
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
FINANCE, INSURANCE, AND REAL ESTATE
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
SERVICES
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000
$25,000,000 under $50,000,000
$50,000,000 under $100,000,000
$100,000,000 under $250,000,000
$250,000,000 or more
Total
number
of active
corporation
returns
(1)
59,1325
1,527
26,199
9,380
11,394
<1,915
3,007
2,418
355
300
109
94
453,174
10,852
172,071
87,643
99,088
45,998
22,273
13,318
1,113
512
165
69
402,740
15,338
136,252
67,099
30,149
42,455
22,637
22,985
6,580
5,114
1,953
1,002
702
474
202,055
6,924
115,966
28,427
29,828
11,157
5,365
3,747
358
187
59
24
16
7
Returns, other than Fonn 1120-S, with investment credit items
Number of
returns
(2)
26,492
168
5,970
3,931
7,191
3,668
2,456
2,082
335
277
106
179,972
895
34,816
34,689
49,669
30,083
16,744
11,281
1,021
478
156
68
66,209
380
8,945
6,714
12,162
8,720
6,269
10,121
4,942
4,293
1,727
897
615
426
69,864
376
28,204
12,074
15,876
6,692
3,461
2,650
271
166
50
22
16
6
Cost of property used
for investment credit
Total
(including
suspension
period
property)
( Thousand
dollars)
(3)
16,203,180
83,688
36,466
55,191
159,299
189,854
267,581
488,525
216,580
436,713
303,726
489,080
990,846
12,474,631
3,148,338
13,937
96,335
178,053
343,996
334,282
308,271
460,141
141,258
184,435
154,902
136,420
249,018
547,290
1,407,484
4,293
13,328
18,234
57,007
46,010
42,959
133,222
67,227
96,970
83,286
125,821
125,173
593,954
24,591
96,182
117,499
282,853
182,107
173,099
343,263
88,088
123,512
70,169
49,529
104,157
59,586
Amoiint
selected
for
exemption
from
suspension
period
property
(Thoutend
dollars}
(4)
49,511
549
4,350
6,319
9,737
7,223
6,156
7,225
1,790
1,911
782
815
954
1,700
138,199
563
7,591
12,516
32,538
26,451
23,539
24,483
4,632
3,259
1,181
627
536
283
38,142
175
1,312
1,483
3,927
3,874
2,173
6,347
3,833
4,459
2,635
2,113
2,564
3,247
74,947
997
7,764
11,376
23,083
10,653
9,530
8,668
1,228
838
342
208
160
100
Investment qualified for credit
Total
( including
suspension
period
property)
(Thousartd
dollars)
(5)
15,439,548
81,293
24,258
40,661
124,759
146,955
224,668
399,399
184,625
383,773
274,897
456,577
965,256
12,132,427
2,637,081
12,942
79,984
147,380
274,094
271,322
249,672
361,363
117,132
155,004
133,739
121,456
213,105
499,888
1,133,143
3,704
9,798
15,135
48,166
38,563
37,324
118,427
59,662
84,286
66,394
101,540
87,551
462,593
20,876
77,739
83,153
206,043
132,075
126,917
248,941
62,980
98,193
59,622
37, 101
97,099
44,41A
Suspension period property
Number of
returns
(6)
9,172
(-)
1,240
1,263
2,337
1,374
1,202
1,013
208
179
68
61
47,133
246
4,769
7,040
13,097
9,097
5,528
5,258
578
330
95
43
33
18
16,946
48
1,549
1,257
2,183
1,835
1,311
2,950
1,812
1,825
878
536
424
339
18,191
(<)
5,085
3,133
4,830
2,126
1,362
1,178
136
80
27
16
10
(Thousand
dollars)
(7)
279,971
(.)
3,674
5,016
8,501
6,389
9,915
13,153
6,022
13,400
10,465
16, 176
28,648
149,120
183,296
1,704
7,363
12,133
30,652
25,044
21,709
28,406
8,264
9,659
7,360
3,699
9,787
17, 516
51,297
369
1,162
1,259
3,447
3,537
2,394
8,209
3,698
5,050
2,725
2,491
5,079
11,877
103,579
(•)
7,025
9,818
20,474
12,063
12,038
15,600
5,576
3,671
1,564
1,371
2,354
4,728
Exemption
Number of
returns
(8)
8,421
(•)
1,190
1,263
2,213
1,210
1,039
891
171
147
57
53
53
92
45,027
212
4,594
6,687
12,439
8,812
6,288
5,016
526
288
81
.40
29
15
16,463
48
1,522
1,232
2,143
1,784
1,270
2,855
1,784
1,775
846
510
388
306
17,619
(.)
4,935
3,108
4,704
2,062
1,349
1,096
118
67
25
13
(Thousmid
(hilars)
(9)
39,927
(<)
3,477
4,412
7,501
5,003
5,238
6,165
1,629
1,824
746
769
946
1,668
114,671
500
6,463
10,906
26,503
22,309
18,566
19,728
4,147
2,978
1,142
610
536
283
34,009
162
1,162
1,207
3,222
3,276
1,972
5,622
3,426
4,077
2,394
1,953
2,390
3,146
59,171
(.)
6,400
8,469
17,412
8,462
7,870
7,046
1,043
729
305
206
150
100
Total
qualified
investment
(excluding
suspension
period
property)
(Thousand
dollars)
(10)
15,199,418
72,327
24,036
40,056
123,762
145,552
220,001
392,425
180,235
372,193
265,181
441,168
937,555
11,984,927
U,739
78,909
146,052
269,757
268,501
246,512
352,677
112,999
148,312
127,524
U8,370
203,857
432,654
3,499
9,793
15,084
47,903
38,264
36,876
115,818
59,367
83,304
66,065
101,001
84,862
453,673
1,250,705
14,573
77,039
81,779
202,970
128,503
122,772
240,395
58,439
95,249
58,359
35,938
94,903
39,786
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Lijnitetions of the Data."
Corporation Returns/1966 • Investment Credit
149
ACTIVE CORPORATION RETURNS
Table 18.— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS,
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT, DEPRECIABLE
ASSETS, AND DEPRECIATION DEDUCTION, BY SIZE OF TOTAL ASSETS, BY INDUSTRLAL DIVISION— Continued
Industrial division, size
of total assets
Returns, other than Form 1120-S, with investment credit items — Continued
Investment
credit
carryover
( Thousand
dollars)
Income tax
(Thousand
dollars)
After
foreign
tax
credit^
(Thousand
dollars)
Investment
credit
(Thousand
dollars)
Unused investment
credit
Number of
returns
( Thousand
dollars)
Depreciable
assets
(Thousrmd
dollars)
Depreci-
ation
deduction
(Thousand
(hilars)
Returns with investment credit
greater than tentative invest-
ment credit
Number of
returns
Tentative
investment
credit
(Thousand
dollars)
Investment
credit
carryover
(Thousmid
dollars)
ALL INDUSTRIAL DIVISIONS'
Zero assets
$1 under $50,000
$50,000 under $100,000
$100, 000 under $250, 000
$250,000 under $500,000
$500,000 under $1.000,000
$1,000,000 under $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
(12)
(13)
(14)
(15)
(16)
(17)
(13)
(19)
(20)
(21)
AORICULTUSE, FORESTRY, AMD FISHERIES
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Total.
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $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
CONTRACT CONSTRUCTION
Total.
Zero assets
$1 under $50,000
$50, 000 under $100, 000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
MANUFACTURING
Total.
Zero assets ,
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $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
1,094,090
12,514
11,649
16,950
40,750
39,959
43,650
92,219
38,671
53,218
52,645
61,139
83,307
547,419
8,510
(•)
224
613
1,624
1,496
1,188
2,743
82
276
155
25
53,645
257
201
554
1,698
3,881
2,891
7,270
3,834
8,744
9,668
2,610
6,954
5,083
23,597
523
564
985
2,704
2,209
3,823
4,502
3,507
2,704
608
337
1,069
62
436,937
3,014
1,963
4,127
10,035
9,940
14,231
38,350
13,645
19,713
23,081
26,386
33,787
33,033,879
311,148
56,822
128,335
466,894
669,204
1.002,915
2,951,161
1,394.754
1,866,271
1,616,902
1,800,123
3,059,031
17,710,319
107,086
(•)
1,111
2,472
9,141
12,319
14,536
22,395
9,956
5,176
1,913
6,132
2,833
18,424
720,251
2,163
252
1,200
3,642
6,275
8,033
29,545
21,212
24,821
24,361
21,662
35,349
546,809
827
6,637
13,103
41,779
58,406
76,068
168,407
56,495
35,559
20,431
34,564
28,726
5,807
19,978,650
234,443
9,370
25,451
121,166
249,727
485,462
1,680,149
813,999
1,177,629
1,092,929
1,259,282
2,071,752
10,757,291
30,248,466
307,696
56,796
127,952
464,544
666,699
998,918
2,936,259
1,381.437
1,835,869
1,566,973
1,721,713
2,875,864
15,307,746
93,851
(•)
1,111
2,397
9,080
12,231
14,400
22,117
9,935
5,066
1,907
5,774
2,862
6,343
2,161
252
1,175
3,556
6,249
7,976
29,234
19,682
21,989
23,686
17,124
25,449
533,020
827
6,637
13,027
41,542
58,069
75,653
167,410
56,123
34,717
19,176
31,549
25,113
3,172
17,965,176
232,033
9,370
25,401
120,627
249,126
484,165
1,673,398
804,527
1,156,373
1,053,251
1,200,257
1,942,225
9,008,923
2,006,335
3,613
7,383
14,584
49,515
55,866
68,596
144,216
60,528
86,836
77,335
92,587
173,417
1,166,909
3,646
(•)
213
415
1,404
1,857
1,199
2,018
532
258
87
385
145
124
32,094
70
100
149
885
2,180
1,437
4,717
2,282
2,393
3,941
1,313
3,712
8,915
42,632
55
600
879
4,654
4,293
7,949
11,132
4,180
2,293
1,315
1,789
2,801
692
4,004
1,712
4,368
14,962
22,004
30,274
77,009
32,856
50,513
50,100
61,110
109,360
692,003
151,318
1,198
43,503
25,573
33,639
19,506
12,368
11,133
1,795
1,275
519
326
262
215
4,543
(»)
915
775
1,400
724
332
322
20
14
(•)
451
365
703
730
399
374
81
64
30
11,281
(*)
3,647
1,727
2,474
1,426
1,071
708
(»)
59
9
28,896
241
6,547
4,142
6,689
4,147
3,040
3,141
405
261
106
78
1,554,275
13,332
16,815
24,865
53,033
56,303
60,869
135,279
52,794
78,562
69,992
35,352
123,966
777,063
12,063
(•)
2,053
1,998
1,346
3,956
327
1,001
193
41
76,697
(•)
202
654
2,422
5,014
3,993
9,339
5,675
10,703
13,530
4,973
9,573
9,367
32,296
(•)
742
1,143
3,102
3,231
4,231
7,321
(*)
3,354
437
301
2,350
327
539,713
4,016
3,143
4,916
14,674
13,363
18,590
52,871
19,313
28,592
23,332
35,905
55,231
310,717
1,389,414
3,449,993
11,342,697
13,519,743
16,217,928
37,985,305
16,035,327
23,196,472
20,143,405
25,444,573
46,454,152
345,322,379
43,142
135,737
411,304
478,914
315,591
703,358
215,403
162,921
55,532
97,675
17,422
298,669
19,036
47,408
224,483
483,042
458,331
1,405,653
749,076
1,156,109
989,999
778,709
1,479,532
2,996,362
174,496
237,172
735,709
364,978
1,249,571
2,270,080
378,407
660,404
331,173
324,134
601,701
164,464
250,051,698
304,374
645,271
2,609,283
3,965,334
5,453,544
15,817,091
6,937,227
10,624,311
10,311,210
13,907,356
23,409,125
156,061,572
33,259,813
224,785
213,369
346,060
1,050,360
1,163,310
1,344,540
2,976,951
1,149,406
1,594,215
1,295,035
1,597,398
2,905,299
17,393,535
214,092
(•)
5,394
11,559
34,682
35,959
24,947
50,240
15,325
10,762
3,331
5,695
1,916
13,175
745,277
4,835
1,781
5,695
22,993
53,070
40,431
114,597
49,891
75,847
73,556
50,629
92,472
159,430
921,149
2,024
24,554
30,333
93,597
99,424
146,897
250,475
94,104
64,929
32,002
22,458
47,473
12,374
15,908,706
86,086
31,269
63,647
236,303
333,734
431,632
1,177,666
434,217
727,224
669,384
900,648
1,505,984
9,255,907
31,961
344
8,373
5,456
7,659
4,063
2,498
2,329
512
303
146
(•)
(*)
2.
(»)
(•)
(«)
(•)
(•)
(*)
(»)
(*)
(»)
(•)
(•)
(*)
649
300
636
223
251
156
38
7,178
(*)
1,239
1,112
1,642
1,135
845
769
109
375,310
1,655
150
386
3,068
3,604
4,896
8,417
3,315
5,656
6,226
9,729
23,387
30<,321
(♦)
(•)
1
(•)
(»)
(♦)
(*)
278
84
(•)
324,009
(•)
50
162
656
1,650
2,308
3,304
1,431
3,299
3,466
6,696
13,853
236,342
(22)
231,372
3,654
3,928
5,455
14,738
13,507
13,557
25,384
9,650
12,079
19,327
15,331
23,517
65,745
2,371
(•)
(»)
5'
(•)
(•)
(•)
(»)
25
40
(»)
(•)
(•)
(»)
_
(•)
(•)
(•)
(»)
(»)
(•)
(»)
569
1,369
(»)
(•)
326
571
620
4,526
73
932
6,725
2,691
7,643
)
(•)
50
299
24
547
408
1,168
240
543
917
1,705
646
1,166
667
1,169
257
163
331
386
484
232
132
63
126,408
(•)
738
1,685
3,799
3,495
4,603
10,613
3,212
6,303
10,511
6,750
17,427
56,581
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data,"
150
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Investment Credit
Table 18.— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS,
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT, DEPRECIABLE
ASSETS, AND DEPRECIATION DEDUCTION, BY SIZE OF TOTAL ASSETS, BY INDUSTRIAL DIVISION— Continued
Industrial division, size
of total assets
Returns, other than Form 1120-S, with investment credit items—Continued
Investment
credit
carryover
dotlara)
Inccme tax
(Thousand
doltsrm)
After
foreign
tax
credit^
(Thouaattd
doUara)
Investment
credit
(Thouai
dot la,
Unused Investment
credit
Number of
returns
( Thotiaatid
doLlarai
Depreciable
assets
(Thotjsmd
dottaraj
Depreci-
ation
deduction
Returns with investment credit
greater than tentative invest-
ment credit
Number of
returns
Tentative
investment
credit
( Thauaand
dollara)
Investment
credit
carryover
(Thouaand
dollara)
TRANSPORTATION, COMMUNICATION, EI£CTRIC
GAS, AND SANII4HY SERVICES
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
VIHOLESALE AND RETAIL TRADE
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
FINANCE, INSURANCE, AND REAL ESTATE
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
SERVICES
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
(12)
(13)
iU)
(15)
(16)
(17)
(la)
(19)
(20)
(21)
406,660
2,366
439
1,157
5,689
4,105
7,328
12,752
7,568
11,381
8,194
21,945
34,186
289,570
64,936
1,241
3,773
5,132
9,110
7,305
5,843
8,189
3,316
3,194
4,594
1,545
3,242
8,452
31,495
516
328
881
1,487
2,454
1,516
5,712
4,754
3,322
2,480
2,057
1,465
4,523
68,147
4,553
4,157
3,501
8,403
8,445
6,780
12,682
1,965
3,884
3,865
6,234
2,604
1,074
5,340,247
46,264
2,590
6,330
25,495
31,706
43,801
129,149
78,724
130,571
99,631
152,091
351,859
4,242,036
10,623
17,218
52,235
176,453
223,829
274,750
633,117
239,824
245,483
172,650
142,229
204,791
617,007
U,337
4,242
6,254
23,910
31,272
46,659
U0,519
110,035
175,835
1A9, 889
152,283
284,256
1,490,774
703,180
4,863
15,377
21,290
65,308
55,658
53,601
147,735
64,509
71,197
55,098
31,880
79,415
37,249
5,299,348
46,234
2,590
6,330
25, 3U
31,321
43,540
127,585
78, 510
129,640
98,911
150,344
349,609
4,209,423
10,523
17,218
52,207
176,056
223,296
273,550
630,965
239,344
243,561
168,991
140,902
201,721
580,205
10,553
4,242
6,251
23,784
31,232
46,597
140,016
109,653
174,706
148,297
147,268
266,022
1,387,832
664,009
4,737
15,351
21,164
64,588
55,163
53,037
145,389
63,658
69,317
47,754
28,495
62,863
32,493
529,301
2,857
528
1,353
4,986
5,968
7,081
16,107
8,048
14,993
9,036
15,430
37,349
405,565
135,552
625
2,037
4,289
11,572
1J2,171
12,080
19,867
6,842
9,258
7,356
7,075
11,638
30,742
56,614
173
177
526
1,541
1,825
1,548
4,047
3,008
4,307
3,329
4,506
4,845
26,782
51,224
820
1,991
2,605
9,511
5,556
7,028
9,309
2,780
2,821
2,171
979
3,567
2,086
9,821
(.)
2,487
1,219
2,651
1,222
1,064
722
(.)
100
39
36
35
50
48,044
373
14,596
10,905
10,760
5,881
3,234
1,946
186
91
35
15
16
7
19,544
171
3,580
2,175
4,054
2,876
1,861
2,733
787
618
281
169
134
105
25,800
249
11,236
4,190
4,896
2,488
1,367
1,184
85
68
18
10
6
3
599,297
(.)
1,113
2,216
8,270
7,435
12,939
19,667
(«)
18,040
12,161
29,350
43,105
432,465
97,157
1,396
5,165
8,534
12,675
11,369
9,431
12,108
4,332
4,286
6,213
2,751
5,865
13,032
47,038
560
403
1,106
2,627
2,827
2,162
8,944
5,4^8
4,357
3,348
4,263
2,108
8,885
99,744
4,732
5,622
5,493
12,255
11,454
8,172
20,040
3,252
7,729
5,778
7,763
5,684
1,770
211,243,248
170,710
312,796
1,107,499
1,193,256
1,685,362
4,051,959
2,228,999
4,206,180
3,543,951
5,918,910
15,162,851
171,660,775
489,765
1,094,308
2,959,585
3,332,303
3,415, 94A
5,218,102
1,644,155
1,914,091
1,727,293
1,708,303
2,639,721
6,303,507
105,789
268,579
1,028,075
1,172,424
1,546,734
4,183,752
2,120,751
2,947,598
2,227,333
2,010,667
2,249,673
6,850,397
18,254,575
575,105
706,426
2,216,684
2,017,387
2,087,851
4,327,962
1,261,809
1,524,358
956,914
698,819
894,127
987,133
9,134,438
60,270
20,913
34,057
109,619
103,363
139,315
292,950
145,112
261,386
170,752
291,942
656,887
6,847,872
9,449
55,265
108,210
277,583
293,285
282,615
427,586
128,737
145,781
124,984
114,910
208,844
433,745
10,949
9,711
16,778
58,160
67,419
76,561
191,511
111,127
149,035
113,775
119,867
132,394
555,237
50,565
64,332
75,407
217,418
176,794
202,092
471,426
120,893
159,251
106,751
91,749
259,324
115,345
2,160
(«)
416
274
626
321
189
184
34
26
12
3,842
(.)
801
452
7L2
646
286
433
222
134
51
29
28
19
5,567
(•)
2,2U
902
1,372
432
274
246
21
13
6
20,894
(«)
(')
(')
412
460
277
1,192
667
864
866
573
7,e<59
6,839
104
20
2,887
25
2,254
75
2,261
382
960
299
501
583
417
832
74
363
28
475
12
621
8
1,412
3
1,312
1
1,232
(.)
(')
(')
12
63
218
167
237
134
191
2,424
4,667
(.)
(22)
41,149
(.)
77
225
1,701
1,949
1,488
4,376
2,612
3,088
2,950
7,522
8,854
5,432
16,802
300
1,131
1,756
3,160
2,096
2,143
2,587
704
830
649
571
722
153
7,419
(•)
126
175
462
1,331
514
1,582
733
799
199
280
427
743
(•)
25
1,432
125
929
891
3,475
375
2,391
408
2,287
941
3,115
245
651
198
325
236
106
152
451
177
92
675
105
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Date.
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Investment Credit
151
Table 18. —NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT, DEPRECIABLE
ASSETS, AND DEPRECIATION DEDUCTION, BY SIZE OF TOTAL ASSETS, BY INDUSTRIAL DIVISION— Continued
Industrial^ivlsion, size
of total assets
Returns with investment credit greater than
tentative investment credit — Continued
Income tax
after
foreign
tax
credit^
(TTiauaatd
dolUra)
Investment
credit
(Thoua^jd
dotlara}
Unused investment
credit
Number of
returns
(Thouaand
dotlara)
Small Business Corporation returns (Form 1120-S) with investment credit items
Number of
returns
Cost of
property
used for in-
vestment
credit (in-
cluding sus-
pension
period
property)
(Thouaand
doltara)
Investment qualified for credit
Total
(including
suspension
period
property)
(Thotiairtd
dollars)
Suspension period
property
Number of
returns
(Thousand
dotlara)
Depreciable
assets
(Thoosaod
dotlara)
Depreci-
ation
deduction
(Thouaa^d
dollars)
ALL INDUSTRIAL DIVISIONS'
Total
2ero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $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
AGRICULTDHE, FORESTRY, AND FISHERIES
Total
Zero assets
$1 under $50, 000
S50,O0O 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 under $250,000,000
$250,000,000 or nwre
raNING
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1 000,000
$1,000,000 under $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
CONTRACT CONSTRUCTION
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1 000,000 ,
$1,000,000 under $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 ,
MANUFACTURING
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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 nore
(23)
(.2i)
(25)
(26)
(27)
(23)
(29)
(30)
38,790
7,339
11,482
29,238
31,274
34,522
105,204
58,045
77,355
118,231
138,837
353,026
,158,203
16,072
(»)
(•)
5
(»)
(•)
(•)
(•)
3,027
6,343
(•)
(*)
(»)
(»)
(•)
(•)
4,110
(*i
4,261
8,741
313
46,540
38,238
(»)
598
873
3,210
1,188
4,591
4,417
5,240
2,578
4,040
6,369
5,046
(»:
2,
3,
7,
16,
15,
51,
27,
44,
77,
91
260,
1,988
,194
,071
,265
,039
,867
,075
,803
,715
,733
,582
562
,172
(31)
(32)
503,112
3,685
2,985
4,752
13,886
11,983
13,720
23,071
8,905
12,143
15,102
16,703
35,787
340,390
(•)
(•)
4
(♦)
(•)
(»)
(•)
303
124
13,317
(•)
(•)
(•)
(»)
(•)
(»)
1,345
(»)
662
2,085
118
7,330
9,178
(•)
299
224
1,380
616
1,964
1,462
1,255
396
630
716
195
(•)
10
22
318
763
,637
,454
,405
,685
,068
,475
,220
,657
,492
,630
200
5,431
53
739
613
1,217
1,064
869
563
99
(•)
(♦)
(•)
(♦)
(»)
(•)
(•)
(♦)
(•)
(»)
(•)
(•)
(»)
(«)
(•)
(♦)
(«)
(»)
(»)
289
225
254
193
29
26
11
8
11
10
1,626
1,317
1,525
4,478
5,209
4,679
10,775
4,560
5,610
10,450
16,114
29,678
(•)
(»)
(»)
8,045
(•)
(•)
(•)
(«)
(♦)
585
(•)
234
3,061
887
2,086
(•)
(•)
(»)
(•)
(»)
(•)
(•)
54,312
(•)
(•)
(»)
1,091
792
1,238
4,358
1,163
3,390
5,318
2,954
8,650
24,725
46,273
(♦)
12,286
9,916
13,413
6,293
3,126
1,044
23
7
408
407
1,163
515
301
65
3
(»)
(»)
270
271
(»)
1,379
895
1,054
543
(•)
1,218
1,383
1,977
1,329
869
268
3
2
645,180
(♦)
52,177
73,279
180,699
139,161
126,880
65,690
4,117
2,692
2,368
6,118
16,883
12,373
11,067
3,886
203
42,352
(»)
(•)
7,526
18,959
(«)
4,604
927
5,170
6,491
21,644
13,672
(•)
6,405
711
1,916
135,008
6,931
11,892
22,994
32,490
43,425
16,760
410
106
514,453
(♦)
42,822
54,312
148,024
112,471
93,432
51,296
3,4A5
2,637
1,470
4,455
15,095
8,835
9,015
3,309
157
(»)
(•)
5,252
13,053
(»)
3,050
826
46,460
3,751
3,904
17,641
10,843
(♦)
4,722
561
1,875
116,060
6,086
10,163
19,409
28,203
37,030
14,789
269
106
6,152
973
1,136
1,923
1,110
703
301
(»)
(♦)
\l\
(•)
(•)
(»)
(•)
(-)
(♦)
(•)
(•)
(♦)
(•)
(•)
(•)
(•)
(•)
(♦)
110
1
35,022
1,468
2,731
7,279
10,269
5,337
7,374
35
29
(»)
(»)
(»)
263
9
(•)
(*)
(♦)
(•)
(•)
(♦)
(•)
(•)
(»)
(•)
274
3
(»)
(»)
1,568
(•i
(•)
5,592
242,206
453,854
1,231,449
1,180,441
1,145,039
717,745
68,635
18,141
13,624
29,385
116,767
128,585
87,430
40,429
10,198
(•)
(•)
56,445
98,692
(•)
52,309
3,364
24,912
42,032
85,215
35,612
(»)
44,086
10,430
6,846
27,099
71,607
210,028
271,915
376,091
178,529
7,607
6,498
(33)
486,307
(»)
30,926
44,090
118,306
105,089
113,749
67,273
5,119
1,444
40,454
1,459
2,592
11,321
13,313
7,414
3,576
779
34,395
(•)
(•)
6,326
11,074
(•)
5,742
728
40,142
3,924
5,186
10,000
9,939
(•)
5,188
1,051
674
3,312
6,471
20,066
26,415
36,226
14,742
632
269
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data.
152
Corporation Returns/1966 • Investment Credit
ACTIVE CORPORATION RETURNS
Table 18.— NUMBER OF RETURNS, COST OF PROPERTY USED FOR INVESTMENT CREDIT, INVESTMENT QUALIFIED FOR CREDIT, SUSPENSION PERIOD ITEMS,
TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INCOME TAX, INVESTMENT CREDIT, UNUSED INVESTMENT CREDIT, DEPRECIABLE
ASSETS, AND DEPRECIATION DEDUCTION, BY SIZE OF TOTAL ASSETS, BY INDUSTRIAL DIVISION— Continued
Industrial division, size
of total assets
Returns with investment credit greater than
tentative investment credit — Continued
Income tax
after
foreign
tax
credit^
doltara)
Investment
credit
dollar!)
Unused investment
credit
Number of
returns
(Thousand
dollars)
Small Business Corporation returns (Fonn 1120-S) with investment credit items
Number of
returns
Cost of
property
used for in-
vestment
credit (in-
cluding sus-
pension
period
property)
fTTioosand
dollars)
Investment qualified for credit
Total
{ including
suspension
period
property)
( Thou sand
dollars)
Suspension period
propery
Number of
returns
(Thousar)d
dollars)
Depreciable
assets
f TTiouiand
dollars)
TRANSPORTATION, CCMKUNICATICN, ELECTRIC,
GAS, AND SANITARY SERVICES
Total
(23)
(24)
(25)
(26)
(27)
(28)
2ero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
WHOLESAI£ AND RETAIL TRADE
Total.
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
FINANCE, INSURANCE, AND REAL ESTATE
Total
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,000,000...
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
$250,000,000 or more
Total.
Zero assets
$1 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $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
(29)
(30)
(31)
187,223
(•)
152
iOO
2,660
2,733
2,15i
8,551
7,488
11,532
11,337
16,199
49,800
46,943
704
2,402
4,650
8,329
5,372
3,911
19,905
7,963
7,357
10,367
14,142
16,307
15,262
83,713
(•)
401
849
1,027
1,549
670
6,050
3,412
4,700
2,482
6,726
7,577
48, 160
55,061
(»)
1,465
1,477
5,556
2,361
2,340
9,646
3,239
2,212
3,531
792
13,421
6,783
(32)
38,224
(•)
77
175
1,600
1,469
981
3,153
1,521
2,756
1,988
2,824
10,355
9,441
20,394
114
955
1,602
3,064
1,813
2,072
2,858
970
911
1,148
1,833
1,668
1,386
(•)
76
175
308
647
352
1,082
719
750
262
361
551
3,130
13,912
(•)
714
852
3,176
1,585
1,787
2,576
474
448
332
174
270
779
(.)
150
152
(.)
(.)
(»)
1,236
(.)
350
239
215
174
(.)
(.)
8
1
1
1
(•)
{.)
(.)
124
(•)
(.)
(•)
25
5
3
3
1
23,718
498
928
(•)
(«)
(•)
1,198
1,828
5,271
6,147
2,830
4,597
(.)
350
403
646
638
{•)
(.)
397
124
150
366
(•)
(.)
(•)
(•)
(.)
(•)
288
22
56
64
37
2,063
(.)
(.)
(«)
567
410
730
18,744
(.)
4,302
4,438
5,938
2,606
1,061
285
2
2
1,002
459
653
(♦)
(«)
79
1
1
(.)
3,274
1,734
1,627
731
300
183
87,445
(»)
4, 047
10,663
29,929
(«)
10,487
147,063
(•)
L2,392
23,017
57,226
30,376
13,520
9,539
116
640
2,649
845
1,536
(•)
(•)
703
10
30
104,446
(»)
17,337
11,903
22,961
24,982
12,015
13,306
1,740
62,284
(♦)
2,919
7,596
22,062
(•)
(•)
7,061
122,588
(»)
9,876
18,574
48,857
25,250
11,275
7,778
115
626
2,339
734
1,217
(.)
(♦)
487
7
30
85,744
(.)
15,422
7,948
18,491
21,544
10,533
10,100
1,510
(«)
(-)
(•)
(-)
2,077
(»)
(•)
540
732
379
44
2
1
(•)
(.)
(•)
(»)
(.)
(.)
(.)
2'
(•)
(.)
4,375
(.)
(.)
(.)
(.)
(«)
433
1,235
863
(.)
385
26
20
{.)
(.)
(.)
(.)
(.)
(.)
657
(•)
1,670
(•)
(.)
16,974
27,039
133,034
(*)
(.)
48,969
77,407
150,187
387,305
252,502
238,749
95,923
3,840
4,483
76,614
9,504
6,459
23,142
(•)
(.)
16,920
301
314
68,280
114,021
219,513
278,594
161,537
240,580
27,895
(») Estimate is not shown separately because of high sampling variability. However, the data are included in the appropriate totals.
^Includes "Nature of business not allocable" which is not shown separately.
Income tax is before addition of tax from recomputing prior year investment credit,
^Less than $500 per return.
NOTE: Detail may not add to totals because of rounding. See text for explanatory statements and for "Description of the Sample and Limitations of the Data.
Corporation Returns/1966 • Investment Credit
153
ACTIVE CORPORATION RETURNS
Table 19.— NUMBER OF RETURNS, INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INVESTMENT
CREDIT, AND UNUSED INVESTMENT CREDIT, BY SIZE OF INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, BY MAJOR INDUSTRY
Major industry
Total active corporation returns
Income tax
after
foreign
tax
credit^
(Thouaand
Tentative
investment
credit
(Thousmid
dolUra)
Investment
credit
carryover
(Thoua^d
doUera)
Investment
credit
(Thousand
dollorsj_
Unused
investment
credit
(Thouaard
doUara)
Selected items by size of income tax after foreign tax credit^ ^
Under $25,000
Income tax:
after
foreign
tax
credit^
(Thousand
dollars)
Tentative
investment
credit
(Thousand
dollars)
Investment
credit
carryover
( Thousand
dollars)
Investment
credit
( Thousand
dollars)
Unused
investment
credit
( Thousand
dollars)
(1)
(2)
(3)
(■4)
(5)
(6)
(7)
(8)
(9)
(10)
All industries
Agriculture, forestry, and fisheries.
Mining
Metal mining
Coal mining
Crude petroleum and natural gas
Nonmetallic minerals (except f uels ) mining - -
Contract construction-
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products
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 , except machinery
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies
Motor vehicles and motor vehicle equipment —
Transportation equipment, except motor
vehicles
Scientific instruments, photographic equip-
ment , watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
Manufacturing not allocable
Transportation, communication, electric,
and sanitary services
Transportation
Communication services
Electric, gas, and sanitary services- -
Wholesale and retail trade -
Wholesale trade
Groceries and related products -
gas.
Machinery, equipinent, and supplies -
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment stores
General merchandise stores
Food stores
Automotive dealers and gasoline service
stations
Apparel and accessory stores
Furniture, home furnishings, and equipment
stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable.
Finance, insurance, and real estate
Banks and trust companies
Credit agencies other than banks
Security and commodity brokers, dealers,
exchanges , and services
Holding and other investment companies - -
Insurance carriers
Insurance agents, brokers, and service.-
Real estate
Services
Hotels, rooming houses, camps,
lodging places
Personal services
Business services
Automobile and other repair services
Motion pictures
Amusement and recreation services, except
motion pictures
Miscellaneous services
Nature of business not allocable.
1,468,725
27,945
U,831
886
2,336
7,924
3,685
112,373
187,642
18,859
100
5,741
17,421
8,793
6,841
3,324
23,314
10,492
1,111
4,814
2,917
8,446
5,326
21,124
20,726
8,868
2,152
2,796
3,724
10,261
492
59,925
46,402
7,046
6,477
453,174
151,177
17,013
21,897
109,912
2,355
298,432
29,426
18,534
22,154
48,567
33,041
28,299
51,333
66,585
443
3,565
402,740
15,505
54,539
4,406
31,143
5,174
27,191
264,782
202,065
17,180
32,431
57,182
■ 32,241
8,314
23,408
31,309
8,030
104,372
256,606
95,118
46,054
65,275
50,159
592,703
16,112,245
1,539,629
313,554
482,884
286,030
164,148
191,088
600,036
777,441
2,223,903
728,654
328,429
102,842
429,752
1,428,444
1,017,840
2,151,078
1,468,384
617,814
651,439
242,597
1,174
5,339,236
1,034,860
2,151,054
2,153,322
3,298,148
1,505,229
131,820
231,287
1,137,043
5,079
1,782,111
93,849
725,185
325,588
168,778
132,067
74,656
87,787
173,916
285
10,808
3,060,315
879,450
404,168
140,164
133,833
977,445
70,388
454,867
749,385
61,296
66,827
307,694
59,546
81,184
82,037
91,301
2,460,521
12,221
55,245
10,901
11,270
15,835
17,239
51,363
1,301,798
103,961
3,993
48,086
9,340
29,178
7,411
73,339
38,603
176,654
166,301
30,516
4,245
48,446
161,992
55,029
83,428
65,846
62,110
24,005
9,514
113
718,388
352,375
154,446
211,567
166,039
52,754
7,644
6,549
33,499
62
112,611
3,545
37,073
33,278
7,446
5,395
1,136
14,305
9,933
(')
724
72,138
33,699
6,338
2,065
2,420
11,230
784
15,602
33,080
9,381
31,134
13,581
7,267
6,083
6,948
8,510
53,645
3,191
16,314
24,520
9,620
23,597
436,937
30, OU
89
10,203
2 . 978
13,793
1,339
19,189
11,047
38,291
193,580
4,162
1,664
18,766
43,575
9,462
14,768
14, 2U
5,015
1,609
934
2,240
406,680
360,777
12,000
33,903
64,936
18,673
1,711
3,479
13,474
9
46,063
1,286
15,766
9,126
2,775
3,146
323
9,152
4,489
( = )
200
31,495
6,524
4,278
5,572
162
13,996
63,147
11,652
6,392
19,672
10,347
4,708
10,991
4,385
143
8,646
32,094
9,186
7,254
7,904
7,750
42,632
1,150,275
92,136
3,694
43,027
8,803
19,313
6,882
57,070
36,000
161,865
133,976
28,255
3,610
38,073
144,014
53,995
79,875
67,682
40,765
23,126
9,087
82
529,301
183,844
147,862
197,595
135,552
43,622
6,101
5,504
31,954
63
91,379
2,840
32,741
28,099
5,147
4,164
995
9,289
8,104
(^)
551
56,614
30,455
4,477
1,631
727
9,516
735
9,073
51,224
5,690
7,149
19,366
8,213
2,620
3,893
4,293
1,554,275
12,063
76,697
4,916
20,328
32,398
19,055
32,296
589,713
41,804
393
15,515
3,549
23,681
1,876
35,631
13,921
53,029
226,363
6,337
2,284
29,106
61,950
10,497
13,647
12,417
5,187
22,954
1,774
2,657
41
599,297
529,316
13,549
51,432
97,157
29,177
3,177
4,500
21,492
2,042
20,266
14,346
5,186
4,373
516
14,579
6,299
( = )
373
47,033
9,745
6,166
706
2,377
7,294
251
20,499
99,744
14,627
8,559
31,352
15,606
9,369
13,134
7,047
9,553
4,231
86
625
2,098
1,422
45,952
79,043
7,107
(•)
2,238
3,286
3,841
2,648
1,472
9,896
4,246
426
1,930
1,278
3,388
2,180
9,507
9,794
2,657
855
812
1,583
4,602
(«)
27,015
21,445
3,046
2,524
209,853
75,311
8,044
11,492
54,837
938
133,575
13,141
8,905
8,934
22,395
17,822
12,201
18,715
31,323
(«)
967
188,713
9,470
27,460
1,630
12,305
1,549
13,144
123,156
77,621
5,095
13,653
24,068
13,904
3,055
6,100
11,746
1,999,110
29,694
14,989
237
2,581
6,336
5,835
143,841
361,875
37,566
(»)
9,954
29,385
17,911
11,569
9,033
37,381
17,821
2,198
8,859
7,022
14,744
12,683
50,600
50,175
13,308
4,875
3,950
6,556
15,304
(»)
83,476
64,421
11,768
7,237
695,459
302,464
30,988
51,374
217,494
2,608
390,246
38,234
33,742
27,917
75,642
61,608
X,857
40,844
77,325
(•)
2,749
477,162
71,654
98,590
4,215
19,979
7,157
25,490
250,077
191,863
12,411
27,696
67,148
31,185
10,109
12,757
30,557
4,905
6,005
76
773
1,884
3,272
16,850
62,060
10,132
(•)
3,719
1,765
2,987
1,325
1,370
7,067
2,088
896
2,209
964
5,702
1,899
7,638
7,595
1,062
424
698
702
1,763
(•)
27,374
21,203
3,851
2,320
43,589
17,511
2,584
2,229
12,653
45
25,329
1,678
2,439
4,325
3,873
2,139
452
6,552
4,371
(*)
249
11,555
4,286
921
122
139
216
5,572
29,129
1,537
5,191
11,267
6,059
644
2,076
2,355
96,134
2,671
4,614
162
1,062
2,052
1,338
6,721
24,261
4,345
968
1,047
1,658
177
561
3,024
1,126
619
654
511
2,954
317
1,689
3,019
637
168
271
84
432
(«)
14,623
10,722
2,048
1,353
15,847
4,412
537
467
3,405
3
11,366
444
1,578
2,601
387
793
118
3,276
1,669
(»)
69
7,522
2,955
341
58
66
61
3,973
19,801
3,147
2,735
5,051
4,135
262
3,346
1,124
5,033
4,992
63
927
1,611
2,391
16,403
59,057
8,994
(•)
2,646
2,102
3,035
1,272
1,529
7,095
2,098
660
2,137
1,079
4,419
1,792
7,557
8,206
1,222
371
596
596
1,546
(•)
19,433
14,460
3,123
1,850
42,900
16,946
2,364
2,174
12,367
41
25,728
1,310
2,668
4,350
3,579
1,928
499
6,075
4,819
(*)
226
12,086
4,661
1,103
166
111
177
285
5,563
26,939
2,262
4,867
9,275
5,131
619
2,440
2,345
(12)
2,467
5,536
187
908
2,273
2,168
7,125
26,971
5,445
2,053'
689
1,635
218
406
2,848
1,063
814
641
381
4,213
433
1,792
2,483
498
195
373
153
638
22,061
17,019
2,767
2,275
16,471
4,799
679
498
3,615
7
11,580
362
1,409
2,525
1,292
1,001
118
3,667
1,206
7,002
2,558
180
179
64
34
31
3,956
21,744
2,405
2,994
6,964
4,955
301
2,982
1,143
Footnotes at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
381-123 O - 70 - 11
154
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Investment Credit
Table 19.— NUMBER OF RETURNS, INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INVESTMENT
CREDIT, AND UNUSED INVESTMENT CREDIT, BY SIZE OF INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, BY MAJOR INDUSTRY— Continued
Major industry
All industries .
Agriculture, forestry, and fisheries-
Mining
Metal mining
Coal mining
Crude petroleum and natural gas
Nonmetallic minerals (except fuels) mining.-
Contract construction-
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products
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
Prijnary metal industries
Fabricated metal products, except machinery
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies
Motor vehicles and motor vehicle equipment -
Transportation equipment, except motor
vehicles
Scientific instruments, photographic equip-
ment , watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
Manufacturing not allocable
Transportation, communication, electric, gas,
and sanitary services
Transportation
Communication services
Electric, gas, and sanitary services
Selected items by size of income tax after foreign tax credit ^ — Continued
Wholesale and retail trade -
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment stores
General merchandise stores
Food stores
Automotive dealers and gasoline service
stations
Apparel and accessory stores
Furniture, home furnishings, and equipment
stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable -
Finance, insurance, and real estate
Banks and trust companies
Credit agencies other than banks
Security and commodity brokers, dealers,
exchanges , and services
Holding and other investment companies --
Insurance carriers
Insurance, agents, brokers, and service- -
Real estate
Services
Hotels, rooming houses, camps, and other
lodging places
Personal services
Business services
Automobile and other repair services
Motion pictures
Amusement and recreation services, except
motion pictures
Miscellaneous services
$25,000 under $50,000
Nature of business not allocable -
352
248
(•)
108
(•)
65
1,953
8,492
850
(•)
523
444
346
273
150
866
446
(»)
244
133
380
349
1,419
976
358
(»)
105
209
236
(«)
1,031
719
243
(»)
8,434
4,637
419
949
3,227
(c)
3,771
524
446
440
751
480
310
283
536
(•)
4,940
1,666
1,365
67
251
142
90
1,339
1,695
184
212
694
231
136
Income tax
after
foreign
tax
credit^
(Thousand
(14)
(«)
11,964
8,631
(«)
3,577
(•)
2,315
68,120
296,448
30,518
(«)
18,£A3
15,527
11,793
9,294
5,348
29,714
15,530
(•)
8,463
4,999
13,579
12,003
50,975
33,690
11,732
(«)
3,834
6,952
7,747
(-)
35,916
24,964
8,608
(•)
289,005
160,056
13,880
33,121
111,452
(•)
128,036
16,868
15,561
15,702
26,540
15,906
10,331
9,537
17,591
(-)
lo8,925
57,922
46,004
3,297
9,035
4,948
3,189
44,530
57,981
6,099
7,204
23,709
8,084
4,179
2,251
(•)
Tentative
investment
credit
C Thousand
doLloTs)
54,250
857
1,910
(•)
1,057
(«)
505
5,116
25,685
3,979
(*)
1,714
518
1,223
424
479
1,823
4,649
(•)
934
225
1,315
836
3,031
1,998
530
(*)
684
317
512
(•)
5,349
3,236
1,779
C«)
8,459
4,412
447
814
3,W7
(•)
3,994
305
747
1,054
616
340
138
300
484
(•)
3,083
1,762
528
Investment
credit
carryover
(Thouamd
fkttlara}
Investment
credit
(Thousand
dollara)
do)
115
25
558
279
457
1,704
865
101
177
(•) ^
13,519
186
574
385
(•)
76
5,499
797
531
105
213
5
118
667
1,617
(»)
147
1
154
147
482
152
73
(-)
59
29
20
2,210
1,675
503
(»)
1,193
830
52
51
727
(17)
(^)
(^)
(•)
52,947
925
2,119
(»)
1,137
(-)
573
5,252
22,884
3,895
(•)
1,780
577
981
446
542
2,361
1,390
(•)
957
225
1,155
876
3,029
2,095
618
(«)
545
343
534
(•)
938
3,198
252
1,783
127
511
1
82
2
14
21
UO
1
26
534
672
721
4,327
147
396
U6
549
667
1,948
520
698
34
163
Unused
investment
credit
(Thousand
dollara)
(IS)
(*)
5,441
3,317
1,796
(«)
8,800
4,656
434
833
3,385
(*)
4,091
305
658
1,212
595
334
139
343
505
(•)
14,845
121
465
305
(')
10
968
8,313
873
463
44
456
56
129
4,880
(-)
124
300
105
(•)
$50,000 under $100,000
Number
of
returns
Income tax
after
foreign
tax
credit^
^Thouamd
liillars)
(19)
2,093
1,594
461
(«)
595
63
30
502
130
20
829
233
149
28
419
1,186
26
26
425
687
22
15,915
182
154
(•)
(*)
22
62
1,187
6,829
777
(•)
200
410
242
184
173
463
333
(«)
173
163
251
332
950
923
494
(«)
210
190
(«)
694
484
(•)
(>)
4,257
2,542
255
480
1,805
(*)
1,695
169
346
(20)
(«)
(•)
(•)
122
136
2,766
973
656
(•)
183
124
98
637
(•)
35
328
(•)
(•)
54
146
(«)
Tentative
investment
credit
(Thouaand
dollara)
1,180,079
12,833
10,822
(•)
l,o05
(•)
4,229
82,140
485,062
55,944
(-)
15,143
29,857
16,291
12,662
12,178
33,352
23,641
(•)
12,511
10,880
17,672
24,621
65,980
67,140
35,312
7,825
(»)
14,467
12,351
(•)
48,561
33,714
{•)
(-)
292,390
176,288
18,254
32,741
125,095
(•)
114,770
12,299
24,243
(•)
29,967
{•)
(•)
7,619
9,525
1,332
192,168
67,465
45,607
(»)
12,994
8,727
6,318
44,226
55,964
(»)
2,403
21,726
(♦)
(•)
4,466
9,754
(•)
53,954
744
1,797
(•)
277
(•)
616
3,861
25,624
4,392
(«)
1,421
467
843
584
708
1,992
1,401
(•)
801
283
1,631
1,661
2,627
2,901
1,473
320
(♦)
464
415
(•)
6,063
4,158
(•)
(*)
5,958
3,287
494
525
2,268
(•)
3,579
296
1,053
(•)
Investment
credit
carryover
( Thousand
dollars)
Investment
credit
( Thouamd
dollars)
(22)
(»)
(»)
354
245
3,839
1,727
583
(•)
47
544
68
603
5,060
(•)
233
957
(•)
(•)
82
313
15,838
299
1,403
(•)
311
(♦)
46
6,373
735
264
18
289
234
298
1,820
(«)
258
4
161
593
216
454
269
(•)
2,555
2,149
(•)
(*)
1,397
593
34
26
533
2
228
(«)
(•)
(«)
(23)
266
37
27
49
2
132
2,804
(•)
50
229
(•)
(•)
50,450
661
1,193
(•)
176
(•)
526
3,366
26,106
4,246
(«)
1,451
483
798
791
684
1,909
1,230
(•)
1,008
287
1,321
1,835
2,815
3,301
1,545
337
(•)
416
460
{•)
5,671
3,756
(•)
(•)
6,907
3,124
512
539
2,073
(«)
3,722
279
947
(»)
(•)
(•)
470
295
3,408
1,727
444
(•)
65
187
71
645
2,630
(•)
283
927
(»)
(«)
100
355
Footnotes at end of table- See text for explanatory statements and for "Description of the Sample and Limitations of the Data-"
Corporation Returns/1966 • Investment Credit
155
ACTIVE CORPORATION RETURNS
Table 19.— NUMBER OF RETURNS, INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INVESTMENT
CREDIT, AND UNUSED INVESTMENT CREDIT, BY SIZE OF INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, BY MAJOR INDUSTRY— Continued
Major industry
Selected items by size of income tax after foreign tax credit^
Number
of
returns
$100,000 under $500,000
Income tax
after
foreign
tax
credit^
(Thou Band
Tentative
investment
credit
(Thousand
dollars)
Investment
credit
carryover
(Thousand
dollars)
Investment
credit
(Thousertd
dollars)
IMused
investment
credit
( Thousand
dollars)
$500,000 under $1,000,000
Income tax
after
foreign
tax
credit^
(Thousand
dollars)
Tentative
investment
credit
(Thousand
dollars)
Investment
credit
carryover
Investment
credit
(Thousi
dollat
Unused
investment
credit
(Thousand
dollars)
(25)
(2d)
(27)
(23)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
All industries-
Agriculture, forestry, and fisheries
Mining
Metal raining
Coal mining
Crude petroleum and natural gas
Nonmetallic minerals (except fuels) mining -
Contract construction.
Manufacturing
Food and ]cindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products
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
Prijnary metal industries
Fabricated metal products, except machinery
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies
MDtor vehicles and motor vehicle equipment - - -
Transportation equipment, except motor
vehicles
Scientific instruments, photographic equip-
ment, watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accnssories
Manufacturing not allocable
Transportation, communication, electric, gas,
and sanitary services
Transportation
Communication services
Electric, gas, and sanitary services
Wholesale and retail trade -
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies -
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment stores
General merchandise stores
Food stores
Automotive dealers and gasoline service
stations
Apparel and accessory stores
Furniture, home furnishings, and equip-
ment stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable - -
Finance, insurance, and real estate
Banks and trust companies ^
Credit agencies other than banks
Security and commodity brokers, dealers,
exchanges , and services
Holding and other investment companies - -
Insurance carriers
Insurance agents , brokers , and service . -
Real estate
Services
Hotels, rooming houses, camps, and other
lodging places
Personal services
Business services
Automobile and other repair services
Motion pictures
Amusement and recreation services , except
motion pictures
Miscellaneous services
15,720
207
18
(♦)
(»)
7,955
802
(•)
-402
426
(*)
300
221
524
426
(»)
231
(•)
213
516
1,109
1,184
488
(»)
(«)
166
233
(«)
588
214
(•)
3,023
1,980
180
347
1,449
(•)
1,033
(•)
286
(-)
176
101
60
71
126
(*)
(•)
1,964
725
387
(»)
(«)
232
61
335
746
53
273
42
(-)
{«)
(•)
3,266,941
24,642
45,803
5,502
6,605
(•)
(•)
153,161
1,710,552
172,810
(-)
88,494
88,919
(•)
57,113
48,243
112,985
95,249
(♦)
45,923
(*)
43,196
116,005
237,239
251,214
112,324
(«)
(»)
34,794
49,767
(•)
191,920
120,565
44,952
(*)
592,221
392,477
35,174
68,289
288,343
(*)
197,740
(•)
58,573
(«)
29,451
20,117
10,846
11,218
24,622
(•)
(«)
392,624
140,509
77,822
(•)
(*)
53,791
12,274
60,201
156,018
12,898
(*)
56,672
6,462
(•)
19,879
(•)
150,224
939
6,776
629
1,150
(«)
(«)
8,219
75,166
12,110
(•)
5,515
1,826
(•)
1,820
4,257
5,577
3,849
(»)
2,303
(«)
4,308
5,352
7,757
8,296
3,552
(»)
(•)
1,293
1,268
(*)
28,986
19,559
4,081
(•)
14,556
6,569
1,151
755
4,651
(♦)
7,815
(«)
2,460
(•)
268
629
86
1,000
630
(»)
7,627
3,778
946
(»)
(«)
1,136
133
929
7,955
474
(«)
3,865
1,105
(•)
(♦)
50,391
48
2,866
153
1,282
(«)
(•)
1,723
17,030
2,812
566
139
(«)
26
3,605
303
4,295
(»)
14
(•)
1,052
1,200
952
458
553
(•)
(•)
(♦)
20,874
16,286
1,031
(•)
2,554
379
43
18
312
(«)
2,175
(♦)
8i
(«)
3
455
14
246
648
69
111
136,318
889
5,020
339
1,084
(•)
(«)
8,342
73,637
11,368
{•)
5,220
1,993
(•)
1,772
3,194
5,069
4,023
(•)
2,247
(•)
3,662
5,794
8,449
8,220
3,956
(•)
(«)
1,126
1,345
(•)
20,104
12,414
4,221
(«)
14,029
6,394
1,181
773
4,422
(*)
7,552
(♦)
2,298
(•)
271
316
103
1,002
633
(•)
7,607
3,673
919
(»)
(*)
1,344
133
1,031
6,690
645
(•)
2,781
768
(*)
592
(«)
64,685
98
4,617
441
1,348
(•)
(«)
l,o03
18,816
3,557
862
36
(•)
76
4,836
811
4,118
(»)
70
(-)
1,701
772
260
538
150
(•)
29,889
23,565
891
(•)
3,076
550
12
1,027
(•)
244
38
(*)
674
172
142
(*)
(•)
72
5,912
4,791
843
(*)
2,314
(«)
28
(•)
(*)
(•)
(*)
(»)
(»)
(*)
17
31
23
38
82
136
218
106
208
15
28
164
(•)
(«)
(*)
(•)
290
112
(•)
(•)
(«)
(•)
(•)
1,607,131
(*)
19,698
(«)
4,734
(•)
(♦)
50,954
936,557
(»)
(*)
47,315
38,509
12,157
24,553
(•)
(*)
(»)
12,922
20,877
14,116
26,956
57,575
95,542
151,521
72,449
31,949
30,577
40,922
23,099
100,865
60,259
18,800
21,806
228,450
141,991
10,892
18,790
112,309
32,549
(»)
28,385
19,028
(•)
7,856
3,004
(♦)
10,113
(•)
204,272
80,300
30,727
9,066
9,836
45,712
(•)
20,611
50,728
(»)
1,301
17,222
(•)
(•)
23,795
(-)
93,237
(»)
3,813
(-)
1,483
(♦)
(«)
3,838
45,496
{•)
(♦)
3,636
805
562
439
(•)
(•)
(•)
3,335
1,177
262
4,664
4,040
3,370
5,196
1,953
1,176
1,273
617
812
24,015
19,447
1,834
2,734
9,245
3,364
601
278
2,485
(•)
1,582
2,422
(»)
621
85
(♦)
(•)
3,262
1,750
187
95
735
(•)
319
3,293
(•)
82
2,117
(♦)
(•)
242
(•)
27,867
(-
253
14
(•)
(•)
(•)
6,614
555
2,567
230
583
445
6,654
5,861
327
466
469
162
89
1
72
68
163
2,563
(•)
2,112
72,972
(•)
2,456
(•)
586
(•)
(•)
2,876
40,941
(•)
(♦)
3,488
819
550
439
(»)
(•)
(•)
1,172
1,275
262
2,685
2,746
3,601
5,096
2,310
1,184
1,282
616
872
12,638
8,554
1,707
2,377
8,102
3,027
691
279
2,057
4,947
(*)
1,753
1,532
(♦)
503
85
(»)
(«)
3,295
1,759
205
96
740
(•)
319
2,365
(•)
82
1,198
(•)
(»)
243
(•)
(36)
3,067
1,675
)
)
1,280
20,650
•)
•)
401 ■
8,777
457
4,546
2,182
682
92
23
6
5
18,032
16,755
454
823
1,803
502
502
1,301
1,134
(')
3,491
(•)
3,031
Nature of business not allocable -
Footnotes at end of table- See text for explanatory statements and for "Description of the Sample and Limitations of the Data-"
156
ACTIVE CORPORATION RETURNS
Corporation Returns/1966 • Investment Credit
-NUMBER OF RETURNS, INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INVESTMENT
CREDIT, AND UNUSED INVESTMENT CREDIT, BY SIZE OF INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, BY MAJOR INDUSTRY— Continued
Major industry
Selected items by size of income tax after fo"eign tax credit^ ^ — Continued
$1,000,000 under $10,000,000
Income tax
after
foreign
tax
credit^
( Thousand
dollars)
Tentative
investment
credit
(Thouaand
dollars)
Investment
credit
carryover
Investment
credit
(Thou,,
dolla
Unused
investment
credit
(Thousand
doilsra)
$10,000,000 under $50,000,000
Number
of
returns
Income tax
after
foreign
tax
credit^
(Thouamid
Tentative
investment
credit
Investment
credit
carryover
(Thouamid
doilara)
Investment
credit
( Thouamid
dollars)
(37)
(3S)
(39)
(•10)
(41)
U3)
(-1-;)
("i^)
Ue)
(iv)
All industries •
Agriculture, forestry, and fisheries-
Mining
Metal mining
Coal mining
Crude petroleum and natural gas
Nonjnetallic minerals (except fuels) mining.
Contract construction-
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products
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, except machinery
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies
Motor vehicles and motor vehicle equipment- ■•
Transportation equipment, except motor
vehicles
Scientific instruments, photographic equip-
ment, watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
Manufacturing not allocable
Transportation, communication, electric, gas,
and sanitary services
Transportation
CoEBnunication services
Electric, gas, and sanitary services
Wholesale and retail trade -
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies.
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment stores
General merchandise stores
Food stores
Automotive dealers and gasoline service
stations
Apparel and accessory stores
Furniture, home furnishings, and equipment
stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable.
Finance, insurance, and real estate
Banks and trust companies
Credit agencies other than banks
Security and commodity brokers, dealers,
exchanges , and servi ces
Holding and other investment companies-
Insurance carriers
Insurance agents, brokers, and service.
Real estate
Services
Hotels , rooming houses ,
lodging places
Personal services
Business services
camps, and other
Automobile and other repair services
Motion pictures
Amusement and recreation services, except
motion pictures
Miscellaneous services
1,501
167
(«)
o7
32
11
32
71
124
121
21
27
U
47
131
137
192
135
259
115
127
10
15
102
302
125
29
6,881,981
19,632
83,509
24, 527
(•)
(•)
12,633
94,437
4,255,082
524,585
(»)
174,756
83,833
27,451
75,897
217,815
327,997
410,763
63,547
57,555
30,767
152,474
368,291
348,858
536,669
379,219
126,808
127,853
120,907
86,614
836,682
313,585
135,142
337,955
606,173
294,034
22,632
26,972
244,430
312,139
7,617
134,475
98,832
4,919
14,245
34,740
792,850
292,699
79,636
58,259
51,164
276,535
15,097
19,460
193,566
19,720
13,617
87,452
4,935
37,928
18,889
11,025
723
8,708
3,084
(«)
(•)
1,516
6,064
254,608
29,207
(•)
13,746
2,820
4,840
2,058
36,689
11,920
25,859
5,561
4,194
840
10,203
34,955
15,076
23,198
16,041
4,371
6,822
3,984
2,112
111,846
66,133
9,689
36,024
28,053
3,207
1,178
969
6,060
19,346
124
3,062
3,946
66
942
,347
15,301
9,988
1,604
597
281
2,029
84
713
8,074
1,377
723
2,794
1,620
1,252
165
143
167,487
65
8,026
(-)
50,462
3,245
2,537
14
1,165
104
8,310
1,877
12,097
2,711
337
10
306
11,922
1,072
1,986
1,416
104,840
97,386
377
6,577
2,234
827
8
543
276
620
679
794
52
4
(')
679
58
524
105
172
171
733
9,456
2,448
(•)
(•)
1,485
239,013
27,660
(-)
15,897
2,834
3,743
2,162
26,054
12,066
25,796
5,687
4,511
850
10,383
27,993
15,779
22,010
17,387
5,168
6,404
3,985
2,537
86,445
43,662
9,546
33,237
29,815
9,250
919
906
7,425
20,565
124
8,181
9,439
66
1,037
1,347
15,083
9,517
1,123
597
282
2,704
84
776
1,481
723
2,966
1,204
1,320
165
143
208,707
7,278
636
(•)
(•)
31
718
66,530
4,792
2,261
13,945
1,732
12,162
2,585
20
131
13,882
367
3,409
70
130,564
120,180
1,020
9,364
2,009
1,322
268
606
443
501
186
1,013
523
486
214
26
4
6
73,154
62,161
4,660,165
566,078
105,232
128,579
36,575
139,135
173,337
789,237
339,754
174,241
10,964
161,131
428,170
168,646
376,924
330,484
182,021
333,087
169,315
47,205
1,840,007
417,352
51,140
1,371,515
280,326
37,919
37,919
242,407
116,082
126,325
620,577
168,901
25,782
368,838
15,762
33,765
6,857
6,231
384,601
28,670
1,193
12,488
11,425
18,266
4,894
51,296
71,430
16,054
248
14,417
56,636
12,358
11,406
11,042
7,753
45,912
7,219
1,793
295,724
151,236
3,451
141,027
14,707
225
225
14,482
5,944
8,538
10,995
7,329
172
109
3,318
67
270
138,443
208
13
1,576
113,900
16
31
13,414
408
225
5,730
73,317
57,624
(^)
(')
6,358
6,232
359,405
28,878
1,193
12,545
8,081
17,213
5,323
52,873
70,186
16,070
248
14,448
51,425
12,765
11,631
13,834
7,752
25,924
7,223
1,793
237,029
97,681
3,461
135,887
14,861
225
225
14,636
6,098
8,538
11,001
7,335
172
Nature of business not allocable.
Footnotes at end of table. See text for explanatory statements and for "Description of the Sajnple and Lijnitations of the Data.
Corporation Returns/1966 • Investment Credit
157
ACTIVE CORPORATION RETURNS
Table 19.— NUbfBER OF RETURNS, INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, TENTATIVE INVESTMENT CREDIT, INVESTMENT CREDIT CARRYOVER, INVESTMENT
CREDIT, AND UNUSED INVESTMENT CREDIT, BY SIZE OF INCOME TAX AVAILABLE FOR INVESTMENT CREDIT, BY MAJOR INDUSTRY— Continued
litojor industry
Selected items by sise of income tax after foreign tax credit-'- ^ — Continued
$50,000,000 under $100,000,000
Income tax
after
foreign
tax
credit^
(Thousand
dollars)
Tentative
investment
credit
( Thousand
cbiiars)
Investment
credit
carryover
(Thousand
dollars)
Investment
credit
( Thousand
dotlara)
IMused
investment
credit
(Thousand
doltara)
$100,000,000 or more
Number
of
returns
Income tax"
after
fore ign
tax
credit^
(Thousand
dollars)
Tentative
investment
credit
(ThousiKid
doUars)
Investment
credit
carryover
(TTtouaard
dollars)
Investment
credit
TTiousaid
Unused
investment
credit
(Thousand
dollara}
All industries
Agriculture, forestry, and fisheries.
Mining
Metal mining
Coal mining
Crude petroleum and natural gas
Nonmetallic minerals {except fuels) mining.
Contract construction.
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products
Lianber and wood products, except furniture- ■•
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries ■ •
Chemicals and allied products
Petrolexffli refining and related industries....
Rubber and miscellaneous plastics products...
Leather and leather products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except machinery
and transportation equipment
Machinery , except electrical
Electrical machinery, equipment, and supplies
Motor vehicles and motor vehicle equipment ■.-
Transportation equipment, except motor
vehicles
Scientific instruments, photographic equip-
ment, watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
ManufactiiTing not allocable
Transportation, communication, electric,
and sanitary services
Transportation
Communication services
Electric, gas, and sanitary services ••
Wholesale and retail trade.
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies
Miscellaneous wholesale trade
Wholesale trade not allocable
Retail trade
Building materials, hardware, and farm
equipment s-tores
General merchandise stores
Food stores
Automotive dealers and gasoline service
stations
Apparel and accessory stores
Furniture, home fiimishings, and equipment
stores
Eating and drinking places
Miscellaneous retail stores
Re-tail trade not allocable
Wholesale and retail trade not allocable-
Finance, insurance, and real estate
Banks and trust companies
Credit agencies other than banks
Security and commodity brokers, dealers,
exchanges, and services
Holding and other investment companies ■ •
Insurance carriers
Insurance agents, brokers, and service- -
Real estate
Services
Hotels, rooming houses, camps,
lodging places
Personal services
Business services
Au-tomobile and other repair services
Motion pictures
Amusement and recreation services, except
motion pictures
Miscellaneous services
Nature of business not allocable-
(^9)
(50)
(51)
(52)
(53)
(5i)
(55)
(56)
(57)
(53)
(59)
(60)
1,9^1,^69
1,367,798
77,538
6^,968
140,303
355,065
180,625
268,164
129,362
88,979
62,794
454,328
123,662
330,666
119,343
119,343
128,996
2,568
1,378
30,114
44,215
31,229
5,024
5,338
3,223
25,610
5,728
19,882
3,917
3,917
21,850
119,579
2,568
1,378
6,018
30,120
34,103
5,087
5,344
5,728
19,882
4,038,706
122,598
450,092
105,769
140,932
554,383
424,577
1,747,481
1,747,481
326,311
202,224
40,578
15,34^
13,482
21,466
8,821
116,930
116,930
6,221
7,431
14
5,730
747
934
214
214
209,653
40,592
21,074
14,229
21,466
116,930
116,930
6,221
6,221
(*)Estiinate is not shown separately because of high sampling variability. However, the data are included in the appropriate totals-
^Income tax is before addition of tax from recomputing prior year investment credit-
l^ni^rZ noHSa TZ.T£lZ.r,'il'LT^''Te\e.^ .or^-ZllTJlZlZZT^TZ. for ..D.s=ription or t.e S.,le an. LlMtatio^ of «.e Data.
Section
CONTENTS
Chan
7A Consolidated returns. 1963-1966, 159
Basic tables
Assets, receipts, net income, and tax, by type of surtax exemption and
type of controlled group relationship -
20 By major industry, 162
21 By trade, finance, and service miner industries, 174
Consolidated Returns
and Controlled Groups
Balance sheet and income statement Items-
22 By size of total assets, 186
23 By major industry, 188
24 Returns with net income, by industrial division, 195
Table 20 presents total assets and selected income
statement and tax items for members of controlled groups,
by the type of surtax exemption, by type of controlled
group relationship, and by the industry of the reporting
corporations. Almost 75 percent of the returns filed for
members of controlled groups were in the trade, finance,
and service industries. Separate statistics, by minor in-
dustry, are presented for these returns in table 21.
Controlled corporate groups, discussed in more detail
under "Members of controlled groups" in section 9, con-
sisted of (1) parent- subsidiary groups, (2) brother-sister
groups, and (3) combinations of parent-subsidiary and
brother -sister groups. Members of controlled groups
were entitled, under section 1561 of the Code, to allocate
a single surtax exemption of $25,000 among component
members of the group. Section 1562 of the Code provided
Chart 7A
Consolidated
Returns,
1963-1966
Number
(Thousands)
,000
—
—
500
,. .,
Total assets ^^
-^
100
—
^^^^*
^ Total re(
:eipts
—
_—
-^
50
—
Selected items
(Millions of dollars)
—
in
—
^* Net in
come Hess deficit)
...
—
^^ Income tax
—
5
1
—
—
1963 1964 1965 1966
1963
1964
1965
1966
159
160
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
an option which allowed controlled groups to elect separate
$25,000 exemptions for each member however, each mem-
ber was required topay a penalty tax equal to 6 percent of
the exemption claimed. The total additional tax liability
because of the controlled group provisions amounted to
$115 million as shown in table 20.
Although only 96,000 of the 222,000 returns filed by
members of controlled groups were filed under section
1561, they accounted for 66 percent of the total net income
and total tax liability. This was largely accounted for by
the fact that the single exemption provisions also applied
to consolidated returns. Over 111,000 or 50 percent of
the returns filed by members of controlled groups were
part of parent-subsidiary groups, while 92,000 were part
of brother-sister groups, and 18,000 indicated member-
ship in combination groups.
Consolidated returns differ from other returns filed
separately by component members of controlled corpo-
rate groups (under both Code sections 1561 and 1562) in
that they contain the combined financial data for all mem-
bers of the group.. Classification of these returns was
based on the combined data of the filing corporations.
The statistics for all consolidated returns are presented
by major industry in table 23, and by size of total assets
in table 22. Table 24 presents statistics by industrial di-
vision for those consolidated returns showing net income.
Chart 7A indicates the increases in parent corporations
filing consolidated returns and their subsidiaries, from
1963 to the 1966 tax year. Consolidated returns rose
from almost 6,000 for 1963 to about 10,000 for 1966.
Income tax more than tripled from $4.2 billion in 1963
to $13,2 billion for 1966. The increase in consolidated
filing was due chiefly to the changes to the Code as a
result of the Revenue Act of 1964 which, in addition to the
provisions in section 1561 and 1562 of the Code, repealed
the 2 percent additional tax on consolidated filings.
162
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
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188
CONSOLIDATED RETURNS
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
Table 23.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY
Total
consolidated
returns
Major industry
/i^ricul-
lure,
forestry ,
and
■""isheries
Mining
Total
m in i rv-7
Metal
mini rig
Coal
mining
Crude
petrolemn
and
natural
gas
Nonmetallic
minerals
(except
fuels)
mining
Contract
construc-
tion
Manufacturing
Total
manufacturing
(1)
(2)
(3)
U)
(5)
(c)
(V)
(9)
Number of consolidated returns, total
With net income
Number of subsidiaries
Total assets
Cash
Notes and accounts receivable
Less : Allowance for bad debts
Inventories....
Investments in Government obligations :
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans.
Other investments
Depreciable assets
Less: Accumulated depreciation
Depletable assets
Less : Accumulated depletion
Land
Intangible assets (amortizable)
Less : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in less than
one year .
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in one year or
more.
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less: Cost of treasur.v stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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 sain, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or giftt
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign
corporations.
Net income (less deficit) (67 plus 68 minus CO)
Net income
Deficit
Statutoiy special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public
utility stock.
Western Hemisphere Trade Corporation deduction. . . .
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (69 minus 78
plus 79).
Net income after tax
Distributions to stockholders :
Cash and property except own stock
Corporation's own stock
9,759
6,554
41,230
224
123
18
13
115
48
31
219
124
62
332
34
17
142
545
341
1,569
2,825
2,156
13,184
(Thouiand dcllarai
503,008,88';
31,823,211
116,561,961
2,652,958
39,527,538
17,250,359
12,839,615
i,aa,802
11,025,916
128,097
12,027,807
56,261,675
289,847,790
108,187,898
11,611,565
5,243,739
7,403,231
3,832,309
2,474,177
10,5e»4,733
503,808,887
26,529,410
24,802,982
119,768,025
1,150,189
97,049,775
24,343,520
7,477,210
53,012,174
41,750,490
6,426,498
103,405,465
1,906,351
343,
■ 3,704
325,583,104
681,124
445,688
5,465,610
2,220,871
320,955
38,337
1,789,393
570,499
1,278,262
1,236,232
3,458,629
314,559,430
216,427,897
1, 666,951
3,722,005
990,971
4,300,433
12,774,659
7,863,381
229,923
68,676
14,879,757
3,860,946
4,223,740
3,337,767
1,876,820
322,958
33,012,596
29,084,224
740,443
29,378,979
30,367,554
938,575
2,092,002
680,401
1,087,400
13,297
310,904
28,330, 5o3
13,242,304
910,031
17,046,256
18,035,328
U,e21,209
851,976
752,346
26,906
109,850
7,194
33,287
5,132
9,669
545
U,464
4,073
1,567
160,279
496,333
269,139
12,957
2,448
65,970
6,611
1,088
38,072
752,346
36,745
91,276
28,179
5,033
128,717
49,443
18,877
47,530
215,707
9,091
152,269
30,021
359,699
330,355
131
204
7,354
3,770
343
390
7,669
1,125
999
134
7,225
805,919
455,649
6,333
15,593
2,419
31,391
17,960
12,244
181
16
24,731
1,189
3,388
2,357
5,287
85
222,096
53,780
4,841
58,417
62,895
4,478
10,702
1,694
347
8,161
52,680
24,515
563
34,465
38,988
7,412
220
3,831,775
535,643
1,394,892
10,001
498,624
208,343
58,527
3,051
137,872
18,941
43,193
1,348,940
6,240,371
2,937,447
1,773,812
926,518
109,620
161,851
46,334
218,390
8,831,775
639,535
307,512
830,392
43,797
1,336,163
314,957
57,333
834,477
1,130,682
30,901
3,415,046
109,075
6,800,243
6, 504,120
8,132
2,269
40,065
25,002
33,525
332
52,621
10,501
44,517
28,017
51.147
5, 570, 568
3,459,056
36,713
71,692
4,542
53,585
155,706
83,464
3,148
3,209
355,589
691, CHI
6,114
28,051
31,628
14,748
562,282
1,229,680
10,684
1,238,095
1,331,553
93,458
99,9&9
20,581
37,817
41, 571
1,237,997
586,046
12,060
664,109
757,575
803,843
60,550
2,937,770
152,809
343,633
777
257,468
148,049
34,150
89,038
892
643,485
1,859,594
829,400
156,987
50,201
17,400
31,198
17,780
101,175
2,987,770
233,318
42,936
124,829
33,769
367,487
74,421
13,703
367,495
418,343
8,015
1,300,252
4,756
174
16,336
1,488
2,337
223
14,272
428
28,175
26,479
14,356
1,734,904
1,267,687
6,602
10,380
622
3,854
64,246
18,694
1,912
2,160
103,549
120,975
1,074
3,956
2,150
4,610
117,433
316,349
6,835
323,010
333,115
15,105
62,062
1,072
23,948
37,042
276,356
130,361
7,061
199,710
214,315
123,330
40,315
1,134,093
61,994
227,027
3,189
48,654
11, 529
8,487
18,388
88
3,873
109,975
970,444
448,386
148,686
55,917
30,287
248
72
51,977
112,197
50,358
49,351
4,967
294,179
74,960
8,858
102,193
183,838
19,784
301,678
18,270
38,941
1,198,235
1,088
156
3,230
12,379
2,339
5
10,191
3,176
1,346
4
6,742
1,230,571
902,693
7,466
35,744
1,563
20,914
34,492
17,855
532
477
69,385
22,303
1,828
4,070
24,444
100
35,705
8,370
124
8,338
27,423
19,085
4,992
3,862
1,130
22,686
9,203
2,298
1,433
20,518
16,305
4,625
3,847,863
247,965
721,534
3,569
135,909
41,436
12,976
3, oca
23,116
18,841
32,798
515,651
2,302,176
1,406,032
1,337,626
771,018
29,785
79,432
28,255
53,491
3,847,863
222,729
197,936
638,738
4,191
472,173
127,899
22,975
296,735
424,533
2,512
1,480,056
42, ol4
3,002,430
2,374,231
2,103
1,843
16,231
6,507
25,339
102
27,072
6,746
14,479
736
27.036
2,121,936
997,176
17,889
9,875
1,453
23,947
44,362
36,891
453
192
144,018
514,825
1,951
11,399
2,837
9,463
305,155
380,494
3,725
832,376
934,067
51,691
23,236
10,219
12,298
769
916,530
435,810
1,997
448,563
500,262
649,363
15,610
812,l>;9
72,875
102,648
2,466
55,593
7,329
2,914
50
7,330
12
5,635
79,829
608,157
253,629
130,513
49,382
32,148
973
227
11,747
812,049
70,841
16,282
17,474
870
202,324
37,677
6,802
68,054
103,968
590
333,060
45,893
5Cf7,
180
96
4,268
4,628
3,510
2
1,086
151
517
798
3.013
483,157
291, 500
4,756
14,693
904
4,870
22,606
10,024
251
380
38,637
32,938
1,261
3,626
2,147
575
53,989
24,467
24,371
31,948
7,577
9,629
5,428
441
3,760
22,425
10,572
704
14,403
21,980
14,845
4,211,653
262,555
1,221,594
7,753
304,053
U,152
3,113
1,260
453,600
5,335
23,571
551,475
1,572,377
581,404
51,262
19,885
223,315
4,802
2,005
116, 631
4,211,653
852,606
531,810
329,539
19,268
913,366
397,068
35,422
259,105
297,549
9,956
587,936
37,482
5,803,615
541
264
28,248
100,638
2,515
401
35,560
12.932
8,690
5,551
30,546
192,294,512
6,788,766
42,184,585
810,541
30,699,979
4,552,338
1,093,995
152,250
3,633,298
43,395
138,777
26,094,164
127,449,063
65,117,487
8,595,711
3,996,054
3,959,724
3,326,930
2,308,310
5,712,829
192,294,512
17,322,071
11,719,568
11,890,625
317,614
31,495,881
7,848,772
2,537,191
22,502,565
19,948,112
2,502,989
65,288,764
1,179,640
220,275,317
5,966,654
5,095,774
61,022
30,213
10,775
62,839
75,868
81,546
2,315
1,255
119, 539
2,765
11,537
18,821
14,192
1,5C9
375,583
112,397
2,902
115,535
172,590
57,055
20,144
11,809
7,330
955
153,430
68,121
5,337
52,751
109,813
33,962
4,213
220,189
44,443
787,098
812,315
557,916
18,076
1,259,976
90,931
736,318
1,183,512
2,310,894
202,147,093
145,305,392
733,184
3,225,290
383,741
1,839,435
7,580,176
2,214,858
155,971
37,453
7,571,469
2,902,410
3,107,195
2,159,201
1,391,681
66,397
23,300,679
13,123,224
683,072
18,765,853
19,095,105
329,252
1,174,255
250,874
668,277
255,104
17,946,522
8,343,130
532,012
10,955,735
11,285,191
6,832,633
533,213
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
CONSOLIDATED RETURNS
189
Table 23.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Major indutvti-y — Oontii
MartuTacturing — Continued
Toliacco
manufac-
tures
Textile
mill
products
Apparel
and other
fabricated
textile
products
Lumber
and wood
products,
except
furniture
Furniture
and
fixtures
Paper and
allied
products
Printing,
publishing,
and allied
industries
CFiemicals
and allied
products
I Petroleum
refining
and related
industries
Rubber and
miscella-
neous
plastics
products
Leather
and
leather
products
(U-)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
Number of consolidated returns.
With net income
Number of subsidiaries
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans
Other investments
Depreciable assets
Less: Accumulated depreciation
Depletable assets
Less : Accumulated depletion
Land
Intangible assets (amortisable) ,
Less: Accumulated amortization
Other assets
Total liabilities
Accoiints payable
Mortgages, notes, and bonds payable in less than
one year.
Other current liabilities ,
Loans from stockholders
Mortgages, notes, and bonds payable in one year
or more.
Other liabilities
Capital stock, preferred ,
Capital stock, common ,
Paid-in or capital surplus ,
Retained earnings, appropriated
Retained earnings, unappropriated
Less : Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Deplet ion
Advertising
Pension, profit sharing, stock bonus, annuity
plans.
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign
corporations .
Net income (less deficit) (67 plus 68 minus 4-0) . .
Net income
Deficit
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction *
Deduction for dividends paid on certain public
utility stock.
Western Hemisphere Trade Corporation deduction.
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (69 minus 76
plus 79).
Net income after tax
Distributions to stockholders:
Cash and property except own stock
Corporation's own stock
267
214
968
200
157
,U1
58
48
1,598
70
52
326
(Thousand tittters)
5,258
284
1,203
18
2,775
51
1,J45
583
5,258
577
200
1,130
49
159
550
!,540
185
53,012
211,325
5,893
334,190
16,512
1,736
523
25,023
1,284
11,085
131,267
541, 507
258,838
83,453
20,343
8,910
12,899
1,035
27,930
1,174,547
8,306
8,286
(')
7,490
4,522
161
107
7
57
1,224
102
164
80
20
1,038
816
816
814
390
16
442
116,142
126,173
61,824
2,522
307,792
34,259
40,132
145,093
65,036
2,653
284,008
11,087
78,467
338,210
6,016
526,057
794
257
16
20,609
4,902
1,010
115,108
500,170
215,845
3,335
534
11,513
29,492
5,927
48,054
1,606,327
1,546,324
1,168
58
6,231
13,229
16,140
346
5,411
1,469
3,875
211
11,865
1,548,346
1,218,914
16,853
12,027
3,543
14,288
27,258
29,129
831
203
35,004
12, 652
13,865
7,992
4,123
227
151,437
57,981
142
58,065
68,163
10,098
13,108
'1,832
3,276
55,395
25,391
3,044
35,718
45,840
9,503
1,585
187,854
161,160
102,455
3,637
311,513
49,349
44,858
115,535
184,318
3,119
292,728
11,854
2,382,676
2,338,276
47
293
7,198
2,374
12,118
25
2,724
444
1,407
1,261
16,509
2,307,477
1,745,213
23,052
9,204
3,771
26,763
47,512
35,036
1,881
189
34,291
249
44,795
10,317
10,851
12,500
301,853
75,199
738
75,644
87,361
11,717
7,471
6,116
1,191
164
80,599
38,036
2,110
39,718
51,437
17,850
1,228
82,626
313,061
6,049
311,916
41,877
787
476
91,939
351
25,602
147,071
1,656,533
802,275
255,510
9,656
48,269
250
26
53,145
117,120
153,806
116,097
4,873
492,852
24,808
7,659
360,135
154,981
15,219
790,658
26,801
405, 512
27,120
78,785
1,487
100,599
1,145
344
33, 567
4,092
105
46,068
154,150
70,724
188
86
9.852
1,605
872
21,061
405, 512
2,054,157
937
6
12,755
5,560
650
29
153,132
4,350
1,975
62
24,000
2,129,423
1,571,364
12,407
9,350
5,253
17,062
64,748
33,616
1,270
69
87,465
139,336
9,569
12,709
1,051
1,311
157,843
123,190
8,889
137,073
153,056
15,983
6,773
5,093
1,675
162,603
44,177
7,488
100,384
116,375
49,978
2,090
38,170
23,308
35,047
678
60,194
25,453
6,172
45,211
88,748
2,400
94,822
14, 691
210,908
95,811
430,437
11,259
494,234
7,349
443
6,050
24,657
22
114
266,100
2,979,310
1,370,707
238,219
76,283
45,245
4,405
1,881
78,642
3,210,908
549,16,
541,548
50
11
1,064
606
447
(M
1,708
157
205
68
3,298
514,531
382,784
8,032
3,376
878
5,072
13,168
4,865
1,040
193
11,275
6,620
3,435
2,157
200
71,43o
34,631
45
34,665
39,437
4,772
1,875
1,697
176
37,565
17,442
822
18,045
22,817
5,751
1,773
238,602
89,264
180,490
5,966
796,450
92,474
49,773
319,785
488,688
6,028
963,695
20,307
4,813,214
407,183
1,303,629
184, 655
504,950
123,875
13, 639
5,808
178,936
5,864
1,368
728,738
2,068,878
959,873
40,964
6,229
94,501
14,816
3,081
468,903
4,813,214
3,654,315
3,577,333
1,280
88
7,629
9,240
5,956
3
34,453
2,512
3,564
2,552
9,7l5
3,408,121
2,454,997
20,058
80,740
4,963
27,767
87,181
43,735
3,241
1,084
161, 698
30,716
25,765
20,217
21,157
1,773
423,029
246,694
4,209
250,815
258,894
8,079
9,338
5,636
3,026
676
249,865
112,349
14,428
152,894
160,980
78,981
15,816
437,580
158,275
630,535
8,411
701,058
488,227
164,101
344,640
326,615
38,442
1,551,959
36,629
17,912,625
670,571
2,890,216
48,579
2,636,869
243,129
42,150
2,473
262,584
244
8,100
2,777,504
14,878,277
7,532,215
230,571
87,276
283,814
195,220
92,190
551,lo3
17,912,625
6,316,180
3,837
729
22,397
34,372
15,380
343
46,116
1,681
22, 692
14,099
254, 540
5,709,328
3,697,091
73,179
28,221
34,772
68,394
132,266
58,177
13, 699
1,724
144,217
6,053
104,306
50,999
26,571
1,717
1,267,942
606,852
4,131
610,304
618,552
8,248
53,925
34,447
19,259
219
564,829
264,731
10,655
356,228
1,331,622
350,018
1,128,356
89,475
4,251,259
490,573
277,906
2,195,876
2,586,702
231,832
5,183,529
204,523
57,629,259
1,596,130
9,437,350
142,594
3,930,385
986,895
225,910
102,070
1,175,529
12,881
40,132
10,117,770
46,932,395
24,353,426
(3,487,979
2,980,140
1,990,381
2,802,389
2,120,110
1,387,333
57,629,259
17,503,986
8,759
1,474
66,559
27,801
98,007
642
47,110
12,590
23,932
135,591
123,530
15, 531, 500
9,734,633
66,258
389,017
20,634
144,395
339,172
219,774
27,590
4,709
940,004
78,073
813,751
202,584
67,802
5,172
2,477,932
1,972,486
93,315
2,069,327
2,075,678
6,351
49,289
12,052
20,326
16,911
2,026,517
965,227
90,287
1,194,337
364,432 1,200,766
4,543,463
l,017,fa23
2,137,740
3,684
7,713,308
1,886,592
X8,453
9,328,834
7,868,443
901,981
22,229,528
350,415
52,574,124
93o,757
30, 356
190,104
5,417
173, 633
864
5
14,084
28
2,410
233,725
413,235
190,130
5,817
1,377
33,002
9,534
5,895
32,779
935,757
99,692
43,394
54,948
731
255,746
66,051
14,400
84, 660
100,630
2,912
220,034
11,941
1,135,408
49,014,952
57,019
5,779
213,194
431,856
121,049
6,181
345,529
15,840
597,274
447,971
1,317,480
49,123,649
32,393,630
67,055
725,134
86,852
765,487
3,034,045
400,260
27,123
7,622
2,U8,991
2,377,597
276,903
330,260
121,127
3,677
6,387,886
117,296
40,286
675,685
85,203
3,450,475
122,877
3,567,573
3,582,791
15,218
651,111
12,147
507,691
131,273
2,932,557
1,329,975
123,973
2,361,571
2,376,799
2,369,585
291,084
257
3
5,908
4,400
600
16
8,697
4,174
957
20
9,108
1,088,480
716,011
9,482
6,353
4,018
15,904
51,703
17,289
1,276
266
30,333
1,022
29,898
9,128
4,107
1,480
190,210
46,928
906
47,331
54,388
5,557
3,876
3,011
811
54
50,733
22,636
1,573
26,768
33,325
7,054
10
(21)
39
25
227
254,162
12,437
59,494
1,026
117,861
247
27
12
5,870
124
75
18,003
95,743
50,053
1,551
227
40
3,609
264,162
28,632
41,546
12,190
235
23,110
27,914
7,832
33,064
9,116
2,360
75,964
2,801
523,560
517,042
35
7
1,129
360
762
3
1,945
197
52
(M
2,023
507,539
389,901
4,878
4,651
574
9,156
11,726
7,254
573
44
7,048
1,995
3,560
1,372
2,414
18
52,274
16,021
5
16,019
19,158
3,139
6,723
6,584
44
95
12,442
5,745
266
10, 540
13,679
1,940
Footnote at end of table. See text for explanatory statements and for "Description of the Sajnple and Limitations of the Data.
190
CONSOLIDATED RETURNS
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
Table 23.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Major industry- — C'
UariuTactiiriiig — Coi'-tiini-'J
Stone ,
clay, and
glass
products
Primary
metal
industries
Fabricated
metal prod-
ucts, except
machinery
and traris-
portation
equipment
Machineiy,
except
electrical
Electrical
machineiy,
equipment,
and
supplies
Motor
vehicles
and motor
vehicle
equipment
Transpor-
tation
equipment,
except
motor
vehicles
Scientific
instruments,
photographic
equipment,
watches
and clocks
I.Ui;e-;llajieou£
maiiufact'iring
industries,
including
ordnance and
accessories
Manufac-
turing
not
illocable
(22)
U3)
(2A)
(25)
(26)
(27)
(23)
(29)
(30)
Number of consolidated returns, total
With net income
Number of subsidiaries
Total assets
Cash
Notes and accounts receivable
Less : Allowance for bad debts
Inventories
Investments in Government obligations;
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans
Other investments
Depreciable assets
Less : Accumulated depreciation
Depletable assets
Less : Accumulated depletion
Land
Intan^ibe assets (amortlzable)
Less : Accumulated amortization
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in less than
one year.
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in one year or
more.
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
Uni ted States
State and local
Other interest
Rents
Rcyalties
Net short-terra capital gain reduced by net long-
term capital loss.
Net long-term capital gain reduced by net short-
term capital loss.
Net gain, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans.
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign
corporations.
Net income (less deficit) (67 plus 68 minus 40)
Net income
Deficit
Statutoiy special deductions, total
Net operating loss cariyover
Dividends received deduction
Deduction for dividends paid on certain public
utility stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (69 minus 78 plus
79).
Net income after tax
Distributions to stockholders:
Cash and property except own stock
Corporation's own stock
135
119
705
270
220
713
266
230
991
247
195
1,250
75
50
310
(Thousand doIUri)
3,217,759
149,133
485,909
16,240
397,809
92,993
24,455
1,566
48,225
687
1,022
351,104
2,847,314
1,360,039
83,224
29,510
84,421
2,629
878
53,935
3,217,759
200,303
81,740
213,551
1,289
501,667
78,998
65,970
406,757
340,501
24,369
1,336,838
34,224
3,153,526
2,552
1,046
10,381
7,328
7,641
16
9,375
2,057
10,392
35,392
17,114
2,347,506
1,913,132
23,145
110,215
9,545
31,227
88,860
32,863
6,783
1,064
175,231
29,947
29,958
31,745
20,146
796
342,849
306,020
26,101
331,075
351,052
19,977
12,479
2,727
8,828
924
338,643
160,983
10,297
180,389
200,378
116,360
3,201
17,450,383
585,804
2,420,199
46,132
3,022,310
443,774
U3,800
148
264,966
1,573
1,521
1,753,038
16,159,342
8,569,709
1,167,083
750,697
420,027
43,cr79
7,697
428.454
17,450,833
1,393,554
363,013
921,229
29,722
3,821,211
642,045
403,401
2,166,341
1,345,576
319,187
5,089,924
44,320
15,787,102
16,492,929
12,575
5,658
70,327
27,783
9,062
38
26,755
1,877
61,826
35,396
42,876
15,453,884
11,661,973
53,267
756,358
17,560
72,285
364,640
213,056
10,139
3,973
860,967
199,603
53,865
179,523
89,379
7,683
889,613
1,333,218
9,044
1,336,60;
1,370,801
34,197
147,423
14,880
52,550
79,993
1,225,288
582,577
55,477
819,504
853,701
441,432
13,158
2,728,048
150,881
643,416
13,423
712,850
35,674
11,270
6,372
47,184
2,467
667
329,841
1,312,820
626,195
381
270
43,288
22,155
5,055
53.726
2,728,048
290,893
218,158
245,580
67,803
295,279
146,947
43,365
302,744
243,451
18,404
902,502
48.078
3,847,181
1,18?
789
11,781
8,117
8,571
381
10,620
2,305
2,851
25,785
32,659
3,650,931
2,694,227
38,193
45,702
15,333
28,159
84,199
38,977
3,304
665
92,529
464
79,153
29,514
20,320
5,578
483,114
291,297
15,840
305,348
329,465
23,U7
23,319
18,000
2,424
2,895
305,151
144,742
6,914
168,520
191,686
75,479
15,669
13,399,203
521,436
3,504,429
78,243
3,244,332
637,605
29,148
1,274
320,803
2,4U
8,656
1,428,513
7,115,720
3,727,165
6,630
3,238
119,808
27,844
14,140
153.380
13,399,203
959,467
670,999
998,767
17,108
2,106,598
589,090
105,335
2,250,592
764,689
361,705
4,626,959
52.206
14,314,831
13,204,580
12,337
945
87,892
122,647
169,169
7,639
470,043
10,619
4,858
138,705
85,397
11,991,803
7,868,297
59,528
161,057
37,517
106,373
357,421
159,095
15,095
1,664
644,457
2,923
101,652
170,070
93,951
1,461
2,201,142
2,323,028
91,025
2,413,108
2,421,809
8,701
71,238
55,760
4,128
11,350
2,350,678
1,020,668
27,731
1,420,171
1,428,878
469,114
20,452
11,074,692
554,123
3,124,040
40,569
2,908,455
23,800
9,255
8,062
339,167
1,013
21,723
1,350,773
4,259,475
2,000,259
183
52
102,363
53,373
19,190
1,750,433
1,140,885
729,572
48,030
1,747,105
475,252
214,737
960,973
1,440,265
105,807
2,539,244
77,611
14,983,335
14,691,380
3,986
1,384
66,380
24,530
42,552
195
13,629
3,694
3,874
46,330
85,901
33,836,912
829,897
12,805,383
121,715
4,969,802
1,753,184
535,827
3,641
234,892
85
4,811
3,929,075
15,231,140
8,171,320
11,055
3,243
223,490
19,073
2,750
2,743,664
5,559,704
2,562,557
6,435
4,595,167
1,294,808
393,115
1,451,786
2,387,048
336,218
12,570,038
14,523
,559,833
13,941,573
10,076,927
80,429
127,946
34,860
143,753
337,544
168,152
14,094
8,186
377,210
78
253,964
123,467
83,217
3,281
2,108,465
1,042,257
32,016
1,072,889
1,108,023
35,134
33,614
26,736
3,292
3,586
1,075,733
514,003
28,830
587,715
622,871
220,998
58,253
41,815,455
108,291
23,732
103,980
47,158
13,463
1,785
29,596
9,043
18,557
253,000
130,763
37,921,434
30,308,235
44,930
391,788
58,593
155,932
1,593,502
490,898
7,940
1,054
1,050,108
1,516
483,033
604,870
632,881
13,029
2,076,375
4,638,399
222,680
4,837,347
4,832,394
45, 547
31,902
15,795
15,780
327
4,851,412
2,323,353
86,846
2,500,840
2,646,388
1,718,509
7,463
7,662,352
267,750
1,407,108
32,789
3,341,603
22,504
799
444
215,158
625
1,103
501,136
3,231,892
1,566,668
17,156
7,972
123,297
2,172
429
1,548,901
422,715
829,712
5,626
985,306
1,131,537
23,963
604,955
513,492
6,197
1,657,741
63,344
11,911,437
11,792,347
715
282
41,450
12,575
7,889
93
13,443
2,041
4,590
3,829
31,973
1,626,231
58,864
293,355
8,089
325,961
13,423
593
46,624
1,220
2,153
259,069
947,411
401,633
13,000
3,148
15,259
72,738
24,744
13
75,904
83,732
153,148
4,232
386,265
43,286
25,304
85,500
255,537
3,562
513,623
15.412
1,790,678
11,354,75:
9,077,233
23,320
128,287
7,457
103,814
308,150
63,820
5,252
1,957
242,976
12,159
21,401
266,216
92,365
386
999,964
551,680
2,420
553,818
569,397
15,579
3,120
2,456
3,988
1,676
561,278
267,603
19,255
305,471
321,050
129,562
8,124
1,753,777
735
142
3,576
1,957
2,334
4,048
1,249
3,126
9,412
ir:,33;
1,-yx,'
320,767
13,742
24,284
3,118
28,566
49,685
21,894
5,885
899
125,778
1,153
71,692
21,565
6,123
620
378,915
215,892
5,334
221,034
228,511
7,427
4,468
1,810
2,658
224,811
106,998
5,781
119,867
127,294
36,432
7,717
216,765
6,755
2U,036
1,513
3,808
20,723
812
418
43,837
262,486
130,093
252
126
10,030
1,277
685
:"',03:
~lo,'
73,555
98,696
52,257
3,395
103,086
15,643
17,013
79,791
40,985
4,297
234,403
6,344
1,044,367
1,020,466
284
18
3,173
616
2,280
259
5,496
524
159
1,346
9,741
992,330
634,309
15,312
7,881
4,874
9,782
23,159
13,033
1,433
275
18,154
131
39,497
5,844
5,338
213
163,585
51,537
3,185
54,704
54,714
10,010
1,409
1,261
133
15
63,355
29,116
1,550
27,138
37,156
13,751
3,394
Footnote at end of table. See text for explanatoiy statements and for "Description of the Sample and Limitations of the Data."
CONSOLIDATED RETURNS
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
Table 23.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
191
Major industiy — Contiriucd
Irajisportatioii, communication, electric,
and sanitary services
Total trans-
portation,
communica-
tion, elec-
tric, gas,
and sanitary
services
Transpor-
tation
Communica-
tion
services
Electric,
gas, and
sanitary
services
V/holesale and retail trade
Total
wholesale
and retail
trade
Wholesale trade
wholesale
trade
and
related
products
Machinery ,
equipment,
and
supplies
Miscel-
laneous
wholesale
trade
Wholesale
trade
not
allocable
Number of consolidated returns.
With net income
Number of subsidiaries
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans
Other investments
Depreciable assets
Less: AccuEiulated depreciation ,
Depletable assets
Less : Accumulated depletion ,
Land ,
Intangible assets (araortizable) ,
Less; Accujmilated ajnortisation ,
Other assets ,
Total liabilities ,
Accounts payable ,
Mortgages, notes, and bonds payable in less than one year..
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in one year or more..
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
Other interest
Rents ,
Rcyalties ,
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, noncapital assets ,
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Conrpensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans...
Other emplcyee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign corporations
Net income (less deficit) (67 plus 6S minus 40)
Net income
Deficit
Statutoiy special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility
stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (69 minus 78 plus 79),
Net income after tax
Distributions to stockholders;
Cash and property except own stock
Corporation's own stock
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
531
3,764
428
327
2,003
146
94
985
125
110
776
2,078
1,384
8,218
947
671
2,844
136
103
321
711
502
2,222
(Thousjnd dotla
129,519,790
2,181,482
5,074,679
57,572
2,818,259
1,713,836
180,035
1,217,390
3,327,132
10,439
11,808
7,812,405
136,722,761
34,099,590
192,477
76,087
689,513
133,147
35,571
1,698,247
129,519,790
2,515,209
3,125,848
8,124,083
89,153
47,888,389
4,700,705
4,012,989
23,610,061
11,878,417
1,179,459
22,555,780
160,303
54,217,
246
37,894,636
960,674
2,389,403
15,303
592,368
1,375,034
125,262
5,914
978,168
8,565
3,157
3,000,011
37,433,622
10,315,358
77,296
36,838
258,102
37,026
8,523
1,026,056
43,801,688
37,894,636
1,149,706
951,215
2,760,211
14,439
13,060,278
2,003,996
463,386
4, 563,483
2,921,114
527,324
9,526,552
47,068
52,540,239
66,291
19,526
289,299
618,427
41,987
9,697
155,231
59,070
128,568
11,646
277,265
46,770,062
30,061,343
167,100
151,113
127,834
1,178,783
3,553,185
2,184,174
35,556
11,495
5,480,465
145,050
289,823
852,614
330,185
15,301
2,186,036
7,447,184
15,225
7,442,883
7,519,244
76,361
284,143
160,169
109,231
13,297
1,446
7,237,502
3,451,224
326,299
4,317,958
4,394,328
3,212,576
86,998
17,461,780
16,433,654
33,712
9,271
134,709
495,515
13,054
772
79,895
46,002
48,272
3,929
162,995
383,564
1,047,100
18,690
1,269,691
29,303
27,541
1,211,476
1,954,243
1,645
1,569
2,883,935
44,177,593
9,650,343
177
118
142,527
79,208
20,369
281,636
43,801,688
380,789
583,504
3,384,008
70,320
13,320,432
773,693
230,264
10,946,870
6,538,532
42,888
7,533,939
3,551
20,256,417
16,498,441
11,086,353
77,477
11,919
16,951
923,498
957,988
634,797
8,409
7,007
1,665,733
16,451
84,634
117,245
80,182
10,063
799,734
963,339
5,886
959,954
1,023,355
63,401
195,565
154,317
41,009
239
830,001
385,749
84,611
658,816
722,221
498,849
6,990
19,875,233
19,863
9,068
75,386
80,500
22,888
7,308
28,663
10,272
56,361
7,681
63,194
47,823,466
837,244
1,638,176
23,579
956,200
314,499
27,232
394,721
229
7,082
1,928,459
55,111,546
14,133,889
115,004
39,131
288,884
16,913
6,679
390,555
47,823,466
984,714
1,591,129
1,979,864
4,394
21,507,679
1,923,016
3,319,339
8,099,708
2,418,771
609,247
5,495,289
109,684
17,750,242
887,153
5,140,780
110,476
4,159,920
126,918
40,815
2,968
383,606
18,905
15,930
2,404,506
5,758,103
2,272,765
307,427
82,201
486,461
38,257
12,735
456,670
17,750,242
16,499,Oi9
16,301,103
10,376,498
39,386
117,072
79,031
178,141
1,348,111
586,349
13,259
2,374
1,963,012
7
150,105
537,514
195,399
978
713,372
3,955,309
8,996
3,955,237
3,964,164
8,927
52,559
3,329
47,906
679
645
3,911,765
1,877,281
124,626
2,202,582
2,211,514
1,378,537
22,212
12,716
1,187
79,204
42,412
6,045
1,617
46,673
2,795
23,935
36
51,07u
13,970,513
3,598,492
50,237
22,122
31,852
77,149
1,247,086
963,028
13,383
1,614
1,851,720
128,592
55,084
197,855
54,604
4,260
672,930
2,528,536
343
2,527,692
2,531,725
4,033
36,019
2,523
20,316
12,613
562
2,495,736
1,188,194
117,062
1,456,560
1,460,593
1,335,190
57,796
3,141,836
2,610,276
968,880
66,352
3,452,669
640,784
308,820
1,534,224
1,762,354
42,780
3,367,535
146,263
32,490,77,
7,934,381
693,083
339,132
2,125,015
33,700
1,397,220
8,917
1,002
1,289
192,853
9,839
5,331
1,913,661
2,194,374
343,727
305,592
81,556
134,551
25,994
7,653
246,242
48,142
158,295
3,101
155,291
789
386
30
53,134
816
949
67,983
311,734
142,524
20,559
413
212
20,394
7,934,381
693,083
1,778,262
990,083
382,855
40,913
1,597,062
195,811
98,513
733,139
1,213,530
14,750
936,196
115,761
83,372
68,078
9,761
111,388
20,204
12,383
114,131
64,437
1,817
93,174
1,423
31,653,307 12,305,d71
7,951
1,633
117,572
137, 623
35,491
1,262
48,982
17,495
11,263
28,529
379,670
31,927,102
23,735,758
175,021
95,667
98,210
622,524
518,393
398,138
11,379
2,783
402,010
33,297
564,213
76,402
40,402
13,047
5,089,858
563,676
4,027
566,070
736,885
170,815
82,208
71,510
9,517
1,181
657, 699
304,886
18,027
279,211
450,094
205,994
31,270
1-,
;i,535
1,222
168
43,212
■j5,629
34,900
245
23,570
13,051
5,084
27,411
128,595
12,513,433
10,627,611
94, (
25,711
25,799
79,324
136,906
137,057
2,527
1,466
123,952
32,664
84,218
29, 675
14,341
3,005
1,090,089
125,325
2,298
127,455
234,790
107,335
25,000
19,529
4,290
1,181
210,890
96,379
4,503
35,579
142,954
43,360
18,914
2,031,937
120
11
8,285
4,786
48
19
6,065
&42
793
812
23,012
794,409
2V,389
171,391
5,239
171,365
1,314
106
31,708
406
467
206,456
232,382
86,643
9,979
1,317
15,570
1,462
410
16,023
6,444,035
794,409
96,813
157,898
25,611
5,494
123,332
29,737
22,115
138,313
88, 659
2,765
103,617
4,945
919,436
2,060,266
1,712, 5d4
9,903
6,192
2,762
18,592
22,089
15, 523
527
231
24,565
14,893
6,814
3,444
214
221,953
21,269
21,258
27,444
6,136
5,249
3,556
675
1,018
22,256
9,545
911
12,624
18,816
5,911
987
187
11
6,526
7,641
73
3
501
723
134
12,928
909,335
676,442
12,418
3,930
5,485
7,242
11,407
17,477
208
475
21,261
430
7,259
3,280
692
321
141,008
263,397
1,794,923
25,358
1,070,431
6,814
616
1,153
107,359
8,617
3,915
1,638,346
1,648,959
614,319
295, 613
80,239
93,422
24,095
7,023
207,814
6,444,035
1,565,540
748,395
289,084
25,658
1,350,302
145,808
64,002
480, 550
1,060,199
10,168
734,121
40,292
9,635,62c
915
146
28,401
43,171
34,774
221
17,004
11,721
3,562
26,415
87,242
9,541,780
10,101
10,090
20,012
9,922
2,324
1,708
616
18,074
8,212
335
2,213
12,143
3,041
1,953
3,238,218
71,554
15, 572
17,525
53,313
103,320
104,003
1,791
758
83,038
32,234
62,046
19,553
10,205
2,470
726,180
93,846
2,298
95,998
137,221
91,223
17,417
14,256
2,998
163
170,457
78,581
3,251
20,668
111,917
34,408
15,974
(41)
2,854
204
406
2
133
871
1,299
241
2,854
148
418
82
1,540
62
13
145
235
284
73
2,161
1,713
(M
1
1
387
213
17
27
177
90
54
1
2
83
20
28
n
109
113
4
10
103
41
74
73
(')
Footnote at end of table. See text for explanatory statements and for "Description of the San^jle and Limitations of the Data.'
192
CONSOLIDATED RETURNS
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
Table 23.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
^tojo^ Lndustry — Continued
Wholesale and retail trade — Continued
Retail trade
Total
retail
trade
Building
materials,
hardware,
and farm
equipment
stores
General
merchandise
stores
Food
stores
Automotive
dealers
and
gasoline
service
stations
Apparel
and
accessory
stores
Furniture,
home fur-
nishings,
and
equipment
stores
Eating
and
drinking
places
Miscella-
eous
retail
stores
Retail
trade
not
allocable
Wholesale
and
retail
trade not
allocable
(42)
(43)
(44)
(45)
(46)
(47)
Number of consolidated returns, total
With net income
Number of subsidiaries
Total assets
Cash
Motes and accounts receivable
Less : Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans
Other investments
Depreciable assets
Less; Accumulated depreciation
Depletable assets
Less : Accumulated depletion
Land
Intangible assets (amortizable)
Less ; Accumulated amortization
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in less than one
year.
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in one year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less : Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans...
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign
corporations.
Net income (less deficit) (67 plus 68 minus 40)
Net income
Deficit
Statutory special deductions , total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility
stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax(69 minus 78 plus 79)
Net income after tax
Distributions to stockholders:
Cash and property except own stock
Corporation' s own stock
1,123
703
5,354
9,764,220
544,957
2,997,404
76,457
2,750,545
117,981
39,813
1,679
189,078
9,066
9,622
488,850
3,543,795
1,418,379
1,835
645
348,517
12,263
5,082
209,378
9,764,220
1,354,007
1,615,460
580, 651
25,313
1,845,952
443,869
208,607
789,169
547,836
28,012
2,423,238
97,894
19,781,506
19,281,363
6,728
1,465
73,573
130,133
591
1,016
24,718
4,439
6,124
1,084
250,272
19,345,574
13,lCf7,038
80,100
69,514
72,353
542,645
377,013
260,173
8,835
1,317
271,769
633
479,235
46,542
25,947
10,021
3,992,439
435,932
1,709
436,176
499,510
63, 3X
57,162
51,981
5,181
444,269
207,465
13,485
242,196
305,558
162,201
12,031
(48)
(49)
(50)
(51)
77
50
189
143
96
1,512
107
60
425
227
128
629
151
106
1,030
84
56
248
155
95
636
178
116
679
(Thouamjd dollmra)
158,739
9,639
46,549
1,348
40,061
555
99
4,974
610
512
24,227
47,763
23,778
258
37
6,358
377
268
2,188
158,739
29,155
28,358
6,525
1,976
18,759
2,718
4,039
25,426
19,829
127
23,371
1,544
255,353
241,526
37
(')•
779
2,594
(1)
28
885
292
4A
255,719
180,964
3,155
853
4,091
4,533
3,973
3,568
60
28
5,326
146
3,441
498
602
9
44,472
-366
-366
4,480
4,846
579
541
38
3,909
1,670
. 104
-1,932
2,915
667
218
7,013,218
309,060
2,544,378
60,943
1,922,271
100,725
38,561
149
108,615
1,089
1,203
336,588
2,224,009
847,845
7
(')
216,006
8,829
3,353
113,874
7,013,218
919,411
1,296,059
418,795
10,165
1,350,272
334,637
143,463
502,052
257,221
17,994
1,814,772
51,623
11,628,908
11,362,699
6,196
1,016
62,738
70,879
14
612
15,138
444
5,036
1,075
103,061
11,327,461
7,221,517
30,307
34,270
52,240
328,886
262,209
213,303
6,938
729
154,072
(M
352,478
30,338
9,940
5,045
2,625,189
301,447
1,709
302,140
321,466
19,326
41,147
36,877
4,270
281,544
132,727
8,557
177,970
197,298
U4,522
4,233
835,113 336,935 499,887 182,513 348,982 388,326
89,305
51,022
730
282,636
10,959
5
21,215
988
3,938
24,737
515,194
227,891
1
(M
40,685
238
124
22,935
835,113
162,000
23,235
50,605
2,185
138,712
36,372
26,553
85,978
112,624
401
212,319
15,871
4,013,549
239
269
1,532
4,715
18
22
1,983
1,160
321
3
23,387
3,930,683
3,126,492
9,558
17,468
1,814
67,009
37,612
9,695
298
76
44,266
76
57,815
9,943
6,941
l&i
541,456
82,866
82,597
86,536
3,939
1,079
806
273
85,461
40,513
2,706
44,790
48,732
28,380
5,783
17,482
58,565
1,843
111,137
34
195
70
8,758
1,473
1,602
22,574
141,620
56,324
405
308
18,726
292
102
12,579
336,935
30,829
111,319
15,013
3,820
73,676
11,238
4,291
31,346
17,021
4,371
36,416
2,405
939,817
913,552
27
10
1,739
8,281
30
97
815
792
247
1
14,226
943,015
767,272
9,477
3,231
2,277
11,722
10,022
9,653
127
128
16,691
188
9,077
658
473
3,444
98,575
-3,198
-3,208
8,427
11,635
1,862
1,662
200
6,588
2,663
208
-5,663
5,976
1,090
223
52,245
84,966
2,878
177,433
1,755
827
811
16,938
3,095
10
22,073
180,951
76,204
1,159
300
26,643
69
23
10,317
73,608
41,914
36, 635
2,189
95,841
8,218
11,722
41,706
59,530
711
145,367
17,554
1,131,168
46
129
2,526
23,143
85
244
1,654
1,016
1,115,310
696,474
10,627
3,315
4,040
55,009
21,904
7,038
601
42
14,489
140
25,120
1,358
555
28
274,570
15,858
15,729
24,260
8,531
5,386
5,341
45
18,886
8,377
715
8,067
16,599
3,825
9,698
96,755
5,811
38,993
1,380
477
2,712
277
1,654
6,356
39,672
18,316
5
6,783
26
16
1,863
22,124
69,050
1,332
20,593
2,262
70
18
13,745
1,205
703
34,026
257,041
114,683
20,541
1,795
1,012
22,836
182,513 I 348,982
23,540
36,153
9,441
1,275
26,765
20,258
7,167
24,461
22,595
2,245
12,552
3,939
256,174
39
790
1,033
(M
528
51
171
3
24,735
252,722
139,797
3,726
874
3,638
6,786
7,035
4,902
171
11
2,888
4
8,591
475
590
430
72,754
3,452
3,413
7,7e£
4,349
1,2X
1,092
142
6,583
2,984
87
516
4,865
1,362
13
36,512
37,895
18,697
2,169
75,794
21, 573
7,223
48,033
23,148
525
80,409
2,996
559,291
86
2
2,308
8,405
444
1
1,349
233
139
20,422
551,077
292,085
6,329
6,471
1,524
39, 540
18,632
5,842
176
198
18,784
(')
8,481
1,505
2,070
557
148,883
8,214
8,212
15,366
7,154
2,650
2,530
120
12,724
5,655
592
3,149
10,306
6,944
1,018
35,396
45,993
1,567
157,054
311
160
50
12,119
329
18,269
137,527
53,328
12,775
637
184
22,785
388,326
78,561
40,527
24,931
1,534
66,030
8,855
4,149
30,164
35,363
1,638
98,031
1,962
995,876
952,250
40
(')
1,161
11,033
(')
12
2,366
451
111
2
28,450
968,246
681,456
6,872
3,032
2,712
29,157
15, 570
6,144
464
105
15,251
79
14,200
1,767
4,776
34-4
186,317
27,630
27,630
31,134
3,554
3,208
3,115
93
28,562
12,373
516
15,273
13,841
5,411
543
126
362
13
10
9
103
1,370
1,343
981
49
(1)
6
28
(')
29
29
17
17
12
3
26
26
Footnote at end of table. See text for explanatory statements and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
CONSOLIDATED RETURNS
193
Table 23.— BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Number of consolidated returns^ total.
With net income
Number of subsidiaries
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local ,
Not stated ,
Other current assets
Loans to stockholders
Mortgage £md real estate loans ,
Other investments ,
Depreciable assets ,
Less: Accumulated depreciation
Depletable assets ,
Less : Accumulated depletion ,
Land
Intangible assets (araortizable)
Less: Accumulated amortization ,
Other assets
Total liabilities ,
Accounts payable ,
Mortgages, notes, and bonds payable in less than one year..
Other current liabilities ,
Loans from stockholders ,
Mortgages, notes, and bonds payable in one year or Tnore....
Other liabilities ,
CapitEil stock, preferred
Capital stock, common ,
Paid-in or capital surplus
Retained earnings, appropriated ,
Retained earnings, unappropriated
Less : Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or g if ts
Amortization ,
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans.
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign corporations..
Net income (less deficit) (67 plus 68 minus 40)
Net income
Deficit
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Uestem Hemisphere Trade Corporation deduction
Income subject to tax
Income tax
Investment credit *
Net income (less deficit) after tax (69 minus 78 plus 79)
Net income after tax
Distributions to stockholders:
Cash and property except own stock
Corporation ' s own stock
Majoi' industry — Continued
Finance, insurance, and real estate
Total
finance,
insurance,
and real
estate
(5J)
2,252
1,295
9,268
Banks and
trust
companies
(54)
196
169
597
Credit
agencies
other than
banks
(55)
426
231
Security and
commodity
brokers,
dealers,
exchanges,
and services
(56)
Holding"
and other
investment
companies
(57)
Insurance
carriers
(58)
104
82
570
Insurance
agents,
brokers,
and service
(59)
{Thousand dollars)
143,647,507
20,728,464
60,136,392
1,619,884
203,135
10,570,234
11,499,436
231,225
2,769,858
18,306
11,738,690
16,922,842
8,082,875
1,582,178
563,868
140,336
1,437,897
88,661
22,963
2,020,985
143,647,507
1,306,492
5,426,412
97,117,138
516,874
9,685,393
10,012,917
442,306
3,722,755
5,774,134
2,504,529
7,238,394
99,837
94,956,030
19,238,867
52,723,064
879,862
12,169
8,215,606
7,714,898
66,846
737,563
970
2.527,7&4
2,453,782
1,553,162
274,125
1,256
749
147,170
1,030
167
716,786
94,956,030
35,409
923,421
83,308,013
1,109
1,873,037
1,5&4,432
44., 633
2,022,956
2,964,988
478,961
1,745,623
11,552
15,224,218
435, 570
3,464,875
647,355
43,252
616,925
26,654
27,975
227,971
2,579
8,800,551
1,490,998
359,144
75,414
161,644
33,723
109,571
15,310
4,930
202,621
15,224,218
16,781,271
10,293,293
375, 637
377,175
4,156,190
333,203
120,686
7,502
194,816
366,960
286,035
10,969
258,805
15,531,879
5,002,258
371,128
57,051
327,006
282,019
555,619
2,720,277
14,853
9,389
339,494
82,421
129,792
148,384
41,656
206,852
5,243,680
1,249,392
7,868
880,085
1,087,277
207,192
375,896
131,593
244,302
725,286
318,619
8,868
570,334
777, 633
661,320
66,801
4,293,395
728,681
278,202
223,502
2,929,923
77,050
791
355
5,398
288
8,542
3,431
37,232
3,750,140
86,751
177,892
15,461
182,084
86,694
120,926
1,613,002
6,X2
1,618
100,243
221
47,255
80,905
15,406
189,771
1,025,569
543,255
570
320,323
336,006
15,683
8,934
1,690
7,244
327,077
155,508
5,356
170,171
185,928
300,122
12,180
155,376
2,650,500
8,468,651
11,902
2,211,364
465,345
68,200
299,135
649,060
267,555
2,958
25,828
1,268,597
102,013
774,983
278
32,594
43,018
4,291
8,499
85,322
625
28
106,893
93,326
40,474
(M
17,792
716
161
39,410
1,279,209
402,907
27,911
1,422
759,821
31,935
176
625
16,605
4,347
4,218
1,317,583
55,741
37,347
5,207
106,405
26,142
30,401
671,445
466
1,621
22,302
4,307
25,005
3,533
1,619
2,998
322,544
-38,374
-39,796
42,951
82,747
12,793
8,993
3,800
30,757
12,477
201
-52,072
30,701
18,766
16,085
472,792
206,688
140,829
13,282
143,639
39,050
26,740
38,948
32,725
11,296
145,934
3,326
3,218,465
96,728
331,391
9,987
13,188
58,727
255,907
2,442
50,805
2,752
244,310
819,726
1,250,353
116,539
110,455
13,919
28,930
13,112
1,323
81,407
3,218,465
490,437
242,002
2,631
1,829
30,885
2,909
10
329
2,833
171,634
2,454
140
32,781
414,212
8,593
36,554
1,312
2,314
16,937
14,675
20,561
1,380
332
6,149
(M
6,106
9,269
2,738
751
286,541
76,225
118
74,514
78,226
3,712
2,193
116
2,077
76,342
36,102
552
38,964
42,676
12,897
7,722
70,705
84,496
263,509
14,745
826,507
874,958
130,174
116,768
218,889
197,794
453,560
33,640
21,047,221
585,468
1,687,569
14,892
26,534
1,581,020
3,485,387
119,646
1,107,227
206
55,158
11,190,201
506,051
71,554
842
67
61,408
4,827
625
722,815
21,047,221
363,126
153,355
4,423
11,764
76,178
11,570
25,153
1,465
30,378
2,009
33,931
3,926
8,974
275,843
41,931
6,980
1,300
3,018
5,981
6,046
49,675
407
193
10,957
13,156
3,812
2,184
694
1,496
128,013
87,283
3,134
78,653
86,799
8,146
51,827
23,085
28,742
37,545
12,785
285
66,153
74,300
38,287
15
200,585
559,340
4,645,602
394,584
409,179
6,537,850
87,855
859,483
1,292,807
1,519,487
4,545,463
5,014
1,699,415
7,834,216
58,594
137,758
288,061
42,178
486
76,141
4,190
224,000
3,176
29,735
8,191,750
4,524,176
51,704
5,137
18,922
77,593
224,373
90,328
3,961
339
38,650
156
23,182
43, 658
17, 638
1,398
3,070,535
507, 665
97
370,004
383,911
13,907
258,488
66,925
191,563
133,198
52,418
1,553
319,139
333,046
238,579
20,814
63
283
333,956
57,960
91,619
2,597
2,272
2,360
1,949
265
48,839
218
5,858
83,997
40,914
15,733
2,824
255
119
13,075
333,956
137,997
11,829
22,108
2,553
23,924
26,140
2,268
29,069
47,994
5,715
26,075
1,716
215,925
194,681
313
140
4,204
2,616
1
1,677
117
1,515
14
10,642
189,825
37,332
23,791
347
1,176
9,421
6,051
2,867
500
26
3,100
(M
1,195
4,437
1,061
249
98,272
26,100
3,946
29,906
32,127
2,221
2,100
804
1,296
30,055
13,954
148
16,100
18,321
7,406
1,033
Real
estate
(60)
1,214
611
4,361
7,599,020
211,858
1,062,891
64,913
73,126
52,578
10,350
5,552
512,131
10,956
105,021
777,245
4,279,925
988,339
289,671
91,878
1,070,202
53,411
15,638
244,871
7,599i020
233,628
985,138
268,426
78,699
4,197,743
505,142
82,436
356,396
567,671
23,721
318,781
18,761
1,439,764
737,451
3,563
760
67,118
164,945
94,069
3,843
61,784
184,375
11,375
236
110,245
1,392,526
247,734
36,360
28,287
13,087
59,251
153,147
272,399
1,797
5,260
158,093
64,581
23,237
4,398
2,500
10,189
312,206
47,238
3
46,481
127,257
80,776
39,561
29,980
9,580
90,312
35,375
773
11,879
92,661
45,263
8,952
Footnote at end of table. See text for explanatoiy statements and for "Description of the Sample and Limitations of the Data.
194
CONSOLIDATED RETURNS
Corporation Returns/1966 • Consolidated Returns and Controlled Groups
Table 23. —BALANCE SHEETS AND INCOME STATEMENTS, BY MAJOR INDUSTRY— Continued
Major industry — Continued
Total
services
Hotels,
rooming
houses,
camps, and
other lodging
places
Personal
services
Business
services
Automobile
and other
repair
services
Motion
pictures
Amusement
and
recreation
services,
except
motion
pictures
Miscella-
neous
services
(a)
(62)
(63)
(64)
(65)
(66)
(67)
(68)
Number of consolidated returns, total.
With net income
Number of subsidiaries
Total assets.
Cash
Notes and accounts receivable
Less : Allowance for bad debts
Inventories
Investments in Government obligations:
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans
Other investments
Depreciable assets
Less : Accumulated depreciation
Depletable assets
Less; Accumulated depletion
Land.
Intangible assets (amortizable). .-
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in less than one year
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in one year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings , unappropriated
Less : Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations;
United States
State and local
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, noncapital assets
Dividends, domestic corporations
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Amortization ■
Depreciation
Depletion
Advertisii^
Pension, profit sharing, stock bonus, annuitj' plans.
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign corporations..
Net income (less deficit) (67 plus 68 minus AO)
Net income
Deficit
Statutory special deductions, total
Net operating loss carryover
Dividends received deduction
Deduction for dividends paid on certain public utility stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax
Income tax
Investment credit
Net income (less deficit) after tax (69 minus 78 plus 79)
Net income after tax
Distributions to stockholders:
Cash and property except own stock
Corporation' s own stock
1,038
666
■;,245
6,797,793
412,186
1,298,909
29,526
760,323
57,396
4,020
3,113
304,050
7,623
49,166
966,365
3,523,415
1,327,350
13,051
210
425,497
72,050
45,171
302,886
6,797,793
714, 663
939,945
479,050
91,793
2,142,432
378,867
64,150
490,705
742,449
46,783
801,079
94,123
6,138,737
5,759,210
2,252
174
39,783
139,843
28,492
677
34,327
11,485
11,872
17,874
92,748
S3", 434
3,:o^,b08
116,331
75,361
31,440
179,784
206,680
168,544
5,519
3,076
586,316
2,773
106,576
41,937
21,789
4,515
1,026,185
299,303
11,824
310,953
360,819
49,866
4i,499
31,985
10,029
2,485
319,347
146,263
6,915
171,605
221,520
63,442
13,711
135
71
944
326
223
935
91
61
166
119
78
979
131
82
605
143
94
325
(Thousand dolle
1,701,996
81,962
176,381
6,132
23,808
3,930
693
10
35,201
4,546
40,577
220,052
1,408,727
537,366
759
200,554
2,635
329
45,988
1,701,996
86,653
178,292
81,483
24,290
785,385
62,142
20,835
92,421
188,805
5,669
222,445
46,424
1,147,1(1:
1,005,534
252
59
10,893
81,487
631
12
18,975
1,986
2,894
275
24,164
1,110,314
517,700
9,052
30,746
7,365
61,305
68,400
54,243
726
235
81,191
1,889
25,544
3,144
5,981
426
242,307
36,848
36,789
45,389
8,600
9,427
7,022
2,405
38,066
15,028
1,498
23,259
31,860
10,539
587
108,954
5,449
16,265
943
8,686
328
28
30
2,581
134
1,531
16,080
68,503
32,263
9,257
217
27
13,098
108,954
11,185
21,282
5,392
962
24,933
6,360
3,969
15,276
17,571
28
3,577
1,581
116,723
112,772
465
1,522
1
(')
218
261
339
903
115,405
63,547
3,706
1,472
781
3,762
4,264
3,038
87
103
4,838
4
1,863
502
327
68
27,043
1,318
54
1,368
4,388
3,020
757
539
218
3,842
1,698
145
-185
2,842
875
1,875,971
134,623
624,196
16,957
77,506
18,193
2,806
2,174
91,275
986
946
220,626
344,851
260,821
487
106
29,566
8,100
2,447
99,967
1,875,971
331,826
220,729
122,872
26,201
460,141
147,607
24,217
123,965
165,174
23,965
.^42,583
13,309
2,311,574
2,250,390
803
72
U,843
13,883
507
409
4,388
1,077
1,566
4,741
21,895
2,201,190
1,469,559
59,076
21,324
11,305
53,653
58,404
40,174
2,119
1,044
94,119
191
22,320
27,822
11,585
861
327,634
110,384
5,886
116,198
132,405
16,207
12,574
U.,179
1,333
62
119,913
56,194
3,142
63,146
79,356
22,518
4,844
218,967
12,021
33,865
656
8,474
437
40
73
5,409
181
1,224
6,505
202,310
74,994
27
9
8,488
183
71
15,460
218,967
13,836
34,938
7,524
2,388
117,320
14,929
1,470
13,132
10,505
335
2,793
703
183,682
19
2
616
2,514
19
10
1,417
1,295
23
(M
2,714
184,304
98,875
2,915
2,264
931
8,013
6,379
8,891
22
622
32,994
50
1,789
52
304
151
20,052
-622
-624
2,934
3,558
625
605
20
2,332
921
82
-1,463
2,U8
42
2,113,283
104,354
366,134
2,878
633,658
20,334
2
99
133,444
490
336
419,004
518,505
264,393
82,713
44,530
37,475
94,426
2,113,283
220,153
418,584
213,002
30,353
457,763
112,497
5,433
174,576
244,754
15,369
236,887
16,083
1,668,338
1,562,804
507
10
11,621
24,774
23,102
232
4,438
2,763
3,380
11,725
22,982
786,263
19,957
12,011
7,623
26,544
25,254
38,683
1,583
132
339,078
248
41,709
4,281
1,237
2,366
256,392
104,922
5,413
110,325
117,394
7,069
10,003
4,765
2,870
2,368
107,916
50,736
1,321
60,910
67,979
17,204
3,091
497,606
38,113
21,283
489
2,676
161
431
374
23,306
497
3,367
46,257
370,642
127,723
142
95
81,806
14,622
3,956
25,192
497,606
21,044
43,325
20,520
6,868
222,840
21,457
6,181
50,827
30,983
178
34,508
11,125
343,835
315,166
177
22
3,141
8,218
1,275
(M
2,453
3,471
627
2
14,283
330,385
137,608
6,172
6,025
818
17,716
33,280
18,067
814
786
25,098
33
7,658
1,739
646
556
73,364
18,450
74
18,502
28,338
9,336
6,092
5,563
529
22,308
10,473
367
8,396
18,232
4,138
281,016
35,664
60,785
1,471
5,515
14,013
20
353
12,334
789
685
37,841
109,877
29,790
11,636
13,113
1,763
866
3,755
281,016
29,966
22,795
28,257
731
74,050
13,875
2,045
20,508
34, 657
739
58,286
4,893
362,423
480
5
1,204
7,445
2,957
14
2,432
675
3,121
792
5,807
334,420
138,991
15,453
1,519
2,617
8,791
10,699
5,443
168
154
8,998
353
5,693
4,397
1,659
37
79,393
28,003
397
28,395
29,971
1,576
5,021
2,312
2,654
55
24,970
11,213
360
17,542
19,133
8,126
5,130
^Less than $500 per return.
NOTE; See text for explanatoi^ statements
and for "Description of the Sample and Limitations of the Data."
Corporation Returns/1966 * Consolidated Returns and Controlled Groups
195
CONSOLIDATED RETURNS WITH NET INCOME
Table 24.— BALANCE SHEETS AND INCOME STATEMENTS, BY INDUSTRIAL DIVISION
Total
consolidated
retxims
with net
income
All industrial divisions
Agricul-
ture,
forestry,
and
fisheries
Mining
Contract
construc-
tion
Manufac-
turing
Transporta-
tion, commu-
nication,
electric,
gas, and
sanitary
services
Wholesale
and retail
trade
Finance,
insurance,
and real
estate
Nature
of
business
not
allocable
Number of consolidated returns with net income.
Number of subsidiaries
Total assets
Cash
Notes and accounts receivable
Less: Allowance for bad debts
Inventories
Investments in Government obligations :
United States
State and local
Not stated
Other current assets
Loans to stockholders
Mortgage and real estate loans....
Other investments
Depreciable assets
Less: Accumulated depreciation.
Depletable assets
Less: Accumulated depletion....
I^nd
Intangible assets (amortizable).,.
Less: Accumulated amortization.
Other assets
Total liabilities
Accounts payable
Mortgages, notes, and bonds payable in less than one
year.
Other current liabilities
Loans from stockholders
Mortgages, notes, and bonds payable in one year or more
Other liabiHties
Capital stock, preferred
Capital stock, common
Paid-in or capital surplus
Retained earnings, appropriated
Retained earnings, unappropriated
Less: Cost of treasury stock
Total receipts
Business receipts
Interest on Government obligations:
United States
State and local
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, noncapital assets ■
Dividends, domestic corporations ■
Dividends, foreign corporations
Other receipts
Total deductions
Cost of sales and operations
Compensation of officers
Repairs
Bad debts
Rent paid on business property
Taxes paid
Interest paid
Contributions or gifts
Ajnortization
Depreciation
Depletion
Advertising
Pension, profit sharing, stock bonus, annuity plans.
Other employee benefit plans
Net loss, noncapital assets
Other deductions
Total receipts less total deductions
Constructive taxable income from related foreign
corporations.
Net income (66 plus 67 minus 39)
Statutoiy special deductions, total
Net operating loss carryover ■
Dividends received deduction ■ • • ■
Deduction for dividends paid on certain public utility
stock.
Western Hemisphere Trade Corporation deduction
Income subject to tax
Income tax
Investment credit
Net income after tax (68 minus 75 plus 76) .
Distributions to stockholders:
Cash and property except own stock.
Corporation's own stock
(1)
6,55*
29,267
46<;,148,373
28,770,834
106,345,297
2,318,344
37,228,631
15,867,712
11,969,035
1,563,944
10,149,636
101,354
8,861,810
51,910,042
274,642,679
102,889,249
10,280,645
4,810,479
5,860,045
3,253,038
2,207,395
9,569,138
464,148,373
23,602,430
20,660,093
107,793,144
976,666
87,537,527
22,399,828
7,004,107
50,388,461
38,107,843
5,934,268
101,494,461
1,750,455
322,024,341
633,379
408,311
4,867,698
1,858,004
715,273
32,128
1,702,737
477,019
1,255,217
1,261,943
3,165,626
291,986,127
201,326,376
1,435,871
3,519,112
815,115
3,814,587
12,065,425
6,874,850
229,238
55,820
14,086,503
3,592,525
3,952,294
3,260,136
1,801,235
240,341
34,916,699
30,038,214
737,651
30,367,554
2,072,663
680,401
1,068,061
13,297
310,904
28,330,563
13,242,307
910,081
18,035,328
11,652,379
808,129
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
56
141
123
520
2,156
10,972
531
3,156
1,384
5,086
1,295
5,531
666
2,968
562,695
21,795
72,662
7,083
70,472
5,132
9,669
398
8,078
409
899
127,862
418,112
246,610
12,750
2,432
29,502
6,24B
987
35,819
562,695
20,792
46,753
24,617
3,500
48,039
41,506
15,769
29,669
199,487
9,084
151,564
28,085
733,199
714,021
125
204
5,374
3,250
319
4,893
419
543
134
3,912
674,941
367,055
4,616
14,291
906
29,357
15,564
5,343
181
5
20,407
1,159
7,885
2,182
5,251
31
200,708
58,258
4,841
62,895
10,315
1,694
460
8,161
52,680
24,470
563
38,988
,346
125
6,^2,014
396,654
1,177,987
6,871
409,361
206,402
58,396
614
121,598
17,623
10,682
1,064,269
4,771,022
2,356,266
1,149,289
674,823
71,737
133,382
33,547
164,455
6,682,014
475,074
193,047
791,038
40,612
771,414
179,191
41,705
653, 580
871,548
28,034
2,715,580
73,809
5,737,478
5,559,233
7,439
845
30,079
21,095
13,369
267
45,391
3,944
38,436
27,702
34,178
4,465,715
2,911,121
24,554
51,655
3,413
34,947
123,252
50,592
3,144
822
270,135
581,067
5,294
23,257
24,882
4,312
352,718
1,321,763
10,635
1,331,553
94,312
20,581
32,660
41,571
1,237,997
586,033
12,060
757,575
733,522
50,394
2,870,709
213,606
817,197
3,029
136,733
9,813
2,374
1,185
357,512
2,609
26,160
387,130
1,116,654
461,083
49,553
19,204
100,837
4,367
1,878
80,068
2,370,709
630,234
410,501
267,019
10,078
404,915
173,135
25,235
214,480
235,619
9,824
570,292
80,673
4,972,353
4,784,769
342
214
22,516
55,356
2,292
24,611
9,503
7,929
5,525
59,262
4,:
,451
4,199,133
46,857
23,561
4,906
30,270
53,860
47,001
2,309
729
89,015
2,490
8,766
17,492
11,320
293
263,949
169,902
2,902
172,590
19,503
11,809
6,739
955
153,430
68,114
5,337
109,813
33,267
4,209
135,066,280
6,501,953
40,833,432
774,339
29,479,015
4,531,659
1,091,661
151,419
3,465,392
40,967
98,988
25,556,583
122,655,819
62,399,739
3,366,184
3,832,145
3,628,961
2,851,788
2,073,467
5,442,199
185,066,280
16,585,508
10,778,206
11,537,362
284,960
29,768,566
7,598,083
2,365,599
21,341,469
19,026,745
2,345,091
64,058,666
1,123,975
211,570,239
203,703,455
219,340
44,246
757,486
751,070
535, 569
17,153
1,244,329
33,145
779,763
1,131,877
2,247,306
193,112,095
138,697,229
664,200
3,106,286
352,559
1,792,196
7,383,671
2,056,136
156,941
33,512
7,294,074
2,796,415
2,973,981
2,124,844
1,343,941
48,557
22,272,553
18,458,144
682,207
1,168,740
250,374
662,762
255,104
17,946,622
8,342,926
532,012
11,285,191
6,749,236
583,422
126,108,209
2,104,886
4,387,058
52,627
2,760,705
1,684,017
179,797
1,216,482
3,247,684
10,160
11,355
7,595,191
133,167,902
32,997,500
186,053
75,353
509,243
119,011
32,699
1,586,834
126,108,209
2,373,524
2,962,727
7,888,297
63,884
46,473,679
4,393,711
3,885,365
23,030,457
11,680,473
1,145,343
22,362,557
156,808
52,217,022
50,666,405
65,155
19,497
281,661
540,740
41,679
9,687
143,610
50,046
126,943
11,544
260,055
44,693,505
28,738,306
153,336
150,753
123,523
1,035,558
3,423,770
2,116,868
35,552
10,472
5,364,476
144,700
282,463
845,543
322,302
13,174
1,927,199
7,523,517
15,224
7,519,244
282,763
160,169
107,356
13,297
1,446
7,237,502
3,451,215
326,299
4,394,323
3,204,413
86,356
12,847,073
701,435
3,909,157
37,036
3,459,367
121, 610
39,988
2,316
279,155
14,713
11,512
925,964
4,272,908
1,758,557
256,156
58,117
401,300
22,453
8,067
327,321
12,847,078
1,900,678
1,949,954
847,374
49,685
2,406,040
473,001
256,605
985,315
375,319
29,331
3,189,413
122,142
26,240,531
25,650,966
7,545
1,203
85,921
124,903
25,291
274
36,583
4,373
9,757
6,633
236,582
25,504,699
18,836,315
131,056
74,173
75,956
504,877
419,092
303,654
11,350
1,593
307,353
22,348
472,293
65,873
30,060
3,894
4,244,807
735,832
2,256
736,335
80,973
71,510
8,232
1,181
657,699
304,318
13,027
450,094
138,523
20,067
124,504,213
18,472,531
53,516,395
1,363,081
120,039
9,262,660
10,535,662
188,209
2,403,264
8,098
3,665,245
15,410,923
5,627,747
1,103,569
248,211
98,197
810,358
62,017
16,531
1,703,682
124,504,213
1,020,116
3,602,399
36,030,544
451,543
6,155,199
9,218,255
363,356
3,238,168
4,641,560
2,323,909
7,525,048
75,839
15,082,854
9,459,493
331,573
341,950
3,652,245
243,121
71,073
4,064
170,625
314,159
280,721
10,762
203,068
13,661,389
4,672,854
312,495
40,365
229,695
241,292
461,343
2,175,026
14,779
6,589
236,094
41,607
103,306
141,167
38,635
163,050
4,778,092
1,421,465
7,762
1,087,277
371,439
131, 593
239,895
725,236
318,512
777,633
624,676
50,386
5,505,029
357,927
1,131,252
24,277
732,887
46,419
1,488
2,821
266,919
6,775
36,969
841,559
2,610,858
1,065,442
12,439
203
304,345
53,772
40,219
228,745
5,505,029
591,318
716,315
406,272
72,094
1,508,538
317,946
45,306
394,170
575, 512
33,652
922,389
83,983
5,419,942
5,103,426
1,360
152
32,415
113,469
25,581
644
31,536
5,930
11,125
17,766
70,938
5,070,795
2,903,836
98,680
58,002
24,155
145,090
174,320
120,113
4,982
2,093
504,772
2,739
93,301
39,773
19,344
1,530
876,559
349,147
11,824
360,819
43,877
31,935
9,407
2,435
319,347
145,214
6,915
221,520
61,396
13,170
(10)
47
157
1
2
511
1,657
433
2,146
186
191
121
305
1,137
117
653
1,080
-1,553
91
723
188
(M
27
77
21
1
53
117
(M
(M
186
136
^lesE than $500 per return. .
NOTE: See text for explanattJiy statements and for "Description of the Sample and Limitations of the Data.
CONTENTS
Changes in Law, 197
Text table
8.1 Small Business Corporation returns as a percent of total returns.
1958-1966, 197
Basic tables
25 Returns, net income, and total assets, by size of total assets, by industrial
division, 198
26 Distributions to shareholders, for returns with net income and without net
income, 199
27 Year of incorporation and year of election to be taxed through share-
holders, 200
Section
8
Small Business Corporation
Returns, Form 1120-S
Since the enactment in 1958 of the provisions of the
Internal Revenue Code permitting corporations to elect
to file as Small Business Corporations, the. number of
corporations making the election has steadily increased.
Table 8.1 shows that for 1959, the first full year of opera-
tion under the law for which statistics are available, 6.6
percent of the returns filed were Small Business Corpora-
tions, while for 1966, Small Business Corporations ac-
counted for more than 12 percent of the returns filed.
Statistics about the year of incorporation of Small
Business Corporations, last presented for tax year 1960,
are presented in table 27, cross-classified by the year of
election by the corporation to file under the provisions of
subchapter S. More than 25 percent of these businesses
were incorporated prior to the availability of the option
to elect not to be taxed as a corporation.
Statistics for net income and total assets, by the size
of total assets for each industrial division, are included
in table 25. Table 26 presents selected income and dis-
tribution items by industrial divisions,
CHANGES IN LAW
Prior to 1966, Small Business Corporations electing to
be taxed through their shareholders filed Form 1120-S
as an information return since they were not subject to
the income tax. Distributions from current earnings and
profits were taxed to the shareholders and were sub-
tracted from net income at the close of the corporation's
taxable year to determine undistributed net income. Each
shareholder was then taxed on his share of undistributed
net income as if it had been distributed as a dividend. If,
however, dividends during the year exceeded net income,
the excess was treated as a nontaxable distribution of
previous year earnings and profits.
Public Law 89-389, effective April 14, 1966, retained
the basic framework for taxing electing Small Business
Corporations, but made three significant changes. (1)
Corporations were subjected to a special tax on certain
net long-term capital gains. (2) Shareholders were per-
mitted to treat any distributions made within 2-1/2
months after the close of the corporation's taxable year
as tax free distributions of previously taxed undistributed
net income. (3) Companies in their first or second year
of operation were granted relief from the provision re-
quiring an automatic termination of the election if more
than 20 percent of gross receipts consisted of passive
investment income such as rents, royalties, interest, and
dividends. (See section 1372 of the Code). New companies
could retain their election even though passive investment
income exceeded the 20 percent limit as long as it did not
exceed $3,000 in each of their first 2 taxable years.
Table 8.1— SMALL BUSINESS CORPORATION RETURNS AS A PERCENT OF
TOTAL RETURNS, 1958-1966
Total
lumber of
active
corporation
returns
Small Business
Corporation returns
Year
Number of
returns
Percent of
total
returns
(1)
(2)
(3)
1958
990,381
1,074,120
1,140,574
1,190,286
1,268,042
1,323,187
1,373,517
1,423,980
1,468,725
H3,945
71,140
90,221
106,048
123,666
139,112
157,855
173,410
181,851
4.4
I960
7.9
8.9
1962
9.8
1965
12.2
12.4
^Returns with accounting periods beginning after December 31, 1957, and ending after
September 2, 1958, filed under provisions added to the Internal Revenue Code on
September 2, 1958.
Section 1378 of the Code, effective for taxable years be-
ginning after April 14, 1966, subjected the electing cor-
poration to a capital gains tax assessed at the corporate
level. Its purpose was to prevent reorganizations designed
to make use of the election in order to avoid the capital
gains tax at the corporate level and turn ordinary income
to the shareholder into capital gain. The electing corpora-
tion was subject to the special tax if net income exceeded
$25,000 and net long-term capital gain exceeded net short-
term capital loss by more than $25,000 and was more than
50 percent of net income. The tax (imposed on gains rea-
lized from sales occurring only after February 24, 1966)
amounted to 25 percent of net long-term capital gain in
excess of $25,000, but could not be greater than the tax
which would have been due at the 48 percent combined
normal and surtax rates on total net income if the cor-
poration had not made the election. The net income, spe-
cifically the capital gain income, taxable to shareholders
was reduced by the tax imposed at the corporate level.
Corporations were exempt from the tax if the election
under section 1372 was in effect for each of the 3 previous
taxable years, or if they had been in existence for 4 years
or less and had been Small Business Corporations during
the entire period. However, these conditions did not ex-
empt corporations that had realized a capital gain on prop-
erty obtained in any of the 3 preceding taxable years
through a tax free exchange with another related cor-
poration which was not an electing Small Business Cor-
poration at the time of the transfer or at any subsequent
date.
The capital gain tax base and the tax for Small Business
Corporations are included for the first time for 1966 in
income subject to tax and income tax. Both were minimal
for 1966 and are not shown separately. In part, this re-
flected the fact that the law was first controlling only for
accounting periods ended in April, May, and June 1967.
197
198
Corporation Returns/1966 • Small Business Returns
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Corporation Returns/1966 • Small Business Returns
199
+3 13 ->
§ s r
m -o St c
>t r-l -^ c
C- t^ IN n
m rn en OD
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S fc W s
200 Corporation Returns/1966
ACTIVE SMALL BUSINESS CORPORATION RETURNS, FORM 1120-S
Small Business Returns
Table 27.— YEAR OF INCORPORATION AND YEAR OF ELECTION TO BE TAXED THROUGH SHAREHOLDERS: NUMBER OF RETURNS, AND SELECTED INCOME ITEMS
Year of incorporation
Item and year of election to be taxed through shareholders
Number
of
returns
Total
receipts
(Ihouaand
doltara)
Net long'
term capital
gain reduced
by net
short-term
capital loss
dollar*)
Net income
(less
deficit)
(Thoumattd
doli«r*J
Number
of
returns
Total
receipts
(ThautBnd
dojiarij
Net long-
term capital
gain reduced
by net
short-term
capital loss
(Thouaand
dyltara)
Net income
(less
deficit)
( Thotiaand
dollar a)
Number
of
returns
Total
receipts
Net long-
term capital
gain reduced
by net
short-term
capital loss
f Thoua«i
Net income
(less
deficit)
(nouam
dollar,
All years
Prior to 1900..
1900-1919
1920-1939
1940-1949
1950-1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965,
1966'
Not shown
All years
Prior to 1900..
1900-1919
1920-1939
1940-1949
1950-1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
19&t
1965
1966'
Not shown
All years
Prior to 190O. .
1900-1919
1920-1939
1940-1949
1950-1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966'
Not shown
All years
Prior to 1900..
1900-1919
1920-1939
1940-1949
1950-1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966'
Not shown
181,851
117
1,411
6,764
11,010
12,220
4,203
4,721
5,715
8,436
15,289
11,934
13,077
13,201
15,317
17,756
20,684
12,033
7,963
50,909,933
78,492
972,999
3,535,614
5,511,927
4,980,199
1,937,529
1,749,637
1,764,344
2,678,297
4,890,963
3,284,858
3,667,806
2,821,785
3,451,027
3,298,200
3,264,547
1,166,207
1,855,502
151,473
138
6,412
18,800
27,108
13,918
3,798
3,371
4,274
6,622
8,995
17,424
7,543
3,189
5,894
6,419
8,829
1,490
7,249
1,655,084
2,891
47,404
133,668
177,592
186,114
56,403
83,842
70,729
85,127
178,117
148,626
124,195
99,852
82,407
95,018
35,669
-6,154
53,584
14,744
(»)
357
2,295
3,277
3,048
1,058
899
1,307
2,066
6,050,727
(•)
286,954
1,032,854
1,544,795
1,264,263
454,4^2
310,563
355,805
608,940
148,763
186
1,870
1,086
3,030
224
237
196
3,769
184,711
(*)
6,607
34,921
39,998
57,128
10,751
15,114
2,070
10,503
18,553
(•)
179
1,542
1,929
3,121
931
873
955
2,911
5,565
5,661
7,420,366
(»)
80,625
937,357
1,154,884
989,171
336,998
393,556
331,192
1,012,196
2,037,825
19,921
(«)
754
2,862
9,183
2,618
327
77
7
2,068
1,944
195
633
1,449
1,170
326
435
760
1,034
5,176
4,685
5,474,483
126,861
430,699
625,322
351,775
112,923
183,166
163,825
194,540
1,671,710
1,480,805
15,590
119
3,163
3,260
182
121
187
4
42
1,148
7,153
3,265
14,903
16,842
12,331
7,169
4,510
4,978
5,173
63,378
57,268
(•)
333
763
1,061
462
410
541
598
1,141
3,836
4,519
(»)
104,847
360,484
467,151
124,961
106,687
101,689
131,642
226,165
974,414
1,297,055
20,030
(•)
964
257
1,809
455
1,104
2,053
106
596
3,797
3,588
153,842
(•)
6,028
9,075
8,069
4,358
5,289
3,022
6,241
10,356
40,968
41,799
(•)
383
631
736
194
354
249
408
731
958
5,126
5,309
(•)
161,813
256,167
356,254
162,533
104,977
60,946
109,695
197,767
247,674
1,374,038
1,242,484
84,725
9,325
(•)
1,379
273
173
1,775
278
6
5
545
8
3,216
941
17,795
(•)
166
436
692
627
436
432
352
189
813
761
1,123
5,046
6,095
(•)
127,664
193,093
295,691
201,057
258,475
96,326
62,271
90,572
177,146
156,670
204,626
964,403
1,549,562
166,301
19,043
(»)
1,326
1,618
3,731
871
762
43
3
1,324
4,830
132
1,468
2,747
139,962
(•)
5,301
4,509
-123
8,396
6,419
6,802
1,807
10, 512
10,485
9,630
8,664
23,911
38,164
22,005
(•)
116
205
715
801
326
357
569
409
602
573
816
1,252
6,504
7,641
1,092
6,087,403
(♦)
133,262
112,120
274,966
492,256
197,932
207,531
172,623
165,374
188,069
161,984
364,112
271,399
1,481,329
1,523,865
333,375
11,923
526
99
592
2,894
5
132
38
97
164
2,507
4,159
170,725
(*)
2,779
4,013
15,934
21,044
2,115
13,503
11,637
15,553
6,850
6,003
-719
9,063
19,349
39,508
3,562
(«)
62
403
654
802
220
414
438
304
416
465
814
821
1,551
7,935
9,021
5,948,406
(»)
31,946
297,500
463,327
409,408
171,808
181,619
277,661
99,519
135,443
101,272
193,165
210,543
225,772
1,385,502
1,557,655
193,032
14,978
(•)
175
1,220
1,609
235
1
1,026
161
2,057
913
459
509
218
1,478
4,377
26,331
(«)
115
315
625
552
196
328
332
352
519
410
379
524
598
1,636
10,575
3,633
641
5,272,159
(•)
84,944
193,612
468,076
240,341
100,173
107,575
203,967
69,598
190,772
133,271
186,376
105,483
115,919
352,400
1,624,302
929,730
161,753
23,785
(«)
3,103
1,898
6,233
1,336
128
290
1,899
447
167
668
4,452
1,476
177,360
(«)
10,996
12,766
19,196
15,630
4,596
6,751
4,916
1,713
7,392
8,929
33,501
7,104
15,288
30,048
2,384
-7,504
3,393
10,169
(•)
219
275
302
(•)
219
(*)
(*)
326
246
300
249
569
544
1,088
3,350
2,020
1,639,690
(•)
71,714
68,215
208,523
(»)
57,637
(•)
(»)
66,066
28,763
48,434
26,968
77,945
36,433
82,590
236,477
339,709
6,279
(•)
3,707
884
220
(«)
(>)
411
19
(•)
5,554
2,227
6,228
(•)
96
(«)
(«)
2,727
4,464
273
-286
232
-1,223
-625
1,350
8,200
217,831
(«)
3,248
17,093
40,997
31,387
6,334
13,455
16,464
23,902
60,103
4,404
139,573
(•)
3,827
10,518
7,747
2,034
3,593
1,033
2,773
9,785
8,377
29,660
55,185
4,463
236,327
(•)
1,555
30,054
22,873
13,154
U,736
14,724
22,499
5,758
7,041
12,987
11,017
4,875
8,874
26,635
33,410
3,505
(**) Estimate is not shown separately because of high sampling variability. However, the data are included
Includes returns with year shown as 1967 (part-year returns).
NOTE: See text for explanatory statements and for "Description of the Sample and Limitations of the Data,"
the appropriate totals.
Section
Explanation of Terms
The following explanations include definitions and limi-
tations of classifications used, and adjustments made in
preparing the statistics. These explanations are designed
to aid the user in interpreting the statistical content of
this report and should not be construed as interpreta-
tions of the Internal Revenue Code, or related regula-
tions, procedures, or policies. Code sections cited were
those in effect for 1966.
Accounts payable were liability amounts of relatively
short duration not secured by notes of indebtedness.
Generally, only liabilities which arose during the normal
course of conducting the trade or business were included.
Nontrade payables were includable in the statistics for
"other current liabilities."
Deposits and withdrawable shares may have been re-
ported in Accounts payable by banks and savings insti-
tutions. When identified, such amounts were transferred
to "other current liabilities."
Accumulated amortization is discussed under "Intangi-
ble assets."
Accumulated depletion is discussed under ' 'Depletable
assets."
Accumulated depreciation is discussed under "Depre-
ciable assets."
Active corporations returns were those with any items
of income or deduction. They comprised the vast majority
of the returns filed and were the basis for all financial
statistics presented.
Additional tax under controlled group provisions in-
cluded (1) the increase in tax for members of controlled
groups which allocated a single surtax exemption among
the members of the group under the provisions of section
1561 of the Internal Revenue Code, and (2) the 6 percent
penalty tax imposed by the provisions of section 1562 on
members of those controlled groups which elected to
claim multiple surtax exemptions.
For those corporations which allocated a single surtax
exemption under section 1561, the additional tax was de-
rived to represent the extra tax, computed at the surtax
rate, which resulted from the difference between the ex-
emption normally allowed corporations and the corpora-
tion's share of the group exemption.
Under section 1562 each group member was allowed a
full surtax exemption. The 6 percent penalty tax was re-
quired of each member of the group reporting taxable in-
come and was in addition to regular normal tax and surtax
(or alternative tax) on taxable income. However, if only
one member of the group reported taxable income, no
penalty tax was required of that member. Additional tax
was computed at 6 percent of the surtax exemption. Since
the exemption could not exceed $25,000, the maximum
penalty tax per return was $1,500.
In order to provide more representative statistics,
special treatment was required in the course of data
processing. The additional tax was a derived amount
381-123 O - 70 - 14
rather than the amount reported on the tax return line.
This was because data were processed in thousands of
dollars. Therefore in order to avoid distortion caused by
rounding the penalty tax to either $1,000 or $2,000, the
tax was derived instead by taking 6 percent of the first
$25,000 of taxable income -and prorating the results ac-
cording to the number of months in the accounting period
for which the corporation was subject to the new ' 'con-
trolled group" provisions. Results in full dollars were
later processed in thousands of dollars.
Income tax shown throughout this report includes the
additional tax under controlled group provisions. For
additional information on controlled groups, see the dis-
cussion of "Members of controlled groups."
Additional tax under controlled group provisions for
multiple surtax exemptions under section 1562, see
"Additional tax under controlled group provisions."
Additional tax under controlled group provisions for re-
duction in surtax exemption under section 1561, see
"Additional tax under controlled group provisions."
Advertising expenses were allowable as a deduction
under Code section 162 if they were ordinary and neces-
sary and bore a reasonable relation to the trade or busi-
ness of the corporation. The amount shown in the statis-
tics include advertising identified as a cost of sales or
operations as well as advertising separately identified
as a business deduction.
The types of expenditures classified as advertising
may have varied somewhat from company to company
and a few companies did not separately identify advertis-
ing when it was included in the cost of sales and opera-
tions. In addition, certain kinds of advertising expendi-
tures, such as for billboards, were capitalized and re-
covered only as part of depreciation. For these reasons,
a more definitive explanation of the advertising deduction
statistics is not possible.
Allowance for bad debts, as reported on the balance
sheet, was the reserve or allowance set aside to cover
uncollectible or doubtful notes, accounts and loans. See
also, "Notes and accounts receivable,"
Alternative tax is discussed under "Income tax" in
this section.
Amortization was the sum of :
(1) Deferred expenses written off for--
(a) Research and experimental expenditures
(Code section 174)
(b) Exploration and development expenditures
(Sections 615 and 616)
(c) Organizational expenditures (Section 248)
(d) Trade-mark and trade-name expenditures
(Section 177)
(2) Deductions in lieu of depreciation for emergency
facilities for the National defense, certified by the
Federal Government before 1960 (Section 168).
The amounts shown include amortization reported
as a manufacturing or operating cost,
201
202
Corporation Returns/1966 • Explanation of Terms
The amount of amordzation deducted for tax purposes
has been decreasing steadily in recent years because the
allowed 60-month amortization had been completed for one
of its chief components, emergency facilities. However,
as stated in section 4, on the books of account, it is pos-
sible that emergency facilities are still being depreciated
in 1966.
Amount taxable as ordinary income to shareholders of
Small Business Corporations consisted of the current
year's earnings of the corporation, whether or not actu-
ally distributed, but with an adjustment. The corporation's
net long-term capital gain (reduced by net short-term
capital loss) was subtracted to the extent of net income
because long-term capital gain retained its special char-
acter in the hands of shareholders.
In addition to long-term capital gain, ordinary income
excluded those dividend distributions that were eligible
for the $100 exclusion from individual gross income be-
cause these distributions were considered as not having
been made from current year earnings.
Amounts may be somewhat understated, as not all elect-
ing Small Business Corporations completed Form 11 20-S,
Schedule K, Shareholders Share of Income, from which
the statistics were obtained. Also, because reporting in
this schedule was not always consistent, the statistics for
this item may not be strictly comparable with other items
obtained from the same schedule.
Annual returns were filed for twelve-month account-
ing periods ended in July 1966 through June 1967.
Appropriated retained earnings is discussed under
"Retained earnings, appropriated."
Bad debts occurring during the year, or a reasonable
addition to an allowance or reserve for bad debts, were
allowable as a deduction under Code section 166. Differ-
ences in reporting these amounts for tax and book income
purposes are described in section 4.
When bad debts which were not recovered during a year
were deducted using the reserve method the amount re-
covered was regarded as an income item and included in
"other receipts." Section 593 of the Code defines the ac-
ceptable reserve method of accounting for bad debts (and
limits the deduction) for banking and savings institutions.
For banks and domestic building and loan associations,
corporate or government debts evidenced by certain bonds
which became worthless during the year were chargeable
as bad debts under Code section 582. For other corpora-
tions, such losses were subject to the special capital gain
or loss provisions of the law.
Business receipts were, in general, the gross operat-
ing receipts of the corporation reduced by the cost of
returned goods and allowances.
Business receipts included rents reported as a princi-
pal business income by real estate operators and by cer-
tain types of manufacturing, public utility, and service
corporations. The latter corporations included manufac-
turers that frequently rented products rather than sold
them, such as tabulating or electronic equipment; lessors
of public utility facilities such as docks, warehouses, and
pipelines; and companies engaged in rental services, such
as the rental of automobiles or clothing.
Some corporations treated excise and related taxes
which were included in the sales price of their products
as part of their gross receipts from sales; others re-
ported their receipts after adjustment for these taxes.
When treated as receipts, excise and related taxes were
deducted on the tax return as part of the cost of goods
sold or were included in the separately itemized deduction
for taxes paid. Inany case, the receipts as reported by the
taxpayer were included in the statistics. See also, "Cost
of sales and operations."
In the finance division, business receipts included such
banking items as fees, commissions, trust department
earnings, exchange collections or service charges, when
identified in schedules attached to the return. (Interest,
the principal operating income of banking and savings in-
stitutions is shown separately in the statistics and is
therefore excluded from business receipts.)
Business receipts also included the income reported
by finance companies from discounts and service fees.
In some instances, such income included interest which
was not separately identified. Premium income of most
insurance companies was also included in business re-
ceipts. However, certain mutual insurance companies
with total receipts of less than 5500,000 were not re-
quired to report premium income. Therefore, total busi-
ness receipts for insurance carriers are slightly under-
stated. Generally in the finance division, income from
investments, when identified in schedules attached to the
return, was allocated to one of the specific types of in-
vestment income for which statistics are shown sepa-
rately. Rent or cooperative apartment assessments re-
ported by real estate operators, however, were accepted
as business receipts.
Business receipts reported by security and commodity
brokers, dealers, and exchanges, and by real estate sub-
dividers, developers, and operative builders, required
special statistical treatment. For these returns, net profit
or loss from sales of securities or real estate, when iden-
tifiable, was allocated to the statistics for net gain or loss
from noncapital assets. If the corporation reported both
business receipts and cost of sales without identifying the
source, and the cost of sales was 50 percent or more of
the business receipts, the items were considered to in-
clude security or real estate transactions and only the net
gain or loss was used for the statistics. Otherwise, busi-
ness receipts for these companies were used as reported
and included commissions and service fees.
Calendar year returns were those filed for the twelve-
month accounting period ended December 1966.
Capital stock represented amounts of outstanding
shares, both common and preferred, of ownership in the
corporation as shown in the balance sheet.
Cash, as reported in the balance sheet, was the amount
of currency or instruments and claims generally used and
accepted as money.
Compensation of officers of the corporation included
amounts reported in the income statement of the return
(or in supporting schedules) as salaries, wages, stock
bonuses, bonds, or other benefits, if the item was identi-
fied as having been paid to officers for personal services
rendered. It was sometimes not possible to identify offi-
cer compensation on returns when the amount was included
in another deduction item such as in an overall employee
compensation figure.
Compensation paid to shareholders of Small Business
Corporations for which an election was made to be taxed
through shareholders was reported in the schedule of dis-
tribution and income (Schedule K, Form 11 20-S). The
Corporation Returns/1966 • Explanation of Terms
203
amounts comprised salaries and wages, and other pay-
ments, including director's fees, for services rendered.
Such compensation was not necessarily equal to the amount
deducted for compensation of officers in the company's
income statement.
Consolidated returns were income tax returns which
contained the combined financial dataof twoor more cor-
porations meeting the following requirements: (l)acom-
mon 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 elec-
tion of group reporting, which, with certain exceptions,
had to be followed in subsequent years. By law, the con-
solidated filing privilege could be granted to all affiliated
domestic corporations connected through stock owner-
ship with a common parent corporation except: (1) regu-
lated investment companies, (2) real estate investment
trusts, (3) corporations deriving a large percentage of
their gross income from sources within a United States
possession, (4) insurance companies not affiliated with
other insurance companies of the same type and there-
fore not taxed under the same provisions of the law, (5)
corporations designated tax-exempt under Code section
501, and (6) China Trade Act corporations.
A consolidated return, filed by the common parent com-
pany, was treated as a unit, each statistical classification
being determined on the basis of the combined data of the
affiliated group. Therefore filing changes to or from a
consolidated return basis affect year-to-year compara-
bility of the statistics.
Constructive taxable income from related foreign cor-
porations represented (1) includable income of Controlled
Foreign Corporations, and (2) foreign dividend income re-
sulting from foreign taxes deemed paid. Each of these
items is discussed under separate headings.
An analysis of large corporation returns revealed in-
stances of amounts reported as includable income of
Controlled Foreign Corporations that were in fact divi-
dends received from foreign corporations. This required
revisions to the statistics that were too late to be pub-
lished in this report. However, table 9.1 in this section
summarizes the affect of the revisions. For additional
information, see the supplemental report. Statistics of
Income — 1964, 1965, and 1966, Foreign Income atui Taxes
Reported on Corporation Income Tax Returns.
Contributions or gifts to charitable, religious, educa-
tional, and similar organizations were deductible under
Code sections 170 and 809. In general, the deduction was
limited to 5 percent of net income computed without re-
gard to this deduction; certain additional adjustments
were required in the case of life insurance companies.
Amounts contributed in excess of this limitation during
the 5 preceding years could be carried forward to the
Table 9.1— REVISED DATA FOR FOREIGN DIVIDENDS AND CONSTRUCTIVE TAXABLE INCOME FROM RELATED FOREIGN CORPORATIONS, FOR SELECTED INDUSTRIES 1966
Industry
Active corporation returns
Dividends received from
forei4jn corporations
As published As revised
Constructive taxable
income from related
foreign corporations
As published As revised
Includable incone of
Controlled Foreign
Corporations
As published As revised
Consolidated returns
Dividends received from
foreign corporations
As published
As revised
Constructive taxable
income from related
foreign corporations
^s published
(1)
(2)
(3)
W
(5)
(6)
(7)
(8)
(9)
All industries
Agriculture, forestry, and fisheries
Mining
Crude petroleum and natural gas
Contract construction
Manufacturing
Food and kindred products
Lumber and wood products, except furniture
Paper and allied products
Chemicals and allied products
Petroleum refining and related industries
Rubber and miscellaneous plastics products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except machineiy
and transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies. .
Motor vehicles and motor vehicle equipment
Scientific instruments, photographic equipment,
watches and clocks
Miscellaneous manufacturing industries,
including ordnance and accessories
Transportation, communication, electric, gas, and
sanitary services
Transportation
Communication services
Wholesale and retail trade
Retail trade
General merchandise stores
Finance, insurance, and real estate
Banks and trust companies
Holding and other investment companies
Insurance carriers
Insurance agents, brokers, and services
Services
Business services
1,877,099
658
29,838
1,«5
13,381
1,619,479
100,145
2,013
30,413
246,530
451,989
53,214
53,867
54,464
44,842
182,571
74,195
255,377
33,100
4,843
15,292
6,098
7,730
80,823
42,270
41,235
90,698
4,606
66,978
7,851
335
26,930
7,726
(Thousartd dollars)
2,006,631
3,990
37,265
8,862
18,296
1,716,016
119,801
6,785
33,901
269,209
453,664
56,594
62,259
61,871
46,136
195,005
81,926
257,115
35,088
6,746
20,246
7,557
11,225
81,660
43,107
42,072
98,905
5,361
71,997
8,387
2,232
28,253
9,049
1,160,163
5,131
19,989
12,157
9,727
1,010,829
86,241
10,940
19,516
167,769
124,255
18,614
42,779
21,280
34,230
141,901
66,318
227,077
18,487
7,687
9,045
35,030
24,216
24,091
45,451
2,288
25,040
1,562
4,094
15,519
7,592
1,030,631
1,799
12,562
4,730
4,812
912,292
66,585
6,168
16,028
145,090
122,580
15,234
34,387
13,873
32,936
129,467
58,587
225,339
25,713
4,816
13,533
6,228
5,550
34,193
23,379
23,254
37,244
1,533
20,021
1,026
2,197
14,196
6,269
193,016
3,418
11,579
11,254
5,375
136,277
24,558
4,772
3,631
29,196
1,926
6,029
8,962
9,031
3,510
20,333
10,500
4,935
3,293
2,854
8,566
4,838
6,043
837
837
16,291
1,112
8,916
783
1,931
5,467
3,122
63,484
86
4,152
3,827
37,740
4,902
143
6,517
251
2,649
570
1,624
2,216
7,899
2,769
3,197
1,305
951
3,612
3,379
8,084
357
3,897
247
34
4,144
1,799
1,286,232
134
28,017
736
5,551
1,183,512
32,481
62
2,552
135,591
447,971
35,392
35,3%
25,786
138,705
46,330
253,000
11,646
3,929
7,681
28,529
1,084
1,075
10,969
17,874
4,741
1,353,968
3,466
30,586
3,305
6,480
1,235,407
42,178
4,834
3,769
152,561
449,646
740,443
4,841
10,684
3,725
683,072
35,120
8,889
4,209
98,315
122,877
No change
42,537 26,101
36,649 9,044
27,080
140,637
48,629
254,738
15,840
91,025
32,016
222,680
No change
3,249 3,185
16,600
5,388
11,176
29,366
1,921
1,912
12,366
No change
1,911
19,197
6,064
15,225
5,886
8,996
4,027
1,709
1,709
11,824
5,886
(10)
672,707
1,509
8,115
1,156
1,973
631,177
25,423
4,117
2,992
81,345
121,202
18,956
7,791
14,546
89,093
29,717
220,942
10,271
4,427
5,501
3,190
872
872
10,501
4,563
204
Corporation Returns/1966 • Explanation of Terms
current year so long as the sum of the current-year con-
tributions and the amounts carried forward did not exceed
the limitation based on current-year net income. Chari-
table contributions deductible on the corporation's books
are described in section 4.
Cost of property used for investment credit was the
total amount invested in certaindepreciable assets, prin-
cipally machinery and equipment with a useful life of 4
years or more, that was reported in connection with the
computation of the investment credit. Included were
amounts reported for which the credit could not be claimed
for 1966 either wholly or in part, because of the absence
of income tax against which the credit was applied, or
because of the limitations on the size of the allowable
credit in any one year. Also included were amounts al-
located by Small Business Corporations filing under Code
section 1372, for use by their shareholders in computing
their investment credits.
The cost of used property eligible for investment credit
was limited to $50,000. Additional information about the
depreciable property eligible for investment credit may be
found under the heading, "Investment credit."
Although corporations generally reported their invest-
ments at cost, most corporations claiming the investment
credit for leased property used the fair market value
instead.
Cost of property used for investment credit included
the cost of property subject to the suspension of the in-
vestment credit. It also included the amount selected for
exemption from the suspension period rules. Corpora-
tions were allowed to exempt no more than $20,000 of the
cost or basis of property which otherwise would be con-
sidered as suspension period property, and to claim in-
vestment credit on that exempted amount. See section 6
"Investment credit."
Cost of sales and operations generally comprised the
direct costs incurred by the corporation in producing
goods or providing services. Included were cost of ma-
terials used in manufacturing, cost of goods purchased
for resale, direct labor, and operating expenses.
Operating expenses which were part of the cost of goods
sold typically included excise and related taxes only if the
corporation treated these taxes as part of the sales price
of their product. When these taxes were identified in cost
of goods sold schedules, they were added to the statistics
shown for the separate deduction for taxes paid. Simi-
larly, operating expenses for depreciation, depletion,
amortization, rent of buildings or real estate, advertising,
contributions to pension plans, and contributions toother
employee benefit plans, were transferred to their respec-
tive deduction categories when identified in cost of sales
and operations schedules.
The income or loss from sales of securities or real
estate by certain financial institutions was transferred
from business receipts, and the net profit or loss from
these transactions, included in net gain or loss from
sales or exchanges of noncapital assets. Therefore, the
cost of such sales was excluded from cost of sales and
operations. (See "Business receipts.")
Cost of treasury stock was the total value of issued
common or preferred stock, which had been reacquired,
and was held at the end of the year by the issuing cor-
poration. The issuing corporation may have reacquired
the capital stock by purchase, by donation to the corpora-
tion or in settlement of a debt due the corporation.
The amounts shown may be somewhat understated.
Treasury stock intended for resale may have been re-
ported as an asset on some tax returns and was conse-
quently included in the statistics for "other investments."
Also, most corporations with accounting periods ended
before December 1966 used the 1965 return form which
did not include a separate line for "Cost of treasury
stock." However, the statistics include any identifiable
amounts of treasury stock shown in supporting schedules.
Treasury stock was generally included in "other invest-
ments" in prior years.
Credit for United States tax paid on nonhighway gaso-
line and lubricating oil was allowed in full or in stated
amounts by section 39 of the Code for gasoline used on
farms for farming purposes or for gasoline used for off-
highway purposes or by local transit systems, or for
lubricating oil used in other thanhighway motor vehicles.
This credit against payment of income tax, allowed only
if taken on a timely filed return, was devised to provide
a more efficient administration of gasoline and lubricat-
ing oil tax refunds allowed under sections 6420, 6421,
and 6424.
Credit for gasoline tax could be claimed for the first
taxable year beginning after June 30, 1965; however, the
credit claimed for the first applicable taxable year would
also include credit for gasoline usedbetween July 1, 1965
and the beginning of the taxable year. Therefore some
returns included in these statistics may have showed
a credit for as many as 11 months in addition to the 12
months covered by the tax return for 1966.
Except for a later effective date, December 31, 1965,
the lubricating oil tax credit was allowable in a manner
similar to that applicable to the gasoline tax credit.
Deduction for dividends paid on certain public utility
stock is discussed under "Statutory special deductions."
Depletable assets represented, in general, the gross
end-of-year value of mineral property, oil and gas wells,
other natural deposits, standing timber, intangible de-
velopment and drilling costs capitalized, and leases and
leaseholds, each subject to depletion. Accumulated deple-
tion represented the cumulative adjustment to these as-
sets shown on the corporations' books of account. In some
instances, depletable assets may have been reported as
land, or as "other investments," and could not be identi-
fied for this report.
The value of depletable assets and accumulated deple-
tion may not be closely related to the current-year de-
pletion deduction. The balance sheet accounts reflected
book values; the depletion deduction reflected the amount
claimed for tax purposes.
Depletion, a deduction allowable for the exhaustion of
natural deposits 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 de-
pletable property. In the case of depletable property other
than oil and gas wells, gross income from the depletable
property meant the gross income from mining, defined to
include not only the extractive process, but also certain
treatment processes.
Percentage depletion, though based on percentages of
gross income from the depletable property, was limited.
Corporation Returns/1966 • Explanation of Terms
205
It could not exceed 50 percent of the taxable income from
the property, computed without the depletion deduction.
The percentage depletion rates for each type of deposit
were listed in Code section 613 and ranged from 5 to
27-1/2 percent.
Amounts shown in the statistics also include any identi-
fiable depletion reported as a cost of sales and operations.
The difference between depletion allowed for tax pur-
poses and that frequently entered on the company's books
is described in section 4.
Depreciable assets, reported on the corporation's end-
of-year balance sheet, consisted of tangible property (such
as buildings and equipment) which was used in the trade
or business or held for the production of income and which
had a useful life of one year or more. The statistics for
depreciable assets exclude those intangible assets, pat-
ents, and copyrights for example, which were depreciable
for tax purposes. The amounts shown as accumulated de-
preciation represent the portion of the assets that were
written off in the current year as well as in prior years.
The statistics for this item include Government-certi-
fied emergency facilities which were eligible for five-
year amortization in lieu of regular depreciation. Also
included, when the corporation reported them in its bal-
ance sheet as depreciable, were fully depreciated assets
and partially completed assets for which no deduction was
allowable.
The amounts shown are, in general, the gross amounts
before adjustments for depreciation charged in current
and prior years. Some corporations, however, reported
only the net amount of depreciable assets after adjusting
for these depreciation charges.
Among the corporations reporting only a net amount of
depreciable assets were many insurance carriers report-
ing balance sheet information in the format required by
state insurance regulations. This format usually provided
for the reporting of only net depreciable assets and only
the home and branch office buildings and equipment were
included. Other real estate holdings of these corporations
were reported as "other investments,"
For the industrial group. Real estate (except lessors of
real property other than buildings), the book value of land
and buildings was included in "other investments," de-
preciable assets, or land, depending on how the corpora-
tion reported it.
The value of depreciable assets and accumulated depre-
ciation may not be closely related to the current-year de-
preciation deduction. The balance sheet accounts re-
flected book values; the depreciation deduction reflected
the amount claimed for tax purposes.
Depreciation deducted as a reasonable allowance for the
exhaustion, wear, and tear, and obsolescence of business
property was allowable under Code section 167. A deduc-
tion for depreciation was not allowable on inventories, or
land apart from the physical improvements or develop-
ments added to it.
Several methods of computation could have been used in
determining the deduction for the year. The most common
method was straight line, whereby an equal amount is de-
deducted in each year of the useful life of the asset. The
declining balance andthesumof the years-digits methods,
whereby a larger portion of the asset's cost is written off
during the earlier years of its life than during its later
years, were also commonly used. These latter methods
were specifically authorized by the Internal Revenue Code
of 1954 and were generally permissible in the case of
assets acquired after December 31, 1953.
The use of accelerated depreciation methods was re-
stricted somewhat during the suspension of investment
credit from October 10, 1966 to March 9, 1967. A discus-
sion of this restriction is provided in section 6.
Revised standards which could be used to establish the
reasonableness of the allowance were contained in Reve-
nue Procedure 62-21 issued in 1962 and modified by Reve-
nue Procedure 65-13 in February 1965,
Amounts shown as depreciation include any identifiable
depreciation reported as an operating or manufacturing
cost. Also included in the statistics are amounts deducted
on leasehold improvements, patents, and copyrights, as
well as small amounts of additional first-year (section
179) depreciation. So-called amortization on station con-
nections in the communications industry and of capital-
ized film production costs in the motion picture industry
were also included in the statistics.
Major differences in the above depreciation deductions
for tax purposes and those on the books of account are
described in section 4.
Distributions to stockholders consisted of the corpora-
tion's own stock, and of cash and other property, gener-
ally reported as part of the analysis of earned surplus
and undivided profits. Liquidating dividends when identi-
fied, were excluded.
In those instances where a corporation reported one
total for distributions to stockholders and did not identify
this distribution as cash or stock, the total was treated
as a distribution to stockholders in cash and property
other than in the company's own stock. For Small Busi-
ness Corporations for which an election was made to be
taxed through stockholders, the statistics do not include
amounts taxed but not actually distributed to stockholders
in 1966. Conversely, the statistics do include amounts
taxed through stockholders in previous years but not
distributed until 1966.
Dividend distributions of Small Business Corporations
for which an election was made to be taxed through share-
holders, comprised all dividends actually paid, whether
from current or accumulated earnings, and whether in
cash or in other property. Thus, constructive dividends
derived from current-year undistributed net income were
excluded. Also excluded were the actual distributions of
amounts that were deemed distributed in an earlier year
as constructive dividends and which therefore had been
previously taxed. See "Nondividend distributions."
Amounts may be somewhat understated, as not all
electing Small Business Corporations completed Form
1 120-S, Schedule K, Shareholders Share of Income, from
which the statistics were obtained. Also, because report-
ing in this schedule was not always consistent, the statis-
tics for dividend distributions may differ somewhat from
the statistics that can be derived for the sum of the com-
ponents of these distributions.
Dividends entitled to exclusion were part of the total
dividend distributions of Small Business Corporations for
which an election had been made to be taxed through
shareholders. The exclusion under Code section 116
amounted to a maximum reduction of $100 in the dividend
206
Corporation Returns/1966 • Explanation of Terms
income taken into consideration by each individual (or
fiduciary) shareholder in computing his gross income for
tax purposes.
Qualifying dividends represented distributions of: (1)
current year income in excess of the net income computed
under provisions of the Internal Revenue Code, for ex-
ample, from the differences owing to tax-exempt interest
received on State and local Government obligations, (2)
similar amounts for other years for which the corpora-
tion existed as a Small Business Corporation, and (3) ac-
cumulated earnings and profits for years prior to the
election to be taxed as a Small Business Corporation.
Amounts may be understated, as not all electing Small
Business Corporations completed Form 1120-S, Sched-
ule K, Shareholders Share of Income, from which the sta-
tistics were obtained. Also, because reporting in this
schedule was not always consistent, the statistics for this
item may not be strictly comparable with other items
obtained from this same schedule.
Dividends on certain public utility stock subject to
60.208 percent deduction are discussed under, ' 'Dividends
received from domestic corporations."
Dividends received deduction is discussed under "Stat-
utory special deductions." Seealso, "Dividends received
from domestic corporations."
Dividends received from domestic corporations, for the
most part, represented those recognized in computing the
special deduction from net income for intercorporate divi-
dends received. (See "Statutory special deductions.")
Except for amounts received by Small Business Corpora-
tions electing to be taxed through shareholders, domestic
dividends not eligible for the deduction were treated for
the statistics as "other receipts," except where shown
separately as "other dividend income" in table 9. (See
"other receipts" and "other dividend income" in this
section.)
Dividends from domestic corporations included (1) divi-
dends subject to 85 percent deduction, (2) dividends on
certain public utility stock subject to 60.208 percent de-
duction, and (3) intragroup dividends qualifying for 100
percent deduction.
(1) Dividends subject to 85 percent deduction gener-
ally comprised those received from domestic corpora-
tions subject to tax. For presentation purposes, dividends
received by small business investment companies for
which a 100 percent deduction was allowed, were also
included.
Dividends received by Small Business Corporations
electing to be taxed through shareholders were also in-
cluded. For the first time it was possible to exclude any
foreign dividends received by Small Business Corpora-
tions. Prior to 1966, the return form required only a total
for dividends received; no distinction between domestic
and foreign dividends was required. This dividends total
was then included with dividends received from domestic
corporations for purposes of the statistics. Also, most
corporations with accounting periods ended before De-
cember 1966 used the 1965 return form which did not in-
clude separate lines for foreign and domestic dividends;
therefore, the amount for domestic dividends for 1966
may be somewhat overstated.
(2) Dividends on certain public utility stock subject
to 60.208 percent deduction comprised those dividends
received on preferred stock of regulated public utilities.
Such corporations, under the provisions of Code section
247, were allowed a special deduction for the dividends
they paid on preferred stock.
(3) Intragroup dividends qualifying for 100 percent
deduction, identified separately for the first time on the
1966 return form, comprised those dividends received
when the distributing corporation was a member of the
same affiliated group as the receiving corporation. To
qualify for the 100 percent deduction, the group was re-
quired to have a parent-subsidiary relationship and to
elect to apportion a single $25,000 surtax exemption
among the member corporations under Code section 1561.
(See also "Members of controlled groups.") This type of
dividend was not applicable to corporations filing consoli-
dated returns.
Differences in reporting dividends for tax and book in-
come purposes are described in section 4.
Dividends received from foreign corporations repre-
sented those distributions from current and accumulated
earnings and profits of companies incorporated in foreign
countries. Also reported as dividends were certain gains
from the sale, exchange, or redemption of controlled for-
eign corporation stock (see Code section 1248),
Dividends from foreign corporations included (1) divi-
dends subject to the 85 percent deduction received from
companies incorporated in a country outside the United
States and paying dividends out of money earned in the
United States, and (2) other foreign dividends not eligible
for the above special deduction. These dividends included
minimum distributions of Controlled Foreign Corpora-
tions under subpart F. These minimum distributions were
based on relationships of foreign and United States tax
rates so that the combined tax rate on the Controlled For-
eign Corporation approximated the United States rate.
Included for the first time in the statistics are the for-
eign dividends received by Small Business Corporations
electing to be taxed through shareholders. Formerly,
these dividends were reported on the return form in a
combined total for domestic and foreign dividends re-
ceived. Since there was no way of identifying the foreign
dividends, the combined total was included with dividends
received from domestic corporations for purposes of the
statistics.
Excluded were foreign dividends only constructively re-
ceived from foreign subsidiaries (discussed under "In-
cludable income of Controlled Foreign Corporations"),
and foreign dividend gross-up (discussed under "Foreign
dividend income resulting from foreign taxes deemed
paid"). Although efforts were made to exclude the
"gross-up" from the 1965 dividend statistics, it was not
until 1966 that the gross-up could be more fully Identified
through a separate line on the corporation return form.
An analysis of large corporation returns revealed in-
stances of amounts reported as includable income of
Controlled Foreign Corporations that were in fact divi-
dends received from foreign corporations. This required
revisions to the statistics that were too late to be pub-
lished in this report. However, table 9.1 in this section
summarizes the effect of the revisions. For additional
information, see the supplemental report. Statistics of
Income — 1964, 1965. and 1966, Foreign Income and Taxes
Reported on Corporation Income Tax Returns.
Corporation Returns/1966 • Explanation of Terms
207
Because of the inclusion of the foreign dividends re-
ceived by Small Business Corporations and the more
complete exclusion of gross-up, the statistics for 1965
and 1966 are not entirely comparable.
Differences in reporting dividends for tax and book
income purposes are described in section 4.
Dividends subject to 85 percent deduction are discussed
under, "Dividends received from domestic corporations"
and "Dividends received from foreign corporations,"
Exemption from suspension period property in connec-
tion with the investment credit is discussed in section 6,
"Investment credit."
Foreign dividend income resulting from foreign taxes
deemed paid related to certain foreign taxes on foreign
profits of subsidiary companies incorporated in "devel-
oped countries" (defined in Code section 955). If divi-
dends were distributed to a domestic corporation (from
these foreign profits), the domestic corporation was re-
quired to increase (or "gross-up") such dividends re-
ceived by the amount of the foreign taxes deemed paid on
the foreign profit for which the domestic corporation
claimed a foreign tax credit.
The 1966 corporation return form provided a separate
line for reporting foreign dividend gross-up for the first
time. Prior to 1966, unidentified amounts may have been
included in dividends received from foreign corporations,
includable income of Controlled Foreign Corporations, or
"other receipts." For this reason the statistics for 1965
and 1966 are not entirely comparable.
The treatment of this item for tax and book income pur-
poses is described in section 4.
Foreign tax credit, based on Code section 901, was the
reduction from the gross amount of income tax liability
(excluding tax from recomputing prior year investment
credit) claimed by domestic corporations for income,
war profits, excess profits, and like taxes, paid or ac-
crued, or under certain conditions, deemed to have been
paid under sections 902 and 960, to foreign countries or
United States possessions. Taxes deemed to have been
paid, as a result of the Revenue Act of 1962, included
amounts paid on certain income only constructively re-
ceived from foreign sources and described under "Divi-
dends received from foreign corporations."
Code section 904 provided for the carryback and carry-
forward of foreign taxes which were in excess of the
amount allowable as a credit for the current year. Such
amounts could be carried back first to the 2 preceding
taxable years and then forward to the 5 succeeding years.
The amount of excess foreign taxes carried back for in-
clusion in the recomputed prior-year foreign tax credit
could not be shownonthecurrent-year income tax return,
and is not available in the Statistics of Income, Amounts
remaining after carryback were carried forward and to
the extent they were within the limitation for 1966 were
reflected in the foreign tax credit statistics for 1966.
As a result of the carryback provisions of the law, the
foreign tax credit statistics for 1966 cannot represent the
final amounts credited against tax. Such an amount would
have to reflect in addition to the results of subsequent
audit, the carryback of some foreign taxes from 1967
and 1968.
Income tax as shown in this report is before foreign
tax credit.
Form 1120-S returns are discussed under "Small
Business Corporation returns" in this section.
Inactive corporation returns were those showing no
item of income or deduction. Returns could be filed by an
inactive corporation in accordance with the regulation that
a corporation in existence during any portion of the taxable
year must file a return, Thenumber of inactive corpora-
tion returns is presented in text table 1,1. Other finan-
cial data from the returns of inactive corporations are
excluded from this report.
Includable income of Controlled Foreign Corporations
under Code section 951 represented constructive distri-
butions of certain undistributed earnings of foreign cor-
porations controlled by United States corporations. A
corporation was considered controlled if more than 50
percent of its voting stock was controlled by United States
persons including corporations, each of which owned at
least 10 percent of such voting stock.
The includable undistributed earnings comprised, in
general, "foreign base company income" and certain
foreign insurance income, "Foreign base company in-
come" consisted of specified types of income from invest-
ments, as well as income derived from selling or pur-
chasing goods or performing services outside the con-
trolled foreign corporation's country of incorporation for
related persons. The insurance income represented, for
the most part, income attributable to premiums received
by controlled foreign insurance companies on United
States risks.
Income from qualified investments in less developed
countries, or from sales of United States exports, was
specifically excluded from foreign base company income.
Also, no constructive distribution of undistributed earn-
ings was required if a certain minimum distribution of
the earnings and profits of the Controlled Foreign Cor-
porations was made.
An analysis of large corporation returns revealed in-
stances of amounts reported as includable income of
Controlled Foreign Corporations that were in fact divi-
dends received from foreign corporations. This required
revisions to the statistics that were too late to be pub-
lished in this report. However, table 9 in this section
summarizes the affect of the revisions. For additional
information, see the supplemental report. Statistics of
Income--1964, 1965, and 1966, Foreign Income and Taxes
Reported on Corporation Income Tax Returns.
The treatment of this item for tax and book income
purposes is given in section 4.
Income resulting from foreign taxes deemed paid is
discussed under, ' 'Foreign dividend income resulting
from foreign taxes deemed paid."
Income subject to tax was defined for the statistics as
the amount upon which the corporation income tax was
imposed. The 1954 Code provided several income tax
bases for different types of corporations. These included
the "taxable income" base defined by Code section 63,
used by the majority of corporations, and to which the
regular normal tax and surtax rates applied; a variation of
this base in combination with long-term capital gain when
the 25-percent tax on capital gain was applicable; the tax
base of Small Business Corporations electing to be taxed
through their shareholders that resulted from the special
tax on capital gains (see section 8); the several tax bases
208
Corporation Returns/1966 • Explanation of Terms
applicable to insurance companies, and the amounts tax-
able to regulated investment companies and real estate
investment trusts. All of these tax bases are reflected
in income subject to tax. However, small amounts of
regulated investment company undistributed long-term
capital gain, and net income of Small Business Corpora-
tions electing to be taxed through shareholders were ex-
cluded from income subject to tax.
For most corporations, income subject to tax consisted
of net income less certain additional deductions summar-
ized in this report as statutory special deductions. Ex-
ceptions to this general rule occur so that total net income
minus statutory special deductions does not equal income
subject to tax. In some cases, the statutory special deduc-
tions for dividends received and for dividends paid on cer-
tain preferred stock of public utilities exceeded net in-
come. For these returns, income subject to tax was re-
duced to zero and the excess of the two special deductions
became the statutory loss for the year available for de-
duction purposes over the prescribed carryback and
carryforward period.
Also, the tax base applicable to life and mutual nonlife
insurance companies, and to regulated investment com-
panies, and real estate investment trusts was not defined
as net income less statutory special deductions.
For life insurance company statistics, net income was
derived from gain or loss from operations (which in-
cluded the "company's share" of investment income) to
which statutory special deductions were added back. In-
come subject to tax was the smaller of gain from oper-
ations and the "company's share" of investment income
minus the deductions applicable, plus, when this invest-
ment income was the smaller, half the difference be-
tween investment income and gain from operations. To
this total was added any amount subtracted from the
policyholders' surplus account (which contained income
nontaxable in the year earned, but taxable later on when
withdrawn from this reserve account, even if the com-
pany had no current year net income).
In addition, the life insurance company provisions ap-
plied to mutual savings banks with life insurance depart-
ments; the banking and insurance departments were each
separately taxed although data for the two departments
were combined for the statistics. In the case of regu-
lated investment companies, any net long-term capital
gain (reduced by net short-term capital loss) which was
not distributed to shareholders was taxed to the companies
always at a rate of 25 percent, while the balance of un-
distributed income was taxed at the regular rates. Alter-
native tax, described under "Income tax," was not al-
lowed. Undistributed net long-term capital gain taxed at
25 percent was not available in the tax return form and
no attempt was made to obtain it from attached schedules
for the statistics.
Income tax was the gross amount of tax liability before
deducting the investment and foreign tax credits, and, un-
less otherwise indicated, included the tax from recomput-
ing prior year investment credit. (See "Tax from recom-
puting prior year investment credit,")
The tax from recomputing prior year investment credit,
as well as the special provisions of the Internal Revenue
Code applicable to insurance businesses, account for the
tax reported on deficit returns. These returns account
for only a very small number of returns with tax.
In general, the income tax (before tax from recomputing
prior year investment credit) consisted of (1) normal tax
of 22 percent on total taxable income plus (2) surtax of
26 percent on total taxable income in excess of $25,000,
or (3) alternative tax comprising 25 percent of the excess
of net long-term capital gain over net short-term capital
loss, and normal tax and surtax on the balance of taxable
income. Alternative tax was used only if it was less than
the normal tax and surtax on total taxable income. It also
included (4) the special tax on capital gains of Small Busi-
ness Corporations electing to be taxed through their
shareholders, and (5) the 25 percent tax on net long-term
capital gain (reduced by net short-term capital loss) ap-
plicable to regulated investment companies and real
estate investment trusts.
Statistics for income tax do not reflect any adjustments
to the tax liability such as those resulting from (1) re-
computation of 1966 taxable income to reflect the carry-
back of the net operating losses of certain future years,
(2) reduction of income tax by investment and foreign
tax credits recomputed to take account of the carryback
of unused investment credit and foreign taxes of certain
future years, (3) audit examinations and other enforce-
ment activities and (4) uncollectible taxes. The statistics
presented therefore differ somewhat from the actual in-
come tax collections and the final income tax liability of
corporations for 1966.
Income tax after foreign tax credit was the amount
available for reduction by investment credit. It does not,
therefore, include tax from recomputing prior year in-
vestment credit.
Income taxed at normal tax and surtax rates is dis-
cussed under "Income subject to tax" and also under
"Income tax" in this section.
Industrial divisions and groups were used as a basis
for classifying tax return data according to the principal
business activity of the corporation. Returns were clas-
sified in that industry which accounted for the largest
portion of total receipts even though the return may have
been for a company engaged in many business activities
or may have been a consolidated return filed for the mem-
bers of an affiliated group of corporations.
Year-to-year changes in the classification of specific
corporations could have resulted from mergers and other
changes in organization or from filing consolidated re-
turns as well as from a change in the principal source of
business receipts.
The industry groupings conform with the Standard En-
terprise Classification issued by the Office of Statistical
Policy, Bureau of the Budget, Executive Office of the
President. The structure of the classification follows
closely along the lines of the Standard Industrial Classi-
fication, which was designed as a means of classifying
separate establishments rather than the companies of
which establishments were part. As inprior years, some
departures from the classification system were made for
Statistics of Income for the finance industries in order to
reflect particular provisions of the Internal Revenue Code.
Intangible assets were separately reported on the bal-
ance sheet if they were amortizable. Other intangible
assets, not amortizable, were included with "other as-
sets." Intangible assets could be amortized for income
tax purposes only if they had a definite life and value.
Since definition, valuation, and life of intangible assets
Corporation Returns/1966 • Explanation of Terms
209
subject to amortization varied from business to business,
no definitive description of this item can be given. Accu-
mulated amortization represented the cumulative adjust-
ment to intangible assets shown on the corporations' books
of account.
Interest on State and local obligations was exempt from
the income tax. Such obligations were issued by States,
municipalities and other local governments, the District
of Columbia, and U.S. possessions. Amounts shown are
less amortizable bond premium.
Wholly tax-exempt interest usually was reported in
schedule M-1, Reconciliation of income per books with
income per return (seefacsimile. Form 1120). In this re-
port it is considered a receipt and is included in total
receipts.
Interest on United States obligations consisted of tax-
able interest received from obligations issued by the
United States, its agencies, or its instrumentalities.
Most of this interest was subject to both normal tax and
surtax. However, a relatively small portion may have
been subject to surtax only- -interest received from ob-
ligations of U.S. instrumentalities issued prior to March
1, 1941, or from U.S. savings bonds and Treasury bonds
owned in excess of the principal amount of $5,000 and
issued prior to March 1, 1941. Amounts shown are less
amortizable bond premium.
Interest paid in connection with business indebtedness
was deductible as an ordinary and necessary business
expense. Included in the statistics was interest paid on
deposits and withdrawable shares by banking and savings
institutions. For installment purchases, interest paid in-
cluded amounts stated in the contract and certain unstated
amounts of interest, as provided in Code section 483.
Intragroup dividends qualifying for 100 percent deduc-
tion are discussed under ' 'Dividends received from do-
mestic corporations."
Inventories, as shown in the corporation return balance
sheet, included such items as raw materials, finished and
partially finished goods, merchandise on hand or in
transit, and growing crops reported as assets by agri-
cultural concerns. Amounts reported on nonconsolidated
returns by investment and holding companies (other than
operating holding companies), security and commodity
brokers, dealers and exchanges, and real estate develop-
ers and operative builders, were excluded (and included
in "other investments").
Investment credit was the reduction, after limitations,
of income tax allowed corporations basedon their invest-
ments in certain depreciable property with a useful life
of 4 years or more. If property was disposed of prior to
the life used when computing the credit, the credit taken
had to be paid back as additional tax for the year in which
the disposition occurred. (See "Tax from recomputing
prior year investment credit.")
In general, the credit before limitations was equal to
7 percent of "qualified investment", an amount derived
from the cost of the property and designed to give weight
to investments in longer-lived assets. Income tax (ex-
cluding tax from recomputing prior year investment
credit) against which the credit was applied was first
reduced by foreign tax credit. If the amount of tax re-
maining was more than $25,000, the credit could not
exceed $25,000 plus 25 percent of tax over $25,000 for
corporations with taxable years ended before March 10,
1967. For corporations with taxable years ended on or
after that date, the percentage limitations of tax was
raised to 50 percent.
Property purchased and eligible for the credit was:
(1) tangible personal property; (2) real property (except
buildings and their structural components), if the real
property was used as an integral part of manufacturing or
production, or was used in furnishing transportation,
communications, electrical energy, gas, water, or sewage
disposal services, or constituted a research or storage
facility used in connection with any of these activities;
and (3) elevators and escalators. However, property with
a useful life of less than 4 years was not eligible for the
investment credit, and used property was further limited
in that it could not exceed $50,000. Also ineligible for in-
vestment credit was (1) property, with certain exceptions,
used predominantly outside the United States, (2) property
used for lodging, (3) property used by certain tax-exempt
corporations, (4) property leased to or owned by govern-
mental units, and (5) property consisting of livestock.
Other limitations applied to affiliated corporations, co-
operatives, certain banking and savings institutions, and
investment companies, as well as to investments in public
utility property and used property.
See section 6 of this report for a fuller discussion of
the investment credit statistics and related changes in
law for 1966.
Unless otherwise indicated, income tax is before invest-
ment credit.
Investment credit carryover represented that part of
the tentative credit brought forward from previous years
because (1) it exceeded income tax, or (2) it exceeded the
limitations based on the size of income tax, or (3) there
was no income tax against which it could be applied. The
law provided that unused credit could be carried back and
applied against income tax of the 3 preceding taxable
years (but only to taxable years ended after December
31, 1961) and any unused balance could then be carried
forward and applied against income tax in each of 5
succeeding years. However, Public Law 89-800, effective
November 8, 1966, extended the carryforward period from
5 years to 7 years only if the fifth taxable year following
the unused credit year ended after December 31, 1966.
Unused credits accumulated after 1966 and carried
back to this year were not reportable on the current year
returns as filed, and, therefore, could not be reflected in
the statistics.
Investment qualified for credit was a prescribed pro-
portion of the cost of property having a useful life of 4
years or more and otherwise eligible for the investment
credit. Qualified investment took into account purchases
of new property and to a limited extent, purchases of used
property. The cost of used property taken into account
could not exceed $50,000. For corporations in general,
qualified investment equaled the sum of the full amount
invested in property with a useful life of at least 8 years,
two-thirds of the amount invested in property with a use-
ful life of at least 6 years butless than 8 years, and one-
third of the amount invested in property with a useful life
of at least 4 years but less than 6 years.
Investment qualified for credit included the qualifying
cost of exempted suspension period property as well as
the qualifying cost of suspension period property not eligi-
ble for exemption. Investment qualified for credit exclud-
210
Corporation Returns/1966 • Explanation of Terms
ing suspension period propertywas the basis for the com-
putation of tentative investment credit.
For public utility property, qualified investment was
equal to three-sevenths of the sum determined above.
However, in completing Form 3468, Computation of In-
vestment Credit, corporations with investment in public
utility property were asked to report the full amount of
qualified investment. Therefore, qualified investment as
defined in the law is somewhat overstated in the statistics.
This should be taken into consideration in relating quali-
fied investment to tentative credit.
Investment qualified for credit is more fully discussed
in section 6.
Investments in Government obligations, listed as an
asset on the balance sheet, comprised bonds or other ob-
ligations of a State, or United States possession, including
obligations of political subdivisions and of the District of
Columbia. United States obligations included those of in-
strumentalities of the Federal Government.
Land was reported as a separate capital asset on the
balance sheet. Although not ordinarily subject to depre-
ciation, land certified as an emergency facility for the
national defense was amoritzable. If such land was still
being amortized in 1966 on the books of account, the cor-
poration could report in the balance sheet only the net
land value, after reduction by this amortization.
Loans from stockholders were regarded as long-term
in duration and may have included loans from individuals
and corporations as well as from other stockholders.
Loans to stockholders were regarded as long-term in
duration and may have included loans to individuals and
corporations as well as to other stockholders. Banking
and savings institutions sometimes used this account on
the return form to report loans to shareholder -deposi-
tors.
Major industry is discussed under ' 'Industrial divisions
and groups" in this section.
Members of controlled groups were those corporations
which were related to one another generally through 80
percent or more common stock ownership and which filed
separate tax returns under the provisions of Code sec-
tions 1561-1563. These provisions effectively also cov-
ered the filing of consolidated returns since the stock
ownership requirement used to define an affiliated group
eligible to file a consolidated return was similar to the
controlled group ownership requirements. (See "Consoli-
dated returns.")
The controlled groupprovisions applied when a common
parent corporation had 80 percent or more control of one
or more chainsof subsidiaries (parent-subsidiary group),
or when an individual, estate or trust had 80 percent or
more control of two or more corporations (brother-sister
group). Combination groups were also possible when an
individual, estate or trust controlled two or more cor-
porations, one of which was the parent of one or more
subsidiary corporations. Also, two or more related life
insurance companies were required to be treated as a
controlled group separate from any other corporation to
which they may have been related.
In all cases control was based, in general, on the total
combined voting power or total value of all classes of out-
standing shares. Certain stock was disregarded alto-
gether and special constructive stock ownership rules ap-
plied depending on the type of controlled group involved.
Certain corporations were not considered as members of
"controlled groups." Included in this category were
franchised corporations, tax-exempt organizations, mut-
ual fire and casualty insurance companies, foreign cor-
porations not engaged in trade or business in the United
States, and corporations which were members of the con-
trolled group for less than one-half the days in their tax-
able year that preceded December 31.
Code section 1561 limited the $25,000 surtax exemption
to one per group. Prior to the 1964 Act, each member of
the group was allowed its own exemption if separate in-
come tax returns were filed for each member. The 1964
law, however, provided an alternative to the single exemp-
tion per group requirement. Under Code section 1562,
members of a group could elect to continue claiming
separate exemptions on their income tax returns; how-
ever, they had to pay an additional tax equal to 6 percent
of each surtax exemption. See ' 'Additional tax under con-
trolled group provisions."
Members of groups allocating one surtax exemption un-
der section 1561 are discussed under ' "Members of con-
trolled groups."
Members of groups electing to use multiple surtax ex-
emption under section 1562 are discussed under "Mem-
bers of controlled groups."
Minor industry is discussed under "Industrial divisions
and groups" in this section.
Money distributed as dividends out of earnings and
profits of the tax year to shareholders of Small Business
Corporations for which an election was made to be taxed
through shareholders represented the actual cash distri-
butions out of net income as computed under provisions of
the Internal Revenue Code, as well as out of earnings that
were in excess of net income, such as from tax-exempt
interest on State and local Government obligations and
from the excess of percentage depletion allowed for tax
purposes, over cost depletion. Excluded were distribu-
tions of previously taxed income, payments made in ex-
change for stock or in discharge of an obligation, and
distributions of property other than money in satisfaction
of a dividend declared in money. Accordingly, this item
was equal to or less than total dividend distributions of
these corporations inasmuch as total distributions in-
cluded amounts paid in property other than money. This
is not always apparent from the statistics, however, be-
cause reporting on Form 1120-S, Schedule K, Sharehold-
ers Share of Income, was not always consistent.
Mortgage and realestateloans was, in general, the total
amount which a corporation loaned on a long-term basis,
accepting mortgages, deeds of trust, land contracts, or
other liens on real estate as security. This was the larg-
est asset item reported for mutual savings banks and
savings and loan associations. The amounts shown may
be somewhat understated. Most corporations with ac-
counting periods ended before December 1966 used the
1965 return form which did not include a separate line
for "Mortgage and real estate loans." However, the sta-
tistics include any identifiable amounts of mortgage and
real estate loans shown in supporting schedules. Mort-
gage and real estate loans was generally included in
"other investments" in prior years.
Mortgages, notes, and bonds payable were separated
on the balance sheet according to the length of time from
maturity of the obligations. Length of time from maturity
Corporation Returns/1966 • Explanation of Terms
211
was based on date of balance sheet rather than date of
issue. Accordingly, long-term obligations maturing with-
in the coming year were reportable together with short-
term obligations, as having maturity of less than one
year. Deposits and withdrawable shares may have been
reported in mortgages, notes, and bonds payable by banks
and savings institutions. When identified, such amounts
were transferred to "other current liabilities."
Net capital gains represented the excess of gains over
losses, principally from the sales or exchanges of capi-
tal assets. Gains and losses were short-term (if the as-
set was held for 6 months or less) or long-term (if the
asset was held for more than 6 months). For tax pur-
poses, corporations were required to reduce net short-
term gains by any net long-term losses, and net long-term
gains by any net short-term losses. The resulting net
gains are shown in the statistics.
A net short-term gain was taxed as ordinary income.
But a net long-term gain was taxed at a maximum tax
rate of only 25 percent. Net losses could be offset against
net gains but not against any other type of income. Excess
net losses could be carried forward as short-term losses
to be applied against the net capital gain of the 5 succeed-
ing years. If the unused capital loss carryover was not
eliminated within this span of years, it could not be taken.
Code section 1221 defined the "capital assets" to which
this special treatment applied as all property held by the
corporation except (1) stock in trade, or property of a
kind includable in inventories, (2) property held for sale
to customers in the ordinarycourseof business, (3) notes
and accounts receivable acquired in the ordinary course
of business, (4) certain short-term Government obliga-
tions sold at a discount, (5) depreciable property used in
the trade or business, (6) real property used in the trade
or business, and (7) certain copyrights, literary and musi-
cal compositions or similar property, (8) certain gains on
the sale or exchange of patents, inventories or designs,
secret formulas or processes, or similar property rights
by a domestic corporation to its more than 50 percent
owned Controlled Foreign Corporation, and (9) certain
sales, exchanges, or redemptions of Controlled Foreign
Corporation stock. (See ' 'Dividends received from foreign
corporations.")
But net gains from dispositions of some of the property
types specifically excluded from the definition of capital
assets under section 1221, could receive capital gains
treatment under special conditions set forth in Code sec-
tion 1231. Gainsandlossesfrom these transactions had to
be aggregated first. If the overall result was a net gain,
it was included in the computation of net long-term capital
gain. But if the overall result was a net loss, it was in-
cluded in the computation of net gain or loss from sales
of property other than capital assets. Thus, a net gain
under section 1231 could receive the more beneficial
treatment of a long-term capital gain taxable at a maxi-
mum rate of only 25 percent, while a net loss under sec-
tion 1231 received the more beneficial treatment as an
ordinary loss fully deductible against all types of income
and not just against capital gain income.
The types of property (or transactions) to which section
1231 applied were (1) real and depreciable property used
in the trade or business, held for more than 6 months, and
not includable in inventory or held for sale in the ordinary
course of business; (2) timber cut by the taxpayer during
the year if owned or held under contract to cut, for 6
months before the beginning of the taxable year, and if an
election was made under section 631, to treat the cutting
as a sale or exchange of property used in trade or busi-
ness; (3) domestic iron ore, timber, or coal, held for
more than 6 months, if disposed of under a royalty con-
tract whereby the owner retained an economic interest
in the property, so that under section 631, the net gain or
loss on the royalty income was treated as a net gain or
loss on a sale or exchange of property used in trade or
business; (4) unharvested crops disposed of with the land
used in the business of farming if the land was held for
more than 6 months; and (5) livestock, except poultry,
held for drafting, breeding, or dairy purposes, and held
for 12 months or more.
The computation of net gain or loss under section 1231
was affected by changes in law enacted in the Revenue
Acts of 1962 and 1964 that limited the amount of gain eli-
gible for capital gains treatment in the case of depreci-
able property dispositions. Because of Code section 1245
added by the 1962 Act, eligible gain for most depreciable
property other than certain realty, was based on the
amount of depreciation allowed prior to January 1, 1962.
Because of Code section 1250 added by the 1964 Act, eli-
gible gain for certain depreciable realty was based on the
amount of depreciation allowed prior to January 1, 1963,
as well as on the method used to compute depreciation
after this date and the length of time the property was
held from the time it was acquired until the time it was
disposed of. Neither of these changes in law had any
effect on the treatment under section 1231 of losses re-
sulting from disposition of such depreciable property. For
a description of the depreciable property to which sections
1245 and 1250 applied, see the explanation of "Net gain or
loss, noncapital assets."
Net gain or loss under section 1231 was also defined to
include gains and losses from involuntary conversions not
only of the property types or transactions otherwise cov-
ered by section 1231, but also of the capital assets de-
fined in section 1221, but only if they were held for more
than 6 months. Such involuntary conversions resulted
from theft, seizure, destruction, requisition, and con-
demnation. But if losses resulting from involuntary con-
versions by theft, or from fire, storm, shipwreck or other
casualty, were uninsured, they were excluded from the
section 1231 computation and were fully deductible, in-
stead, as ordinary losses and included in the statistics for
"other deductions."
Finally, with respect to the statistics shown for net
capital gains, if the corporation made no distinction in its
income statement between gain or loss from sale or ex-
change of capital assets and gain or loss from sale or
exchange of other property, and no schedule D was filed
in support of these transactions, the entire amount was
treated as a net gain or loss from noncapital assets.
Net gain or loss, noncapital assets was the net gain or
loss from sale or exchange of: (1) certain depreciable
and real property used in trade or business; (2) accounts
and notes receivable acquired in the ordinary course of
business for services rendered or from sale of property
includable in inventory or ordinarily held for sale; (3)
Government obligations issued on or after March 1, 1941,
on a discount basis and payable without interest at a fixed
maturity date not exceeding 1 year from date of issue;
212
Corporation Returns/1966 • Explanation of Terms
(4) certain copyrights, literary, musical, or artistic com-
positions or similar properties; (5) securities by dealers,
and (6) certain patents, inventions or designs, secret for-
mulas or processes, and similar property rights by a do-
mestic corporation and its more than 50 percent owned
Controlled Foreign Corporation.
As explained under the definition of net capital gains,
a net gain from dispositions of (or certain transactions
involving) specified types of business assets that were
considered noncapital assets based on Code section 1221,
could receive capital gains treatment under section 1231.
Gains and losses from these dispositions or transactions
first had to be aggregated. If the overall result was a net
gain, it was included in the computation of net long-term
capital gain. But if the overall result was a net loss, it
was included in the computation of (and reflected in the
statistics for) net gain or loss, noncapital assets.
The amount of gains, (though not losses), on dispositions
of most depreciable property includable in the computa-
tion of netgainor loss under section 1231, was reduced as
a result of sections 1245 and 1250, added to the Internal
Revenue Code by Revenue Acts of 1962 and 1964. To the
extent the amount eligible for capital gains treatment was
thereby reduced, the amount included in the computation
of net gain or loss, noncapital assets was increased.
The depreciable property to which section 1245 applied
was (1) personal property other than livestock, whether
tangible (such as machinery and equipment), or intangi-
bles (such as patents or copyrights); and (2) other tangible
property including certain realty other than buildings and
their structural components, if it was an integral part of
certain specified business activities, or which constituted
research or storage facilities used in connection with such
activities. The business activities qualifying were manu-
facturing, production, or extraction, or the providing of
transportation, communication, electrical energy, gas,
water, or sewage disposal services.
The depreciable property to which section 1250 applied
was real property not already covered by section 1245.
In general, this property consisted of buildings or its
structural components in the case of tangible property,
or represented leaseholdsof land, inthecaseof intangible
property.
The amount of gain on dispositions of depreciable prop-
erty under sections 1245 and 1250, treated as ordinary
income and included in the computation of net gain or
loss, noncapital assets, generally depended upon the
amount of depreciation claimed on the asset after a cer-
tain date, prior to its disposition, although other factors
were also considered in the case of section 1250 disposi-
tions.
Under section 1245, the amount of gain treated as ordi-
nary income, was based on the depreciation (or amortiza-
tion in the case of emergency facilities), allowed or al-
lowable after December 31, 1961. This "depreciation
recapture" applied to dispositions of property made
during taxable years beginning after December 31, 1962.
Under section 1250, the amount of gain treated as ordi-
nary gain was based, in general, on the depreciation al-
lowed or allowable after December 31, 1963. But this
"depreciation recapture" was further qualified so that if
the property was held for more than 1 year before it was
disposed of, ordinary gain was reduced to the difference
between the depreciation computed under some acceler-
ated method, and the depreciation computed assuming the
straight line method. If the property was held for more
than 20 months, the "recapture" was further reduced to
a proportion of this difference until, when the property
was held for 10 years, the "recapture" as ordinary gain
was not applicable at all. For additional information
about the provisions of section 1250, see "Net capital
gains" in this section.
Finally, with respect to the statistics for net gain or
loss, noncapital assets, two assumptions were made. The
first assumption had to do with sales of securities by se-
curity and commodity brokers, dealers, and exchanges, or
sales of real estate by real estate subdividers, develop-
ers, and operative builders. If these transactions were
reflected in business receipts and cost of goods sold in
the tax return, instead of in net gain or loss, noncapital
assets, the resulting profit or loss on the transaction,
representing the difference between the receipts and the
cost of the sale, was transferred to the statistics for net
gain or loss, noncapital assets, but only if the cost of the
sale was more than 50 percent of the receipts. (See
"Business receipts.") The statistics for business re-
ceipts and cost of sales were then adjusted accordingly.
The second assumption had to do with returns where no
distinction was made or could be made between sales or
exchanges of capital assets and sales or exchanges of
other property. In such cases the reported amount was
included in the statistics for net gain or loss, noncapital
assets.
Net income or deficit was the difference between gross
taxable receipts and the ordinary and necessary business
deductions, as defined by the Internal Revenue Code. (Net
income per books of account is discussed in section 4.)
Net income reflects not only actual receipts by a cor-
poration, but also, as a result of the Revenue Act of
1962, certain income from related foreign corporations
only constructively received. For additional information
about foreign income, see "Includable income of Con-
trolled Foreign Corporations" and "Foreign dividend in-
come resulting from foreign taxes deemed paid."
Net income is generally larger than income subject to
tax because the net income of Small Business Corpora-
tions electing to be taxed through shareholders is, with
the exception of certain long-term capital gains, excluded
from income subject to tax. Net income is also larger
because certain statutory special deductions from net
income were allowed most corporations in computing
their income subject to tax.
For mutual insurance companies other than life or
marine, and other than certain fire or flood insurance
companies, the net income used for Statistics of Income
was the sum of the net investment income or loss, the
statutory underwriting income or loss, and the subtrac-
tions from the Protection Against Loss (PAL) account.
Thus, net income reflects not only the ordinary business
deductions but the statutory deductions from underwriting
income allowed only to these mutual insurance companies.
It also reflects the additions (if any) to taxable income of
amounts previously deferred from taxation in the PAL
account. The statutory special deduction for dividends
received, allowed corporations generally, was not sub-
tracted in determining net income. Statutory deductions
Corporation Returns/1966 • Explanation of Terms
213
from underwriting income and subtractions from the PAL
account are described in the return form and instructions
at the end of the report, and in Code sections 823(c) and
824.
Net income for some small mutual insurance companies
reporting under Code section 821(c) was net investment
income only. The provisions of the section were appli-
cable only to companies with income from investments
(other than capital gains) and premiums of less than
$500,000, and with no reserve in the PAL account. The
provision was elective. Electing companies were not re-
quired to report underwriting income.
For life insurance companies, net income or deficit
comprised gross taxable receipts reduced by the ordinary
and necessary business deductions and reduced by addi-
tions to required reserves and certain other statutory de-
ductions pertinent only to these companies. To arrive at
net income or deficit for these companies the gain or loss
from operations (which included both underwriting and
investment income) was adjusted by adding back the statu-
tory special deductions for intercorporate dividends re-
ceived and for operations losses.
Net income after tax is an amount derived from the
income tax return by subtracting income tax (including
tax from recomputing prior year investment credit) after
investment credit from net income. It does not take into
account (1) the additional credit for foreign taxes paid or
accrued, (2) the income tax liability of shareholders of
Small Business Corporations electing to have their prof its
taxed at the shareholder level at the individual income tax
rates or (3) the investment credit computed by these
shareholders on their tax return for the qualified invest-
ment made by the Small Business Corporation.
Net income (or deficit) per books of account is dis-
cussed in section 4.
Net long-term capital gain reduced by net short-term
capital loss is explained under "Net capital gains."
Net long-term capital gain taxable to shareholders of
Small Business Corporations consisted of the excess of
net long-term capital gain over net short-term capital
loss reduced by any capital gains tax imposed at the cor-
porate level, but only to the extent of net 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 distribution and income
(Schedule K, Form 1120-S).
Net long-term capital gain taxed at 25 percent described
part of the tax base allowed under section 1201 for those
returns where the alternative tax resulted in a lower tax
liability than would have resulted from using normal tax
and surtax rates on total taxable income.
Income subject to tax for returns with alternative tax
was the sum of (1) net long-term capital gain (reduced by
net short-term capital loss) and (2) income taxed at nor-
mal tax and surtax rates (the balance of taxable income).
For most corporations, use of alternative tax did not
affect the amount shown as income subject to tax. How-
ever, when net long-term capital gain was greater than
"taxable income" (net income minus statutory special
deductions) but the 25 percent rate applied to the capital
gain was less than the regular rates applied to "taxable
income," the capital gain, rather than "taxable income,"
became the tax base and was used for the income subject
to tax statistics.
Net operating loss of a Small Business Corporation for
which an election had been made to be taxed through
shareholders was equal to the corporation's net deficit
for the year and was allocable to each shareholder during
the year for use in computing his individual net operating
loss deduction. Amounts may be somewhat understated,
as not all electing corporations completed the schedule of
distribution and income to shareholders, (Schedule K,
Form 1120-S), from which the statistics were obtained.
Also, because reporting in this schedule was not always
consistent, the statistics for this item may vary some-
what from the deficit reported in the income statement.
Net operating loss carryover is described under "Statu-
tory special deductions."
Net short-term capital gain reduced by net long-term
capital loss is explained under "Net capital gains."
Net worth represented the stockholders' equity in the
assets of the corporation in contrast to the claims of
creditors. In the statistics it comprises the sum of the
items (1) Capital stock, preferred and common, (2) Paid-
in or capital surplus, (3) Retained earnings, appropriated,
(4) Retained earnings unappropriated, less (5) Cost of
treasury stock, each of which is explained under its own
heading.
Noncalendar year returns were those filed for a twelve-
month accounting period ended during July through
November 1966 and during January through June 1967,
Nondividend distributions of a Small Business Corpora-
tion for which an election was made to be taxed through
shareholders consisted of returns of capital, in cash or
other property, distributed from other than current year
earnings. Included were cash distributions of prior year
(and therefore previously taxed) undistributed net income,
reduced by operating deficits for any prior year.
Amounts may be understated as not all electing Small
Business Corporations completed the schedule of distri-
bution and income to shareholders, (Schedule K, Form
1120-S), from which the statistics were obtained.
Nontaxable returns were those for corporations other
than Small Business Corporations which reported net in-
come but for which there was no income tax liability.
Generally, these returns were nontaxable because net in-
come was offset by statutory special deductions and there
was no tax from recomputing prior year investment
credit.
Notes and accounts receivable were, in general, the
gross amounts of current trade items, that is, amounts
receivable arising from sales or services to customers
on credit during the ordinary course of trade or business
which would normally be converted to cash within one
year. Nontrade receivables were generally included in
"other current assets."
Loans and mortgages may have been reported in notes
and accounts receivable by savings and loan associations.
When identified, such mortgage loans were transferred to
"other investments."
214
Corporation Returns/1966 • Explanation of Terms
The allowance for bad debts, shown as an adjustment
to notes and accounts receivable, may include the reserves
for the separate account, mortgage and real estate loans.
As a result, it was possible for the reserve to exceed the
amount of notes and accounts receivable.
Number of returns excludes returns of inactive cor-
porations except in tables 1.1 and 28 where inactive
corporation returns are included in the total number and
are also shown separately. (See "Inactive corporation
returns.") The number of Form 1120-S returns filed by
Small Business Corporations for which an election was
made to be taxed through shareholders is included in each
total and is also shown separately in each appropriate
table. The few returns of unincorporated businesses for
which elections were made to be taxed as corporations,
under Code section 1361 were excluded from all tables.
Other assets comprised, in general, noncurrent assets
which were not allocable to a specific account on the re-
turn form balance sheet, and certain accounts for which
no distinction could be made between current and noncur-
rent status.
Includable were such items as deferred charges re-
ported as noncurrent by the corporation, interest dis-
counts, guaranty deposits, and intangible assets not sub-
ject 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 of real estate, and that portion of stock and
bond holdings in excess of book value.
Other current assets comprised assets not allocable to
a specific current account in the return form balance
sheet and, when specifically reported as short-term by
the corporation, marketable securities other than Gov-
ernment obligations.
Included were prepaid expenses, nontrade receivables,
coupons and dividends receivable, claims and judgments,
and similar items. For construction corporations,
amounts reported as a current item for contract work in
progress in excess of billings were also included.
Also included in other current assets were amounts re-
ported as inventories on nonconsolidated returns of in-
vestment and holding companies (other than operating
holding companies), security and commodity brokers,
dealers, and exchanges; and real estate subdividers, de-
velopers, and operative builders.
Other current liabilities included for the most part
certain amounts due and payable within the coming year.
The account comprised accrued expenses, as well as
current payables not arising from the purchase of goods
and services and not evidenced by bonds, notes, or mort-
gages. Examples of other current liabilities were taxes
accrued or payable, accrued employee accounts such as
for payrolls and contributions to benefit plans, dividends
payable, overdrafts, accrued interest or rent, and deposits
and withdrawable shares of banking and savings institu-
tions.
For construction corporations, amounts of advances or
deposits on uncompleted contracts or jobs in progress
were included in this item if reported as current.
Other deductions comprised (1) business expenses
which were not allocable to a specific deduction item on
the return form, and (2) certain amounts which were given
special treatment in the course of statistical processing.
The first category included such items as administra-
tive, general, and selling expenses; bonuses and commis-
sions; delivery, freight, and shipping expenses; sales dis-
counts; travel and entertainment expenses; and similar
items.
The second category included salaries and wages not re -
ported as a cost of sales and operations and not reported
as a part of another deduction item; unrealized profit on
current-year installment sales; reported amounts of neg-
ative income; business deductions not itemized on life and
most mutual insurance company returns and certain re-
serve and other deductions unique to these companies; and
losses by abandonment, theft, fire, storm or other casu-
alty. Casualty and theft losses excluded any losses on
capital assets and on real and depreciable property if such
assets were held for more than six months and if any
compensation from insurance was received for such
losses.
Other dividend income comprised those dividends for
which a special deduction was not allowed, and included
dividends from: (1) China Trade Act Corporations, (2)
corporations whose dividends would qualify for the 85
percent deduction except the taxpayer had not held the
stock long enough, (3) corporations whose income was
from U.S. Possessions, (4) Exempt (nontaxable) corpora-
tions (charitable, educational, religious, scientific, lit-
erary organizations, and mutual and cooperative societies
including farmers' cooperatives), (5) Real estate invest-
ment trusts, (6) Regulated investment companies (which
are not subject to the 85 percent deduction), (7) Federal
Home Loan Bank stock and, (8) Federal Reserve Bank
stock. Other dividend income is shown in table 9.
Other employee benefit plans to which employers con-
tributed were deductible to the extent of their contribu-
tions under Code section 162 and comprised employee
death plans, health or accident and sickness plans, and
other welfare plans. The statistics for this item include
any identifiable amounts reported as a cost of sales or
operations.
Excluded were deductions claimed for employer con-
tributions to pension plans and certain other deferred
compensation plans within the purview of Code section
404. (See "Pension, profit-sharing, stock bonus, annuity
plans.")
Other foreign dividends are discussed under, "Divi-
dends received from foreign corporations."
Other interest consisted of amounts received on loans,
notes, mortgages, bonds, bank deposits, and corporate
bonds less amortizable bond premium. For installment
sales, interest received included amounts stated in the
contract and certain unstated amounts of interest, as pro-
vided in Code section 483.
Other investments were, in general, long-term non-
Government investments and certain investments for
which no distinction could be made as to their current or
long-term nature. Non-Government investments gener-
ally not held for conversion to another form within the
coming year included stocks, bonds, loans on notes or
bonds, loans to subsidiaries, 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 property
other than buildings), and real holdings of insurance car-
riers, other than their home office and branch office
buildings and equipment, were reported as "other in-
vestments."
Corporation Returns/1966 • Explanation of Terms
215
Mortgage and real estate loans, shown separately for
1966, were included in the statistics for "other invest-
ments" in previous years. Therefore, the data for 1966
and prior years are not strictly comparable.
Other liabilities were obligations which were not alloc-
able to a specific account on the return form balance
sheet and were either noncurrent accounts, in general
not due within one year, or accounts which could not be
identified as either current or long-term.
Examples of "other liabilities" were deferred or un-
earned income not reported as part of a current account,
provisions for future taxes based on the effects of either
accelerated depreciation or possible income tax adjust-
ments such as for the investment credit, and principal
amounts of employee and similar funds.
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 corpora-
tion dealt; income from minor operations; cash discounts;
income from claims, license rights, judgments, and joint
ventures; net amount earned under operating agreements;
profit from commissaries; profit on prior-years' collec-
tions (installment basis); profit on purchase of corpora-
tion's own bonds; recoveries of losses and bad debts
previously claimed for tax purposes; refunds for cancel-
lation of contracts; and income from sales of scrap, sal-
vage, or waste. Also included was "other dividend in-
come," which comprised certain dividends for which a
special deduction was not allowed. (See ' 'Other dividend
income.")
Overpayment was not the amount reported on the return
line but was derived for the statistics on a return by re-
turn basis as the excess of the following payments and
payment credits --payments with requests for extension of
time to file, payments on estimated tax, and credit for
U.S. taxes paid on certain nonhighway use of gasoline and
lubricating oil--over income tax, including tax from re-
computing prior year investment credit, less foreign tax
and investment credits.
Overpayment could be credited toward the following
year's estimated tax, refunded, or partially refunded and
partially credited. Some taxpayers, however, failed to
indicate the way in which the overpayment was to be
treated. (See section 5.)
The amounts derived for the statistics are subject to
certain limitations. They do not reflect the effect of cer-
tain payment credits of limited application, such as for
the tax withheld at source on undistributed net long-term
capital gains by regulated investment companies. In addi-
tion, the tax on undistributed Personal Holding Company
income was not tabulated and therefore could not be taken
into account in the statistical computation.
The amounts shown also do not represent the final over-
payments for 1966. Final overpayments would take into
account the results of audit, the carryback of net operat-
ing losses incurred in future years, the carryback of cer-
tain foreign taxes paid or accrued in future years used to
increase the current-year foreign tax credit, or the carry-
back of unused investment credit.
Paid-in or capital surplus comprised additions to the
corporation's capital from sources other than earnings.
The amount shown is after deducting any negative amounts.
Includable were amounts of surplus occasioned by do-
nation, appreciation of assets, receipts from sale of capi-
tal stock in excess of stated value, stock redemptions or
conversions, and similar transactions.
Part-year returns were those filed for accounting peri-
ods of less than 12 months which ended in the period
July 1966 through June 1967. Such returns were filed as
a result of business liquidations, reorganizations, merg-
ers, and changes to new accounting periods.
Payments on declaration of estimated tax are discussed
in section 6.
Payments with requests for extension of filing time are
discussed in section 6.
Pension, profit-sharing, stock bonus, annuity plans,
and other deferred compensation plans to which employ-
ers contributed were deductible to the extent of their
contributions under Code section 404. The Code imposed
limitations on the amounts deductible for the taxable year
and provided a carryforward feature for certain amounts
paid in excess of the limitation. Benefit plans for which
employer contributions were deductible included plans
for certain United States citizens employed by foreign
subsidiaries and branches of domestic corporations. The
statistics include identifiable amounts reported as a cost
of sales or operations. (See also, "Other employee bene-
fit plans.")
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.
Rents received for the use or occupancy of property
consisted of the gross amounts. Depreciation, repairs,
interest, taxes, andother expenses, which were deductible
from gross rents, were included in their respective de-
duction items. For those manufacturing, public utility,
and service corporations which frequently leased, rather
than sold, their products, the rental income so derived
was included in business receipts.
Repairs reported as an ordinary and necessary business
expense were the costs of maintenance and incidental re-
pairs and could include the cost of labor, supplies, and
other items which did not add to the value or appreciably
prolong the life of the property. Expenditures for new
buildings, machinery or equipment, or for permanent
improvements which increased the cost or basis of the
property were not deductible currently and were charged
to capital expenditures, which were generally depreciable.
Retained earnings, appropriated were those retained
earnings set aside for specific purposes and not available
for distribution to stockholders. Included were guaranty
funds and reserves such as those for plant expansion,
bond retirements, and contingencies for extraordinary
losses. Specifically excluded were the reserves for bad
debts, depreciation, depletion, and amortization, which
were shown separately, and reserves for taxes, and un-
realized profits or unearned income, which were included
in "other liabilities" or "other current liabilities." This
item was identified as ' 'Surplus reserves" in the statistics
for prior years.
Retained earnings, unappropriated consisted of the re-
tained earnings and profitsof the corporation less any re-
serves. The statistics shown are net figures after deduc-
tion of any negative amounts. This item was identified as
"Earned Surplus and undivided profits" in the statistics
for prior years.
216
Corporation Returns/1966 • Explanation of Terms
Returns other than Form 1120-S was the term used in
the statistics to distinguish, from Small Business Cor-
porations electing to be taxed through shareholders, the
returns filed for corporations subject to the regular in-
come tax.
Returns with net income were those showing gross tax-
able receipts exceeding the ordinary and necessary busi-
ness deductions allowed by the Code,
Returns without net income were those for which busi-
ness deductions exceeded gross taxable receipts. When
taxable receipts and business deductions were equal, the
return was classified as without net income. (See also,
"Net income" and "Taxable returns.")
Royalties were payments received, generally on an
agreed percentage basis, for the use of property. In-
cluded were amounts received from such properties as
copyrights, patents, and trademarks; and from natural
resources such as timber, mineral mines, and oil wells.
The amount reported was the gross amount. Expenses
relating to royalties, depletion or taxes, for example,
were not deducted directly from the income, but were
reported among the various business deductions from total
gross income.
Excluded were certain royalties received under a lease
agreement on timber, coal deposits, and domestic iron
ore deposits, which were allowed special tax treatment.
Under elective provisionsof Code section 631, the net gain
or loss on such royalties was included in the computation
of net gain or loss on sales or exchanges of certain busi-
ness property under section 1231. If the overall result of
this computation was a net gain, it was eligible for treat-
ment as a long-term capital gain, taxable at a maximum
rate of 25 percent. If the overall result was a net loss, it
was fully deductible in the current year as an ordinary
noncapital loss.
Size of business receipts was based on the gross
amounts from sales and operations for industries except
those in the Finance, insurance, and real estate division.
For the finance industries, total receipts, which is the
sum of businessreceiptsandinvestmentincome, was used
as the basis for classification.
Size of total assets was based on the amount reported in
the end-of-year balance sheet. Returns with zero assets
were used as a classification for returns of (1) liquidating
or dissolving corporations which had disposed of all assets
and whose income tax returns were final returns, (2)
merging corporations whose assets and liabilities were
included in the returns of the acquiring corporations, and
(3) foreign corporations doing business in the United
States (except foreign insurance companies providing
balance sheet information for United States branches).
(See also, "Total assets and total liabilities.")
Small Business Corporation returns, Form 1120-S,
were filed by corporations electing to be taxed through
shareholders under section 1372, added to the Code by the
Technical Amendments Act of 1958.
To qualify as a Small Business Corporation, a firm had
to be a domestic corporation with no more than ten share-
holders, each of which was an individual (or an estate) and
no one of which was a nonresident alien. The corporation
could have only one class of stock and could not be a mem-
ber of an affiliated group eligible to file a consolidated re-
turn. Also, except in the case of a new concern (see sec-
tion 8 of this report), it could not receive more than 20
percent of its gross receipts from personal holding com-
pany income (rents, royalties, interest, annuities, and
gains from sales or exchanges of stock and securities)
nor 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 for the most part taxed directly
through each shareholder. It was computed in the same
manner as for most corporations. However, the net oper-
ating loss deduction and the additional statutory special
deductions allowed corporations, such as for dividends
received, could not be taken and no foreign tax credit
was available to the corporation.
Generally, the income of the Small Business Corpora-
tion was taxable to its shareholders as ordinary income.
However, net long-term capital gains, (excluding amounts
taxed at the corporate level for the first time in 1966 and
discussed in more detail in section 8), retained their
character in the hands of the shareholder.
Shareholders were allowed to deduct their share of the
corporate net operating loss from other forms of indi-
vidual (or fiduciary) income. Undistributed income earned
in previous years was taxable to shareholders in the year
it was earned, and could be distributed during the current
year without any further tax.
Statutory special deductions consisted of four deduc-
tions claimed for (1) net operating losses of prior years,
(2) intercorporate dividends received, (3) dividends paid
on certain preferred stock of public utilities, and (4)
Western Hemisphere Trade Corporations. Since these
deductions were allowed by law, in addition to the ordinary
and necessary business deductions, they are shown as
deductions from net income.
For many corporations, net income less the statutory
special deductions equaled income subject to tax. How-
ever, the two dividend deductions were not restricted to
returns with net income, nor, in general, to the amount
of net income, and thus became part of the statutory loss
for some corporations. Statutory special deductions were
not allowed to Small Business Corporations for which an
election was made to be taxed through shareholders, nor
to regulated investment companies and real estate invest-
ment trusts.
Statistics for Statutory special deductions are subject to
certain limitations inherent in the methods of reporting
these amounts. For example, where there was nonet in-
come to reduce (and consequently no income subject to
tax), the special deduction for dividends received may not
have been reported even though the deduction was allow-
able as part of the statutory net operating loss. Also,
where both a net operating loss deduction and a dividends
received deduction were available, the corporation may
have used only the net operating loss deduction to offset
net income instead of using the net operating loss deduc-
tion to offset only that portion of net income remaining
after subtracting the dividend deduction. This would re-
sult in an overstatement of amounts shown in the statis-
tics for the net operating loss carryforward and an un-
derstatement in amounts shown for the dividends received
deduction.
Definition of the four statutory special deductions are:
(1) Net operating losses. --These deductions were
based on statutory losses of prior or subsequent years
which could be used to reduce taxable income for a sped-
N
Corporation Returns/1966 • Explanation of Terms
217
fied number of years. The amount shown in this report,
however, consisted only of losses from ^rior years actu-
ally used to reduce taxable income for 1966- -hence the
designation net operating loss carryover. (Losses in-
curred after 1966 and carried back to that year at a later
date could not be reported on the returns used for this re-
port.) In general, losses were carried back over a 3 year
period and any amount not offset against income for that
period could then be carried forward against income for
a period not exceeding 5 years. Longer carryover periods
were allowed for certain foreign expropriation losses and
for corporations applying for tax assistance under the
Trade Expansion Act of 1962, regulated transportation
corporations, and new life insurance companies.
Net operating losses upon which the current-year de-
duction was based included (1) the excess of ordinary
and necessary business expenses over income in the loss
year, and (2) statutory deductions claimed in the loss year
for dividends received and for dividends paid on certain
preferred stock of public utilities (or any excess of such
deductions over net income).
The net operating loss deduction claimed for the cur-
rent year was after deductions for dividends received and
for dividends paid on certain preferred stock of public
utilities and thus could not exceed the net income of the
corporation reduced by these two deductions.
(2) Dividends received deduction. --The dividends
received deduction, under Code sections 243-246, was, in
general, equal to 85 percent of dividends received from
domestic corporations which were themselves subject to
the income tax. However, there were certain exceptions:
(1) the dividends received deduction for dividends on cer-
tain preferred stock of public utilities (for which a divi-
dends paid deduction, described below, was also allowable)
was equal to about 61 percent instead of 85 percent; (2)
Small business investment companies were permitted to
deduct 100 percent of their dividends received; (3) con-
trolled group members filing nonconsolidated returns but
using a single surtax exemption for the entire controlled
group under section 1561, could elect to deduct 100 per-
cent of certain intragroup dividends; (4) the deduction
could also be taken for dividends from foreign corpora-
tions doing business within the United States if paid from
income considered earned within the United States.
For returns with net income for the taxable year, there
was a limitation on the deduction, based on net income,
for dividends received not subject to the 100 percent
deduction. For these net income returns, the deduction
could not exceed 85 percent of net income less any
Western Hemisphere Trade Corporation deduction (de-
scribed below) and less any 100 percent deduction for
intragroup dividends. This limitation was not applicable
if the corporation had no net income for the year. In this
case, the deduction became part of the statutory net op-
erating loss previously described.
(3) Deduction for dividends paid on certain preferred
stock of public utilities.--For public utility companies, as
defined by law, a special deduction was allowable under
Code section 247 for dividends paid on certain preferred
cumulative stock deemed issued prior to October 1, 1942.
This deduction was about 29 percent of the dividends paid
on such stock, or, if the dividends paid were greater than
net income reduced (in general) by all other statutory
special deductions for the year, the deduction could not
exceed 29 percent of the net income after this adjustment.
(4) Western Hemisphere Trade Corporation deduc-
tion.--This deduction was allowed certain domestic com-
panies which qualified under section 921 of the Code.
These companies conducted almost all of their business
outside the United States, but within the Western Hemi-
sphere. The special deduction was about 29 percent of net
income after all other statutory special deductions.
Suspension period property is discussed under ' 'Invest-
ment qualified for credit," and in section 6.
Tax due was the amount of income tax liability reported
as due at the time the return was filed. To show a tax due
the return had to have income tax after foreign tax and
investment credits. For this purpose, the income tax
could include tax from recomputing prior year invest-
ment credit or tax on undistributed Personal Holding
Company income (which was not tabulated or included in
the income tax presented in this report). Tax due, then,
was the amount payable after taking into account (a) credit
from regulated investment companies; (b) payments with
requests for extension of time in which to file; (c) pay-
ments on estimated tax; and (d) credit for U.S. taxes
paid on certain nonhighway use of gasoline and lubricating
oil.
The entire tax due could be paid with the return at the
time of filing; or the corporation could elect to pay the
tax due in two equal installments. One installment had to
be paid at the prescribed time of filing, and the balance
paid on or before three months after that date.
The amounts shown for tax due were accepted as re-
ported, even when the return showed a tax due that may
have represented only an adjustment for prior years.
Tax from recomputing prior year investment credit
occurred when certain depreciable property used in com-
puting the investment credit was disposed of prior to the
life used in arriving at the investment credit. The tax
was payable for the year in which the property was dis-
posed of and amounted to the difference between the credit
previously taken on such property and the credit which
would have been allowed had the actual life been used.
Taxes paid included the amounts reported as an ordi-
nary and necessary business deduction as well as identi-
fiable amounts reported as part of the cost of sales and
operations. Included among the deductible taxes were
ordinary State and local taxes paid or accrued during the
year; social security and payroll taxes; unemployment in-
surance taxes; import and tariff duties; and business, li-
cense, and privilege taxes. Income and profits taxes paid
to foreign countries or United States possessions were
also deductible unless claimed as a credit against income
tax. Not deductible were such taxes as Federal income and
excess profits taxes, gift taxes, taxes assessed against
local benefits, and Federal taxes paid on interest from
tax-free covenant bonds.
Some corporations reported excise and stamp taxes,
which were part of the sales price of their products as
receipts. When this occurred, an equal and offsetting
amount was usually included in the cost of sales and op-
erations or as part of the separate deduction for taxes
paid. When included in the cost of sales and operations,
these taxes often were not identifiable and therefore could
not be added to the statistics for taxes paid.
Tentative investment credit represented the earned
credit before taking into account the statutory limitations
based on the size or presence of income tax. For most
corporations, the tentative credit was equal to 7 percent
81-123 O - 70 - 15
I
218
Corporation Returns/1966 • Explanation of Terms
of qualified investment, an amount based on the cost of
certain depreciable purchases and designed to give weight
to longer lived assets and described in more detail under
"Investment qualified for credit." An exception was made
for investment in certain public utility property. The law
specified that for such property the otherwise qualified
investment should be reduced to three-sevenths of the total
amount. As a matter of practical computation, however,
the full qualified investment was usually reported, and a
3 percent rate substituted for the 7 percent rate in order
to obtain the legal tentative credit. See facsimile of Form
3468 in section 12.
Total assets and total liabilities were those reported in
the end-of-year balance sheet in the corporations' books
of account. Total assets were net after -reduction by ac-
cumulated depreciation, amortization, and depletion, and
by the reserve for bad debts. When these reserves were
reported as liabilities, they were treated as reductions
from the asset accounts to which they related and the
totals of assets and liabilities were adjusted accordingly.
Asset and liability estimates for the few returns of cor-
porations that failed to provide balance sheet information
were derived from schedules in the tax return other than
the balance sheet, for example, the schedules for depre-
ciation, bad debts, and cost of goods sold; from reference
books; and, from relationships between income statement
and balance sheet items on similar returns which had both
statements and which were classified in the same indus-
trial group.
Because Forms 1120L and 1120M used by life and cer-
tain mutual insurance companies did not provide for the
complete reporting of balance sheet information, asset
and liability data for these companies were obtained from
balance sheets filed with the returns (or from reference
books) in the form required by State law. These sources
were also used for any other insurance companies, not
filing returns on Forms 1120L or 1 1 20M, which filed bal-
ance sheets in the form required by State law in lieu of
the income tax return schedule.
Total deductions as derived for the statistics comprised
(1) the ordinary and necessary business deductions from
gross income, (2) the cost of sales and operations, and
(3) net loss from sales of noncapital assets. Components
of total deductions are shown in the income statement seg-
ment of tables 2 and 3.
For certain mutual insurance companies, with total re-
ceipts under $500,000, total deductions represented only
investment expenses; business income and expenses were
excluded by law.
Total receipts, the components of which are shown in
the income statement segment of tables 2 and 3 was de-
rived for the statistics as follows:
Included items--(l) Gross taxable receipts (before
deduction of cost of sales and operations and net losses
from sales of noncapital assets); (2) Nontaxable interest
received from State and local Government obligations.
Excluded items--(l) Other nontaxable income recog-
nized by the corporation, (2) Certain income from related
foreign corporations only constructively received.
For certain mutual insurance companies, with total re-
ceipts under $500,000, the gross taxable receipts included
in the statistics represented only the receipts from in-
vestments; operating income was excluded by law.
Total receipts less total deductions included nontaxable
interest received from State and local Government obliga-
tions and excluded certain income from related foreign
corporations only constructively received. This item is
comparable with Compiled net profit, an amount shown in
the Statistics of Income for 1963 and earlier years.
Unappropriated retained earnings are discussed under
"Retained earnings, unappropriated."
Undistributed net income of a Small Business Corpora-
tion for which an election had been made to be taxei^
through shareholders was the amount end-of-year share-
holders would have received as a dividend if such income
had been distributed to them at the end of the corpora-
tion's taxable year. Even though undistributed, this
amount was nevertheless taxed to these shareholders as
ordinary income. Amounts may be somewhat understated
as not all electing corporations completed Form 1120-S,
Schedule K, Shareholders Share of Income, from which
the statistics were obtained.
Unused investment credit was the portion of the tenta-
tive investment credit plus investment credit carryfor-
ward which exceeded the amount which could be used to
reduce the tax liability for the current year. The unused
credit could be carried over toother years. See "Invest-
ment credit carryover" in this section. The amounts
shown in 1966 were derived for the statistics by sub-
tracting the actual investment credit from the tentative
credit plus investment credit carryforward on a return
by return basis. Inasmuch as corporations without tax
did not have to report information relating to their unused
investment credit, the amounts shown may be somewhat
understated. This derived amount is more fully discussed
in section 6 of this report.
Western Hemisphere Trade Corporation deduction is
described under "Statutory special deductions."
Year of election to be taxed through shareholders was
the taxable year for which a corporation first elected to
file as a Small Business Corporation taxed through its
shareholders, under the provisions of subchapter Sof the
Code. Since the subchapter S provisions were only effec-
tive with accounting periodsbeginningafter December 31,
1957 and ending after the date of enactment of the pro-
visions, September 2, 1958, the earliest possible year of
election was 1958. Such an election was effective for sub-
sequent taxable years unless (1) the corporation revoked
the election, or (2) the corporation failed to meet the re-
quirements for filing under subchapter S, or (3) new
shareholders failed to make a timely consent to the
election.
Year of incorporation reported on the Form 1120-S
return form by Small Business Corporations electing to
be taxed through shareholders was the year the firm in-
corporated and not necessarily the year business began.
Some incorporations represented corporate reorganiza-
tions or changes in legal form by a previously existing
business. Differences between the number of Form 1120-S
returns classified by each year of incorporation prior to
1966 and similar data in Statistics of hicome for 1960-61
(the last report presenting such statistics) may be attribu-
table to (1) an increase in the number of older corpora-
tions electing to betaxedunder provisions of Code section
1372 for the first time, (2) liquidations, mergers, or
changes in active or inactive status, (3) terminations or
Corporation Returns/1966 • Explanation of Terms
219
revocations of elections to be taxed as Small Business
Corporations, and (4) corporations reporting the year of
incorporation on the return for one year, but not on the
return for the other year.
Zero assets was used as a category in classifying re-
turns by size of total assets. Included were:(l) final re-
turns of liquidating or dissolving corporations which had
disposed of all assets, (2) final returns of merging cor-
porations whose assets and liabilities were reported in the
returns of the acquiring corporations, and, (3) returns of
resident foreign corporations (corporations incorporated
abroad but conducting business in the United States) other
than foreign insurance company returns with balance
sheet information for United States branches.
CONTENTS
Description of the Sample, 221
Sources of data, 221
Sample selection, 221
Method of estimation, 222
Estimated number of returns compared with number of returns filed, 224
Limitations of the data, 224
Sampling variability, 224
Other limitations due to sampling, 225
Response and processing controls, 225
Text tables
10.1 Number filed, number in sample, and prescribed and achieved sampling
rates, by sample class, 1966, 222
Section
10
Description of the Sample,
and Limitations of the Data
10.2 Relative sampling variability at the one standard deviation level for
selected items, by major industry, 223
10.3 Sampling variability at the one standard deviation level of estimated
number of returns, 1966, 224
DESCRIPTION OF THE SAMPLE
Sources of Data
The statistics in this report are estimates based on a
stratified sample of corporation income tax returns, se-
lected after revenue processing but before audit. The
sampled returns were used to represent the business
activities of the total number of domestic and resident
foreign corporations filing returns with accounting peri-
ods ended July 1966 through June 1967.
The corporate population from which the sample was
drawn was counted at about 1,554,000. This population
represented the following returns: (1) Form 1120 (Cor-
poration Income Tax Return), (2) Form 1120L (Life In-
surance Company Income Tax Return), (3) Form 1120M
(Mutual Insurance Company Income Tax Return), (4)
Form 1120-S (Small Business Corporation Income Tax
Return), and (5) Form 1120-F (Income Tax Return of
Foreign Corporation) except those filed by nonresident
foreign corporations. Returns not counted in the corporate
population were, for the most part, those in the Form 990
series filed by tax-exempt organizations.
The number of returns counted in this population differs
from the total number of profit-seeking corporations in
existence in 1966 chiefly because the Internal Revenue
Code permitted parent corporations to file single returns
presenting the combined financial data for an entire "af-
filiated group." For 1966, there were 41,000 subsidiaries
represented in some 10,000 consolidated returns.
The population may be said to represent the total num-
ber of returns for income year 1966 regardless of when
the returns were actually filed. Thus, prior year delin-
quent returns were used for the purpose of estimating
data for returns for income year 1966 filed too late to be
included in the sample. It was felt that, in general, the
characteristics of returns due but not yet received could
be represented best by previous year delinquent returns
received during the current year filing period. The total
number of prior year delinquent returns received during
the 1966 filing period was about 15,000.
As described later on, some of the returns in the popu-
lation were not used. This was done to limit the statistics
to active corporations doing business in the United States,
to prevent any duplication of income and financial data,
and to exclude data for certain corporations filing solely
for information purposes under special provisions of the
law.
k
Sample Selection
For administrative reasons, corporation returns re-
ceived by the Internal Revenue Service were classified
by size and taxation characteristics, by type of return,
and by the 58 Internal Revenue district offices (and the
Office of International Operations in Washington, D.C.)
in which they were filed (or initially processed). For
identification purposes, each return was given a "docu-
ment locator number" that was based on these classifi-
cations and that also included a 2-digit serial number.
The document locator number was used as the basis for
drawing the sample.
Nearly all Form 1120, 1120L, and 1120M returns and
some Form 1120-S returns, comprising the vast majority
of returns filed, were revenue-processed for 1966 under
the Internal Revenue Service's automatic data processing
(ADP) system. Under this system, returns were sorted
into one of fivemajor groups based chiefly on size of total
assets. The following returns were revenue-processed
independently of the ADP system for 1966: (1) most
Form 1120-S returns, (2) all Form 1120-F returns, (3)
most Form 1120, 1120L, and 1120M returns that were de-
linquent or that had foreign addresses. These returns
were sorted by type into one of many detailed "series."
Series were defined using the same general types of cri-
teria that applied to the ADP groups, although taxpayment
and delinquency status were also taken into account.
After sorting, returns were numbered serially, creating
"blocks" comprised of 100 returns. Under the ADP sys-
tem, returns for the sample were systematically with-
drawn by using specified document locator numbers in
each block per major group based on the applicable sam-
pling rate for the group. For the other returns those se-
lected for the sample were systematically withdrawn by
using specified document locator numbers in each block
per numbering series based on the sampling rate for that
series. The sample groupings can be described as follows :
/. Forms 1120, 1120L, 1120M, and 1120-F (resident):
Sample class ^.--Returns of large corporations con-
trolled for the sample on a name basis. In general, the
basis for name control was total assets of $10 million or
more. However, for several of the industries included un-
der "Finance, insurance, and real estate," the criterion
for name control was total assetsof either $50 million or
more or $100 million or more. Also controlled by name
221
222
Corporation Returns/1966 • Sources, Sample, and Limitations
were resident foreign corporation returns (Form 11 20-F)
with net income or deficit of $1 million or more regard-
less of industry or asset size.
Sample class B.--The following special types of re-
turns unless they were included in sample class A: con-
solidated returns, returns with Personal Holding Com-
pany schedules attached, life (Form 1120L) and mutual
(Form 1120M) insurance company returns and returns of
resident foreign corporations (Form 1120-F). In addition,
other returns if they were: (1) classified in "Finance, in-
surance, and real estate," showed total assets of $10 mil-
lion or more, and were not includable in sample class A,
and (2) returns with overpayment of tax and prior year de-
linquent returns, if they had total assets of $1 million but
less than $10 million.
Sample class C. --Except for returns with overpay-
ment of tax and returns of the special types described
under sample class B, current year returns with total
assets of $1 million but less than $10 million.
Sample class Z*. --Except for returns with overpay-
ment of tax and returns of the special types described
under sample class B, current year returns with total as-
sets of $100 thousand but less than $1 million.
Sample class ^.--Current year returns except for re-
turns of the special types described under sample class
B, with total assets "greater than zero" but less than
$100 thousand. Also, returns with overpayment of tax and
prior year delinquent returns if they had total assets
either zero or not reported at all, or total assets "greater
than zero" but less than $1 million.
Sample class F.--Except for returns with overpay-
ment of tax and returns of the special types described un-
der sample classB.currentyear returns with total assets
either zero or not reported at all, and classified by the
Internal Revenue Service after December 31, 1966 for
revenue collection purposes. In general, these were re-
turns with accounting periods ended October 1966 through
June 1967.
Sample class G.--The same types of returns de-
scribed under sample class F, but which were classified
by the Internal Revenue Service on or before December
31, 1966. In general, these were returns with accounting
periods ended July 1966 through September 1966 and were
sampled at a rate different from that used for returns in-
cluded in sample class F.
//. Forms 1120-S:
anew each day while the blocking of nonremittance re-
turns was begun anew each week. Therefore, if a block
had fewer than 100 returns at the end of a blocking period,
it was closed with this smaller number. Although the
same blocking system did not apply to non-ADP returns,
short blocks also resulted for other administrative or
processing reasons. The size of the difference due to
short blocks was reduced by designing the sample of
ADP returns, which was the largest part of the total sam-
ple, so that the number of over sampled and undersampled
short blocks would tend to even out. This was accom-
plished by providing a number of sample selection plans
to be used in sequence. The actual plan applicable to a
particular block depended on its place in the order of
selection plans.
Differences also occurred for other reasons. Some-
times the characteristics of a return differed consider-
ably from the characteristics of the sample grouping in
which it was included. When this happened, the return was
reassigned to another grouping using guidelines provided
for this purpose. One of these guidelines stipulated that
the reassignment would not increase the "weighting fac-
tor" (defined below) applied to the return. In addition to
the effects of such return "misblocking," differences
occurred when specific returns prescribed for the sample
were, for various reasons, unavailable even after follow-
up.
Method of Estimation
Totals for returns filed were based on counts made and
submitted by each Internal Revenue district office and by
the Office of International Operations in Washington, D.C.
The adequacy of response to requests for sample returns
was reviewed, by sample class, by applying the prescribed
rates to the number of returns actually received from
each office. When receipts appeared to be inadequate, a
foUowup was conducted to locate the missing returns.
Sample data were blown up to the sample class totals
by using "weighting factors", determined by dividing the
number of returns filed per sample class by the number
of sample returns for that class. For example, by using
information in table 10.1, the weighting factor of 12.42 for
returns in sample class D is obtained by dividing the
actual count of the total number of returns filed in the
class, 448,539, by the number of sample returns, 36,106.
Sample class ff.- -Returns of large corporations con-
trolled for the sample on a name basis. The basis for
name control was total assets of $10 million or more.
Sample class /.--Returns with total assets of $1 mil-
lion but less than $10 million.
Sample class J. --Returns with total assets either
zero or not reported at all, or "greater than zero" but
less than $1 million.
For each of these classes, the total number of returns
filed, the number of returns in the sample, and the pre-
scribed and achieved sampling rates, are given in table
10.1.
Differences between the prescribed and achieved sam-
pling rates occurred for several reasons inherent in the
revenue processing system. One of these reasons was
"short" blocks because the sample was geared to the
presence of complete, 100 return, blocks. Under the ADP
system, the blocking of remittance returns was begun
Table 10. 1— CORPORATION RETURNS: NUMBER FILED, NUMBER IN SAMPLE,
PRESCRIBED AND ACHIEVED SAMPLING RATES, BY SAMPLE CLASS, 1966
Sample class
Forms 1120, 1120L, 112QM, 1120F
(resident only), total
Sajnple class A.
Sample class B*
Sample class C-
Sample class D.
Sample class E*
Sample class F-
Sample class G*
Form 1120-S, total.
Sample class H-
Sample class I .
Sample class J.
N'imber o
' retiirns
Sampling rate
Filed
In sample
Prescribed
Achieved
(1)
(i)
(3)
(4)
1,55A,483
152,770
-
-
1,368,980
144,154
.
.
8,205
8,205
1.0000
1.0000
32,730
32,730
1.0000
1.0000
c.8,676
34,226
0.5000
0.4984
448,539
36,106
0.0800
0.0805
631,010
27,279
0.0400
0.0401
122,013
5,007
0.0400
0.0410
7,807
bOl
0.0800
0.0770
185,503
3, oil,
-
-
11
11
1.0000
1 .0000
1,807
1,807
1.0000
1.0000
133,035
.j,7V3
0.0400
0.0370
HOTE: Tiie slight discrepancy between the 1,554-, 483 returns filed as shown in this
table and the 1,537,857 returns in table 1.1 is due, for the most part, to the fact
that frequencies based on the sample were derived using weighting factors rounded to
two decimal places-
Corporation Returns/1966 • Sources, Sample, and Limitations
223
Table 10.2— ACTIVE CORPORATION RETURNS: RELATIVE SAMPLING VARIABILITY AT THE ONE STANDARD DEVIATION LEVEL EOR SELECTED ITEMS, BY MAJOR INDUSTRY
Major industry
Nuraber of returns
Relative
sampling
variability
Total receipts
(Thousand
dollars)
Relative
sasrpling
variability
Business receipts
(Thousend
dollars)
Relative
sampling
variability
(Thousand
dollars)
Relative
sampling
variability
(Thousand
dollars)
Relative
sampling
variability
(1)
(2)
(3)
M
(5)
(6)
(V)
(a)
(9)
All industries.
Agriculture, forestry, and fisheries.
Mining.
Metal mining
Coal mining
Crude petroleum and natural gas
Nonmetalllc minerals (except fuels) mining.
Contract construction.
Manufacturing .
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other fabricated textile products.
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, except machinery and
transportation equipment
Machinery, except electrical
Electrical machinery, equipment, and supplies
Motor vehicles and motor vehicle equipment
Transportation equipment, except motor vehicles...
Scientific instruments, photographic equipment,
watches , and clocks
Miscellaneous manufacturing industries, including
ordnance and accessories
Manufacturing not allocable
Transportation, communication, electric, gas, and
sanitary services
Transportation
Communication services
Electric, gas, and sanitary services.
Wholesale and retail trade.
Wholesale trade
Groceries and related products
Machinery, equipment, and supplies.
JAiscellaneous wholesale trade '
Iv'iiolesale trade not allocable
Retail trade
Building materials, hardware, and farm equip-
ment stores
General merchandise stores
Food stores
Automotive dealers and gasoline service stations.
Apparel and accessory stores
Furniture, home furnishings, and equipment stores
Eating and drinking places
Miscellaneous retail stores
Retail trade not allocable
Wholesale and retail trade not allocable.
Finance, insurance, and real estate
Banks and trust companies
Credit agencies other than banks
Security and commodity brokers, dealers, exchanges^
and services
Holding and other investment companies.
Insurance carriers
Insurance agents, brokers, and service.
Real estate
Hotels, rooming houses, camps, and other lodging
places.
Personal services
Business services
Autonobile and other repair services
Motion pictures
Amusement and recreation services, except motion
pictures
Miscellaneous services.
1,468,725
27,945
14,831
886
2,336
7,924
3,685
112,373
187, 642
18,859
100
5,741
17,421
8,793
6,841
3,324
23,314
10,492
1,111
4,814
2,917
8,446
5,326
21,124
20,726
8,868
2,152
2,796
3,724
10,261
492
59,925
46,402
7,046
6,477
453,174
151,177
17,013
21,897
109,912
2,355
298,432
29,426
18,584
22,154
43,567
33,041
28,299
51,333
66,585
443
3,565
402,740
15,505
54,539
4,406
31,143
5,174
27,191
264,782
202,065
17,180
32,431
57,182
32,241
8,314
23,408
31,309
Nature of business not allocable.
8,030
3.47
14.40
8.82
^.85
6.62
1.27
0.88
2.83
30.30
4.93
3.24
4.34
4.94
6.50
2.62
3.97
10.87
5.82
7.23
4.28
5.13
2.74
2.78
4.23
8.13
7.43
4.24
20.73
2.01
4.85
5.22
0.54
1.03
3.26
2.82
1.23
9.77
0.73
2-49
3.17
3.00
1.88
2.45
2.64
2.03
1.73
22.52
7.68
1.46
1.60
6.40
2.30
3.48
2.78
0.75
0.94
3.30
2.57
1.88
2.53
4.92
2.96
2.59
5.31
1,306,517,897
8,604,616
14,609,352
2,989,528
3,357,881
5,581,206
2,680,737
63,029,874
571,009,172
86,270,885
5,731,013
18,791,323
19,420,284
10,350,780
7,393,972
16,630,848
20,684,000
44,750,925
56,290,463
11,351,418
5,487,108
13,348,451
42,761,231
31,820,452
46,225,717
40,438,699
50,546,818
24,264,419
9,832,197
8,500,722
117,397
97,097,754
44,854,426
23,824,946
28,413,382
389,155,391
184,921,354
35,996,032
18,062,208
130,433,371
429,743
202,568,961
12,343,585
41,879, 664
47,224,079
50,070,281
11,909,835
9,687,869
9,851,680
19,553,845
48,123
1,665,076
119,814,911
23,230,994
13,542,578
2,008,070
5,121,883
59,527,958
2,675,370
13,707,558
43,082,993
4,484,928
4,952,164
15,285,760
4,955,462
3,806,043
3,553,578
6,045,058
113,834
2.63
1.15
9.63
3.17
3.83
1.42
0.38
2.17
1.24
1.66
2.31
2.61
3.34
1.13
1.42
0.74
0.23
1.64
4.28
1.51
0.74
1.30
0.85
0.74
0.33
0.94
2.50
28.48
1.12
0.92
0.24
0.59
0.98
2.86
2.75
1.10
13.18
0.75
2.77
0.92
1.54
2.21
2.32
3.21
2.65
2.00
7.61
0.29
0.16
0.50
2.59
0.76
0.47
4.38
1.02
1.36
3.53
2.50
2.93
5.74
5.11
3.83
1,224,370,364
8,203,046
13,889,920
2,838,542
3,208,053
5,276,435
2,566,890
61,850,382
557,318,291
85,209,409
5,697,953
18,523,286
19,249,093
9,900,358
7,3&i,961
16,244,072
19,975,864
43,584,237
52,483,666
11,118,791
5,430,890
13,034,671
42.079.402
31,376,104
44,476,219
39,843,831
49,711,805
23,997,964
9,644,913
8,318,512
112,290
94,205,011
42,840,271
23,342,586
28,022,154
381,603,152
182,166,272
35,578,902
17,624,408
128,544,654
418, 308
197,824,082
12,074,596
39,947,618
46,875,272
49,283,234
11,557,244
9,269,627
9,629,432
19,142,598
44,461
1,622,798
2,935,032
3,407,264
629,404
329,278
49,360,980
2,562,126
6,789,853
41,184,713
4,073,432
4,871,463
14,751,669
4,759,829
3,556,300
3,323,254
5,848,766
91,912
0.26
4.30
2.52
1.18
8.98
3.25
3.74
0.39
2.17
1.18
1.67
2.32
2.69
3.34
1.14
1.45
0.75
0.24
1.66
4.30
1.52
0.75
1.31
0.67
0.74
0.33
0.94
2.53
29.49
1.16
0.88
0.24
0.60
0.99
2.86
2.77
1.11
13.13
0.75
2.78
0.94
1.54
2.22
2.33
3.26
2.65
2.02
(M
7.72
0.29
1.46
6.07
6.69
0.56
4.50
1.66
1.39
2.91
3.53
2.56
2.99
6.02
5.30
3.88
87,740,224
465,397
2,077,853
614,651
152,817
1,121,471
188,914
1,974,904
46,161,490
3,759,331
664,644
1,098,465
773,559
534,776
452,554
1,452,546
1,933,872
5,399,285
3,864,016
832,894
257,871
1,099,893
3,598,501
2,525,032
5,450,067
3,432,020
5,573,308
1,363,154
1,492,271
597,027
6,404
11,990,041
2,736,949
4,640,256
4,612,836
9,702,287
4,365,047
422,339
654,002
3,267,646
21,060
5,290,129
350,037
1,802,210
784,925
598,268
443,741
305,664
345,430
657,240
2,614
47,111
12,762,894
2,208,923
1,217,146
329,976
3,902,514
2,953,540
268,450
1,882,345
2,587,101
230,317
260,794
974,432
240,703
279,721
247,238
353,896
18,257
1.72
0.79
20.06
0.90
7.61
1.76
0.60
6.75
0.68
1.34
4.69
2.69
3.60
0.97
1.56
0.53
0.24
2.21
4.46
1.25
0.82
1.50
0.86
0.82
0.50
1.29
2.40
27.28
0.90
1.54
0.14
0.70
1.23
3.66
3.33
1.43
13.90
0.82
4-12
0.98
1.59
3.29
3.25
4.46
3.97
2.61
(M
19.49
0.31
0.30
1.15
2.37
0.50
0.17
4.37
1.47
1.70
4.46
4.20
3.21
5.01
4.92
5.28
4.57
7,212,516
176,183
338,280
38,355
56,697
188,627
54,601
575,969
1,757,794
266,143
2,809
83,879
89,704
107,093
51,967
40,614
105,002
86,649
26,271
49,223
16,127
122,841
63,222
120,746
116,382
166,936
61,587
69,496
36,668
68,268
5,967
293,511
56,897
19,869
1,461,821
570,996
65,464
66,149
436,344
3,039
679,652
100,483
90,904
103,018
193,032
61,294
81,268
121,224
127,591
818
11,173
1,760,413
144,561
344,660
38,448
103,814
221,645
29,252
677,633
759,454
135,779
48,882
195,396
75,965
48,555
134, 666
120,211
12,327
(10)
4.69
12.68
7.84
7.34
7.53
5.57
2.57
7.65
1.00
13.71
12.31
10.09
15.20
11.17
13.55
9.11
10.66
12.69
15.57
8.54
5.78
6.71
6.22
7.62
5.84
26.84
(^)
4.75
8.46
10.82
2.11
3.53
9.74
8.93
4.17
(»)
7.65
6.59
10.34
5.60
8.60
9.30
5.43
6.39
(')
19.05
2.33
9.04
15.84
9.04
1.27
9.33
4.24
3.52
6.74
6.73
7.55
6.02
14.97
9.42
20.21
^Sample is too small to yield a reliable estimate of the sampling variability.
NOTE: The relative sampling variability is the standard deviation of the estimate expressed as
from the estimate provides the computed upper and lower limits within which approximately two out
fall.
a percent of the estimate. The standard deviation when added to and subtracted
of three estimates derived from similarly selected sainples would be expected to
224
Corporation Returns/1966 • Sources, Sample, and Limitations
The weighting factors can also be derived by taking the
reciprocal, carried to a sufficient number of decimal
places, of the achieved sampling rate. For example,
for returns in sample class D the reciprocal of the
achieved sampling rate .080497, shown in table 10.1 as
.0805, is equal to the weighting factor of 12.42.
Estimated Number of Returns Compared
With Number of Returns Filed
The total number of returns filed shown in column 1 of
table 10.1 represents the total that was subject to sam-
pling. However, a comparison of the estimated total num-
ber of returns shown in tables of this report, with the total
number of returns filed reveals a difference of about
86,000. This difference occurred for the following
reasons:
1. About 69,000 returns with neither income nor de-
ductions were classified as returns of inactive corpora-
tions. Although inactive corporation returns are excluded
from most tables, they are shown separately in table 1.1
and included in table 28.
2. Nearly 14,000 were amended returns. Since these
returns could not be associated with the original returns
at time of sampling, data for them were excluded from
all tables in order to avoid duplication. In previous years
as well as for income year 1966 returns numbered before
January 1, 1967, it was possible to exclude such returns
from the population before drawing the sample.
3. About 2,000 returns filed were not represented in
the tables either because they were tentative returns or
because they werereturnsof special groups of companies.
Tentative returns were excluded to avoid duplication since
the revised returns may have been subject to sampling
later on; previously it was possible to exclude such re-
turns before sampling in the same manner as amended
returns. The special groups of companies excluded from
the tables were: (a) unincorporated businesses electing
to be taxed as corporations (Code section 1361), (b) non-
resident foreign corporations, (c) corporations conducting
most of their business operations in U.S. possessions and
thereby exempt from taxation (section 931), (d) certain
joint undertakings such as "cost companies" and other
"captive" companies whose income and financial data
were also included in the returns filed by the owner cor-
porations, (e) foreign investment companies (section
1247), and (f) foreign corporations, notably certain air-
lines or shiplines, exempt from U.S. and foreign taxation
under reciprocal treaty arrangements (section 883).
4. A small difference was attributable to the fact
that frequencies were based on weighting factors rounded
to two decimal places,
5. In addition, as previously pointed out, there were
other differences that resulted from factors inherent in
the revenue processing system.
LIMITATIONS OF THE DATA
Sampling Variability
Unless based on all of the returns in the population each
entry in the tables of this report is based on a sample and
can be expected to differ more or less from the corre-
sponding value that would be obtained by aggregating data
from the total number of returns. A statistical measure
that pertains to the difference that might be expected to
result is called the "standard deviation of the estimate."
The "relative sampling variability" is the standard de-
viation of the estimate expressed as a percent of the esti-
mate. The standard deviation when added to and subtracted
from the estimate provides the computed upper and lower
limits within which approximately two out of three esti-
mates derived from similarly selected samples would be
expected to fall. Table 10.2 shows the relative sampling
variability of selectedfrequency and amount estimates for
each major industry. "Upper limit" relative sampling
variability estimates based on a special formula are shown
in table 10.3 for frequency estimates in general. These
percents are somewhat higher than those which would have
been yielded by the standard formula. The first four col-
umns of table 10.3 apply to tables in this report in which
returns are classifiedby size of total assets; the fifth col-
umn may be applied to frequencies representing returns
not classified by size of total assets.
The conservative nature of the relative sampling vari-
ability estimates shown in table 10.3 may be illustrated
by comparing an estimate from column 5 of this table
with the calculated, more precise, relative sampling
variability for a similar number of returns shown in table
10.2. If 50,000 was the number of returns in some indus-
try grouping, then the relative sampling variability ob-
tained from column 5 of table 10.3 would be expected to
be less than 2.2 percent. But the conservative nature of
this relative sampling variability estimate may be illus-
trated by comparing it with the calculated, more precise,
relative sampling variability estimates in table 10.2 for
similar number of returns in a specific industry group-
ing. Thus, table 10.2 shows that for the 48,567 returns
Table 10.3-
■SAMPLING VARIABILITY AT THE ONE STANDARD DEVIATION LEVEL OF
ESTIMATED NUMBER OF RETURNS, 1956
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.
250,000.
Tables showing classification by asset size
Returns with total assets
Under
$100,000
(1)
$100,000
under
$1,000,000
(2)
$1,000,000
under
$10,000,000
(3)
$10,000,000
or more
(4)
Tables not
showing
classifi-
cation by
asset
size
(5)
35.4
25.0
10.0
23.9
20.4
8.2
25.0
17.7
7.1
22.4
15.8
6.3
20.4
14.4
5.8
^
18.9
13.3
5.3
17.7
12.5
5.0
15.8
11.2
4.5
•^
14.4
10.2
4.1
s
13.4
9.5
3.8
S
12.5
8.8
3.5
11.8
8.3
3.3
g-
11.2
7.9
3.2
3
10.0
7.1
2.8
9.1
6.5
2.6
7.9
5.6
2.2
■g
7.1
5.0
2.0
6.0
4.2
1.7
3
5.0
3.5
1.4
4.1
2.9
1.2
S
3.2
2.2
0.9
^
2.7
1.9
0.8
2.2
1.6
0.6
s
l.S
1.3
0.5
c
1.6
1.1
0.4
a
1.3
0.9
0.4
1.0
0.7
0.3
0.7
0.5
0.2
35.4
28.9
25.0
22.4
20.4
18.9
17.7
15.8
14.4
13.4
12.5
11.8
11.2
10.0
9.1
7.9
7.1
6.0
5.0
4.1
3.2
2.7
2.2
1.8
1.6
1.3
1.0
0.7
NOTE: An upper limit formula was used to compute the relative sampling variability
estimates shown in this table. Therefore, the relative sampling variability estijnates
are higher than those which would have been obtained by using the standard formula.
The disparity is generally less for tables showing classification by size of total
assets than for other tables .
Corporation Returns/1966 • Sources, Sample, and Limitations
225
classified in retail trade: automotive dealers and gasoline
service stations, the relative sampling variability is only
1,88 percent.
The relative sampling variability of a frequency, as
determined from table 10,3 may be used as a rough esti-
mate of the relative sampling variability that applies to
the associated amount. The relative sampling variability
associated with aggregate amounts is generally less than
that associated with the frequencies related to the aggre-
gate amounts. This is because returns of large corpora-
tions, sampled at the rate of 100 percent and therefore
not generally subject to sampling variability, account for
a larger proportion of the total amount estimates, but for
a smaller proportion of the related total number of re-
turns estimates.
Frequencies and amounts considered subject to exces-
sive sampling variability are not shown in the tables, al-
though they are reflected in the appropriate totals. Where
sampling variability was judged to be excessive, data in
particular cells have been deleted or have been combined
in such a way as to present combined totals for groups of
cells, the combined sampling variability for which was not
judged to be excessive. Where deletions were made in
tables, the applicable cells are footnoted. Where combi-
nations of data were made, the combined totals are pre-
sented alongside the bracketed cells to which they relate.
Other Limitations Due to Sampling
A dash, rather than afrequencyor amount, in any given
table cell indicates either that there were no returns with
the particular characteristic, or becauseof its rarity, in-
stances of the characteristic were not present among the
returns selected for the sample. However, for statistics
based on returns selected for the sample at a rate of 100
percent, a dash indicates a presumption of no returns with
the particular characteristic.
Response and Processing Controls
An extensive system of sample management and control
was used by the National Office Statistics Division to in-
sure the selection of the prescribed sample and to pro-
vide counts of the number of returns filed in each sample
class. Sample controls for the most detailed sampling
groups were maintained for each Internal Revenue district
office. In addition, returns of corporations in sample
classes A and H were controlled on a name basis as a
further check on the completeness of the sample.
In processing returns for collection purposes in the
seven Internal Revenue service centers throughout the
country, and later, in processing the sample of these re-
turns for statistical purposes, several steps were taken
to reduce taxpayer reporting errors and other errors
introduced in data processing operations. A large pro-
portion of the returns were mathematically verified (but
not audited) before they were made available for sample
selection. Any corrections resulting from mathematical
verification of the taxpayer's entries are reflected in the
statistics.
In editing, transcribing, and tabulating the information
from the sampled returns, additional checks were im-
posed to improve the quality of the resulting estimates.
Returns that showed data in accompanying schedules but
not on the appropriate lines of the return forms and re-
turns with obvious errors were edited and properly
adjusted.
Quality of the statistical editing in the seven service
centers was controlled by means of a continuous -sub-
sampling verification system. In addition, steps were
taken in the National Office to obtain measures of the
accuracy of editing in each center and also to secure
greater uniformity in field interpretation of editing in-
structions. This was accomplished by reprocessing in the
Statistics Division a subsample of the returns included in
the Statistics of Income sample and then comparing the
results with the statistical editing done in the field. After
further analysis both in the Statistics Division and in the
service centers, corrective action was taken and, when-
ever necessary, instructions clarified,- Special steps were
required in reprocessing returns of large corporations
because of their impact on the statistics. In general, all
returns with total assets of $250 million or more were
part of the subsample. Field editing of these returns
was subject to a more intensive review and the results
not only were analyzed for feedback to the service cen-
ters, but were also actually entered as corrections to
the data being compiled for this report.
Key-punching of all data was also key verified in the
service centers.
Prior to tabulation at the Internal Revenue Service
Data Center in Detroit, Michigan, numerous tests for in-
ternal consistency were designated by the National Office
and were applied to the data using electronic computers.
This assured that proper balance and relationships
among the return items and statistical classifications
were maintained. Inconsistencies which could not be
resolved readily, especially those that involved returns
of the larger corporations, were referred to the Statis-
tics Division for resolution, '
Finally, prior to publication, all statistics were re-
viewed for accuracy and reasonableness, in light of pro-
visions of tax law, accounting practices, taxpayer re-
porting variations and limitations, economic conditions,
comparability with other statistical series, and statistical
techniques used in data processing.
However, the controls maintained over the selection of
the sample returns, the processing ofthe source data, and
the review of the statistics did not completely eliminate
the possibility of error. In addition, practical operating
considerations necessitated allowance of reasonable tol-
erances in the statistical processing of the data.
Section
11
CONTENTS
Corporation income tax returns, historical summary, 1957 through 1966, 227
Historical comparability of terms, 227
Tables
28 Corporation returns-Number of returns, 1957 through 1966, 231
29 Active corporation returns-Balance sheets and income statements, 1957
through 1966, 232
30 Returns with net income-Balance sheets and income statements, 1957
through 1966, 234
Historical Summary,
1957-1966
31 Active corporation returns-Selected balance sheet and income statement
items, by industrial division, 1957 through 1966, 236
32 Active corporation returns-Selected balance sheet and income statement
items, by size of total assets, 1957 through 1966. 238
CORPORATION INCOME TAX RETURNS, HISTORICAL
SUMMARY, 1957 THROUGH 1966
Statistics on corporation income and tax first became
available when an excise tax, based on corporation
income, was imposed by the Tariff Act of 1909. A so-
called direct tax on income was imposed in 1913
following adoption of the Sixteenth Amendment to the
Constitution. Three years later the Revenue Act of 1916
directed that statistics concerning the operation of the
income tax laws be published annually.
From 1909 through 1915, some corporation statistics
were published in the Aniiual Report of the Commissioner
of Internal Revenue. The first volume of Statistics of
Income was published for 1916. The fiftieth anniversary
report. Statistics of Income, 1965, presented historical
background and summary statistics for 1916 through
1965.
The historical information in tables 28 through 32
was selected from tables published in the Statistics of
Income for 1957 through 1966 and includes compre-
hensive balance sheet and income statement information
for the 10-year period.
The following notes explain changes in the definition
of terms over the 10-year period covered by the
historical tables. The explanations cover items that
are either unique to the historical tables or for which
comparability was affected substantially enough to re-
quire additional information. Changes in comparability
resulted from changes in law, in the format and types
of tax returns, and in statistical treatment. In many
instances the explanations supplement the more detailed
and current definitions presented in the Explanation of
Terms in this report. When making detailed comparisons
of historical statistics, the text of the annual Statistics of
Income reports should be referred to for description of
changes in law that are pertinent to the statistics.
In general though, the statistics shown in the historical
tables are comparable from year to year. But for 1957
and 1958, asset and liability statistics were based only on
returns of corporations reporting balance sheet informa-
tion. Beginning with 1959, asset and liability estimates are
included in the statistics for the returns of the few cor-
porations which failed to supply this information.
HISTORICAL COMPARABILITY OF TERMS
Accounts payable included loans from stockholders
prior to 1959. Beginning in 1960, loans from stock-
holders appeared as a separate balance sheet account.
For railroad corporations, short-term loans and bills
payable were included in accounts payable prior to
1960. Since 1960, they were contained in "other current
liabilities." Nontrade accounts payable were also in-
cluded in "other current liabilities." See also, the
1966 Explanation of Terms.
Amortization for the 10-year period covered by the
statistics pertained chiefly to the 60-month rapid write-
off of government-certified defense emergency facilities.
New certifications were restricted after August 1957
and no new certifications were allowed after December
1959. As a result, for the more recent years, amortiza-
tion is increasingly limited to the writeoff of research
and experimental expenditures, exploration and develop-
ment costs, organizational expenditures, and trademark
and tradename expenses. The statistics through 1961 in-
clude amortization of grain storage facilities.
Bad debts deducted were affected by the more restric-
tive provisions applicable to mutual savings banks and
savings and loan associations beginning with 1963.
Business receipts include underwriting income of life
insurance companies beginning with 1958 and of most
mutual fire and casualty insurance companies beginning
with 1963. These amounts were previously not reported
for tax purposes.
Cost of sales and operations included benefit payments
and accruals on contracts reported by life insurance
companies beginning with 1958 and underwriting losses
of mutual fire and casualty insurance companies be-
ginning with 1963. Previously these amounts were non-
deductible inasmuch as the business income to which
they were related was nontaxable.
Depreciation beginning with 1962 reflects the new
standards set forth in Revenue Procedure 62-21 which
could be used to establish the reasonableness of the
deduction claimed for tax purposes and to determine
the useful lives of depreciable assets. In addition,
beginning with 1963 the statistics include so-called
amortization on station connections in the communica-
227
228
Corporation Returns/1966 • Historical Summary
tions industry and amortization of capitalized filmed
production costs in the motion picture industry. Previ-
ously these items were reflected in "other deductions."
Dividends received deduction is affected by the con-
trolled group provisions of the Revenue Act of 1964. Be-
ginning with 1964, the deduction includes the elective 100
percent deduction allowed under section 243(a)(3) for cer-
tain intragroup dividends. These dividends are those re-
ceived by controlled group members filing nonconsoli-
dated returns and sharing a single surtax exemption for
the group under section 1561.
Previously these dividends were subject to the 85 per-
cent deduction allowed for most intercorporate dividends.
The 1964 provision permits affiliated groups filing non-
consolidated returns to elect treatment with respect to
dividends similar to that obtained by filing consolidated
returns.
Dividends received, domestic corporations prior to
1966 included any foreign dividends received by Small
Business Corporations electing to be taxed through
shareholders. However, because of a change in the re-
turn form filed by these corporations, beginning with
1966 it was possible to distinguish the foreign dividends
and to exclude them from these statistics. (See "Divi-
dends received from domestic corporations" in section
9.)
Dividends received, foreign corporations, beginning in
1963 were "grossed-up" by the foreign taxes paid on the
income from which the dividends were paid. The "gross-
up" applied only to the dividends paid by foreign com-
panies incorporated in "developed countries" and only if
the U.S. corporation claimed a foreign tax credit for such
taxes.
Beginning with 1965, identifiable amounts of "gross -
up" were excluded from foreign dividends received and
included in "Constructive taxable income from related
foreign corporations," A separate line for the "gross-
up" first appeared on the 1966 return form.
Prior to 1966 any foreign dividends received by Small
Business Corporations electing to be taxed through
shareholders were excluded. However, because of a
change in the return form filed by these corporations,
beginning with 1966 it was possible to distinguish the
foreign dividends and to include them with these statis-
tics. (See "Dividends received from foreign corpora-
tions" in section 9.)
Foreign tax credit statistics shown in the historical
tables reflect different methods of computing the statu-
tory limitation on the amount allowable. For 1957
through 1960 only, the "per country" limitation was
applicable. Beginning with 1961, corporations could
elect an "overall limitation," except that beginning
with 1963, the "overall limitation" was mandatory
with respect to the taxes paid on certain interest
income.
Also beginning with 1963, new rules applied in com-
puting foreign taxes deemed paid on dividend income
from foreign subsidiaries operating in "developed coun-
tries." In addition, credit was allowed for taxes paid
on income only constructively remitted from such
subsidiaries.
Carryback and carryforward of foreign taxes in excess
of the current year limitation was provided for years
beginning after December 1957. Generally amounts had
to be first carried back 2 years (but not to years
beginning before January 1958), and then carried forward
to the 5 succeeding years. The statistics reflect amounts
attributable to current year foreign taxes plus amounts
carried forward from prior years. Amounts carried
back are not reported on the current year tax return and
are therefore not reflected in the historical tables.
Income subject to tax, generally beginning with 1963,
excludes the gross income base formerly usable by
mutual fire and casualty insurance companies and
repealed by the Revenue Act of 1962. Beginning with
1958 in the case of life insurance companies and 1963
in the case of most mutual fire and casualty insurance
companies, the corporate tax base represented in in-
come subject to tax was expanded to include underwriting
income.
Beginning with 1966, income subject to tax also includes
the tax base of Small Business Corporations electing to
be taxed through shareholders. See section 8 for addi-
tional information.
Income tax statistics, besides being affected' by all
changes in law applicable to income and deduction items,
were affected by the reduction in income tax rates
applicable, in general, beginning with 1964, Fundamental
changes in the methods of taxing controlled corporate
groups (beginning with 1964), and life insurance com-
panies (beginning with 1958) resulted in increases
in the income tax. Also, there was a change in the
method of taxing fire and casualty insurance companies
(beginning with 1963). As a result, these companies were
effectively taxed at the regular tax rates on all of their
taxable income including underwriting income; previously
a special 1 percent tax on total gross income was re-
quired whenever it exceeded the regular tax on investment
income only. Beginning with 1966, the statistics for in-
come tax include the small amount of capital gains tax
payable by Small Business Corporations electing to be
taxed through shareholders. See chapter 8 for additional
information.
Starting with 1963, statistics for total income tax
are adjusted to include the tax from recomputing prior
year investment credit.
Loans from stockholders first appeared as a separate
balance sheet account on income tax returns for 1960,
In 1959, when identified, this item was included in
"other liabilities." In years prior to 1959, when identi-
fied, it was included in accounts payable.
Loans to stockholders first appeared as a separate
balance sheet account in 1960. In 1959, when identified,
this account was included in "other current assets."
In years prior to 1959, whenever identified, it was
included in notes and accounts receivable.
Long-term debt comprised mortgages, notes, and bonds
payable and maturing in 1 year or more from date of the
balance sheet.
Mortgage and real estate loans were included in ' 'other
investments" from 1963 through 1965. From 1957 through
1962 and for 1966 there was a separate balance sheet ac-
count on the tax return which was also shown in the statis-
tics as a separate item. Because the return form did not
provide a separate place for reporting any reserve for
uncoUec table mortgage and real estate loan accounts, such
Corporation Returns/1966 • Historical Summary
229
reserves were often included in the reserve for bad debts,
shown in this report as an adjustment to notes and ac-
counts receivable. If a separate reserve was indicated in
supporting schedules, it was therefore added to the bad
debt reserve.
Net capital assets, except land consists of depreci-
able, depletable, and intangible assets less accumulated
depreciation, depletion, and amortization.
Net capital gains included amounts reported by life
insurance companies beginning with 1959. Other major
effects on the year to year comparability of this item
occurred in 1962 and 1964--gains on the dispositions
of certain depreciable assets were no longer eligible
for capital gains treatment; machinery and equipment
(starting with 1962) and buildings (starting with 1964).
See the 1966 Explanation of Terms for additional infor-
mation.
Net gain or loss, noncapital assets reflected addi-
tional amounts beginning with 1962 and 1964 caused
by the denial of capital gains treatment to gains realized
on dispositions of certain depreciable assets. See
"Net capital gains," above.
Net income or deficit was affected by basic changes
in the tax law effective for 1958 and 1963. Beginning
with 1958, underwriting profits and capital gains of
life insurance companies were included, and beginning
with 1963 underwriting profits of most mutual fire
and casualty insurance companies were included. In
each case, these amounts previously were not reported
for tax purposes. Also, beginning with 1963, certain in-
come from related foreign corporations only construc-
tively received were reflected in net income. See "Includ-
able income of Controlled Foreign Corporations" and
"Foreign dividend income resulting from foreign taxes
deemed paid" in the 1966 Explanation of Terms for fur-
ther information.
Net operating loss carryover statistics are affected by
the redefinitions of the carryover periods during which
losses could be offset against net income. The losses
carried forward comprised any amount remaining after:
(1) carrying back losses incurredin 1958-66, for 3 years,
(2) carrying back losses incurred in 1957, for 2 years.
Net operating loss carryover statistics include amounts
attributable to life insurance companies beginning 1959,
and to mutual fire and casualty insurance companies be-
ginning 1964. During the 10-year period, new or revised
carryover periods were also introduced for regulated
public transportation corporations (1963), new life insur-
ance companies (1959) and for expropriation losses (1964).
Notes and accounts receivable included railroad com-
pany short-term loans and bills receivable for 1957
through 1959. Theseitems were treated as "other current
assets" beginning with 1960. For 1963-1965, the item
may include some unidentifiable amounts of mortgage and
real estate loans included by savings and loans associ-
ations because the return form for these years did not
have separate lines for those accounts. (Where identified,
mortgage and real estate loans were included with "other
investments.")
Other current assets first appeared as a separate
balance sheet account on income tax returns for 1959.
Amounts shown for 1957 and 1958 represent only
"prepaid expenses and supplies," a separate account
on the tax return balance sheet for these years. Prior
to 1959, "other current assets" were includable in "other
assets," "other investments," or notes and accounts
receivable. Loans to stockholders were included for
1959 only. For I960 and subsequent years, statistics for
"other current assets" also include amounts of rail-
road company short-term loans and bills receivable
which were treated as notes and accounts receivable
for 1959 and prior years.
Other current liabilities first appeared as a separate
balance sheet account on income tax returns for 1959.
Amounts shown for 1957 and 1958 represented only
"accrued expenses," a separate account on the tax
return for those years. Prior to 1959, "other current
liabilities" were includable in accounts payable, and
certain other accounts in "other liabilities." For
1960 and subsequent years, statistics for "other current
liabilities" also include amounts of railroad company
short-term loans and bills payable, which were treated
as accounts payable for 1959 and earlier years. "Other
current liabilities" also include deposits and with-
drawable shares of banking and savings institutions
even though separate statistics for this account are
available for 1958 through 1962.
Other deductions include special business deductions
unique to life insurance companies beginning with 1958
and to most mutual fire and casualty insurance com-
panies beginning with 1963. Previously these amounts
were not deductible for tax purposes inasmuch as the
underwriting income to which they were related was
nontaxable.
Other employee benefit plans include amounts de-
ducted by life insurance companies beginning with 1960.
Life insurance company contributions to employee bene-
fit plans first became deductible for tax purposes for
1958. Because the life insurance company income tax re-
turn, Form 1 1 20L, did not provide for the separate report-
ing of most business expenses, information on employee
plans had to be obtained from information in attached
schedules and, in using these schedules for the 1958 and
1959 statistics, no attempt was made to separate "other"
employee plan contributions from contributions under
pension, profit sharing, stock bonus, and annuity plans.
With respect to mutual fire and casualty insurance
companies, employee benefit plan contributions and all
other business expenses became deductible for tax
purposes for the first time for 1963, (Previously, only
investment expenses could be deducted.)
Other investments included mortgage and real estate
loans held by corporations other than banks and trust
companies from 1963 through 1965. From 1957 through
1962 and 1966, mortgage and real estate loans was a
separate balance sheet account on the return form and was
shown as a separate item in the statistics. For additional
information see Mortgage and real estate loans.
Other liabilities include items which through the years
have become separate balance sheet accounts on the tax
return. Loans from stockholders were included for 1959
only. Surplus reserves of mutual fire and casualty insur-
ance companies, included in "other liabilities" prior to
1960, were included in surplus reserves for 1960 and
subsequent years.
Other specified current assets consist of cash, notes
and accounts receivable (less reserves for bad debts),
"other current assets," and for 1957 through 1962,
230
Corporation Returns/1966 • Historical Summary
mortgage and real estate loans for banks and trust
companies. Mortgage and real estate loans for banks
and trust companies were generally included in ' 'other
investments" for 1963 and 1964. See also, "Other
current assets" in the 1966 Explanation of Terms.
Pension, profit sharing, stock bonus, and annuity
plans included contributions deducted by life insurance
companies beginning with 1958. These contributions
were obtained from taxpayer schedules because the
life insurance company income tax return, Form 1120L,
did not provide for the separate reporting of most
business expenses. Using these schedules, no attempt
was made for either 1958 or 1959 to separate contri-
butions to these plans from contributions to other
employee benefit plans. But beginning with 1960, con-
tributions to "other" plans were included in the statis-
tics for "other employee benefit plans,"
For mutual fire andcasualty insurance companies, em-
ployee benefit plan contributions and all other business
expenses became deductible for tax purposes for the first
time in 1963. (Previously, only investment expenses could
be deducted,)
Retained earnings, appropriated was entitled "Surplus
reserves" in years prior to 1966, Beginning with 1960,
surplus reserves of mutual fire and casualty insurance
companies are included. Prior to 1960, they were treated
as "other liabilities,"
Retained earnings, unappropriated was entitled
"Earned surplus and undivided profits" in years prior
to 1966, Except for the more current heading, the sta-
tistics are comparable.
Short-term debt comprised mortgages, notes, and
bonds payable and maturing in less than 1 year. The
length of time from maturity was based on date of bal-
ance sheet. Accordingly, long-term obligations maturing
within the coming year were reportable together with
short-term obligations. See also, "Mortgages, notes,
and bonds payable" in the 1966 Explanation of Terms.
Specified current liabilities consist of accounts payable
and bonds, notes, and mortgages payable with maturity
less than 1 year from date of balance sheet. Also, in-
cluded, beginning with 1957, are deposits and withdraw-
able shares. For 1957 and 1958, the statistics include
"accrued expenses." This accountwas included in "other
current liabilities" beginning with 1959, and the more in-
clusive "other current liabilities" account was substi-
tuted in specified current liabilities beginning with 1959.
Therefore, beginning with 1959, specified current liabili-
ties included all of the current liability accounts on the
balance sheet. Previously, the total amount of current
liabilities could not be obtained from the tax returns.
Total assets (and total liabilities) for 1959 and subse-
quent years include estimated amounts attributable to
corporations which owned assets at the end of their ac-
counting period but which did not furnish balance sheet
information with their tax return. Prior to 1959, total
assets represent only the amounts reported by corpora-
tions which supplied balance sheet information.
CORPOHATION RETURNS
Corporation Returns/1966 • Historical Summary
Table 28.— NUMBER OF RETURNS, 1957 THROUGH 1966
231
Total
corporation
returns
Inactive
corporation
returns
Active corporation returns-''
With net
income
Without net
income
Consolidated returns
Parent
corporations
Subsidiary
corporations
(1)
(2)
(3)
(■4)
(5)
(6)
(7)
1957.
1953.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
984,516
1,032,632
1,119,835
1,187,642
1,240,759
1,318,757
1,381,677
1,437,209
1,490, 10 J
1,537,857
44,369
42,251
45,715
47,068
50,473
50,715
58,490
63,o92
66,123
69,132
940,147
990,381
1,074,120
1,140,574
1,190,286
1,268,042
1,323,187
1,373,517
1,423,980
1,468,725
572,936
611,131
670,581
o70,239
715,589
783,195
808,045
858,515
915,311
939,846
367,211
379,250
403,539
470,335
474,697
464,847
515,142
515,002
508,669
528,879
3,888
3,719
4,060
4,534
4,553
4,847
5,822
7,450
8,957
9,759
13,512
13,656
14,951
16,547
19,501
21,182
26,981
36,412
39,670
41,280
^Includes consolidated returns which are shown separately in column (6).
NOTE: For definitions and limitations of classifications used, see Explanation of Terms and Historical Comparability of Terms sections of this report. Description of the Sample
and Limitations of the Data for each of the years 1957 through 1966 appears in the annual volumes for these years.
232
Corporation Returns/1966 • Historical Summary
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237
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238 Corporation Returns/1966 • Historical Summary
ACTIVE CORPORATION RETURNS
Table 32.— SELECTED BALANCE SHEET AND INCOME STATEMENT ITEMS, BY SIZE OF TOTAL ASSETS, 1957 THROUGH 1966
Item, size of total assets
1957
1958
1959
1960
1961
1962
1963
1964
1955
1966
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
NUMBER OF ACTIVE CORPORATION
RETURNS
Total
940,147
990,381
1,074,120
1,140,574
1,190,286
1,268,042
1,323,187
1,373,517
1,423,980
1,463,725
Returns with total assets—
Under $50,000^
418,087
433,503
468,453
494,298
506,738
206,039
239,057
111,593
573,319
221,887
250,714
124,958
592,184
231,457
269,744
Ul,138
608,259
237,903
280,271
137,481
619,597
244,880
291,520
144,699
450.000 under ilOO.OOO
158,511
166,581
177,542
190,316
229,142
105,174
740,884
$100,000 under $250,000
179,341
195,025
212, 573
$250,000 under $500,000
82,274
88,311
99,583
454,730
$500,000 under $1,000,000
43,634
46,346
52,048
54,991
58,065
64,950
67,268
72,936
78,652
$1,000,000 under $5,000,000
41,780
43,321
46,104
47,983
49,262
55,771
58,905
62,601
53,988
$5,000,000 under $10,000,000
7,667
7,870
8,022
8,280
8,564
67,206
9,289
9,714
10,874
U,048
$10,000,000 under $25,000,000...
4,958
5,322
5,472
5,803
6,105
6,715
7,171
7,397
7,792
$25,000,000 under $50,000,000...
1,8U
1,898
2,004
2,109
2,231
2,390
2,549
2,675
2,357
2,954
$50,000,000 under $100,000,000..
955
1,001
1,043
1,145
1,204
1,289
1,376
1,453
1,500
1,576
$100,000,000 under $250,000,000.
658
691
736
766
828
905
967
1,026
1,079
1,U7
$250,000,000 or more
471
512
540
567
600
638
592
732
822
882
1^^^1_/^ \J\J\JJ V^\^k,/ \^i UK^A \--»»«»B»»«*»«
(Jhmiwand
dotlarM)
Total
996,400,222
1,064,430,945
1,136,667,759
1,206,652,112
1,289,516,071
1,388,126,547
1,481,235,845
1,585,618,579
1,723,524,382
1,344,775,452
Returns with total assets —
Under 450.000^
7,515,962
11,344,093
28,200,298
28,213,180
7,748,613
12,050,168
31,089,825
30,827,321
8,469,427
12,774,365
33,841,719
34,739,259
9,115,920
13,694,235
36,392,298
36,621,699
9,606,722
14,756,377
38,022,349
38,925,387
10,612,881
15,935,329
41,428,214
43,527,380
44,955,291
10,859,443
16,614,296
42,988,483
45,825,922
11,146,166
17,070,862
44,697,741
48,007,215
11,343,860
17,574,983
46,675,492
50,615,994
$50,000 under $100,000
25,132,145
$100,000 under $250,000
$250,000 under $500,000
' 130,176,484
$500,000 under $1,000,000
29,739,999
32,052,518
36,138,214
38,202,870
40,245,513
45,305,073
50,384,071
54,538,313
$1,000,000 under $5,000,000
87,461,009
91,201,868
97,228,279
100,944,574
103,911,467
115,988,243
122,868,237
130,154,152
132,523,545
$5,000,000 under $10,000,000....
53,392,490
54,796,544
55,994,172
57,818,073
59,864,509
271,953,330
55,102,010
68,149,023
76,073,703
78,025,040
$10,000,000 under $25,000,000...
75,733,757
80,941,468
84,510,528
89,390,197
94,329,766
( 103,622,054
111,331,131
114,883,839
ia,105,609
$25,000,000 under $50,000,000...
62,515,068
65,224,452
69,625,081
72,959,683
77,456,375
82,917,527
88,331,587
92,829,763
99,139,365
102,673,722
$50,000,000 under $100,000,000..
66,769,460
69,914,774
73,108,120
79,744,587
84,155,342
89,558,972
95,505,847
100,494,377
104,338,717
109,554,421
$100,000,000 under $250,000,000.
100,997,616
105,846,767
114,218,863
U9, 481, 092
128,928,016
139,575,414
149,347,005
158,068,229
165,384,897
174,859,569
$250,000,000 or more
444,517,290
482,786,627
516,019,732
552,296,834
599,312,748
648,812,525
705,727,994
769,234,602
862,243,653
945,269,904
INVENTORIES
Total
80,560,388
80,047,151
88,303,970
91,334,436
94,818,310
100,326,982
105,339,515
112,960,430
126,340,612
141,019,086
Returns with total assets —
Under $50,000^
1,150,100
1,930,195
4,860,935
1,183,804
2,018,162
5,161,289
1,290,096
2,155,122
5,623,351
1,388,484
2,293,707
6,168,226
l,433,7o5
2,475,019
6,330,370
3,981,905
1,555,791
2,527,980
6,820,761
1,547,900
2,714,086
6,930,015
1,621,408
2,828,851
7,210,449
1,613,955
2,913,302
7,710,927
$50,000 under $100,000
$100,000 under $250,000
j
$250,000 under $500,000
4,841,235
5,052,084
5,730,236
5,001,191
5,336,032
> 20.826. 63i
7,130,333
7,374,373
8,238,595
8,618,883
$500,000 under $1,000,000
4,854,442
5,263,525
5,948,603
6,209,067
6,311,405
/ C\JfU^\Jf^,J'^
7,155,209
7,316,892
8,439,563
9,299,757
$1,000,000 under $5,000,000
10,646,765
11,274,287
12,320,036
12,627,884
13,142,918
^ 15,170,838
15,788,790
17,859,906
19,513,214
$5,000,000 under $10,000,000....
4,498,369
4,488,939
4,797,730
4,961,344
4,889, 5&4
' 25,645,589
' 5,245,680
5,704,272
6,644,536
7,369,443
$10,000,000 under $25,000,000...
6,732,191
6,279,126
6,815,722
6,659,054
5,717,755
. i,,'iaz,mi
7,221,337
7,850,345
3,916,077
$25,000,000 under $50,000,000...
4,396,754
4,310,831
4,814,741
5,146,202
5,259,176
5,618,797
6,068,228
6,320,442
6,758,259
7,212,406
$50,000,000 under $100,000,000..
5,228,807
5,042,154
5,389,813
5,591,849
5,7£a,154
5,727,438
6,138,170
6,353,622
7,138,953
7,820,614
$100,000,000 under $250,000,000.
8,149,869
7,783,054
8,357,949
8,586,547
8,846,027
9,639,855
9,724,937
10,299,430
10,681,784
11,994,450
$250,000,000 or more
23,270,726
22,189,896
25,060,571
25,600,881
27,315,154
28,886,764
31,787,691
35,389,271
41,057,953
48,031,058
INVESTMENTS IN GOVERNMENT
OBLiaATIONS
Total
121,621,060
132,946,823
134,293,124
135,180,295
144,759,556
150,552,545
155,335,021
156,916,102
157,573,498
Returns with total assets —
Under $50,000^
51,408
74,312
263,071
424,090
876,267
33,767
64,473
246,114
406,767
765,161
59,147
98,983
385,025
544,012
1,085,823
52,502
87,066
334,712
479,656
932,180
46,944
85,020
329,548
437,473
920,915
41,259
36,378
374,173
592,573
894,973
9,286,212
29,122
75,770
319,285
434,599
745,935
27,345
91,805
334,392
474,572
738,236
34,509
75,189
331,723
455,940
797,741
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
Not
$1,000,000 under $5,000,000
9,484,563
9,117,184
9,880,104
9,223,118
9,235,295
tabulated
9,162,887
8,930,387
8,592,513
$5,000,000 under $10,000,000
8,814,034
9,051,544
9,243,456
8,528,975
9,041,245
8,979,303
8,958,559
9,871,456
10,376,408
$10,000,000 under $25,000,000...
11,558,499
12,680,897
13,860,883
13,938,844
14,746,649
14,651,159
15,350,555
15,629,010
16,391,068
$25,000,000 under $50,000,000...
U,147,026
11,346,442
11,669,848
11,313,557
11,461,336
11,209,737
11,745,235
12,023,666
12,582,927
$50,000,000 under $100,000,000..
10,755,413
11,280,895
11,471,824
11,565,581
11,758,886
11,914,343
11,694,043
11,789,763
12,144,903
$100,000,000 under $250,000,000.
$250,000,000 or more
14,677,340
53,495,037
15,337,670
62,615,909
15,802,716
60,191,303
15,197,360
53,526,734
16,616,339
70,079,803
16,548,169
75,974,266
16,439,234
80,379,735
17,244,867
79,760,053
17,826,904
77,963,673
J
OTHER SPECIFIED CURRENT ASSETS
Total
315,451,060
335,331,006
358,226,635
381,779,381
409,644,064
' 461,688,339
481,793,438
541,674,124
577,499,165
Returns with total assets —
Under $50,000^
2,701,242
3,927,944
9,738,552
9,958,601
2,914,544
4,250,528
11,168,010
11,096,043
3,328,300
4,745,259
12,597,533
12,838,828
3,531,530
5,182,844
13,259,662
13,936,727
3,884,760
5,598,350
14,627,637
15,618,529
4,014,973
5,852,668
15,384,238
16,786,530
4,177,922
6,217,385
16,468,252
17,978,912
4,171,707
6,211,478
16,994,974
18,896,346
$50,000 under $100,000
3,117,255
4,495,953
11,807,029
12,516,580
$100,000 under $250,000
$250,000 under $500,000
$500,000 under $1,000,000
10,540,567
U,728,911
12,881,228
13,582,702
14,535,963
' Not
16,455,139
43,863,303
16,658,419
18,710,144
20,694,283
$1,000,000 under $5,000,000
32,911,254
34,174,556
36,131,699
37,564,541
39,255,655
45,683,840
49,755,340
49,041,630
$5,000,000 under $10,000,000
20,809,897
21,891,533
20,705,853
21,625,270
23,343,301
tabulated
25,793,272
26,312,313
29,806,183
30,472,890
$10,000,000 under $25,000,000...
26,437,711
28,426,417
27,895,722
30,308,199
32,758,424
33,320,189
38,221,848
40,976,917
43,144,817
$25,000,000 under $50,000,000...
20,890,951
21,378,365
22,747,872
23,764,082
25,355,525
28,865,557
25,428,051
29,547,127
31,040,733
$50,000,000 under $100,000,000..
20,494,894
21,216,924
21,800,210
23,931,685
25,580,786
23,893,291
26,569,109
28,052,939
28,828,625
$100,000,000 under $250,000,000.
$250,000,000 or more
29,683,066
127,356,381
31,355,913
135,779,262
35,363,147
148,764,087
36,789,141
160,703,340
40,576,343
172,267,104
43,112,219
196,650,088
41,562,553
218,213,891
45,804,433
254,173,570
49,247,799
273,753,883
J
Footnotes at end of table. For definitions and limitations of classifications used, see Explanation of Terms and Historical Comparability of Terms sections of this report.
Description of the Sample and Limitations of the Data for each of the years 1957 through 1966 appears in the annual volumes for these years.
Corporation Returns/1966 • Historical Summary
ACTIVE CORPORATION RETURNS
Table 32.— SELECTED BALANCE SHEET AND INCOME STATEMENT ITEMS, BY SIZE OF TOTAL ASSETS, -1957 THROUGH 1966— Continued
239
Item, size of total assets
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(3)
(9)
(10)
NET CAPITAL ASSETS, EXCEPT LAND
(Thoua^d dollars)
258,512,102
2,512,399
3,699,406
9,603,259
9,325,398
9,342,673
19,567,934
8,434,227
12,372,540
274,174,653
2,693,812
3,983,206
10,333,093
10,082,304
9,800,575
20,919,714
8,396,329
12,917,013
288,871,991
2,815,491
4,197,357
10,887,323
10,455,915
10,438,909
21,514,754
9,008,453
13,056,018
■ 316,142,025
3,069,316
4,559,571
11,735,560
11,866,403
11,878,424
25,283,480
9,526,386
14,181,683
337,347,804
3,176,989
4,805,482
12,068,343
12,418,864
12,350,944
27,282,419
10,132,030
14,993,725
364,189,700
3,243,192
4,893,868
12,675,682
12,932,754
13,720,248
28,943,484
11,201,751
15,234,835
397,964,540
Returns vdth total assets-
tinder iso.ooo^
2,238,996
3,341,371
8,177,827
7,840,048
7,915,362
17,634,190
8,058,845
11,669,568
2,310,612
3,538,964
8,842,164
8,490,213
8,277,633
18,616,566
3,144,610
11,933,627
5,068,370
13,292,431
13,803,000
14,700,327
30,720,847
12,291,606
16,597,194
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 under $25,009,000...
, Not
tabulated
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
9,381,781
13,263,669
24,818,778
116,198,936
9,900,673
13,601,825
26,020,394
124,353,423
10,369,318
13,881,175
25,883,881
133,514,392
10,899,033
15,205,781
25,976,997
142,460,746
11,363,324
15,663,733
26,436,193
153,034,521
12,496,293
16,174,539
28,908,168
_ 166,462,192
12,760,166
16,302,184
29,997,665
181,058,493
13,640,504
16,318,307
29,446,352
201,888,723
13,805,984
17,233,811
31,507,600
225,597,748
SPECIFIED CUEKENT LLABILITIES
J
336,164,322
2,943,899
3,625,008
3,588,165
416,625,2a
3,094,429
3,945,362
9,620,901
447,160,973
3,452,182
4,337,746
10,853,347
11,036,499
11,802,313
41,703,073
30,325,909
45,923,521
477,019,113
3,742,310
4,515,879
11,650,635
513.599.664
' 617,745,965
4,019,779
5,037,541
12,919,873
14,094,461
15,091,527
48,537,219
35,637,124
59,672,377
815,833,638
4,303,534
Returns with total assets—
Under $50,000^
3,864,183
4,855,492
12,038,542
12,610,965
13,159,070
43,536,617
32,293,222
53,351,325
4,081,245
5,240,835
13,456,177
14,384,534
15,672,007
51,945,642
38,332,087
66,669,078
4,128,990
5,484,971
14,025,634
15,995,040
17,762,991
55,798,904
43,302,043
70,149,194
450.000 under 4100.000
14,541,551
16,629,973
19,371,526
55,933,807
44,159,676
73,807,308
$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...
9,071,090
35,999,664
23,874,321
39,178,779
9,972,330
37,471,708
29,912,441
43,643,593
12,636,557
42,560,157
30,375,237
49,701,936
, Not
tabulated
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
33,344,522
30,169,222
39,770,436
146,050,415
34,864,382
31,177,722
42,756,850
160,744,562
36,880,006
33,333,339
47,711,196
169,801,847
38,713,038
36,985,310
49,985,753
133,883,043
41,813,525
39,693,223
54,662,252
201,716,243
48,486,263
47,090,538
67,425,206
^ 259,734,057
54,384,001
53,914,530
75,168,395
288,513,891
59,042,034
57,446,381
81,835,282
332,706,716
61,805,457
60,639,198
87,804,761
371,360,289
IJ3NG-TERM DEBT
122,515,496
1,292,500
1,976,338
5,151,907
132,081,697
1,395,109
2,117,464
5,661,469
5,759,704
6,024,763
12,632,612
4,616,503
7,038,057
142,912,726
1,525,349
2,332,022
7,093,599
6,604,779
7,012,166
13,635,297
5,315,343
7,312,398
153,566,489
1,605,564
2,456,439
6,755,753
7,296,961
7,244,556
14,826,510
5,878,860
7,953,319
165,520,929
1,649,099
2,683,282
7,142,150
7,617,873
7,860,756
15,596,170
6,244,960
3,486,468
■ 180,952,224
1,785,392
2,849,374
7,867,149
8,711,989
9,190,203
19,144,919
6,692,333
9,752,703
192,877,610
1,745,964
2,990,364
7,895,310
8,858,210
9,401,856
20,242,799
7,177,390
10,706,724
210,274,079
1,812,646
2,960,583
8,246,379
9,405,979
10,071,608
21,241,975
7,831,745
11,230,130
232,505,779
1,328,384
2,979,603
8,530,795
9,861,003
10,808,144
22,769,314
8,649,197
12,265,983
Returns with total assets—
±50.000 under 4100.000
$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...
5,332,739
11,852,577
4,877,413
6,362,542
Not
tabulated
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
5,062,862
6,580,849
13,528,362
5,177,849
7,384,205
14,025,404
60,198,558
5,657,856
7,423,753
14,524,199
6,274,545
8,442,184
14,570,924
70,260,874
7,043,993
9,527,332
15,679,513
8,397,646
10,212,653
17,716,569
78,631,239
8,532,306
10,406,849
18,338,197
86,581,641
8,955,944
10,557,043
18,884,739
99,025,258
9,379,108
11,893,574
20,073,272
113,467,402
NET WORTH
434,193,770
3,070,5a'
6,185,362
16,608,928
16,547,709
16,887,856
39,355,204
18,537,922
27,301,609
' 476,555,474
3,094,692
6,520,671
17,624,173
17,906,953
17,905,238
42,200,824
19,025,200
27,879,675
503,404,912
3,309,796
6,793,032
18,341,390
18,901,757
18,123,142
43,647,209
19,325,767
28,245,834
535,997,779
3,276,153
6,878,252
18,909,308
19,333,911
19,342,016
45,853,781
21,104,583
28,053,461
567,081,617
3,230,222
7,289,886
19,873,218
20,335,175
20,617,805
46,057,604
21,544,693
29,299,649
Returns with total assets—
Under $50.000^
2,630,311
5,124,379
13,013,999
2,780,118
5,412,054
14,351,991
2,873,193
5,433,248
14,238,879
15,434,781
15,514,423
37,164,748
17,746,278
26,015,387
2,927,734
5,347,482
15,967,360
15,599,263
16,232,279
38,504,985
18,246,850
26,378,450
$100,000 under $250,000
$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...
13,557,452
34,207,033
16,639,400
25,094,445
14,335,629
36,063,239
17,479,724
24,945,243
Not
tabulated
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
18,726,112
23,256,590
36,077,663
20,042,595
24,691,892
38,075,252
156,844,160
21,100,517
24,876,233
39,393,582
168,712,256
22,072,105
26,383,407
42,117,436
178,638,495
22,874,517
27,343,555
45,030,291
194,450,236
25,019,831
29,127,308
47,974,851
, 222,276,058
24,653,127
28,391,200
50,781,739
242,890,919
25,498,960
28,487,685
50,222,639
269,037,030
25,848,874
29,510,494
51,401,327
292,072,670
TOTAL RECEIPTS
873,177,644
32,754,317
30,336,972
71,057,481
949,305,342
64,107,294
1,003,742,704
34,781,789
32,205,060
78,233,565
1,086,739,483
37,771,648
34,432,840
82,072,566
84,221,124
77,426,486
149,074,313
49,149,169
62,257,845
1,194,600,662
40,519,811
35,914,905
85,735,096
86,367,041
86,655,336
166,532,977
57,550,524
65,700,793
1,306,517,897
42,485,735
37,012,779
90,775,035
92,527,514
95,349,502
180,236,435
62,638,209
73,010,052
Returns with total assets—
26,155,799
23,587,423
55,299,827
53.494.662
27,316,633
24,371,527
58,619,313
54,947,355
32,334,242
26,227,001
64,463,640
63.630.937
30,447,089
23,367,264
69,951,698
64,340,258
450.000 under 4100.000
i250.QOO 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...
51,352,167
101,667,404
38,681,765
48,825,334
53,076,919
102,155,837
38,335,207
47,291,539
61,856,542
114,482,803
40,876,898
51,721,522
62,682,368
116,549,979
41,660,223
52,312,137
65,795,540
117,734,542
41,906,349
52,380,459
[ 230,928,669
227,853,718
75,553,394
140,502,475
45,541,678
58,150,649
$25,000,000 under $50,000,000...
$50,000,000 under $100,000,000..
$100,000,000 under $250,000,000.
34,001,086
42,301,046
59,251,006
185,795,998
34,356,972
40,610,029
57,911,065
196,345,691
37,712,314
43,453,668
63,845,924
216,189,393
41,290,610
43,748,324
64,781,350
233,000,134
40,042,280
45,205,871
67,136,280
240,814,703
44,376,560
46,679,856
72,027,805
263,331,440
48,731,115
50,685,226
78,539,789
289,131,597
50,616,311
52,051,986
81,212,371
326,452,824
53,848,783
54,857,105
86,061,497
374,356,794
59,031,124
58,147,865
95,635,932
419,667,715
Footnotes at end of table. For definitions and limitations of classifications used, see Explanation of Terms and Historical Comparability of Terras sections of this report.
Descriptions of the Sample and Limitations of the Data for each of the years 1957 through 1966 appears in the annual volumes for these years.
240
Corporation Returns/ 1966 • Historical Summary
ACTIVE CORPORATION RETURNS
Table 32.— SELECTED BALANCE SHEET AND INCOME STATEMENT ITEMS, BY SIZE OF TOTAL ASSETS, 1957 THROUGH 1966— ConCinued
Item, size of total assets
1957
1958
1959
1960
1961
1962
1963
1954
1965
1966
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(5)
(10)
BUSINESS RECEIPTS
(Thom-na
Ailiatsi
684,883,382
24,950,379
22,748,447
53,323,084
51,673,289
49,632,719
97,773,903
36,752,885
46,129,742
31,927,495
40,113,648
56,030,799
173,826,992
15,968,312
565,200
473,017
1,056,788
966,642
932,499
1,892,932
788,291
1,015,047
749,'l57
871,483
1,490,374
5,161,832
44,476,464
50,859
335,898
1,059,526
1,209,646
1,382,575
4,095,944
2,015,028
3,462,226
2,432,253
3,080,371
4,806,077
20,534,951
20,581,934
230,998
187,901
493,006
552,819
696,555
2,039,935
1,052,316
1,673,745
1,174,431
1,435,177
2,261,027
8,723,953
14,913,733
196,859
68,283
181,761
192,956
248,172
857,064
479,039
950,382
725,278
1,155,237
1,875,493
7,982,159
696,593,934
26,090,753
23,452,739
56,417,798
52,947,419
51,221,159
97,925,278
36,337,291
44,434,434
32,116,587
38,255,006
54,548,645
182,846,825
13,677,093
577,288
514,715
1,153,808
1,043,119
1,004,951
2,012,819
343,421
1,071,385
833,548
950,330
1,648,892
7,022,816
38,522,359
32,935
333,210
1,119,695
1,218,793
1,343,097
3,706,654
1,352,798
2,902,748
2,209,325
2,728,207
4,272,911
16,797,496
18,814,304
263,579
187,479
502,037
537,498
671,551
1,937,730
950,614
1,432,020
1,085,983
1,282,524
2,019,383
7,933,906
14,951,724
132,223
74,351
200,672
187,550
236,282
756,252
461,555
345,470
734,458
1,151,847
1,843,409
8,327,640
772,914,545
30,977,994
25,223,839
61,975,569
61,233,589
59,678,216
109,655,279
38,739,894
48,531,341
35,271,131
40,915,389
59,948,587
200,712,717
20,493,626
579,144
553,755
1,263,441
1,187,925
1,133,743
2,165,234
371,545
1,124,624
376,487
1,046,866
1,774,333
7,816,529
46,797,267
177,753
491,746
1,443,809
1,544,880
1,611,802
4,478,058
2,222,480
3,325,457
2,690,585
3,360,193
5,215,571
20,234,918
22,524,637
302,563
207,755
575,124
652,112
782,930
2,252,522
1,084,597
1,511,905
1,291,441
1,549,153
2,454,658
9,749,925
^15,241,581
244,004
87,145
194,081
212,218
260,823
336,619
471,034
895,053
815,079
1,131,766
1,944,092
9,088,320
802,790,920
29,185,030
27,483,625
57,528,497
52,172,074
50,566,910
111,723,378
39,352,243
48,838,998
38,666,956
40,828,659
60,578,069
215,766,481
22,159,675
674,838
585,621
1,391,632
1,258,279
1,200,338
2,341,425
901,502
1,194,473
948,025
1,191,746
1,902,277
3,569,368
43,505,174
-259,608
379,628
1,212,951
1,223,117
1,383,933
3,731,755
1,853,031
2,915,453
2,304,324
3,083,108
4,658,898
21,027,583
21,856,299
217,268
192,281
545,593
580,238
759,614
2,021,325
979,356
1,454,923
1,184,009
1,470,300
2,215,417
10,245,875
17,193,201
332,912
114,053
285,300
252,240
319,239
894,474
484,819
892,048
758,422
1,210,870
2,072,736
9,575,088
823,943,265
31,499,086
29,574,335
59,153,753
55,436,305
63,831,875
113,028,551
39,450,725
49,135,077
37,092,078
41,900,857
52,244,279
221,596,334
23,687,786
714,451
6X,402
1,484,073
1,322,948
1,251,850
2,399,888
919,998
1,254,596
1,027,730
1,247,198
2,021,492
9,409,100
45,893,900
37,705
395,501
1,367,147
1,356,577
1,603,493
3,850,256
1,906,091
2,901,031
2,438,003
3,107,883
4,944,793
21,974,310
22,138,057
284,981
205, 547
587,768
624,336
797,201
2,075,252
959,873
1,431,085
1,151,887
1,451,503
2,216,902
10,381,561
18,037,780
431,406
154,808
317,453
278,484
343,126
826,199
441,366
847,163
726,700
1,266,531
2,109,341
10,295,203
395,120,385
52,154,442
> 223,902,733
215,261,558
41,188,937
43,235,300
56,329,305
242,037,610
27,553,447
} 1,389,429
> 4,552,755
5,047,396
1,190,606
1,471,114
2,455,214
11,435,923
49,606,038
509,237
\ 5,172,779
9,052,306
2,519,163
2,917,269
5,254,251
24,181,033
23,930,297
472,219
> 2,289,553
1 4,724,733
1,223,231
1,414,459
2,294,108
11,511,984
19,554,780
569,030
> 1,017,313
\ 2,153,640
799,722
1,039,120
2,265,265
11, 670, 690
949,548,793
33,400,994
\ 31,463,531
75,249,450
/ 74,613,161
( 73,402,341
135,365,704
42,754,989
53,707,905
.45,139,187
46,542,850
72,557,107
264,240,574
29,564,177
1 750,072
679,074
1,587,650
1,497,822
1,429,796
f 2,913,185
< 1,033,131
( 1,460,043
1,267,222
1,599,830
2,851,726
12,489,626
54,284,740
) -115,950
1 516,701
( 1,554,577
) 1,535,282
j l,Sei,562
f 4,493,824
< l,9&4,a32
( 2,919,834
2,786,3Cf7
3,298,233
5,124,441
28,144,907
25,282,217
229,738
229,757
627,720
595,838
902,232
2,425,778
1,018,469
1,519,294
1,351,724
1,519,853
2,418,636
13,333,168
21,105,281
679,521
172,184
406,043
239,401
287,009
352,351
435,616
826,014
808,348
1,257,460
2,064,330
13,017,004
1,018,889,198
36,172,803
33,443,465
79,490,990
81,594,273
74,911,503
143,245,952
45,986,844
57,173,113
46,582,763
47,604,953
73,981,942
298,699,592
31,696,173
827,542
727,061
1,644,697
1,594,910
1,451,240
3,084,525
1,109,228
1,554,097
1,295,857
1,512,896
2,893,295
13,889,814
51,575,194
21,329
684, 586
2,003,209
2,074,874
1,957,140
5,255,110
2,254,355
3,352,928
2,943,397
3,474,215
5, 610, 558
30,912,492
27,856,983
236,295
225,878
606,022
761,459
357,554
2,607,088
1,133,688
1,667,533
1,398,355
1,587,394
2,714,640
14,050,367
23,304,863
503,530
180,652
385,329
377,854
384,777
952,431
484,448
932,053
912,5eO
1,219,089
2,555,243
14,405,887
1,120,381,727
38,909,450
34,944,691
83,148,498
84,212,445
83,845,945
160,270,318
53,925,517
60,354,706
49,481,679
50,272,295
78,029,108
342,987,073
34,134,836
833,673
744,439
1,750,008
1,614,295
1,671,721
3,278,026
1,225,950
1,588,855
1,347,481
1,612,037
2,742,100
15,721,246
73,889,821
439,263
789,688
2,434,832
2,380,520
2,704,104
6,435,926
2,924,795
3,841,504
3,560,936
3,884,881
7,478,538
37,014,734
31,661,573
320,709
223,537
669,949
806,203
1,051,412
2,986,729
1,360,395
1,751,030
1,534,464
1,709,443
2,883,113
16,309,584
25,997,453
507,146
248,447
499,074
418,815
432,222
1,043,148
604,720
1,654,251
1,024,192
1,225,983
2,726,444
15,613,011
Returns with total assets—
40,683,207
35,396,945
88,071,326
89,579,005
92,314,009
173,569,949
58,823,685
57,217,763
54,257,788
53,270,353
87,531,833
333,154,485
37,473,286
939,767
762,952
1,833,835
1,777,423
1,838,645
3,536,309
1,328,095
1,718,470
1,370,973
1,637,772
2,930,626
17,643,409
80,527,706
683,491
817,025
2,458,482
2,670,595
2,884,622
6,796,040
3,159,168
4,199,436
3,711,053
4,240,093
7,526,336
41,381,314
34,449,174
477,750
241,102
713,904
852,916
1,173,588
3,202,257
1,486,044
1,928,202
1,541,202
1,827,457
3,144,172
17,750,580
27,033,130
513,529
217,889
500,943
493,498
475,094
1,063,341
557,439
975,251
997,563
1,290,958
2,711,472
17,236,203
$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 under $250,000,000.
EEPHEOIATION
Total
Returns with total assets —
$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 under $250,000,000.
NET INCOME (LESS DEFICIT)
Returns with total assets—
A5Q.OO0 under $100.000
$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 under $250,000,000.
INCOME TAX
Total
Returns \ritli total assets —
Under $50,000^
$100,000 under $250,000
$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 under $250,000,000.
DISTRIBUTIONS TO STOCKHOLDERS
EXCEPT IN OWN STOCK
Total
Returns with total assets —
$50,000 under $100,000
$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 under $250,000,000.
^Includes zero assets.
^Included in total but not in detail is $61^34.7,000 of nondlvidend distributions reported on Form 1L20-S returns of small business corporations taxed through shareholders. The
distribution of this amount by size of total assets is not available.
NOTE: For definitions and limitations of classifications used, see Explanation of Terms and Historical Comparability of Terms sections of this report. Description of the Sample
and Limitations of the Data for each of the years 1957 through 1966 appears in the annual volumes for these years.
Section
12
COIMTENTS
Form 1120; U. S. Corporation income tax return, 241
Schedule D, Form 1120: Gains and losses from sales or exchanges of
property, 252
Form 1120-F: U. S. Income tax return of foreign corporations, 255
Form 1120L: U. S. Life insurance company income tax return, 269
Schedule D, Form 1120L: U. S. Life insurance company schedule of gains and
losses from sales or exchanges of property, 283
Form 1120l\/l: U. S. Mutual insurance company income tax return, 287
Form 1120-S: U. S. Small business corporation income tax return, 297
Schedule D, Form 1120-S: Gains and losses from sales or exchanges of
property, 305
Forms and Instructions,
1966
Form 3468: Computation of investment credit, (Revised), 307
Form 3468: Computation of investment credit, (2nd Revision), 309
Form 3920: Tax computation schedule for component members of controlled
corporate group, 311
.0.M 1120
U.S. Treasury DepsftmenI
Internal Revenue Service
U.S. Corporation Income Tax Return
For the year January l-December 31, 1966. or other taxable year beginning
, 1966. ending , 19
(PLEASE TYPE OR PRINT)
166
Check if a —
A Sole proprietorship Q or
partnership D electing under
sec. 1361 to be taxed as a
corporation.
B Consolidated return. D
C Personal Holding Co. D
Name
E Employer IdentincatJon No.
Number and street
F County in which located.
O Business Code No. (see inslr.)
City or town, State, and ZIP code
G Enter total assets from line
14 Sch.L (see instruction R).
%
IMPORTANT — All applicable lines and schedules must be filled in. If the lines on the schedules are not sufficient, see instruction Q.
1 Gross receipts or gross sales Less: Returns and allowances .,
2 Less: Cost of goods sold (Schedule A) and/or operations (attach schedule) .
3 Gross profit
4 Dividends (Schedule C)
5 Interest on obligations of the United States and U.S. instrumentalities
6 Other interest
7 Rents
S Royalties
9 Net gains (losses) — (separate Schedule D)
10 Other income (attach schedule)
11 TOTAL income — Add lines 3 through 10
12 Compensation of officers (Schedule E)
13 Salaries and wages (not deducted elsewhere)
14 Repairs (do not include cost of improvements or capital expenditures) .
15 Bad debts (Schedule F if reserve method is used)
16 Rents
17 Taxes (attach schedule)
18 Interest
19 Contributions (attach schedule — see instructions for limitation) .
20 Losses by fire, storm, shipwreck, other casualty, or theft (attach schedule)
21 Amortization (attach schedule)
22 Depreciation (Schedule G)
23 Depletion (attach schedule)
24 Advertising
25 (a) Pension, profit-sharing, stock bonus, annuity plans (see instructions)
(b) Other employee benefit plans (see instructions)
26 Other deductions (attach schedule)
27 TOTAL deductions in lines 12 through 26
28 Taxable income before net operating loss deduction and special deductions (lini
29 Less: (a) Net operating loss deduction (see instructions — attach schedule)
(b) Special deductions (Schedule I)
30 Taxable income (line 28 less line 29)
I less line 27)
31 TOTAL income tax (Schedule J)
32 Credits: (a) Tax paid with Form 7004 application for extension (attach copy)
(b) Payments and credits on 1966 declaration of estimated tax
(c) Credit from regulated investment companies (attach Form 2439)
(d) Credit for U.S. tax on nonhighway gas. and lub. oil (attach Form 4136)
33 If tax (line 31) is larger than credits (line 32), the balance is TAX DUE. Enter balance here -
34 If tax (line 31) is less than credite (line 32) Enter the OVERPAYMENT here -
35 Enter amount of line 34 you want: Credited on 1967 estimated tax
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my
knowledge and belief it is true, correct, and complete. If prepared by a person other than taxpayer, his declaration is based on all information of
which he has any knowledge.
CORPORATE
SEAL
Signature of officer
Individual or firm signature of preparer
— 1 241
242
Corporation Returns/1966 • Forms and Instructions
Form 1120 (1966)
Page 2
Schedule A— COST OF GOODS SOLD (See instruction 2)
Schedule C— DIVIDENDS (See instruction 4)
1 Inventory at beginning of year
2 Merchandise bought for manufacture or sale .
3 Salaries and wages
4 Other costs (attach schedule)
5 Total
6 Less inventory at end of year
7 Cost of goods sold — Enter on line 2, page 1 .
1 Domestic corporations subject to 85% deduction .
2 Certain preferred stock of public utilities . .
3 Foreign corporations subject to 85% deduction .
4 Other dividends from foreign corporations .
5 Income from controlled foreign corporations
(attach Form 3646)
6 Foreign dividend gross-up (section 78) . .
7 Qualifying dividends from affiliated groups
(section 243(b))
8 Other
9 Total — Enter on line 4, page 1
Schedule E— COMPENSATION OF OFFICERS (See page 5
of instructions)
1. Name, address, and social security number ol officer
2. Title
3. Time
devoted to
business
Percent of corporation
stock owned
6. Amount of
compensation
7. Expense account
4. Common
5. Preferred
Total compensation of officers — Enter here and on line 12, page 1
.
Schedule F— BAD DEBTS— RESERVE METHOD (See instruction 15)
2. Trade notes and accounts re-
ceivable outstanding at end of year
3. Sales on account
Amount added to reserve
6. Amount charged
against reserve
1. year
4. Current year's
provision
5. Recoveries
at end of year
1961.
1962.
1963.
1964.
1965.
1966.
Schedule G — DEPRECIATION (See instruction 22)
Taxpayers using Revenue Procedure 62-21: Make no entry in column 2, enter the cost or other basis of assets held at end of year in cloumn 3,
and enter the accumulated depreciation at end of year in column 4.
1. Group and guideline class
or description of property
2. Date
acquired
3. Cost or
other basis
4. Depreciation
allowed or allowable
in prior years
5. Method of
computing
depreciation
6. Life or
rate
7. Depreciation for
this year
Buildings
Furniture and fixtures
Transportation equipment ....
Machinery and other equipment . .
- - - )
4 Balance — Enter here and on line 22, p
age 1 , . . .
Schedule H — SUMMARY OF DEPRECIATION
Straight line
Declining balance
Sum of the
years-digits
Units of
production
Additional first-year
(section 179)
Other (specify)
ToUl
1 Under Rev.
Proc. 62-21 .
2 Other . . .
16—79068-1
Corporation Returns/1966 • Forms and Instructions
243
Form 1120 (19S6)
Pago 3
Schedule I— SPECIAL DEDUCTIONS
1 (a) 85 percent of line 1, Schedule C
(b) 60.208 percent of line 2, Schedule C
(c) 85 percent of line 3, Schedule C
2 Total (not to exceed 85 percent of [line 28, page 1, less the sum of lines 3 and 5 of this schedule]). (The 85 per-
cent limitation does not apply to a year in which a net operating loss occurs.)
3 100 percent of line 7, Schedule C
4 Dividends paid on certain preferred stock of public utilities (see instructions in case of net operating loss) ....
5 Western Hemisphere trade corporations (not allowable in year of net operating loss)
6 Total special deductions — Add lines 2 through 5. Enter here and on line 29(b), page 1
Schedule J — TAX COMPUTATION
1 Taxable income (line 30, page 1)
2 Surtax exemption (line 1, $25,000, or amount apportioned under section 1561, whichever is lesser)
3 Line 1 less line 2
4 (a) 22 percent of line 1
(b) 26 percent of line 3
(c) If multiple surtax exemption is elected under section 1562, enter 6 percent of line 2 .
5 Income tax (line 4, or line 26 of separate Schedule D, whichever is lesser) ....
6 Foreign tax credit (attach Form 1118)
7 Line 5 less line 6
S Investment credit (attach Form 3468)
9 Line 7 less line 8
10 Tax under section 541 of the Internal Revenue Code (attach Schedule 1120 PH) ....
11 Tax from recomputing prior year investment credit (attach computation)
12 Total tax — Add lines 9, 10, and 11. Enter here and on line 31, page 1
H Date incorporated .
I (1) Did the corporation at the end of the taxable year own directly
or indirectly 50 percent or more of the voting stock of a
domestic corporation? Yes Q No □
(2) Did any corporation, individual, partnership, trust, or asso-
ciation at the end of the taxable year own directly or
indirectly 50 percent or more of the corporation's voting
stock? Yes D No n
(For rules of attribution, see section 267(c).)
If the answer to (1) or (2) is "Yes," attach a schedule
showing:
(a) name, address, and identifying number; and
(b) percentage owned.
If the answer to (1) above is "Yes," include the taxable
income (or loss) of such corporation for the taxable
year ending with or within your taxable year.
J Did you have any contracts or subcontracts subject to the
Renegotiation Act of 1951? Yes n No n
If "Yes," see inst. K. Enter amount here
K Did you at any time during the year own directly or indirectly any
stock of a foreign corporation? Yes □ No □
If "Yes," attach statement required by instruction N.
L Amount of taxable income (or loss) for: 1963
1964 1965
M Did you claim a deduction for expenses connected with:
(1) A hunting lodge □, working ranch or farm □, fishing
camp D' resort property n. pleasure boat or yacht □, or other
similar facility □? (Other than where the operation of the facility
was the principal business.) Yes □ No □
<2) The leasing, renting, or ownership of a hotel room or
suite n. apartment G. or other dwelling n. which was used by
customers or employees or members of their families? (Other than
use by employees while in business travel status.) Yes n No □
(3) The attendance of your employees' families at conven-
tions or business meetings? Yes □ No n
(4) Vacations for employees or members of their families?
(Other than amount reported on Form W-2.) Yes □ No □
N Refer to page 7 of instructions and state the:
Principal business activity
Principal product or service
0 Were you a member of a controlled group subject to the pro-
visions of section 1561? Yes □ No □, or section 1562?
Yes n No D
If "Yes," check type of relationship:
(1) parent-subsidiary □
(2) brother-sister □
(3) combination of (1) and (2) n (see section 1563)
P Were you liable for filing Forms 1096 and 1099 or 1087 for the
calendar year 1966? Yes n No □
If "Yes," where were they filed?
Q Did you make distributions during the taxable year:
(1) that are not considered wholly taxable as dividends to
shareholders because of insufficient earnings and profits, or (2) in
a section 333 liquidation where shareholders are taxed on their
pro rata share of earnings and profits? . . . Yes □ No □
(See sections 316, 301, and 333.) If this is a consolidated return,
answer here for the parent corporation and on Form 851, Affiliations
Schedule, for each subsidiary.
R Was there any substantial change in the manner of determining
quantities, costs, or valuations between opening and closing
inventory? Yes □ No □
If "Yes," attach explanation.
S Were you a U.S. shareholder of any controlled foreign corpora-
tion? Yes □ No □• (See sections 951 and 957.) If "Yes,"
attach Form 3646 for each such corporation.
244
Corporation Returns/1966 • Forms and Instructions
Form 1120 (1966)
Page 4
Schedule L— BALANCE SHEETS
Beginning of taxable year
End of taxable year
ASSETS
1 Cash
2 Trade notes and accounts receivable . . .
(a) Less allowance for bad debts ....
3 Inventories
4 Gov't obligations: (a) U.S. and instrumentalities •
(b) State, subdivisions thereof, etc. . .
5 Other current assets (attach schedule) . .
6 Loans to stockholders
7 Mortgage and real estate loans
8 Other investments (attach schedule) . . .
9 Buildings and other fixed depreciable assets .
(a) Less accumulated depreciation ....
10 Depletable assets
(a) Less accumulated depletion
11 Land (net of any amortization)
12 Intangible assets (amortizable only) . . .
(a) Less accumulated amortization . . .
13 Other assets (attach schedule)
14 Total assets
LIABILITIES AND CAPITAL
15 Accounts payable
16 Mtges., notes, bonds payable in less than 1 yr.
17 Other current liabilities (attach schedule) .
18 Loans from stockholders
19 Mtges., notes, bonds payable in 1 yr. or more.
20 Other liabilities (attach schedule) . . . .
21 Capital stock: (a) Preferred stock . . . .
(b) Common stock . . .
22 Paid-in or capital surplus (attach reconciliation) .
23 Retained earnings — Appropriated (attach sch.) .
24 Retained earnings — Unappropriated . . .
25 Less cost of treasury stock
26 Total liabilities and capital . . . .
(A)Amoont
(B) Total
(C) Amount
(D) Total
Schedule M-1— RECONCILIATION OF INCOME PER BOOKS WITH INCOME PER RETURN
1 Net income per books
2 Federal income tax
3 Excess of capital losses over capital gains .
4 Taxable income not recorded on books this
year (itemize)
5 Expenses recorded on books this year not
deducted in this return (itemize)
(a) Depreciation . . $ ■
(b) Depletion . . . $
Total of lines 1 through 5 .
7 Income recorded on books this year not
included in this return (itemize)
(a) Nontaxable interest $
8 Deductions in this tax return not charged
against book income this year (itemize)
(a) Depreciation . $
(b) Depletion . . $
9 Total of lines 7 and 8 . . .
10 Income (line 28, page 1) — line 6 less 9
Schedule M-2— ANALYSIS OF UNAPPROPRIATED RETAINED EARNINGS PtK BOOKS (line 24, page 4)
1 Balance at beginning of year
2 Net income per books
5 Distributions: (a) Cash
(b) Stock
(c) Property
6 Other decreases (itemize)
7 Total of lines 5 and 6 . . . .
8 Balance at end of year (line 4 less 7) . .
4 Total of lines 1, 2, and 3 . . . ■
le— 79068-1 OPO
Corporation Returns/1966 • Forms and Instructions
245
Instructions for Form 1120 — 1966
U.S. Corporation Income Tax Retiirn
(References are to the Internal
Revenue Code.)
GENERAL INSTRUCTIONS
A. Taxpayers required to file Form 1120. —
1. Domestic corporations, whether or not having any taxable
income, unless exempt under section 501.
2. Real estate investment trusts defined in section 856.
3. Regulated investment companies definecf in section 851.
4. Partnerships and proprietorships electing to be taxed as
domestic corporations. (See section 1361.)
B. Returns required of certain organizations. —
1. Foreign corporations other than life and mutual insurance
companies required to file Forms 1120L and 1120M — file Form
1120-F.
2. Life insurance companies subject to tax imposed by sec-
tion 802— file Form 1120L.
3. Mutual insurance companies subject to tax imposed by
section 821— file Form 1120M.
4. Exempt farmers' cooperatives subject to tax under section
1381— file Form 990-C.
5. Exempt organizations subject to tax imposed by section
511 on income derived from an unrelated trade or business — file
Form 990-T.
6. Small business corporations which qualify and elect under
section 1372(a) to have their taxable income taxed directly to
shareholders — file Form 1120-S.
C. Information returns and other forms which may be required
in addition to Form 1120 include the following. —
1. Forms W-2 and W-3. — Statement of wages, other com-
pensation, and tax withheld; and reconciliation of tax withheld.
2. Forms 966 and 1099L. — Information returns regarding
dissolution or liquidation, and distributions in liquidation.
3. Forms 1096 and 1099. — Information returns concerning
certain dividends, earnings, interest, rents, royalties, annuities,
pensions, foreign items; and prizes, awards, and commissions to
nonemployees.
4. Form 1118. — Statement in support of credit claimed by a
domestic corporation for taxes paid or accrued to foreign countries
or possessions of the United States.
5. Form 2950. — Statement in support of deductions for pay-
ments to an employees' pension, profit-sharing, stock bonus trust
or annuity plan and compensation under a deferred payment plan.
6. Forms 2952 and 3646. — Returns relating to controlled for-
eign corporations.
7. Form 3468. — Computation of investment credit.
8. Forms 3921, 3922, and 4067. — Information returns con-
cerning exercise of certain stock options and the transfer of stock
acquired by certain options.
9. Form 4136. — Computation of credit for Federal tax on
nonhighway gasoline and lubricating oil.
10. Schedule PH {Form /720).— Computation of U.S. per-
sonal holding company tax.
D. Period to be covered by return. — Returns shall be filed for
the calendar year 1966 or fiscal year beginning in 1966 and end-
ing in 1967. If return is filed for other than a calendar year, fill
in the taxable year space at top of return. If the corporation
liquidates or otherwise ceases to exist and this is the last return
the taxpayer is required to file, write "FINAL RETURN"_at the
top of the form. For the procedure to follow in changing an
established accounting period, see Section 1.442-1, Income Tax
Regulations. In cases where prior approval must be obtained,
file Form 1128, Application for Change in Accounting Period.
E. Accounting methods. — Taxable income shall be computed in
accordance with the method of accounting regularly used by the
taxpayer in maintaining its books and records. In all cases the
method adopted should clearly reflect taxable income. (See sec-
tion 446.) Except in those cases where the law specifically per-
mits, a taxpayer may not change the method of accounting upon
the basis of which it has reported income in prior years (for
income as a whole or with respect to any separate trade or business)
without first securing consent on Form 3115, Application for
Change in Accounting Method.
Rounding off to whole-dollar amounts. — The money items on
your return and accompanying schedules may be shown as whole-
dollar amounts. Eliminate any amount less than 50 cents, and
increase any amount from 50 cents through 99 cents to the next
highest dollar.
089—10—79070-2
F. Filing of return and payment of tax. — In general, returns of
corporations must be filed on or before the 15th day of the third
month following the close of the taxable year with the District
Director of Internal Revenue for the district in which the corpora-
tion's principal place of business or principal ofiSce or agency is
located. (Section 6072.)
Request for automatic extension bf 3 months for filing of return
must be made on Form 7004. (Section 6081 (b).)
The balance of tax due must be paid in full when the return is
filed or in two installments, 50 percent on or before the 15th day
of the third month and 50 percent on or before the 15th day of the
sixth month following the close of the taxable year.
The tax may be paid in cash or by check or money order drawn
to the order of "Internal Revenue Service." Please enter your
employer identification number on all remittances. Cash payment
should be made only in person at the District Director's oiEce.
G. Declaration of estimated tax (Form 1120-ES). — A declara-
tion of estimated tax must be filed by every corporation if its in-
come tax liability, reduced by any estimated credits under sections
32, 33, 38, and 39, can reasonably be expected to exceed $100,000.
Affiliated corporations filing a consolidated return, see regulations
under section 1502. Aifiliated corporations receiving qualifying
dividends, see section 243 (b) (3). Underpayment of installments
of estimated tax will result in additional charges to the tax. If
you have an underpayment of estimated tax and believe the addi-
tional charge should not be asserted due to the applicability of any
of the "relief provisions" of section 6655 (d), attach Form 2220
to your return.
H. Failure to file, etc. — Substantial additions to the tax are im-
posed for failure to file a return, for late filing, and for filing a
false or fraudulent return.
I. Signature and verification. — The return must be signed either
by the president, vice president, treasurer, assistant treasurer,
chief accounting officer, or by any other corporate officer (such
as tax officer) who is authorized to sign. A receiver, trustee, or
assignee must sign any retium which he is required to file on
behalf of a corporation.
J. Domestic corporations entitled to benefits of section 931. —
Domestic corporations within the possessions of the United States
(except the Virgin Islands) may report as gross income only gross
income from sources within the United States, provided (a) 80
percent or more of the gross income for the 3-year period imme-
diately preceding the close of the taxable year (or such part there-
of as may be applicable) was derived from sources within a
possession of the United States, and (6) 50 percent or more of the
gross income for such period or such part thereof was derived
from the active conduct of a trade or business within a possession
of the United States.
K. Information regarding renegotiable contracts. — Every cor-
poration which held, during the taxable year, contracts or sub-
contracts which were subject to the Renegotiation Act of 1951
shall, in answer to question J, page 3, state the actual or, if not
accurately determinable, its best estimate of the aggregate gross
dollar amount billed during the taxable year under all contracts
and/or subcontracts.
L. Consolidated returns. — Subject to the provisions of sections
1501 through 1504, section 1552 and the regulations, an affiliated
group of corporations may make a consolidated income tax return
in lieu of separate returns. The making of a consolidated return
shall be upon the condition that all corporations which at any
time during the taxable year have been members of the affiliated
group consent to all the consolidated return regulations pre-
scribed under section 1502 prior to the last day prescribed by law
for the filing of such return. The common parent corporation,
when filing a consolidated return, shall attach Form 851, Affilia-
tions Schedule. Each subsidiary must prepare two signed copies
of Form 1122 authorizing the making of the return on its behalf.
One such form shall be attached to the consolidated return
and the other shall be filed, at or before the time the consolidated
return is filed, in the ofEce of the District Director for the
subsidiary's district.
Instructions — Form 1120 (1966)
246
Corporation Returns/1966 • Forms and Instructions
Page 2
Supporting schedules shall be filed with the consolidated return.
These schedules shall be prepared in columnar form, one column
being provided for each corporation included in the consolidationj
showing in detail the items of gross income and deductions and
the computation of taxable income; one column for a total of like
items before adjustments are made; one column for intercompany
adjustments; and one column for a total of like items after giving
effect to adjustments. The items included in the column for
adjustments should be symbolized to identify contra items affected,
and suitable explanations Attached, if necessary. Similar schedules
shall also contain in columnar form a reconciliation of retained
earnings for each corporation, together with a reconciliation of
consolidated retained earnings.
Consolidated balance sheets as of the beginning and close of the
taxable year of the group shall accompany the consolidated return
in a form similar to that required for reconciliation of retained
earnings.
M. Tax on improperly accumulated earnings. — In order to pre-
vent accumulation of earnings and profits for the purpose of en-
abling shareholders to avoid the tax on individuals, section 531
provides an additional tax upon the accumulated taxable income
of corporations formed or availed of for the purpose of such tax
avoidance.
N. Stock ownership in foreign corporations. — A corporation
owning directly or indirectly any stock of a foreign corporation
must attach a statement showing the name and address of each
company and the total number of shares of each class of outstand-
ing stock owned during the taxable year. If the corporation
owned 5 percent or more in value of the outstanding stock of a
foreign personal holding company, attach a statement setting forth
in complete detail the information required by section 551 (d).
O. Balance sheets. — The balance sheets. Schedule L, should
agree with the books of account or any differences should be rec-
onciled. The balance sheets for a consolidated return of affiliated
corporations should be furnished in accordance with instruction L.
All corporations reporting to the Interstate Commerce Commis-
sion or to any National, State, municipal, or other public officer,
may submit, in lieu of Schedule L, copies of their balance sheets
prescribed by such authorities as of the beginning and end of the
taxable year.
Certificates of deposit should be included as cash in line 1 of the
balance sheet.
P. Forms other than prescribed by return. — Banks, insurance
companies, and other corporations required to submit substan-
tially similar statements of income and expenses to any National,
State, municipal, or other public officer may submit with the re-
turn a statement of income and expenses in the form furnished to
such officer, in lieu of the information requested in lines 1 to 30,
page 1, except that a railroad company may submit with the re-
turn a statement on Form 1090. In such cases the taxable in-
come will be reconciled by means of Schedule M-1 with the net
profits shown by the income and expense statement submitted,
and should be entered as line 30, page I.
Q. Attachments. — Attachments may be used if the lines on the
form schedules are not sufficient. Attachments must contain
all required information, follow the format of the official schedules
and must be attached to the return in the same sequence as the
schedules appear on the official forms. If an attachment is used
in place of a schedule having a summary line on page 1 of the
form the total need not be entered on the schedule, but must be
entered on page 1.
R. Total assets. — Enter the total assets as of the end of the
taxable year as shown on line 14, Schedule L. In the event there
are no assets at the end of the taxable year, show the total assets
as of the beginning of the taxable year.
S. Unincorporated business enterprise electing under section
1361 to be taxed as a domestic corporation. — An election to be
taxed as a domestic corporation may not be made after April 14,
1966. However, an election under section 1361 (f) because of a
change in ownership is permissible. Elections made on or befoii:
this date will continue in force and may be revoked by the taxpayer.
All elections will be automatically terminated on January 1,
1969, and unincorporated business enterprises will not be consid-
ered as domestic corporations for any period after December 31,
1968.
SPECIFIC INSTRUCTIONS (Numbered to correspond with the line numbers on page 1)
1. Gross receipts. — Enter gross receipts or sales from all busi-
ness operations except those required to be reported in lines 4
through 9.
2. Cost of goods sold. — If the production, manufacture, pur-
chase, or sale of merchandise is an income-determining factor in
the trade or business, inventories of merchandise on hand should
be taken at the beginning and end of the taxable year, and may
be valued at cost, lower of cost or market, or by any other
permissible method.
An inventor)' method once properly adopted is controlling until
permission to change is granted. Application for permission to
change an inventor)' method must be made on Form 3115 within
90 days after the beginning of the taxable year in which it is de-
sired to effect a change. In case the inventories reported do not
agree with the balance sheet, attach a statement explaining the
difference.
A corporation electing to use the last-in, first-out method of
valuing inventory provided for in section 472 must file Form 970
with the return for the first year of the election. Thereafter,
attach separate schedule showing ( 1 ) a summary of all inven-
tories, and (2) with respect to any inventories computed under
section 472, the computation of the quantities and cost by acqui-
sition levels.
Cost of operations (where inventories are not an income-deter-
mining factor). — If the amount entered on line 2 includes an
amount applicable to cost of operations, attach a schedule show-
ing (1) salaries and wages and (2) other costs in detail.
4. Dividends. — (Numbered to correspond with line numbers in
Schedule C.)
1. Enter dividends received from a domestic corporation sub-
ject to income tax, and which are subject to the 85-per-
cent deduction under section 243 (a) (1). Small busi-
ness investment companies enter dividends received from
domestic corporations subject to income tax even though a
deduction is allowed for the entire amount of such divi-
dends in line 1 of Schedule I. In the case of dividends
received from a regulated investment company, see section
854 regarding the amount subject to the 85-percent
deduction.
So called dividends or earnings received from mutual
savings banks, cooperative banks, domestic building and
loan associations and other savings institutions chartered
and supervised as savings and loan or similar associations
4.
8.
under Federal or State law, are in fact interest and should
not be treated as dividends.
2. Enter dividends received on the preferred stock of a pub-
lic utility which is subject to income tax and which is
allowed the deduction provided in section 247 for divi-
dends paid.
3. Enter dividends received from foreign corporations and
which qualify for the 85-percent deduction provided in
section 245.
Enter foreign dividends (including minimum distributions
under subpart F) which are not reportable on line 3.
Distributions of amounts constructively taxed in the cur-
rent year or in prior years under subpart F should be
excluded.
Include gross up attributable to income under subpart F.
Enter only those dividends subject to the elective provi-
sions of section 243 (b).
Include dividends (other than capital gain dividends) re-
ceived from regulated investment companies and which are
not subject to the 85-percent deduction; dividends from
corporations not subject to tax under chapter 1 of the
Code; dividends (other than capital gain dividends) re-
ceived from a real estate investment trust which, for the
taxable year of the trust in which the dividend is paid,
qualifies under sections 856-858; dividends not eligible for
the 85-percent deduction because of the holding period of
the stock or an obligation to make corresponding payments
with respect to similar stock; and any other taxable divi-
dend income not properly reported above.
5. Interest on U.S. obligations. — Enter interest on obligations
of the United States and U.S. instrumentalities.
Dealers in securities. — For special rules applicable to dealers
in securities, with respect to premium attributable to certain tax-
exempt securities, see section 75.
Noninterest-bearing obligations issued at a discount. — Tax-
payers on the cash basis may elect, as to all noninterest-bearing
obligations issued at a discount and redeemable for fixed amounts
increasing at stated intervals (for example. United States Savings
Bonds), to include the increase in redemption price applicable to
the current year. For the year of election the total increase in
redemption price of such obligations occurring between the date
of acquisition and the end of the year must be included. Attach
a statement listing obligations owned and a computation of the in-
crease.. (Section 454.)
c69— 16— 79070-1
Corporation Returns/1966 • Forms and Instructions
247
6. Other interest. — Enter interest on loans, notes, mortgages,
bonds, bank deposits, corporate bonds, tax refunds, etc. The tenn
"corporate bonds" includes bonds, debentures, notes, certificates of
indebtedness or other evidences of indebtedness issued by any
corporation and bearing interest, with interest coupons or in regis-
tered form. For provisions relating to amortizable bond
premiums, see section 171.
7. Rents. — Enter the gross amount received for the rent of
property. Any expenses, including repairs, interest, taxes, and
depreciation should be included in the proper lines for deductions.
8. Royalties. — Enter the gross amount received as royalties. If
a deduction is claimed for depletion, it must be reported on line 23.
9. Gains and losses from sales or exchanges of capital assets and
other property. — The computation of gains and losses from sales
or exchanges of capital assets and property other than capital assets
should be made on separate Schedule D and filed with Form 1120.
Every sale or exchange of property, even though no gain or loss
is indicated, must be reported in detail. If the net long-term
capital gain exceeds the net short-term capital loss, or in case of
only a net long-term capital gain, a computation of the alternative
tax should be made on separate Schedule D.
10. Other income. — Enter total amount of other income not re-
ported elsewhere in the return and attach schedule showing details.
Include recoveries of bad debts deducted in prior years under
the specific charge-ofT method. Refunds of taxes deducted in
prior years should be reported here and not offset against cur-
rent year's taxes.
14. Repairs. — Enter the cost of incidental repairs, including
labor, supplies, and other items, which do not add to the value or
appreciably prolong the life of the property. Expenditures for
new buildings, machinery, equipment, or for permanent improve-
ments or betterments which increase the value of the property are
chargeable to capital account.
15. Bad debts. — Bad debts may be treated in either of two
ways — (1) as a deduction for debts which become worthless in
whole or in part, or (2) as a deduction for a reasonable addition
to a reserve for bad debts. (Section 166.)
For taxable years beginning before 1966, if amounts added to
the reserve cannot be broken down into the categories shown in
columns 4 and 5 of Schedule F, enter the total amount added to
the reserve and identify as such.
A taxpayer filing a first return of income may select either of
the two methods, and that method must be followed for subse-
quent years unless permission is granted to change to the other
method. Application for permission to change the method must
be made on Form 3115 within 90 days after the beginning of the
taxable year for which it is desired to effect the change.
Securities which are capital assets and which become worthless
during the taxable year should be reported in separate Schedule D.
Worthless debts arising from unpaid rents and similar items of
taxable income will not be allowed as a deduction unless the in-
come such items represent has been included in the return of in-
come for the year for which the bad debt deduction is claimed, or
for a previous year.
For treatment of bad debts of a mutual savings bank not having
capital stock represented by shares, a domestic building and loan
association, and a cooperative bank without capital stock organized
and operated for mutual purposes and without profit, see section
593 and the regulations thereunder.
16. Rents. — Enter rent paid or accrued for business property
in which the corporation has no equity.
17. Taxes. — Enter taxes paid or accrued during the taxable
year and attach a schedule showing the type and amount of tax.
Do not include Federal income, war-profits, and excess-profits
taxes; estate, inheritance, legacy, succession, and gift taxes; foreign
or United States possession income taxes if any credit is claimed in
line 6, Schedule J; Federal taxes paid on bonds containing a tax-
free covenant, nor taxes not imposed upon the taxpayer. See
section 164 (d) regarding apportionment of taxes on real prop-
erty between seller and purchaser.
18. Interest. — Enter interest paid or accrued on business indebt-
edness. Do not include interest on indebtedness incurred or con-
tinued to purchase or carry obligations the interest on which is
wholly exempt from income tax. (Section 265.)
See section 267 for limitation on deductions for unpaid expenses
and interest in the case of transactions between related taxpayers.
In the case of mutual savings banks, cooperative banks, domes-
tic building aftd loan associations, ana othei savings institutions
chartered and supervised as savings and loan or similar associations
under Federal or State law, any amounts paid or credited to the
accounts of depositors or holders of accounts as dividends or in-
terest on their deposits or withdrawable accounts, if such amounts
may be withdrawn on demand subject only to customary notice
of intention to withdraw, are allowable deductions in computing
taxable income. (Section 591.)
PAGE 3
19. Contributions. — Enter contributions or gifts actually paid
within the taxable year to or for the use of ( 1 ) a State, a posses-
sion of the United States, or any political subdivision thereof, or
the United States or the District of Columbia for exclusively pub-
lic purposes; (2) a corporation, trust, or community chest, fund,
or foundation, created or organized in the United States or in any
possession thereof or under the law of the United States, or of any
State, or of the District of Columbia, or of any possession of the
United States, organized and operated exclusively for religious,
charitable, scientific, literary, or educational purposes or the pre-
vention of cruelty to children or animals (but in the case of con-
tributions or gifts to a trust, chest, fund, or foundation only if such
contributions or gifts are to be used within the United States or any
of its possessions exclusively for such purposes), no part of the
net earnings of which inures to the benefit of any private share-
holder or individual, and no substantial part of the activities of
which is carrying on propaganda, or otherwise attempting to in-
fluence legislation; (3) posts or organizations of war veterans, or
auxiliary units of, or trusts or foundations for, any such posts or
organizations, if such posts, organizations, units, trusts, or founda-
tions are organized in the United States or any of its possessions,
and if no part of their net earnings inures to the benefit of any pri-
vate shareholder or individual; or (4) nonprofit cemetery or burial
companies.
The amount claimed shall not exceed 5 percent of taxable
income computed without regard to (1) this deduction, (2)
the "special deductions" in line 29 (b), and (3) any net operating
loss carryback to the taxable year under section 172.
In the case of a corporation on the accrual basis, any contribu-
tion or gift will, at the election of the taxpayer made at the time
the return is filed, be considered as paid during the taxable year
if payment is actually made on or before the fifteenth day of the
third month following the close of the taxable year, and if the con-
tribution or gift has during the taxable year been authorized by
the board of directors of the corporation. A copy of such au-
thorization must be attached to the return.
Do not deduct as a business expense charitable contributions
which come within the above description, but which are unallow-
able in whole or in part because of the limitation contained in
section 170. (Section 162 (b).)
Any contributions paid during the taxable year in excess of the
amount deductible may be carried over and deducled in the five
succeeding taxable years subject to the 5-percent limitation pro-
vided in section 170 (b) (2). The 5-year carryover also applies
to contributions made in taxable years beginning after December
31, 1961. In a taxable year to which there is a net operating loss
carryover and charitable contributions in excess of the amount
deductible (or a charitable contribution carryover from a preced-
ing taxable year), see section 170 (b) (3).
Attach a schedule showing the name of each organization and
the amount and the date paid. If a contribution is made in
property other than m.oney, state the kind of property contributed
and the method used in determining its fair market value. If a
contribution carr>'Over is included, show the amount and how the
carryover was determined.
Special rule for contribution of depreciable property. — The
amount to be taken into account for such purposes shall not exceed
the fair market value of the property less the amount which would
constitute ordinary income under section 1245 (a) or 1250 (a).
20. Losses by fire, storm, shipwreck, other casualty, or theft. —
Enter losses sustained during the year arising from fire, storm,
shipwreck, or other casualty. For determination of the amount
deductible, see section 165 (b). Theft losses are deductible only
in the year in which discovered.
21. Amortization. — If a deduction is claimed for amortization,
attach a schedule showing: (1) A description of the facilities
or expenditures being amortized; (2) date acquired, completed,
or expended; (3) amount being amortized; (4) amortization
deducted in prior years; (5) amortization period (number of
months); (6) amortization for this year; and (7) the total
amount of amortization less the amount claimed in Schedule A
and elsewhere on the return.
The law makes special provisions for amortization of the follow-
ing kinds of assets and expenditures:
(a) Research and experimental expenditures. — Section 174;
(b) Exploration expenditures. — Section 615;
(c) Development expenditures. — Section 616;
(d) Organizational expenses. — Section 248; and
(e) Trademark and trade name expenditures. — Section 177.
For details concerning the information which must be furnished
in the statements of election required by these sections, consult
your District Director.
069—16—79070-1
248
Corporation Returns/1966 • Forms and Instructions
PAGE 4
22. Depreciation. — If a deduction is claimed for depreciation of
property, leasehold improvements, patents, or copyrights, fill in
Schedule G.
If a taxpa>'er elects to claim the additional first-year allowance
under section 179, the basis of the property must be reduced by the
amount of the deduction.
Salvage value must be taken into account in determining the
depreciation deduction (except under declining balance method)
either by a reduction of the amount subject to depreciation or by a
reduction in the rate of depreciation. Generally, an asset or an
account shall not be depreciated below a reasonable salvage value.
In computing the basis on which depreciation may be taken for
personal property (other than livestock) acquired after October 16,
1962. with a useful life of 3 years or more, salvage value need not
be taken into account if it does not exceed 10 percent of the cost
or other basis of the property. If salvage value exceeds 10 percent,
only the excess need be taken into account.
Alternative Depreciation Guidelines and Rules. — Revenue Pro-
cedure 62-21 (supplemented by Revenue Procedure 65-13) sets
forth alternative standards and procedures for determining de-
preciation. Taxpayers who wish to use these provisions must use
them for all assets in a particular guideline class.
Depreciation Methods: (a) Straight line method. — To compute
the deduction, determine the cost (or other basis) of the property
and deduct the total depreciation allowed or allowable. Divide
the result by the number of years of useful life remaining to the
asset — the quotient is the depreciation deduction.
{b) Declining balance method. — A uniform rate is applied
each year to the remaining cost or other basis of property deter-
mined at the beginning of such year. The rate of depreciation
of used property under this method may not exceed one and
one-half times the applicable straight-line rate.
{c) Special rules for new assets. — The cost or other basis of
a new asset may also be depreciated under any of the following
methods provided that (1) the asset is tangible, (2) it has an
estimated useful life of 3 years or more to the taxpayer, and (3)
the original use of the asset commenced with the taxpayer. How-
ever, see paragraph (4) below with respect to certain real property.
(/) Declining balance method. — This method may be used
with a rate not in excess of twice the applicable straight-line rate.
(2) Sum of the years-digits method. — The deduction for each
year is computed by multiplying the cost or other basis of the
asset by the number of years of useful life remaining (including
the year for which the deduction is computed) and dividing the
product by the sum of all the digits corresponding to the years of
the estimated useful life of the asset. In the case of a 5-year life
this sum would be 15 (5-f4-|-3 + 2-H 1 ). For the first year five-
fifteenths of the cost would be allowable, for the second year
four-fifteenths, etc,
{3) Other methods. — A taxpayer may use any consistent
method which does not result in accumulated allowances at the
end of any year greater than the total of the accumulated allow-
ances which would have resulted from the use of the declining
balance method. This limitation applies only during the first two-
thirds of the useful life of the property.
(4) Real property. — The methods described in paragraphs (1"),
(2), and (3) do not apply in the case of real property (other than
real property which would be eligible for the investment credit if
it were not suspension period property) if (a) the physical con-
struction, reconstruction, or erection of such property by any pier-
son begins during the suspension period, or (b) an order for such
construction, reconstruction, or erection is placed by any person
during the suspension period. The suspension period is the
period beginning on October 10, 1966, and ending on December
31, 1967. Such methods may, however, be used for (/) any item
of real property selected by the taxpayer if the cost of such item,
when added to the aggregate cost of all other items of real property
selected by the taxpayer for the entire suspension period, does not
exceed $50,000, and (2) to some extent, property which was built
pursuant to binding contracts and economic commitments in ex-
istence on and after October 9, 1966.
Real property affected by the suspension period may be de-
preciated under the same methods available for used property
which may include the 150 percent declining balance method.
(d) Section 179 — Additional first-year depreciation allow-
ance.— Corporations may elect to write off 20 percent of the cost
(before adjustment for salvage value) of tangible personal proper-
ty, but only to the extent of an aggregate cost of $10,000, for the
first taxable year for which a deduction is allowable under section
167. The cost of property does not include so much of the basis
of such property as is determined by reference to the basis of other
property held at any time by the person acquiring such property.
This additional depreciation is limited to property with a remain-
ing useful life of 6 years or more and which is not acquired from
an affiliated corporation (as defined in section 1504, except that
"more than 50 percent" stock ownership is substituted for "at
least 80 percent" wherever it appears in section 1504 (a)). All
members of the affiliated group will be treated as one taxpayer,
and the $10,000 limitation will be apportioned among the mem-
bers in the manner prescribed by regulations. Further, for this
allowance to apply in any case, the basis of the property must not
be determined in whole or in part by reference to the transferor's
basis. Depreciation on the remaining cost of the property may be .
taken under any of the methods indicated above. Total addi-
tional first-year depreciation must be shown on line 1 of the depre-
ciation schedule.
23. Depletion. — If a deduction is claimed for depletion, Form
M (mines and other natural deposits). Form O (oil and gas), or
Form T (timber) should be submitted with your return. If
complete valuation data have been filed with questionnaire in
previous years, then file with your return information necessary
to bring your depletion schedule up to date, setting forth
a statement of all transactions bearing on deductions from or addi-
tions to value of physical assets during the taxable year with
explanation of how depletion deduction for the taxable year has
been determined. (Sections 611, 612, and 613.) Expenditures
to be deferred and deducted ratably under the election provided
in sections 616 (b), relating to certain expenditures in the de-
velopment of mines, and 615 (b), relating to deductions for mine
exploration, are not to be taken into account in determining the
adjusted basis for property for the purpose of computing a deduc-
tion for depletion under section 611.
For details concerning the information which must be furnished
in the treatment of mineral interests under section 6143 consult
your District Director.
24. Advertising. — Enter the total amount paid or accrued dur-
ing the year for advertising. Expenditures for advertising must
be ordinary and necessary and bear a reasonable relation to the
business activities in which the corporation is engaged.
25 (<?). File Form 2950 to substantiate the deduction claimed
for amounts contributed to pension, profit-sharing, stock bonus,
and annuity plans under section 404. Form 2950 must be filed
for years other than the first year a deduction is claimed and may
be used for the first year instead of submitting the information
required by Section 1.404 (a)-2 (a). Income Tax Regulations.
25 (i). Other employee benefit plans. — Enter deductions for
contributions to employee benefit plans other than those claimed on
line 25 (a), such as insurance, health, or welfare plans. Submit
with the return a schedule for each plan showing ( 1 ) the nature
of benefits, i.e., group-term life insurance, group permanent life
insurance, noninsured death benefit, hospitalization, surgical, med-
ical, sickness, accident, major medical expense, unemployment
benefit, or other welfare benefits; (2) method of financing, i.e.,
insured, industry or areawide fund, self-insured fund, or direct
benefit payments; (3) the amount of deduction; (4) the amount
of employee contributions; (5) the number of employees covered;
and (6) if a self-insured plan, the amount of benefits paid during
the taxable year. Also show the number of employees employed
by the corporation.
26. Other deductions. — Enter any other authorized deductions
for which no space is provided on the return and attach a schedule.
No deduction is allowable for any amount allocable to a class
of exempt income other than exempt interest income. Items
directly attributable to wholly exempt income shall be allocated
thereto, and items directly attributable to any class of taxable
income shall be allocated to such taxable income. If an item
is indirectly attributable both to taxable income and exempt
income, a reasonable prof>ortion thereof, determined in the
light of all the facts and circumstances in each case, shall be al-
located to each. A taxpayer receiving any such exempt income
or holding any property or engaging in any activity the income
from which is exempt shall submit with its return an itemized
statement showing ( 1 ) the amount of each class of exempt
income and (2) the amount of expense items allocated to each
such class (the amount allocated by apportionment being shown
separately).
Under section 592 a special deduction in computing taxable
income is allowed a mutual savings bank not having capital stock
represented by shares, a domestic building and loan association,
or a cooperative bank without capital stock organized and operated
for mutual purposes and without profit, for repayment during the
069 — 16—79070-2
Corporation Returns/1966 • Forms and Instructions
249
taxable year of loans made before September 1, 1951, by the
United States or its wholly owned agencies, or by a mutual
fund established under the authority of State law.
29. (a) Net operating loss deduction. — The "net operating loss
deduction" is the sum of the net operating loss carryovers and
carrybacks to the taxable year. (Section 172 (a).) Generally, a
net operating loss may be carried back 3 years and carried over 5
years. The net operating loss must first be carried to the earliest of
the 8 taxable years to which it may be carried, then to the next
earliest year, etc. The portion of such loss which shall be carried to
each of the other 7 taxable years shall be the excess, if any, of the
amount of such loss over the sum of the taxable income for each
of the prior taxable years to which such loss may be carried.
(Section 172 (b).)
The term "net operating loss" means the excess of allowable
deductions over gross income, computed with the following
modifications under section 172 (d) :
( / ) No net operating loss deduction is allowed.
(2) The special deduction provided in section 922 (Western
Hemisphere trade corporations) is not allowed.
(5) The special deductions allowed by section 243 (dividends
received by corporations), section 244 (dividends received on cer-
tain preferred stock of public utilities), and section 245 (dividends
received from certain foreign corporations) are computed without
regard to the 85-percent limitation provided in section 246 (b).
See Section 1.172-2, Income Tax Regulations.
(4) The special deduction allowed by section 247 (dividends
paid on certain preferred stock of public utilities) is computed
without regard to the provisions of subsection (a) (1) (B) of such
section.
As stated, the net operating loss deductjon is the sum of the
carryovers and carrybacks. However, the following modifications
must be taken into account in determining the taxable income
for any year which must be subtracted from a net operating loss
to determine the portion of such loss which will still be available
to carry to a subsequent year:
PAGE 5
(a) The special deductions provided in sections 242 (partially
tax-exempt interest) and 922 (Western Hemisphere trade corpora-
tions) are not allowed.
(b) The amount of the net operating loss deduction is deter-
mined without regard to the net operating loss for the loss year or
any taxable year thereafter, and under certain circumstances,
without regard to any portion of a net operating loss attributable
to a foreign expropriation loss.
If the corporation desires prompt adjustment for an overpay-
ment attributable to a net operating loss carryback, an appli-
cation for a tentative adjustment should be filed on Form 1139
within 12 months after the close of the taxable year in which
the net operating loss is sustained. (Section 6411.)
For treatment of net operating loss carryovers in certain corpo-
rate acquisitions, see section 381.
For special limitation on net operating loss carryovers in case of
a corporate change of ownership, see section 382.
For treatment of foreign expropriation losses sustained in taxr
able years ending after December 31, 1958, see section 172 (b).
For tax treatment of recoveries of foreign expropriation losses,
see section 1351.
Sections 852 (b) (2) and 857 (b) (2) provide that no net oper-
atmg loss deduction shall be allowed to a regulated investment
company or a real estate investment trust.
29. (b) Special deductions. — See the instructions for Schedule I.
32. Credits. — Enter all payments and credits except the foreign
tax credit and the investment credit (lines 6 and 8, Schedule j).
Section 39 provides a credit for Federal excise tax on (1 ) gaso-
line used (a) on a farm for farming purposes, (b) other than as
fuel in a highway vehicle, and (c) in vehicles while engaged in
furnishing certain public passenger land transportation service ; and
(2) lubricating oil used other than in a highway motor vehicle.
To obtain this credit your return must be timely filed (including
any extensions).
35. If you elect to have all or part of the overpayment applied
to your estimated tax, no interest shall be allowed on such portion
of the overpayment credited.
EXPENSE ACCOUNT ALLOWANCES— SCHEDULE E, COLUMN 7
Expense account allowance means (1) amounts, other than
compensation, received as advances or reimbursements and (2)
amounts paid by or for the corporation for expenses incurred by
Or on behalf of an officer including all amounts charged through
any type of credit card.
However, this term does not include amounts paid for (a) the
purchase of goods for resale or use in your business, (6) incidental
expenses, such as the purchase of office supplies for the corporation
or local transportation in connection with an errand, or (c) such
fringe benefits as hospitalization insurance, approved pension trust
funds and unemployment insurance.
Column 7 of Schedule E is to be completed for your 25 highest
paid officers. To determine the highest paid officers for this
purpose all allowances including expense account allowances as
described above must be added to each officer's compensation.
Column 7 need not be completed for any officer for which the
combined amount is less than $10,000.
The information is to be submitted by each member of an
affiliated group which files a consolidated return.
For this purpose an officer is a person who is elected or ap-
pointed to office or who is designated as such in the corporation's
charter or bylaws such as regular officer, chairman of the board,
etc.
SCHEDULE I— SPECIAL DEDUCTIONS (Numbered to correspond with line numbers in Schedule I)
1. A small business investment company operating under the
Small Business Investment Act of 1958 may deduct 100 percent of
dividends received from domestic corporations subject to income
tax. (Section 243 (a) (2).)
In general, no dividends-received deduction will be allowed on
any share of stock (a) which is sold or otherwise disposed of in
any case in which the corporation has held such share for 15 days
or less, or (b) to the extent the coiporation is under an obligation
to make corresponding payments with respect to substantially
identical stock or securities. Where the stock has preference in
dividends, the holding period is 90 days instead of 15 if the cor-
poration receives dividends with respect to such stock which are
attributable to a period or periods aggregating in excess of 366
days.
2. Limitation on dividends-received deduction. — In a year in
which a net operating loss occurs, sections 172 (d) and 246 (b)
provide that the 85-percent limitation on the amount of these spe-
cial deductions shall not apply even if the loss is created by the
dividends-received deduction. In the case of a small business
investment company, the dividends-received deduction of 100 per-
cent included in line 2 is not subject to the overall 85-percent
limitation.
4. Deduction for dividends paid on certain preferred stock of
public utilities. — In the case of a public utility there is allowed in
accordance with section 247, an amount equal to 29.166 percent of
the lesser of (1) the amount of dividends paid on its preferred
stock during the taxable year, or (2) taxable income computed
without regard to this deduction. In a year in which a net operat-
ing loss occurs, section 172 (d) provides that this special deduction
shall be computed without regard to section 247 (a) (1) (B).
5. Deductions for Western Hemisphere trade corporations. — In
the case of a Western Hemisphere trade corporation, as defined in
section 921, section 922 allows a deduction equal to 29.166 per-
cent of taxable income computed without regard to this deduction.
SCHEDULE J— TAX COMPUTATION
1. Normal tax. — Section 11 provides a normal tax for taxable
years beginning after December 31, 1963, equal to 22 percent of
taxable income.
2. Surtax. — Section 11 provides a surtax for taxable years be-
ginning after December 31, 1964, equal to 26 percent of the
amount by which taxable income exceeds the surtax exemption.
3. Exceptions. — The tax imposed by section 1 1 shall not apply
to a corporation subject to a tax imposed by — (1) section 594
(relating to mutual savings banks conducting life insurance
business), (2) subchapter L (section 801 and following, relat-
ing to insurance companies), (3) subchapter M (section 851
and following, relating to regulated investment companies and
real estate investment trusts), or (4) section 881 (a) (relating to
foreign corporations not engaged in business in United States).
4. Surtax exemption. — The surtax exemption is $25,000 except
for certain controlled corporations to which section 1551 applies.
Surtax exemption under section 1561 for component members of
a controlled group of corporations. — If a corporation is a com-
o69 — 16—79070-1
381-123 O - 70 - 17
250
Corporation Returns/1966 • Forms and Instructions
PAGE 6
ponent member of a controlled group of corporations (as defined
in section 1563) on December 31 of its taxable year, the surtax
exemption shall be —
(a) $25,000 divided by the number of component members on
such December 31, or
(b) If all members consent to an apportionment plan, their
portion of $25,000 determined in accordance with the plan. The
sum of the amounts so apportioned shall not exceed $25,000. See
section 1561 and the regulations thereunder for time and manner
of making the consent.
The surtax exemption for a component member which has a
short taxable year which does not include a December 31 shall be
$25,000 divided by the number of component members in the
group on the last day of such taxable year.
If the surtax exemption is determined under (a) or (h) above,
the additional 6-percent tax under section 1562 does not apply.
5. Jtlection of multiple surtax exemptions by a controlled group
of corporations. — Subject to the provisions of section 1562, a con-
trolled group of corporations may elect, with respect to a specified
December 31, to have each of its component members claim a
separate $25,000 surtax exemption without having to divide
equally or apportion one $25,000 surtax exemption among all com-
ponent members. Such election is valid only if each component
member of the group on such December 31, and each other com-
ponent member of the group on any succeeding December 31
before the day on which the election is made, consents to such
election. See section 1562 and the regulations thereunder for
provisions relating to such consent. An election, once made, con-
tinues in effect until terminated in the manner provided in section
1562 (c) . If the group elects to claim multiple surtax exemptions,
each component member must pay an additional tax of 6 percent
on its first $25,000 taxable income. If you are the only component
member of the controlled group which has taxable income or if
your surtax exemption has been disallowed, see section 1562 (b)
(1).
6. Change in accounting period. — Under the provisions cf sec-
tion 443 (b) (1) if a corporation changes its accounting period,
the taxable income for the short period beginning on the day after
the close of the former taxable year and ending at the close of the
day before the day designated as the first day of the new taxable
year shall be placed on an annual basis by multiplying the amount
thereof by 12 and dividing by the number of months in the short
period. The tax shall be that same part of the tax computed on
the annual basis which the number of months in the short period
is of 12 months.
However, taxpayers may elect to compute the tax for the
short period according to the method described below if an appli-
cation to do so is filed not later than the date when (giving effect
to any extensions granted) the return for the first full taxable
year after the beginning of the short period must be filed. (Sec-
tion 443 (b) (2).) For details concerning the form and content
of such an application, consult your District Director.
If a proper application is filed, the taxpayer may elect to pay
whichever tax under the following two methods is greater, in place
of the short period tax under section 443 (b) (1) : (1) Establish
the actual taxable income for the 12 months beginning with the
first day of the short period; then compute the tax on that income.
Then determine as a short period tax that part of the tax so com-
puted which bears the same proportion to the total tax so com-
puted as the taxable income of the short period bears to the taxable
income of the 12 months. However, a taxpayer which distributes
substantially all its assets before the end of the 12-month period
described above, shall employ in the above computation the 12-
month period ending with the last day of the short period.
(2) Compute a tax on the taxable income of the short period as
if the short period were a full taxable year.
In annualizing income of a short period consisting of 7 days
or more, but less than 359 days, by reason of a change to a 52-53-
week fiscal year, the annualization is made on a daily basis as pro-
vided in section 441 (f) (2) (B) (in).
7. Insurance companies other than life or mutual. — All insur-
ance companies (other than life or mutual insurance companies
subject to tax imposed by sections 802 and 821 ) are subject to the
taxes imposed by section 1 1 . The taxable income of such insur-
ance companies is defined in section 832 and differs from the tax-
able income of other corporations. This paragraph does not ap-
ply to foreign insurance companies not carrying on an insurance
business within the United States. (Section 831.)
8. Life insurance departments of mutual savings banks. — A
mutual savings bank not having capital stock represented by
shares, authorized under State law to conduct a life insurance
business and which conducts such business in a separate depart-
ment the accounts of which are maintained separately from the
accounts of other departments of the bank is taxable under section
594 provided the life insurance department would, if it were
treated as a separate corporation, qualify as a life insurance
company under section 801.
The tax consists of the sum of — (1) a partial tax computed
under section 1 1 upon the taxable income of the bank determined
without regard to any items of gross income or deductions properly
allocable to the business of the life insurance department; and
(2) a partial tax upon the taxable income (computed as pro-
vided in section 802) of the life insurance department deter-
mined without regard to any items of gross income or deductions
not properly allocable to such department, at the rates and in
the manner provided in subchapter L with respect to life insurance
companies.
Tax computation. — For the purpose of computing the first par-
tial tax, a mutual savings bank should use Form 1120, filling in
all applicable items (except lines 5 and 9) and schedules. The
first partial tax should be computed by using lines 1 through 4.
For the purpose of computing the second partial tax Form 1120L
should be used. The first partial tax should be added to the sec-
ond partial tax and the sum thereof entered on Une 5 as the total
income tax. Subtract from line 5 the sum of any credits on lines
6 and 8 and enter on line 9 the balance of income tax. Form
1 120L properly filled in should be attached to and made a part of
Form 1120 and properly identified as an accompanying sche,dule.
However, any Form 1 120L so used need not be separately executed
under the penalty of perjury.
9. Regulated investment companies. — For provisions relating
to the method of taxation of regulated investment companies, see
sections 851 through 855.
10. Personal holding companies. — Section 541 imposes a tax
upon the undistributed personal holding company income (as de-
fined in section 545) of corporations classified as personal holding
companies. Every personal holding company must file a Schedule
1120 PH with its retiu-n on Form 1120.
Under the provisions of section 542, a corporation is a "personal
holding company" if at least 60 percent of its adjusted ordinary
gross income for the taxable year is personal holding company in-
come and if at any time during the last half of the taxable year
more than 50 percent in value of its outstanding stock is owned,
directly or indirectly, by or for not more than five individuals.
(Sections 541-547.)
11. Tax from recomputing prior year investment credit. — Where
property is disposed of prior to the life used in computing the
investment credit, the tax for the year in which the property is
so disposed of must be increased by the difference between the
credit taken on such property and the credit which would have
been allowed had the actual life been used. (Section 47.) The
tax from recomputing a prior year investment credit must not be
offset against the current year's investment credit.
12. Real estate investment trusts. — For provisions relating to the
method of taxation of real estate investment trusts, see sections
856 through 858.
050—19—79070-1
Corporation Returns/1966 • Forms and Instructions
251
CODES FOR PRINCIPAL BUSINESS ACTIVITY AND PRINCIPAL PRODUCT OR SERVICE
PAGE 7
These industry titles and definitions are based on the Standard Enterprise Classification system developed by the Bureau of the Budget,
Executive Office of the President, to classify enterprises by type of activity in which engaged. The system follows closely the Standard
Industrial Classification used to classify establishments.
Using the list below, enter on page 1, under D, the code for the specific industry group from which the largest percentage of "total
receipts" is derived. "Total receipts" means gross receipts (line 1, page 1) plus all other income (lines 4 through 10, page 1). On page
3, under N, state the principal business activity and principal product or service which account for the largest percentage of total receipts.
For example, if the principal business activity is "Grain mill products," the principal product or service may be "Cereal preparations."
AGRICULTURE, FORESTRY, and
FlSHERrES
Code
0110 Farms.
0120 Agricultural services and bunting
and trapping,
0130 Forestry and forestry services.
0140 Fisheries.
MINING
Metal mining:
1010 Iron ores.
1020 Copper, lead and zinc, gold and sliver
ores.
1098 Other metal mining,
1 100 Anthracite and bituminous coal and lignite
mining.
Crude petroleum and natural gas:
1310 Crude petroleum, natural gas, and
natural gas liquids.
1380-OI1 and gas field services.
Nonmetallic minerals (except fuels] mining:
1440 Stone, sand, and gravel.
1498 Other nonmetallic minerals, except
iuels.
CONTRACT CONSTRUCTION
General contractors:
1510 Building construction.
1520 Highway and street construction,
and other heavy construction.
Special trade contractors:
1531 Plumbing, heating, and air condi-
tioning.
1532 Electrical work.
1538 Other special trade contractors.
MANUFACTURING
Food and kindred products:
2010 Meat products.
2020 Dairy products.
2030 Canning and preserving fruits, vege-
tables, and sea foods.
2040 Grain mill products,
2050 Bakery products.
2060 Sugar.
2070 Confectionery and related products.
2082 Malt liquors and malt.
2084 Wines, brandy, and brandy spirits.
2085 Distilled, rectified, and blended
liquors.
2086 Soft drinks, flavoring extracts, and
sirups.
2091 Vegetable oil mills, and animal,
marine, and edible fats and oils.
2098 Other food and kindred products.
2100 Tobacco manufactures.
Teilile mill products:
2211 Broad woven fabric mills, cotton,
2212 Broad woven fabric mills, man-made
fiber and silk.
2213 Dyeing and finishing, except wool
and knit goods.
2220 Broad woven fabric mills, wool: in-
cluding dyeing and finishing.
2250 Knitting mills.
2270 Carpets and rugs.
2280 Yarn and thread mills.
2291 Narrow fabrics.
2298 Other textile mill products.
Apparel and other fabricated teilOe products:
2310 Men's and boys' clothing.
2330 Women's, children's, and infants'
clothing.
2380 Hats, caps, millinery, fur goods, and
other apparel and accessories.
2398 Other fabricated textile products.
Lumber and wood products, except furniture:
2410 Logging camps and logging con-
tractors, sawmills, and jilaning mills.
2430 Millwork, veneers, plywood, and
prefabricated structural wood prod-
ucts.
2498 Wooden containers and other wood
products.
Furniture and tixlures:
2510 Household furniture.
2590 Furniture and fixtures, except house-
hold furniture.
Paper and allied products:
2611 Pulp mills.
2614 Paper, paperboard, building paper,
and building board mills.
2640 Converted paper and paperboard
products, except containers.
2650 Paperboard boxes and containers.
Pointing, publishing, and allied industries:
2711 Newspapers; publishing, publishing
and printing.
2712 Periodicals: publishing, publishing
and printing.
2715 Books: publishing, publishing and
printing; and miscellaneous pub-
fishing.
Code
2720 Commercial printing, including book
printing, manifold business forms,
and greeting cards.
2780 Bookbinding, related industries, and
printing trade services.
Chemicals and allied products:
2811 Industrial inorganic and organic
chemicals.
2812 Plastics materials, synthetic resins,
synthetic rubber, and man-made
fibers, except glass.
2830 Drugs.
2841 Soaps, detergents, and cleaning
preparations.
2842 Perfumes, cosmetics, and other toilet
preparations.
2850 Paints and allied products, including
gum and wood chemicals.
2870 Fertilizers and other agricultural
chemicals.
2898 Other chemical products.
Petroleum refining and related industries:
2911 Petroleum refining without extrac-
tion.
2912 Integrated petroleum refining and
extraction.
2998 Paving dnd roofing materials, and
other products of petroleum and coal.
Rubber and miscellaneous plastics products:
3010 Tires and inner tabes.
3020 Rubber footwear, reclaimed rubber,
and other fabricated rubber products.
3098 Miscellaneous plastics products.
Leather and leather products:
3140 Footwear, except rubber.
3198 Leather tanning and finishing, and
other leather products.
Stone, clay, and glass products:
3210 Glass and glass products.
3240 Cement, hydraulic.
3250 Structural clay products.
3260 Pottery and related products.
3270 Concrete, gypsum, and plaster
products.
3298 Cut stone and stone products, and
abrasive, asbestos, and other nonme-
tallic mineral products.
Primary metal industries:
3310 Blast furnaces, steel works, and Iron
and steel foundries and forgings.
3330 Nonferrous metals; smelting, refin-
ing, rolling, drawing, and alloying,
including foundries and forgings.
3398 Other primary metal industries.
Fabricated metal products, except machinei7
ftnd transportation equipment:
3410 Metal cans.
3420 Cutlery, band tools, and general
hardware.
3430 Heating apparatus (except electric)
and plumbing fixtures.
3440 Fabricated structural metal prod-
ucts.
3450 Screw machine products, and bolts,
nuts, screws, rivets, and washers.
3461 Metal stampings.
3462 Metal coating and engraving.
3498 Fabricated wire products and other
fabricated metal products.
Machinery, except electric:
3510 Engines and turbines.
3520 Farm machinery and equipment.
3530 Construction, mining, and materials
handling machinery and equipment.
3540 Metalworking machinery and equip-
ment.
3650 Special industry machinery and
equipment, except metalworking.
3560 General industrial machinery and
equipment.
3570 OflBce, computing, and accounting
machines.
3580 Service industry machines.
3598 Other machinery, except electrical.
Bectrical machinery, equipment, and supplies:
3611 Electrical transmission and distribu-
tion equipment.
3612 Electrical industrial apparatus.
3630 Household appliances.
3650 Radio and television receiving sets,
except communication types.
3661 Communication equipment.
3662 Electronic components and acces-
sorles.
3691 Electric lighting and wiring equip-
ment, except insulated wire.
3698 Other electrical machmery, equip-
ment, and supplies.
Code
Transportation equipment:
3711 Motor vehicles; passenger car, truck,
and bus bodies; and truck trailers.
3714 Motor vehicle parts and accessories.
3721 Aircraft, and complete guided mis-
siles and space vehicles.
3722 Aircraft parts, and guided missile and
space vehicle subassemblies.
3730 Ship and boat building and repair.
3791 Railroad equipment, including street
cars.
3798 Motorcycles, bicycles, and parts, and
other transportation equipment.
Scientific instruments; photographic equipment;
watches and clocks:
3810 Scientific and mechanical measuring
instruments.
3830 Optical, medical, and ophthalmic
goods.
3860 Photographic equipment and sup-
plies.
3870 Watches and clocks.
Miscellaneous manufacturing industries, in-
cluding ordnance and accessories:
3910 Jewelry, silverware, and plated ware.
3920 Toys and sporting goods.
3930 Ordnance, except guided missiles.
3991 Costume jewelry.
3998 Musical instruments, ofBce and
artists' materials, and other manu-
factm-ing industries.
TRANSPORTATION, COMMUNICATION,
ELECTRIC, GAS, and SANITARY
SERVICES
Transportation:
4011 Railroad transportation, terminals,
and related services.
4020 Local, suburban, and intercity pas-
senger transportation, including taxi-
cabs and school busses.
4030 Motor freight transportation and
warehousing.
4040 Water transportation.
4050 Air transportation.
4060 Pipe line transportation.
4098 Other transportation services.
Communication services:
4810 Telephone communications (wire or
radio).
4820 Telegraph commimications (wire or
radio) .
4830 Radio and television broadcasting.
4898 Other communication services.
Electric, gas, and sanitary services:
4910 Electric companies and systems (95
percent or more).
4920 Gas companies and systems (95 per-
cent or more).
4930 Combination companies and sys-
tems—gas, electric, or other services.
4940 Water supply and other sanitary
services.
WHOLESALE TRADE
5010 Motor vehicles and automotive
equipment.
6020 Drugs, chemicals, and paints.
5030 Dry goods and apparel.
6047 Meat and meat products.
6048 Poultry and poultry products, fish
and sea foods, and other groceries and
related products.
6050 Farm products — raw materials.
5060 Electrical goods.
6070 Hardware, and plumbing and heat-
ing equipment and supplies.
5080 Machinery, equipment, and supplies.
6091 Metals and minerals, except petro-
leum products and scrap.
5092 Petroleum bulk stations and termi-
nals.
5095 Beer, whie, and distilled alcoholic
beverages.
5096 Paper and its products.
6097 Lumber and construction materials.
5098 Other wholesale trade.
RETAIL TRADE
Buildnig materials, hardware, and farm equip-
ment:
6211 Building materials.
5216 Hardware stores.
5216 Farm equipment dealers.
General merchandise stores:
6221 Department stores.
6222 Variety stores.
6223 Mail order houses.
5228 Other general merchandise stores.
S230 Food stores.
Code
Automotive dealers and gasoline service ata*
tions:
5241 Automobileand truck dealers.
5243 Gasoline service stations.
5248 Tire, battery, and accessory dealers,
and miscellaneous aircraft, marine,
and automotive dealers.
Other retail stores:
6250 Apparel and accessories.
5260 Furniture, home furnishings, and
equipment stores.
6270 Eating and drinking places.
5291 Drug stores and proprietary stores.
5292 Liquor stores.
5293 Jewelry stores.
5298 Sporting goods and secondhand
stores, farm and garden supply, fuel
and ice dealers, and other retail
stores.
FINANCE, INSURANCE, and REAL ;EST ATE
Banks and trust companies:
6011 Mutual savings banks.
6012 Banks and trust companies, except
mutual savings banks.
Credit agencies other than banks:
6021 Savings and loan, building and loan
associations.
6022 Personal credit agencies.
6025 Business credit agencies.
6028 Loan correspondents and brokers,
and other credit agencies.
Security and commodity brokers, dealers, ex-
changes and services:
6033 Security brokers, dealers, and flota-
tion companies.
6038 Commodity brokers and dealers; se-
curity and commodity exchanges;
and allied services.
Holding and other investment companies:
6042 Regulated investment companies.
6043 Real estate investment trusts, 1960
Act.
6044 Small business investment com-
panies, 1958 Act.
6048 Other holding and Investment cos.
liuurance:
6055 Life insurance.
6056 Mutual insurance, except life, or
marine, and certain fire or flood
insurance companies.
6058 Other insurance companies.
6060 Insurance agents, brokers, and
service.
Real estate:
6510 Real estate operators (except devel-
opers) and lessors of buildings.
6621 Lessors of mining, oil, and similar
property.
6522 Lessors of railroad property.
6528 Lessors of real property other than
buildings, not elsewhere classified.
6550 Subdividers, developers, and oper-
ative builders.
6691 Agents, brokers, and managers.
6592 Title abstract companies.
6593 Combinations of real estate, insur-
ance, loans, and law ofl5ces.
SERVICES
Hotels, rooming houses, camps, and other lodg<
ing places:
7013 Tourist courts and motels.
7018 Hotels and other lodging places, ex-
cept tourist courts and motels.
Personal services:
7210 Laundries, laundry services, cleaning
and dyeing plants.
7220 Photographic studios, Including com-
mercial photography.
7298 Beauty, barl>er, shoe repair, and
pressing shops, funeral, and other
personal services.
Business services:
7310 Advertising.
7398 Credit reporting and employment
agencies, news syndicates, dupli-
cating, mailing, stenographic, build-
ing, and other business services.
Automobile and other repair services:
7510 Automobile parking, repair, and
services.
7550 Repair services, except automobile.
Motion pictures:
7810 Motion picture production, distribu-
tion, and related services.
7830 Motion picture theaters.
7900 Amusement and recreational terrkea,
except motion pictures.
6019 Medical services.
8020 Educational services.
8030 Legal services.
8098 Services not elsewhere classified.
U.S. GOVERNMENT PHINTINC OFFICE c59 — 16 — 79070-1
252
Corporation Returns/1966 • Forms and Instructions
1
SCHEDULE D
(Form 1120)
U.S. Treasury Depaftment
Internal Revenue Seivice
Name and address
Gains and Losses From Sales or Exchanges
of Property
PART I— GAIN FROM DISPOSITION OF DEPRECIABLE PROPERTY UNDER SECTIONS 1245 AND 1250— Assets Held More
Than 6 Months— Where double headings appear, use the first heading for section 1245 and the second heading for section 1250.
a. Kind of properly (if necessary, attach statement of
descriptive details not shown below — write 1245 or 1250 to
indicate type of asset)
b Dale acquired
{mo., day, vf.)
c Date sold
(mo., day. yr.)
d. Gross sales price
e. Cost Of other basis, cost of
subsequent improvements (it
not purchased, attach enpla-
nation) and expense of sale
f. Depreciation allowed (or allowable) since acquisition
(-1. Prior to January 1, 1962
-OR-
Pnor to January 1, 1964
(~2. After December 31, 1961
After December 31. 1963
g. Adjusted basis
(e less sum of t-1 and f-2)
h. Total gam
(d less g)
I. Ordinary gam
(lesser of f-2 or h)
OR
(see instructions)
j. Other gam
(h less I)
2 Total ordinary gain. Enter here and on line 11 and identify as gain from Part I .
3 Total other gam. Enter here and on line 4 and identify as gain from Part 1 .
PART II— SALE OR EXCHANGE OF PROPERTY UNDER SECTION 1231
a. Kind of properly (if necessary, attach statement
of descriptive details not shown below)
b. Date acquired c. Date sold i ^j Gross sales price
(mo., day. yr ) (mo., day, yr.) |
n .. - ' '■ Cost or other basis,
e. Deprecialion , , sutjseouenl im-
allowed(or , p,„vemenls (.t not pur- g. Gam or loss
allowable since c'^^aseO allach explana- i <d plus e less f)
acquisition tionjanOexpenseotsalo
1
5 Total (If gain, enter on line 9; it loss, enter on line 11. Identify as gain or loss from Part II.)
PART III — CAPITAL ASSETS
Short-Term Capital Gains
and Losses — Assets Held
Not More Than
> Months
£
7 Unused capital loss carryover (attach
8 Total of shortterm capital gains or
losses or difference between short term capital gains and losses
Long-Term Capital Gains and Losses — Assets Held More Than 6 Months
10 Total of long-term capital gains or losses or difference between long. term capital gams and losses
PART IV— PROPERTY OTHER THAN CAPITAL ASSETS
12 Total net gain (or loss). Enter here and on line 15 ....
Corporation Returns/1966 • Forms and Instructions
253
Schedule D (Form 1120) 1966
Page 2
PART V — TOTAL SCHEDULE D GAINS AND LOSSES
13 Enter excess of net short-term capital gain (line 8) over net long-term capital loss (line 10} .
14 Enter excess of net long-term capital gain (line 10) over net short-term capital loss (line 8) .
15 Net gain (loss) from property other than capital assets (line 12)
16 Total of lines 13. 14. and 15. Enter here and on Form 1 120, page 1. line 9
Alternative Tax Computation
17 Taxable income (line 30, page 1. Form 1120)
18 Net long-term capital gain reduced by any net short-term capital loss (line 14)
19 Line 17 less line 18
20 Surtax exemption (line 19, $25,000, or amount apportioned under section 1561. whichever is lesser)
21 Line 19 less line 20
22 25 percent of line 18
23 22 percent of line 19
24 26 percent of line 21
25 If multiple surtax exemption is elected under section 1562. enter 6 percent of line 20
26 Alternative tax — Add lines 22 through 25. If applicable, enter here and on line 5. Schedule J. Form 1120. and
v^rite "alt." in the margin to the right of the entry
INSTRUCTIONS
(References are to the Internal Revenue Code)
Gains and losses from sales or exchanges of capital assets
and other property. — Sales or exchanges of capital assets and salts
or exchanges of property other than capital assets must be reported in
detail even though no gain or loss may be indicated.
Losses from sales or exchanges of capital assets shall be allowed
only to the extent of gains from such sales or exchanges. However,
a net capital loss may be carried over to each of the five succeeding tax-
able years (or to the extent such loss is attributable to a foreign
expropriation loss to each of the ten succeeding taxable years) . A net
capital loss shall be treated in each such succeeding taxable year as a
short-term capital loss to the extent not allowed as a deduction against
any net capital gains of any taxable year intervening between the taxable
year in which the net capital loss was sustained and the taxable year
to which carried.
Definition of capital assets. — The term "capital assets" means
property held by the taxpayer (whether or not connected with its
trade or business) but does not include (1) stuck in trade of the
taxpayer or other properly of a kind which would properly be in-
cluded in inventory if on hand at the close of the taxable year, or prop-
erty held by the taxpayer primarily for sale to customers in the ordinary
course of its trade or business; or ( 2 ) property used in the trade or
business, of a character which is subject to the allowance for deprecia-
tion provided m section 167. or real property used in the trade or busi-
ness; or (3) certain copyrights, literary, musical, or artistic composi-
tions, or similar properties; or (4) accounts or notes receivable acquired
in the ordinary- course of trade or business for services rendered or from
the sale of property described in (I) above; or (5) an obligation of
the United States or any of its possessions, or of a State, or any
political subdivision thereof, or of the District of Columbia, issued
on or after March 1, 1941, on a discount basis and payable without
interest at a fixed maturity date not exceeding 1 year from the date
of issue.
Basis. — In determining gain or loss for property acquired after
February 28. 1913, use cost, except where property was acquired by
bequest, gift, tax-free exchange, involuntary conversion, or wash
sale of stock. See sections 1014, 1015, 1031. 1033. and 1091, re-
spectively. If the amount shown as the basis is other than actual
cash cost: of the property sold or exchanged, full details must be
furnished regarding the acquisition of the property.
Losses on securities becoming worthless. — If any securities
become worthless during the taxable year and are capital assets, in the
case of a taxpayer other than a bank as defined in section 581, the loss
shall be considered as a loss from the sale or exchange, on the last day
of such taxable year, of capital assets. Section 165(g) (1).
Losses not allowable. — No loss is recognized for wash sales of
stock or securities. Section 1091.
No loss is allowed (except distributions in liquidation) between
related persons. Section 267.
Gain from disposition of depreciable property under sections
1245 and 1250 — assets held more than 6 months (Part I). —
{Rcfi'jyf ,iu) y^Mn from such properf^ held for 6 months or Um in
Pari IV). Except as provided below section 1245 property means
depreciable (a) personal property (other than livestock) including
intangible personal propert}', and (b) tangible real property (except
for buildings and their structural components) it used as an integral
part of manufacturing, productiun, or extraction, or of furnishing
transportation, communications, electrical energy, gas, water, or
.sewage disposal services, or used as a research or storage facility in
connection with these acti\]ties.
Except as provided below section 1250 property means deprcciablc
real property (othc- than sectmn 12-15 property).
See sections 1245(b) and 1250(d) for exceptions and limita-
tions involving: (a) disposition by gift; (b) certain tax-free trans-
actions; (c) like kind exchanges, involuntar)' conversions; and (d)
sales or exchanges to ettectuate FCC policies and exchanges to comply
with SEC orders.
Column i of Part I, section 1250 property only.— If held for
more than 6 months, but not more than 1 year, enter the smaller of
( 1 ) column h. or
(2) column f-2.
If held for more than 1 year, enter the result of multiplying the
smaller of
(1) column h, or
(2) column f-2 less the amount of depreciation computed for
the same period using the straight line method.
by the percentage obtained by subtracting from 100%, one per-
centage point for each full month the property was held in excess
of 20 months.
Where substantial improvements have been made within the
preceding ten years, see section 1250(f).
Gain on sales by a "controlled" corporation.— In the case of
a sale or exchange, directly or indirectly, of property between an
individual and a corporation more than 80 percent in value of the
outstanding stock of which is owned by such individual, his spouse,
and his minor children and minor grandchildren, any gain recog-
nized to the transferor from such sale or exchange shall be treated
as gain from the sale or exchange of property which is neither a
capital asset nor property described in section 1231, if such prop-
ert)' in the hands of the transferee is depreciable under section
16"^. Section 1239.
Installment sales. — If you sold personal property for more than
Si. 000 or real propert}' regardless of amount, you may be eligible
to report any gain under the installment plan if (1) there are no pay-
ments in the year of sale, or (2) the payments in the year of sale do
not exceed 30% of the selling price. Section 453.
For treatment of a portion of payments as "unstated interest" on
deferred payment sales, see section 485.
(Instructions continued on reverse of duplicate)
254
Corporation Returns/1966 • Forms and Instructions
INSTRUCTIONS (Continued from reverse side of original)
Gains and losses from involuntary conversion and from the
sate or exchange of certain property used in the trade or
business. ^Thc term property u^ed in the trade oi busineas," as
used in section 1231. means piupcriy which lus been held more
tiian 6 months, wiiah is unclI in the trade or buMnes^. and whiJi
is either real property or property subiect tu depreciation under
Section 167, and whali li not (a) property of a kind which would
properly be includible in inventor)' it un hand at the dose of the
taxable year, (b) property held by the taxpayer primarily tur sale to
LUbtoiners m the ordmary course ut its trade or business, or (c)
certain copyrights or similar properties. The term includes tmiber,
coal, and domestic iron ore to which section 6Sl applies .!S well as
unharvested crops to wluch section 1251(b) (i) applies. Tiie term
also includes livestock (but not poultry) held tor draft, breedin/;, or
dairy purposes and held for 12 months or more from the date of
acquisition.
Section 1231 provides special treatment for the gain^ and losses
upon the sale or exchange of '"propeity used in t!ie trade or busi-
ness" and upon the compulsory or invuluntar> conversion of (1)
such property and (2) capital assets held for more than (> mo^til^.
Such gams and losses are treated as ^i;ains and losses from the sale or
exchange of capital assets lield for more than 6 im»nths. it the aggre-
gate of such gains exceeds the aggregate ot sucii losses. If. huwc-ver,
the gains do not exceed the losses, such gains and losses shall not be
treated as gains and losses from the sale or exchange of capital assets
In determining whether gains do or do not exceed losses, it is
necessary to include the gams and losses to the extent that the)
would be included if they were all ordinary gains and losses. The
limitation of section 1211 on the deductibility of capital losses
does not operate to exclude any such losses from tlic computation
as to the excess of gams over losses, but ail such losses are included
in full. The total shown on line 5 determines wjiether the items
reflected therein represent a long-term capital gain or an ordinary
loss. The total must be entered on line 9 or line 11. whichever
is applicable.
For special treatment of gain or loss upon the cutting of timber, or
upon the disposal of timber, coal, or domestic iron ore under a
contract by which the owner retains an economic interest in the
timber, coal, or iron ore, see section 631.
Long-term capital gains from regulated investment com-
panies.— Include in income as a long-term capital gain the amount
the corporation has been notified constitutes its share of the un-
distributed capital gains of a regulated in\estment company.
Alternative tax. — If the net long-term capital gain exceeds
the net short-term capital loss, or if there is only a net long-
term capital gain, section 1201 imposes an alternative tax in lieu
of the normal tax and surtax imposed upon taxable income, if
any. only if such tax is less than the tax imposed by section 11 (re-
■;r'"r-:!?iiru.s government pri'
latmg to norm.il tax dn^ surtax on corporations), sections 821 and
S^\ (relating to nninial tax and surtax on insurance companies, other
than life insurance companies), or section 511(a)(1) (relating to
t.ix.'rtiin ol business income ot certain organi-^ations described in
section 31 UaJ (2) ). The .illernative tax is the sum of ( 1 ) a partial
t.ix. c(nnputet.l .It the normal tax and surtax rates on the taxable
income decreased by the e\ceNS of net long-term capital gain over net
short-term capital loss, and (2) 25 percent of such excess.
If the corporation lo>, nutes an alternative tax under section 1201
.ind I-, entitled to special .!eductions for dividends received (se».tions
2(3, 2-U. ^Ju\ 245). tlic special deduction for dividends paid (sec-
tion 24""). the- spe-^ial deduction for a Western Hemisphere trade
corporation (section 922). or the special deduction for a China
Trade Act corpoiation (section 911). such special deductions yre
to be based upon taxable income mduding the excess of net long-
term C.I pita I g.iin over net short -term capital loss.
Bonds, etc., losses of banks.— In the case of a bank, as defined
in scttion 5S1. if losses from s.iles or exchanges of bonds, debentures,
notes, or certifiiaies. or other evidences vi mdcbtedness, issued by any
corpjratic>n (including one issued by a government or political subdi-
\ ision thereof) exceed the gains from such sales or exchanges, such ex-
cess shall be considered as an ordinary loss and deductible in full.
Section 5S2
Dealers in securities. Capital gains and ordinary losses. —
Under the piovisions of section 1236. gam by a dealer in securities
from the sale or exchange of a securit), as defined in section 1236,
sh.ill m no event be considered as gain from the sale or exchange
of a capit.il asset unle'^s (a) the security was. before the expiration
of the thirtieth da) .ifter the date ot its acquisition, clearly identified
in the dealer's records as a security held for investment; and (b) the
security was not. at Any time after the expiration of such thirtieth d.iy.
held by the dealer primarily for sale to ^.ustomers in the ordinary course
of trade or bu'^incss, A loss from the sale or exchange of a security
shall be considered a capital loss if the security was clearly identified
in the dealer s reci»rds as a security held for in\estment.
Short sales of capital assets. —For rules regarding tax conse-
quences nf Lcrtain short sales of slock or other securities (including
tiiose dealt s\ ith on a "when issued" basis), and transactions in
commodit)- futures, see section 1233-
Instructions for insurance companies using this schedule. —
Companies t.ivible under -lection 831 and having losses from capital
assets sold or exchanged m order to obtain funds to meet abnormal
insurance losses, etc. shall attach a schedule corresponding to Sched-
ule A-3. Korpi 1 I2oM, For companies taxable under section 821.
all references to "line" numbers. Form 1120. shall be considered
as references to the appropriate "line" on Form 1120M.
.TING OFFICE : 1966— O-220-028
Corporation Returns/1966 • Forms and Instructions
255
1120-F
U.S. Treasury Departmeot
Internal Revenue Service
United States Income Tax Return
of Foreign Corporation
For the year J<anuary i-DeCeTt>ber 31, 1966. or other taxable year beginning
...... 1966, ending 19.
«tH.eASE TYPE OR PRINT)
66
Employer Identification No.
Number and street
City or town, State or Couat^x, and /tp code
NOTE: 1. Nonrasrdent — A foreign corporation NOT engaged in t»adB or business within the U.S. at any time during the taxable year which has
received income from U.S. sources on which the tax has not been fully satisfied at the source, file only pages 1 and 2 of
. this return.
2. Resident — A foreign corporation which at any time within the taxable year engaged in trade or business within the U.S., file the
complete return omitting any entry 0« page 2.
A Country of mcorporatkin .,
B Name of foreign country under the laws of which the JKSonie
reported on this reh>rn is subject to tax -
C Date incorporated
D The corporation's boofcs are in care of .
located at .
Was the corporation at any time during the taxable year engaged
in trade or business within the U.S.? .... Yes □ No □
Did the corporation have a permanent establishment in the United
States at any time during the taxable year within the meaning of
any applicable tax convention between the United States and a
foreign country? Yes D '♦o □
If "Yes," name the foreign country
(1) Did the corporation at the end of the taxable year own directly
or indirectly 50 percent or more of the voting stock of a U.S.
corporation? Yes □ No □
(2) Did any corporation, individual, partnership, trust, or asso-
ciation at the end of the taxable year own directly or
indirectly 50 percent or more of the corporation's voting
stock? Yes □ No p
(For rules of attribution, see section 267(c).)
If the answer to (1) or (2) is "Yes," attach a schedule showing:
(a) name, address, and identifying number; and
(b) percentage owned.
If the answer to (1) is "Yes," include the taxable income (or
loss) of such corporation for the taxable year ending with or
within your taxable year.
H Did the corporation at any time during the year own directly or
indirectly any stock of another corporation other than a U.S.
corporation? Yes □ No □
If "Yes," attach statement required by instruction H.
I If the corporation filed a United States income tax return for the
preceding taxable year, indicate District Director's office in
which filed
J Did the corporation at any time during the year have an agent in
the U.S.? Yes G No HI
If "Yes," complete the following:
Kind of agent
Name
Address
K Is the corporation a foreign personal holding company under
section 552? Yes □ No □
If "Yes," have Forms 957 and 958 been filed? . Yes □ No □
(See section 6035.)
L Is the corporation a personal holding company? . Yes Q No □
(See instruction C.)
M Is the corporation a controlled foreign corporation as defined in
section 957? Yes □ No □
1 TOTAL income tax (from line 10, Tax Computation Schedule, page 5 or line 11, page 2)
2 Credits:
(a) Tax paid with Form 7004 application for extension (attach copy)
(b) Payments and credits on 1966 declaration of estimated tax
District Director's office where paid
(c) United States income tax paid or withheld at the source
(d) Credit from regulated investment companies (attach Form 2439)
(e) Credit for U.S. tax on nonhighway gas. and lub. oil (attach Form 4136) . .
3 If tax (line 1) is larger than credits (line 2), the balance is TAX DUE. Enter balance here :
4 If tax (line 1) is less than credits (line 2) Enter the OVERPAYN/IENT here ;
5 Enter amount of line 4 you want: Credited on 1967 estimated tax Refunded
$.
SIGNATURE AND VERIFICATION (See instruction E)
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my
knowledge and belief it is true, correct, and complela. If prepared by a person other than taxpayer, his declaration is based on all information of
which he has any knowledge.
CORPORATE
SEAL
Signature of officer
Individual or firm signature of preparer
256
Corporation Returns/1966 • Forms and Instructions
Form 1120-F (1966)
Page 2
SECTION I— TO BE COMPLETED BY NONRESIDENT FOREIGN CORPORATION FOR INCOME RECEIVED FROM UNITED STATES
SOURCES ON WHICH THE TAX HAS NOT BEEN FULLY SATISFIED AT THE SOURCE
Include only those items of income on which United States income tax was not fully paid at source unless the form is to be used as a claim for
refund of tax withheld at source. However, tax credits resulting from undistributed long-term capital gains of regulated investment companies are
not considered tax withheld at source. The rate of tax on each item of income listed below is 30% unless limited by tax treaty. Fill in treaty rates
where applicable.
Name of treaty country, if any:
Nature of income
1 Dividends
2 Interest
3 Rents
4 Royalties
5 Fiduciary distributions (attach a statement showing type of
income and rate)
6 Annuities
7 Other fixed or determinable annual or periodical income:
Amount of income
8 Gains from disposal of timber, coal or domestic iron ore
(attach statement of details)
9 Total of lines 1 through 8
10 Tax under section 541 of the Internal Revenue Code (attach Schedule 1120 PH)
11 Total income tax liability (line 9 plus line 10). Enter here and on line 1, page 1
%
.%
.%
..%
.%
%
%
.%
-.%
--%
-%
-%
..%
Schedule A— EXPLANATION OF LINES 1 THROUGH 8
(Enter each Individual Item of income)
1. Payer of income and, if known, withholding agent (name and address)
(Show owner of record if other than taxpayer)
2. Nature of income (such as
interest, dividends, etc.)
3. Gross amount of income
4. Date of
payment
5. Amount of United States
income lax assumed and/or
withheld at source
$
$
Total of column 3
$
^^.o.,.
^"^"^^^^
Enter total of column 5 here and on line 2(c), page 1 .
$
A Has the corporation excluded from gross income in this return any item of income from sources within the United States
on which the tax has not been fully satisfied at the source or on which no tax has been paid at the source? Yes □
If "Yes," attach a statement setting forth the amount, nature, and source of each such item of income and the reason it
has been excluded from gross income.
No n
Corporation Returns/1966 • Forms and Instructions
257
Form 1120-F (1966)
Page 3
SECTION II— TO BE COMPLETED BY RESIDENT FOREIGN CORPORATION
IMPORTANT — AM applicable lines and schedules must be filled in. If the lines on the schedules are not sufficient, see instruction K
bl
s
o
u
I/)
o
o
1 Gross receipts or gross sales Less: Returns and allowances
2 Less: Cost of goods sold (Schedule A) and/or operations (attach schedule) . .
3 Gross profit :
4 Dividends (Schedule C)
5 Interest on obligations of the United States and U.S. instrumentalities
6 Other interest
7 Rents
8 Royalties
9 Net gains (losses) — (separate Schedule D)
10 Other income (attach schedule)
11 TOTAL income — Add lines 3 through 10
I/)
z
o
p
u
3
O
u
Q
12 Compensation of officers (Schedule E)
13 Salaries and wages (not deducted elsewhere)
14 Repairs (do not include cost of improvements or capital expenditures)
15 Bad debts (Schedule F if reserve method is used)
16 Rents
17 Taxes (attach schedule)
18 Interest
19 Contributions (attach schedule — see instructions for limitation)
20 Losses by fire, storm, shipwreck, other casualty, or theft (attach schedule)
21 Amortization (attach schedule)
22 Depreciation (Schedule G)
23 Depletion (attach schedule)
24 Advertising
25 (a) Pension, profit-sharing, stock bonus, annuity plans (see instructions)
(b) Other employee benefit plans (see instructions)
26 Other deductions (Schedule J)
27 TOTAL deductions in lines 12 through 26
28 Taxable income before net operating loss deduction and special deductions (line 11 less line 27) .
29 Less: (a) Net operating loss deduction (see instructions — attach schedule)
(b) Special deductions (Schedule I)
30 Taxable income (line 28 less line 29)
I
Business description (see p. 8 instr.): 1. Code No.
2. Principal business activity
3. Principal product or service .
Has the corporation excluded from gross income in this return
any income from sources within the United
States? Yes □ No G
If "Yes," attach a statement setting forth the amount, nature,
and source of each such item of income and the reason it has
been excluded from gross income.
Were you a member of a controlled group subject to the
provisions of section 1561? Yes □ No □ or section
1562? Yes n No n
If "Yes," check type of relationship: (2). parent-subsidiary Q;
(2). brother-sister □; (3). combination of (1) and (2) □ (see
section 1563).
Did you have any contracts or subcontracts subject to the
Renegotiation Act of 1951? Yes Q No n
If "Yes." see instr. f, and enter amount here
Amount of taxable income (or loss) for: 1963
1964 1965
F Did you claim a deduction for expenses connected with: (If answer
to any question is "Yes," check applicable boxes within that
question.)
(1) A hunting lodge □, working ranch or farm □, fishing
camp □, resort property □, pleasure boat or yacht □, or other
similar facility □? (Other than where the operation of the facility
was the principal business.) Yes □ No □
(2) The leasing, renting, or ownership of a hotel room or
suite □, apartment Q, or other dwelling □, which was used by
customers or employees or members of their families? (Other than
use by employees while in business travel status.) Yes □ No □
(3) The attendance of your employees' families at conven-
tions or business meetings? Yes □ No □
(4) Vacations for employees or members of their families?
(Other than amount reported on Form W-2.) . Yes □ No □
G Were you liable for filing Forms 1096 and 1099 or 1087 for the
calendar year 1966? Yes □ No □
If "Yes," where were they filed?
H Was there any substantial change in the manner of determining
quantities, costs, or valuations between opening and closing
inventory? Yes □ No □
If "Yes," attach explanation.
258
Corporation Returns/1966 • Forms and Instructions
Form 1120-F (1966)
Page 4
Schedule A — COST OF GOODS SOLD (See instruction 2)
1 Inventory at beginning of year ....
2 MeretindUe bought for manufacture or sale
3 Salaries and wages
4 Other coits (attach schedule) ....
5 Total
6 Less inve«tofy at end of year
7 Cost of goods sold — Enter on line 2, page 3
Method of ittventory valuation
Schedule C — Dl VI DENDS (See Instruction 4)
1 Domestic corporations subject to the 85%
deduction
2 Certain preferred stoct< of public utilities .
3 Foreign corporations subject to the 85%
deduction
4 Other dividends from foreign corporations .
5 Other
6 Total — Enter here and on line 4, page 3 .
Schedule D — Separate Schedule D (Form 1120) should t>e used in reporting sales or exchanges of property (See Instruction 9)
Schedule E— COMPENSATION
OF OFFICERS (See page 6 of instructions)
1. NaiM, 966t9x, and social security number of officer
2. Title
3. 7un« de-
voted to
business
Percent of corporation
slock owned
6. Amount of
compensation
7. Expense account
4. Common
5. Preferred
"^
page 3
Total compensation of officers — Enter he
re and on line 12,
iiil.:v:v:;:»|»#
Schedule F — BAD DEBTS — RESERVE METHOD (See instruction 15)
1961.
1962.
1963.
1964.
1965.
1966.
2. Trade notes and accounts re-
ceivable outstanding at end of year
3. Sales on account
Amount added to reserve
4. Current year's provision
G. Amount charged against. 7.
reserve
Reserve for bad debts
at end of year
NOTE: Securities which are capital assets and which became worthless within the taxable year should be reported in separate Schedule D.
Schedule G— DEPRECIATION (See instruction 22)
Taxpayers using Revenue Procedure 62-21: Make no ervtry in column 2, enter the cost or other basis of assets held at end of year in column 3,
and enter the accumulated depreciation at end of year in column 4.
1. Group and guidefine class
or desortptiOD of pr-operty
2. Date acquired
3, ISist or
oMer tnsis
4. Depreciation
allowed or allowable
m prior years
5. Method of
computing
depreciation
6. Life or
rate
7. Depreciation for
this year
Buildings
Transportation eq«fpment . . .
Machinery and other equipment .
7 Tot«i«
__.._'! .
4 Balance — Enter here and on line 22
, page 3 . . . .
Corporation Returns/1966 • Forms and Instructions
259
Form 1120-F (1966)
Page 5
Schedule H— SUMMARY OF DEPRECIATION
1 Under Rev.
Proc. 62-21 .
2 Other
Straight line
Declining balance
Sum of the
years- digits
Units of
production
Additional first-year
(section 179)
iAvMubJ^ -^^ '
Other (specify)
Schedule I— SPECIAL DEDUCTIONS
1 Dividends-received: (a) 85 percent of line 1, Schedule C
(b) 60.208 percent of line 2, Schedule C
(c) 85 percent of line 3, Schedule C
2 Total dividends-received deduction (not to exceed 85 percent of line 28, page 3). (The 85percent limitation does
not apply to a year in which a net operating loss occurs.)
3 Dividends paid on certain preferred stock of public utilities (see instructions in case of net operating loss) .
4 Total special deductions — Add lines 2 and 3. Enter here and on line 29(b). page 3
Schedule J— OTHER DEDUCTIONS
Total (enter here and on line 26. page 3) .
TAX COMPUTATION SCHEDULE
ine 2
1 Taxable income (line 30. page 3)
2 Surtax exemption (line 1, $25,000, or amount app)ortioned under section 1561, whichever is lesser)
3 Line 1 less line 2
4 (a) 22 percent of line 1
(b) 26 percent of line 3
(c) If multiple surtax exemption is elected under section 1562, enter 6 percent
5 Income tax (line 4, or line 26 of separate Schedule D, whichever is lesser) .
6 Investment credit (attach Form 3468)
7 Line 5 less line 6
8 Tax under section 541 of the Internal Revenue Code (attach Schedule 1120 PH
9 Tax from recomputing prior year investment credit (attach computation)
10 Total tax — Add lines 7, 8. and 9. Enter here and on line 1, page 1
260
Corporation Returns/1966 • Forms and Instructions
Form 1120-F (1966)
Page 6
Schedule L— BALANCE SHEETS
Beginning of taxable year
End of taxable year
ASSETS
1 Cash
2 Trade notes and accounts receivable ....
(a) Less allowance for bad debts
3 Inventories
4 Gov't obligations: (a) U.S. and instrumentalities .
(b) State, subdivisions tter«of, etc
5 Other current assets (Stlacti schedule) . . .
7 Mortgage and real estds loans
8 Other investments (aUacti schedule) ....
9 Buildings and other fixad depreciable assets . .
(a) Less accumulated depreciation
10 Depletable assets
(a) Less accumulated depletion
11 Land (net of any aenorUzation)
12 Intangible assets (MWOtUzable only) ....
(a) Less accuimdatBd amortization ....
13 Other assets (attacfc schedule)
14 Total assats
LIABamS AND CAPITAL
15 Accounts payaiKe
16 Mtges., notes, tjDods psfyable in less than 1 year .
17 Other current KabaRies (attach schedule) . . .
18 Loans from stockholdefs
19 Mtges., notes, ttonds payable in 1 year or more .
20 Other fiatiiHtias {attach schedule)
21 Capital slodc (a) Preferred stock
(b) Common stock ....
22 Paid-in orcapHSI swrplus (attach reconciliation) .
23 Reteined earnings — Appropriated (attach sch.) .
24 Retained eamtngs — Unappropriated ....
25 Less cost o» treasury stock
( )
( )
26 Total Hattiiities and capital
Schedule M-1— RECONCILIATION OF INCOME PER BOOKS^WITH INCOME PER RETURN
7 Income recorded on books this year not included
in this return (itemize)
(a) Nontaxable interest . $
1 Net income per books
2 Federal Income tax
3 Excess of eapital losses over capital gains . .
4 Tsxatjte income not recorded on books this year
(itemtxe)
S Expenses recorded on books this year not
deducted in this return (itemize)
(a) Depreciation . $
(b) Depletion .... $
Total of lines 1 through 5 .
8 Deductions in this tax return not charged against
book income this year (itemize)
(a) Depreciation . $
(b) Depletion .... $
9 Total of lines 7 and 8
10 Income (line 28, page 3) — line 6 less line 9 .
Schedule M-2— ANALYSIS OF UNAPPROPRIATED RETAINED EARNINGS PER BOOKS (line 24, page 6)
1 Balance at beginning of year
2 Net income per books
5 Distributions: (a) Cash
(b) Stock
(c) Property
6 Other decreases (itemize)
7 Total of lines 5 and 6
8 Balance at end of year (line 4 less line 7) . . .
4 Total of lines 1, 2. and 3
■Cj-Cr-Cfil^-^. GOSBWWNT PRINTING OFFICE 1966— O-220-070
Corporation Returns/1966 • Forms and Instructions
261
How To Prepare Your 1966 U.S.
Income Tax Return of Foreign
Corporation on Form 1120-F
(References are to the Internal Revenue Code)
Investment Credit — Accelerated Depreciation
At the time this package was printed, the Congress was considering a
proposal for temporarily modifying the availability of the investment
credit and accelerated depreciation. If you are affected by these
items, you will have to take into account whatever provisions Congress
enacts. The Service will also use news media and any other means
available to provide supplemental advice and instructions for those
affected.
GENERAL INSTRUCTIONS
A. Corporations required to make a return on Form 1120-F. —
All foreign corporations (except a foreign life insurance com-
pany subject to the tax imposed by section 802 and foreign mutual
insurance companies subject to the tax imposed by section 821)
doing business within the U.S. or receiving Income from sources
within the U.S. consisting of fixed or determinable annual or
periodical income and amounts described in section 631(b) and
(c) (relating to disposal of timber, coal and domestic iron ore
with a retained economic interest) which are considered to be
capital gains must file Form 1 1 20-F. "Foreign corporation"
means a corporation not created or organized in U.S. or under
law of U.S. or of any State.
If a receiver, trustee in dissolution, trustee in bankruptcy, or
assignee has possession of or holds title to all or substantially all
the property or business of a corporation, whether or not the prop-
erty or business is being operated, he must make a return of income
for the corporation in the same manner and form required of
other corporations. (Section 6012.)
B. Period to be covered by return. — Returns shall be filed for
the calendar year 1966 or fiscal year beginning in 1966 and end-
ing in 1967. If return is filed for other than a calendar year, fill
in the taxable year space at top of return. For the procedure to
follow in changing an established accounting period, see
Section 1.442-1. Income Tax Regulations. In cases where prior
approval must be obtained file Form 1128, Application for Change
in Accounting Period.
C. Personal holding companies. — A foreign corporation which
is a personal holding company, as defined in section 542 but not
within the definition of section 552. is subject to the tax imposed
by section 541 on undistributed personal holding company income.
Section 541 imposes a tax upon the undistributed personal holding
company income (as defined in section 545) of corporations classi-
fied as personal holding companies. Every foreign corporation
which is a personal holding company under section 542 must file
a Schedule 1 1 20 PH with its return on Form 1 1 20-F.
Under the provisions of section 542, a corporation is a per-
sonal holding company if at least 60 percent of its adjusted ordi-
nary gross income for the taxable year is personal holding company
income, and if at any time during the last half of the taxable year
more than 50 percent in value of its outstanding stock is ov/ned,
directly or indirectlv, by or for not more than five individuals.
(Sections 541-547.)'
D. Foreign personal holding companies. — Section 551(a) re-
quires that the undistributed foreign personal holding company
income of a foreign personal holding company, as defined in sec-
tion 552, shall be included as a dividend in gross income of U.S.
shareholders in the amount provided by subsection (b). Schedule
1120 PH is not required, but information returns on Forms 957
and 958 must be filed by the officers, directors, and certain U.S.
shareholders. (Section 6035 and regulations thereunder.)
E. Signature and verification. — The return must be signed
either by the president, vice president, treasurer, assistant treas-
urer, chief accounting officer, or b\" any other corporate officer
(such as tax officer) who is authorized to sign. A receiver,
trustee, or assignee must sign any return which he is required to
file on behalf of a corporation.
F. Failure to file, etc.^ — Substantial additions to the tax are
imposed for failure to file a return, for late filing, and for filing
a false or fraudulent return.
G. Classes of foreign corporations. --For income tax purposes,
foreign corporations are divided into two classes, namely, non-
resident foreign corporations and resident foreign corporations.
A nonresident foreign corporation is a foreign corporation which
is not engaged in trade or business within the U.S. at an\' time
during the taxable year. A resident foreign corporation is a for-
eign corporation which, at some time during the taxable year, is
engaged in trade or business within the U.S.
H. Stock ownership in foreign corporations. — A corporation
owning directly or indirectly an\ stock of a foreign corporation
must attach a statement showing the name and address of each
company and the total number of shares of each class of out-
standing stock owned during the taxable \ear. If the corpora-
tion owned 5 percent or more in value of the outstanding stock
of a foreign personal holding company, attach a statement setting
forth the information required by section 551(d).
NONRESIDENT FOREIGN CORPORATIONS
(a) Filing requirement. — Ever>' foreign corporation not en-
gaged in a trade or business within the U.S. at any time during the
taxable year must file a return on the gross amount received as
fixed or determinable annual or periodic gains, profits, and Income
from sources within the U.S. If tax liability Is fully satisfied at
source, a return is not required. (For exception, see Instr. (d).)
(b) Fixed or determinable annual or periodic Income. — Such
income includes, but is not limited to, interest, dividends, rents,
annuities, royalties, and the share of the fixed or determinable
annual or periodic income of an estate or trust which is required
to be distributed currently, or which has been paid or credited
during the taxable year, to a beneficiary of such estate or trust.
(c) Engaged in trade or business within the U.S. — This phrase
does not include the efi"ecting, through a resident broker, commis-
sion agent, or custodian, of transactions in the U.S. in stocks or
securities, or in commodities (If of a kind customarllv dealt in on
an organized commodity exchange, if the transaction is of the kind
customarily consummated at such place, and if the foreign corpo-
ration has no office or place of business In the U.S. at anv time
during the taxable year through which or by the direction of which
such transactions in commodities are effected).
(d) Claim for refund. — Where this form Is being used as a
claim for refund, include all income from sources within the
U.S. even though the tax thereon has been fully satisfied at the
source except where the refund results solely from the credit
for the tax paid by a regulated investment company on undistrib-
uted capital gains. Where the refund results solely from such
credit, enter the amount claimed on lines 2(d) and 4, page 1, and
attach Copy B of Form 2439; no entries on lines 1 through II,
page 2, are required. Where such refund is reduced by any addi-
tional tax due on items of Income upon which the tax has not been
fully satisfied at the source, the items creating the reduction of
the refund must also be shown on the appropriate lines on pages
1 and 2.
(e) Filing of return and payment of tax. — A nonresident
foreign corporation is required to file only pages 1 and 2 of this
return. The return must be filed with the Director of Inter-
national Operations, Internal Revenue Service. Washington, D.C.
20225, on or before the 15th day of the sixth month following the
close of the taxable year. The tax must be paid in full when the
return is filed or in two installments as follows: 50 percent on
or before the 15th day of the sixth month and 50 percent on or
before the I5th day of the ninth month following the close of the
taxable >ear. If any installment is not paid on or before the date
fixed for its payment, the whole amount of the tax unpaid shall
be paid upon notice and demand. Please enter your employer
identification number on all remittances.
(f) Items exempt from tax. — The following items of Income
are exempt, except where otherwise indicated, from United States
income tax and should not be included in gross income:
( 1 ) The proceeds of life insurance policies paid by reason
of the death of the insured. If any part of the proceeds is held
Tnsiruclions — Form 1120-F (1966)
262
Corporation Returns/1966 • Forms and Instructions
PAGE 2
by the insurer under an agreement to pay interest, the interest is
taxable; however, see section 101(d). Amounts received under
a life insurance or endowment policy, not payable by reason of
the death of the insured, are included in gross income to the ex-
tent provided in section 72 ;
(2) Interest on obligations of a State, or possession of the
United States, or any political subdivision thereof, or the District
of Columbia. If the corporation owned at any time during the
taxable year any of the obligations described in this paragraph
attach a statement showing the number and amount of such
obligations, the period during which owned, and the income
received therefrom;
(3) Interest on deposits with persons, including individuals,
partnerships, or corporations, carr\ing on the banking business,
paid to persons not engaged in business within the United States;
(4) Interest from sources without the United States, deter-
mined under the provisions of section 862 ;
(5) Dividends from domestic corporations constituting income
from sources without the United States, determined under the
provisions of section 862 ;
(6) Dividends from a foreign corporation to the extent that
they constitute income from sources without the United States,
determined under the provisions of section 862 ; and
(7) Income to the extent exempt by tax convention (see Tax
Conventions below).
(g) Income to be included. — All income from sources within
the United States consisting of fixed or determinable annual or
periodic income and amounts described in section 631(b) and (c)
which are considered to be capital gains is includible where the
tax liability is NOT fully satisfied at the source.
Some of the items upon which the tax liability will not have
been fully satisfied at the source are interest received during the
>"ear in connection with so-called tax-free covenant bonds upon
which a tax of 2 percent was paid at the source, accrued interest
received in connection with the sale of bonds between interest
dates, and dividends received from a foreign corporation where
30 percent or more of the gross income of such foreign corpora-
tion for the 3-year period ending with the close of its taxable
vear preceding the declaration of such dividends (or for such
part of such period as such corporation has been in existence)
was derived from sources within the United States as determined
under the pro\isions of sections 861 through 864, such di\'idends
being treated as gross income from sources within the United
States in an amount which bears the same ratio to such di\'idends
as the gross income of such corporation for such period deri\ed
from sources within the United States bears to its gross income
from all souices.
(h) Tax computation. — Section 881 provides a tax of 30 per-
cent. Howe\'er, if a taxpayer is a resident of, or a corporation
created under the laws of any country shown under the heading
of Tax Conventions below, refer to the income tax convention
entered into by the United States with your respective country
in order to ascertain the exemption from, and reduced rates of.
United States income tax to which \ou ma\- be entitled. For
additional information regarding such tax convention consult the
Director of International Operations. Internal Revenue Service,
Washington, D.C. 20225, U.S.A.
Tax Conventions
Country
Official text
symbol
Australia ■ TIAS 2880
Austria TIAS 3923
Belgium I TIAS 2833
Effective
date
Jan. 1,
Jan. 1,
Jan. 1.
Supplemental , TIAS 2833 Jan. 1. 1953
As extended to
Overseas Terri-
tories
Protocol-
Canada
Supplemental
Supplemental
TIAS 6073
'TS 983
TIAS 2347
TIAS 3916
Jan. I. 1969
Varies
Jan. 1. I94I
Jan. 1. 1951
C.B. 1954-2. 614 (T.D.
6108); C.B. 1958-2.
1029
C.B. 1967-2, 985: C.B.
1958-2. 1038 (T.D.
6322)
C.B. 1954-1. 132 (T.D.
6056)
C.B. 1954-2. 626
C.B. 1956-1. 815 (T.D.
6160)
C.B. 1960-1. 739
(T.D. 64381
C.B. 1960-1, 752
(T.D. 6469)
C.B. 1960-1. 739
(T.D. 6438)
C.B. 1960-1. 762
(T.D. 6469)
C.B. 1960-2, 625
Denmark TIAS 1854
C.B. 1943.
5206)
C.B. 1955-1,
C.B. 1963-2.
6047)
Jan. 1. 1957 j C.B. 1957-2.
'C.B. 19491.
6692)
C.B. 1950-1.
5777)
526
624
Jan. 1, 1948
(T.D.
59 (T.D.
1014
104 (T.D.
76 (T.D.
Finland | TIAS 2596 ' Jan. 1. 1952
France
Second Con-
vention
Supplemental-
Supplemental-
Germany-.
Protocol,
Greece
Protocol
Honduras-
Ireland
TS 886
TS 988
TIAS 1982
TIAS 3844
TIAS 5920
TIAS 2902
TIAS 2902
TIAS 3766
TIAS 2356
(Terminated)
Jan. 1.
Jan. 1.
Varies
1946
1950
Jan. 1. 1964
Jan.
Jan.
Jan.
Jan.
Jan.
1965
1953
1953
1957
1951
C.B. 1953-2, 185 (T.D.
6030)
C.B. 1956-2. 1067
(T.D. 6202)
C.B. 1945. 522
C.B. 1946-1. 134
(T.D. 5499)
C.B. 1956-1. 840
C.B. 1957-2. 1030
C.B. 1957-2. 1020
(T.D. 6273)
C.B. 1965-1, 635
C.B. 1955-1. 641 (T.D.
6122)
I.E.B. 1966-15, 14
C.B. 1954-2. 638 (T.D.
61091
C.B. 1957-2. 1033
C.B. 1957-2. 1040
(T.D. 6264)
C.B. 1952-1. 89 (T.D.
R897I
Italy-—
Japan-
Protocol —
Protocol —
Lu.\embour};C-
Official text
symbol
TIAS 5637
TIAS 5798
TIAS 5726
Netherlands , TIAS 1855
Supplemental
Supplemental--
Netherlands
Antilles
Protocol
New Zealand
Norway
Suppleinental-
TIAS 3366
TIAS 6051
TIAS 3367
TIAS 66C.-.
TIAS 2360
TIAS 2357
TIAS 4360
Pakistan TIAS 4232
South Africa TIAS 2510
Protocol i TIAS 2510
Sweden— TS 9.i8
Supplemental-.
Switzerland
TIAS 5636
TIAS 2316
United Kingdom.; TIAS 1546
Supplemental-.' TIAS 3165
Supplemental-- 1 TIAS 4124
Protocol
As extended to
Overseas Ter- 1
ritorics* I TIAS 4111
Effective
date
Jan. 1. 1956
Jan. I. 1955
Jan. 1. 1964
Jan. 1, 1966
Jan. 1. 1964
Jan. 1. 1947
Nov. 10. 1955
Varies
Jan. I. 1955
Vari.-s
Jan. 1. 1951
Jan. 1. 1951
Jan. I. 1960
Jan. 1. 1959
1946
1948
1940
July 1.
July 1.
Jan. 1.
Varies
Jan. 1.
Jan. 19. 1955
Jan. 1. 1956
Varies
Jan. I. 1959 '
C.B. 1956-2. 1096
C.B. 1956-2. 1106
(T.D. 6216)
C.B. 1955-1. 658
C.B. 1955-1. 665 (T.D.
6130)
C.B. 1965-1. 611
C.B. 1965-2. 562
C.B. 1965-1. 615
C.B. 1949-1. 92
(T.D. 5690)
C.B. 1950-1. 92 (T.D.
5778)
C.B. 1965-2. 777 (T.D.
6153)
C.B. 1956-2. 1116
C.B. 1955-2. 777 (T.D.
6153)
C.B. 1956-2. 1116
C.B. 1966-1. 624
C.B. 1953-1. 238 (T.D.
5957)
C.B. 1953-1. 228 (T.D.
.59561
C.B. 1955-2, 793 (T.D.
. 6150)
C.B. 1960-2. 630
(T.D. 6489)
C.B. 1960-1. 765
(T.D. 6431)
C.B. 1960-2. 646
C.B. 1954-2. 661
C.B. 1964-2. 655
C.B. 1940-2. 43 (T.D.
4975)
C.B. 1965-1. 626
C.B. 1951-2. 76 (T.D.
5867)
C.B. 1955-2. 814 (T.D.
61491
C.B. 1946-2. 73 (T.D.
5532)
C.B. 1947-1. 209
C.B. 1947-2. 100 (T.D.
5569)
C.B. 1957-1. 666
C.B. 1968-2. 1078
C.B 1960-1. 767
(T.D. «4S7)
' Treaties and International Agreements.
' Treaty Series.
' Cumulative Internal Revenue Bulletin is cited f
Treasury Decision is cited aa T.D.
Internal Revenue Bulletin is cited as I.R.B.
•This income tax treaty, effective date January 1. 1959. applies to U.K. overseas territories and to the followinc former U.K.
have subsequently become independent countries: Cyprus, Jamaica. Nigeria. Malawi. Sierra Leone, and Zambia.
a C.B.
overseas territories which
Corporation Returns/1966 • Forms and Instructions
263
PAGE 3
RESIDENT FOREIGN CORPORATIONS
(a) Requirement for filing. — Every foreign corporation which
at some time during the taxable year engaged in a trade or business
within the United States must file a return of income from sources
within the United States, consisting of the items of gross income
specified in section 861 (a) plus the items of gross income allocated
or apportioned to such sources in accordance with section 863.
(b) Accounting methods. — Taxable income shall be computed
in accordance with the method of accounting regularly used by
the taxpayer in maintaining Jts books and records. In all cases
the method adopted should clearly reflect taxable income. (See
section 446.) Except in those cases where the law specifically
permits, a taxpayer may not change the method of accounting
upon the basis of which it has reported income in prior years (for
income as a whole or with respect to any separate trade or busi-
ness) without first securing consent on Form 3115, Application
for Change in Accounting Method.
Rounding off to whole-dollar amounts. — If you wish, the money
items on your return and accompanying schedules may be shown
as whole-dollar amounts. Eliminate any amount less than 50
cents, and increase any amount from 50 cents through 99 cents to
the next highest dollar.
(c) Filing of return and payment of tax. — Returns of corpora-
tions must be filed on or before the 15th day of the third month
following the close of the taxable year with the District Director
of Internal Revenue for the district in which the corporation's
principal place of business or principal office or agency is located.
(Section 6072.)
Request for automatic extension of 3 months for filing of return
must be made on Form 7004. (Section 6081(b).)
If the corporation liquidates or otherwise ceases to exist and
this is the last return the taxpayer is required to file, write "FINAL
RETURN" at the top of the form.
The balance of tax due must be paid in full when the return is
filed or in two installments, 50 percent on or before the 15th day of
the third month and 50 percent on or before the 15th day of the
sixth month following the close of the taxable >ear.
The tax may be paid in cash or by check or money order drawn
to the order of "Internal Revenue Service." Please enter your
employer identification number on all remittances. Cash pay-
ment should be made only in person at the District Director's
office.
Declaration of estimated tax. — A declaration of estimated tax
must be made by every corporation if its income tax liability, re-
duced by any estimated credits under sections 32, 38, and 39, can
reasonably be expected to exceed $100,000. (See Form 1120
ES.)
Additional charge for underpayment of estimated tax. —
Underpayment of installments of estimated tax will result in addi-
tional charges to the tax. If you have an underpayment of esti-
mated tax and believe the additional charge should not be asserted
due to the applicability of any of the relief provisions of section
6655(d), attach Form 2220 to your return.
(d) Information at the source. — Forms 1096 and 1099 must be
filed concerning certain dividends, earnings, interest, rents, royal-
ties, annuities, pensions, foreign items; and prizes, awards, and
commissions to nonemployees.
Payments made which are subject to withholding at source
under the provisions of sections 1441 and 1442 must be reported
on Forms 1042 and 1042 S.
SPECIFIC INSTRUCTIONS (Numbered to
1. Gross receipts. — Enter gross receipts or sales from all business
operations except those required to be reported in lines 4 through 9.
2. Cost of goods sold. — If the production, manufacture, pur-
chase, or sale of merchandise is an income-determining factor in
the trade or business, inventories of merchandise on hand should
be taken at the beginning and end of the taxable year, and may
be valued at cost, lower of cost or market, or by any other per-
missible method.
An inventory method once properly adopted is controlling until
permission to change is granted. Application for permission to
change an inventory method must be made on Form 3115 within
90 days after the beginning of the taxable year in which it is de-
sired to effect a change. In case the inventories reported do not
agree with the balance sheet, attach a statement explaining the
difference.
A corporation electing to use the last-in, first-out method of
valuing inventory provided for in section 472 must file Form 970
(e) Certain transfers of property. — Under certain circum-
stances the $25,000 exemption from surtax and the $100,000 ac-
cumulated earnings credit are not allowed or may be reduced to
a lesser figure. If ( 1 ) any corporation transfers, directly or in-
directly, all or part of its property (other than money) to a trans-
feree corporation or (2) five or fewer individuals who are in
control of a corporation transfer, directly or indirectly, property
(other than money) to a transferee corporation — see section 1551.
(f) Information regarding renegotiable contracts. — Ever>
corporation which held, during the taxable year, contracts or
subcontracts which were subject to the Renegotiation Act of
1951 shall, in answer to question D, page 3, state the actual or,
if not accurately determinable, its best estimate of the aggregate
gross dollar amount billed during the taxable year under all con-
tracts and/or subcontracts.
(g) Consolidated returns.— Except in the case of certain
corporations organized under the laws of Canada or Mexico and
maintained solely for the purpose of complying with the laws of
such country as to title and operation of property, a foreign
corporation is not an includible corporation for purposes of the
privilege of making a consolidated return by an affiliated group
of corporations.
(h) Tax on improperly accumulated earnings. — In order to
prevent accumulation of earnings and profits for the purpose of
enabling shareholders to avoid the tax on individuals, section 531
provides an additional tax upon the accumulated taxable income
of corporations formed or availed of for the purpose of such tax
avoidance.
(j) Balance sheets. — The balance sheets. Schedule L, should
agree with the books of account or any differences should be
reconciled. All corporations reporting to any National, State,
municipal, or other public officer, may submit in lieu of Schedule
L, copies of their balance sheets prescribed by such authorities
as of the beginning and end of the taxable year.
Certificates of deposit should be included as cash in line 1 of
the balance sheet.
(k) Attachments. — Attachments may be used if the lines on the
form schedules are not sufficient. Attachments must contain
all required information, follow the format of the official schedules
and must be attached to the return in the same sequence as the
schedules appear on the official forms. If an attachment is used
in place of a schedule having a summary line on page 3 of the
form the total need not be entered on the schedule, but must be
entered on page 3.
(1) Credit for U.S. tax on nonhighway gasoline and lubricating
oil. — ^Section 39 provides a credit for Federal excise tax on ( I )
gasohne used (a) on a farm for farming purposes, (b) other than
as fuel in a highway vehicle, and (c) in vehicles while engaged in
furnishing certain public passenger land transportation service;
and (2) lubricating oil used other than in a highway motor ve-
hicle. Enter such credit on line 2(e), page I, and attach Form
4136. To obtain this credit your return must be timely filed
(including any extensions).
(m) Source of income. — The gross income of a resident foreign
corporation includes every item of gross income from sources with-
in the United States. Except as may otherwise be provided by
tax convention, the sources of the income for that purpose are
determined in accordance with the provisions of sections 861 to
864, inclusive, and the regulations thereunder.
correspond with the line numbers on page 3)
with the return for the first year of the election. Thereafter,
attach separate schedule showing (1) a summary of all inven-
tories and (2) with respect to any inventories computed under sec-
tion 472, the computation of the quantities and cost by acquisi-
tion levels.
Cost of operations {where inventories are not an income-
determining factor). — If the amount entered on line 2 includes
an amount applicable to cost of operations, attach a schedule
showing (1) salaries and wages and (2) other costs in detail.
4. Dividends. — (Numbered to correspond with line numbers in
Schedule C.)
( 1 ) Enter dividends received from a domestic corporation
subject to income tax, and which are subject to the 85-percent
deduction under section 243(a)(1). In the case of dividends
received from a regulated investment company, see section 854
regarding amount subject to the 85-percent deduction.
So-called dividends or earnings received from mutual savings
banks, cooperative banks, domestic building and loan associations
264
Corporation Returns/1966 • Forms and Instructions
PAGE 4
and other savings institutions, chartered and supervised as savings
and loan or similar associations under Federal or State law, are in
fact interest and should not be treated as dividends.
(2) Enter dividends received on the preferred stock of a pub-
lic utility which is subject to income tax and which is allowed
the deduction provided in section 247 for dividends paid.
(3) Enter dividends received from foreign corporations and
which qualify for the 85-percent deduction provided in section 245.
(5) Include dividends (other than capital gain dividends) re-
ceived from rtgulated investment companies and which are not
subject to the 85-percent deduction ; dividends from corporations
not subject to tax under chapter 1 of the Code; dividends (other
than capital gain dividends) received from a real estate investment
trust which, for the taxable year of the trust in which the dividend
is paid, qualifies under sections 856-858; dividends not eligible
for the 85-percent deduction because of the holding period of the
stock or an obligation to make corresponding payments with respect
to similar stock; and any other taxable dividend income not prop-
erly reported above.
5. Interest on U.S. obligations. — Enter interest on obligations
of the United States and U.S. instrumentalities.
Dealers in securities. — For special rules applicable to dealers in
securities, with respect to premium attributable to certain tax-
exempt securities, see section 75.
Noninte rest-bearing obligations issued at a discount. — Tax-
payers on the cash basis may elect, as to all noninterest-bearing
obligations issued at a discount and redeemable for fixed amounts
increasing at stated intervals (for example, United States Savings
Bonds), to include the increase in redemption price applicable to
the current year. For the year of election the total increase in
redemption price of such obligations occurring between the date
of acquisition and the end of the year must be included. Attach
a statement listing obligations owned and a computation of the
increase. (Section 454.)
6. Other interest. — Enter interest on loans, notes, mortgages,
bonds, bank deposits, corporate bonds, tax refunds, etc. The term
"corporate bonds" includes bonds, debentures, notes, certificates of
indebtedness, or other evidences of indebtedness issued by any
corporation and bearing interest with interest coupons or in regis-
tered form. For provisions relating to amortizable bond premium,
see section 171.
7. Rents. — Enter the gross amount received for the rent
of property. Any expenses, including repairs, interest, taxes,
and depreciation should be included in the proper lines for
deductions.
8. Royalties. — Enter the gross amount received as royalties.
If a deduction is claimed for depletion, it must be reported on
line 23.
9. Gains and losses from sales or exchanges of capital assets
and other property. — The computation of gains and losses from
sales or exchanges of capital assets and property other than
capital assets should be made on separate Schedule D (Form
1120) and filed with Form 1120-F. Every sale or exchange of
property, even though no gain or loss is indicated, must be re-
ported in detail. If the net long-term capital gain exceeds the
net short-term capital loss, or in case of only a net long-term capital
gain, a computation of the alternative tax should be made on
separate Schedule D.
10. Other income. — Enter total amount of other income not
reported elsewhere in the return and attach schedule showing
details. Include recoveries of bad debts deducted in prior years
under the specific charge-ofT method. Refunds of taxes deducted
in prior years should be reported here and not offset against cur-
rent >ear's taxes.
Deductions. — In computing the taxable income of a resident
foreign corporation the deductions otherwise allowable shall be
allowed only if. and to the extent that, they are connected with
income from sources within the United States. For this pur-
pose, the proper apportionment and allocation of the deductions
with respect to sources of income within and without the United
States is determined in the same manner as provided with re-
spect to nonresident alien individuals. See section 1.873-1 of
the regulations. Notwithstanding the rule of source, a resident
foreign corporation is allowed the deduction for charitable con-
tributions and gifts, to the extent allowed by section 170,
whether or not the deduction is connected with income from
sources within the United States.
14. Repairs. — Enter the cost of incidental repairs, includinc
labor, supplies, and other items, which do not add to the value or
appreciably prolong the life of the property. Expenditures for
new buildings, machinery, equipment, or for permanent improve-
ments or betterments which increase the value of the property
are chargeable to capital account.
15. Bad debts. — Bad debts may be treated in either of two
ways — (1) as a deduction for debts which become worthless in
whole or in part, or (2) as a deduction for a reasonable addition
to a reserve for bad debts. (Section 166.)
For taxable years beginning before 1966, if amounts added to
the reserve cannot be broken down into the categories shown in
columns 4 and 5 of Schedule F, enter the total amount added to
the reserve and identify as such.
A taxpayer filing a first return of income may select either of
the two methods, and that method must be followed for subse-
quent years unless permission is granted to change to the other
method. Application for permission to change the method must
be made on Form 3115 within 90 days after the beginning of the
taxable year for which it is desired to effect the change.
Worthless debts arising from unpaid rents and similar items
of taxable income will not be allowed as a deduction unless the
income such items represent has been included in the return for the
year for which the bad debt deduction is claimed, or for a previous
year.
For treatment of bad debts of a mutual savings bank not
having capital stock represented by shares and a cooperative
bank without capital stock organized and operated for mutual
purposes and without profit, see section 593 and the regulations
thereunder.
16. Rents. — Enter rent paid or accrued for business property
in which the corporation has no equity.
17. Taxes. — Enter taxes paid or accrued during the taxable
year and attach a schedule showing the type and amount of tax.
Do not include Federal income, war-profits, and excess-profits
taxes ; estate, inheritance, legacy, succession, and gift taxes ;
Federal taxes paid on bonds containing a tax-free covenant, nor
taxes not imposed upon the taxpayer. See section 164(d) re-
garding apportionment of taxes on real property between seller
and purchaser.
18. Interest. — Enter interest paid or accrued on business in-
debtedness. Do not include interest on indebtedness incurred or
continued to purchase or carry obligations the interest on which
is wholly exempt from income tax. (Section 265. )
See section 267 for limitation on deductions for unpaid ex-
penses and interest in the case of transactions between related
taxpayers.
In the case of mutual savings banks and cooperative banks,
any amounts paid or credited to the accounts of depositors or
holders of accounts as dividends on their deposits or withdraw-
able accounts, if such amounts may be withdrawn on demand
subject only to customary notice of intention to withdraw, are
allowable deductions in computing taxable income. (Section
591.)
19. Contributions.— Enter contributions or gifts actually paid
within the taxable year to or for the use of ( 1 ) a State, a
possession of the United States or any political subdivision thereof,
or the United States or the District of Columbia for exclusively
public purposes; (2) a corporation, trust, or community chest,
fund, or foundation, created or organized in the United States
or in any possession thereof or under the law of the United
States, or of any State, or of the District of Columbia, or of any
possession of the United States, organized and operated exclusively
for religious, charitable, scientific, literary, or educational purposes
or the prevention of cruelty to children or animals (but in the case
of contributions or gifts to a trust, chest, fund, or foundation only
if such contributions or gifts are to be used within the United
States or any of its possessions exclusively for such purposes), no
part of the net earnings of which inures to the benefit of any
private shareholder or individual, and no substantial part of the
activities of which is carrying on propaganda, or otherwise at-
tempting to influence legislation; (3) posts or organizations of
war veterans, or auxiliary units of, or trusts or foundations for,
any such posts or organizations, if such posts, organizations, units,
trusts, or foundations are organized in the United States or any
of its possessions, and if no part of their net earnings inures to
the benefit of any private shareholder or individual; or (4) non-
profit cemetery or burial companies.
The amount claimed shall not exceed 5 percent of taxable
income computed without regard to ( 1 ) this deduction, ( 2 )
the "special deductions" in line 29(b), and (3) any net op-
erating loss carryback to the taxable year under section 172.
In the case of a corporation on the accrual basis, anv contribu-
tion or gift will, at the election of the taxpayer made at the time
the return is filed, be considered as paid during the taxable year
Corporation Returns/1966 • Forms and Instructions
265
if payment is actually made on or before the 15th day of the
third month following the close of the taxable year, and if the
contribution or gift has during the taxable year been authorized
by the board of directors of the corporation. A copy of such
authorization must be attached to the return.
Do not deduct as a business expense charitable contributions
which come within the above description, but which are unallow-
able in whole or in part because of the limitation contained in
section 170. (Section 162(b).)
Any contributions paid during the taxable year in excess of the
amount deductible may be carried over and deducted in the five
succeeding taxable years subject to the 5-percent limitation pro-
vided in section 170(b)(2). The 5-ycar carryover also applies
to contributions made in taxable years beginning after December
31, 1961. In a taxable year to which there is a net operating loss
carryover and charitable contributions in excess of the amount
deductible (or a charitable contribution carr\over from a pre-
ceding taxable year), see section 170(b) (3).
Attach a schedule showing the name of each organization and
the amount and the date paid. If a contribution is made in
property other than money, state the kind of property contributed
and the method used in determining its fair market value. If a
contribution carr\over is included, show the amount and how the
carryover was determined.
Special nile for contribution of depreciable property. — The
amount to be taken into account for such purposes shall not exceed
the fair market value of the property less the amount which would
constitute ordinary income under section 1245(a) or 1250(a).
20. Losses by fire, storm, shipwreck, other casualty, or theft. —
Enter losses sustained during the year arising from fire, storm,
shipwreck, or other casualty. For determination of the amount
deductible, see section 165(b). Theft losses are deductible only
in the year in which discovered.
21. Amortization. — If a deduction is claimed for amortization,
attach a schedule showing: (1) A description of the facilities or
expenditures being amortized; (2) date acquired, completed, or
expended; (3) amount being amortized; (4) amortization de-
ducted in prior years; (5) amortization period (number of
months) ; (6) amortization for this year; and (7) the total amount
of amortization less the amount claimed in Schedule A and else-
where on the return.
The law makes special provisions for amortization of the
following kinds of assets and expenditures :
(a) Research and expenmental expendituTes.—Seciion 174;
(b) Exploration expenditures. — Section 615;
(c) Development expenditures. — Section 616;
(d) Organizational expenses. — Section 248: and
(e) Trademark and trade name expenditures. — Section 177.
For details concerning the information which must be fur-
nished in the statements of election required by these sections,
consult your District Director.
22. Depreciation. — If a deduction is claimed for depreciation,
fill in Schedule G. For reporting purposes, you may (1) group
depreciable assets in accordance with the categories specified in
Schedule G, or (2) continue to list your assets in the same manner
as in prior years. A reasonable allowance for the exhaustion,
wear and tear, and obsolescence of property used in the trade or
business or of property held for the production of income is
allowed as a depreciation deduction. (Section 167.) The allow-
ance does not apply to inventories or stock-in-trade nor to land
apart from the improvements or physical developments added to it.
Depreciation of leasehold improvements, patents, and copyrights
shall be included in Schedule G.
Adjustments to basis of property: (a) Additional first-year de-
preciation.— If a taxpayer elects to claim the additional first-year
allowance under section 179, the basis of the property must be
reduced by the amount of the deduction so claimed.
(b) Salvage value. — Salvage value must be taken into account
in determining the depreciation deduction (except under declining
balance method) either by a reduction of the amount subject to
depreciation or by a reduction in the rate of depreciation.
Generally, an asset (or an account) shall not be depreciated below
a reasonable salvage value. In computing the basis on which
depreciation may be taken for personal property (other than live-
stock) acquired after October 16, 1962, with a useful life of 3 years
or more, salvage value need not be taken into account if it does not
exceed 10 percent of the cost or other basis of the property. If
salvage value exceeds 10 percent, only the excess need be taken
into account.
PAGE 5
ALTERNATIVE DEPRECIATION GUIDELINES AND RULES
Revenue Procedure 62-21 (supplemented by Revenue Pro-
cedure 65-13) sets forth alternative standards and procedures
for determining depreciation. The guideline lives for guideline
classes (broad categories not item-by-item) are in most cases sub-
stantially shorter than those used prior to the Revenue Procedure.
Taxpayers who wish to use these provisions and guidehne class
lives must use them for all assets in a particular guideline class.
Schedule G is to be used for reporting depreciation under both
Revenue Procedure 62-21 and other prescribed rules and
standards.
DEPRECIATION METHODS
Following is a brief description of the various methods of depre-
ciation which may be used under either Revenue Procedure 62-
21 or other prescribed rules and standards:
(a) Straight-line. — To compute the deduction, determine the
cost (or other basis) of the property and deduct the total depre-
ciation allowed or allowable. Divide the result by the number
of years of useful life remaining to the asset — the quotient is the
depreciation deduction.
(b) Declining-balance. — A uniform rate is applied each year
to the remaining cost or other basis of property determined at the
beginning of such year. The rate of depreciation of used property
under this method may not exceed one and one-half times the
applicable straight-line rate.
(c) Special rules for new assets. — The cost or other basis of
a new asset may also be depreciated under any of the following
methods provided that (1) the asset is tangible, (2) it has an esti-
mated useful life of 3 years or more to the taxpayer, and (3) the
original use of the asset commenced with the taxpayer.
(/) Declining-balance. — This method may be used with a rate
not in excess of twice the applicable straight-line rate.
(2) Sum of the years-digits. — The deduction for each year is
computed by multiplying the cost or other basis of the asset by
the number of years of useful life remaining (including the year
for which the deduction is computed) and dividing the product
by the sum of all the digits corresponding to the years of the esti-
mated useful life of the asset. In the case of a 5-year life this
sum would be 15 (5 + 4-j-34-2-i-l). For the first year five-
fifteenths of the cost would be allowable, for the second year
four-fifteenths, etc.
(3) Other methods. — A taxpayer may use any consistent
method which does not result in accumulated allowances at the
end of any year greater than the total of the accumulated allow-
ances which would have resulted from the use of the declining-
balance method. This limitation applies only during the first
two-thirds of the useful life of the property.
(d) Section 179 — Additional first-year depreciation allow-
ance.— Corporations may elect to write off 20 percent of the cost
(before adjustment for salvage value) of tangible personal prop-
erty, but only to the extent of an aggregate cost of $10,000, for
the first taxable year for which a deduction is allowable under
section 167. The cost of property does not include so much of
the basis of such property as is determined by reference to the
basis of other property held at any time by the person acquiring
such property. This additional depreciation is limited to property
with a remaining useful life of 6 >ears or more. Further, for this
allowance to apply in any case, the basis of the property must not
be determined in whole or in part by reference to the transferor's
basis. Depreciation on the remaining cost of the property may be
taken under any of the methods indicated above. Total addi-
tional first-year depreciation must be shown on line 1 of the de-
preciation schedule.
23. Depletion. — If a deduction is claimed for depletion, Form
M (mines and other natural deposits), Form O (oil and gas), or
Form T (timber) should be submitted with your return. If com-
plete valuation data have been filed with questionnaire in previous
years, then file with your return information necessary to bring
your depletion schedule up to date, setting forth a statement
of all transactions bearing on deductions from or additions to value
of physical assets during the taxable year with explanation of how
depletion deduction for the taxable year has been determined.
(Sections 611, 612, and 613.) Expenditures to be deferred and
deducted ratably under the election provided in section 616(b),
relating to certain expenditures in the development of mines, and
615(bj, relating to deductions for mine exploration, are not to be
381-123 O - 70 - 18
266
Corporation Returns/1966 • Forms and Instructions
PAGE 6
taken into account in determining the adjusted basis for property
for the purpose of computing a deduction for depletion under
section 611.
For details concerning the information which must be furnished
in the treatment of mineral interests under section 614, consult
your District Director.
24. Advertising. — Enter the total amount paid or accrued
during the year for advertising. Expenditures for advertising
must be ordinary and necessary and bear a reasonable relation
to the business activities in which the corporation is engaged.
25(a). File Form 2950 to substantiate the deduction claimed
for amounts contributed to pension, profit-sharing, stock bonus,
and annuity plans under section 404. Form 2950 must be filed
for years other than the first year a deduction is claimed and inay
be used for the first year instead of submitting the information
required by Section 1.404(a)-2{a), Income Tax Regulations.
25(b). Other employee benefit plans. — Enter deductions for
contributions to employee benefit plans other than those claimed
on line 25(a), such as insurance, health, or welfare plans. Attach
a schedule for each plan showing { 1 ) the nature of benefits, i.e.,
group-term life insurance, group permanent life insurance, non-
insured death benefit, hospitalization, surgical, medical, sickness,
accident, major medical expense, unemployment benefit, or other
welfare benefits; (2) method of financing, i.e., insured, industry or
areawide fund, self-insured fund, or direct benefit payments; (3)
the amount of deduction; (4) the amount of employee contribu-
tions; (5) the number of employees covered; and (6) if a self-
insured plan, the amount of benefits paid during the taxable year.
Also show the number of employees employed by the corporation.
26. Other deductions. — Enter in Schedule J any other author-
ized deductions for which no space is provided on the return.
No deduction is allowable for any amount allocable to a class of
exempt income (other than exempt interest income), including
income exempt by tax convention. Items directly attributable
to wholly exempt income shall be allocated thereto, and items
directly attributable to any class of taxable income shall be
allocated to such taxable income. If an item is indirectly at-
tributable both to taxable income and exempt income, a rea-
sonable proportion thereof, determined in the light of all the
facts and circumstances in each case, shall be allocated to each.
A taxpayer receiving any such exempt income or holding any
property or engaging in any activity the income from which is
exempt shall submit with its return an itemized statement showing
(1) the amount of each class of exempt income and (2) the
amount of expense items allocated to each such class (the amount
allocated by apportionment being shown separately).
Under section 592 a special deduction is allowed a mutual sav-
ings bank not having capital stock represented by shares or a co-
operative bank without capital stock organized and operated for
mutual purposes and without profit, for repayment during the
taxable year of loans made before September 1 , 1 95 1 , by the United
States or its wholly owned agencies, or by a mutual fund estab-
lished under the authority of State law.
29(a). Net operating loss deduction. — The "net operating loss
deduction" is the sum of the net operating loss carryovers and
carrybacks to the taxable year. (Section 172(a).) Generally,
a net operating loss may be carried back 3 years and carried over
5 years. The net operating loss must first be carried to the
earliest of the 8 taxable years to which it may be carried, then to
the next earliest year, etc. The portion of such loss which shall
be carried to each of the other 7 taxable years shall be the excess,
if any, of the amount of such loss over the sum of the taxable
income for each of the prior taxable years to which such loss may
be carried. (Section 172(b).)
The term "net operating loss" means the excess of allowable
deductions over gross income, computed with the following
modifications under section 172(d):
( 1 ) No net operating loss deduction is allowed.
(2) The special deductions allowed by section 243 (dividends
received by corporations), section 244 (dividends received on
certain preferred stock of public utilities), and section 245 (divi-
dends received from certain foreign corporations) are computed
without regard to the 85-percent limitation provided in section
246(b). Sec section 1.1 72-2 of the regulations.
(3) The special deduction allowed by section 247 (dividends
paid on certain preferred stock of public utilities) is computed
without regard to the provisions of subsection (a) (1 ) (B) of such
section.
As stated, the net operating loss deduction is the sum of the
carryovers and carrybacks. However, the following modifica-
tions must be taken into account in determining the taxable in-
come for any year which must be subtracted from a net operat-
ing loss to determine the portion of such loss which will still be
available to carry to a subsequent year:
(a) The special deduction provided in section 242 (partially
tax-exempt interest) is not allowed.
(b) The amount of the net operating loss deduction is deter-
mined without regard to the net operating loss for the loss vear
or any taxable year thereafter, and under certain circumstances,
without regard to anv portion of a net operating loss attributable
to a foreign expropriation loss.
If the corporation desires prompt adjustment for an overpay-
ment attributable to a net operating loss carryback, an appli-
cation for a tentative adjustment should be filed on Form 1139
within 12 months after the close of the taxable year in which
the net operating loss is sustained. (Section 6411.)
For treatment of net operating loss carryovers in certain corpo-
rate acquisitions, see section 381.
For special limitation on net operating loss carryovers in case
of a corporate change of ownership, see section 382.
For treatment of foreign expropriation losses sustained in tax-
able years ending after December 31. 1958, see section 172(b).
29(b). Special deductions.^ See the instructions for Schedule I.
EXPENSE ACCOUNT ALLOWANCES— SCHEDULE E, COLUMN 7
Expense account allowance means (1) amounts other than
compensation received as advances or reimbursements and (2)
amounts paid by or for the corporation for expenses incurred by
or on behalf of an officer including all amounts charged through
any type of credit card.
However, this term does not include amounts paid for (a)
the purchase of goods for resale or use in your business, (b) in-
cidental expenses, such as the purchase of office supplies for the
corporation or local transportation in connection with an errand,
or {c) such fringe benefits as hospitalization insurance, ap-
proved pension trust funds, and unemployment insurance.
Column 7 of Schedule E is to be completed for \our 25 highest
paid officers. To determine the highest paid officers for this
purpose all allowances including expense account allowances as
described above must be added to each officer's compensation.
Column 7 need not be completed for any officer for which the
combined amount is less than $10,000.
For this purpose an officer is a person who is elected or ap-
pointed to office or who is designated as such in the corporation's
charter or bylaws such as regular officer, chairman of the
board, etc.
SCHEDULE I— SPECIAL DEDUCTIONS (Numbe
1. In general, no dividends-received deduction will be allowed
on any share of stock (a) which is sold or otherwise disposed of in
any case in which the corporation has held such share for 15 days
or less, or (b) to the extent the corporation is under an obligation
to make corresponding payments with respect to substantially iden-
tical stock or securities. Where the stock has preference in
dividends, the holding period is 90 days instead of 15 if the corpo-
ration receives dividends with respect to such stock which are at-
tributable to a period or periods aggregating in excess of 366 days.
2. Total dividends-received deduction. — In a year in which a
net operating loss occurs, sections 172(d) and 246(b) provide
red to correspond with line numbers in Schedule I)
that the 85-percent limitation on the amount of these special de-
ductions shall not apply even if the loss is created by the dividends-
received deduction.
3. Deduction for dividends paid on certain preferred stock of
public utilities. — In the case of a public utility there is allowed in
accordance with section 247, an amount equal to 29.166 percent
of the lesser of ( 1 ) the amount of dividends paid on its preferred
stock during the taxable year, or (2) taxable income computed
without regard to this deduction. In a year in which a net operat-
ing loss occurs, section 172(d) provides that this special deduction
shall be computed without regard to section 247(a) ( 1 ) (B).
Corporation Returns/1966 • Forms and Instructions
267
PAGE 7
TAX COMPUTATION INSTRUCTIONS
1. Normal tax. — Section 1 1 provides a normal tax for taxable
years beginning after December 31, 1963, equal to 22 percent of
taxable income.
2. Surtax. — Section 1 1 provides a surtax for taxable years be-
ginning after December 31, 1964, equal to 26 percent of the
amount by which taxable income exceeds the surtax exemption.
3. Surtax exemption. — The surtax exemption is $25,000 except
for certain controlled corporations to which section 1561 applies.
Surtax exemption under section 1561 for component members
of a controlled group of corporations. — If a corporation is a com-
ponent member of a controlled group of corporations (as defined
in section 1563) on December 31 of its taxable year, the surtax
exemption shall be —
(a) $25,000 divided by the number of component members
on such December 31, or
(b) If all members consent to an apportionment plan, their
portion of $25,000 determined in accordance with the plan. The
sum of the amounts so apportioned shall not exceed $25,000. See
section 1561 and the regulations thereunder for time and manner
of making the consent.
The surtax exemption for a component member which has a
short taxable year which does not include a December 31 shall be
$25,000 dividend by the number of component members in the
group on the last day of such taxable year.
If the surtax exemption is determined under (a) or (b) above,
the additional 6-percent tax under section 1562 does not apply.
4. Election of multiple surtax exemptions by a controlled group
of corporations. — Subject to the provisions of section 1562, a con-
trolled group of corporations may elect, with respect to a specified
December 31, to have each of its component members claim a
separate $25,000 surtax exemption without having to divide
equally or apportion one $25,000 surtax exemption among all
component members. Such election is valid only if each com-
ponent member of the group on such December 31, and each other
component member of the group on any succeeding December 31
before the day on which the election is made, consents to such
election. See section 1562 and the regulations thereunder for
provisions relating to such consent. An election, once made, con-
tinues in effect until terminated in the manner provided in section
1562(c). If the group elects to claim multiple surtax exemptions,
each component member must pay an additional tax of 6 percent
on its first $25,000 taxable income. If you are the only component
member of the controlled group which has taxable income or if
your surtax exemption has been disallowed, see section 1562
(b)(1).
5. Investment credit. — This credit generally is equal to 7 per-
cent of ''qualified investment" which includes both purchases of
new equipment, and to a limited extent, purchases of used equip-
ment. In the case of property with an expected life of 4 up to
8 years, the investment taken into account in computing the 7-
percent credit is graduated from one-third in the case of 4-year
assets up to 100 percent in the case of property with a useful life
of 8 years or more. Computation of the investment credit is made
on Form 3468 which must be attached to your tax return.
6. Change in accounting period. — Under the provisions of sec-
tion 443(b)(1) if a corporation changes its accounting period,
the taxable income for the short period beginning on the day
after the close of the former taxable year and ending at the close
of the day before the day designated as the first day of the new
taxable year shall be placed on an annual basis by multiplying
the amount thereof by 12 and dividing by the number of months
in the short period. The tax shall be that same part of the tax
computed on the annual basis which the number of months in
the short period is of 12 months.
However, taxpayers may elect to compute the tax for the
short period according to the method described below if an ap-
plication to do so is filed not later than the date when (giving
effect to any extensions granted) the return for the first full tax-
able year after the beginning of the short period must be filed.
(Section 443(b) (2).) For details concerning the form and con-
tent of such an application, consult your District Director.
If a proper application is filed, the taxpayer may elect to pay
whichever tax under the following two methods is greater, in
place of the short period tax under section 443(b)(1): (1)
Establish the actual taxable income for the 12 months beginning
with the first day of the short period, then compute the tax on
that income. Then determine as a short period tax that part
of the tax so computed which bears the same proportion to the
total tax so computed as the taxable income of the short period
bears to the taxable income of the 12 months. However, a tax-
payer which distributes substantially all its assets before the end
of the 12-month period described above, shall employ in the
above computation the 12-month period ending with the last
day of the short period. (2) Compute a tax on the taxable
income of the short period as if the short period were a full
taxable year.
In annualizing income of a short period consisting of 7 days
or more, but less than 359 days, by reason of a change to a 52—53
week fiscal year, the annualization is made on a daily basis as
provided in section 441 (f) (2) (B) (iii).
7. Insurance companies other than life or mutual. — All insur-
ance companies (other than life or mutual insurance companies
subject to tax imposed by sections 802 and 821) are subject to
the tax imposed by section 11. The taxable income of such
insurance companies is defined in section 832 and differs from the
taxable income of other corporations. This paragraph does not
apply to foreign insurance companies not carrying on an insurance
business within the United States. (Section 831.)
8. Life insurance departments of mutual savings banks. — ^A
mutual savings bank not having capital stock represented by
shares, authorized under State law to conduct a life insurance
business and which conducts such business in a separate depart-
ment the accounts of which are maintained separately from the
accounts of other departments of the bank, is taxable under sec-
tion 594 provided the life insurance department would, if it were
treated as a separate corporation, qualify as a life insurance
company under section 801.
The tax consists of the sum of ( 1 ) a partial tax computed
under section 1 1 upon the taxable income of the bank deter-
mined without regard to any items of gross income or deductions
properly allocable to the business of the life insurance depart-
ment and (2) a partial tax upon the taxable income (computed
as provided in section 802) of the life insurance department
determined without regard to any items of gross income or de-
ductions not properly allocable to such department, at the rates
and in the manner provided in subchapter L with respect to life
insurance companies.
Tax computation. — For the purpose of computing the first
partial tax, a mutual savings bank should use Form 1J20-F, fill-
ing in all applicable items (except line 5) and schedules. The
first partial tax should be computed by using lines 1 through 4.
For the purpose of computing the second partial tax Form
1120 L should be used. The first partial tax should be added
to the second partial tax and the sum thereof entered on line 5.
Form 1120 L properly filled in should be attached to and made
a part of Form 1120-F and properly identified as an accompany-
ing schedule. However, any Form 1120 L so used need not
be separately executed under the penalty of perjury.
9- Tax from recomputing prior year investment credit. — Where
property is disposed of prior to the life used in computing the in-
vestment credit, the tax for the year in which the property is so
disposed of must be increased by the difference between the credit
taken on such property and the credit which would have been
allowed had the actual life been used. (Section 47.) The tax
from recomputing a prior year investment credit must not be
offset against the current year's investment credit.
10. Overpayment credited to estimated tax. — If you elect to have
all or part of the overpayment applied to your estimated tax,
no interest shall be allowed on such portion of the overpayment
credited.
268
Corporation Returns/1966 • Forms and Instructions
PAGE 8
CODES FOR PRINCIPAL BUSINESS ACTIVITY AND PRINCIPAL PRODUCT OR SERVICE
These industry titles and definitions are based on the Standard Enterprise Classification system developed by the Bureau of the Budget,
Executive Office of the President, to classify enterprises by type of activity in which engaged. The system follows closely the Standard In-
dustrial Classification used to classify establishments.
Using the list below, enter on page 3, under A, the code for the specific industry group from which the largest percentage of "total
receipts" is derived. "Total receipts" means gross receipts (line 1. page 3) plus all other income {lines 4 through 10, page 3). On page 3,
under A state the principal business activity and principal product or ser\-ice which account for the largest percentage of total receipts. For
example, if the principal business activity is "Grain mill products," the principal product or service may be "Cereal preparations."
AGRICULTURE. FORESTRY, tnd
FISHERIES
Code
QUO Farms.
0120 Agricultural services and hunting
and trapping.
0130 Forestry and forestry services.
0140 Fisheries.
MINING
M«t«I mining:
1010 Iron ores.
1020 Copper, lead and zinc, gold and silver
ores.
1098 Other metal mining.
1100 Anthracite and bituminous coal and lignite
mining.
Crude petroleum and natural gas:
1310 Crude petroleum, natural gas, and
natural gas liquids.
1380 Oil and gas field services.
Nonmetalltc minerals (except luels) mining:
1410 Stone, sand, and gravel.
1498 Other nonmetalllc minerals, except
fuels.
CONTRACT CONSTRUCTION
General contractors:
1510 Building construction.
1520 Highway and street construction,
and other heavy construction.
Special trade contractors:
1531 Plumbing, heating, and air condi-
tioning,
1632 Electrical work.
1638 Other special trade contractors,
MANUFACTURING
Food and kindred products:
2010 Meat products.
2020 Dairy products.
2030 Canning and preserving fruits, vege-
tables, and seafoods.
2040 Grain mill products.
2050 Bakery products.
2060 Sugar.
2070 Confectionery and related products.
2082 Malt liquors and malt.
2084 Wines, brandy, and brandy spirits.
2085 Distilled, rectified, and blended
liquors.
208fi Soft drinks, flavoring extracts, and
sirups.
2091 Vegetable oil mills, and animal,
marine, and edible fats and oils.
2098 Other food and kindred products.
2100 Tobacco manufactures.
Textile mill products:
2211 Broad woven fabric mills, cotton.
2212 Broad woven fabric mills, man-made
fiber and silk.
2213 Dyeing and finishing, except wool
and knit goods.
2220 Broad woven fabric mills, wool: in-
cluding dyeing and finishing.
2250 Knitting mills.
2270 Carpets and rugs.
2280 Yam and thread mills.
2291 Narrow fabrics.
2298 Other textile mill products.
Apparel and other fabricated tcatile products:
2310 Men's and boys' clothing.
2330 Women's, children's, and Infants'
clothing.
2380 Hats, caps, millinery, fur goods, and
other apparel and accessories.
2398 Other fabricated textile products.
Lumber and wood products, ezcepi furniture:
2410 Logging camps and logging con-
tractors, sawmills, and planing mills.
2430 Mlllwork, veneers, plywooa, and
prefabricated structural wood prod-
ucts.
2498 Wooden containers and other wood
products.
Furniture and fiiturcs:
2510 Household furniture.
2590 Furniture and fixtures, except house-
hold furniture.
Paper and allied producia:
2611 PulpmlUs.
2614 Paper, papert)Oard, building paper,
and building txiard mills.
2640 Converted paper and paperboard
products, except containers.
2650 Paperboard boxes and containers.
Printing, publishing, and allied industries:
2711 Newspapers: publishing, publishing
and printing.
2712 Periodicals: publishing, publishing
and printing.
2715 Books: publishing, publishing and
printing; and miscellaneous pub-
lishing.
Code
2720 Commercial printing, including book
printing, manifold business forms,
and greeting cards.
2780 Bookbinding, related industries, and
prinling trade services.
Chemicals and allied products:
2S11 Industrial inorganic and organic
chemicals.
2812 Plastics materials, synthetic resins.
synthetic rubber, and man-made
fibers, except glass.
2830 Drugs.
2841 Soaps, detergents, and cleaning
preparations.
2842 Perfumes, cosmetics, and other toilet
preparations.
2850 Paints and allied products, including
gum and wood chemicals.
2870 Fertilizers and other agricultural
chemicals.
2898 Other chemical products.
Petroleum refining and related industries:
2911 Petroleum refining without extrac-
tion.
2912 Integrated petroleum refining and
extraction.
2998 Paving and roofing materials, and
other products of petroleum and coal.
Rubber and miscellaneous plastics products:
3010 Tires and inner tubes.
3020 Rubber footwear, reclaimed rubber,
and other fabricated rubber products.
3098 Miscellaneous plastics products.
Leather and leather products:
3140 Footwear, except rubber.
3198 Leather taiming and finishing, and
other leather products.
Stone, clay, and glass products:
3210 Glass and glass products.
3240 Cement, hydraulic.
3250 Structural clay products.
3260 Pottery and related products.
3270 Concrete, gypsum, and plaster
products.
3298 Cut stone and stone products, and
abrasive, asbestos, and other non-
metallic mineral products.
Primary metal industries:
3310 Blast furnaces, steelworks, and iron
and steel foundries and forgings.
3330 Nonferrous metals: smelting, refin-
ing, rolling, drawing, and alloying,
including foundries and forgings.
3398 Other primary metal industries.
Fabricated metal products, except machinery
and transportation equipment:
3410 Metal cans
3420 Cutlery, hand tools, and general
hardware.
3430 Heating apparatus (except electric)
and plumbing fixtures.
3440 Fabricated structural metal prod-
ucts.
3450 Screw machine products, and bolts,
nuts, screws, rivets, and washers.
3461 Metal stampings.
3462 Metal coating and engraving.
3498 Fabricated wire products and other
fabricated metal products.
Machinery, except electric:
3510 Engines and turbines.
3520 Farm machinery and equipment.
3530 Construction, mining, and materials
handling machinery and equipment.
3540 Metalworking machinery and equip-
ment.
3650 Special industry machinery and
equipment, except metalworking.
3560 General industrial machinery and
equipment.
3570 Office, computing, and accounting
machines.
3580 Service Industry machines.
3598 Other machinery, except electrical.
Electrical machinery, equipment, and supplies:
3611 Electrical transmission and distribu-
tion equipment.
3612 Electrical industrial apparatus.
3630 Household appliances.
3650 Radio and televisloa receiving sets,
except communication types.
3661 Communication equipment.
3662 Electronic components and acces-
sories.
3691 Electric lighting and wiring equip-
ment, except Insulated wire.
3698 Other electrical machinery, equip-
ment, and supplies.
Transports tion equipment:
3711 Motor vehicles; passenger car, truck,
and bus bodies; and truck trailers.
3714 Motor vehicle parts and accessories.
Code
3721 Aircraft, and complete guided mis-
siles and space vehicles.
3722 Aircraft parts, and guided missile and
space vehicle subassemblies.
3730 Ship and boat building and repair,
3791 Railroad equipment, Including street
cars.
3798 Motorcycles, bicycles, and parts, and
other transportation equipment.
Scientific instruments; photographic equipment:
watches and clocks:
3810 Scientific and mechanical measuring
instruments.
3830 Optical, medical, and ophthalmic
goods.
3860 Photographic equipment and sup-
plies.
3870 Watches and clocks.
Miscellaneous manufacturing industries, in-
cluding ordnance and accessories:
3910 Jewelry, silverware, and plated ware.
3920 Toys and sporting goods.
3930 Ordnance, except guided missiles.
3991 Costume jewelry.
3998 Musical Instruments, office and
artists' materials, and other manu-
facturing industries.
TRANSPORTATION, COMMUNICATION.
ELECTRIC. GAS, and SANITARY
SERVICES
Transportation:
4011 Railroad transportation, terminals,
and related services.
4020 Local, suburban, and intercity pas-
senger transportation, including taxi-
cabs and school busses.
4030 Motor freight transportation and
warehousing.
4040 Water transportation.
4050 Air transportation.
4060 Pipeline transt>ortation.
4098 Other transportation services.
Communication services:
4810 Telephone communications {wire or
radio).
4820 Telegraph communications (wire or
radio).
4830 Radio and television broadcasting,
4898 Other communication services.
Electric, gas, and sanitary services:
4910 Electric companies and systems (95
percent or more).
4920 Gas companies and systems (95 per-
cent or more).
4930 Combination companies and sys-
tems— gas, electric, or other services.
4940 Water supply and other sanitary
services.
WHOLESALE TRADE
6010 Motor vehicles and automotive
equipment.
5020 Drugs, chemicals, and paints.
5030 Dry goods and apparel.
5047 Meat and meat products.
5048 Poultry and poultry products, fish
and sea foods, and other groceries and
related products.
5050 Farm products— raw materials.
5060 Electrical goods.
5070 Hardware, and plumbing and heat-
ing equipment and supplies.
5080 Machinery, equipment, and supplies.
5091 Metals and minerals, except petro-
leum products and scrap.
5092 Petroleum bulk stations and termi-
nals.
5095 Beer, wine, and distilled alcoholic
beverages.
5096 Paper and its products.
5097 Lumber and construction materials.
6098 Other wholesale trade.
RETAIL TRADE
Building materials, hardware, and farm cqui(H
mcnt:
5211 Building materials.
5215 Hardware stores.
5216 Farm equipment dealers.
General merchandise stores:
5221 Department stores.
5222 Variety stores.
5223 Mall-order houses.
5228 Other general merchandise stores.
5230 Food stores.
Automotive dealers and gasoline service sla-
lions:
5241 Automobile and truck dealers.
6243 Gasoline service stations.
5248 Tire, battery, and accessory dealers,
and miscellaneous aircraft, marine,
and automotive dealers.
Code
Other retail stores:
5250 Apparel and accessories.
5260 Furniture, home furnishings, and
equipment stores.
5270 Eating and drinking places.
5291 Drugstores and proprietary stores.
5292 Liquor stores.
5293 Jewelry stores.
5298 Sporting goods and secondhand
stores, farm and garden supply, fuel
and Ice dealers, and other retail
stores.
FINANCE, INSURANCE, and REAL ESTATE
Banks and trust companies:
6011 Mutual savings banks.
6012 Banks and trust companies, except
mutual savings banks.
Credit agencies other than banks:
6021 Savings and loan, building and loan
associations.
6022 Personal credit agencies.
6025 Business credit agencies.
6028 Loan correspondents and brokers,
and other credit agencies.
Security and commodity brokers, dealers.
eschangei and services:
6033 Security brokers, dealers, and flota-
tion companies.
6038 Commodity brokers and dealers;
security and commodity exchanges;
and allied services.
Holding and other investment companies:
6042 Regulated investment companies.
6043 Real estate Investment trusts, 1960
Act.
6044 Small business investment com-
panies, 1968 Act.
6048 Other holding and Investment cos.
Insurance:
6055 Life insurance.
6056 Mutual Insurance, except life, or
marine, and certain fire or flood
insurance companies.
6058 Other insurance companies.
6060 Insurance agents, brokers, and
service.
Real estate:
6510 Real estate operators (except devel-
opers) and lessors of buildings.
6621 Lessors of mining, oil, and similar
property.
6622 Lessors of railroad property.
6528 Lessors of real property other than
buildings, not elsewhere classified.
6560 Subdividers, developers, and oper-
ative builders.
6591 Agents, brokers, and managers.
6592 Title abstract companies.
6593 Combinations of real estate, Insur-
ance, loans, and law offices.
SERVICES
Hotels, rooming houses, campa. and other
lodging places:
7013 Tourist courts and motels.
7018 Hotels and other lodgUag places,
except tourist courts and motels.
Personal services:
7210 Laundries, laundry services, cleaning
and dvclng plants.
7220 Photographic studios, including com-
mercial photography.
7298 Beauty, barber, shoe repair, and
pressing shops, funeral and other
personal services.
Business services:
7310 Advertising.
7398 Credit reporting and employment
agencies, news syndicates, dupli-
cating, mailing, stenographic, build-
ing, and other business services.
Automobile and other repair services:
7510 Automobile parking, repair, and
services.
7560 Repair services, except automobile.
Motion pictures:
7810 Motion picture production, distribu-
tion, and related services.
7830 Motion picture theaters.
7900 Amusement and recreational services,
except motion pictures.
8019 Medical services.
8020 Educational services.
8030 Legal services.
8098 Services not elsewhere classified.
4
♦
■it^^-ir U.S. GOVERNMENT PRINTING OFFICE : 1966— O- 220-071
Corporation Returns/1966 • Forms and Instructions
269
FORM
1120L
U.S. Treasury Department
Internal Revenue Service
U.S. Life Insurance Company Income Tax Return
PLEASE TYPE OR PRINT
FOR CALENDAR YEAR
a Date and place incorporated
Number and street
b Employer identification numbei
City or town, State, and ZIP code
c Ctteck if a—
H] Legal reserve company— 1( so, checit
Type of company — lA Stoclt
D Mutual
Principal business— Q Life insurance
Q Health and accident
insurance
isocialjon
C] Burial or other insurance company (See Instruction A)
msurance
II Fraternal or assessment association
d Do you have any variable annuity contracts outstanding?
Yes n No D
» Do you have any segregated asset accounts?
Yes n No D
(If "Yes," see section 801(g),)
f Were you a member of a controlled group subject to the provisions of
section 1561? Yes D No D or section 1562? Yes D No D
If so, check type of relationship: (1) parent-subsidiary CH : (2) brother-
sister D: (3) combination of (1) and (2)0; W certain insurance
companies D (see section 1563).
g Amount of total insurance liabilities.
(See Instruction 0.)
h State the percentage that the total of
your life insurance reserves (Sec. 801
(b)), plus unearned premiums, and un-
paid losses (whether or not ascertained),
on noncancellable life, health, or acci-
dent policies not included in life insur-
ance reserves, is to your total reserves
(Sec. 801(c)). Attach schedule.
wfiichever is lesser)
36)
LIFE INSURANCE COMPANY TAXABLE INCOME
1 (a) The taxable investment income (Schedule C)
(b) The gain from operations (Scheciule E) (If a loss, enter zero) . . .
(c) The smaller of (a) or (b)
2 50 percent of the excess, if any, of 1(b) over 1(a)
3 Amount subtracted from policyholders surplus account (line 5, Schedule G)
4 Life insurance company taxable income (total lines 1(c), 2, and 3) . . .
COMPUTATION OF TAX DUE OR REFUND
5 Surtax exemption (line 4, $25,000, or amount apportioned under section 1561
6 Line 4 less line 5
7 (a) 22 percent of line 4
(b) 26 percent of line 6
(c) If multiple surtax exemption is elected under section 1562, enter 6 percent of line 5 .
8 Income tax (line 7 or line 29 of separate Schedule D, whichever is lesser) . .
9 Foreign tax credit (attach Form 1118)
10 Balance (line 8 less line 9)
11 Investment credit (attach Form 3468)
12 Balance of income tax (line 10 less line 11)
13 Tax from recomputing prior year investment credit (attach statement) . .
14 Total tax (line 12 plus line 13)
15 Credits: (a) Tax paid with Form 7004 application for extension (attach copy)
(b) Payments and credits on 1966 declaration of estimated tax
(c) Credit from regulated investment companies (attach Form 2439)
(d) Credit for U.S. tax on nonhighway gas. and lub. oil (attach Form 4
16 If tax (line 14) is larger than credits (line 15), the balance is TAX DUE. Enter balance here
17 If tax (line 14) is less than credits (line 15) Enter the OVERPAYMENT here
18 Enter amount of line 17 you want: Credited on 1967 estimated tax Refunded
SIGNATURE AND VERIFICATION (See Instruction E)
Under penalties of perjury I declare that I have examined this return, including accompanying schedules and statements, and to the best
of my knowledge and belief it' is true, correct, and complete. If prepared by a person other than taxpayer, his declaration is based on all
information of which he has any knowledge.
CORPORATE
SEAL
Signature of officer
Individual or firm signature of preparer
270
Corporation Returns/1966 • Forms and Instructions
Form 1120 L (1966)
Page
SCHEDULE A.— INVESTMENT YIELD (See instructions)
2. Accrual of Discount
3. Amortization of
Premium
Gross Investment Income (Section 804(b))
1 Interest:
(a) Wholly exempt obligations (attach schedule) ....
(b) U.S. obligations and U.S. instrumentalities
(c) Loans, notes, mortgages, bank deposits, bonds, debentures, etc
Totals
2 Dividends (see instructions)
(a) Domestic corporations subject to 85% deduction
(b) Certain preferred stock of public utilities .
(c) Foreign corporations subject to 85% deduction
(d) Qualifying dividends from affiliated groups
(e) Other (attach schedule)
3 Rents (attach schedule)
4 Royalties (attach schedule)
5 Leases, terminations, etc
6 Net short-term capital gain reduced by any net long-term capital loss (line 15, separate Schedule D, Form 1120 L) .
7 Gross income from trade or business other than insurance business (attach schedule)
8 GROSS INVESTMENT INCOME (total lines 1-7)
Deductions (Section 804(c))
9 Investment expenses (attach schedule) (see Schedule H)
10 Real estate expenses (attach schedule)
11 Depreciation (Schedule K)
12 Depletion (attach schedule)
13 Trade or business deductions as provided in 804(c)(5) (attach schedule)
14 Total deductions (lines 9-13)
15 INVESTMENT YIELD (line 8 less line 14)
i. Total
(For Line 1; Column 1 Plus
Column 2 Less Column 3)
SCHEDULE B.— PART I— POLICY AND OTHER CONTRACT LIABILITY REQUIREMENTS (Sec. 805(a)) (See instructions)
1 Adjusted life insurance reserves (from Part VI)
2 Multiplied by the adjusted reserves rate (lesser of lines 1 or 7, Part 111)
3 Pension plan reserves (from line 5, col. 7, Part V)
4 Multiplied by the current earnings rate (line 1, Part III)
5 Interest paid (from Part VII)
6 Policy and other contract liability requirements (total of lines 2. 4, and 5)
%
PART II— ASSETS (Sec. 805(b)(4))
1. Begmnmg of Taxable
Year
2. End of Taxable Year
3. Mean of Column 1 and
Column 2'
1 Real estate
2 Mortgages:
(a) Without service fees
(b) With sen/ice fees
3 Collateral loans
4 Policy loans, including premium notes
5 Corporate bonds
6 Stocks
7 Government obligations, etc. (Submit detailed schedule)
8 Bank deposits, cash, etc
9 Other assets (attach schedule)
10 Totals
'Adjusted under Section 806(a) (attach schedule)
PART III— EARNINGS RATES (Sec. 805(b))
1 Current earnings rate (line 15, Schedule A, divided by line 10, column 3, Part II)
2 Earnings rate for first preceding year (attach schedule)
3 Earnings rate for second preceding year (attach schedule)
4 Earnings rate for third preceding year (attach schedule) .
5 Earnings rate for fourth preceding year (attach schedule) .
6 Total (lines 1-5)
7 Average earnings rate (see instructions)
%
%
"%
"%
"%
Corporation Returns/1966 • Forms and Instructions
271
Form 1120 L (1966)
Page 3
PART IV— AVERAGE INTEREST RATE ASSUMED (Sec. 805(c)(2))
1. Nature of Reserve
(Ltfe, Annuity, Etc.)
2. Assumed
Morbidity
or Mortality
Table
3. As-
sumed
Interest
Rale
4. Method of
Computation
(Illinois Stand-
ard, Etc.)
5. Amount of Reserve
at Beginning of
Taxable Year'
6. Amount of Reserve
at End of Taxable
Year*
7. Mean of
Columns 5
and 6"
8. Columns
times
Column 7
1
2
3 .
4-
5 Totals
6 Average rate of interest assumed in computing life insurance reserves (total of column 8 divided by total of column 7) .
%
PART V— PENSION PLAN RESERVES (Sec. 805(d))
1 805(d)(1)(A) reserves
2 805(d)(1)(B) reserves
3 805(d)(1)(C) reserves
4 805(d)(1)(D) reserves
5 Totals . . .
•See Instructions for 806(b) and 818(c) adjustments.
•Adjusted under 806(a) (attacti scfiedule).
PART VI— ADJUSTED LIFE INSURANCE RESERVES (Sec. 805(c)(1))
1 Mean of the reserves (col. 7, line 5, Part IV)
2 (a) Multiplied by that percentage whicfi equals
(b) Increased by 10 times the average rate of interest assumed (from line 6, Part IV)
(c) Total
(d) Reduced by 10 times the adjusted reserves rate (from line 2, Part I, Schedule B)
(e) Line (c) less line (d)
3 Adjusted life insurance reserves (line 1 multiplied by line 2(e))
100%
PART VII — INTEREST PAID (Sec. 805(e))
1 Interest on indebtedness ....
2 Amounts in the nature of interest .
3 Discount on prepaid premiums .
4 Total interest paid (lines 1-3)
SCHEDULE C. — TAXABLE INVESTMENT INCOME (See instructions)
1 Policyholders' share (Sec. 804) (line 6, Part I, Schedule B, divided by line 15, Schedule A) but not to exceed 100%
2 Company's share
3 Total
4 Interest wholly tax-exempt (line 1(a), col. 4, Schedule A, see inst.)
5 (a) Dividends from line 2(a), Schedule A
(b) Dividends from line 2(b), Schedule A
(c) Dividends from line 2(c), Schedule A
(d) Dividends from line 2(d), Schedule A
(e) Dividends from line 2(e), Schedule A
6 Other items of investment yield (line 15, Schedule A, less 4-5 above)
7 Net long-term capital gain from line 16, separate Schedule D . . .
8 Total (lines 4-7)
REDUCTIONS
9 Interest wholly tax-exempt (line 4, column 3)
10 Dividends-received deduction (Affiliated groups — see instructions):
(a) 85% of dividends from line 5(a), column 3
(b) 60.208% of dividends from line 5(b), column 3
(c) 85% of dividends from line 5(c), column 3
1. Total
2. Exclusion Policyholders'
share (line I times col. 1)
(d)
Total, but not to exceed 85% of taxable investment income (line 13) computed without regard to this
deduction
11 Small business deduction (10% of line 15, Schedule A, not to exceed $25,000)
12 Total (lines 9. 10(d). and 11)
13 Taxable investment income (line 8 less line 12, but not less thqn zero)
%
100%
3. Company'
less
s share (col. 1
col. 2)
272
Corporation Returns/1966 • Forms and Instructions
Form 1120 L (1966)
Page 4
SCHEDULE E.— GAIN AND LOSS FROM OPERATIONS (See instructions)
1 Policyholders' share (Sec. 809) (line 5, Schedule E-1, divided by line 15. Schedule A), but not to exceed 100%
2 Company's share
3 Total
1. Total
4 Interest wholly tax-exempt (line 1(a), col. 4, Schedule A, see inst.)
5 (a) Dividends from line 2(a), Schedule A .
(b) Dividends from line 2(b). Schedule A .
(c) Dividends from line 2(c), Schedule A .
(d) Dividends from line 2(d), Schedule A .
(e) Dividends from line 2(e). Schedule A
6 Other items of investment yield (Irne 15, Schedule A. less 4-5 above)
7 Total (lines 4-6) :
8 Net long-term capital gain from line 16, separate Schedule D
9 Gross premiums Less: Return premiums, etc
10 (a) Decrease in reserves (after adjustment under 810(a)) (attach schedule)
(b) Decrease in 811(b)(2) reserves (See line 3, Part II, Schedule E-2)
11 Other amounts (attach schedule)
12 Total (lines 7-11)
DEDUCTIONS
13 Death benefits, etc
14 Increase in reserves (after reduction for investment yield under 810(b)) (attach schedule).
15 Assumption by another person of liabilities under insurance, etc.. contracts
16 Interest wholly tax-exempt (line 4. column 3)
17 Investment expenses, etc., not deducted on Schedule A (attach schedule)
18 Small business deduction (10% of line 15, Schedule A, not to exceed $25,000)
19 Other deductions not deducted on Schedule A (attach schedule)
20 Total (lines 13-19)
21 Dividends-received deduction (Affiliated groups — see instructions):
(a) 85% of dividends from line 5(a), column 3
(b) 60.208% of dividends from line 5(b). column 3
(c) 85% of dividends from line 5(c), column 3
(d) Total, but not to exceed 85% of the excess, if any. of line 12 over line 20
22 Operations loss deduction (attach schedule)
23 Tentative deduction (lines 20-22)
24 Plus: (a) Dividends to policyholders (line 7, Part I, Schedule E-2)
(b) Accident and health, and group life insurance (line 9, Part I, Schedule E-2) . .
(c) Certain nonparticlpating contracts (line 11, Part I, Schedule E-2)
25 Total deductions (line 23 plus line 24)
26 Gain (loss) from operations (line 12 less line 25)
2. Exclusion Policyholders'
share (line 1 times cot. 1)
100%
3. Company's share (col. 1
less col. 2)
SCHEDULE E-1.— REQUIRED INTEREST (Sec. 809(a)(2))
1. Rate
I 2. Beginning of Taxable Year j 3. End of Taxable Year | 4. Mean of Columns 2 and 3
1 810(c)(1) Reserves (from line 5, column 8, Parts IV and V. Schedule B)
2 810(c)(3) Reserves .
3 810(c)(4) Reserves .
4 810(c)(5) Reserves .
5 Required interest (Total, lines 1-4)
5. Column I times column 4
SCHEDULE E-2.— PART I— LIMITATION ON LINE 24. SCHEDULE E, DEDUCTION (Sec. 809(f))
1 Statutory amount
2 (a) From line 12, Schedule E
(b) Less: Tentative deduction, line 23. Schedule E
3 Gain from operations without regard to line 24. Schedule E
4 Less: Taxable investment income (line 13, Schedule C)
5 Excess of line 3 over line 4 (but not less than zero)
6 Maximum possible deduction for line 24. Schedule E (line 1 plus line 5)
7 Deduction for dividends to policyholders (Part II) (not in excess of line 6)
8 Maximum deduction for accident and health, and group life insurance (line 6 less line 7)
9 Deduction for accident and health, and group life insurance (Part III) (not In excess of line 8) .
10 Maximum deduction for certain nonparticlpating contracts (line 8 less line 9)
11 Deduction for certain nonparticlpating contracts (Part IV) (not in excess of line 10).
250,000
Corporation Returns/1966 • Forms and Instructions
273
Form 1120 L (1966)
PART II — DIVIDENDS TO POLICYHOLDERS (Sec. 809(d)(3))
1 Dividends paid to policyholders
2 (a) Increased by the excess of (1) over (2):
(1) Reserve as of the end of the taxable year
(2) Reserve as of the end of the preceding taxable year .
OR
(b) Decreased by the excess of (1) over (2):
(1) Reserve as of the end of the preceding taxable year . .
(2) Reserve as of the end of the taxable year .
Page 5
3 If positive, enter on line 7, Schedule E-2; if negative, enter on line 10(b), Schedule E
PART III— CERTAIN ACCIDENT AND HEALTH INSURANCE AND GROUP LIFE INSURANCE (Sec. 809(d)(6))
1 Net premiums
2 Multiplied by
3 Tentative deduction (not to exceed 50% of line 1, less the total amount deducted for prior years).
2%
PART IV — CERTAIN NONPARTICIPATING CONTRACTS (Sec. e09(d)(5))
1 (a) Reserve at the end of the taxable year
(b) Reserve at the beginning of the taxable year '
(c) Increase (if the difference is negative, enter "0")
(d) Multiplied by
10%
2 (a) Net premiums
(b) Multiplied by
'3%
3 Tentative deduction — the greater of line 1 or line 2
SCHEDULE F.— SHAREHOLDERS SURPLUS ACCOUNT (Sec. 815(b))
1 (a) Balance as of the end of the preceding year
(b) Transfers under 815(d)(1) and (4) for preceding year
(c) Balance as of the beginning of the taxable year (line 1(a) plus line 1(b))
2 Life insurance company taxable income computed without regard to section 802(b)(3) (line
3 Net long-term capital gain in excess of net short-term capital loss, reduced by income, if any,
4 Dividends-received deduction (Affiliated groups — see instructions):
(a) 85% of dividends received from line 2(a), Schedule A
(b) 60.208% of dividends received from line 2(b), Schedule A
(c) 85% of dividends received from line 2(c), Schedule A
(d) Total, but not to exceed 85% of line 12 less line 20, Schedule E ....
5 Interest wholly exempt from tax (line 1(a), column 4, Schedule A)
6 Small business deduction (line 18. Schedule E)
7 Total (lines 1-6)
8 Less; Tax liability for 1966 under 802(a) (computed without regard to 802(b)(3)) . .
9 Excess of line 7 over line 8
10 Less: Distributions in 1966 (not to exceed line 9)
11 Balance as of the end of the taxable year (line 9 less line 10)
4 less li
on line
ne 3,
2
page 1)
SCHEDULE G.— POLICYHOLDERS SURPLUS ACCOUNT (Sec. 815(c))
1 Balance as of the beginning of the taxable year
2 Add: (a) 50 percent of the excess, if any, of the gain from operations over the taxable invest-
ment income (line 2, page 1)
(b) The deduction for certain nonparticipating contracts (line 24(c), Schedule E) . . .
(c) The deduction for accident and health, and group life insurance (line 24(b),
Schedule E)
3 Total (line 1 plus line 2)
4 Less; (a) Actual distributions only in excess of line 9, Schedule F
(b) Tax increase on 4(a) by reason of 802(b)(3)
(c) Subtractions under 815(d)(1) and (4) (see instructions)
(d) Tax increase on 4(c) by reason of 802(b)(3)
(e) Subtraction required under 815(d)(2) due to termination
5 Total of lines 4(a)-(e) (not to exceed line 3) (enter here and on line 3, page 1) . . .
6 Balance as of the end of the year (line 3 less line 5)
274
Corporation Returns/1966 • Forms and Instructions
Form 1120 L (1966)
Page 6
SCHEDULE H.— LIMITATION OF INVESTMENT EXPENSE DEDUCTION
(Schedule H need not he filled in if no deduction is claimed for
anv general expenses that are allocated to Investment Income.)
1 Mean of the assets for ttie taxable year (line 10, column 3, Part II, Schedule B)
2 One-fourth of 1% of the mean of the assets (line 1)
3 Mortgage service fees
4 The greater of (a) or (b):
(a) (i) Investment yield computed without regard to investment expenses . .
(ii) Three and three-fourths percent of line 1
(iii) Excess (line (!) over line (ii))
(iv) One-fourth of line (iii)
(v) Reduced by mortagage sen/ice fees (line 3)
(vi) Line (iv) less line (v)
(b) One-fourth of 1% of the amount on line 2(a), column 3, Part II, Schedule B .
5 Limit on deduction for investment expenses (total lines 2-4)
SCHEDULE J.— COMPENSATION OF OFFICERS
1. Name, address, and social security number of officer
2. Title
3. Time
devoted
to business
Percent of corporation
stock owned
6. Amount of
compensation
7. Expense account
4. Common
5. Preferred
SCHEDULE K. — DEPRECIATION (See Instruction 11, page 2)
Taxpayers using Revenue Procedure 62-21: Make no entry in column 2, enter the cost or other basis of assets held at end of year in column 3,
and enter the accumulated depreciation at end of year In column 4.
1. Group and guideline class
or description of property
2. Date
acquired
3. Cost or
other basis
4. Depreciation
allowed or allowable
m prior years
5. Method of
computing
depreciation
6. Life or
rale
1 Total additional first-year depreciation (do not include in items below)-
Buildings
Furniture and fixtures
Transportation equipment ....
Machinery and other equipment .
Other (specify)
2 Totals
Enter here and on line 11, Schedule A .
7. Depreciation for
this year
i (1) Did the corporation at the end of the taxable year own di-
rectly or indirectly 50 percent or more of the voting stock
of a domestic corporation? Yes □ No □
(2) Did any corporation, individual, partnership, trust, or asso-
ciation at the end of the taxable year own directly or indi-
rectly 50 percent or more of the corporation's voting
stock? Yes □ No □
(For rules of attribution, see section 267(c).)
If the answer to (1) or (2) is "Yes," attach a schedule
showing:
(a) name, address, and identifying number; and
(b) percentage owned.
If the answer to (1) above is "Yes," include the taxable in-
come (or loss) from line 30, page 1, Form 1120 of such
corporation for the taxable year ending with or within
your taxable year.
I Did you at any time during the taxable year own directly or indi-
rectly any stock of a foreign corporation? Yes □ No □ (If
"Yes," attach statement required by General Instruction J.)
k Did you file with the District Director a copy of the annual statement
for the preceding year as required by General Instruction K?
Yes □ No □ If "Yes." state office in which filed.
If a copy of the annual statement does not accompany this return,
explain why the statement is not attached.
m Did you incur expenses in connection with: (If answer to any ques-
tion is "Yes," check applicable boxes within that question.)
(1) A hunting lodge □, working ranch or farm □, fishing
camp □, resort property □, pleasure boat or yacht □> o"" other
similar facility □? (Other than where the operation of the facility
was the principal business.) Yes □ No □
(2) The leasing, renting, or ownership of a hotel room or
suite □, apartment [^, or other dwelling □, which was used by
customers or employees or members of their families? (Other
than use by employees while in business travel status.)
Yes Q No n
(3) The attendance of your employees' families at conven-
tions or business meetings? Yes □ No □
(4) Vacations for employees or members of their families?
(Other than amount reported on Form W-2.) Yes □ No □
n Were you liable for filing Forms 1096 and 1099 or 1087 for the
calendar year 1966? Yes □ No Q
If "Yes," where were they filed?
o Were you a U.S. shareholder of any controlled foreign corporation?
Yes n No □ (See sections 951 and 957.) If "Yes." attach
Form 3646 for each such corporation.
'.-■^r-i-i/ us, GOVERNMENT PRINTING OFFICE 19«— O-220 072
Corporation Returns/1966 • Forms and Instructions
275
1966 INSTRUCTIONS— FORM 1120L
U.S. LIFE INSURANCE COMPANY
INCOME TAX RETURN
Investment Credit — Accelerated Depreciation
At the time this paciiage was printed, the Congress was considering
a proposal for temporarily modifying the availability of the invest-
ment credit and accelerated depreciation. If you are affected by
these items, you will have to take into account whatever provisions
Congress enacts. The Service will also use news media and any
other means available to provide supplemental advice and instruc-
tions for'those affected.
GENERAL INSTRUCTIONS
(References are to the Internal
Revenue Code.)
A. Companies required to file a return. — Every domestic
life insurance company and every foreign life insurance com-
pany carrying on an insurance business within the United
States (if with respect to its United States business it would
qualify as a life insurance company), which is engaged in
the business of issuing life insurance and annuity contracts
(either separately or combined with health and accident
insurance) or noncancellable contracts of health and accident
insurance and of which the life insurance reserves, plus un-
earned premiums and unpaid losses (whether or not ascer-
tained), on noncancellable life, health, or accident policies
not included in life insurance reserves, comprise more than
50 percent of its total reserves, adjusted in each case for
policy loans as required by section 801(d), shall file a return
on this form. For this purpose the term "noncancellable"
includes guaranteed renewable life, health, and accident
insurance which is not cancellable by the company but under
which the company reserves the right to adjust premium
rates by classes, in accordance with experience under the
type of policy involved. The terms "life insurance reserves"
and "total reserves" do not include deficiency reserves.
A burial or funeral benefit insurance company engaged
directly in the manufacture of funeral supplies or the per-
formance of funeral services shall be taxable under section
821 or section 831 and should file Form 1120M, Mutual Insur-
ance Company, or Form 1120, U.S. Corporation Return.
(Section 801(f).)
If a receiver, trustee in bankruptcy, or assignee has pos-
session of or holds title to all or substantially all the property
or business of a corporation, whether or not the property or
business is being operated, he must make a return of income
for the coi-poration in the same manner and form as would
be required were such corporation required to make its own
return. (See sec. 6012.) If a life insurance company dis-
poses of its life insurance business and life insurance reserves
under a reinsurance agreement with another company, but
continues its corporate existence for the purpose of winding
up and liquidating its affairs, it will not be taxable as a life
insurance company after the effective date of such agreement.
B. Period covered. — The return shall be for the calendar
year ended December 31, 1966, and the taxable income com-
puted on the calendar year basis in accordance with the
provisions of section 843. If the corporation liquidates or
otherwise ceases to exist and this is the last return the tax-
payer is required to file, write "FINAL RETURN" at the
top of the form.
C. Accounting methods. — A return on this form shall be
filed using the accrual method of accounting, or to the extent
permitted under regulations, under a combination of an
accrual method with any other method under chapter 1, other
than the cash receipts and disbursements method.
Accrual method. — Under this method, income is reported
in the year when the taxpayer first has a definite right to
income, the amount of which can be ascertained with rea-
sonable accuracy while deductions are taken in the year in
which there is first established a specific liability, the amount
of which can be ascertained with reasonable accuracy.
Where the right to income or the liability for expense is un-
certain, or the amount of such income or expense cannot be
ascertained with reasonable accuracy, accrual is generally
postponed until a determination is possible.
Rounding off to whole-dollar amounts. — The money items
on your return and accompanying schedules required by such
return may be shown as whole-dollar amounts. This means
that you eliminate any amount less than 50 cents, and in-
crease any amount from 50 cents through 99 cents to the next
highest dollar.
D. Time and place for filing. — The return for 1966 must be
sent to the District Director of Internal Revenue for the dis-
trict in which the company's principal place of business or
principal office or agency is located, on or before March 15,
1967.
E. Signature and verification. — The return must be signed
either by the president, vice president, treasurer, assistant
treasurer, chief accounting officer, or by any other corpo-
rate officer (such as tax officer) who is authorized to sign.
A receiver, trustee, or assignee must sign any return which
he is required to file on behalf of a corporation. The return
must also be signed by any person, firm, or corporation who
prepared the taxpayer's return for compensation. If the
return is prepared by a firm or corporation, it should be
signed in the name of the firm or corporation. This verifica-
tion is not required if the return is prepared by a regular
full-time employee of the taxpayer.
F. Payment of tax. — The balance of tax due must be paid
in full when the return is filed or in two installments, 50
percent on or before the 15th day of the third month and 50
percent on or before the 15th day of the sixth month follow-
ing the close of the taxable year. Please enter your em-
ployer identification number on all remittances.
A declaration of estimated tax must be made by every
corporation which is subject to income tax under subchapter
L of chapter 1 (relating to insurance companies), if its
income tax liability, reduced by any estimated credits under
sections 32, 33, 38, and 39, can reasonably be expected to
exceed $100,000. (See Form 1120-ES.) In the case of affili-
ated corporations filing a consolidated return, see consoli-
dated return regulations prescribed under section 1502.
Affiliated corporations receiving qualifying dividends, see
section 243(b)(3).
Request for automatic extension of 3 months for filing of
return must be made on Form 7004. (Sec. 6081(b).)
G. Failure to file, etc. — Substantial additions to the tax are
imposed for failing to file a return, for late filing, and for
filing a false or fraudulent return.
H. Information returns and other forms which may be re-
quired in addition to Form 1120L include the following. —
1. Forms W-2 and W-3: — Statement of wages, other C9m-
pensation, and tax withheld ; and reconciliation of tax with-
held.
2. Forms 966 and 1099L. — Information returns regard-
ing dissolution or liquidation, and distributions in liquidation.
3. Forms 1096 and 1099. — Information returns concerning
certain dividends, earnings, interest, rents, royalties, annui-
ties, pensions, foreign items ; and prizes, awards, and commis-
sions to nonemployees.
4. Form iiJS.— Statement in support of credit claimed by
a domestic corporation for taxes paid or accrued to foreign
countries or possessions of the United States.
5. Forms 2952 and S6i6. — Returns relating to controlled
foreign corporations.
6. Form 3468. — Computation of investment credit.
7. Form il36. — ^Computation of credit for Federal tax on
nonhighway gasoline and lubricating oil.
I. Pension deductions. — If amounts contributed under an
employees' pension, profit-sharing, stock bonus trust or an-
nuity plan and compensation under a deferred-payment plan
are included in deductions, attach Form 2950 and a state-
ment listing the items on the return in which such contribu-
tion is included and the amount included in each.
J. Stock ownership in foreign corporations. — A corporation
owning any stock of a foreign corporation must attach a
statement showing the name and address of each company
and the total number of shares of each class of outstanding
stock owned during the taxable year. If the corporation
owned 5 percent or more in value of the outstanding stock of
a foreign personal holding company, attach a statement
setting forth in complete detail the information required by
section 551(d).
K. Annual statement. — A copy of the annual statement for
life insurance companies adopted by the National Associa-
tion of Insurance Commissioners for the year 1966, as filed
Instructions 1120L (1966)
276
Corporation Returns/1966 • Forms and Instructions
Page 2
with the Insurance Department of the State, or District of
Columbia, which shows the reserves used in computing the
taxable income reported on the return, together with copies of
Schedule A (real estate) and Schedule D (bonds and stocks),
must accompany the return. Similar copies of the 4 preced-
ing years must also be furnished, if not already filed for such
years. In the case of a foreign life insurance company carry-
ing on a life insurance business within the United States, the
copies submitted shall be those relating to the United States
business of the company. Where companies use miniature
statements, such statements may be filed in lieu of the larger
statements.
L. Attachments. — Attachments may be used in the prep-
aration of your return if the lines on the form schedules are
not sufficient for your needs. The attachment must contain
all required information, follow the format of the official
schedules and must be attached to the return in the same
sequence as the schedules appear on the official forms.
M. Consolidated returns. — Subject to the provisions of
sections 1501 through 1504, section 1552 and the regulations,
an affiliated group of corporations, each qualifying as a life
insurance company, may make a consolidated income tax
return in lieu of separate returns. The common parent
corporation, when filing a consolidated return, shall attach
Form 851, Affiliations Schedule. Each subsidiary must pre-
pare Form 1122 in duplicate for the first taxable year for
which a consolidated return is made by the affiliated group.
The original must be attached to the consolidated return and
the other must be filed, at or before the time the consolidated
return is filed, with the Internal Revenue office prescribed for
the filing of a separate return by the subsidiary.
N. Percentage computations. — In computing earning rates,
assumed rates, and policyholders' and company's share of
investment yield, the computation should be carried out
to a sufficient number of decimal places to insure substan-
tial accuracy and to eliminate any significant error in the
resulting tax liability.
O. Insurance liabilities. — Domestic company. — The term
"total insurance liabilities" means the sum of the total re-
serves (as defined in section 801(c) ) as of the end of the tax-
able year plus (to the extent not included in total reserves)
the items referred to in paragraphs (3), (4), and (5) of
section 810(c) as of the end of the taxable year.
Foreign company. — The term "total insurance liabilities"
relates only to United States business.
SPECIFIC INSTRUCTIONS
SCHEDULE A.— INVESTMENT YIELD
The term "investment yield" means gross investment in-
come, as defined in section 804(b), less the deductions allowed
in section 804(c). The entire amount of the items of income
and allowable deductions are to be reported in Schedule A.
The purpose of including the entire amount of these items
is to provide the basis for the exclusion of the policyholders'
share of the investment yield from the life insurance com-
pany's taxable income.
Line 1. Interest. — Enter interest from all sources during
the taxable year. The gross amount of interest reported as
gross income shall be decreased by the amortization of pre-
mium and increased by the accrual of discount (except
market discount) attributable to the taxable year on bonds,
notes, debentures, or other evidences of indebtedness, deter-
mined (1) in accordance with the method regularly em-
ployed, if reasonable, or (2) in accordance with regulations
prescribed by the Secretary or his delegate. (Attach state-
ment showing method and computation.) (See section
818(b).)
Line 2. Dividends.-^
(a) Enter dividends received from a domestic cor-
poration subject to income tax and which are subject to
the 85-percent deduction under section 243(a)(1). So-
called dividends or earnings received from mutual sav-
ings banks, cooperative banks, domestic building and
loan associations and other savings institutions chartered
and supervised as savings and loan or similiar associa-
tions under Federal or State law, are in fact interest and
should not be treated as dividends. In the case of divi-
dends received from a regulated investment company, see
section 854 regarding the amount subject to the 85-per-
cent deduction.
(6) Enter dividends received on the preferred stock
of a public utility which is subject to income tax and
which is allowed the deduction provided in section 247
for dividends paid.
(c) Enter dividends received from foreign corpora-
tions and which qualify for the 85-percent deduction
provided in section 245.
(d) Enter only those dividends subject to the elective
provisions of section 243(b).
(e) Attach schedule showing separately:
(1) Foreign dividends (including minimum distributions
under Subpart F) which are not reportable on line 2(c).
Distributions of amounts constructively taxed in the cur-
rent year or in prior years under Subpart F should be
excluded.
(2) Income from controlled foreign corporations (file
Forms 3646).
(3) Foreign dividend gross-up under section 78, includ-
ing amount attributable to controlled foreign corpora-
tions on line 2(e)(2) above.
(4) Dividends (other than capital gain dividends) re-
ceived from regulated investment companies and which
are not subject to the 85-percent deduction; dividends
from corporations not subject to tax under chapter 1 of
the Code; dividends (other than capital gain dividends)
received from a real estate investment trust which, for
the taxable year of the tnist in which the dividend is
paid, qualifies under sections 85()— 858; dividends not
eligible for the 85-percent deduction because of the hold-
ing period of the stock or an obligation to make corre-
sponding payments with respect to similar stock; and
any other taxable dividend income not properly reported
above.
Line 3. Rents. — Enter gross amount of rents. Any ex-
penses, including repairs, interest, taxes, and depreciation,
should be included in the proper lines under deductions.
Line i. Royalties. — Enter the gross amount of royalties.
If a deduction is claimed for depletion, it must be reported
on line 12.
Line 5. Leases, terminations, etc. — Enter the gross amount
of income from the entering into (or the alteration or ter-
mination) of any lease, mortgage, or other instrument or
agreement from which the life insurance company derives
interest, rents, or royalties.
Line 6. Net short-term capital gain. — Enter the amount
(if any) by which the net short-term capital gain exceeds
the net long-term capital loss. See separate Schedule D,
Form 1120L.
Line 7. Gross income from trade or business other than
insurance business. — Enter the gross income from any trade
or business (other than an insurance business) carried on
by the life insurance company, or by a partnership of which
the life insurance company is a member.
Line 9. Investment expenses. — Enter expenses which are
properly chargeable to investment expenses, the total amount
of which, if there be any allocation of general expenses to
investment expenses, should not exceed line 5, Schedule H.
Submit a schedule showing the nature and amount of the
items included herein, the minor items being grouped in one
amount.
Line 10. Real estate expenses. — Enter the amount of taxes
(sec. 164) ; all ordinary and necessary building expenses,
such as fire insurance, heat, light, labor, etc.; and the cost of
incidental repairs which neither materially add to the value
of the property nor appreciably prolong its life, but keep it
in an ordinary efficient operating condition, exclusively on or
with respect to the real estate owned by the company. Do
not include any amount paid for new buildings or for
permanent improvements or betterments made to increase
the value of any property or any amount expended on fore-
closed property before such property is held for rental pur-
poses. These taxes and other expenses should be itemized
m an attached schedule. (For limitation on deduction, see
instruction 14(b).)
Line 11. Depreciation. — Enter the amount allowed by sec-
tion 167 and the regulations thereunder. In general, the
amount deductible is an amount reasonably measuring a
Corporation Returns/1966 • Forms and Instructions
277
portion of the investment in depreciable pa'operty which, by
reason of exhaustion, wear and tear, or obsolescence, is
properly chargeable against the operation for the year. In
any event the deduction is limited to the depreciation on the
property that is used, and to the extent used, for the purpose
of producing the income specified in section 804(b). (For
limitation on deduction, see instruction 14(b).)
If a deduction is claimed for depreciation, fill in Schedule K.
For reporting purposes, you may (1) group depreciable
assets in accordance with the categories specified in Schedule
K, or (2) continue to list your assets in the same manner as
in prior years.
Adjustments to basis of property: (a) Additional first-year
depreciation allowance — Section 179. — Corporations may
elect to write off 20 percent of the cost (before adjustment for
salvage value) of tangible personal property, but only to the
extent of an aggregate cost of $10,000, for the first taxable
year for which a deduction is allowable under section 167.
The cost of property does not include so much of the basis of
such property as is detei-mined by reference to the basis of
other property held at any time by the person acquiring such
property. This additional depreciation is limited to property
with a remaining useful life of 6 years or more and which is
not acquired from an afliliated corporation (as defined in sec-
tion 1504, except that "more than 50 percent" stock owner-
ship is substituted for "at least 80 percent" wherever it ap-
pears in section 1504(a)). All members of the affiliated
group will be treated as one taxpayer, and the $10,000 limita-
tion will be apportioned among the members in the manner
prescribed by regulations. Further, for this'allowance to ap-
ply in any case, the basis of the property must not be deter-
mined in whole or in part by reference to the transferor's
basis. If a taxpayer elects to claim the additional first-year
allowance under section 179, the basis of the property must
be reduced by the amount of the deduction so claimed. De-
preciation on the remaining cost of the property may be taken
under any of the allowable methods of computing deprecia-
tion. Total additional first-year depreciation must be shown
on line 1 of the depreciation schedule.
(b) Salvage value. — Salvage value must be taken into
account in determining the depreciation deduction (except
under declining balance method) either by a reduction of the
amount subject to depreciation, or by a reduction in the rate
of depreciation. Generally an asset (or an account) shall
not be depreciated below a reasonable salvage value. In
computing the basis on which depreciation may be taken for
personal property (other than livestock) acquired after Oc-
tober 16, 1962, with a useful life of 3 years or more, salvage
Page 3
value need not be taken into account if it does not exceed
10 percent of the cost or other basis of the property. If
salvage value exceeds 10 percent, only the excess need be
taken into account.
ALTERNATIVE DEPRECIATION GUIDELINES
AND RULES
Revenue Procedure 62-21, supplemented by Revenue Pro-
cedure 65-13, sets forth alternative standards and procedures
for detei-mining depreciation. The guideline lives for guide-
line classes (broad categories not item-by-item) are in most
cases substantially shorter than those used prior to the Reve-
nue Procedure. Taxpayers who'wish to use these provisions
must use them for all assets in a particular guideline class.
Schedule K is to be used for reporting depreciation under
both Revenue Procedure 62-21 and previously prescribed
rules and standards.
Line 12. Depletion. — If a deduction is claimed for deple-
tion. Form M (mines and other natural deposits). Form 0
(oil and gas), or Foi'm T (timber) should be submitted with
your return.
Line IS. Trade or business. — Enter the total of deductions
attributable to any trade or business (other than an insur-
ance business), the income from which is included in the
life insurance company's gross investment income under
section 804(b)(3). Do not include (a) losses from (or con-
sidered as from) sales or exchanges of capital assets, (6)
losses from sales or exchanges of property used in the trade
or business (as defined in section 1231(b)), and (c) losses
from the compulsory or involuntary conversion of property
used in the trade or business. The deductions to be entered
on line 13 will be disallowed to the extent attributable to
the carrying on of the insurance business. The deduction
for net operating losses (sec. 172) and the special deductions
(sees. 241-248) shall not be allowed.
Line H. Total deductions. — (a) Enter the total of lines
9-13.
(6) Limitation on deductions relating to real estate
owned and occupied. — The deductions included on lines 10
and 11 on account of real estate owned and occupied for
insurance purposes in whole or in part by the company shall
be limited to an amount v/hich bears the same ratio to such
deductions (computed without regard to the second sentence
of section 804(c)(3)) as the rental value of the space not
so occupied bears to the rental value of the entire property.
Submit detailed schedule.
SCHEDULE B
POLICY AND OTHER CONTRACT LIABILITY REQUIREMENTS (805(a))
Definition. — "the term "policy and other contract liability
requirements" means the sum of (1) the adjusted life insur-
ance reserves (from Part VI), multiplied by the adjusted re-
serves rate (from Part III); (2) the mean of the pension
plan reserves at the beginning and end of the taxable year
(from Part V), multiplied by the current earnings rate
(from Part III); and (3) the interest paid (from Part VII).
PART L
Purpose. — The next step after determining investment
yield (Schedule A) is to determine the policy and other con-
tract liability requirements. This computation furnishes the
numerator, with the total of the investment yield as the
denominator, to determine the policyholders' share of invest-
ment yield which is not included in computing taxable invest-
ment income (Schedule C).
PART II— ASSETS (805(b)(4))
Purpose. — This computation is necessary in order to deter-
mine the earnings rates in Part III.
Definition. — The tenn "assets" for this purpose means all
assets of the company (including nonadmitted assets). The
term includes all moneys but does not include real and per-
sonal property (other than money) used by the company in
carrying on an insurance trade or business.
Valuation. — The amount attributable to real property and
to stocks is the fair market value thereof. The amount at-
tributable to other assets is the adjusted basis of such assets
for purposes of determining gain on sale or other disposi-
tion. This adjusted basis is determined under section 1011
and other related provisions of subtitle A of the Code, with-
out regard to section 817(b).
Section 806(a) adjustment. — If, during the taxable year,
there is a change in life insurance reserves (either increases
or decreases) attributable to the transfer between the tax-
payer and another person of liabilities under contracts taken
into account in computing such reserves, the mean of the
assets is to be appropriately adjusted, on a daily basis, to
reflect the amounts involved in such transfer. See the regu-
lations. This adjustment should be reflected in an attached
schedule.
PART III— EARNINGS RATES (805(b))
The: term "current earnings rate" means the percentage
determined by dividing the investment yield for the taxable
year (Schedule A), by the mean of the assets at the begin-
ning and end of the taxable year (Part II — Assets). The
term "average earnings rate" means the sum of the cur-
rent earnings rate for the taxable year and the earnings
rate for each of the 4 taxable years immediately pre-
ceding the taxable year, divided by 5. If, in computing the
5-year average earnings rate for any taxable year, the com-
pany was an insurance company (but not a life insurance
company) in any of the 4 years preceding the taxable year,
the computation shall be made as if the company were a life
insurance company for such year. Where the company was
not in existence for one or more of the 4 preceding years or
was not an insurance company for one or more of such years,
no entry shall be made for such year or years. The average
earnings rate (line 7) is determined by adding the percent-
ages entered, and dividing this sum by the number of years
applicable. For example, if entries are made on three lines,
divide the sum by 3. See General Instruction N.
278
Corporation Returns/1966 • Forms and Instructions
Page 4
PART IV— AVERAGE INTEREST RATE ASSUMED (805(c)(2))
The purpose of this schedule is to determine a rate which
is used in the computation of adjusted life insurance reserves
(Part VI). See General Instruction N. Exclude pension plan
reserves from life insurance reserves for the purpose of
determining the taxpayers assumed rate under this part.
See Part V.
Columns 5 and 6. — Adjustment under 806(b).— If the
basis for detei-mining the amount of any item referred to in
810(c) (life insurance reserves, etc.) as of the close of the
taxable year differs from the basis for such determination
as of the beginning of the taxable year, then the amount of
the item as of the close of the taxable year shall be the
amount computed on the old basis, and the amount of the
item as of the beginning of the next taxable year shall be
the amount computed on the new basis.
Adjustment under 818(c). — This adjustment is required
where the company actually computes its life insurance re-
serves on one of the recognized preliminary term bases but
elects to convert them to a net level premium basis in the
computation of the reserves for tax purposes.
Where so elected, the conversion may be made by one of
two methods.
Method 1. Exact revaluation: Under this method, the
company must compute the reserves for all contracts (with
respect to which reserves are computed on a preliminary
term basis) on a net level premium basis, using the same
mortality assumptions and interest rates for both the pre-
liminary term basis and the net level premium basis.
Method 2. Approximate revaluation: Under this method,
with respect to contracts for which reserves are computed
under the preliminary term basis, the reserves are increased
by the sum of (A) $21 per $1,000 of insurance in force
(other than term insurance), less 2.1 percent of reserves
under such contracts; and (B) $5 per $1,000 of term insur-
ance in force under contracts which at the time of issuance
cover a period of more than 15 years, less 0.5 percent of
reserves under such contracts.
A life insurance company may elect, under section 818(c),
the approximate revaluation method for all its hfe insurance
resei-ves, other than noncancellable accident and health re-
serves, and use the exact revaluation method for all its non-
cancellable accident and health reserves. (Rev. Rul. 60-61,
C.B. 1960-1, 268.)
Column 7. — Adjustment under 806(a). — If during the
taxable year there is a change in life insurance resei-ves at-
tributable to the transfer between the company and another
of liabilities under contracts taken into account in computing
such reserves, then the means of such reserves shall be ap-
propriately adjusted on a daily basis to reflect the amounts
involved in such transfer. See the regulations. This adjust-
ment is applicable whether or not the transferor of the
liabilities was the original insurer. However, this adjust-
ment is not applicable to reinsurance ceded by another per-
son to the taxpayer, or by the taxpayer to another person.
For the definition of "Life Insurance Reserves," see section
801(b) of the Code.
PART V— PENSION PLAN RESERVES (805(d))
The amount to be taken into account as "pension plan re-
serves" is 100 percent of the life insurance reserves which is
allocable to contracts —
(A) purchased under contracts entered into with trusts
which (as of the time the contracts were entered into) were
deemed to be (i) trusts described in section 401(a) and
exempt from tax under section 501(a), or (ii) trusts exempt
from tax under section 165 of the Internal Revenue Code of
1939 or the corresponding provisions of prior revenue laws:
(B) purchased under contracts entered into under plans
which (as of the time the contracts were entered into) were
deemed to be plans described in section 403(a) or plans meet-
ing the requirements of section 165(a) (3), (4), (5), and
(6) of the Internal Revenue Code of 1939;
(C) provided for employees of the life insurance com-
pany under a plan which, for the taxable year, meets the
requirements of section 401(a) (3), (4), (5), (6), (7) and
(8) ; or
(D) purchased to provide retirement annuities for its
employees by an organization which (as of the time the con-
tracts were purchased) was an organization described in sec-
tion 501(c)(3) which was exempt from tax under section 501
(a) or was an organization exempt from tax under section
101(6) of the Internal Revenue Code of 1939 or the corre-
sponding provisions of prior revenue laws, or purchased to
provide retirement annuities for employees described in sec-
tion 403(b) (1) (A) (ii) by an employer which is a State, a
political subdivision of a State, or an agency or instrumen-
tality of any one or more of the foregoing.
These reserves shall be adjusted under sections 806 and
818 (c) as described in Part IV above.
PART VI— ADJUSTED LIFE INSURANCE RESERVES (805(c)(1))
This term constitutes the mean of the life insurance re- under Part V), adjusted as set forth in Part VI, Schedule B,
serves (as defined in section 801(b)), computed under Part of the form.
IV (excluding pension plan reserves taken into account
PART VII— INTEREST PAID (805(e))
Line 1. — Enter all interest for the taxable year on in-
debtedness, except on indebtedness incurred or continued to
purchase or carry obligations the interest on which is wholly
exempt from taxation.
Line 2. — Enter all amounts in the nature of interest,
whether or not guaranteed, for the taxable year on insur-
ance or annuity contracts (including contracts supplemen-
SCHEDULE C— TAXABLE
Gefieral. — The policyholders' share of each and every item
of investment yield (including tax-exempt interest, and
dividends received) of any life insurance company shall not
be included in taxable investment income.
Line 1. — Enter the percentage which represents the policy-
holders' share of each and every item of investment yield.
This percentage is detei-mined by dividing the policy and
other contract liability requirements (Schedule B) by the
investment yield (Schedule A); except that if the amount
of the policy and other contract liability requirements ex-
ceeds the investment yield, then the policyholders' share of
any item shall be 100 percent. See General Instruction N.
Line 2. — Enter the percentage which represents the life
insurance company's share of any item of investment yield.
This percentage is obtained by ascertaining the percentage
required to equal 100 percent when added to the percentage
on line 1.
tary thereto) which do not involve, at the time of accrual,
life, health, or accident contingencies.
Line S. — Enter all amounts accrued for the taxable year
for discounts in the nature of interest, whether or not
guaranteed, on premiums or other consideration paid in
advance on insurance or annuity contracts.
INVESTMENT INCOME
Lines i-7. — Enter on line 4, column 1, the amount of in-
terest which is wholly exempt from taxation under the
provisions of section 103. Where securities of a munici-
pality are originally issued at a price not less than par
value and are subsequently acquired by a purchaser at a
discount, such discount is not in the nature of tax-exempt
interest within the meaning of section 103. Multiply the
amount on each line in column 1 by the percentage from
line 1 and enter the product for each line in column 2. The
amounts entered in column 2 represent the policyholders'
share of these items which is not included in taxable invest-
ment income. Enter in column 3 the difference obtained by
subtracting column 2 from column 1. The amounts entered
in column 3 represent the company's share of these items of
investment yield.
Corporation Returns/1966 • Forms and Instructions
279
Reductions
Line 9. Interest tcholly tax-exempt. — Enter the amount
from line 4, column 3. This amount is the company's share
of wholly tax-exempt interest which like the policyholders'
share of such interest (from line 4, col. 2) is not included in
taxable investment income.
Line 10. Dividends-received deduction. — (a) Dividends re-
ceived from domestic corporations. — Enter 85 percent of the
company's share (line 5(a), col. 3) of the amount received as
dividends (except dividends on certain preferred stock of
public utilities) from domestic corporations subject to income
tax. Members of certain affiliated groups may elect to de-
duct 100 percent of the qualifying dividends received from
other members of the same group if an election under section
1562 is not effective for the taxable year. See section 243.
(b) Dividends received on certain preferred stock of public
utilities. — Enter 60.208 percent of the company's share (line
5(b), col. 3) of the amount received as dividends on the pre-
ferred stock of a public utility which is subject to income tax
and which is allowed a deduction for dividends paid under
section 247.
(c) Dividends received from foreign corporations subject
to 85 percent deduction. — Enter 85 percent of the company's
share (line 5(c), col. 3) of dividends received from foreign
Page 5
corporations subject to the 85 percent deduction. See sec-
tion 245 for qualifications and limitations on the amount of
this deduction.
(d) Total dividends-received deductions. — The total of the
dividends-received deductions shall not exceed 85 percent of
taxable investment income computed without regard to this
deduction.
The limitation for a member of an electing affiliated group
is 85 percent of (taxable investment income computed with-
out regard to this deduction less the deduction of 100 percent
for qualifying dividends received from the same group).
In general, no dividends-received deduction will be allowed
on any share of stock, (A) which is sold or othenvise disposed
of in any case in which the corporation has held such share
for 15 days or less, or (B) to the extent the corporation is
under an obligation to make corresponding payments with
respect to substantially identical stock or securities. Where
the stock has preference in dividends, the holding period is
90 days instead of 15 if the corporation receives dividends
with respect to such stock which are attributable to a period
or periods aggregating in excess of 366 days.
Line 11. Small business deduction. — Enter 10 percent of
the investment yield (Schedule A) but not to exceed $25,000.
Members of an affiliated group are limited to one $25,000
limitation. (Section 243. )
SCHEDULE E.— GAIN AND LOSS FROM OPERATIONS
General. — The share of each and every item of investment
yield (including tax-exempt interest and dividends received)
of any life insurance company set aside for policyholders
shall not be included in gain and loss from operations.
Line 1. — Enter the percentage which represents the share
of any item of investment yield which is set aside for policy-
holders. This percentage is determined by dividing the re-
quired interest (Schedule E-1) by the investment yield
(Schedule A) ; except that if the amount of the required
interest exceeds the investment yield, then the share of any
item set aside for policyholders shall be 100 percent. See
General Instruction N.
Line 2. — Enter the percentage which represents the life
insurance company's share of any item of investment yield.
This percentage is obtained by ascertaining the percentage
required to equal 100 percent when added to the percentage
on line 1.
Lines i-6. — Enter on line 4, column 1, the amount of inter-
est which is wholly exempt from taxation under the provi-
sions of section 103. Where securities of a municipality are
originally issued at a price not less than par value and are
subsequently acquired by a purchaser at a discount, such dis-
count is not in the nature of tax-exempt interest within the
meaning of section 103. Multiply the amount on each line
in column 1 by the percentage from line 1 and enter the
product for each line in column 2. The amounts entered in
column 2 represent the policyholders' share of these items
which is not included in gain and loss from operations.
Enter in column 3 the difference obtained by subtracting
column 2 from column 1. The amounts entered in column 3
represent the company's share of these items of investment
yield.
Line 9. — Enter the gross amount of premiums and other
consideration (including advance premiums, deposits, fees,
assessments, and consideration in respect of assuming liabili-
ties under contracts not issued by the company) on insurance
and annuity contracts (including contracts supplementary
thereto) ; less return premiums, and premiums and other con-
sideration arising out of reinsurance ceded. Except in the
case of amounts of premiums or other consideration returned
to another life insurance company in respect of reinsurance
ceded, amounts returned where the amount is not fixed in the
contract but depends on the experience of the company or the
discretion of the management shall not be included. How-
ever, amounts rebated or refunded due to policy cancellations
or to erroneously computed premiums are to be treated as
return premiums.
Line 10(a). Decrease in reserves. — Enter the excess of the
sum of the items described in section 810(c) as of the begin-
ning of the taxable year over the sum of such items as of the
close of the taxable year (reduced by the policyholders' share
of investment yield not included in gain and loss from opera-
tions (from line 7, col. 2)).
Line 10(b). Decrease in 811(b)(2) reserves.— Enter the
amount (from line 3, Part II; Schedule E-2) by which the
decrease for the taxable year in the reserves for policyholder
dividends exceeds the amount of dividends paid to policy-
holders during such year. Enter also one-tenth of any net
decrease in reserves attributable to the operation of section
810(d). ■
Line 11. Other amounts. — Enter total amount of other in-
come, not included in computing investment yield and not
otherwise included above, to the extent that such items are
includible in gross income, except that all gains from the sale
or exchange of a capital asset or gains considered as gains
from the sale or exchange of a capital asset are excluded.
Line 13. Death benefits, etc. — Enter the amount of all
claims and benefits accrued (including matured endowments
and amounts allowed on surrender) and losses incurred
(whether or not ascertained) during the year on insurance,
annuity, and supplementary contracts. The term "losses in-
curred (whether or not ascertained)" refers to a reasonable
estimate of the amount of the losses incurred but not reported,
as well as losses reported but where the amount thereof can-
not be ascertained by the end of the year.
Line H. Increase in reserves. — Enter the excess of the sura
of the items described in section 810(c) as of the close of the
taxable year (reduced by the policyholders' share of invest-
ment yield not included in gain and loss from operations (line
7, col. 2)) over the sum of such items as of the beginning of
the taxable year. Enter also one-tenth of any net increase in
reserves attributable to the operation of section 810(d).
Line 15. Assumption by another person of liabilities under
insurance, etc., contracts. — Enter the amount of the consid-
eration (other than consideration arising out of reinsurance
ceded) in respect of the assumption by another person of lia-
bilities under insurance and annuity contracts (including
contracts supplementary thereto).
Line 16. Interest tcholly tax-exempt. — Enter the amount
from line 4, column 3. This amount is the company's share
of wholly tax-exempt interest which, like the policyholders'
share of such interest (from line 4, col. 2), is not included
in gain and loss from operations.
Line 17. Investment expenses. — Enter the excess of the
total investment expenses over the amount allowed in com-
puting investment yield (Schedule A), and the amount (if
any) by which the sum of the deductions allowable (line 14,
Schedule A) exceeds the gross investment income (line 8,
Schedule A). Taxes and other expenses should be itemized
in an attached schedule.
Line 18. Small business deduction. — Enter 10 percent of the
investment yield (Schedule A) but not to exceed $25,000.
Members of an affiliated group are limited to one $25,000
limitation. (Section 243.)
Line 19. Other deductions. — Enter total amount of all other
deductions, not included in computing investment yield and
not included in lines 21-24 to the extent allowable as deduc-
tions in computing taxable income under Subtitle A of the
Code except as modified below:
1. Interest. — No deduction is allowed under section
163 for interest in respect of the items described in
section 810(c).
280
Corporation Returns/1966 • Forms and Instructions
Page 6
2. Bad Debts. — No deduction is allowed for an addi-
tion to reserves for bad debts under section 166(c),
but a deduction for specific bad debts is permitted to the
extent that the other provisions of that section are
applicable.
3. Contributions or Gifts. — Attach a schedule show-
ing the name of each organization and the amount and
the date paid. If a contribution is made in property
other than money, state the kind of property contributed
and the method used in determining its fair market
value. If a contribution carryover is included, show
the amount and how the carryover was determined.
In applying section 170, the limitation on the total de-
duction shall be 5 percent of the gain from operations
computed without regard to dividends to policyholders;
accident and health insurance, and group life insurance;
certain nonparticipating contracts; interest wholly tax-
exempt; dividends-received deduction; any operations
loss carryback; and the contributions deductions. For
limitation and the application of charitable contribution
carryover, see the regulations.
4. Amortizable Bond Premiums. — No deduction is
allowed under section 171 since a deduction for such
premiums has already been taken into account in Sched-
ule A.
5. Net Operating Loss Deduction. — The deduction
under section 172 is not allowed since in lieu thereof an
"operations loss deduction" is allowed. See line 22.
6. Dividends Received. — No deduction is allowed un-
der sections 243, 244, and 245 in view of the deduction al-
lowed under section 809(d) (8). See line 21.
Submit a schedule showing the nature and amount of the
items included herein, the minor items being grouped in one
amount.
Line 21. Dividends-received deduction. — (a) Dividends re-
ceived from domestic corporations. — Enter 85 percent of the
company's share (line 5(a), col. 3) of the amount received as
dividends (except dividends on certain preferred stock of
public utilities) from domestic corporations subject to income
tax. Members of certain affiliated groups may elect to de-
duct 100 percent of the qualifying dividends received from
other members of the same group if an election under section
1562 is not effective for the taxable year. See section 243.
(b) Dividends received on certain preferred stock of pub-
lic utilities. — Enter 60.208 percent of the company's share
(line 5(b), col. 3) of the amount received as dividends on the
preferred stock of a public utility which is subject to income
tax and which is allowed a deduction for dividends paid un-
der section 247.
(c) Dividends received from foreign corporations subject
to 85 percent deduction. — Enter 85 percent of the company's
share (line 5(c), col. 3) of dividends received fi-om foreign
corporations subject to the 85-percent deduction. See sec-
tion 245 for qualifications and limitations on the amount of
this deduction.
(d) Section 246(b) limitation. — In applying this 85-per-
cent limitation to the total dividends-received deduction, the
gain from operations is computed without regard to the de-
ductions for certain nonparticipating contracts (line 24(c) ) ;
accident and health insurance, and group life insurance (line
24(b)); dividends to policyholders (line 24(a)); the opera-
tions loss deduction (line 22); and the dividends-received
deduction. Since these items have not as yet been deducted,
the 85-percent limitation is applicable to the excess, if any,
of line 12 over line 20.
The limitation for a member of an electing affiliated group
is 85 percent of (taxable investment income computed with-
out regard to this deduction less the deduction of 100 percent
for qualifying dividends received from the same group).
Exception. — The 85-percent liinitation does not apply to
any year for which there is a loss from operations.
See also instructions for line 10, Schedule C.
Liyie 22. Operations loss deduction. — This deduction al-
lowed under section 809(d) (4) and determined under section
812 is, in substance, the same as the net operating loss deduc-
tion provided by section 172.
The "operations loss deduction" is the sum of the opera-
tions loss carryovers and carrybacks to the taxable year
(sec. 812 (a)). A loss from operations for taxable years
beginning after December 31, 1954, may be carried back 3
years and carried over 5 years. If the company is a new
company for the loss year, the cari-yover is for 8 years. For
the definition of a new company and for the limitations on
the 8-year carryover, see section 812(e) and the regulations
applicable thereto. The loss from operations must first be
carried to the earliest of the taxable years to which it may
be carried, then to the next earliest year, etc. The portion
of such loss which shall be carried to each of the other tax-
able years shall be the excess, if any, of the amount of such
loss over the sum of the offsets for each of the prior taxable
years to which such loss may be carried.
For tax treatment of recoveries of foreign expropriation
losses, see Section 1351.
The term "offset" means, with respect to any taxable year,
an amount equal to that increase in the operations loss de-
duction for the taxable year which reduces the life insurance
company taxable income (computed without regard to sec.
802(b) (3) ) for such year to zero.
The term "loss from operations" means the excess of al-
lowable deductions (computed with the following- modifica-
tions) over the amount on line 12:
(a) No operations loss deduction is allowed.
(b) The deductions allowed by section 243 (dividends re-
ceived by corporations), section 244 (dividends received on
certain preferred stock of public utilities), and section 245
(dividends received from certain foreign corporations) shall
be computed without regard to section 246(b), as modified by
section 809(d)(8)(B).
Line 2U. — The amount of the deductions for certain non-
participating contracts; accident and health insurance, and
group life insurance; and dividends to policyholders shall not
exceed $250,000 plus the amount, if any, by which (a) the
gain from operations for the taxable year, computed without
regard to these deductions, exceeds (6) the taxable invest-
ment income for the taxable year. IThe limitation provided
in the foregoing sentence shall apply first to the amount of
the deduction for dividends to policyholders, then to the
amount of the deduction for accident and health insurance,
and group life insurance, and finally to the amount of the
deduction for certain nonparticipating contracts. See Sched-
ule E-2, Part I.
SCHEDULE E-1.— REQUIRED INTEREST
The term "required interest" for any taxable year means
the surn of the products obtained by multiplying (A) each
rate of interest required, or assumed by the taxpayer, in cal-
culating the reserves described in section 810(c), by (B) the
means of the amount of such reserves computed at such rate
at the beginning and end of the taxable year. See General
Instruction N.
SCHEDULE E-2.— PART I— LIMITATION ON LINE 24, SCHEDULE E
Parts II, III, and IV should be completed before making
entries in this schedule. Upon the proper completion of this
schedule, the limitation provided in section 809(f) and ex-
plained in connection with line 24, Schedule E, automatically
applies.
SCHEDULE E-2.— PART II— DIVIDENDS TO POLICYHOLDERS
The term "dividends to policyholders" means dividends
and similar distributions made to policyholders in their capac-
ity as such. In general, amounts returned where the
amount is not fixed in the contract but depends on the ex-
perience of the company or the discretion of the management
are to be treated as dividends to policyholders. The term
does not include interest paid (as defined in sec. 805(e)), or,
for example, so-called excess interest payments made with
respect to supplementary contracts not involving life, acci-
dent, or health contingencies merely because such interest
payments exceed the amounts guaranteed under such con-
tracts.
The deduction shall be an amount equal to the dividends
paid to policyholders during the taxable year plus (or mi-
nus) any increase (or decrease) in the reserves for policy-
holder dividends payable during the immediately succeeding
taxable year. For this purpose, reserves for policyholder
dividends at the end of any taxable year shall include all
Corporation Returns/1966 • Forms and Instructions
281
amounts set aside before the 16th day of the third month of
the year following such taxable year for payment of policy-
holder dividends during the year following such taxable year.
If the amount of the decrease for the taxable year in the
Page 7
reserves for policyholder dividends exceeds the amount of
dividends paid to policyholders during such year, the amount
of the excess shall be taken into account as an income item
(line 10(b), Schedule E).
SCHEDULE E-2.— PART III— CERTAIN ACCIDENT AND HEALTH INSURANCE
AND GROUP LIFE INSURANCE
This deduction is an amount equal to 2 percent of the pre-
miums for the taxable year attributable to accident and
health insurance contracts (other than those to which Sched-
ule E-2, Part IV applies) and group life insurance contracts.
The term "premiums" means the net amount of the premiums
and other consideration taken into account in Schedule E.
However, the deduction allowed for the taxable year and all
preceding taxable years shall not exceed an amount equal to
50 percent of the premiums for the taxable year attributable
to such contracts.
SCHEDULE E-2.— PART IV— CERTAIN NONPARTICIPATING CONTRACTS
This deduction is an amount equal to 10 percent of the in-
crease for the taxable year in the reserves for nonparticipat-
ing contracts (excluding group contracts) or (if greater) an
amount equal to 3 percent of the premiums for the taxable
year (excluding that portion of the premiums which is al-
locable to annuity features) attributable to nonparticipating
■ contracts (other than group contracts) which are issued or
renewed for periods of 5 years or more. The term "re-
serves for nonparticipating contracts" means such part of
the life insurance reserves (excluding that portion of the
reserves which is allocable to annuity features) as relates to
nonparticipating contracts (other than group contracts).
The term "premiums" means the net amount of the premiums
and other consideration taken into account in Schedule E.
The premiums referred to include only premiums attribut-
able to nonparticipating contracts (other than group con-
tracts) which are issued for periods of 5 years or more or are
renewed for periods of 5 years or more, but do not include
that portion of the premiums which is allocable to annuity
features. The determination of whether a contract meets
the 5-year requirement will be made as of the date it was is-
sued, or as of the date it was renewed, whichever is appli-
cable. Thus, a 20-year nonparticipating endowment policy
will qualify under section 809(d) (5), even though the indi-
vidual insured subsequently dies at the end of the second
year, since the policy was issued for a period of 5 years or
more. However, a 1-year renewable term contract will not
qualify, in that, as of the date it was issued (or of any re-
newal date) it was not issued (or renewed) for a period of
5 years or more. In like manner, a policy originally issued
for a 3-year period and subsequently renewed for an addi-
tional 3-year period will not qualify. However, if this policy
were renewed for a period of 5 years or more, the policy
would qualify under section 809(d) (5) from the date it was
renewed.
SCHEDULE F.— SHAREHOLDERS SURPLUS ACCOUNT
Section 815(b)(1) provides that every stock life insurance
company (both domestic and foreign) shall establish and
maintain a shareholders surplus account for its first taxable
year beginning after December 31, 1957. The balance re-
maining in this account as of January 1, 1966, shall be in-
creased by the net additions thereto as provided in section
815(b)(2) (lines 2-8 of the schedule). In detei-mining the
amount to be entered on line 3, the amount, if any, by which
the net long-term capital gain exceeds the net short-term
capital loss shall be reduced by the taxable income (computed
without regard to section 802(b) (3)). There shall be sub-
tracted from this account any amount which is treated under
section 815 as a distribution to shareholders. Any distri-
bution to shareholders shall be treated as made first out of
this account, to the extent thereof.
SCHEDULE G.— POLICYHOLDERS SURPLUS ACCOUNT
Section 815(c) (1) provides that every stock life insurance
company (both domestic and foreign) shall establish and
maintain a policyholders surplus account for its first taxable
year beginning after December 31, 1958. The balance re-
maining in this account as of January 1, 1966, shall be in-
creased by the additions thereto as provided by section
815(c) (2), line 2 of the schedule, and shall be decreased by
the subtractions therefrom as provided by section 815(c) (3),
line 4 of the schedule.
Enter on line 4(a) the actual distributions to shareholders
in excess of the amount reported on line 9, Schedule F.
The amount to be entered on line 4(b) is the tax attributable
to the amount (which is treated as a subtraction from this
account) which after deducting the tax is the amount re-
flected on line 4(a). This amount can be determined by
applying to the amount on line 4(a), a ratio, the numerator
of which is 100 percent and the denominator of which is 100
percent minus the taxpayer's tax rate (the sum of the
normal tax rate plus, if applicable, the surtax rate). See
the regulations. The subtractions to be entered on line 4(c)
shall be treated as made only after the subtractions have
been made on lines 4(a) and (b).
Section 815(d) (5) provides that if any amount added tp
the policyholders surplus account increases or creates a loss
from operations and part or all of the loss cannot be used in
any other year to reduce the company's taxable income, then
such loss shall reduce (as of the time the addition to the
policyholders surplus account was made) the policyholders
surplus account. The reduction from the account shall be
made after any addition and before any amounts are sub-
tracted from the account. If the policyholders surplus ac-
count has been adjusted under section 815(d)(5) and the
balance as of the end of the preceding year is different than
the balance as of the beginning of the current year, attach
a schedule setting forth the adjustments to reconcile the
preceding balance and current balance.
EXPENSE ACCOUNT ALLOWANCES— SCHEDULE J, COLUMN 7
Expense account allowances means: (1) amounts, other
than compensation, received as advances or reimbursements,
and (2) amounts paid by or for the corporation, for expenses
incurred by or on behalf of an officer including all amounts
charged through any type of credit card.
However, this term does not include amounts paid for:
(a) the purchase of goods for resale or use in your business;
(b) incidental expenses, such as the purchase of office
supplies for the corporation or local transportation in con-
nection with an errand; and (c) such fringe benefits as
hospitalization insurance, approved pension trust funds and
unemployment insurance.
Column 7 of Schedule J is to be completed for your 25
highest paid officers. To determine the highest paid officers
for this purpose all allowances including expense account
allowances as described above must be added to each officer's
compensation. Column 7 need not be completed for any
officer for which the combined amount is less than $10,000.
The information is to be submitted by each member of an
affiliated group which files a consolidated return.
For this purpose an officer is a person who is elected or
appointed to office or who is designated as such in the corpo-
ration's charter or bylaws such as regular officer, director,
chairman of the board, etc.
381-123 O - 70 - 19
282
Corporation Returns/1966 • Forms and Instructions
1
Page 8
TAX COMPUTATION INSTRUCTIONS
General.— Section 802(a)(1) provides a normal tax and
surtax on the life insurance company taxable income com-
puted at the rates provided in section 11.
1. Normal tax. — Section 11 provides a normal tax for tax-
able years beginning after December 31, 1963, equal to 22
percent of ta.xable income.
2. Surtax.^Section 11 provides a surtax for taxable years
beginning after December 31, 1964, equal to 26 percent of the
amount by which the taxable income exceeds the surtax ex-
emption.
3. Surtax exemption. — The surtax exemption is $25,000
elccept for certain controlled corporations to which section
1561 applies.
Surtax exemption under section 1501 for component mem-
bers of a controlled group of corporations. — If a corporation
is a component member of a controlled group of corporations
(as defined in section 1563) on December 31 of its taxable
year, the surtax exemption shall be —
(a) $25,000 divided by the number of component mem-
bers on such December 31, or
(b) If all members consent to an apportionment plan,
their portion of $25,000 determined in accordance with
the plan. The sum of the amounts so apportioned shall
not exceed $25,000. See section 1561 and the regulations
thereunder for time and manner of making the consent.
The surtax exemption for a component member which has
a short taxable year which does not include a December 31
shall be $25,000 divided by the number of component mem-
bers in the group on the last day of such taxable year.
If the surtax exemption is detennined under (a) or (b)
above, the additional 6-percent tax under section 1562 does
not apply.
4. Election of multiple surtax exemptions by a controlled
group of corporations. — Subject to the provisions of section
1562, a controlled group of corporations may elect, with re-
spect to a specified December 31, to have each of its com-
ponent members claim a separate $25,000 surtax exemption
without having to divide equally or apportion one $25,000
surtax exemption among all component members. Such elec-
tion is valid only if each component member of the group on
such December 31, and each other component member of the
group on any succeeding December 31 before the day on
which the election is made, consents to such election. See
section 1562 and the regulations thereunder for provisions re-
lating to such consent. An election, once made, continues in
effect until terminated in the manner provided in section
1562(c). If the group elects to claim multiple surtax exemp-
tions, each component member must pay an additional tax of
6 percent on its first $25,000 taxable income. If you are the
only component member of the controlled group which has
taxable income or if your surtax exemption has been dis-
allowed, see section 1562(b)(1).
5. Tax from recomputing prior year investment credit. —
Where property is disposed of prior to the life used in com-
puting the investment credit, the tax for the year in which
the property is so disposed of must be increased by the dif-
ference between the credit taken on such property and the
credit which would have been allowed had the actual life
been used. (Section 47). The tax from recomputing a prior
year investment credit must not be offset against the current
year's investment credit.
6. Overpayment credited to estimated tax. — If the tax-
payer elects to have all or part of the overpayment shown
by his return applied to his estimated tax for his succeeding
taxable year, no interest shall be allowed on such portion of
the overpayment credited.
7. Tax Credits. — Section 39 provides a credit for Federal
excise tax on: (1) gasoline used (a) on a farm for farming
purposes, (b) other than as fuel in a highway vehicle, and (c)
in vehicles while engaged in furnishing certain public passen-
ger land transportation service; and (2) lubricating oil used
other than in a highway motor vehicle. Enter the credit for
U.S. tax on such gasoline and lubricating oil on line 15(d),
page 1, and attach Form 4136. To obtain this credit your re-
turn must be timely filed (including any extensions).
■^•^•^i: U.S. GOVERNMENT PRINTING OFFICE 1966— O-220-073
Corporation Returns/1966 • Forms and Instructions
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I
Corporation Returns/1966 • Forms and Instructions
285
Detach
before
fjlins
INSTRUCTIONS
(References are to the Internal Revenue Code)
A. General. — Sales or exchanges of capital assets and sales or ex-
changes of property other than capital assets must be reported in detail
even tliough no gain or loss may be indicated.
B. Definition of capital assets. — The term capital assets'
means property held by the taxpayer (wiiether or not connected with
its trade or bubiness), but does not include: { 1 ) stock in trade of the
taxpayer or other property of a kind which would properly be in-
cluded in the inventory of the taxpayer if on hand at the close of the
taxable year, or property held by the taxpayer primarily for sale to
customers in the ordinary course of its trade or business; (2) prop-
erty used in the trade or business, of a character which is subject to
the allowance for dfpreciation provided in section 167, or real prop-
erty used m the triidc or business of the taxpayer (see below); (5)
certain copyrights, literaiy, musical, or artistic compositions, or similar
properties; (4) accounts or notes receivable acquired in the ordi-
nary course of trade or business for services rendered or from the sale
of property desci.'bed in (1) above; or (5) an obligation of the
United States or any of its possessions, or of a State or any political
subdivision thereof, or of the District of Columbia, issued on or after
March 1, 1941. on a discount basis and payable without interest at a
fixed maturity date not exceeding 1 year from the date of issue. (Sec.
1221.)
The above definition is modified in the case of life insurance com-
panies in that the exclusion of item 2 (property used in a trade or
business, etc.) relates only to property used in carrying on an insur-
ance business. (Sec. 817(a)(2).)
The term "property used in carrying on an insurance business"
means those assets used in the operation of the insurance trade or
business. These assets include such items as the home office build-
ing, branch offices, office equipment, and furniture and fixtures.
These assets do not include the investment assets from which interest,
rents, dividends, and royalties are derived. Thus, the gains or losses
from the sale or exchange of depreciable assets attributable to any
trade or business (other than an insurance business) carried on by
the life insurance company, such as renting various pieces of real
estate, or operating a radio station, a housing development, or a
farm, will be treated as gains or losses from the sale or exchange of
capital assets.
C. Gains from disposition of depreciable property under
sections 1245 and 1250 — assets held more than 6 months
(Part I). — (Report any gain from such property held for 6
months ot less in Part IV.) Except as provided below, section
1245 property means Jcoreciable (a) personal property (other than
livestock) including int.ingible personal property, and (b) tangible
real property (except for buildings and their structural components)
if used as an integral pirt of manufacturing, production, or extraction,
or of furnishing transportation, communications, electrical energy,
gas. water, or sewage disposal services, or used as a research or stor-
age facility in connection with these activities.
Except as provided below section 1250 property means depreci.ible
real property (other tbi^n section 1245 property).
See sections 1245(b) and 1250(d) for exceptions and limita-
tions involving: (a) disp.-;ition by gift; (b) certain tix-free trans
actions; (c) like kind exchanges, involuntary conversions; and (d)
sales or exchanges to effectuate FCC policies and exchanges to comply
with SEC orders.
Column i of Part I, section 1250 property only.- If held for
more than 6 months, but not more than I year, enter the smaller of
(1) column h, or
(2) column f-2.
If held for more than 1 year, enter the result of multiplying the
smaller of
(1) column h, or
(2) column f-2 less the amount of depreciation computed for
the same period using the straight-line method.
by the percentage obtained by subtracting from 100 percent, one per-
centage point for each full month the property was held in excess of 20
months.
Where substantial improvements have been made within the pre-
ceding 10 years, see section 1250(f).
Investment Assets. — Gains or losses from the sale or exchange
of investment assets are treated as gains or losses from the sale or
exchange of capital assets. See instruction B. All sales of invest-
ment assets subject to sections 1245 or 1250 should be reported in Part
I regardless of length of time held. If held not more than six months,
the other gain reported in column j of Part I should be entered on line
6, Part III, and identified as gain from Part I, If held more than
six months, the other gain reported in column j of Part I should be
entered on line 8 or 10, whichever is applicable. Part III, and identi-
fied as gain from Part I.
Gain on sales by a "controlled" corporation. — In the case of
a sale or exchange, directly or indirectly, of property between an in-
dividual and a corporation more than 80 percent in value of the out-
standing stock of which is owned by such individual, his spouse, and
his minor children and minor grandchildren, any gain recognized to
the transferor from such sale or exchange shall be treated as gain from
the sale or exchange of property which is neither a capital asset nor
property described in section 1231, if such property in the hands of
the transferee is depreciable under section 167. Section 1239-
D. Gains and losses from involuntary conversion and from
the sale or exchange of certain property used In the trade or
business.— Section 1231 of the Code provides in part that where the
gains from the sale or exchange of property used in the trade or busi-
ness and held more than 6 months exceed the losses, each gain and
loss is treated as though it was from the sale or exchange of a long-
term capital asset. Where the losses exceed the gains, then each gain
or loss is considered as not being from the sale or exchange of a capital
asset, with the result that ordinary gain or loss is realized.
Section 817(a) provides that in applying section 1231(a), the
term "property used in the trade or business" shall be treated as in-
cluding only (l) property used in carrying on an insurance business,
of a character which is subject to the allowance for depreciation pro-
vided in section 167, held for more than 6 months, and real property
used in carrying on an insurance business, held for more than 6
months, which is not described in section 1231(b)(1)(A) (relating
to property includible in inventory), section 1231(b)(1)(B) (relat-
ing to property held for sale to customers), or section 1231(b)(1)
(C) (relating to a copyright, a literary, musical, or artistic composi-
tion, etc.); and (2) to timber, coal, and domestic iron ore to which
section 631 applies, See instruction B.
The total shown on line 5, page 1, determines whether the items re-
flected therein represent a long-term capital gain or an ordinary loss.
In either case, after the initial determination the items must be segre-
gated into (1) assets held on December 31, 1958, where the F.M.V. ex-
ceeded the adjusted basis on that date, and (2) other, and the totals
entered into the appropriate schedules of Part III or Part IV.
E. Basis. — The "basis" for certain property is not subject to the
same rule for reporting gains as for losses.
(a). Gain on property held on December 31, 1958 — Section
817(b)(1), in effect, limits the amount of gain that is to be recog-
nized on the sale or other disposition of certain property held by the
company on December 31, 1958. This is accomplished by treating
the gain on the sale or other disposition of such property as an
amount (but not less than zero) equal to the amount by which the
gain (determined without regard to 817(b)(1)) exceeds the differ-
ence between the fair market value on December 31, 1958, and the
adjusted basis (as provided in sec. 1016(a) of the Code) for deter-
mining gain as of such date. This limitation on the amount of gain
recognized applies only if (1) the property was held by a life insur-
ance company on December 31, 1958, (2) the fair market value of
the property on December 31, 1958, is greater than the adjusted basis
for determining gain as of that date, and (3) the taxpayer has been
a life insurance company at all times on and after December 31, 1958,
until the date of sale or other disposition of the property.
(b). Certain substituted property acquired after December 31,
1958 — Section 817(b)(2) provides certain rules for property ac-
quired after December 31, 1958, and having a substituted basis within
the meaning of section 1016(b). Subparagraph (A) of section
817(b)(2) provides, for purposes of section 817(b)(1), that such
property shall be deemed as having been held continuously by the
taxpayer since the beginning of the holding period of the property,
determined in accord with section 1223. Subparagraph (B) pro-
vides, for purposes of section 817(b) (1), that the fair market value
and the adjusted basis shall be that of that property for which the
holding period taken into account includes December 31, 1958. Sub-
paragraph (C) provides that section 817(b)(1) shall apply only if
the property or properties the holding period of which are taken into
account were held only by life insurance companies after December 31,
1958, during the holding periods so taken into account. Subparagraph
(D) provides that the difference between the fair market value and
the adjusted basis referred to in section 817(b)(1) shall be reduced
(but not below zero) by the excess of (i) the gain that would have
been recognized but for section 817(b) on all prior sales or disposi-
tions after December 31, 1958, of properties referred to in section 817
(b)(2)(C), over (h) the gain that was recognized on such sales or
other dispositions. Subparagraph (E) provides that the basis of such
property shall be determined as if the gain, which would have been
recognized but for section 817(b), were recognized gain.
Section 817(b) (3) provides that the term "property" (for purposes
of (a) and (b), above) does not include insurance and annuity con-
tracts (and contracts supplementary thereto) and property described
in paragraph (1) of section 1221 (relating to stock in trade or in-
ventory-type property).
381-123 O - 70 - 20
286
Corporation Returns/1966 • Forms and Instructions
(c). Property held on December 31, 1958, and certain substituted
property acquired after December 31, 1958. — In determining loss
for such property (described in (a) and (b), above) the basis is cost,
adjusted as provided by section 1016.
(d). Other property acquired after December 31. 1958. — Where
property, other than property described in (b) above, was purchased
after December 31. 1958. the basis is cost, adjusted as provided in
section 1016. Where property was acquired by bequest, gift, in-
voluntary conversion, or wash sale of stock; see sections 1014, 1015,
1033. and 1091, respectively.
F. Losses. — Losses from sales or exchanges of capital assets shall
be allowed only to the extent of gains from such sales or exchanges.
However, the amount of a net capital loss may be carried over to each
of the 5 succeeding taxable years (or to the extent such loss is attribut-
able to a foreign expropriation loss to each of the 10 succeeding taxable
years). A net capital loss shall be treated in each such succeeding
taxable year as a short-term capital loss to the extent not allowed as a
deduction against any net capital gains of any taxable year intervening
between the taxable year in which the net capital loss was sustained
and the taxable year to which carried.
1(a). Losses on securities becoming worthless. — If any securities
(as defined below) become worthless within the taxable year and
are capital assets, the loss resulting therefrom shall be considered
as a loss from the sale or exchange, on the last day of such taxable
year, of capital assets. Sertion 165(g)(1).
(b). Definition of security. — For the purpose of determining capi-
tal losses under section 165, the term "security" means a share of stock
in a corporation; a right to subscribe for, or to receive, a share of
stock in a corporation; or a bond, debenture, note or certificate, or
other evidence of indebtedness, issued by a corporation or by a gov-
ernment or political subdivision thereof, with interest coupons or in
registered form. However, securities issued by certain affiliated
corporations shall not be deemed capital assets. Section 165(g)(3)
2. Losses not allowable. — No toss shall be recognized in any sale
or other disposition of shares of stock or securities where there has
been acquired substantially identical stock or securities, or there has
been entered into a contract or option to acquire substantially identical
stock or securities, within 30 days before or after the date of such sale
or disposition, except in cases of dealers in stocks and securities which
have sustained the loss in a transaction made in the ordinary course
of business. Section 1091-
Except in the case of distributions in liquidation, no deduction shall
be allowed in respect of losses from sales or exchanges of property,
directly or indirectly, between an individual and a corporation in
which such individual owns, directly or indirectly, more than 50 per-
cent in value of the outstanding stock; or (except in the case of dis-
tributions in liquidation) between two corporations more than 50
percent in value of the outstanding stock of each of which is owned,
directly or indirectly, by or for the same individual, if either one of
such corporations, with respect to the taxable year of the corporation
preceding the date of the sale of exchange was, under the law appli-
cable to such taxable year, ( 1 ) a personal holding company, as defined
in section 542, or (2) a foreign personal holding company, as defined
in section 552. (For the purpose of determining the ownership of
stock, in applying this paragraph, see section 267.)
G. Gain on transactions occurring prior to January 1, 1959. —
Section 817(d) provides that any gain from the sale or exchange of a
capita! asset, and any gain considered as gain from the sale or ex-
change of a capital asset which results from sales or other dispositions
of property prior to January I, 1959. shall not be included.
h. Emergency facilities. — If emergency facilities are sold or ex-
changed, see section 1238.
I. Long-term capital gains from regulated investment com-
panies.— Include in income as a long-term capital gain the amount
the corporation has been notified constitutes its share of the undis-
tributed capital gains of a regulated investment company.
J. Short sales of capital assets. — For rules regarding tax con-
sequences of certain short sales of stock or other securities (including
those dealt with on a "when issued" basis), and transactions in com-
modity futures, see section 1233-
Specific Instructions for Parts II Through IV
Column (a) description. — Enter full description of each item of
property sold or exchanged, even though no gain or loss may be in-
dicated. Such description should include the following facts: (a)
For real estate, location and description of land, description of im-
provements, details explaining depreciation; (b) for bonds or other
evidences of indebtedness, name of issuing corporation, description
of the particular issue, denomination, and amount; (c) for stocks,
name of issuing corporation, class of stcxrk, number of shares, and
capital changes affecting basis (nontaxable stock dividends other
nontaxable distributions, stock rights, etc.).
Column (e) depreciation. — Enter in column "e" the amount of
depreciation, obsolescence, amortization, and depletion in resr>ect of
the property. This amount shall be the sum of the following:
(a) The amount of depreciation, obsolescence, amortization, and
depletion which has been allowed (but not less than the amount al-
lowable) in respect of such property since date of acquisition. For
any r>erioJ after December 31, 1951, the amount of depreciation, etc.,
allowed (and which is in excess of the amount allowable) shall be
disregarded to the extent that such excess does not result in a reduc-
tion for any taxable year of the taxpayer's income tax; and
(b) The amount of depreciation, obsolescence, amortization, and
depletion actually sustained;
( 1) Prior to March 1. 1913, if the property was acquired before
that date; or
(2) Since February 28, 1913, and before January 1, 1958, with
respect to property to which section 1016(a)(2) was inapplicable
during such period.
Column (f) basis. — If the amount shown as the basis is other than
actual cash cost of the property sold or exchanged, full details must
be furnished regarding the acquisition of the property. Subsequent
improvements to be entered in column "f" include expenditures for
additions, improvements, renewals, and replacements made to restore
the property or prolong its useful life. Do not include ordinary re-
pairs, interest, or taxes in column "f" or elsewhere in computing gain
or loss. Also, see General Instruction E.
Column (g) gain (loss). — Except where section 817 is appli-
cable, the gain or loss is the result of column "d ' plus column "e,"
less column "f." Where section 817 is applicable, complete columns
"a" through "f" and attach a schedule showing the method of com-
puting the gain reported in column "g." See General Instruction E.
Columns (h)-(k). — These columns are to be used only in those
cases where the fair market value of such property held or deemed
held on December 31, 1958, exceeds the adjusted basis for determin-
ing gain as of such date.
Line 4.— Enter each section 1231 item not carried over from line 3-
Line 5. — Enter the total of the seaion 1231 items described in
line 4. See instruction D.
Line 6.— Enter each short-term capital gain (loss). The term
"short-term" applies to the category of gains and losses arising from
the sale or exchange of capital assets held 6 months or less.
Line 7. — Enter your net short-term capital gain or loss. The term
"net short-term capital gain" means the excess of the total of all of the
short-term capital gains over the total of the short-term capital losses.
The term "net short-term capital loss" means the excess of the total
of the short-term capital losses over the total of all of the short-term
capital gains. This total should also be entered on line 13-
Llne 8. — Enter the total of the applicable items from Part II and
each long-term capital gain from assets held on December 31, 1958,
where the fair market value exceeded the adjusted basis on that date.
The term "long-term" applies to the category of gains and losses aris-
ing from the sale or exchange of capital assets held more than 6
months.
Line 9. — Enter the total of the long-term capital gains described
in line 8.
Line 10. — Enter each long-term capital gain (loss) that does not
qualify under line 8.
Line 11. — Enter the total of the gains and losses that are shown in
line 10, column g.
Line 12. — Enter your net long-term capital gain or loss. The term
"net long-term capital gain" means the excess of the total of all of the
long-term capital gains over the total of the long-term capital losses.
The term "net long-term capital loss" means the excess of the total
of the long-term capital losses over the total of all of the long-term
capital gains. This total should also be entered on line 14.
Alternative tax. — If the net long-term capital gain exceeds the net
short-term capital loss, then, in lieu of the normal tax and surtax im-
posed upon taxable income, there is imposed an alternative tax (if
such tax is less than the normal tax and surtax). The alternative
tax is the sum of (1) a partial tax, computed at the normal tax and
surtax rates on the taxable income determined by reducing the taxable
investment income, and the gain from operations, by the amount of
the excess of the net long-term capital gain over the net short-term
capital loss, and (2) 25 percent of such excess.
Controlled corporations. — Controlled corporations see Tax Com-
putation Instructions of Form U2Q L.
•6"A-6"6' U.S. GOVERNMENT PRINTING OFFICE : 1966— O- 220-0 74
Corporation Returns/1966 • Forms and Instructions
287
- 1120M
U.S. Treasury Department
Internal Revenue Service
U.S. Mutual Insurance Company Income Tax Return
(For Mutual Companies Other Than Life and Certain Marine Insurance Companies and Other Than Fire
or Flood Insurance Comoanies Which Operate on Basis of Perpetual Policies or Premium Deposits)
PLEASE TYPE OR PRINT
FOR CALENDAR
YEAR
A Date incorporated
B Place incorporated
c Employer Identification Number
Number and street
City or town. State, and ZIP code
D Did the company file with the District Director of Internal Revenue
a copy of the annual statement for the preceding year as required
by General Instruction J? Yes □ No □
If "Yes," state District Director's office in which statement was filed.
E If a copy of the annual statement does not accompany this return,
state reason why the statement is not attached
F Did the company at the end of the taxable year own directly or in-
directly 50 percent or more of the voting stock of a domestic cor-
poration? Yes □ No □ (For rules of attribution, see section
267(c).)
If the answer is "Yes," attach a schedule showing: (a) name, address,
and employer identification number; and (b) percentage owned.
G Were you a U.S. shareholder of any controlled foreign corporation?
Yes □ No □ (see sections 951 and 957.) If "Yes," attach Form
3646 for each such corporation.
H Did you incur expenses in connection with: (If answer to any question
is "Yes," check applicable boxes within that question.)
(1) A hunting lodge □, working ranch or farm Q, fishing camp Q,
resort property □, pleasure boat or yacht □, or other similar
facility G? Yes □ No n
(2) The leasing, renting, or ownership of a hotel room or suite □,
apartment □, or other dwelling □, which was used by customers
or employees or members of their families? (Other than use by
employees while in business travel status.) Yes □ No □
(3) The attendance of your employees' families at conventions or
business meetings? Yes Q No □
(4) Vacations for employees or members of their families? (Other
than amount reported on Form W-2.) Yes □ No □
I Were you liable for filing Forms 1096 and 1099 or 1087 for the cal-
endar year 1966? Yes Q No Q
If "Yes," where were they filed?
1 Taxable investment income (loss) (Schedule A)
2 Statutory underwriting income (loss) (Schedule B, line 11)
3 Amounts subtracted from the Protection Against Loss Account (Schedule C)
4 Total (lines 1 through 3)
5 Less: Unused loss deduction (attach schedule)
6 Mutual insurance company taxable income
7 Normal tax: The lesser of (a) or (b)
(a) 22 percent of line 6
(b) 44 percent of (line 6 less $6,000)
8 Surtax: 26 percent of [(amount by which line 6 exceeds $25,000) and amount $ , to be
included by reciprocal — see instructions]
9 Total (line 7 plus line 8)
10 Alternative tax for certain small companies (Schedule A-2)
11 Income tax (line 9, 10, or from line 26 separate Schedule D, Form 1120, whichever is applicable)
12 Foreign tax credit (attach Form 1118)
13 Balance (line 11 less line 12)
14 Investment credit (attach Form 3468)
15 Balance (line 13 less line 14)
16 Tax from recomputing prior year investment credit (attach statement)
17 Total income tax (line 15 plus line 16)
18 Credits: (a) Tax paid with Form 7004 application for extension (attach copy) . . .
(b) Payments and credits on 1966 declaration of estimated tax . . . .
(c) From regulated investment companies (attach Form 2439)
(d) By reciprocal for tax paid by attorney-in-fact under section 826(e) .
(e) Credit for U.S. tax on nonhighway gas. and lub. oil (attach Form 4136) .
19 If tax (line 17) is larger than credits (line 18), the balance is TAX DUE. Enter balance here >■
20 If tax (line 17) is less than credits (line 18) ... . Enter the OVERPAYMENT here >•
21 Enter amount of line 20 you want: Credited on 1967 estimated tax Refunded
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best
of my knowledge and belief it is true, correct, and complete. If prepared by a person other than taxpayer, his declaration is based on all infor.
mation of which he has any knowledge.
CORPORATE
SEAL
Signature of officer
Individual or firm signature of preparer
288
Corporation Returns/1966 • Forms and Instructions
I
Form 1120 M (1966)
Page 2
Schedule A.— COMPUTATION OF TAXABLE INVESTMENT INCOME— Section 822
1 Interest on:
(a) Wholly exempt obligations (attach schedule) ...
(b) U.S. obligations
(c) Loans, notes, mortgages, bank deposits, bonds, debentures, etc.
Totals
2 Dividends (Schedule E-l)
3 Rents (attach schedule)
4 Royalties (attach schedule)
5 Income from trade or business other than insurance business
6 Leases, etc
7 Total (lines 1 through 6)
8 Net gain from sale or exchange of capital assets from separate
9 Gross investment income (total of lines 7 and 8)
10 Interest wholly exempt from tax (line 1 (a), column 3)
11 Investment expenses (attach schedule) . .
12 Taxes
13 Real estate expenses
14 Depreciation (line 1. Schedule F) . . . .
15 Depletion (attach schedule) . . . '. . .
16 Trade or business deductions, as provided in Section
17 Interest paid or accrued
18 Other capital losses (from Schedule A-3)
19 Total deductions on lines 10 through 18
20 Line 9 less line 19
21 Less: Dividends-received deduction (Schedule E-ll, but not to exceed 85
22 Taxable investment income (loss) ....
1. Interest received
2 Amortization of
premium
Schedule D, Form 1120
822(c) (8) (attach
schedule)
percent of line 20)
3. Total
(Column 1 less Column 2)
Schedule A-1.— INVESTED ASSETS BOOK VALUES
(Schedule need not be filled in if no deduction is claimed for any general expenses that are allocated to investment income.)
i
1 Real estate
2 Mortgage loans
3 Collateral loans
4 Policy loans, including premium notes
5 Bonds of domestic corporations
6 Stocks of domestic corporations
7 Government obligations, etc. (attach schedule)
8 Bank deposits bearing interest
9 Other interest-bearing assets (attach schedule)
10 Totals of lines 1 tnrough 9
11 Total of columns 1 and 2, line 10
12 Mean of the invested assets for the taxable year (one-half of line 11) ... .
13 One-fourth of 1 percent of the mean of the invested assets
14 Income base (line 9, Schedule A, less the sum of lines 12 through 18, Schedule A) .
15 33^ percent of line 12
16 Excess (if any) of line 14 over line 15
17 One-fourth of line 16
1. Beginning of taxable year
18 Limit on deduction for investment expenses (line 13 plus line 17).
2. End of taxable year
Schedule A-2. — ALTERNATIVE TAX FOR CERTAIN SMALL COMPANIES — Section 821(c)
1 Taxable investment income (Schedule A)
5 (a) Amount from line 7, Schedule A
(b) Premiums (see instructions)
(c) Total of (a) plus (b) (if $150,000 or
less, enter zero. If $250,000 or more,
enter $250,000)
fdl . .
2 Normal tax; The lesser of (a) or (b)
(a) 22 percent of line 1
(b) 44 percent of (line 1 less $3,000) .
150,000.00
3 Surtax: 26 percent of (line 1 less $25,000).
4 Total (lines 2 and 3)
(e) Excess of line (c) over (d) . . .
6 Amount on line 4 multiplied by line 5(e)
divided by $100,000
Corporation Returns/1966 • Forms and Instructions
289
Form 1120 M (1966)
Page 3
Schedule A-3. — OTHER CAPITAL LOSSES (See instructions) (Capital assets sold or exchanged to meet abnormal insurance
losses and to provide for the payment of dividends and similar distributions to policyholders)
1 Dividends and similar distributions paid to policyholders
2 Losses paid
3 Expenses paid
4 Total of lines 1 through 3
5 Less: Interest received (line 1, col. 3, Sch. A, adjusted to cash method if on accrual method)
6 Dividends received (Schedule E-1, adjusted to cash method if on accrual method) .
7 Lines 3 through 6 of Schedule A (adjusted to cash method if on accrual method)
8 Net premiums received (adjusted to cash method if on accrual method) ....
9 Excess (if any) of line 4 over sum of lines 5, 6, 7, and 8
1. Description of capital asset
2. Date acquired
3. Gross sales price
A. Cost or other
basis
5. Expense of sale
6. Depreciation allowed
(or allowable)
7. Loss(col.4plus5less
the sum of 3 and 6)
10 Total
Schedule B.— STATUTORY UNDERWRITING INCOME OR LOSS— Section 823
1 Gross income (Schedule B— 1. line 6)
2 Less: Gross investment income (Schedule A, line 9)
3 Deductions (Schedule B-1, line 26)
4 Less: (a) Schedule A, line 19 I
(b) Schedule A, line 21 I
5 Line 2 less line 4
6 Special deduction (Schedule B-2) (not to exceed line 5)
7 Line 5 less line 6
8 Protection against loss deduction (Schedule B-3)
9 Statutory underwriting income (line 7 less line 8)
10 Special transitional underwriting loss (Section 821(f)) not to exceed gain on line 9 (attach schedule)
11 Line 9 less line 10 ■ • ■ ■
Schedule B-1.— INCOME AND DEDUCTIONS
1 Investment Income
-Section 832(b)(2): (a) Interest
(b) Dividends (Schedule E-l) . .
(c) Rents (attach schedule) . . .
2 Premiums earned — Section 832(b)(4)
3 Gain from s«le or other disposition of property — Section 832(b)(1)(B) (from separate Sch. D, Form 1120) .
4 Other income — Section 832(b)(1)(C) (attach schedule)
5 Decrease in subscriber accounts — Section 823(b)(2)(B)
6 Gross income (total lines 1 through 5) . .
7 Salaries and wages — Section 832(c)(1)
8 Rents — Section 832(c)(1)
9 Interest — Section 832(c)(2)
10 Taxes— Section 832(c)(3)
11 Losses incurred on insurance contracts — Section 832(c)(4)
12 Capital losses — Section 832(c)(5) (from, separate Schedule D, Form 1120)
13 Other capital losses — Section 832(c)(5) (Schedule A-3)
14 Worthless agency balances and bills receivable — Section 832(c)(6) ........
15 Interest (excluded under Section 103) — Section 832(c)(7)
16 Depreciation — Section 832(c)(8) (line 2, Schedule F)
17 Depletion — Section 832(c)(8) (attach schedule)
18 Contributions — Section 832(c)(9) (see instructions tor limitation)
19 Dividends paid or declared to policyholders — Section 832(c)(n)
20 Increase in subscriber accounts — Section 823(b)(2)(A)
21 (a) Pension, profit-sharing, stock bonus, annuity plans — Section 832(c)(10) (see instructions)
(b) Other employee benefit plans — Section 832(c)(10) (see instructions)
22 Other deductions — Section 832(c)(10) (attach schedule)
23 Total deductions on lines 7 through 22
24 Line 6 less line 23 I
25 Dividends-received deduction — Section 832(c)(12) (Schedule E-ll, but not to exceed 85 percent of line 24) .
26 Total deductions (line 23 plus line 25)
290
Corporation Returns/1966 • Forms and Instructions
Form 1120 M (1966)
Page 4
Schedule B-2. — SPECIAL DEDUCTION — Section 823(c)
1 Amount from line 7, Schedule A
2 Premiums (see instructions)
3 Total (line 1 and line 2)
4 If line 3 is not more than $500,000 enter $6,000. If line 3 is less than $1,100,000, but in excess of $500,000,
enter 1 percent of the difference between $1,100,000 and amount on line 3
Schedule B-3. — PROTECTION AGAINST LOSS DEDUCTION — Section 824(a)
1 Losses incurred (line H, Schedule B-1)
2 1 percent of line 1
3 25 percent of underwriting gain on line 7, Schedule B
4 Concentrated risks: (a) Amount of line 2, Schedule B-1
(b) Amount of (a) attributable to insuring against losses arising,
either in any one State or within 200 miles of any fixed point
selected by the taxpayer, from windstorm, hail, flood, earth-
quake, or similar hazards
(c) Divide (b) by (a)
(d) Less
(e) Premium percentage which exceeds 40 percent ....
(f) Line 7, Schedule B, multiplied by (e)
5 Total (lines 2 through 4). . .
Schedule C— PROTECTION AGAINST LOSS ACCOUNT
(a) 1% of losses incurred
(b) 25% of underwriting
gain
(c) Concentrated risks
(d) Total
1 Balance at the beginning of the year . . .
2 Additions (Schedule B-3)
3 Total (lines 1 and 2)
SUBTRACTIONS:
4 Section 824(d)(1)(A)
5 Section 824(d)(1)(B)
6 Section 824(d)(1)(C)
7 Section 824(d)(1)(D)
8 Section 824(d)(1)(E)
9 Total (lines 4 through 8)
10 Balance at end of year (line 3 less line 9) . .
Schedule E. — DIVIDENDS (See Instructions)
PART
-INCOME
1 Certain domestic corporations . .
2 Certain public utility corporations .
3 Certain foreign corporations . .
4 Other corporations (attach schedule)
5 Total
PART II.— DEDUCTIONS
1 85 percent of line 1, Part I . .
2 60.208 percent of line 2, Part I
3 85 percent of line 3, Part I .
4 Total
Schedule F. — DEPRECIATION (See instructions)
Taxpayers using Revenue Procedure 62-21: Make no entry in column 2, enter the cost or other basis of assets held at end of year in column 3, and
enter the accumulated depreciation at end of year in column 4. ^
1. Group and guideline class or
description ot property
2. Date acquired
3. Cost or other
basis
4. Depreciation
allowed or allowable
in prior years
5. Method ot
computing
depreciation
6. Life
or rate
7. Depreciation for
this year
1 Total to be entered on line 14, Schedule A, page 2
2 Totals
Enter on line 16, Schedule B-1, page 3
Schedule G.— COMPENSATION
OF OFFICERS (Se
e instruct!
ons)
I. Name, address, and social security number of officer
2. Title
3, Time
devoted to
business
4. Amount of
compensation
5. Expense account
allowances
Total compensation of officers
^^^^
tl-iS'itir U.S. GOVERNMENT PRINTING OFFICE 1K6— O-220-075
Corporation Returns/1966 • Forms and Instructions
291
1966 INSTRUCTIONS— FORM 1120M
U.S. MUTUAL INSURANCE COMPANY
INCOME TAX RETURN
Investment Credit— Accelerated Depreciation
At the time tliis pacitage was printed, the Congress was considering
a proposal for temporarily modifying the availability of the invest-
ment credit and accelerated depreciation. If you are affected by
these items, you will have to take into account whatever provisions
Congress enacts. The Service will also use news media and any
other means available to provide supplemental advice and instruc-
tions for those affected.
(References are to the Internal Revenue Code)
GENERAL INSTRUCTIONS
A. Companies required to file a return. — Every mutual
insurance company (other than a life insurance company
subject to tax imposed by section 802 and other than a fire,
flood, or marine insurance company subject to the tax im-
posed by section 831) shall file a return on Form 1120M.
Exceptions. — (a) Certsiin mutual insurance companies
exempt under section 501(c) (15).
(b) Foreign mutual insurance companies (other than a
life insurance company subject to tax imposed by section 802
and other than a fire, flood, or marine insurance company
subject to the tax imposed by section 831) not carrying on
an insurance business within the United States. See Form
1120P.
(c) A mutual insurance company subject to taxation under
section 821 which disposes of its insurance business and re-
serves or otherwise ceases to be entitled to be taxed under
section 821, but continues its corporate existence for the
purpose of winding up and liquidating its affairs. See
Form 1120.
B. Information returns and other forms which may be
required in addition to Form 1120M include the following:
1. Forms W-2 and WS. — ^Statement of wages, other com-
pensation, and tax /'withheld; and reconciliation of tax
withheld.
2. Forms 9S6 and i099L.— Information returns regarding
dissolution or liquidation, and distributions in liquidation.
3. Forms 1096 and 1099. — Information returns concerning
certain dividends, earnings, interest, rents, royalties, annui-
ties, pensions, foreign items; and prizes, awards, and com-
missions to nonemployees.
4. Form 1118. — Statement in support of credit claimed by
a domestic corporation for taxes paid or accrued to foreign
countries or possessions of the United States.
5. Form 2950. — Statement in support of deductions for
payments to an employees' pension, profit-sharing, stock
bonus trust or annuity plan and compensation under a de-
ferred-payment plan.
6. Forms 2952 and S6i6. — Returns relating to controlled
foreign corporations.
7. Form Si68. — ^Computation of investment credit.
8. Form ilS6. — Computation of credit for Federal tax on
nonhighway gasoline and lubricating oil.
C. Period covered. — The return shall be for the calendar
year; (Section 843.) If the company ceases to exist and
this is the last return the taxpayer is required to file, write
"FINAL RETURN" at the top of the form.
D. Accounting methods. — Taxable income shall be com-
puted in accordance with the method of accounting regularly
used by the taxpayer in maintaining its books and records.
In all cases the method adopted should clearly reflect tax-
able income. (See section 446.) Except in those cases
where the law specifically permits it, a taxpayer may not
change the method of accounting upon the basis of which it
has reported its income in prior years (for its income as a
whole or with respect to any separate trade or business)
without first securing consent on Form 3115, Application for
Change in Accounting Method.
Rounding off to whole-dollar amounts. — The money items
on your return and accompanying schedules may be shown
as whole-dollar amounts. Eliminate any amount less than
50 cents, and increase any amount from 50 cents through 99
cents to the next highest dollar.
E. Filing of return and payment of tax. — The return
must be filed on or before March 15 following the close of the
taxable year with the District Director of Internal Revenue
for the district in which the company's principal place of
business or principal office or agency is located. (Section
6072.)
Request for automatic extension of 3 months for filing of
return must be made on Form 7004. (Section 6081(b).)
The balance of tax due must be paid in full when the
return is filed or in two installments, 50 percent on or before
the 15th day of the third month and 50 percent on or before
the 15th day of the sixth month following the close of the
taxable year.
The tax may be paid in cash or by check or money order
drawn to the order of "Internal Revenue Service." Please
enter your employer identification number on all remittances.
Cash payment should be made only in person at the District
Director's office.
F. Declaration of estimated tax (Form 1120ES).— A
declaration of estimated tax must be filed by every corpora-
tion if its income tax liability, reduced by any estimated
credits against the tax, can reasonably be expected to exceed
$100,000. Affiliated corporations filing a consolidated return,
see regulations under section 1502. Underpayment of in-
stallments of estimated tax will result in additional charges
to the tax. If you have an underpayment of estimated tax
and believe the additional charge should not be asserted due
to the applicability of any of the "relief provisions" of section
6655(d), attach Form 2220 to your return.
G. Failure to file, etc. — Substantial additions to the tax
are imposed for failure to file a return, for late filing, and
for filing a false or fraudulent return.
H. Signature and verification. — The return must be signed
either by the president, vice president, treasurer, assistant
treasurer, chief accounting officer, or by any other corporate
officer (such as tax officer) who is authorized to sign. A re-
cfeiver, trustee, or assignee must sign any return which he is
required to file on behalf of a corporation.
I. Stock ownership in foreign corporations. — In addition
to the information to be shown in Schedule E of the return,
a corporation owning directly or indirectly any stock of a
foreign corporation must attach a statement showing the
name and address of each company and the total number of
shares of each class of outstanding stock owned during the
taxable year. If the corporation owned 5 percent or more
in value of the outstanding stock of a foreign personal hold-
ing company, attach a statement setting forth in complete
detail the information required by section 551(d).
J. Annual statement. — A copy of the annual statement
for mutual insurance companies adopted by the National
Association of Insurance Commissioners for the year 1966,
as filed with the Insurance Department of the State or Dis-
trict of Columbia, together with copies of Schedule A (real
estate) and Schedule D (bonds and stocks) must accompany
the return. Similar copies for the preceding year must also
be furnished, if not already filed for such year. Where com-
panies use miniature statements, such statements may be
filed in lieu of the larger statements.
292
Corporation Returns/1966 • Forms and Instructions
Page 2
SPECIFIC INSTRUCTIONS (Numbered to correspond with the line numbers on the return)
For page 1 of return
5. Unused loss deduction. — Amount of deduction is the
total of the unused loss carryovers and carrybacks to the
taxable year.
Vnused Loss. — The term "unused loss" for any taxable
year means the amount by which —
(1) the sum of the statutory underwriting loss and the in-
vestment loss, exceeds
(2) the sum of —
(a) the taxable investment income,
(b) the statutory underwriting income, and
(c) the amounts required by section 824(d) to be sub-
tracted from the protection against loss account.
The unused loss for any loss year shall be (1) an unused
loss carryback to each of the 3 taxable years preceding the
loss year, and (2) an unused loss carryover to each of the 5
taxable years following the loss year. The entire amount of
unused loss for any loss year shall be carried to the earliest
of the taxable years to which such loss may be carried. The
portion of such loss which shall be carried to each of the other
taxable years shall be the excess (if any) of the amount of
such loss over the sum of the offsets (defined below) for each
of the prior taxable years to which such loss may be carried.
Offset defined. — For these purposes the term "offset"
means with respect to any taxable year (hereinafter referred
to as the "offset year") —
(1) in the case of an unused loss carryback from the loss
year to the offset year, the mutual insurance company tax-
able income for the offset year ; or
(2) in the case of an unused loss carryover from the loss
year to the offset year, an amount equal to the sujn of :
(a) the amount required to be subtracted from the pro-
tection against loss account under section 824(d) (1) (C) for
the offset year, plus
(b) the mutual insurance company taxable income for the
offset year.
For purposes of (1) and (2) (b) above, the mutual insur-
ance company taxable income for the offset year shall be de-
termined without regard to any unused loss carryback or
carryover from the loss year or any taxable year thereafter.
Limitations. — An unused loss shall not be carried —
(1) to or from any taxable year beginning before January
1, 1963,
(2) to or from any taxable year for which the insurance
company is not subject to the tax imposed by section 821(a),
nor
(3) to any taxable year if, between the loss year and such
taxable year, there is an intervening taxable year for which
the insurance company was not subject to the tax imposed
by section 821(a).
8. For election and attachment required of a reciprocal to
be subject to the limitation in section 826(b), see section
826(a) and the regulations thereunder.
Amount to he included by reciprocal. — If the mutual insur-
ance company taxable income before giving effect to the elec-
tion under section 826(a) is not less than $25,000, then make
no entry.
If the taxable income before giving effect to the election is
not more than $25,000, then :
(1) Where taxable income after the election is $25,000 or
less, the excess of such taxable income over taxable income
before giving effect to the election must be entered as the
amount required on line 8.
(2) Where taxable income after the election is over
$25,000, the excess of $25,000 over taxable income before the
election must be entered as the amount required on line 8.
Where the amount subtracted from the protection against
loss account was added because of the election under section
826(a), then to the extent such amount increases mutual in-
surance company taxable income for the taxable year, such
amount is not entitled to the $25,000 surtax exemption. See
Section 1.826-2(b), Income Tax Regulations.
10. See instruction for Schedule A-2.
16. Tax from recomputing prior year investment credit. —
Where property is disposed of prior to the life used in com-
puting the investment credit, the tax for the year in which
the property is so disposed of must be increased by the dif-
ference between the credit taken on such property and the
credit which would have been allowed had the actual life been
used. The tax from recomputing a prior year investment
credit must not be offset against the current years' invest-
ment credit. (Section 47.)
18(d). Credit by reciprocal for tax paid by attorney-in-
fact, see section 826(e) and the regulations thereunder.
18(e). Section 39 provides a credit for Federal excise tax
on: (1) gasoline used (a) on a farm for farming purposes, (b)
other than as fuel in a highway vehicle, and (c) in vehicles
while engaged in furnishing certain public passenger land
transportation service; and (2) lubricating oil used other
than in a highway motor vehicle. To obtain this credit your
return must be timely filed (including any extensions).
SCHEDULE A
1. Interest. — Enter interest received or accrued from all
sources during the taxable year. The gross amount of in-
terest reported as gross income shall be decreased by the
amortization of premiums attributable to the taxable year
on bonds, notes, debentures or other evidences of indebted-
ness, determined (1) in accordance with the method regu-
larly employed, if reasonable, or (2) in accordance with
regulations prescribed by the Secretary or his delegate.
(Attach statement showing method and computation.)
3. Rents. — Enter the gross amount received for the rent of
property. Any expenses, including repairs, interest, taxes,
and depreciation should be included in the proper lines for
deductions.
4. Royalties. — Enter the gross amount received as royal-
ties. If a deduction is claimed for depletion, it must be re-
ported on line 15.
5. Income from trade or business other than insurance
business. — Enter the gross income from any trade or busi-
ness (other than an insurance business) carried on by the
mutual insurance company, or by a partnership of which the
mutual insurance company is a member.
6. Leases, etc. — Enter the gross amount of income re-
ceived from the entering into (or the alteration or termina-
tion) of any lease, mortgage or other instrument or agree-
ment from which the mutual insurance company may derive
interest, dividends, rents or royalties.
8. Gains and losses from sales or exchanges of capital
assets. — Report sales or exchanges of capital assets in sepa-
rate Schedule D (Form 1120) (but see Schedule A-3, page
3). Every sale or exchange of a capital asset, even though
no gain or loss may be indicated, must be reported in detail.
Losses from sales or exchanges of capital assets (except
losses from capital assets sold or exchanged in order to ob-
tain funds to meet abnormal insurance losses and to provide
for the payment of dividends and similar distributions to
Corporation Returns/1966 • Forms and Instructions
293
policyholders) shall be allowed to the extent of gains from
such sales or exchanges, with respect to companies taxable
under section 821. The net capital loss for such companies
shall be the amount by which losses for such year from sales
or exchanges of capital assets exceed the sum of the gains
from such sales or exchanges and (1) the taxable investment
income (computed without regard to gains or losses from
sales or exchanges of capital assets) or (2) losses from the
sale or exchange of capital assets sold or exchanged to ob-
tain funds to meet abnormal insurance losses and to provide
for the payment of dividends and similar distributions to
policyholders, whichever is the lesser. However, the amount
of a net capital loss sustained in any taxable year may be
carried over to each of the five succeeding taxable years and
treated in each such succeeding taxable year as a short-term
capital loss to the extent not allowed as a deduction against
any net capital gains of any taxable year intervening be-
tween the taxable year in which the net capital loss was sus-
tained and the taxable year to which carried.
For further information relating to gains and losses from
sales or exchanges of property, see instructions accompany-
ing separate Schedule D (Form 1120).
10. Interest wholly exempt from tax. — Enter the amount
of interest which is wholly exempt from taxation under the
provisions of section 103.
11. Investment expenses. — Enter expenses paid or accrued
which are properly chargeable to investment expenses, the
total amount of which, if there be any allocation of general
expenses to investment expenses, should not exceed the limita-
tion on line 18, Schedule A-1. Submit a schedule showing
the nature and amount of the items included herein, the
minor items being grouped in one amount. (See section
822(c)(2).)
12. Taxes. — Enter taxes paid or accrued exclusively upon
real estate owned by the company as provided in section 164.
For limitation on deduction, see instruction 19(b) below.
13. Real estate expenses. — Enter all ordinary and neces-
sary building expenses, paid or accrued, such as fire insur-
ance, heat, light, labor, etc., and the cost of incidental repairs
which neither materially add to the value of the property nor
appreciably prolong its life, but keep it in an ordinary effi-
cient operating condition. Do not include any amoimt paid
out for new buildings or for permanent improvements or
betterments made to increase the value of any property or
any amount expended on foreclosed property before such
property is held forth for rental purposes. For limitation
on deduction, see instruction 19(b) below.
14. Depreciation. — The amount deductible for depreciation
is an amount reasonably measuring a portion of the invest-
ment in depreciable property which, by reason of exhaustion,
wear and tear, or obsolescence, is properly chargeable against
the operations of the year. In any event the deduction is
limited to the depreciation on the property that is used, and
to the extent used, for the purpose of producing the income
specified in section 822 (b) . For limitation on deduction see
instruction 19(b).
For a more detailed explanation of depreciation see in-
structions for Schedule F.
15. Depletion. — If a deduction is claimed for depletion.
Form M (mines and other natural deposits). Form O (oil
and gas) , or Form T (timber) , should be submitted with your
return.
16. Trade or business deductions. — Enter total deductions
attributable to any trade or business, the income from which
Page 3
is included in the mutual insurance company's gross invest-
ment income by reason of section 822(b)(2). Do not
include (a) losses from sales or exchanges of capital assets,
(b) sales or exchanges of property used in the trade or
business, and (c) losses from the compulsory or involuntary
conversion of property used in the trade or business. The
deductions to be entered on line 16 will be disallowed to the
extent attributable to the carrying on of the insurance
business.
17. Interest. — Enter the amount of interest paid or accrued
during the taxable year on the company's indebtedness, ex-
cept on indebtedness incurred or continued to purchase or
carry obligations the interest upon which is wholly exempt
from taxation.
18. Other capital losses. — Enter losses from capital assets
sold or exchanged to provide funds to meet abnormal insur-
ance losses and to provide for the payment of dividends and
similar distributions to policyholders. Capital assets shall
be considered as sold or exchanged to provide for such funds
or payments to the extent that the gross receipts from their
sale or exchange are not greater than the excess, if any, for
the taxable year of the sum of dividends and similar dis-
tributions paid to policyholders, and losses paid, and ex-
penses paid over amount on line 7, and net premiums
received. (See Schedule A-3.)
19. Total deductions.-
inclusive.
-(a) Enter the total of lines 10 to 18,
(b) Limitation on deductions relating to real estate
owned and occupied. — The deductions included on lines 12
to 14 for real estate owned and occupied in whole or in part
by the company shall be limited to an amount which bears
the same ratio to such deductions (computed without regard
to section 822(d) (1) ) as the rental value of the space not so
occupied bears to the rental value of the entire property.
(Submit detailed schedule.)
(c) Items not deductible. — No deduction is allowable for
the amount of any item or part thereof allocable to a class of
exempt income, other than wholly tax-exempt interest in-
come. Items directly attributable to wholly exempt income
shall be allocated thereto, and items directly attributable
to any class of taxable income shall be allocated to such
taxable income. If an item is indirectly attributable both
to taxable income and exempt income, a reasonable propor-
tion thereof, determined in the light of all the facts and cir-
cumstances in each case, shall be allocated to each. A tax-
payer receiving any exempt income, other than interest, or
holding any property or engaging in any activity, the income
from which is exempt, shall submit with its return as a part
thereof an itemized statement showing (1) the amoimt of
each class of exempt income, and (2) the amount of expense
items allocated to each such class (the amount allocated by
apportionment being shown separately).
21. Dividends-received deduction. — See instruction for
Schedule E.
The 85-percent limitation on the dividends-received deduc-
tion shall not apply for any year in which there is a loss
from taxable investment income.
SCHEDULE A-2— Alternative Tax for Certain Small
Companies.
Section 821(c) provides an alternative tax for companies
where the gross amoimt reported on line 7, Schedule A plus
premiums is over $150,000 but not over $500,000.
294
Corporation Returns/1966 • Forms and Instructions
Page 4
The term "premiums" means the total amount of the pie-
miums and other consideration provided in the insurance
contract without any deduction for commissions, return pre-
miums, reinsurance, dividends to policyholders, dividends
left on deposit with the company, discounts on premiums paid
in advance, interest applied in reduction of premiums (wheth-
er or not required to be credited in reduction of premiums
under the terms of the contract), or any other item of simi-
lar nature. Such term includes advance premiums, premiums
deferred and uncollected and premiums due and unpaid, de-
posits, fees, assessments, and consideration in respect of
assuming liabilities under contracts not issued by the tax-
payer (such as a payment or transfer of property in an
assumption reinsurance transaction), but does not include
amounts received from other insurance companies for losses
paid under reinsurance contracts. (Section 1.821-4(a)(l)(ii),
Income Tax Regulations.)
Any mutual insurance company which is subject to the tax
imposed by section 821(c) may elect to be subject to the tax
imposed by section 821(a). See section 821(d) and the reg-
ulations thereunder for election to include statutory under-
writing income or loss.
The alternative tax is not available to a company which
has a balance in its protection against loss account at the
beginning of the taxable year, or to a company which has an
election in effect under section 821(d) to be taxed under
section 821(a).
SCHEDULE A-3
Total gross receipts from sales, line 10, column 3, should
not exceed the amount shown in line 9. If necessary, gross
receipts from a particular sale should be apportioned in the
above schedule and the excess reported in separate Schedule
D, Form 1120.
Sales (except the apportionment mentioned above) re-
ported in this schedule should not be reported in separate
Schedule D, Form 1120.
Enter total other capital losses (line 10, column 7) as line
18, Schedule A and line 13, Schedule B-1.
SCHEDULE B-1
1. Investment income. — To all interest, dividends, and
rents received during the taxable year, add interest, divi-
dends, and rents due and accrued at the end of the taxable
year and deduct all interest, dividends, and rents due and
accrued at the end of the preceding taxable year.
2. Premiums earned. — From the amount of gross premi-
ums written on insurance contracts during the taxable year,
deduct return premiums and premiums paid for reinsurance.
To the result so obtained, add unearned premiums on out-
standing business at the end of the preceding taxable year
and deduct unearned premiums on outstanding business at
the end of the taxable year.
3. Gain from sale or other disposition of property. — Enter
the amount of gain (only) from the sale or other disposition
of property from Schedule D, Form 1120. Losses should be
entered on line 12 or 13.
5. Decrease in subscriber accounts. — Enter the amount of
the decrease for the taxable year in savings credited to sub-
scriber accounts of an interinsurer or reciprocal underwriter.
See instruction 20 of Schedule B-1 for savings credited to
subscriber accounts.
7. Salaries and wages. — Enter the amount of accrued
salaries and wages for the taxable year.
8. Rents. — Enter the amount of accrued rent for business
property in which the company has no equity.
9. Interest. — Enter interest accrued on business indebted-
ness. Do not include interest on indebtedness incurred or
continued to purchase or carry obligations the interest on
which is wholly exempt from income tax. (Section 265.)
See section 267 for limitation on deductions for unpaid ex-
penses and interest in the case of transactions between re-
lated taxpayers.
10. Taxes. — Enter taxes accrued during the taxable year
and attach a schedule showing the type and amount of tax.
Do not include Federal income, war-profits, and excess-profits
taxes; estate, inheritance, legacy, succession, and gift taxes;
foreign or United States possession income taxes if any
credit is claimed in line 12, page 1; Federal taxes paid on
bonds containing a tax-free covenant, nor taxes not imposed
upon the taxpayer. See section 164(d) regarding appor-
tionment of taxes on real property between seller and
purchaser.
11. Losses incurred on insurance contracts. — (a) To losses
paid during the taxable year, add salvage and reinsurance
recoverable outstanding at the end of the preceding taxable
year and deduct salvage and reinsurance recoverable out-
standing at the end of the taxable year, (b) To the result
obtained in "(a)," add all unpaid losses outstanding at the
end of the taxable year and deduct unpaid losses outstanding
at the end of the preceding taxable year.
12. Capital losses. — Enter only capital losses to the ex-
tent of capital gains from separate Schedule D, Form 1120.
Capital gains should be entered on line 3. Also see instruc-
tion 8 for Schedule A.
13. Other capital losses. — Enter the amount of losses from
capital assets sold or exchanged to provide funds to meet
abnormal insurance losses and to provide for the payment
of dividends and similar distributions to policyholders. Also
see instruction 18 for Schedule A.
14. Worthless agency balances and bills receivable. — Enter
the amount of debts in the nature of agency balances and
bills receivable which became worthless during the taxable
year.
15. Interest. — Enter the amount of interest earned during
the taxable year which under section 103 is excluded from
gross income.
16. Depreciation. — See instructions for Schedule F.
17. Depletion. — See instruction 15 for Schedule A.
18. Contributions. — Enter the amount of contributions or
gifts accrued during the taxable year to or for the use of
organizations and governmental bodies as set forth in section
170(c).
Limitation. — The deduction may not exceed 5 percent
of line 24 without taking into account the amount of this
deduction.
Any contributions accrued during the taxable year in ex-
cess of the amount deductible may be carried over and de-
ducted in the 5 succeeding taxable years subject to the 5-
percent limitation provided in section 170(b)(2). The 5-
year carryover applies to contributions made in 1962 and
thereafter. In a taxable year to which there is an unused
loss carryover and charitable contributions in excess of the
amount deductible (or a charitable contribution carryover
from a preceding taxable year), see section 170(b) (3).
Attach a schedule showing the name of each organization
and the amount and the date paid. If a contribution is made
Corporation Returns/1966 • Forms and Instructions
295
in property other than money, state the kind of property
contributed and the method used in determining its fair
market value. If a contribution carryover is included, show
the amount and how the carryover was determined.
Special rule for contribution of depreciable property. —
The amount to be taken into account for such purposes shall
not exceed the fair market value of the property less the
amount which would constitute ordinary income under
section 1245(a) or 1250(a).
19. Dividends paid or declared to policyholders. — Enter
the amount of dividends and similar distributions paid or
declared to policyholders in their capacity as such.
20. Increase in subscriber accounts. — In the case of a
mutual insurance company which is an interinsurer or re-
ciprocal underwriter there is allowed as a deduction the
increase for the taxable year in savings credited to sub-
scriber accounts.
The term "savings credited to subscriber accounts" means
such portion of the surplus as is credited to the individual
accounts of subscribers before the 16th day of the third
month following the close of the taxable year, but only if the
company would be obligated to pay such amount promptly to
such subscriber if he terminated his contract at the close of
the company's taxable year, and only if the subscriber has
been notified as required by Section 1.823-6(c)(2)(v), In-
come Tax Regulations. For purposes of determining his
taxable income, the subscriber shall treat any such savings
credited to his account as a dividend paid or declared.
21(a). — File Form 2950 to substantiate the deduction
claimed for amounts contributed to pension, profit-sharing,
stock bonus, and annuity plans under section 404. Form
2950 must be filed for years other than the first year a de-
duction is claimed and may be used for the first year instead
of submitting the information required by section 1.404(a)-
2(a), Income Tax Regulations.
21(b). Other employee benefit plans. — Enter deductions
for contributions to employee benefit plans other than those
claimed on line 21(a), such as insurance, health, or welfare
plans. Submit with the return a schedule for each plan
showing: (1) the nature of benefits, i.e., group- term life in-
surance, group permanent life insurance, nonjnsured death
benefit, hospitalization, surgical, medical, sickness, accident,
major medical expense, unemployment benefit, or other wel-
fare benefits; (2) method of financing, i.e., insured, industry
or areawide fund, self-insured fund, or direct benefit pay-
ments; (3) the amount of deduction; (4) the amount of
employee contributions; (5) the number of employees cov-
ered; and (6) if a self -insured plan, the amount of benefits
paid during the taxable year. Also show the number of em-
ployees employed by the company.
25. Dividends-received deduction. — See instructions for
Schedule E.
The 85-i)ercent limitation on the dividends-received deduc-
tion shall not apply for any year in which there is a loss
from statutory underwriting income.
SCHEDULE B-2
In the case of a taxpayer subject to the tax imposed by
section 821(a), section 823(c) provides that if the gross
amount received during the taxable year from the items
described in section 822(b) (other than paragi-aph (1)(D)
thereof) and premiums (including deposits and assessments)
is less than $1,100,000, then there shall be allowed an addi-
tional deduction for the purposes of determining statutory
underwriting income or loss under section 823(a) for the
taxable year.
For definition of "premiums" see instnictions for Schedule
A-2.
Page 5
SCHEDULE E
Dividend income. — Line 1. — Enter dividends received from
a domestic corporation subject to income tax and which are
subject to the 85-percent deduction under section 243(a)(1).
So-called dividends or earnings received from mutual savings
banks, cooperative banks, domestic building and loan asso-
ciations and other savings institutions chartered and super-
vised as savings and loan or similar associations under
Federal or State law, are in fact interest and should not be
treated as dividends. In the case of dividends received from
a regulated investment company, see section 854 regarding
the amount subject to the 85-percent deduction.
Line 2. — Enter dividends received on the preferred stock
of a public utility which is subject to income tax and which
is allowed the deduction provided in section 247 for dividends
paid.
Line 3. — Enter dividends received from foreign corpora-
tions and which qualify for the 85-percent deduction provided
in section 245.
Line 4. — Attach schedule showing separately:
(a) Foreign dividends (including minimum distributions
under Subpart F) which are not reportable on line 3. Dis-
tributions of amounts constructively taxed in the current
year or in prior years under Subpart F should be excluded.
(b) Income from controlled foreign corporations (file
Forms 3646).
(c) Foreign dividend gross-up under section 78, including
amount attributable to controlled foreign corporations on
line 4(b) above.
(d) Dividends (other than capital gain dividends) re-
ceived from regulated investment companies and which are
not subject to the 85-percent deduction; dividends from cor-
porations not subject to tax under chapter 1 of the Code;
dividends (other than capital gain dividends) received from
a real estate investment trust which, for the taxable year of
the trust in which the dividend is paid, qualifies under sec-
tions 856-858; dividends not eligible for the 85-percent de-
duction because of the holding period of the stock or an
obligation to make corresponding payments with respect to
similar stock; and any other taxable dividend income not
properly reported above.
Dividends-received deduction. — (1) Dividends received
from a domestic corporation. — Enter an amount equal to 85
percent of the amount received as dividends (except divi-
dends on certain preferred stock of public utilities) from a
domestic corporation subject to income tax.
(2) Dividends received on certain preferred stock of
public utilities. — Enter 60.208 percent of the amount received
as dividends on the preferred stock of a public utility which
is subject to income tax and is allowed a deduction, as pro-
vided in section 247, for dividends paid.
(3) Dividends received from certain foreign corpora-
tions.— Enter 85 percent of dividends received from certain
foreign corporations. See sections 243(d) and 245 for quali-
fications and limitations on the amount of this deduction.
In general, no dividends-received deduction will be allowed
on any share of stock (A) which is sold or otherwise dis-
posed of in any case in which the coi-poration has held such
share for 15 days or less, or (B) to the extent the corporation
is under an obligation to make corresponding payments with
respect to substantially identical stock or securities. Where
the stock has preference in dividends, the holding period is
90 days instead of 16 if the corporation receives dividends
with respect to such stock which are attributable to a period
or periods aggregating in excess of 366 days.
296
Corporation Returns/1966 • Forms and Instructions
Page 6
SCHEDULE F— DEPRECIATION
Schedule F is designed for taxpayers using the alternative
guidelines and administrative procedures described in Rev-
enue Procedure 62-21 as well as for those taxpayers who wish
to continue using procedures authorized prior to the Revenue
Procedure.
For reporting purposes, you may (1) group depreciable
assets in categories (buildings, furniture and fixtures, trans-
portation equipment, machinery and other equipment, other),
or (2) continue to list your assets in the same manner as in
prior years.
Adjustments to basis of property:
(a) Additional first-year depreciation. — If a taxpayer
elects to claim the additional first-year allowance under sec-
tion 179, the basis of the property must be reduced by the
amount of the deduction so claimed.
(b) Salvage value. — Salvage value must be taken into ac-
count in determining the depreciation deduction (except
under declining balance method) either by a reduction of the
amount subject to depreciation, or by a reduction in the rate
of depreciation. Generally an asset (or an account) shall
not be depreciated below a reasonable salvage value. In
computing the basis on which depreciation may be taken for
personal property (other than livestock) acquired after Octo-
ber 16, 1962, with a useful life of 3 years or more, salvage
value need not be taken into account if it does not exceed
10 percent of the cost or other basis of the property. If sal-
vage value exceeds 10 percent, only the excess need be taken
into account.
Alternative Depreciation Guidelines and Rules
Revenue Procedure 62-21, supplemented by Revenue Pro-
cedure 65-13, sets forth alternative standards and procedures
for determining depreciation. The guideline lives for guide-
line classes (broad categories not item-by-item) are in most
cases substantially shorter than those used prior to the Rev-
enue Procedure. Taxpaj'ers who wish to use these provisions
must use them for all assets in a particular guideline class.
DEPRECIATION METHODS
Following is a brief description of the various methods of
depreciation which may be used under either Revenue Pro-
cedure 62-21 or other prescribed rules and standards:
(o) Straight line method. — To compute the deduction, de-
termine the cost (or other basis) of the property and deduct
the total depreciation allowed or allowable. Divide the re-
sult by the number of years of useful life remaining to the
asset — the quotient is the depreciation deduction.
(6) Declining balance method. — A uniform rate is applied
each year to the remaining cost or other basis of property
determined at the beginning of such year. For property
acquired before January 1, 1954, or used property whenever
acquired, the rate of depreciation under this method may not
exceed one and one-half times the applicable straight-line
rate.
(c) Special rules for new assets acquired after December
31, 1953. — The cost or other basis of an asset acquired after
December 31, 1953, may be depreciated under methods proper
in the past; or, it may be depreciated under any of the fol-
lowing methods provided that (1) the asset is tangible, (2)
it has an estimated useful life of 8 years or more to the tax-
payer, and (3) the original use of the asset commenced with
the taxpayer and commenced after December 31, 1953.
(i ) Declining balance method. — This method may be used
with a rate not in excess of twice the applicable straight-line
rate.
(2) Sum of the years-digits method. — The deduction for
each year is computed by multiplying the cost or other basis
of the asset by the number of years of useful life remaining
(including the year for which the deduction is computed) and
dividing the product by the sum of all the digits correspond-
ing to the years of the estimated useful life of the asset. In
the case of a 5-year life this sum would be 15 or (5-1-4-1-3
-f 2-1-1). For the first year five-fifteenths of the cost would
be allowable, for the second year four-fifteenths, etc.
(3) Other methods. — A taxpayer may use any consistent
method which does not result in accumulated allowances at
the end of any year greater than the total of the accumulated
allowances which would have resulted from the use of the
declining balance method. This limitation applies only dur-
ing the first two-thirds of the useful life of the property.
(d) Section 179 — Additional first-year depreciation allow-
ance.— Corporations may elect to write off 20 percent of the
cost (before adjustment for salvage value) of tangible per-
sonal property, but only to the extent of an aggregate cost
of $10,000, for the first taxable year for which a deduction
is allowable under section 167. The cost of property does
not include so much of the basis of such property as is deter-
mined by reference to the basis of other property held at any
time by the person acquiring such property. This additional
depreciation is limited to property with a remaining useful
life of 6 years or more and which is not acquired from an
affiliated corporation (as defined in section 1504, except that
"more than 50 percent" stock ownership is substituted for
"at least 80 percent" wherever it appears in section 1504
(a) ). All members of the affiliated group will be treated as
one taxpayer, and the $10,000 limitation will be apportioned
among the members in the manner prescribed by regulations.
Further, for this allowance to apply in any case, the basis
of the property must not be determined in whole or in part
by reference to the transferor's basis. Depreciation on the
remaining cost of the property may be taken under any of
the methods indicated above. The total additional first-year
depreciation must be shown on a separate line of the de-
preciation schedule.
SCHEDULE G, COLUMN 5
EXPENSE ACCOUNT ALLOWANCES
Expense account allowance means: (1) amounts, other
than compensation, received as advances or reimbursements,
and (2) amounts paid by or for the company, for expenses
incurred by or on behalf of an officer including all amounts
charged through any type of credit card.
However, this term does not include amounts paid for: (a)
the purchase of goods for resale or use in your business; (6)
incidental expenses, such as the purchase of office supplies
for the company or local transportation in connection with
an errand; and (c) such fringe benefits as hospitalization
insurance, pension trust funds and unemployment insurance.
Column 5 of Schedule G is to be completed for your 25
highest paid officers. To determine the highest paid officers
for this purpose all allowances including expense account
allowances as described above must be added to each officer's
compensation. Column 5 need not be completed for any
officer for which the combined amount is less than $10,000.
For this purpose an officer is a person who is elected or ap-
pointed to office or who is designated as such in the com-
pany's charter or bylaws such as regular officer, chairman
of the board, etc.
•irirtrti u.s. government printing ofFrcE : I9«6— 0-220-076
Corporation Returns/1966 • Forms and Instructions
297
„J120-S
U.S. Treasury Department
Internal Revenue Service
U.S. Small Business Corporation
Income Tax Return
For the year January 1-December 31, 1966, or other taxable year beginning
1966, ending , 19
(PLEASE TYPE OR PRINT)
166
A Date of election as small
business corporation
Name
C Employer Identifiullon No.
Number and street
D County in which located
B Business Code No. (see page 4
of instructions]
City, town, State, and ZIP code
E Enter total assets from line
14, Schedule L
$
IMPORTANT— All applicable lines and schedules must be filled in. If the lines on the schedules are not sufficient, see instruction M.
1 Gross receipts or gross sales Less: Returns and allowances
2 Less: Cost of goods sold (Schedule A) and/or operations (attach schedule)
3 Gross profit
4 (a) Domestic dividends
(b) Foreign dividends
5 Interest on obligations of the United States and U.S. instrumentalities
6 Other interest
7 Rents
8 Royalties
9 Gains and losses (separate Schedule D, Form 1120-S) —
(a) Net short-term capital gain reduced by any net long-term capital loss
(b) Net long-term capital gain reduced by any net short-term capital loss
structions)
(c) Net gain (loss) from sale or exchange of property other than capital assets
10 Other income (attach schedule)
11 Total income, lines 3 through 10
12 Compensation of officers (Schedule E)
13 Salaries and wages (not deducted elsewhere)
14 Repairs (do not include cost of improvements or capital expenditures)
15 Bad debts (Schedule F if reserve method is used)
16 Rents
17 Taxes (attach schedule)
18 Interest
19 Contributions (attach schedule)
20 Losses by fire, storm, shipwreck, other casualty, or theft (attach schedule)
21 Amortization (attach schedule)
22 Depreciation (Schedule G)
23 Depletion (attach schedule)
24 Advertising
25 (a) Pension, profit-sharing, stock bonus, annuity plans (see instructions)
(b) Other employee benefit plans (see instructions)
26 Other deductions (attach schedule)
27 Total deductions on lines 12 through 26
28 Taxable income, line 11 less line 27
$25,000
29 Income tax on capital gains (Schedule J)
30 Credits: (a) Tax paid with Form 7004 application for extension (attach copy)
(b) Credit for U.S. tax on nonhighway gas. and lub. oil (attach Form 4136) . I —
31 If tax (line 29) is larger than credits (line 30), the balance is TAX DUE. Enter balance here -
32 If tax (line 29) is less than credits (line 30) Enter the OVERPAYMENT here -
Under Denalties of periury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my
(ledge and belief it is true, correct, and complete. If prepared by a person other than taxpayer, his declaration is based on all information of
knowledge _ _
which he has any knowledge.
CORPORATE
SEAL
Signature of officer
Individual or firm signature of preparer
298
Corporation Returns/1966 • Forms and Instructions
Form 1120-S (1966)
Page 2
Schedule A — COST OF GOODS SOLD (Where inventories are an income-determining factor) (See instruction 2)
Method of inventory valuation (specify)-
1 Inventory at beginning of year
2 Merchandise bought for manufacture or sale
3 Salaries and wages
4 Other costs (attach schedule)
5 Total of lines 1 through 4
6 Less inventory at end of year
7 Cost of goods sold (enter here and on line 2,
page 1)
Schedule E— COMPENSATION OF OFFICERS (See
page 3
of instructions)
1. Name, address, and social security number of officer
2. Title
3. Time de-
voted to
business
4. Percent-
age Of cor
poration
stock owned
5. Amount of
compensation
6. Expense account
allowances
Total compensation of officers (enter here and on line 12, page 1
)
*<:^ -^^^^V^^^
Schedule F— BAD DEBTS— RESERVE METHOD (See instruction 15)
2. Trade notes and accounts re-
ceivable outstanding at end of year
3. Sales on account
Amount added to reserve
6. Amount ctiarged
against reserve
1. Year
4 Current year's
provision
5. Recoveries
at end of year
1961.
1962.
1963.
1964.
1965.
1966.
Schedule G — DEPRECIATION (See instruction 22)
Taxpayers using Revenue Procedure 62-21: Make no entry in column 2. enter the cost or other basis of assets held at end of year in column 3,
and enter the accumulated depreciation at end of year in column 4.
1. Group and guideline class
or description of property
2. Date
acquired
3. Cost or
otfier basis
4. Depreciation
allowed or allowable
in prior years
5. Method of
computing depreciation
6. Life
or rate
1 Total additional first-year depreciation (do not include in items below) ■
Buildings
Furniture and fixtures ....
Transportation equipment . . .
Machinery and other equipment .
Other (specify)
7. Depreciation
for this year
Totals .
3 Less amount of depreciation claimed in Schedule A and elsewhere on return .
4 Balance — Enter here and on line 22, page 1
Schedule H— SUMMARY OF DEPRECIATION
Straight line
Declining balance
Sum of the
years-digits
Units of
production
iwS:;S:iSfii;::S:;wi:
Additional firsf-year
(section 179)
Other (specify)
Total
1 Under Rev.
Proc. 62-21 .
2 Other . . .
Schedule J— TAX COMPUTATION (See instructions)
1 Taxable Income (line 28, page 1)
2 (a) Enter 48 percent of line 1
(b) Subtract $6,500 and enter difference
3 Net long-term capital gain reduced by net short-term capital loss (line 9(b), page 1) . .
4 Subtract $25,000. (Statutory minimum.)
5 Balance (line 3 less line 4)
6 Enter 25 percent of line 5
7 Income tax (line 2 or line 6, whichever is lesser). Enter here and on line 29. page 1
6,500.00
25,66'6.6b
Corporation Returns/1966 • Forms and Instructions
299
Form 1120-S (1966)
Page 3
Schedule K — SHAREHOLDER'S SHARE OF INCOME (See page 3 of Instructions)
Computation of Corporation's Undistributed Taxable Income
1 Taxable income (line 28, page 1)
2 Less: (a) Money distributed as dividends out of earnings and profits of the taxable year
(b) Tax imposed on certain capital gains (line 7, Schedule J)
3 Corporation's undistributed taxable income
Schedule of Distribution and Income
I. Name and address of each shareholder
(If return of shareholder is filed in another internal Revenue District, specify district)
(a)
(b)
(c)
(<J)
(e)
(f) .
(i)
(h)
(i) -
G) .
Social security number
2. Stock ownership
Number of
shares
Totals
Continuation
Df Schedule of Distribution and Income
3. Percentage of
time devoted to
business
4. Compensation
5. Dividends
6. Share of un-
distributed taxable
income or net
operating loss
7. Share of net
long-term capit?(
eainaftertax(See
instructions)
8. Dividends
entitled to
exclusion
9. Amount lax-
able as
ordinary
income
10. Nondividend distributions
Dates
Amounts
Date
Amount
(a\
<b\
fcl
(d^
rn
(a^
^h^
^i^
0) --
Totals
:■'■'■ ■:'-'.'■ 1
m: ■ !
F Date incorporated
G Did the corporation at the end of the taxable year own directly or
indirectly 50 percent or more of the voting stock of a domestic
corporation? Yes □ No Q- (^°' ''"'^^ o' attribution, see sec-
tion 267(c).)
If the answer is "Yes," attach a schedule showing:
(a) name, address, and employer identification number; and
(b) percentage owned.
H Did the corporation derive more than 80% of its gross receipts from
sources outside the United States? Yes □ No □
Did the corporation derive more than 20% of its gross receipts from
royalties, rents, dividends, interest, annuities, and sales or ex-
changes of stock or securities (gross receipts from sales or ex-
changes being taken into account for purposes of this question
only to the extent of gains therefrom)? . . . . Yes □ No □
I Did the corporation during the taxable year have any contracts or
subcontracts subject to the Renegotiation Act of 1951?
Yes n No n
If "Yes, " enter the aggregate gross dollar amount billed during the
year $
J Amount of taxable income (or loss) for: 1963 $ ;
1964 $ .. ; 1965 $
K Refer to page 4 of instructions and state the:
Principal business activity
Principal product or service
L Were you a member of a controlled group subject to the provisions
of sections 1561 or 1562? Yes D No Q
Did you claim a deduction for expenses connected with: (If answer to
any question is "Yes," check applicable boxes within that ques-
tion.)
(1) A hunting lodge □, working ranch or farm □, fishing
camp □, resort property Q. pleasure boat or yacht □, or
other similar facility □? (Other than where the operation
of the facility was the principal business.) Yes □ No □
(2) The leasing, renting, or ownership of a hotel room or suite
□ , apartment □, or other dwelling □, which was used by
customers or employees or members of their families?
(Other than use by employees while in business travel
status.) Yes G No □
(3) The attendance of your employees' families at conventions or
business meetings? Yes □ No □
(4) Vacations for employees or members of their families?
(Other than amount reported on Form W-2.)
Yes □ No n
Were you liable for filing Forms 1096 and 1099 or 1087 for the
calendar year 1966? Yes □ No □
If "Yes," where were they filed?
Was there any substantial change in the manner of determining
quantities, costs, or valuations between opening and closing
inventory? Yes □ No □
If "Yes," attach explanation.
16 — 79308-1
300
Corporation Returns/1966 • Forms and Instructions
Form 1120-S (1966)
Page 4
Schedule L— BALANCE SHEETS (See instructions)
ASSETS
1 Cash
2 Trade notes and accounts receivable
(a) Less allowance for bad debts
3 Inventories
4 Investments in Government obligations:
(a) United States and instrumentalities ....
(b) State, subdivisions thereof, etc
5 Mortgage and real estate loans
6 Other investments (attach schedule)
7 Loans to shareholders
8 Other current assets (attach schedule)
9 Buildings and other fixed depreciable assets . . .
(a) Less accumulated depreciation
10 Depletable assets
(a) Less accumulated depletion
11 Land (net of any amortization)
12 Intangible assets (amortizable only)
(a) Less accumulated amortization . . . . *.
13 Other assets (attach schedule)
14 Total assets
LIABILITIES AND CAPITAL
15 Accounts payable
16 Mtges., notes, bonds payable in less than 1 yr. .
17 Other current liabilities (attach schedule) ....
18 Loans from shareholders
19 Mtges., notes, bonds payable in 1 yr. or more . .
20 Other liabilities (attach schedule) ......
21 Capital stock
22 Paid-in or capital surplus
23 Retained earnings — Appropriated (attach schedule) .
24 Retained earnings — Unappropriated
25 Shareholders' undistributed taxable income . . .
26 Less cost of treasury stock
27 Total liabilities and capital
Beginning of taxable year
(A) Amount
(B) Total
End of taxable year
(C) Amount
(D) Total
Schedule M— RECONCILIATION OF TAXABLE INCOME
1 Net income per books
2 Contributions in excess of 5% limitation . .
10 Income recorded on books this year not
included in this return (itemize)
3 Insurance premiums paid tfn the life of any
officer or employee where the corporation is
directly or indirectly a beneficiary ....
4 Unallowable interest expense
5 Excess of capital losses over capital gains . .
7 Taxable Income not recorded on books this year
11 Deductions in this tax return not charged
against book income this year (itemize)
(a) Depreciation $
(b) Depletion $
8 Other expenses recorded on books this year not
deducted in this return (itemize)
(a) Depreciation ... $
(b) Depletion .... $
12 Total of lines 10 and 11
13 Taxable income (line 9 less tine 12) . . .
9 Total of lines 1 through 8
U,S. GOVERNMENT PRINTING OFFICE : 1966— 0-220- 077
16—79308-1
Corporation Returns/1966 • Forms and Instructions
301
Instructions for the 1966 Form lllOS
US. Small Business Corporation Income Tax Keturn
(References are to the Internal Revenue Code)
A. Corporaiions required to file Form 1120-S. — Every smaJI busi-
ness corporation (as defined in section 1371 (a)) which has filed a
proper and timely election under section 1372 (a) not to be subject to
the income tax imposed bv chapter 1 (other than bv section 1378)
must file Form 1120-S. See Form 2553.
B. Consents of shareholders. — Consents of all shareholders are re-
quired to be attached to the election form notifying the District Direc-
tor of the election. However, where the election was made before the
first day of the taxable year, the consents of persons who became share-
holders after the date of election and on or before such first day must
be filed with the District Director with whom the election was filed as
soon as practicable after such first day and in no event later than the
last day prescribed for making the election. Copies of such latter
consents must be attached to the Form I 120-S at the time the return
is filed.
New shareholders (any person who was not a shareholder on the
first day of the first taxable \ear for which the election is effective, or
on the day on which the election is made, whichever is later) must
consent to the election and such statement of consent must be filed
with the District Director with whom the election was filed within a
period of 30 days after they become shareholders or the election is
automatically terminated. Copies of such consents must also be
attached to the return.
C. Termination. — The election by the corporation is automatically
terminated ; ( 1 ) by the failure of a new shareholder to consent to such
election as explained in B above; (2) where it ceases to be a small
business corporation as defined in section 1371 (a); (3) where it
derives more than 80 percent of its gross receipts from sources outside
the U.S.i or (4) where it has gross receipts more than 20 percent of
which is passive investment income, except during the first 2 taxable
years of active conduct of any trade or business if passive investment
income is less than $3,000 (section 1372 (e) (5)). Such termina-
tion is effective for the taxable year in which any one of the foregoing
occurs and for all succeeding taxable years of the corporation.
The election may be revoked for any taxable year after the first
taxable year for which the election is effective. An election to revoke
may be made only if all persons who are shareholders on the day on
which the revocation is made consent to the revocation. The revo-
cation is effective (1) for the taxable year in which made, if fnade
before the close of the first month of the taxable year, or (2) for the
taxable year following the taxable year in which made, if made after
the close of the first month; and for all succeeding taxable years.
The revocation is to be made in the manner prescribed by regulations.
Where the small business corporation has e'.ectcd under section
1372 (a) and the election has been terminated or revoked, the cor-
poration is not eligible to again elect under 1372 (a) for 5 years
unless the Secretary or his delegate consents to such an election.
D. Period to be covered by return. — The return shall be filed for
the calendar year 1966 or other taxable year beginning in 1966. If
return is filed for other than a calendar year, fill in the taxable year
space at top of return. If the corporation liquidates or otherwise
ceases to exist and this is the last return the taxpayer is required to
file, write *'FINAL RETURN" at the top of the form.
E. Filing of return and payment of tax. — The return must be filed
on or before the 15th day of the third month following the close of
the taxable year with the District Director of Internal Revenue for
the district in which the corporation's principal place of business or
principal office or agency is located. (Section 6072.)
Request for automatic extension of 3 months for filing of return
must be made on Form 7004. (Section 6081 (b).)
The balance of tax due must be paid in full when the return is
filed or in two installments, 50 percent on or before the I5th day.
of the third month and 50 percent on or before the 15th day of the
sixth month following the close of the taxable year.
The tax may be paid in cash or by check or money order drawn
to the order of "Internal Revenue Ser\-ice." Please enter your
employer identification number on all remittances. Cash payment
should be made only in person at the District Director's office
SPECIFIC INSTRUCTIONS {Numbered to correspond with line numbers on page 1 of return)
F. Signature and verification. — The return must be signed either
by the president, vice president, treasurer, assistant treasurer, chief
accounting officer, or by any other corporate officer (such as tax
officer) who is authorized to sign. A receiver, trustee, or assignee
must sign any return which he is required to file on behalf of a
corporation.
G. Penalties. — Severe penalties are provided by law for willful
failure to make and file a return on time and for willful attempt to
evade or defeat payment of tax.
H. Accounting methods. — Taxable income shall be computed in
accordance with the method of accounting regularly used by the tax-
payer in maintaining its books and records. In all cases the method
adopted should clearly reflect taxable income. (See section 446.)
Except in those cases where the law specifically permits it, a taxpayer
may not change the method of accounting upon the basis of which it
has reported its income in prior years (for its income as a whole or
with respect to any separate trade or business) without first securing
consent on Form 3115, Application for Change in Accounting
Method.
Rounding off to whole-dollar amounts. — The money items on your
return and accompanying schedules required by such return may be
shown as whole-dollar amounts. This means that you eliminate any
amount less than 50 cents, and increase any amount from 50 cents
through 99 cents to the next highest dollar.
I. Certain information returns which may be required. —
Forms 1096 and 1099. — Information returns to be filed con-
cerning certain dividends, earnings, interest, rents, royalties, annui-
ties, pensions, foreign items; and prizes, awards, and commissions to
nonemployees.
The term "dividend" docs not include any amount which is treated
under section 1373 (relating to undistributed taxable income of elect-
ing small business corporations) as an amount distributed as a
dividend.
h'orms 966 and 1099L. — Information returns regarding dissolution
or liquidation, and distributions in liquidation.
J. Stock ownership in foreign corporations. — A corporation owning
any stock of a foreign corporation must attach a statement showing
the name and address of each company and the total number of
shares of each class of outstanding stock owned during the taxable
year. If the corporation owned 5 percent or more in value of the
outstanding stock of a foreign personal holding company, attach a
statement setting forth in complete detail the information required
by section 551 (d).
K. Balance sheets. — The balance sheets, Schedule L, should agree
with the books of account or anj differences should be reconciled.
All corporations reporting to the Interstate Commerce Commission
or to any national, State, municipal, or other public officer, may
submit, in lieu of Schedule L, copies of their balance sheets prescribed
by such authorities as of the beginning and end of the taxable year.
Certificates of deposit should be included as cash on line 1 of the
balance sheet.
Line 1 1, Schedule L, should show land less any accumulated amor-
tization of the land as an emergency facility under the authority of
section 168.
L. Net operating loss and other deductions.— The deduction for net
operating losses provided by section 172 and the Special Deductions
provided in Part VIII (except section 248) of subchapter B, shall not
be allowed to an electing small business corporation. (Section
1373 (d).)
M. Attachments. — Attachments may be used in the preparation of
your return if the lines on the form schedules are not sufficient for
your needs. The attachment must contain all required information,
follow the format of the official schedules, and must be attached to
the return in the same sequence as the schedules appear on the official
form. If an attachment is used in place of a schedule having a sum-
mary line on page 1 of the form, the total need not be entered on the
schedule, but must be entered on page 1.
1. Gross receipts. — Enter gross receipts or sales from all business
operations except those required to be reported on lines 4 through 9.
2. Cost of goods sold. — If the production, manufacture, purchase,
or sale of merchandise is an income-determining factor in the trade
or business, inventories of merchandise on hand should be taken at
the beginning and end of the taxable year, and may be valued at
cost, lower of cost or market, or by any other permissible method.
c41— 16— 79306-1
An inventory method once properly adopted is controlling until
permission to change is obtained from the Commissioner. Applica-
tion for permission to change an inventory method must be made on
Form 3115 within 90 days after the beginning of the taxable year in
which it is desired to effect a change. In case the inventories
reported do not agree with the balance sheet, attach a statement
explaining the difference.
INSTRUCTIONS 1120-S (1966)
381-123 O - 70 - 21
302
Corporation Returns/1966 • Forms and Instructions
PAGE 2
A corporation electing to use the last-in, first-out method of val-
uing inventory provided for in section 472 must file Form 970 with
the return for the first year of the election. Thereafter, attach sepa-
rate schedule showing ( 1 ) a summary of all inventories, and ( 2 ) with
respect to any inventories computed under section 472, the computa-
tion of the quantities and cost by acquisition levels.
5. Interest on U.S. obligations. — Enter interest on obligations of
the United States and U.S. instrumentalities.
Nonintereit-bearing obligations issued at a discount. — Taxpayers
on the cash basis may elect, as to all noninterest-bearing obligations
issued at a discount and redeemable for fixed amounts increasing at
stated intervals (for example, United States Savings Bonds), to
include the increase in redemption price applicable to the current
year. For the year of election the total increase in redemption price
of such obligations occurring between the date of acquisition and the
end of the year must be included. Attach statement listing obliga-
tions owned and computation of the increase. (Section 454.)
6. Other interest. — Enter interest on loans, notes, mortgages, bonds,
bank deposits, corporate bonds, etc. See section 171 for amortizable
bond premiums.
7. Rents. — Enter the gross amount received for the rent of prop-
erty. Any expenses, including repairs, interest, taxes, and deprecia-
tion should be included in the proper lines for deductions.
8. Royalties. — Enter the gross amount received as royalties. If a
deduction is claimed for depletion, it must be reported on line 23.
9. Gains and losses from sales or exchanges of capital assets and
other property.— See separate Schedule D and Instructions.
If line 9 (b) exceeds $25,000, see the requirements under instruc-
tions for Schedule J — Tax Computation.
10. Other income. — Enter total amount of other income not re-
ported elsewhere in the return and attach schedule showing details if
spaces provided are not sufficient.
14. Repairs. — Enter the cost of incidental repairs, including labor,
supplies, and other items, which do not add to the value or apprecia-
bly prolong the life of the property.
15. Bad debls.~Bad debts may be treated in either of two
^ays — (1) as a deduction for debts which become worthless in whole
or in part, or (2) as a deduction for a reasonable addition to a re-
serve for bad debts. (Section 166.)
16. Rents. — Enter rent paid or accrued for business property in
which the corporation has no equity.
17. Taxes.— Enter taxes paid or accrued during the taxable year
and attach a schedule showing the l>pe and amount of tax.
18. Interest. — Enter interest paid or accrued on business indebted-
ness. Do not include interest on indebtedness incurred or continued
to purchase or carry obligations, the interest on which is wholly
exempt from income tax. (Section 265.)
See section 267 for limitation on deductions for unpaid expenses
and interest in the case of transactions between related taxpayers.
19. Contributions. — Enter contributions or gifts actually paid within
the taxable year to or for the use of organizations and governmental
bodies as set forth in section 170 (c). The amount claimed shall
not exceed 5 percent of ta.xable income computed without regard to
this deduction.
Contributions by an accrual basis taxpayer paid on or before the
15th day of the 3d month following the close of the taxable year
shall be considered as paid during the taxable year if a copy of the
authorization by the board of directors is attached to the return.
Contributions in excess of the amount deductible may be carried
over and deducted in the five succeeding taxable years.
Attach a schedule showing the name of each organization and
the amount and the date paid. If a contribution is made in
property other than money, state the kind of property contributed
and the method used in determining its fair market value. If a
contribution carr>'over is included, show the amount and how the
carnover was determined.
Special rule for contribution of depreciable property. — The amount
to be taken into account for such purposes shall not exceed the fair
market value of the property less the amount which would constitute
ordinary income under section 1245 (a) or 1250 (a).
20. Losses by fire, storm, shipwreck, other casualty, or theft.- —
Enter losses sustained during the year, arising from fire, storm, ship-
wreck, or other casualty. For determination of the amount deducti-
ble, see section 165 (b) and the regulations thereunder. Theft losses
are deductible only in the year in which discovered.
21. Amortization. — If a deduction Is claimed for amortization,
attach a detailed statement. The law makes special provisions
for amortization of the following kinds of assets and expenditures:
(a) Research and experimental expenditures- -Section 174 ; (b)
Exploration expenditures — Section 615; (c) Development expendi-
tures— Section 616; (d) Organizational expenses— -Section 248; and
(e) Trademark and trade name expenditures — Section 177.
22. Depreciation. — If a deduction is claimed for depreciation of
property, leasehold improvements, patents, or copyrights, fill in
Schedule G.
If a taxpayer elects to claim the additional first-year allowance
under section 179, the basis of the property must be reduced by the
amount of the deduction.
Salvage value must be taken into account in determining the
depreciation deduction (except under declining balance method)
either by a reduction of the amount subject to depreciation, or by a
reduction in the rate of depreciation. Generally, an asset (or an
account) shall not be depreciated below a reasonable salvage value.
In computing the basis on which depreciation may be taken for per-
sonal property (other than livestock) acquired after October 16, 1962,
with a useful life of 3 years or more, salvage value need not be taken
into account if it does not exceed 10 percent of the cost or other basis
of the property. If salvage value exceeds 10 percent, only the excess
need be taken into account.
AltCTnative depreciation guidelines and rules. — Revenue Procedure
62-21, supplemented by Revenue Procedure 65—13, sets forth alterna-
tive standards and procedures for determining depreciation. Tax-
payers who wish to use these provisions must use them for all assets
in a particular guideline class.
Special rules for new assets. — The cost or other basis of a new
asset may be depreciated under any of the following methods provided
that (1) the asset is tangible, (2) it has an estimated useful life of 3
years or more to the taxpayer, and (3) the original use of the asset
commenced with the taxpayer. However, see paragraph (4) below
with respect to certain real property.
(1) Declining balance method.— The rate may not be in excess of
twice the applicable straight-line rate.
(2) Sum of the years-digits method.
(3) Other methods.— Any other consistent method may be used
which does not result in accumulated allowances at the end of any
year greater than the total of the accumulated allowances which
would have resulted from the use of the declining balance method.
This limitation applies only during the first two-thirds of the useful
life of the property.
(4) Real property. — The methods described in paragraphs (1),
(2), and (3) do not apply in the case of real property (other than
real property which would be eligible for the investment credit if it
were not suspension period property) if (a) the physical construction,
reconstruction, or erection of such property by any person begins
during the suspension period, or (b) an order for such construction,
reconstruction, or erection is placed by any person during the sus-
pension period. The suspension period is the period beginning on
October 10, 1966, and ending on December 31, 1967. Such methods
may, however, be used for ( I ) any item of real property selected by
the taxpayer if the cost of such item, when added to the aggregate
cost of all other items of real property selected by the taxpayer for
the entire suspension period does not exceed $50,000, and (2) to
some extent, property which was built pursuant to binding contracts
and economic commitments In existence on and after October 9, 1966.
Real property affected by the suspension period may be depreciated
under the same methods available for used property which may in-
clude the 150 percent declining balance method.
Additional first-year depreciation allowance. — ^Corporations may
elect to write off 20 percent of the cost (before adjustment for salvage
value) of tangible personal property, but only to the extent of an
aggregate cost of $10,000, for the first taxable year for which a deduc-
tion is allowable under section 167. Sec section 179 and the regula-
tions thereunder. Total additional first-year depreciation must be
shown on line 1 of the depreciation schedule.
23. Depletion. — If a deduction is claimed for depletion, Form M
( mines and other natural deposits) , Form O (oil and gas) , or
Form T (timber), should be submitted with your return.
25 (a)." -File Forrti 2950 to substantiate the deduction claimed for
amounts contributed to pension, profit-sharing, stock bonus, and an-
nuity plans under section 404. Form 2950 must be filed for years
other than the first year a deduction is claimed and may be used for
the first year instead of submitting the infomiation required by Section
1-404 (a)-2 (a). Income Tax Regulations.
25 (b). Other employee benefit plans. — Enter deductions for con-
tributions to employee benefit plans (other than those claimed on
line 25 (a)), such as insurance, health, or welfare plans. Submit
with the return a schedule for each plan showing: (1) the nature of
benefits, i. e., group-term life insurance, group permanent life insur-
ance, noninsured death benefit, hospitalization, surgical, medical,
sickness, accident, major medical expense, unemployment benefit, or
other welfare benefits; (2) method of financing, i. e., insured, indus-
try or arcawide fund, self-insured fund, or direct benefit pa>ments;
(3) the amount of deduction; (4) the amount of employee contri-
butions; (5) the number of employees covered; and (6) if a self-
insured plan, the amount of benefits paid during the taxable year.
Also show the number of employees employed by the corporation.
043—16—79396-1
Corporation Returns/1966 • Forms and Instructions
303
26. Other deductions. — Enter any other authorized deductions
for which no space is provided on the return and attach a schedule.
No deduction is allowable for any amount allocable to a class of
exempt income other than exempt interest income. A taxpayer re-
ceiving any such exempt income or holding any property or engaging
in any activity the income from which is exempt shall submit with its
return as a part thereof an itemized statement showing (1) the
amount of each class of exempt income, and (2) the amount of ex-
pense items allocated to each such class (the amount allocated by
apportionment being shown separately).
PAGE 3
30. Credits. — Section 39 provides a credit for Fcdei'al excise tax on:
( 1 ) gasoline used (a) on a farm for farming purposes, (b) other than
as fuel in a highway vehicle, and (c) in vehicles wS^tile engaged in
furnishing certain public passenger land transportation service; and
(2) lubricating oil used other than in a highway motor vehicle.
Enter the credit for U.S. tax on such gasoline and lubricat-
ing oil on line 30 (b) and attach Form 4136. To obtain this credit
your return must be timely filed (including any extensions). If
there is no tax due on line 29, the entire credit will be refunded to
the corporation.
For taxable years beginning after April 14, 1966, section 1378
imposes a tax on certain capital gains of an electing small business
corporation. This tax docs not apply to sales or exchanges occurring
before February 24, 1966. By answering the following questions,
you can determine if you are liable for the tax. If net long-term
capital gain reduced by any net short-tci'm capital loss, line 9 (b),
page 1, exceeds $25,000 and you are not liable for the tax, attach an
explanation as to the reason this tax does not apply. (This page may
be used for purposes of the attached explanation.)
If the answers lo the following questions A, B, and G or questions
A, B, and D are "Yes," the tax on certain capital gains imposed by
section 1378 is applicable and you must complete Schedule J — Tax
Computation on page 2. If answers to questions are other than
previously stated, you are not liable for the tax.
SCHEDULE J— TAX COMPUTATION
Does taxable income, line 28, page 1, exceed $25,000?
Yes D
No D
B. Does net long-term capital gain reduced by any net short-term
capital loss, line 9 (b), page 1, exceed $25,000, and exceed 50
percent of taxable income, line 28^ page 1 ? Yes D No Q
SCHEDULE K— SHAREHOLDER'S SHARE OF INCOME
The Schedule of Distribution and Income should show complete
information with respect to all the persons who were shareholders of
the corporation during any portion of the taxable year. Under the
tax treatment provided by Subchapter S, shareholders generally are
taxable upon their distributive shares of the current taxable income
of the coi"poration, whether or not actually distributed. Since each
shareholder is required to include his share in his individual return,
he should be furnished the information applicable to him.
Column 2. — If the number of shares owned by a shareholder
changed during the year, show separately the number of shares held
for each period.
Column 6. — A shareholder's portion of the undistributed taxable
income is the amount which he would have received as a dividend
if such income had been distributed pro rata to the shareholders on
the last day of the corporation's taxable year. A dividend distribu-
tion of property other than money may cause line 3 to exceed the
total of column 6.
In the case of a net operating loss for the taxable year, enter in this
column for each shareholder who was a shareholder at any time dur-
ing the corporation's taxable year his pro rata share of the loss. For
treatment of, determination of, and limitation on a shareholder's pro
rata share of such loss, see section 1374 and the regulations thereunder.
Column 7. — Enter for each shareholder his net pro rata share of the
corporation's excess of net long-terra capital gain over net short-term
capital loss (line 9b, page 1) reduced by any capital gains tax
(line 29, page 1). Each shareholder is entitled to treat as long-terra
capital gain a portion of the sum of the dividends he received plus
his share of the constructive dividends derived from the undistributed
taxable income. A shareholder's portion is determined by applying
to such excess the same ratio that the amount of his dividends (actual
or constructive), which are out of earnings and profits of the current
year, bears to the total dividends (actual or constructive) includible
by all shareholders from the same source. In making tlie allocation,
the excess of net long-term capital gain over short-term capital loss
cannot exceed taxable income (line 28, page 1). The amount
entered here should be reported on Schedule D of his individual in-
come tax return as a long-term capital gain from an "electing small
business corporation."
Column 8. — Of the amounts includible in the gross income of a
shareholder as dividends from an electing small business corporation,
only those which are not considered to be out of the earnings and
profits of the taxable year are entitled to the dividends-received ex-
EXPENSE ACCOUNT ALLOWANCES
C. Have you been other than an 1120-S corporation at any time
during the three immediately preceding taxable years or since
existence if less than 4 years? Yes D No n
D. If answer to Question G is "No," does any long-term capital gain
(line 9, Schedule D) represent gain from: Yes D No Q
1. Property acquired during the taxable year or within 36
months preceding the taxable year;
2. Property acquired, directly or indirectly, from a corporation
which was not an 1120-S corporation during the taxable
year or within 36 months preceding the taxable year up to
the time of the acquisition; and
3. Property having a substituted basis to you?
If the answer to Question D is "Yes," and the tax is applicable,
compute 25 percent of the excess of the net long-term capital gain
over the net short-term capital loss attributable to property described
in Question D. If this amount is less than the tax on line 2 or line 6,
Schedule J, attach this computation to the return and enter this
amount on line 7 and note to the left of the amount, "Sub. Basis."
(Section 1378 (c) (3).)
If a corporation is a component member of a controlled group of
corporations, see sections 1561-1562 and the regulations thereunder
to determine the surtax exemption and tax computation.
elusion. For purposes of this rule the earnings and profits of the tax-
able year are deemed not to exceed the taxable income for the year.
The dividends entitled to the exclusion would include, for example,
dividends paid out of accumulated earnings and profits and from
interest on tax-exempt securities. The amounts shown in this column
should be entered by the shareholders in Part II, page 2, of their
individual income tax returns. Forms 1040.
Column S.^Enter for each shareholder the sum of the dividends
actually distributed (column 5) and the constructive dividends de-
rived from undistributed taxable income (column 6), less the sum
of the amount treated as long-term capital gain (column 7) and the
amount of dividends entitled to the dividends-received exclusion
(column 8). The amounts shown in this column should be entered
b>' the shareholders as ordinary income on line 2, Part III. Schedule
B, of their individual income tax returns, Forms 1040.
Column 10. — Enter for each shareholder the date and the amount
of each distribution of money and property not out of earnings and
profits. For taxable years after the first taxable year to which the
election applies, include any distribution of accumulated undistrib-
uted taxable income. See section 1375 (d).
For election to treat certain distributions of money, from the pro-
ceeds of sales of capital assets or section 1231 property, after the
close of the taxable year as a distribution made on the last day of
such year, see section 1375 (e). However, this election is not appli-
cable to distributions made after the close of any taxable year begin-
ning after April 14, 1966.
After April 14, 1966, distributions of money made within 2 months
and 15 days after the close of the taxable year shall be treated as
nondividend distributions of such year's undistributed taxable in-
come to the extent they do not exceed the shareholder's share of
undistributed taxable income for such year (section 1375 (f)). A
corporation may elect, in accordance with the regulations, to have this
provision apply to distributions made on or before this date if they
were made within 3 months and 15 days after the close of a taxable
year.
Investment credit. — Shareholders are allowed a tax credit on their
individual returns for investment in certain depreciable property by
a small business corporation. The corporation shall attach to its
return a statement showing the useful life of each piece of property
and the apportionment to each shareholder of the basis of new prop-
erty and the cost of used property. For additional information see
instructions for Form 3468.
Expense account allowance means : ( 1 ) amounts, other than compen-
sation, received as advances or reimbursements, and (2) amounts paid
by or for the corporation, for expenses incurred by or on behalf of
an officer including all amounts charged through any type of credit
card.
Column 6 of Schedule E is to be completed for your 25 highest
-Schedule E, Column 6
paid officers. To determine the highest paid, all allowances (includ-
ing expense account) must be added to each officer's compensation.
It need not be completed for any officer where the combined amount
is less than $10,000. An officer is one who is elected or appointed
to office, or designated as such in the charter or bylaws such as
regular officer, chairman of the board, etc. c43—i6— 79396-1
304
Corporation Returns/1966 • Forms and Instructions
PAGE 4
CODES FOR PRINCIPAL BUSINESS ACTIVITY AND PRINCIPAL PRODUCT OR SERVICE
These industry titles and definitions arc based on the Standard Enterprise Classification system developed by the Bureau of the Budget,
Executive Office of the Presidentj to classify enterprises by type of activity in which engaged. The system follows closely the Standard
Industrial Classification used to classify establishments.
Using the list below, enter on page 1, under B, the code for thr specific industry group from which the largest percentage of "total
receipts' is derived. "Total receipts" means gross receipts (line 1, page 1) plus all other income (lines 4 through 10, page I). On page
3, under K, state the principal business activity and principal product or service which account for the largest percentage of total receipts.
For example, if the principal business activity is "Grain mill products," the principal product or service may be "cereal preparations."
AGRrCULTURE. FORESTRY, .nd
Code FISHERIES
0110 Farms.
0120 Agricultural services and hunting
and trapping.
0130 Forestry and forestry services.
0140 Fisheries.
MINING
Melal mining:
1010 Irou ores.
1020 Copper, lead and zinc, gold and silver
ores.
1098 Other metal mining.
1 100 Anthracite and biluminout coal and lignite
mining.
Crude petroleum and natural gas:
1310 Crude petroleum, natural gas, and
natural gas liijulds.
1380 Oil and gas field services.
Nonmelaliic tnineraU (eicept fuels) mining:
1410 Stone, sand, and gravel.
1498 Otlier noniuetallic minerals, except
fuels,
CONTRACT CONSTRUCTION
General conlraclori:
1510 Building construction.
15-0 Highway and street construction,
and other heavy construction.
Special trade contractors:
1531 PIuDibiug, healing, and air condi-
tioning.
1532 Electrical work.
1538 Other special trade contractors.
MANUFACTURING
Food and kindred products:
2010 -Meat products.
2020 Dblry products.
2030 Canning and preserving fruits, vege-
tables, and sea foods.
2040 Grain mill products.
2050 Bakery products.
2060 Sugar.
2070 Confectionery and related products.
2082 Malt liquors and malt.
2084 Wines, braudy, and brandy spirits.
2085 Distilled, rectified, and blended
liquors.
2086 Soft drinks, flavoring extracts, and
sirups.
2091 Vegetable oil mills, and animal,
marine, and ediltle fats and oils.
2098 Other food and kindred products.
2100 Tobacco manufactures.
Textile mill products:
2211 Broad woven fabric mills, cotton.
2212 Broad woven fabric mills, man-made
fiber and silk.
2213 Dyeing and finishing, except wool
and knit goods.
2220 Broad woven fabric mills, wool: in-
cluding dyeing and finishing.
2250 Knitting mills.
2270 Carpets and rugs.
2280 Yarn and thread mills.
2291 Narrow fabrics.
2298 Other textile mill products.
Apparel and other fabricated leilile products:
2310 Men's and boys" clothing.
2330 Women's, children's, and infants'
clothing.
2380 Hats, caps, millinery, fur goods, and
other apparel and accessories.
2398 Other fabricated textile products.
Lumber and wood products, eicept furniture:
2410 Logging camps and logging con-
tractors, sawmills, and planing mills.
2430 MiUwork, veneers, plywood, and
prefabricated structural wood prod-
ucts.
2498 Woodtn containers and other wood
products.
Furniture and fiilures:
2510 Household furniture.
2590 Furniture and fixtures, except house-
hold furniture.
Paper and allied products:
2611 Pulp mills.
2614 i'aper, paperboard, building paper,
and building board mills.
2540 Converted paper and paperboard
products, except containers.
2650 I'aperboard boxes and containers.
Printing, publishing, and allied industries:
2711 Newspapers: publishing, publishing
and printing.
2712 Periodicals: publishing, publishing
and printing.
2715 Books: publishing, publishing and
firinting; and miscellaneous pub-
istalng.
Code
2720 Commercial printing, including book
printing, manifold business forms,
and greeting cards.
2780 Bookbinding, related industries, and
printing trade services.
Chemicals and allied products:
2811 Industrial Inorganic and organic
chemicals.
2812 Plastics materials, synthetic resins,
synthetic rubber, and man-made
fibers, except glass.
2830 Drugs.
2841 Soaps, detergents, and cleaning
preparations.
2842 Perfumes, cosmetics, and other toilet
preparations.
2850 Paints and allied products, including
gum and wood chemicals.
2870 Fertilizers and other agricultural
chemicals.
2S9S Other chemical products.
Petroleum refining and related industries:
2911 Petroleum refining without extrac-
tion.
2912 Integrated petroleum refining and
extraction.
2998 Paving and roofing materials, and
other products of petroleuniand coal
Rubber and miscellaneous plastics products:
3010 Tires and inner tubes.
3020 Rubber footwear, reclaimed rubber,
and other fabricated rubber products.
3098 Miscellaneous plastics products.
Leather and leather products:
3140 Footwear, excei)t rubber.
3198 Leather tanning and finishing, and
other leather products.
Stone, claj, and glass products:
3210 Glass and glass products.
3240 Cement, hydraulic.
3250 Structural clay products.
3260 Pottery and related products.
3270 Concrete, gypsum, and plaster
products.
3298 Cut stone and stone products, and
abrasive, asbestos, and other nonrae-
tallic mineral r)roducts.
Primar; metal industries;
3310 Blast furnaces, steel works, and iron
and steel foundries and forgings.
3330 Xonferrous metals: smelting, refin-
ing, rolling, drawing, and alloying.
Including foundries and forgings.
3398 Otlier primary metal industries.
Fabricated metal products, except machinery
and transportation equipment:
3410 Metal cans.
34'JO Cutlery, hand tools, and general
hardware.
3430 Heating apparatus (except electric)
and plumbing fixtures.
3440 Fabricated structural metal prod-
ucts.
3450 Screw machine products, and bolts,
nuts, screws, rivets and washers.
3461 Metal stampings.
3462 Metal coating and engraving.
3498 Fabricated wire products and other
fabricated metal j)roducts.
Machinery, except electric:
3510 Engines and turbines.
3520 Farm machinery and equipment.
3530 Construction, mining, and materials
handling machinery and equipment.
3540 Metalvvorking machinery and equip-
ment.
3550 Special industry machinery and
equipment, except metalworking.
3560 General industrial machinery and
equipment.
3570 Oilice, computing, and accounting
machines.
3580 Service industry machines.
3598 Other machinery, except electrical.
Electrical mackinery, equipment, and supplies:
3611 Electrical transmission and distribu-
tion equipment.
3612 Electrical industrial apparatus.
3630 Household appliances.
3650 RacJio and television receiving sets,
except communication types.
3661 Communication equipment.
3662 Electronic components and acces-
sories.
3691 Electric lighting and wiring equip-
ment, except insulated wire.
3698 Other electrical machinery, equip-
ment, and supplies.
Hi. GOVEONMEI^T PRINTIN5 C
Code
Transportation equipment:
3711 Motor vehicles; passenger car, truck,
and bus bodies; and truck trailers.
3714 Motor vehicle i)arts and accessories.
3721 Aircraft, and complete guided mis-
siles and space vehicles.
3722 Aircraft parts, and guided missile and
space vehicle suliassemblies.
3730 Ship and boat building and repair.
3791 Railroad equipment, including street
cars.
3798 Motorcycles, bicycles, and parts, and
other transportation equipment.
Scientific instruments; photographic equipment;
watches and clocks:
3810 Scientific and mechanical measuring
Instruments.
3830 Optical, medical, and ophthaltnic
goods.
3860 Photographic equipment and sup-
plies.
3870 Watches and clocks.
Miscellaneous manuFaeluring industries, in-
cluding ordnance and accessories:
3910 Jewelry, silverware, and plated ware.
3920 Toys and sporting goods.
3930 Ordnance, excei»t guided missiles.
3991 Costume Jewelry.
3998 Musical instruments, office and
artists' materials, and other maimfac-
turing industries.
TRANSPORTATION. COMMUNICATION.
ELECTRIC. GAS, and SANITARY
SERVICES
Transportation:
4011 Railroad transportation, terminals,
and related services.
4U'-'0 Local, suburban, and Intercity pas-
senger transportation, including taxi-
calfsatid school busses.
4030 Motor freight _ transportation and
warehousing. "
4U40 Watertransporlalion.
4050 Air transportation.
4060 Pipe line transportation.
4098 Other transportation services.
Communication serrices:
4S10 Telephone commurdcations (wire or
radio).
4820 Telegraph cornnmriications (wire or
radio).
4830 Railio and television broadcasting.
4898 Other communication services.
Electric, gas, and sanitary services:
4910 Electric companies and systems (95
percent or more).
4920 Gas companies and systems {95 per-
cent or more).
4930 Combination companies and sys-
tems—gas, electric, or other services.
4940 Water supjiiy and other sanitary
services.
WHOLESALE TRADE
5010 Motor vehicles and automotive
equipment.
5020 Drugs, chemicals, and paints.
5030 Dry goods and apparel.
5047 -Meat and meat products.
5048 Poultry and poultry products, fish
and sea foods, and other groceries and
related products.
5050 Farm products— raw materials.
5000 Electrical goods.
5070 Hardware, and plumbing and heat-
ing equipment and supplies.
5080 Machinery.equipnient. and supplies.
5091 Metals and minerals, except petro-
leum products and scrap.
5092 Petroleum bulk stations and termi-
nals.
5095 Beer, wine, and distilled alcoholic
beverages.
5096 Paper and its products.
5097 Lumber and construction materials.
5098 Other wholesale trade.
RETAIL TRADE
Building materials, hardware, and farm equip-
ment:
5211 Building materials.
5215 Hardware stores.
5216 Farm equinment dealers.
General merchandise stores:
5221 Department stores.
5222 Variety stores.
5223 Mail order houses.
5228 Otlier general merchandise stores.
5230 Food stores
Automotive dealers and gasoline service sta-
tions:
5241 Automobile and truck dealers.
ncE c43— 16— "9396-1
Code
5243 Gasoline service stations.
5248 Tire, battery, and accessory dealers,
and miscellaneous aircraft, marine,
and automotive dealers.
Other retail stores:
5250 Apparel and accessories.
5260 Furniture, home furnishings, and
equipment stores.
5270 Eating and drinking places.
5291 Drug stores and proprietary stores.
5292 Liquor stores.
5293 Jewelry stores.
5298 Sporting goods and secondhand
stores, farm and garden supply, fuel
and ice dealers, and other retail
stores.
FINANCE, INSURANCE, and REAL ESTATE
Banks and trust companies:
6011 Mutual savings banks.
6012 Banks and trust companies, except
mutual savings banks.
Credit agencies other than banks:
6021 Savings and loan, building and loan
associations.
6022 Personal credit agencies.
6025 Business credit agencies.
6028 Loan correspondents and brokers,
and other credit agencies.
Security and eommodily brokers, dealers ex<
changes and services:
6033 Security brokers, dealers, and flota-
tion companies.
GU38 Commodity brokers and dealers; se-
curity and commodity exchanges;
and allied services.
Holding and other investment companies:
6042 Regulated invesimeut companies.
6043 Real estate investment trusts, 1960
Act.
6044 Small business Investment com-
panies, 1958 Act.
6048 Other holding and investment cos.
Insurance:
6055 Life insurance.
6056 Mutual insurance, except life, or
marine, and certain fire or flood
insurance companies.
6058 Other insurance companies.
6060 Insurance agents, brokers, and
service.
Real estate:
6510 Real estate operators (eicept devel-
opers) and lessors of buildings.
6521 Lessors of mining, oil, and similar
property.
6522 Lessors of railroad property.
G528 Lessors of real property other than
buildings, not elsewhere classified.
6550 Subdividers, developers, and oper-
ative builders.
6591 Agents, brokers, and managers.
6592 Title abstract companies.
6593 Combinations of real estate, insur-
ance, loans, and law oilices.
SERVICES
Hotels, rooming bouses, camps, and other lodg*
ing places:
7013 Tourist courts and motels.
7018 Hotels and other lodging places, ex-
cept tourist courts and motels.
Personal services:
7210 Laundries, laundry services, cleaning
and dyeing plants.
7220 I'liotograpbicstudios, Including com-
mercial photography.
729S Beauty, barber, shoe repair, and
pressing shops, funeral, and other
personal services.
Business services:
7310 Advertising.
7398 Credit reporting and employment
agencies, news syndicates, dupli-
cating, mailing, stenographic, build-
ing, and other business services.
Automobile and other repair services:
7510 Automobile parking, repair, and
services.
7550 Repair services, except automobile.
Motion pictures:
7810 Motion picture production, distribu-
tion, and related services.
7s30 Motion picture theaters.
7900 Amusement and recreational services
eicept motion pictures.
8019 Medical services.
8020 Educational services.
8030 Legal services.
8098 Services not elsewhere claisified.
Corporation Returns/1966 • Forms and Instructions
305
SCHEDULE D
(Form 1120-S)
U.S. Treasury Deparlment
Internal Revenue Service
Gains and Losses From Sales or
Exchanges of Property
Name and address
PART I— GAIN FROM DISPOSITION OF DEPRECIABLE PROPERTY UNDER SECTIONS 1245 AND 1250— Assets Held More Than
6 Months — Where double headings appear, use the first heading for section 1245 and the second heading for section 1250.
a. Kind of properly (if necessary, attach statement of descriptive details
not shown below — write 1245 or 1250 to indicate type of asset)
b. Date acquired
(mo., day, yr.)
c. Date sold
(mo., day, yr.)
d. Gross sales price
e. Cost or other basis, cost of
subsequent improvements (if
not purchased, attach expla-
nation) and expense of sale
1
f. Depreciation allowed (or allowable) since acquisition
f-1. Prior to January 1. 1962
OR
Prior to January 1, 1964
f-2. After December 31. 1961
OR
After December 31, 1963
g. Adjusted bas>2
(e less sum of f-1 and f-2)
h. Total gam
(d less g)
(lesser of f-2 or h)
OR
(see instructions)
J. Other gain
(h less i)
2 Total ordinary gain. Enter here and on line 11 and identify as gain from Part t . . . .
.^ \.^
3 Total ottier gain. Enter tiere and on line 4 and identify as eain from Part 1
— ■ 1 ■■
PART II— SALE OR EXCHANGE OF PROPERTY UNDER SECTION 1231
a. Kind of properly (if necessary, attach statement of
descriptive details not shown below)
b. Date acquired
(mo., day, yr.)
c. Date sold
(mo., day, yr.)
d. Gross sales
price
e. Depreciation allowed
(or allowable) since
acquisition
f. Cost or other basis,
cost of subsequent im-
provements (if not pur-
chased attach explana-
tion) and expense of sale
g. Gain or loss
(d plus e less f)
4
5 Total (If gain, enter on tine 9; if loss, enter on line 11. Identify as gain or loss fror
n Part II.) . . .
PART III— CAPITAL ASSETS
Short-Term Capital Gains and Losses — Assets Held Not More Than 6 Months
6
7 Unused capital loss carryover (attach
8 Total of short-term capital gains or Ic
statement)
sses or difference between short-term caoitai
gains and losses .
Long-Term Capital Gains and Losses — Assets Held More Than 6 Months
9
10 Total of long-term capital gains or losses or difference between long-term capital gains and losses . '
PART IV— PROPERTY OTHER THAN CAPITAL ASSETS
11
12 Total net gain (or loss). Enter here and on line 9(c), page 1, Form 1120-S
PART V — SUMMARY OF CAPITAL GAINS AND LOSSES
13 Excess net short-term capital gain (line 8) over net long-term capital loss (line 10).
14 Excess net long-term capital gain (line 10) over net short-term capital loss (line 8).
Enter on line 9(a), page 1, Form 1120-S
Enter on line 9(b), page 1, Form 1120-S
16—79.309-1
306
Corporation Returns/1966 • Forms and Instructions
Gains and losses from sales or exchanges of capital assets
and other property. — Sales ur exchanges ot capita! assets and sales
or exclian^ues of property other than capital assets must be reported
in detail even though no ^ain or lois may be indicated.
Losses from sales or exchanges of capital assets shall be allowed
only to the extent of gains from such sales or exchanges. However,
a net capital loss may be carried over to each of the five succeedrng
taxable years (or to the extent such loss is attributable to a foreign
expropriation loss to each of the ten succeeding taxable years). A
net capital loss shall be treated in each such succeeding taxable year as
a short-term capital loss to the extent not allowed as a deduction against
any net capital gains of any taxable year intervening between the taxable
year in which the net capital loss was sustained and the taxable year to
which carried.
Definition of capital assets. — The term "capital assets" means
property held by the taxpayer (whether or not connected with its
trade or business) but does not include: ( 1 ) stock in trade of the tax-
payer or other property of a kind which would properly be included in
the inventory of the taxpayer if on hand at the close of the taxable
year, or property held by the taxpayer primarily for sale to customers
in the ordinary course of its trade or business; or (2) property used
in the trade or business, of a character which is subject to the allow-
artce for depreciation provided in section 167, or real property
used m the trade or business of the taxpayer; or (3) certain copy-
rights, literary, musical, or artistic compositions, or similar properties;
or (4) accounts or notes receivable acquired in the ordinary course of
trade or business for services rendered or from tHe sale of property
described in (1) above; or (5) an obligation of the United States
or any of its possessions, or of a State, or any political subdivision
thereof, or of the District of Columbia, issued on or after March 1,
1941. on a discount basis and payable without interest at a fixed
maturity date not exceeding one year from the date of issue.
For special rules applicable to capital gains of Small Business Cor-
porations, see Section 1.1375-1 of the regulations.
Classification of capital gains and losses. — The phrase "short-
term" applies to the category of gains and losses arising from the sale
or exchange of capital assets held 6 months or less, and the phrase
"long-term" to the category of gains and losses arising from the sale
or exchange of capital assets held more than 6 months.
Enter full description of each item of property sold or exchanged,
even though no gain or loss may be indicated. Such description
should include the following facts: (a) For real estate, location and
description of land, description of improvements, details explaining
depreciation; (b) for bonds or other evidences of indebtedness, name
of issuing corporation, description of the particular issue, denomina-
tion, and amount; (c) for stocks, name of issuing corporation, class
of stock, number of shares, and capital changes affecting basis (non-
taxable stock dividends, other nontaxable distributions, stock rights,
etc.).
Basis. — In determining gain or less for property acquired after
February 28. 1913, use cost except where property was acquired by
bequest, gift, tax-free exchange, involuntary conversion, or wash sale
of stock. See sections 1014, 1015, 1031, 1033. and 1091, respec-
tively. If the amount shown as the basis is other than actual cash
cost of the property sold or exchanged, full details must be furnished
regarding the acqui'^ition of the property.
If emergency facilities are sold or exchanged, see section 1233.
Losses on securities becoming worthless. — If any securities
become worthless during the t.ix.Tble year and are capita! assets, in the
case of a taxpayer other than ,t bank as defined in section 5Sl, the loss
shall be considered a loss from the sale or exchange of capital assei.-i on
the last day of such taxable year. Section 165(g) ( 1 ).
Losses not allowable. — No loss is recognized for wash sales of
stock or securities. Section 1091
No loss is allowed (except distributions in liquidation) between
related persons. Section 267.
Gains from disposition of depreciable property under sec-
tions 1245 and 1250 — assets held more than 6 months (Part
I). (Report any gain from such property held for 6 months
or /ess in Part iV). — Except as provided below sectum 12-45
property means tieprcciahle (a) personal property (other than live-
stock) including intangible personal property, and (b) tangible real
property (except for buildings and their structural components) if used
as an integral part of manufai turing. production, or extraction, or of
furnishing transportation, communications, electrical energy, gas,
water, or sewage disposal services, or used as a research or storage
facility in connection with these actisities.
Except as provided below section !250 property means depreciable
real property (other than section 1245 propert)')-
■^^•ir-Ci U.S GOVERNMENT PRINTING OFFICE : I966-O-220-079
INSTRUCTIONS
(References are to the Internal Revenue Code)
See sections 1245(b) and 1250(d) for exceptions and limi-
tations involving: (a) disposition by gift; (b) certain tax-free
transactions; (c) like kind exchanges, involuntary conversions; and
(d) sales or exchanges to eflectuate FCC policies and exchanges to
comply with SEC orders.
Column i of Part I, section 1250 property only. — If held for
more than 6 months, but not more than 1 year, enter the smaller of
( 1) column h, or
(2) column f-2.
If held for more than 1 year, enter the result of multiplying the
smaller of
( 1 ) column h, or
(2) column f-2 less the amount of depreciation computed for
the same period using the straight line method,
by the percentage obtained by subtracting from 100 percent, one per-
centage point for each full month the property was held in excess of
20 months.
Where substantial improvements have been made within the pre-
ceding 10 years, see section 1250(f).
Gain on sales by a "controlled" corporation. — In the case of
a sale or exchange, directly or indirectly, of property between an
individual and a corporation more than SO percent in value of the
outstanding stock of which is owned by such individual, his spouse,
and his minor children and minor grandchildren, any gain recognized
to the transferor from such sale or exchange shall be treated as gain
from the sale or exchange of property which is neither a capital
asset nor property described in section 1231. if such property in the
hands of the transferee is depreciable under section 167. Section
1239.
Installment sales. — If you sold personal property for more than
Si, 000 or real property regardless of amount, you may be eligible to
report any gain under the installment plan if ( 1 ) there are no payments
m the year of sale, or (2) the payments in the year of sale do not
exceed 30 percent of the selling price. Section 453.
Eor treatment of a portion of payments as "unstated interest" on
deferred payment sales, see section 483.
Gains and losses from involuntary conversion and from the
sale or exchange of certain property used in the trade or busi-
ness.— The term property used in the trade or business," as used in
section 1231, means property which has been held more than 6 months,
which is used in the trade or business, and which is either real prop-
erty or property sub)ect to depreciation under section 167, and which
is not: (a) property of a kind which would properly be includible in
inventcuy if on hand at the close of the taxable year; (b) property held
by the taxpayer primarily for sale to customers in the ordinary course
of its trade or business; or (c) certain copyrights or similar properties.
The term includes timber, coal, and domestic iron ore to which section
631 applies as well as unharvested crops to which section 12 il (b) (4)
applies. The term aKo includes livestock (but not pt)ultrv) held for
draft, breeding, or dairy purposes and held for 12 months or more
from the date of acquisition.
Section 1231 provides special treatment for the gains and losses
upon the sale or exchange of "property used in the trade or business"
and upon the compulsory or involuntary conversion of (1) such prop-
erty, and (2) capital assets held for more than 6 months. Such gains
and losses are treated as gains and losses from the sale or exchange of
capital assets held for more than 6 months, if the aggregate of such
gains exceeds the aggregate of such losses. If. however, the gains do
not exceed the losses, suth gains and losses shall not be treated as
gains and losses from the sale or exchange of capital assets.
In determining whether gains do or do not exceed losses, it is neces-
sary to include the gains and losses to the extent that they would be
included if they were all ordinary gains and losses. The limitation
of section 1211 on the deductibility of capital losses does not operate
to exclude any such losses from the computation as to the excess of
gains over losses, but all such losses are included in full.
The total shown on line 5 determines whether the items reflected
therein represent a long-term capital gain or an ordinary loss. This
total must be entered on line 9 or line 11, whichever is applicable.
For special treatment of gain or loss upon the cutting of timber, or
upc>n the disposal of timber, coal, or domestic iron ore under a con-
tract by which the owner retains an economic interest in the limber,
coal, or iron ore, see section 631.
Short sales of capital assets. — For rules regarding tax conse-
quences of certain short sales of stock or other securities (including
those dealt with on .i "when issued" basis), and transactions in com-
modity futures, see section 1233-
Corporation Returns/1966 • Forms and Instructions
307
REVISED IN ACCORDANCE WITH NEW LAW RELATING TO SUSPENSION OF INVESTMENT CREDIT
FORM 3468
(REVISED)
U.S. Treasury Department
Internal Revenue Service
Computation of Investment Credit
TO BE ATTACHED TO YOUR TAX RETURN
For the year January 1-December 31, 1966, or other taxable year beginning
_ , 1966, ending - 19
Name and address
1 Investment Jn new and used property including investment in suspension period property
NOTE: Include your share of investment in property by a partnership, estate, trust, small business corporation, or lessor.
Typa of
property
Line
<1)
Life years
(2)
Cost or basis
(3)
Applicable percentage
(4)
Investment
(Column 2 x column 3)
NEW
PROPERTY
(a)
4 or more but less than 6
33'/,
(b)
6 or more but less than 8
66 Vi
(c)
8 or more
100
USED
PROPERTY
(See instructions for
dollar limitation)
(d)
4 or more but less than 6
33%
(e)
6 or more but less than 8
66%
(f)
8 or more
100
2 Total investment — Add lines 1(a) through (f)
3 (a) Amount of investment on line 2 »/hich is attributable to suspension period property ....
(b) Amount of exemption from suspension period property (amount of investment in suspension
period property in column 2, line 1, which is selected to be treated as qualified property — not
to exceed $20,000) I
(c) Enter in column 2 below the amount of investment on line 3(b) according to life years:
(1)
Life years
(2)
Cost or basis
(3)
Applicable percentage
(4)
(Column 2 x column 3)
4 or more but less than 6
33-/3
6 or more but less than 8
66%
8 or more
100
(d) Total of column 4
4 Line 3(a) less line 3(d)
5 Total qualified investment — Line 2 less line 4
6 Tentative investment credit — 7% of line 5 (3% for public utility property)
7 Carryback and carryover of unused credit(s) (attach computation)
8 TOTAL — Add lines 6 and 7
COMPUTATION OF TAX FOR PURPOSES OF LIMITATION
9 (a) Individuals — Enter amount from line 12, page 1, Form 1040
(b) Estates and trusts — Enter amount from line 25 or 26, page 1, Form 1041 . . .
(c) Corporations — Enter amount from line 7, Tax Computation Schedule, Form 1120
10 Individuals, estates and trusts: (a) Foreign tax credit . . .
(b) Retirement income credit
11 Total — Add lines 10(a) and (b)
12 Line 9 less line 11
LIMITATION BASED ON AMOUNT OF TAX
(Married persons filing separately, affiliated groups, estates and trusts, see instruction 13)
13 (a) Enteramount on line 12 or $25,000, whichever is lesser .
(b) If line 12 is in excess of $25,000, enter 25% of the excess
14 Total — Add lines 13(a) and (b)
15 Less 7% of line 4 (3% for public utility property) ....
16 Line 14 less line 15
17 Investment credit — Enter amount on line 8 or line 16, whichever is lesser
SCHEDULE A
If any part of your investmerit in 1 above was made by a partnership, estate, trust, small business corporation, or lessor complete the following:
Name
(Partnership, estate, trust, etc.)
Address
Property
New
Used
Life years
$
$
Id-
r93il-l
308
Corporation Returns/1966 • Forms and Instructions
GENERAL INSTRUCTIONS
A. Who Must File. — Any individual, estate, trust, or corporation
claiming an investment credit must attach this form to its income tax
return. Partnerships and small business corporations are not re-
quired to file this form but must attach a statement to their returns
showing the allocation of investment (including investment in suspen-
sion i>eriod property) to the partners or shareholders by amount, type
and life of property as shown in item 1 of this form. In addition,
partnerships must show those investments in suspension period prop-
erty which the partnership selects to be exempt from suspension {>eriod
property. Estates and trusts which apportion the investment between
the estate or trust and the beneficiaries should in addition to filing
this form attach a statement showing the allocation of the investment
(including investment in suspension period property) among the
beneficiaries.
B. When Allowed. — A credit is allowed against your tax for
investment in certain depreciable property having an estimated useful
life of 4 years or more for the first year such property is placed in
service.
C. Property Defined. — The investment credit is applicable to
(a) tangible personal property and (b) real property (except for
buildings and their structural components) if used as an integral
part of manufacturing, production or extraction, or used as a research
or storage facility in connection with these activities.
The investment credit is not applicable to (l) suspension F>eriod
property; (2) certain property which is used predominantly outside
the United States; (3) property used for lodging or in connection
with furnishing lodging, except (a) property used in certain com-
mercial facilities located therein (such as a restaurant) or (b) prop-
erty used by a hotel or motel; (4) property used by a tax-exempt
organization (other than in a business to which the unrelated business
income tax applies); (5) property used by governmental units; (6)
livestock (including racehorses).
D. Election for Leased Property. — A lessor may elect to treat
an investment in new property as if made by the lessee instead of
the lessor. See section 48(d).
E. Replacement Property. — Where insured property is lost or
destroyed as a result of a casualty or is stolen, reinvestment of the
insurance proceeds in replacement property may not be eligible for
the investment credit.
F. Recomputed Tax on Early Disposition of Property. — Where
property is disposed of prior to the life used in computing the invest-
ment credit, the tax for the year in which the property is so disposed
of must be increased by the difference between the credit taken on
such property and the credit which would have been allowed had the
actual life been used. Such increase should be reported on the line
provided on your tax return.
G. Carryback and Carryover of Unused Credits. — If the amount
of the investment credit exceeds the limitation, the excess shall be an
investment credit carryback to each of the 3 preceding taxable years
and an investment credit carryover to each of the 7 succeeding taxable
years (or to each of the 5 succeeding taxable years if the fifth taxable
year after the unused credit year ends before January 1, 1967).
A claim for refund based ufK)n an unused investment credit carryback
should be made on Form 1045 (individuals), Form 1139 (corpora-
tions). Form 843, or by filing an amended return for the year to which
the unused credit is carried.
H. Basis and Cost.— The credit for new property applies to the
basis of the property. The credit for used property applies to the
cost of the property. The cost of used property does not include
the basis of any property traded in unless the trade-in resulted in the
recapture of all or any portion of an investment credit previously
allowed or in a reduction of an investment credit carryback or carry-
over. No adjustment for additional first-year depreciation or salvage
value is required.
I. Suspension Period Property. — The suspension period is the
period beginning on October 10, 1966, and ending on December 31,
1967.
Suspension period property is property which would otherwise
qualify for the investment credit but does not qualify for the credit
because it is property —
(1) whose construction, etc., began either during the suspension
period or pursuant to an order placed during such period, or
(2) which was acquired by the taxpayer either during the sus-
pension period or pursuant to an order placed during such period.
Except as provided in instruction J, suspension period property
will not qualify for the investment credit in future years regardless of
when it is placed in service.
J. Exemption from Suspension of $20,000 of Investment.—
A taxpayer may select to exempt from suspension of the investment
credit up to $20,000 of the cost of investment in suspension period
property purchased for use in his trade or business. Thus, up to
$20,000 of the cost of such investments which would otherwise be
ineligible for the credit may be selected to be treated as qualified prop-
erty. This exemption does not apply to property used for the produc-
tion of income.
The $20,000 exemption from suspension is not an annual exemption
but is the total amount of suspension period property which may
be selected to be treated as qualified property for all taxable years.
In determining the amount selected to be exempt from suspension
period property, the following rules apply:
( 1 ) The cost of used property is determined under the same rules
set forth in instruction H. Property inherited, received as a gift, or
cfcquired from certain related parties does not qualify.
(2) Affiliated groups must apportion the $20,000 exemption
among all members.
(3) The $20,000 limitation applies to a partnership an<i to each
partner.
(4) If a husband and wife file separate returns and if each placed
suspension period property in service during the taxable year, the
exemption for each may not exceed $10,000.
K. Exceptions to Suspension Period Property. — Section 48(h)
(3) through (13) provides exceptions to the definition of suspension
period property. In general, if the following type of property is
otherwise qualified it will continue to be eligible for the investment
credit: (1) Certain water and air pollution control facilities; (2)
certain replacement property; (3) property received in certain trans-
fers; (4) property acquired or constructed, etc., pursuant to a binding
contract in existence on and after October 9, 1966; (5) property con-
structed, etc.. if such construction, etc., was begun before October 10,
1966; and (6) property acquired, or constructed, etc., pursuant to cer-
tain other legal and economic commitments of the taxpayer.
SPECIFIC INSTRUCTIONS
Line 1. Suspension Period Properly. — Although suspension period
property is not eligible for the investment credit, the basis of
investment in such property placed in service during the taxable
year must be entered in line 1 since it must be taken into account in
lines 3, 4, and 15 in determining the credit allowable with respect
to investment in quali6ed property. Used property, whether or not
suspension period property, must be entered in line 1 to the extent
of the dollar limitation on used property.
_ New Property. — Enter the basis of property as described in instruc-
tions C and H placed in service during the taxable year.
Used Property, — Enter the cost (subject to dollar limitation below)
of used property placed in service during the taxable year. Property
inherited, received as a gift, or acquired from certain related parties
does not qualify for the investment credit. See instruction H above.
Dollar Limitation on Used Property. — In general, the amount of
used property (whether or not suspension period property) taken
into account may not exceed $50,000. In the case of a husband and
wife filing separate returns, and each has used property taken into
account, the amount may not exceed $25,000. In the case of a part-
nership the $50,000 limitation applies to the partnership and to each
partner. In the case of affiliated groups, the $50,000 limitation
shall be reduced for each member of the group by apportioning
$50,000 among the members of such group in accordance with their
respective amounts of used property which may be taken into account.
Estates and Trusts. — In the case of an estate or trust the amount
of the investment is apportioned between the estate or trust and the
beneficiaries on the basis of the income of the estate or trust allocable
to each.
Line 13. Limitation Based on Amount of Tax. — The investment
credit may not exceed the amount of tax liability if the tax liability is
$25,000 or less. If the tax liability exceeds $25,000, the limitation
is $25,000 plus 25% of the excess.
In the case of a husband and wife filing separate returns and both
have qualified investments, the amount specified on lines 13(a) and
(b) shall be $12,500 instead of $25,000. In the case of affiliated
groups, the $25,000 specified on lines 13(a) and (b) shall be reduced
for each member of the group by apportioning the $25,000 among all
members. In the case of an estate or trust, the $25,000 limitation
specified on lines 13(a) and (b) shall be reduced to an amount
which bears the same ratio to $25,000 as the amount of qualified
investment allocated to the estate or trust bears to the entire qualified
investment.
NOTE: For taxable years beginning in 1967 and ending in 1968,
if the tax liability is in excess of $25,000, the applicable percentage
will be the sum of 25% plus the percent which bears the same ratio
to 25% as the number of days in the taxable year after December 31,
1967, bears to the total number of days in the taxable year.
U.S. GOVERNMENT PRrNTING Of FrCE ; 1966— 0-221-81 1 16—70311-1
Corporation Returns/1966 • Forms and Instructions
309
REVISED IN ACCORDANCE WITH NEW LAW RESTORING THE INVESTMENT CREDIT
3468
(2D REVISION)
U.S. Treasury Department
Internal Revenue Service
Computation of Investment Credit
TO BE ATTACHED TO YOUR TAX RETURN
For calendar year 1966 or other taxable year beginning
1966, ending 19
Name and address
1 Investment in new and used property including investment in suspension period property
NOTE: Include your share of investment in property by a partnership, estate, trust, small business corporation, or lessor.
Type of
property
NEW
PROPERTY
USED
PROPERTY
(See instructions for
dollar limitation)
(a)
(b)
(c)
(d)
(e)
(f)
(1)
Life years
4 or more but less than 6
6 or more but less than 8
8 or more
4 or more but less than 6
6 or more but less than 8
8 or more
<2)
Cost or basis
(3)
Applicable percentage
33 y.
66 yj
100
33 Va
66%
100
(4)
Investment
(Column 2 x column 3)
2 Total investment — Add lines 1(a) through (f)
3 (a) Amount of investment on line 2 which is attributable to suspension period property . . . .
(b) Amount of exemption from suspension period property (cost of suspension period property
in column 2, line 1, which is selected to be treated as qualified property — not to exceed
$20,000) I
(c) Enter in column 2 below the amount of investment on line 3(b) according to life years:
<1)
Life years
(2)
tost or basis
(3)
Applicable percentage
(4)
(Column 2 x column 3)
4 or more but less than 6
33 Va
6 or more but less than 8
66 Va
8 or more
100
(d) Total of column 4
4 Line 3(a) less line 3(d)
5 Total qualified investment — Line 2 less line 4
6 Tentative investment credit — 7% of line 5 (3% for public utility property)
7 Carryback and carryover of unused credit(s) (attach computation) . .
8 TOTAL — Add lines 6 and 7
LIMITATION
9 (a) Individuals — Enter amount from line 12, page 1, Form 1040
(b) Estates and trusts — Enter amount from line 25 or 26, page 1, Form 1041 . . .
(c) Corporations— Enter amount from line 7, Tax Computation Schedule, Form 1120
10 Individuals, estates and trusts: (a) Foreign tax credit
(b) Retirement income credit
11 Total — Add lines 10(a) and (b)
12 Line 9 less line 11 ■
(Married persons filing separately, affiliated groups, estates and trusts, see instruction 13)
13 (a) Enter amount on line 12 or $25,000, whichever is lesser
(b) If line 12 exceeds $25,000, calendar year taxpayers enter 25% of the excess. Fiscal year
taxpayers see instruction 13
14 Total — Add lines 13(a) and (b)
15 Less 7% of line 4 (3% for public utility property)
16 Line 14 less line 15
17 Investment credit — Enter amount on line 8 or line 16, whichever is lesser
SCHEDULE A
If any part of your investment in 1 above vyas made by a partnership, estate, trust, small business corporation, or lessor complete the following:
Address
Property
(Partnership, estate, trust, etc.)
New
Used
Life yeais
$
$
310
Corporation Returns/1966 • Forms and Instructions
GENERAL INSTRUCTIONS
A. Who Must File. — Any individual, estate, trust, or corporation
claiming an investment credit must attach this form to its income tax
return. Partnerships and small business corporations are not re-
quired to file this form but must attach a statement to their returns
showing the allocation of investment (including investment in suspen-
sion period property) to the partners or shareholders by amount, type
and life of property as shown in item 1 of this form. In addition,
partnerships must show those investments in suspension period prop-
erty which the partnership selects to be exempt from suspension period
property. Estates and trusts which apportion the investment between
the estate or trust and the beneficiaries should in addition to filing
this form attach a statement showing the allocation of the investment
(including investment in suspension period property) among the
beneficiaries.
B. When Allowed. — A credit is allowed against your tax for
investment in certain depreciable property having an estimated useful
life of 4 years or more for the first year such property is placed in
service-
C. Property Defined. — The investment credit is applicable to
(a) tangible personal property, (h) real property (except for build-
ings and their structural components) if used as an integral part of
manufacturing, production or extraction, etc.. or used as a research
or storage facility in connection with these activities, and (c) eleva-
tors and escalators.
, The investment credit is not applicable to (l) suspension period
property; (2) certain property which is used predominantly outside
the United States; (3) property used for lodging or in connection
with furnishing lodging, except (a) property used in certain com-
mercial facilities located therein (such as a restaurant) or (b) prop-
erty used by a hotel or motel; (4) property u*;ed by a tax-exempt
organization (other than in a business to which the unrelated busines-;
income tax applies); (^) property used by governmer^tal units; (6)
livestock (including racehorses)
D. Election for Leased Properly. — A lessor may elect to treat
an investment in new property as if made by the lessee instead of
the le-isor. See section ■iS(d).
E. Replacement Property. — Where insured propert>' is damaged
or destroyed as a result of a casualty or is stolen, reinvestment of the
insurance proceeds in replacement property may not be eligible for
the investment credit.
F. Recomputed Tax on Early Disposition of Property.^Where
property is disposed of prior to the life used in computing the invest-
ment credit, the tax for the year in which the property is so disposed
of must be increased by the difference between the credit taken on
such property and the credit which would have been allowed had the
actual life been used. Such increase should be reported on the line
provided on your tax return,
G. Carryback and Carryover of Unused Credits. — If the amount
of the investment credit exceeds the limitation, the excess shall be an
investment credit carryback to each of the 3 preceding taxable years
and an investment credit carryover to each of the 7 succeeding taxable
years (or to each of the 5 succeeding taxable years if the fifth taxable
year after the unused credit year ends before January 1, 1967).
A claim for refund based upon the carryback of an unused investment
credit may be made on Form 843 or by filing an amended return for
the year to which the unused credit is carried. Taxpayers who desire
a tentative (quick) refund may file Form 1045 (individuals) or
Form 1139 (corporations).
H. Basis and Cost. — The credit for new property applies to the
basis of the properly. The credit for used property applies to the
cost of the property, The cost of used property does not include
the basis of any property traded in unless the trade-in resulted in the
recapture of all or any portion of an investment credit previously
allowed or in a reduction of an investment credit carryback or carry-
over. No adjustment for additional first-year depreciation or salvage
value is required.
I. Suspension Period Property. — The suspension period is the
period beginning on October 10. 1966, and ending on March 9, 1967.
Suspension period property is property which would otherwise
qualify for the investment credit but does not qualify for the credit
because it is property —
( 1 ) whose construction, etc., began during the suspension period
or began, pursuant to an order placed during such period, before May
24. 1967, or
(2) which was acquired by the taxpayer during the suspension
period or acquired by the taxpayer, pursuant to an order placed during
such period, before May 24, 1967.
Property referred to in (I) above will be suspension period prop-
erty only to the extent of that portion attributable to construction, etc.,
before xMay 24. 1967.
J. Exemption from Suspension of $20,000 of Investment.^
A taxpayer may select to exempt from suspension of the investment
credit up to S20.000 of the cost of investment in suspension period
property purchased for use in his trade or business. Thus, up to
$20,000 nf the cost of such investments which would otherwise be
ineligible for the credit mav be selected to be treated as qualified prop-
erty. This exemption applies to property used in a trade or business
but not to propertv used for the production of income.
The $20,000 exemption trom suspension is not an annual exemption
but is the total amount of suspension period property which may
be selected to be treated as qualified property for all taxable years.
In determining the amount selected to be exempt from suspension
period property, the following rules apply:
(1) The cost of used property is determined under the same rules
set forth in instruction H. Property inherited, received as a gift, or
acquired from certain related parties does not qualify.
(2) Affiliated groups must apportion the $20,000 exemption
among all members,
(3) The S20,000 limitation applies to a partnership and to each
partner.
(4) If a husband and wife file separate returns and if each placed
suspension period property in service during the taxable year, the
exemption for each may not exceed $10,000.
K, Exceptions to Suspension Period Property.— Section 48(h)
(3) through (13) provides exceptions to the definition of suspension
period property. In general, if the following type of property is
otherwise quilified it will continue to be eligible for the investment
credit: (1) Certain water and air pollution control facilities; (2)
certain replacement property; (3) property received in certain trans-
fers; (4) property acquired or constructed, etc.. pursuant ifo a binding
contract in existence on and after October 9, 1966; (5) property con-
structed, etc.. if such construction, etc.. was begun before October 10,
1966; and (6) property acquired, or constructed, etc.. pursuant to cer-
tain other legal and economic commitments of the taxpayer.
SPECIFIC INSTRUCTIONS
Line 1. Suspension Period Pwper/y. — Although suspension period
property is not eligible for the investment credit, the basis of invest-
ment in such property placed in service during the taxable year
must be entered in line 1 since it must he taken into account in
lines 3, 4. and 15 in determining the credit allowable with respect
to investment in qualified property. Used property, whether or not
suspension period property, must be entered in line 1 to the extent
of the dollar limitation on used property.
New Propeil). — Enter the basis of property as described in instruc-
tions C and H placed in service during the taxable year.
UseJ Piofiern.— Enter the cost (subject to dollar limitation below)
of used property placed in service during the taxable year. Property
inherited, ri<cived as a gift, or acquired from certain related parlies
does not qualify for the investment credit. See instruction H above.
Dollar Vmitaiinn on Used Pro/ierty.~\n general, the amount of
used property (whether or not suspension period property) taken
into account may not exceed $50,000. In the case of a husband and
wife filing separate returns, and each has used property taken into
account, the amount may not exceed S25,000. In the case of a part-
nership the $50,000 limitation applies to the partnership and to each
partner. In the case of affiliated groups, the $50,000 limitation
shall be reduced for each member of the group by apportioning
550.000 among the members of such group in accordance with their
respective amounts of u.sed property which may be taken into account.
EsMes and Trutis.~\n the case of an estate or trust the amount
of the investment is apportioned between the estate or trust and the
beneficiaries on the basis of the income of the estate or trust allocable
to each.
Line 13. Limitation Based on Amount of Tax. — The amount on
line 13 may not exceed the amount of tax liability if the tax liability is
525,000 or less. For calendar years and other taxable years ending
before March 10, 1967, if the tax liability exceeds $25,000, the limita-
tion is $25,000 plus 259f of the excess.
For taxable years ending after March 9, 1967, if the tax liabil-
ity exceeds $25,000, the applicable percentage to be used in line 13(b)
is computed as follows: Number of days in the taxable year after
March 9, 1967, divided by total number of days in the taxable year,
multipliedby 25%,plus25%-, or (t^ X 25%) + 25% = appli-
cable percentage.
In the case of a husband and wife filing separate returns and both
have qualified investments, the amount specified on lines 13(a) and
(b) shall be $12,500 instead of $25,000. In the case of affiliated
groups, the $25,000 specified on lines 13(a) and (b) shall be reduced
for each member of the group by apportioning the $25,000 among all
members. In the case of an estate or trust, the $25,000 limitation
specified on lines 13(a) and (b) shall be reduced to an amount
which bears the same ratio to $25,000 as the amount of qualified
investment allocated to the estate or trust bears to the entire qualified
investment.
U.S. GOVERNMENT PRINTING OFFICE : 1967— O-260-103
Corporation Returns/1966 • Forms and Instructions
311
FORM 3920
U.S. Treasury Department - Internal Revenue Service
TAX COMPUTATION SCHEDULE FOR COMPONENT MEMBERS
OF CONTROLLED CORPORATE GROUP— 1965
or other taxable year beginning 1965, ending ig
(PLEASE TYPE OR PRINT) " '
Attach to Your
Tax Return
Name and address
PART I— TAX COMPUTATION
1. (a) Taxable Income
Form 1 1 20, page 1 , line 30
Form 1 1 20-F, page 3, line 30
Form 1 1 20-L, page 1 , line 4
.Form 990-T, page 2, line 31 j
(b) Surtax exemption ($25,000, amount apportioned under section 1561, or line 1(a), whichever is lesser).
(c) Balance (line 1 (a) less line 1 (b))
2. (a) 22 percent of line 1 (a)
(b) 26 percent of line 1 (c)
(c) If multiple surtax exemption is elected under section 1562, enter 6 percent of
line I (b)
3. Income tax (line 2, or line 10 of alternative tax computation, whichever is lesser).
4. Foreign tax credit (attach Form 1118)
5. Balance (line 3 less line 4)
6. Investment credit (attach Form 3468)
7. Balance of income tax (line 5 less line 6)
8. Tax under section 54 1 of the Internal Revenue Code (from Schedule 1 1 20 PH)
9. Tax from recomputtng prior year investment credit (attach statement)
10. Total tax — Add lines 7, 8, and 9. Enter here and on
Form 1 1 20, page 1 , line 3 1
Form 1 1 20-F, page 1 , line 1
Form 11 20-L, page 1, line 12
Form 990-T, page 1, line 15 .
PART II— ALTERNATIVE TAX COMPUTATION
1. Taxable income (line 1 (a). Part I)
2. Net long-term capital gain reduced by any net short-term capital loss
3. Line 1 less line 2
4. Surtax exemption ($25,000, amount apportioned under section 1561, or line 3, whichever is lesser!
5. Line 3 less line 4
6.25 percent of line 2
7. 22 percent of line 3
8. 26 percent of line 5
9. If multiple surtax exemption is elected under section 1 562, enter 6 percent of line 4
10. Total of lines 6 through 9. If applicable, enter here and on line 3, Part I, and write "alt." in the margin
to the right of the entry
312
Corporation Returns/1966 • Forms and Instructions
INSTRUCTIONS
Taxpayers Required To File Form 3920. — Com-
ponent members of a controlled group of corporations
(1) filing a consolidated return, (2) apportioning a
single $25,000 surtax exemption under section 1561,
(3) electing to claim multiple surtax exemptions under
section 1562, or (4) otherwise coming within the
provisions of section 1561 or 1562, must file Form
3920 with their income tax return. Form 3920
shall be used to compute the tax in lieu of the tax
computation schedule on Form 1120, Form 1120-F,
Form 1120-L, and Form 990-T.
Surtax Exemption for Component Members of a
Controlled Group of Corporations. — Under section
1561, if a corporation is a component member of a
controlled group of corporations on December 31 of
its taxable year, the surtax exemption shall be —
(1) $25,000 divided by the number of component
members on such December 31, or
(2) If all members consent to an apiportionment
plan, their portion of $25,000 determined in ac-
cordance with the plan. The sum of the amounts so
apportioned shall not exceed $25,000. See section
1561 and the regulations thereunder for time and
manner of making the consent.
The surtax exemption for a component member
which has a short taxable year which does not
include a December 31 shall be $25,000 divided by
the number of component members in the group on
the last day of such taxable year.
If the surtax exemption is determined under (1) or
(2) above, the additional 6-percent tax under section
1 562 does not apply.
Election of Multiple Surtax Exemptions by a
Controlled Group of Corporations. — Subject to the
provisions of section 1562, a conti;olled group of
corporations may elect, with respect to a specified
December 31, to have each of its component mem-
bers claim a separate $25,000 surtax exemption
without having to divide egually or apportion one
$25,000 surtax exemption among all component
members. Such election is valid only if each com-
ponent member of the group on such December 31
and each other component member of the group on
any succeeding December 31 before the day on
which the election is made, consents to such election.
See section 1562 and the regulations thereunder for
provisions relating to such consent. An election,
once made, continues in effect until terminated in the
manner provided in section 1562(c). If the group
elects to claim multiple surtax exemptions, each
component member must pay an additional tax of 6
percent on its first $25,000 taxable income. If
you are the only component member of the controlled
group which has taxable income or if your surtax
exemption has been disallowed, see section
1562(b)(1).
U.S. GOVERNMENT PRINTING OFFICE. 1965— 0-772-16B
Controlled Group of Corporations. — In general,
the term "controlled group of corporations" means
any group of —
(1) Parent-suhxidianj controlled group. — One or
more chains of corporations connected through
stock ownership with a common parent corporation if
at least 80 percent of the voting power or at least
80 percent of the value of all stock of each of the
corporations (except the com.mon parent corporation)
is owned by one or more of the other corporations;
and if the common parent corporation owns at
least 80 percent of the voting power or at least 80
percent of the value of all stock of at least one of the
other corporations, excluding, in computing such
voting power or value, stock owned directly by such
other corporations.
(2) Brother-sister controlled group. — Two or more
corporations if at least 80 percent of the voting power
or at least 80 percent of the value of all stock of
each of the corporations is owned by one person
who is an individual, estate, or trust.
(3) Combined group. — Three or more corporations
each of which is a member of a group of corporations
described in (1) or (2) above, and one of which is a
common parent corporation included in a group of
corporations described in (1) above, and also is
included in a group of corporations described in (2)
above.
(4) Certain insurance companies. — Two or more
insurance companies subject to taxation under
section 802 which are members of a controlled group
of corporations described in (1), (2), or (3) above.
Such insurance companies shall be treated as a
controlled group of corporations separate from any
other corporations which are members of the controlled
group described in (1), (2), or (3) above.
For the definition of the term "stock" and for rules
relating to the determination of stock ownership, see
sections 1563(c) and (d).
Component Members. — In general, a corporation
is a component member of a controlled group of
corporations on a December 31 of any taxable year
if the corporation is (1) a member of the controlled
group on the December 3 1 included in such year and
is not treated as an excluded member under section
1563(b)(2) and the regulations thereunder, or (2)
is not a member of the controlled group on the
December 31 but is treated as an additional member
under section 1563(b)(3) and the regulations there-
under.
Alternative Tax. — If the net long-term capital gain
exceeds the net short-term capital loss, or if there is
only a long-term capital gain, the alternative tax
should be computed to determine if it produces a
lesser tax.
c5e— 10— 7Sa88-l
Section
13
Index
*Asterisk denotes textual reference
Accounting periods, 3, 4, 98-106, 130-
134, 140
Annual or part year, 4, 98-106, 130-
134, 140, 215*
Assets, total, 98-106
Business receipts, 98-106
By industry groups or divisions,
98-106
Calendar year, 3, 98-106, 130-134,
140
Credit for U.S. tax paid on non-
high gasoline and lubricating oil,
131-134, 140
Dividends received from domestic
corporations, 130-134
Income subject to tax and related
data, 130-134, 140
Income tax, 130-134, 140
Inventories, 98-106
Investment credit and related data,
130-134, 140
Net income or deficit, 4, 98-106,
130-134, 140
Net long-term capital gain reduced by
net short-term capital loss,
130-134
Noncaiendar or fiscal year returns, 3,
98-106, 130-134, 140, 213*
Payments on declarations of estimated
tax, 131-134, 140
Total receipts, 130
Used for this report, 3, 4
Accounts and notes payable, 28-62
Accounts payable, 14-27, 186-195, 201*,
227*, 232-235
Accumulated amortization on intangible
assets, 14-27, 186-195, 232-235
Accumulated depletion, 14-27, 186-195,
232-235
Accumulated depreciation, 14-62, 186-
195, 232-235
Active corporation returns defined, 3,
201*
Advertising, deduction for, 14-27, 186-
195, 201*, 232-235
Affiliated corporations. CSee Consolidated
returns.)
Allowance for bad debts, 14-27, 109,
186-195, 201*, 214*, 232-235
Alternative tax, 128, 129, 213*
Amortization, deduction for, 14-27, 186-
195, 201*, 202*, 227*, 232-235
Amortization on intangible assets, accu-
mulated, 14-27, 186-195, 232-235
Amounts taxable as ordinary income.
Form 1120-S, 199, 202*
Annual returns, defined, 202*
Appropriated retained earnings, 14-27,
186-195, 215*, 230*, 232-235
Assets and liabilities, by type, 14-27,
186-195, 232-235
Assets, depletable, 14-27, 186-195,
204*, 232-235
Assets, depreciable, 6-97, 144-152,
186-195, 205*, 232-235
Assets, intangible, 14-27, 186-195, 208*,
209*, 232-235
Assets, total, 2, 5-106, 159, 162-195,
198, 199, 218*, 230*, 232-240
By industry groups, 5, 6-27, 63-97,
162-185, 236, 237
Consolidated returns, 159
Defined, 218*, 230*
Returns with net income, 21-27
Size classification, 2, 28-62, 216*,
238-240
Small Business Corporation returns,
198, 199
B
Bad debt allowance, 14-27, 109, 186-195,
201*, 214*, 232-235
Bad debts, deduction for, 14-27, 109,
186-195, 202*, 227*, 232-235
Bonds, Government. (See Government
obligations, investment in. )
Bonds, notes, mortgages payable (see
also Short-term debt and Long-term
debt), 14-62, 186-195, 210*, 211*
Book income. (See Net income (or
deficit) per books of account. )
Business deductions ('see aZsoeach type
of deduction), 14-27, 186-195. 232-235
Business receipts, 2, 5-106, 162-195,
199, 202*, 223*, 227*, 232-240
Size classification, 216*
Calendar year returns, 202*
Capital assets defined for capital gain
purposes, 211*, 212*
Capital gains or losses:
Defined, 211*, 212*
Net long-term capital gain reduced
by net short-term capital loss,
14-27, 128-135, 186-195, 199,
200, 232-235
Taxable to shareholders. Form
1120-S, (election to be taxed _
through shareholder), 199,
213*
Taxed at 25 percent, 115, 120-
126, 128, 129, 131-137, 208*,
213*
Net short-term capital gain reduced
net long-term capital loss, 14-21 ,
186-195, 211*, 232-235
Sales or exchanges of depreciable
and other property, 211*, 212*
Tax treatment of, 211*, 212*
Capital stock, common or preferred,
14-27, 186-195, 202*, 232-235
Capital surplus, paid-in or, 14-27, 186-
195, 215*, 232-235
Cash, 14-62, 186-195, 202*, 232-235
Compensation of officers, deduction for,
14-27, 186-195, 202*, 232-235
Compensation paid to shareholders. Form
1120-S, 199, 202*, 203*
Consolidated returns, 3, 159, 160, 162-
185, 203*, 231
Constructive taxable income from related
foreign corporations, 1, 14-27, 115,
120-127, 186-195, 203*, 232-235
Contributions or gifts, deduction for,
14-27, 109, 186-195, 203*, 204*,
232-235
Controlled Foreign Corporations:
Foreign dividend income resulting
from foreign taxes deemed paid,
207*
Includable income of, 203*, 207*
Controlled group. (See Members of
controlled groups.)
Cooperatives included, nonexempt cor-
porate, 3
Corporation, defined, 3, 201*
Cost of goods sold. (See Cost of sales
and operations.)
Cost of property used for investment
credit, 28-97, 141, 144-152, 204*,
232-235
Cost of sales and operations, deductions
for, 2, 5-97, 186-195, 204*, 227*,
232-235
313
314
Corporation Returns/1966 • Index
Cost of treasury stock, 14-27, 186-195,
204*, 232-235
Credits:
For certain United States tax paid on
nonhighway gasoline and lubricating
oil, 117, 118, 120-126, 131-140,
204*
Foreign tax credit, 2, 6-13, 28-97,
115, 116, 128-140, 207*, 228*,
232-235
Investment, 2, 6-97, 115, 116, 128-
141, 143-157, 186-195, 209*,
232-235
Current assets other than inventories,
63-97
Current liabilities, 14-27, 63-97, 186-
195, 232-235
Current liabilities, specified, (histori-
cal), 230*, 236-240
D
Declarations of estimated tax, payments
on, 116, 117, 120-126, 128, 129, 131-
140
Deductions (see also each type of
deduction):
Business, 14-27, 186-195, 232-235
Statutory special, 115, 120-126,
135, 138, 139, 186-195, 216*,
232-235
Total, 1, 2, 14-27, 186-195, 218*,
232-235
Deficit, 2, 14-20, 28-97, 112, 113, 120-
126, 130-140, 162-195, 199, 212*,
213*, 223*, 229*, 232, 233
Delinquent returns included, 221*
Depletable assets, 14-27, 186-195,
204*, 232-235
Depletion accumulated, 14-27, 186-195,
232-235
Depletion, deduction for, 14-27, 109,
186-195, 204*, 205*, 232-235
Depreciable assets (see also Cost of
property used for investment credit),
6-97, 144-152, 186-195, 205*, 232-
235
Depreciation deduction, 1, 6-97, 108,
144-152, 186-195, 205*, 227*, 228*,
232-240
Accelerated, 143
Revenue Procedures 62-21 and 65-13,
1, 205*
Depreciation, accumulated, 14-62, 186-
195, 232-235
Distributions to stockholders:
Cash and property except own stock,
6-97, 162-195, 232-240
Corporation's own stock, 14-27,
186-195, 232-235
Defined, 205*
Form 1120-S, 199, 205*
Dividends entitled to exclusion, 199,
205*, 206*
Dividends paid. (See Distributions to
stockholders.)
Dividends paid deduction:
For real estate investment trusts,
excluded, 216*
For regulated investment companies,
excluded, 216*
On certain preferred stock of public
utilities, 115, 120-126, 138, 139,
186-195, 217*, 232-235
Dividends received:
By Small Business Corporations, 127,
199
Deduction for, 115, 116, 120-127,
135, 138, 139, 186-195, 217*,
228*, 232-235
Foreign dividend income resulting
from foreign taxes deemed paid,
120-127, 207*
From domestic corporations, 1, 14-
27, 109, 127, 130-135, 162-195,
206*, 228*, 232-235
From foreign corporations, 1, 14-27,
109, 127, 186-195, 203*. 206*,
207*, 228*, 232-235
Includable income of Controlled
Foreign Corporations, 110, 120-
127, 203*, 207*
Domestic dividends, 1, 14-27, 109, 127,
130-135, 162-195, 206*, 228*, 232-235
Employee benefit plans, other, deduction
for contributions to, 14-62, 186-195,
214*, 229*, 232-235
Employee pension, profit sharing, stock
bonus, annuity plans, deduction for
contributions to, 14-27, 186-195, 215*,
230*, 232-235
Estimated tax, payments on declarations
of, 116, 117, 120-126, 128, 129, 131-
140
Fiscal or noncalendar year returns, 3
Foreign corporations:
Constructive taxable income from
related foreign corporations, 1,
14-27, 115, 120-127, 186-195,
203*, 232-235
Dividends received from. (See
Dividends received.)
Nonresident, excluded, 221*
Resident, 3
Foreign dividend income resulting from
foreign taxes deemed paid, 120-127,
207*
Foreign tax credit, 2, 6-13, 28-97, 115,
116, 128-140, 207*, 228*, 232-235
Form 1120-S. (See Small Business
Corporations.)
Forms, facsimiles of returns:
Form 1120: U. S. corporation in-
come tax returns, 241
Schedule D, Form 1120: Gains
and losses from sales or
exchange of property, 252
Forms, facsimiles of returns--Con.
Form 1120-F: U. S. income tax
return of foreign corporation, 255
Form 1120L: U. S. life insurance
company income tax return, 269
Schedule D, Form 1120L: U. S.
life insurance company sched-
ule of gains and losses from
sales or exchanges of property,
283
Form 1120M: U.S. mutual insurance
company income tax return, 291
Form 1120-S: U.S. Small Business
Corporation income tax return, 297
Schedule D, Form 1120-S: Gains
and losses from sales or ex-
changes of property, 305
Form 3468: Computation of invest-
ment credit, 307, 309
Form 3920: Tax computation sched-
ule for component members of con-
trolled corporate group, 311
Gain, net capital, 14-27, 186-195, 211*,
212*, 229*, 232-235
Gain, net, sales of noncapital assets,
14-27, 186-195, 211*, 212*, 229*,
232-235
Gifts, deductions for contributions and,
14-27, 109, 186-195, 203*, 204*,
232-235
Government obligations, investment in,
14-62, 186-195, 210*, 232-240
Gross receipts from sales and operations.
(See Business receipts.)
H
Historical statistics, 227-240
By industry groups, 236, 237
By size of total assets, 238-240
Number of returns by type, 231
Inactive corporation returns, 2, 3, 207*,
231
Includable income of Controlled Foreign
Corporations, 110, 120-127, 203*, 207*
Income. (See Income subject to tax, Net
income or deficit. Net income (or deficit)
per books of account, and each type of
receipt. )
Income resulting from foreign taxes
deemed paid, 120-127, 207*
Income subject to tax (see also Statutory
special deductions), 2, 6-27, 115, 128-
134, 138-140, 186-195, 213*, 232-235
By industry groups, 6-27, 120-126
By size of income tax, 135
By size of income taxed at normal tax
and surtax rates, 128, 129
By type of tax, 128, 129
Defined, 207*, 208*, 228*
Corporation Returns/1966 • Index
315
Income subject to tax- -Continued
Real estate investment trusts, 208*
Regulated investment companies,
208*
Income tax, 1, 2, 5-97, 110, 115, 120-
126, 128-140, 144-152, 159, 162-195,
208*, 228*, 232-240
Additional tax for multiple surtax
exemptions, 131-137
Additional tax reduction in surtax
exemption, 131-137
Additional tax under controlled group
provisions, 162-185, 201*
After foreign tax credit or investment,
1, 112, 113, 115, 120-126, 128,
129, 131-140, 144-157, 208*
Alternative tax, 128, 129, 213*
By size, after credits, 138, 139
By size, before credits, 135
Payments on declarations of esti-
mated tax, 116, 117, 120-126, 128,
129, 131-140
Regular tax, 128, 129, 213*
Income taxed at normal tax and surtax
rates, 115, 120-126, 128, 129, 131-137
Income taxed through shareholders. (See
Small Business Corporations.)
Industrial classification described, 5
Industry statistics, 5-106, 112, 113, 120-
127, 144-157, 162-185, 188-195, 198,
199, 203*, 208*, 223*, 236-237
By size of business receipts, 63-97
By size of total assets, 28-62,
147-152
Sampling variability of estimates,
223
Insurance companies:
Life (Form 1120L), 208*
Mutual (Form 1120M), 208*
Intangible assets, 14-27, 186-195, 208*,
209*, 232-235
Interest paid, deduction for, 14-62, 110,
186-195, 209*, 232-235
Interest received on Government obliga-
tions:
United States, 14-27, 186-195,
209*, 232-235
State and local, 14-27, 186-195,
209*. 232-235
Inventories, 14-106, 109, 186-195, 209*,
232-240
At beginning of year, 98-106
By accounting period, 98-106
Investment credit, 2, 6-97, 115, 116,
128-141, 143-157, 186-195, 209*,
232-235
Cost of property used for, 28-97, 141,
144-152, 204*, 232-235
Investment credit carryover, 131-135,
141, 142, 144-157, 209*, 232-235
Investment credit greater than tenta-
tive investment credit, 144-152
Tentative investment credit, 141,
142, 144-157, 217*, 218*. 232-235
Unused, 131-137, 140-142, 144-157,
218*, 232-235
Investment qualified for credit, 141, 142,
144-152, 209*, 210*, 232-235
Investments:
Government obligations, 14-62, 186-
195, 210*, 232-240
Other, 14-27, 186-195, 232-235
Land, 14-27, 186-195, 210*, 232-235
Law, changes in, affecting 1966 statistics,
v, 116, 117, 142, 143, 197
Liabilities. (See Assets and liabilities
by type.)
Life insurance companies, 208*
Loans from stockholders, 14-27, 186-195,
210*, 228*, 232-235
Loans to stockholders, 14-62, 186-195,
210*, 228*, 229*, 232-235
Long-term debt (historical), 228*, 236-
240
Loss:
Business. (See Deficit, and Net in-
come or deficit.)
Net, noncapital assets, 14,-21 , 186-
195, 211*, 212*, 229*, 232-235
Net operating. (See Net operating
loss defined. )
Loss carryover. (See Net operating loss
deduction. )
M
Members of controlled groups, 159-185,
210*, 228*
Money distributed as dividends out of
earnings and profits of the tax year,
199, 210*
Mortgage and real estate loans, 14-27,
186-195, 210*, 215*, 228*, 229*,'
232-235
Mortgages, notes, and bonds payable
(see also Short-term debt and Long-
term debt), 14-62, 186-195, 210*, 211*
Mutual insurance companies (Form
1120M), 208*
Mutual insurance company taxable income,
208*
Mutual savings banks with separate life
insurance departments, 208*
N
Net capital assets, except land (histori-
cal), 229*, 236-240
Net capital gains, 14-27, 186-195, 211*,
212*, 229*, 232-235
Net gain or loss:
Noncapital assets, 14-27, 186-195,
211*, 212*, 229*, 232-235
Sales or exchanges of capital assets,
211*, 212*
Net income (or deficit):
Aftertax, 2, 14-27, 107, 112, 113,
115, 186-195, 213*, 232-235
By accounting period, 4, 98-106,
130-134, 140
By industry groups, 5-20, 28-97,
120-126, 162-185, 188-195, 223*
By size of business receipts, 63-97
Net income (or deficit)- -Continued
By size of income tax before or after
credits, 135-139
By size of income taxed at normal tax
and surtax rates, 128, 129
By size of total assets, 28-62, 186,
187
Consolidated returns, 159
Defined, 212*, 213*, 229*
Historical, 229*, 232-240
On returns with alternative tax, 128,
129
Per books of account, 107-113
Small Business Corporation returns.
Form 1120-S, 120-126, 198-200,
232-235
Net long-term capital gain reduced by net
short-term capital loss (see also Net
capital gains), 14-27, 128-135, 186-
195, 199, 200, 232-235
Net long-term capital gain taxable to
shareholders. Form 1120-S, 199, 213*
Net long-term capital gain taxed at 25
percent, 115, 120-126, 128, 129,
131-137, 208*, 213*
Net loss, noncapital assets, 14-27, 186-
195, 211*, 212*, 229*, 232-235
Net operating loss deduction:
Carryback excluded, 217*
Carryover, 115, 120-126, 135, 138,
139, 186-195, 229*, 232-235
Net operating loss:
Defined, 216*, 217*
Form 1120-S, 199, 213*
Net profit (or net loss). (See Net
income.)
Net short-term capital gain, reduced by
net long-term capital loss (see also
Net capital gains), 14-27, 186-195,
211*, 232-235
Net worth, 6-13, 28-97, 213*, 236-240
Noncalendar year returns. (See Account-
ing periods. )
Nondividend distributions, Form 1120-S,
199, 213*
Nontaxable returns, 213*
Normal tax and surtax. (See Income
tax.)
Notes and accounts receivable, 14-27,
186-195, 213*, 214*, 229*, 232-235
Notes, mortgages, and bonds payable
(see also Short-term debt and Long-
term debt), 14-62, 186-195, 210*, 211*
Number of returns (see also in each table
by specific classification), 3, 214*
Sampling variability, 223-225*
O
Other assets defined, 214*
Other current assets defined, 214*, 229*,
230*
Other current liabilities defined, 214*,
229*
Qtiier deductions defined, 214*, 229*
Other dividend income, 214*
Other employee benefit plans defined,
214*, 229*
316
Corporation Returns/1966 • Index
Other foreign dividends, 206*
Other gain (sections 1245 and 1250)
defined, 211*, 212*
Other interest defined, 214*
Other Investments defined, 214*, 215*,
229*
aher liabilities defined, 215*, 229*
Other receipts defined, 215*
Other specified current assets defined,
229*, 230*
Overpayments, 118, 138, 139, 215*
Paid-in or capital surplus, 14-27, 186-
195, 215*, 232-235
Part year returns, 4, 140, 215*
Partially tax-exempt interest, 209*
Partnerships electing to be taxed as
corporations, 3
Payments on declarations of estimated
tax, 116, 117, 120-126, 128, 129,
131-140
Payments with requests for extension of
filing time, 117, 138, 139
Pension, profit sharing, stock bonus, and
annuity plans, deduction for contribu-
tions, 14-27, 186-195, 215*, 230*,
232-235
Period covered by this report, 2
Population of corporations, 221*
Q
Qualified investment, investment credit.
(See Investment qualified for credit. )
Rates of tax, 208 *
Real estate Investment trusts, 12, 208*
Receipts, business, 2, 5-106, 162-195,
199, 202*, 223*, 227*, 232-240
Receipts, total, 1, 2, 6-97, 130, 135,
138, 139, 159, 162-195, 199, 200,
218*, 223*, 232-240
Refunds, 138, 139
Regular tax and alternative tax, 128, 129,
213*
Regulated investment companies, 12, 208*
Rent paid on business property, deduction
for, 14-27, 186-195, 215*, 232-235
Rents received, 14-27, 186-195, 215*,
232-235
Repairs, deduction for, 14-27, 186-195,
215*, 232-235
Reserves:
Bad debts allowance, 14-27, 109,
186-195, 201*, 214*, 232-235
For depletable, depreciable and
intangible assets. (See Accumu-
lated depreciation, Accumulated
amortization on intangible assets,
and Accumulated depletion. )
Surplus. (See Retained earnings,
appropriated.)
Resident foreign corporations, 3
Retained earnings, appropriated, 14-27,
186-195, 215*, 230*, 232-235
Retained earnings, unappropriated, 14-27,
186-195, 215*, 230*, 232-235
Return forms. (See Forms, facsimiles
of returns.)
Returns other than Form 1120-S, 216*
Returns, part year, 4, 140, 215*
Returns used for this report, 3, 221*
Returns with income tax, 2
Returns with net income, 2, 6-13, 63-97,
120-126, 130-134, 195, 216*, 231, 234,
235
Returns without net income, 2, 120-126,
130-134, 216*, 231
Royalties received, 14-27, 186-195, 216*,
232-235
Sales or exchanges of capital assets, net
gain on, 211*
Sales or exchanges of noncapital assets,
211*, 212*
Sample, description of and limitations of
the data, 221-225*
Sampling variability, 223-225*
Short-term debt (historical), 230*,
232-235
Size distributions:
Business receipts, 63-97, 216*
Income tax after credits, 136-140
Income tax after foreign tax credit,
144-157
Income tax before credits, 135
Income taxed at normal tax and surtax
rates, 115, 120-126, 128, 129,
131-137
Total assets, 2, 28-62, 147-152, 186,
187, 198, 199, 216*, 238-240
Small Business Corporations, Form
1120-S, 3, 120-126, 147-152, 197-200,
207*, 216*. 228*
Small business investment companies, 12
Sole proprietorships electing to be taxed
as corporations, 3
Specified current liabilities, 230*, 236-240
Statutory special deductions, 115, 120-126,
135, 138, 139, 186-195, 216*, 232-235
Stock, capital, 14-27, 186-195, 202*,
232-235
Stock dividends. (See Distributions to
stockholders.)
Subsidiaries, number in consolidated
returns, 3, 128, 129, 159, 231
Surplus, paid-in or capital, 14-27, 186-
195, 215*, 232-235
Surtax exemption, 210*
Suspension period property. (See Invest-
ment qualified by life years for credit. )
Tax, income, 1, 2, 5-97, 110, 115, 120-
126, 128-140, 144-152, 159, 162-195,
208*, 228*, 232-240
Tax, income--Continued
Alternative, 128, 129, 213*
From recomputing prior year invest-
ment credit, 120-126, 128, 129,
131-137, 217*, 232-235
Historical, 228*, 232-235
Normal tax and surtax, 115, 120-126,
128, 129, 131-137
Rates, 208*
Regular, 128, 129, 213*
Size classification, 135-139
Tax due, 118, 138, 139, 217*
Tax-exempt interest, 218*
Tax return forms. (See Forms, fac-
similes of returns.)
Tax from recomputing prior year invest-
ment credit, 120-126, 128, 129, 131-
137, 217*, 232-235
Taxable income. (See Income subject to
tax.)
Taxes paid, deduction for, 14-97, 110,
186-195, 217*, 232-235
Tentative investment credit, 141, 142,
144-157, 217*, 218*, 232-235
Total assets, 2, 5-106, 159, 162-195,
198, 199, 218*, 230*, 232-240
Total deductions (formerly total compiled
deductions), 1, 2, 14-27, 186-195,
218*, 232-235
Total liabilities, 14-27, 186-195, 218*,
230*, 232-235
Total receipts (formerly total compiled
receipts), 1, 2, 6-97, 130, 135, 138,
139, 159, 162-195, 199, 200, 218*,
223*, 232-240
Total receipts less total deductions, 14-
27, 115, 186-195, 218*, 232-235
Type of controlled group relationship,
162-185
U
(See
Unappropriated retained earnings.
Retained earnings.)
Undistributed net income. Form 1120-S,
199, 218*
Unused investment credit, 131-137,
140-142, 144-157, 218*
W
Western Hemisphere Trade Corporation
deduction, 115, 120-126, 138, 139,
186-195, 217*, 232-235
Wholly tax-exempt interest, 209*
Year of election to be taxed through
shareholders, 200, 218*
Year of incorporation, 200, 218*, 219*
Zero assets defined, 219*
U. S. GOVERNMENT PRINTINC OFFICE : 1970 O - 361-123
DOES NOT CIRCULATE
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