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Full text of "Statistics of income"

BOSTON PUBLIC LIBRARY 



3 9999 06317 277 7 

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Corporation 



of Income 




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;CIDENML COLLEGE 

FEB 5 1982 

LIBRARY 




Department of the Treasury 



Internal Revenue Service 



Publication 16 (12-81) 



statistics 
of Income 



Other 

Publications 
And Related 
Information 



SOI Bulletin 

(quarterly publication; 
$11.00 annual subscription, 
$3.50 single issue) 

Contents, Vol. 1, No. 1, Summer 1981: 

Preliminary Individual Income 
Tax Return Data, 1979 
Preliminary Sole Proprietorship 
Return Data, 1978 
Preliminary Partnership Return 
Data, 1978 

Contents, Vol. 1, No. 2, Fall 1981: 

Early Individual Income Tax 

Return Data, 1980 

Data on Tax-exempt Organizations, 

1975, 1977-78 

Selected Corporate, Proprietorship, 

and Partnership Data, 1978 

Windfall Profit Tax Liability 

Data, 1980 



Published Regular Reports 

Individual Income Tax Returns, 1978 

(263 pp., $7.00) 
Sole Proprietorship Returns, 1977 

(247 pp., $6.50) 
Partnership Returns, 1978 
Corporation Income Tax Returns, 1976 

(180 pp., $6.00) 



Published Supplemental Reports 
Intemational Income and Taxes: 

Foreign Income and Taxes 

Reported on Individual Income Tax 

Returns, 1972-1978 (73 pp., $4.25) 
Domestic International Sales 

Corporation Returns, 1972, 1973 

and 1974 (192 pp., $6.00) 
Foreign Tax Credit Claimed on 

Corporation Returns, 1974 (158 pp., 

$5.50) 
U.S. Corporations and their 

Controlled Foreign Corporations, 

1974-1978 (165 pp., $6.00) 

Other 

Sales of Capital Assets Reported 

on Individual Income Tax 

Returns, 1973 (263 pp., $7.00) 
Individual Retirement Arrangements, 

1976 (37 pp., $2.50) 
Individual Income Tax Returns, 

Contents of Reports for 1967-1976 

(15 pp., $1.50) 
Estate Tax Returns, 1976 

(60 pp., $3.25) 
Private Foundations, 1974-1978 

(113 pp., $4.75) 



Selected Reports in Preparation 

Corporation Income Tax Returns, 

1978-1979 
Partnership Returns, 1979 
Sole Proprietorship Returns, 1978 
Individual Income Tax Returns, 1979 
International Income and Taxes, 

Foreign Income and Taxes 

Reported on U.S. Tax Returns, 

1976-1979 
SOI Bulletin, V\/inter 1981 



Tape Files Available 

Individual Tax Model File, 1966-1978 
State Tax Model File, 1977-1978 
Corporation Source Book, 1965-1976 
Other tape files include: 
Estate Tax File, 1972, 1976 
Private Foundations File, 1974 
Employee Plans File, 1977 
Exempt Organizations File, 1975 



Ordering Information 

Statistics of Income reports are for sale 
by the Superintendent of Documents, 
U.S. Government Printing Office, 
Washington, DC 20402 

Public-use magnetic tape files are 
available on a reimbursable basis from 
Machine Readable Archives Division 
(NNR), National Archives and Records 
Service, Washington, DC 20408 



ERRATA SHEET 



U.S. Treasury Department 
INTERNAL REVENUE SERVICE 

December 1981 

CHANd: SHEET 

STATISTICS OF 
INCOME 1977 

CXUPCRATICN INCOME TAX 

RBTIRNS WITH ACCXXKTING 

PERIODS ENEED 

July 1977 - June 1978 

Publication No. 16 (12-81) 

The figures shown for "Dividends Received from Domestic Corporations" are 
overstated by an estimated $900 million or ^:proximately 6.5 percent. During 
statistical processing, dividends distributed amoig member corporations (of an 
affiliated group) electing to file a consolidated return were not fully elimi- 
nated fran the statistics for this item. (See the explanaticn of this term in 
section 5 of this report.) This overstatement is specifically found in two 
ccnponents of this item ("Intragroi^) Danestic Dividends Received Qualifying 
for 100 Percent Deduction" and "Intragroup Danestic Dividends Received Quali- 
fying for Transistional Deducticxi under Code Sectiai 1564(b)"). In addition, 
figures for "Total Statutory Special Deductions" and specifically one of its 
ociiponents ("Total Special Deductions") are similarly overstated. 



BOSTON PUBLIC LIBRARY 
GOVERNMENT DOCUMENTS 0EPARTMEM1 
RECE'VHD / 



MAY 1 i 2000 



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1977 

Statistics 
of Income 



Corporation 

D[jD©(o)[jifi]© ^H 

\FMMm 



Publication 16 (12-81) 



Department of the Treasury 
Internal Revenue Service 

Roscoe L. Egger, Jr. 

Commissioner 

Russell E. Dyke 

Assistant Commissioner 

(Planning and Research) 

Fritz Scheuren 

Director, Statistics Division 

Lillie B. Dorsey 

Chief, Statistics of Income Branch 



This report contains data by industry on assets, liabilities, receipts, 
deductions, net inconne, income subject to tax, credits, distributions to 
stockholders and additional tax for tax preferences. Data are also 
classified by size of total assets and by size of business receipts. Other 
classifications include "returns with net income" and "Small Business 
Corporations taxed through stockholders." 

More detailed statistics for the industries shown in table 1 of this report 
are available in Publication 1053, Source Book of Statistics of 
Income— 1977. A general description of the Source Book, including 
ordering information, is available from the Director, Statistics Division 
PR:S, Internal Revenue Service, Washington, DC 20224. 

In addition, special Statistics of Income tabulations based on 
corporation income tax returns for 1977 can be produced upon request 
on a reimbursable basis. Requests for this service should be addressed 
to the Director, Statistics Division, at the address shown above. 



Suggested Citation 

Internal Revenue Service 
Statistics of Income— 1977 
Corporation Income Tax Returns 
U.S. Government Printing Office. 
Washington, DC 1981 



Library of Congress Card 
No. 61-37568 



COMMISSIONER OF INTERNAL REVENUE 
Washington, DC 20224 



December 1, 1981 



The Honorable Donald T. Regan 
Secretary of the Treasury 
Washington, DC 20220 



Dear Mr. Secretary: 

I am transmitting the oonplete report, Stcutiitlc^ oi lncorm--1977, 
Cofvpofumtion Income. Tax ReXuAyii,. This report has been produced in accordance 
with the mandate of section 6108 of the Internal Revenue Code which requires 
the preparation and publication of statistics reasonably available with 
respect to the (^)eration of the internal revenue laws. 

The report presents information on receipts, deducticais, net incoive, 
income tax liability, tax credits, and distributions to stockholders. 
Statistics are also provided on the corporate tax base and on the ccrputation 
of incone tax and additional tax for tax preferences ("minimum tax"). 

Classifications include industry, size of total assets, and size of 
receipts. Separate statistics are included for returns with net incone, 
inventories, investment credit items, members of controlled groups, and Small 
Business Corporatiois electing to be taxed through their stockholders. 

With kind regards. 



Sincerely, 



frA 



Department of the Treasury Infernal Revenue Service 



III 



Contents 



GUIDE TO TABLES AND FIGURES, v 



Section 1 
INTRODUCTION. 1 

Overall Corporate Summary for 1977, 1 
Activities Included, 2 
Return Coverage, 2 
Time Period Employed, 2 



Section 2 
CHANGES IN LAW, 5 

Tax Reform Act of 1976: 
Foreign Tax Credit, 5 
Investment Credit, 5 
Depreciation, 5 
Holding Period for Sales or Exchanges of Capital 

Assets, 5 
Number of Stockholders in Small Business Corporations 

Electing to be Taxed Through Their Stockholders, 6 
Elective Deduction for the Removal of Architectural 
and Transportational Barriers to the Handicapped and 
Elderly, 6 
Tax Reduction and Simplication Act of 1977: 
Tax Rate Change Extension, 6 

Amortization of Qualifying Child Care Facilities, 6 
New Jobs Credit, 6 
Revenue Act of 1978: 

Additional Tax for Tax Preferences ("Minimum Tax") for 

Controlled Groups of Corporations, 7 
Income of Certain Regulated Public Utilities, 8 
Investment Credit and its Recapture, 8 

Single Purpose Agricultural or Horticultural Structures, 8 
Recapture of Investment Credit, 8 

Section 3 

DESCRIPTION OF THE SAMPLE AND LIMITATIONS OF THE DATA, 11 

Sample Selection, 11 
Method of Estimation, 12 
Sampling Variability, 13 
Sample Management, 15 
Rounding and Money Amounts, 15 
Consolidated Returns, 15 
Industrial Classification, 15 
Other Data Limitations, 15 



Section 4 

BASIC TABLES, 17 



Section 5 

EXPLANATION OF TERMS, 95 



Section 6 

INDUSTRIAL CLASSIFICATION APPENDIX, 127 



Section 7 

FACSIMILES OF RETURNS USED, 137 



iv 



Guide to Tables 
and Figures 



INDOSTRy MEASUREMENTS 

Mince industry: selected receipts, net incxme 

total assets, and other related items (table 1), 18 

Major irdustry: balance sheets and incxme statements 
(tables 2, 3), 27, 35 

Major industry and size at total assets: selected 
balancE sheet, inccme statement, and tax items, and 
distributicns to stockholders (table 6), 47 

Industrial division and size of business receipts: 
selected balance sheet, inccme statement, and 
tax items, and distributiois to stodchalders 
(table 7), 81 

Industrial division: balance sheets and inoone 
statements for Small Business Cccpctaticn returns 
(table 9) , 88 

Selected industrial divisicns: selected subjects 
(tables 10, U, 13, 14, 15, 16), 89, 90, 92, 93, 94 

Conparison a£ industrial dassificaticns (figure G) , 

128 
SIZE OF BUSINESS REXHIPTS (table 7), 81 

SIZE CF NORMAL mx, SURIRX, AND ALTESWATIVE mX 
AFTER C31EDITS (table 12) , 91 



SIZE OF TOIRL flSSEHB 

Number of returns, total receipts, net inoone (less 
deficit), and total inccme tax (figure A) , 1 

Balance sheets and income statements (tables 4, 5), 
43, 45 

Selected balance sheet, inccme statement, and tax 
items, and distributicns to stockholders (table 
6), 47 



REaTJKJS WITH NET INCX>E 

Major industry: balance sheets and inoone state- 
ments (table 3) , 35 

Size cf total assets: balance sheets and inoone 
statements (table 5) , 45 

AOXUNriNG PERIOD (figures B, C, table 8), 3, 4, 87 



BAIANCE SHEETS AND INCOME STATEMEINTS 
By major industry (table 2), 27 

By major industry: returns with net inoone 
(table 3), 35 



By size of total assets (table 4) , 43 

By size of total assets: returns with net inccme 
(table 5), 45 

Domestic Internatioral Sales Corporation returns 
(table 10), 89 

Small Business Corporation returns (table 9) , 88 

Tax items and distributions to stockholders, 
by major industry and size of total assets 
(table 6), 47 

Tax itans and distributions to stockholders, 
by industrial division and size of business 
receipts (table 7) , 81 



DISTRIBUTIONS TO STOCKHOLDERS 

By industrial classification (tables 1, 2, 3, 6, 7, 
9, 10, ^l^. 18, 27, 35, 47, 81, 88, 89, 90 

By size of total assets (tables 4, S, 6, 9), 43, 45, 47, 

88 
By size of business receipts (table 7) , 81 



SELECTED SUBJECTS 

Book net income or deficit (table 16) , 94 

Domestic International Sales Corporation 
returns (table 10) , 89 

Inventories (table 15) , 94 

Investment credit items (table 13) , 92 

Members of controlled groups (table Tl) , 90 

New jobs credit items (table 14) , 93 

Provision for Federal income tax (table 16) , 94 

Small Business Corporation returns (table 9) , 88 

SAMPLING SELECTION RATES AND VARIABILITY 

Selection classes (figures D, E) , 12, 13 

Sampling rates, by sample class number 
(figure E) , 13 

Coefficient of variation (table 1, figure F) , 14, 18 



Section 1 



Introduction 



TTiis report presents statistical estimates derived 
from a stratified sample of approximatelv 92,000 
corporation returns selected from the more than 2.2 
million filed for the 1977 Inccme Year.* 
Organizaticnallv, the report is divided into 7 
sections. The first section provides statistics 
sunmarizing overall 1977 corporate activity. Changes 
in law between 1976 and 1977 are discussed next. In 
section 3, there is a detailed description of the 
sample of inooine tax returns upon which the statistics 
for 1977 were based, as well as a discussion of the 
method of estimation used, the sampling variability of 
the data, and other limitations. 

Section 4 presents the basic tables that contain 
detailed statistics en 1977 inccme tax liability, tax 
credits, net inooine, and other income and financial 
data. Section 5 contains detailed explanations of the 
terms used in the report. In most instances, the 



explanations include definitions and limitations of 
terms used as well as adjustments made in preparing 
the statistics. 

Section 6 is a ocnparison of Standard Industriad 
and Enterprise Standard Industrial Classifications 
with groupings used for Statistics of Income. Section 
7 includes facsimiles of Forms 970, 1120, 1120-DISC, 
1120P, 1120L, 1120M, 1120S, 3468 and 5884. Ttie 
instructions used for completing each form are also 
provided there. 



OVERALL CORPORATE StlWlARY FOR 1977 

Figure A presents a two-year comparison of the 
number of returns, total assets, total receipts, net 
income (less deficit) , and total income tax. This 
figure shows an 8 percent increase (about 160,000) in 



Figure A. — Returns of Active Corporations: Number of Returns, Total Assets, Total Receipts, Net Income (Less 
Deficit), and Total Income Tax, by Size of Total Assets, Income Years 1976 and 1977 Compared 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Year and size of total assets 



Number of 


Total 


Total 


Net income 

(less 
deficit) 


Total 

income 

tax 


returns 


assets 


receipts 


(1) 


(2) 


(3) 


(4) 


(5) 


2,082,200 


4,720,938,670 


3.635,471,982 


185.419,106 


83,291,815 


64,874 


_ 


28,309,019 


307,728 


467,213 


1,130,622 


38,269,689 


139,154,452 


631,789 


472,027 


389,152 


62,105,566 


141,317,044 


3,076,156 


821,011 


214,282 


75,744,315 


165.790,651 


3.806,601 


1,077,618 


130,200 


90,791,259 


200,841,586 


4,943,991 


1,676,844 


110,601 


221,900,131 


443,188,644 


12,829,002 


5,596,475 


15.736 


110,374,231 


152,363,022 


5,680,049 


2.677,266 


12,909 


204.696,738 


176,412,017 


7,618,748 


3,491.631 


6,011 


210,554,681 


136,605,782 


6.758,950 


3.030.926 


3,421 


237,649.803 


145,638,772 


6,566,451 


2,927,141 


2,342 


363.807,535 


226,970,092 


11,444,353 


5,295,626 


2,050 


3,105.044.722 


1,678,880,901 


121,755,288 


55,758,037 


2,241,887 


5,326,389,281 


4,128,304,478 


219,243,043 


96.340.453 


57,304 


_ 


32,722,983 


1,092,395 


556.591 


1,203,764 


41,219,373 


149,104,796 


1,411,984 


557,262 


424,648 


68,123,746 


157,060,205 


4,221,501 


1.059.658 


235,472 


82,983,397 


177,976,515 


4,662,017 


1,306.177 


144,421 


101,024,944 


221,090,085 


5.959,221 


2,022,315 


129,577 


266,175,302 


537,523.559 


16,182,234 


6,924,809 


18,026 


126,144,710 


181,890.359 


6,905,042 


3,164,891 


13,628 


215,313,474 


198,660,957 


8.990.042 


4,002,694 


6,524 


228,377,700 


149,633,255 


7,575,954 


3,352.767 


3,788 


263.902,329 


160,759,837 


7,828,710 


3,417,816 


2,530 


389,510,842 


235,561,727 


12,995,905 


5,648.277 


2,205 


3,543,613,464 


1,926.320.200 


141,418.038 


64.327.196 



1976 
Total 

Zero assets 

$1 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 

1977 

Total 

Zero assets 

$1 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 



NOTE: Classification by size was based on amounts rounded to thousands of dollars prior to tabulation. 



*This report was prepared in the Statistics Division by Ray Samuelson (text) and 
James R. Hobbs (tables) of the Corporation Statistics Section under the direction 
of Daniel A. Rosa and William T. Powell, Acting Chiefs. 



Corporation Returns/1977 • Introduction 



the total number of returns from 1976 to 1977. Total 
assets increased by about 13 percent to over $5.3 
trillion for 1977. This was the first time total 
assets surpassed the $5 trillion mark. Total receipts 
ejtperienced an even larger increase — about 14 percent. 
The percentage increase in net incone (less deficit) 
dropped from 30 percent between 1975 and 1976 to only 
18 percent between 1976 and 1977. 

For the 2,205 largest returns (returns with total 
assets of $250 millicn or itore) , the total income tax 
was about 1.5 percent higher than for 1976; this was 
down, however, from the 32 percent increase between 
1975 and 1976. These large returns, which represent 
less than cne percent of the total number of returns, 
continued to account for 67 percent of the total 
income tax on all corporate returns. Total income tax 
for these corporations represented only 3 percent of 
their total receipts. As a percent of net income 
(less deficit) , total income tax for these returns was 
less than 46 percent, virtually the same as for 1976. 



ACTIVITIES INCLUDED 

The estimates in this report enconpass corporate 
business activities in the United States as reported 
on returns of "domestic" and foreign corporations, as 
well as certain foreign activities. The term "dcmes- 
tic" corporations refers to ccrpanies incorporated in 
the United States, but does not necessarily imply that 
all their activities are domestic. For instance, data 
for a U.S. corporation conducting business abroad 
through foreign subsidiaries nay include dividends 
ranitted from those subsidiaries and, to a limited 
extent, undistributed earnings of those subsidiaries. 

For foreign corporations (defined as those organized 
abroad) engaged in trade or business in the United 
States, only income that was considered "effectively 
connected" with the conduct of a trade or business in 
the United States is included in the statistics. 
Other foreign oorporaticns, organized abroad and not 
engaged in trade or business in the United States, were 
liable for tax only on investment income from U.S. 
sources. Such income is excluded from the report. 

Ihe effect of foreign activity on the statistics 
varies by industry and assets size. Some industries 
may have higher incidences of foreign activity than 
others and foreign income is reflected in their 
statistics to a greater extent. Also, foreign 
activity tends to increase with the asset size of the 
corporation. 



RErroroi CCME3?AGE 

Section 6012 of the Internal Revenue Code required 
that all corporations in existence at any time during 
the income year file returns, regardless of whether 
they had income or not. This applied to active and 
inactive domestic corporations unless they were ex- 
pressly exempt from filing, as well as to active 
foreign oorporaticns with insufficient taxes withheld 
at the source to satisfy their U. S. tax liability on 
income earned in the United States. 

In addition to legally defined corporations, the 
Internal Revenue Code recognized many types of busi- 
nesses as corporations, including joint stock com- 
panies; and unincorporated associatiois, such as 
business trusts, savings and loan associations, 
certain partnerships, mutual savings tanks, and 
cooperative banks. Because these organizations pos- 
sess characteristics typical of the corporate form, 
such as continuity of life, centralization of manage- 
ment apart fron ownership, limited liability of 
cwners, and transferability of shares of capital 
ownership, they were required to file corporation 
income tax returns. 



Included in the statistics are financial data 
estimated from the following number of active cor- 
poration income tax returns: 

Form 1120 (U.S. corporations) 1,800,873 

Form 1120S (U.S. Small 

Business Corporations) 428,204 

Form 1120L (U.S. Life Insurance 

Ccmpanies) 1,771 

Form 1120M (U.S. Mutual Insurance 

Ccrrpanies) 1,281 

Form T120F (U.S. Returns of Foreign 

Corporations) 3,093 

Form 1120-DISC (Domestic International 

Sales Corporations) 6,665 

No data were tabulated from the inactive corpora- 
tion returns filed. Besides returns filed by "inac- 
tive" corporations, the statistics specifically ex- 
clude foreign oorporaticns with no inocme "effectively 
connected" with a U.S. trade or business and returns 
of farmers' cooperatives exempt from income tax under 
Internal Revenue Code section 521 and ncxiprofit corpo- 
ratiois (educational, charitable, and similar 
organizations) exempt frcra income tax under section 
501. Also excluded from the statistics are returns 
of mutual insurance conpanies, (except life or marine 
and certain fire or flood insurance ccrpanies) with 
gross receipts that did not exceed $150,000, which 
were exenpt from inocme tax under Internal Revenue 
Code section 501. 



TIME raRIOD EMPLCfYED 

The estimates in this report eure based on data 
from both returns with accounting periods that 
coincided with Calendar Year 1977 and returns with 
accounting periods that were for noncalendar years 
ended during the span of months July 1977 through 
June 1978. At the center of this 12-month span was 
the calendar year, i.e., the year ended December 
1977. This span, in effect, defines the income year 
in such a way that the noncalendar year accounting 
periods cure centered at the calendar year ended 
December. 

The 12 accounting periods covered by the 1977 
report are presented in figure B. Code section 441 
specified that, in general, the accounting period 
close at the end of the month. Thus, figure B shews 
a span of 23 mcnths between the first- included ac- 
counting period, which began on August 1, 1976, and 
closed July 31, 1977, and the start of the last 
included accounting period, which began on July 1, 
1977, and closed on June 30, 1978. This report, 
therefore, shows inoome received or expenses incurred 
during any or all of the mcnths in the 23-month span. 
For balance sheet itans, such as total assets and 
inventories, the report shows a corporation's posi- 
tion only at a given point in time, namely, at the 
end of its accounting period. Corporations were 
required by section 441 to file returns for the 
accounting period customarily used in keeping their 
books. 

Figure C shows the total assets, total receipts, 
net inocme (less deficit) , and total income tax 
reported on returns for each of the 12 accounting 
periods. Less than 40 percent of the returns were 
filed for the calendar year, but these included 
returns of most of the larger corporations. Over 
79.8 percent of total assets, 73.8 percent of net 
income (less deficit), and 60.5 percent of total 
receipts were reported on calendar year returns. 

Basically, corporation returns were due to be 
filed within two-and-cne-half mcnths after the close 
of the corporate accounting period. However, in 
accordance with Code section 6018, most corporations 



Corporation Returns/1977 • Introduction 



FIgura B 



Number of returns and net income (less deficit), by accounting periods 



_l1 



J— L 



I 
Accounting 

periods 




I I I I I 



J FMiA M J J ASON D JFM AM J J A SIGN D J FM A M J J A SIONID 

1976 I 1977 I 1978 

Calendar year 



Aug.-July 


1 3.7 
■ 1.3 






Sept-Aug. 


, |4.0 
■ 1.3 


9.0 
3.6 




Oct-Sept.{ 






Nov.-Oct. 


|H|4.9 




Dec-Nov. 


■ 1.5 






Jan.-Dec. 






Feb.-Jan. 


Eiri 3.8 






Mar.- Feb. 


^ 3.5 
■ 1.3 






Apr.■^fla^. 


^^•fimlSSi 


/.8 
2.7 




May-Apr. 


■.,i 4.4 
i*^ 1.5 






Jun.-May 


^a 4.4 
W^ 1.5 






Jul.-Jun. 




M 


11.8 
5.3 



/ 



Number of returns 
and net Income 
(less deficit) 

Percent distribution 



Number of returns 

39.8 



73.9 



■ Net income 
(less deficit) 



^Includes part-year returns. 



oould receive filing extensions for as long as 6 
months. Consequently, sane of the returns for the 
aooounting periods covered by this report were not 
filed until 1979. 

The total number of active corporations included, 
in addition to returns with aooounting periods that 
spanned 12 months, returns with accounting periods of 
shorter duration. Such returns are referred to as 
part-year returns and were filed, for the most part, 
bv continuing corporations changing their aooounting 
periods, new corporations in existence less than 12 
months, merging corporations, and liquidating corpora- 
tions. 



Corporation Returns/1977 • Introduction 



Figure C. — Returns of Active Corporations: Number of Returns, Total Assets, Total Receipts, Net Income (Less 
Deficit), and Total Income Tax, by Accounting Periods for Income Year 1977 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Accounting period ended^ 



Total 

December 1977 

Noncalendar year, total 

July 1977 

August 1977 

September 1977 

October 1977 

November 1977 

January 1978 

. February 1978 

I March 1978 

April 1978 

May 1978 

June 1978 

Includes part-year returns 



Number of 
returns 



(1) 



2,241,887 

889,880 

1.352,007 

83,801 

90,364 

202,230 

110,723 

64,990 

84,273 
78,790 

174,076 
99,051 
98,616 

265,093 



Total 
assets 



(2) 



5,326,389,281 

4,249,069,452 

1,077,319,829 

63,310,871 

57,860,903 

190,274,921 

111,795,489 

64,788,504 

105,781,715 
42,693,412 

115,123,853 
55,307,845 
53,434,256 

216,948,060 



Total 
receipts 



(3) 



4,128,304,478 

2,496,943,381 

1,631,361,097 

95,527,474 

98,240,027 

224,810,683 

140,189,167 

72,199,682 

183,885,585 
82,973,846 
221,284,181 
101,458,707 
104,628,014 
306,163,731 



Net income 

(less 

deficit) 



(A) 



219.243,043 

161,773.291 

57.469,752 

2,891,180 
2,904,721 
7.832.527 
5,281,861 
3.384,419 

8,155,791 
2.775,965 
5,989,957 
3,393,161 
3,269,716 
11,590,454 



Total 

income 

tax 



(5) 



96,340.453 

73.102.640 

23.237.813 

1.212.668 
1.288.796 
3.424.723 
2.152,029 
1,370,740 

2,626,526 
1.088.134 
2.562.432 
1.362,552 
1,313,378 
4,835.835 



Section 2 



Changes in L^w 



The statistics in this report reflect, to varying 
degrees, changes in law that became effective during 
the accounting periods covered. Depending en the 
accounting period used an3 the effective date of the 
chaise in law. the changes may have been fully aprli«>- 
ahle for sanu corporations, only partially applicable 
for others, and not applicable at all tac still 
others. 

The information that follows is a oonprehensive 
description of the major law changes that became 
effective, for the first time, during the 1977 Income 
Year. These law changes are those that affected 
siisstantially the comparability of the statistics in 
this report with those in 1976 and prior years. The 
changes resulted from the Tax Refcrm Act of 1976, the 
Tax Reduction and Simplification Act of 1977 or the 
Revenue Act of 1978. Where possible, the magnitude 
of the new provisions has been measured and discussed. 



TAX REEXJBM ACT OP 1976 
Foreign Tax Credit 

Prior to the Tax Reform Act of 1976, with respect to 
undistributed subpart F inoome from Controlled Foreign 
Corporations, a domestic corporation could claim, under 
Code section 960, a "foreign taut credit for taxes 
deemed paid" by a Controlled Foreign Corporation which 
was a first-tier foreign corporation (i.e., a foreign 
corporation whose voting stock was at least 10 percent 
owned by a domestic corporation) or a second-tier 
foreign corporation (i.e., a foreign corporation whose 
voting stock was at least 50 percent owned by the 
first-tier foreign corporation). However, the credit 
was cdlowed only if the percentage of voting stock 
cwned by the domestic oorporation in the first-tier 
foreign oorporation and the percentage of voting stock 
owned by the first-tier foreign oorporation in the 
second-tier foreign oorporation equalled at least 5 
percent when multiplied together. No deemed paid 
credit was allowed under section 960 for taxes paid by 
a Controlled Foreign Corporation which was a third-tier 
foreign oorporation. 

Effective for taxable years beginning after Decem- 
ber 31, 1976, a provision of the 1976 Act amended sec- 
tion 960, to allow a damestic oorporation to claim a 
credit on foreign taxes deemed paid by a third-tier 
foreign oorporation (i.e., a foreign corporation 
whose voting stock was at least 10 percent owned by 
the second-tier foreign oorporation) whose undis- 
tributed subpart F income was taxed to its stock- 
holders. This provision also redefined the second- 
tier foreign corporation by reducing from 50 percent 
to 10 percent the proportion of voting stock that had 
to be owned by the first-tier foreign oorporation. 
Before the credit oould be claimed, the percentage of 
voting stock in the first-tier foreign corporation 
owned by the domestic oorporation, the percentage of 
voting stock in the second-tier foreign oorporation 
owned by the first-tier foreign oorporation, and the 
percentaige of voting stock in the third-tier foreign 
corporation owned by the second-tier foreign oorpora- 
tion had bo equal at least 5 percent when multiplied 
together . TTiese requirements were then consistent 



with those already applicable to dividends actuedly 
distributed by related first-, second-, and third-tier 
foreign corporations. 

Investment Credit 

For corporations in general, the amount of invest- 
ment credit cillcwable in a taxable year was limited to 
the first $25,000 of tax liability plus 50 percent of 
the income tax liability in excess of $25,000. How- 
ever, the investment credit limitation for airlines 
and railroad common carriers (including railroad 
switching or termineil conpanies) was tanporarily raised 
from 50 percent to 100 percent of the income tax lia- 
bility for tcixable years ending in 1977 cind 1978. 
Starting with taxable years ending in 1979, the tem- 
porary increase was to be phased down by 10 percent, 
annually, until taxable years ending in 1983, when the 
50 percent limitation vrould again be reached. The 
limitations mentioned above applied only if invest- 
ments in airlines or railroad property constituted at 
lecist 25 percent of the taxpayer's total "qualified 
investment." This provision was restricted to airline 
and railroad property used by the taxpayer to furnish 
or sell transportation as a coninon carrier by air 
(subject to the jurisdiction of the Civil Aeronautics 
Board or Federal Aviation Administration) or to 
operate a railroad. 

Depreciation 

For a taxpayer (including a oorporation) operating a 
railroad and using the retirement-replacement method of 
accounting for depreciation of its railroad track ac- 
counts, the Act cillcwed current deductions for the re- 
placement of an existing railroad crosstie regardless 
of whether it was replaced with the same material and 
of the same quality or with a different naterial with 
improved quality. (Under prior law, this treatment 
was not available unless an existing crosstie was re- 
placed with a crosstie made from like material of like 
quality. Otherwise, the cost of replacement was 
partly capitalized and partly expensed.) Thus, for 
example, this treatment was no longer available just 
for the replacement of existing wood crossties with 
crossties made of wood; the taxpayer oould replace 
existing wood crossties with such matericils as pressed 
wood, concrete, or steel crossties without losing the 
benefit of this treatment. This provision was effec- 
tive for taxable years beginning after Deoanber 31, 
1976. 

Holding Period for Sales or Exchanges of Capital Assets 

Prior to the 1976 Act, gains or losses from the Scde 
or exchcinge of capital assets held for more than six 
months were considered long-term capital gains or 
losses. Long-term capital gains received more favor- 
able tcix treatment than ordinary gains. For taxable 
years beginning in 1977, the 1976 Act increased the 
holding period, used in defininq long-term gains or 
losses, froTi iiore than six iKxiths to nore than nine 



6 



Corporation Returns/1977 • Changes in Law 



mcmths. For taxable years beginning after 1977, the 
holding period vras lengthened, by the 1976 Act, to 
more than twelve months. However, the holding period 
was unchanged for futures transacticHis in any 
ocrmodity subject to the rules of a board of trade or 
coninodity exdhange. Moreover, the holding period for 
timber transactions was measured differently than 
previously. The 1976 Act required that the holding 
period for timber be measured up to the time timber 
was cut instead of the time just before the beginning 
of the year in which it was cut. Under Code section 
1231 the sale or exchange of timber cut nay be treated 
as long-term capital gain under certain circumstances. 

Number of Stockholders in Small Business Corporations 
Electing to be Taxed through their Stockholders 

For taxable years beginning in 1977, the number of 
qualifying stockholders for Smaill Business (or sub- 
chapter S) Corporations electing to be taxed through 
their stockholders was increased frcm 10 to 15 provid- 
ed that such a corporation had maintained its election 
for five ccnsecutive taxable years. Once the five-con- 
secutive-taxable-year requiranent was satisfied, it 
did not have to be met again. Therefore, even if the 
election was terminated or revoked, any subsequent 
election to be treated as a Small Business Corporation 
automatically qualified the corporation for the up-to- 
five-additional-stockholder privilege. 

The five-consecutive-taxable-year requirement did 
not apply to electing Small Business corporations that 
had ncre than 10 (but fewer than 15) stockholders as a 
result of stock acquired through inheritance. In such 
cases, the up-to-five-additional-stockholder privilege 
provision applied at any time after the initial 
election including during the initial five taxable 
years of the corporation. 

Elective Deduction for the Removal of Ardiitectural 
and Transportaticnal Barriers to the Handicapped and 
Elderly 

A teitporary provision of the 1976 Act allowed 
corporations (including affiliated groups of corpora- 
tions filing consolidated returns) to elect to deduct, 
currently, ip to $25,000 of the e^^penses paid or incur- 
red foe the removal of architectural and transpor- 
taticnal beirriers to the handicapped (including the 
deaf and blind) and elderly (age 65 or over) . 
Ccngress created this incentive for a limited period, 
i.e., fee taxable years beginning after December 31, 
1976, and ending before January 1, 1980, so that a 
more rapid madification of business facilities and 
vdiicles could be achieved. To qualify for this 
tenpcHTary deduction, the barriers had bo be removed 
from a facility or public transportation vehicle owned 
or leased for use in the taxpayer's trade or business. 
The removal had to meet the requirements prescribed by 
tlie Architectural and Transportation Barriers Con- 
pliance Board subscribed to by the Department of the 
Treasury and promulgated by the Internal Revenue 
Service in its regulations. Expenses in excess of 
$25,000 that were paid or incurred for the ranoval of 
such barriers continued to be, as all such ejqjenses 
had been formerly, considered property improvanents 
that had to be capitalized; such expenses were then 
depreciated over the useful life of the improvement. 
In this report, this deduction was included in the 
statistics fc«r "Other Deductions." 

TAX REDUCTION AND SIMPLIFICATION ACT OF 1977 

Tax Rate Change Extension 

The corporate tax reductions introduced in the Tax 
Reduction Act of 1975 and subsequently extended 
through 1977 by the Tax Reform Act of 1976, were 



further extended through 1978 by the Tax Reduction and 
Simplification Act of 1977. Therefore, the corporate 
rates continued to be 20 percent on the first $25,000 
of corporate taxable income, 22 percent on the next 
$25,000, and 48 percent cx\ taxable income above 
$50,000. 

Amortization of ^jalifying Child Care Facilities 

Under the Revenue Act of 1971, employers oould elect 
to amortize the costs of the construction, reconstruc- 
tion, or rehabilitation of child care facilities in 
the United States over a five-year period in lieu of 
claiming depreciation on the facilities. This pro- 
vision, which applied to facilities used primarily for 
the children of employees, was available only for 
costs incurred during the period 1972 through 1976. 
The-end-of-1976 expiration date was extended by the 
Tax Reduction and Sinplif ication Act of 1977, for five 
years beginning January 1, 1977, and ceasing aifter 
December 31, 1981. Stated differently, instead of 
writing-off capital expenditures for child care 
facilities over a longer period of time through 
regular depreciation deductions, an employer oould 
elect, under Code section 188, to amortize over a 
five-year period such capital expenditures if they were 
incurred after December 31, 1976, and before January 
1, 1982. Capital expenditures, for this purpose, were 
those that resulted from the acquisition, construction, 
or rehabilitation of depreciable property located with- 
in the United States, which qualified as a child care 
facility (primarily for children of the corporation's 
anployees) . 

New Jobs Credit 

The Tax Reduction and Sinplif icatioi Act of 1977 
created a new credit against income tax which provided 
enployers with a tax incentive to increase employment 
of people who were otherwise unemployable. The 
incentive took the form of a new jobs credit. 

In order to keep recordkeeping to a minimum, this 
credit was based not on records showing that new en»- 
ployees had been hired, but rather on existing wage 
and Social Security records. In effect, the new jobs 
credit was based on an increase in Federal Unemploy- 
ment Tax Act (BUTA) , Federal Insurance Contributions 
Act (FICA) , or Railroad Unemployment Insurance Act 
(RUIA) vrages over the imnediately preceding year. 
FICA and RUIA wages, which were limited to wages paid 
to agricultural and railroad enployees, respectively, 
not yet covered under FOTA, were the only non-FOTA 
wages eligible for the credit. Ttius, businesses could 
claim the credit without additional recordkeeping, 
training of employees, or searching through old rec- 
ords. Using the records that they already maintained 
for FUVA, FICA, or RUIA, employers oould easily deter- 
mine whether or not they oould take the credit. Fur- 
ther documentation, such as records of employee hours, 
distinctions between part-time and full-time employees, 
and tabulations of new employees, was not necessary. 

Since the credit was based on FOTA, FICA, or RUIA 
wages, which are described in table 14 as "unemployment 
insurance wages," only those employers with employees 
who were subject to the PUTA, FICA or RUIA tax oould 
claim the credit. An employee's wages oould only be 
taken into account for purposes of the new jobs credit 
if more than half the employee's remuneration was from 
service within the United States in the enployer's 
trade or business. The trade or business requirement 
prevented the employer from claiming the credit for 
maids, chauffeurs, or other domestic servants. 

When ooiputing the credit, the employer oonpared the 
current calendar-year's unemployment insurance wages 
with those of the preceding year. For businesses 
started before 1977, the credit for taxable years 
beginning in 1977 was equal to 50 percent of the amount 



Corporation Returns/1977 • Changes in Law 



by which the total unemployment insurance wages paid in 
Calendar Year 1977 exceeded 102 percent of the total 
unemplovment insurance wages paid in Calendar Year 
1976. Par businesses that began in 1977 cind which 
therefore paid no unonployment insuraince wages in 1976, 
the credit was computed on no more than 50 percent of 
the total unemployment insurance wages paid in Calendar 
Year 1977. Thus, the credit for new businesses was 25 
percent (50 percent of 50 percent) of the total unem- 
ployment insurance wages paid in Calendar Year 1977. 
For purposes of computing the credit, the unanployment 
wages claimed oould not exceed $4,200 per employee. 

An extra (additional) credit was allowed for em- 
ployers of certain newly-hired vocational rehabili- 
tation employees who were either physically or men- 
tally handicapped. Also referred to as vocational re- 
ferrals, such individuals had to be referred to em- 
ployers while receiving (or after oonpleting) rehabil- 
itation services under either an individualized State 
plan that was approved under the Rehabilitation Act of 
1973, or a qualified veterans vocational rehabilitation 
program. The extra (additional) credit was equal to 10 
percent of the qualified- unanployment insurance wages 
(up to $4,200 per employee) paid to these handicapped 
vocational rehabilitation referrals. 

In addition to the taxpayer's income tax liabil- 
ity, the total amount of the credit was limited to the 
lowest of the following: 25 percent of the current cal- 
endar year's total unanployment insurance wages, 50 
percent of the excess of the current calendar-vear ' s 
total wages over 105 percent of the previous calendar- 
year's total wages, or $100,000. This amount is shown 
in table 14 as "total qualified wages after limita- 
tion." 

Limiting the credit by total wages instead of 
unanployment insurance wages was necessary to prevent 
enployers from cirtif icially increasing their unemploy- 
ment insurance wages by converting existing full-year, 
full-time jobs into more numerous part-year, part-time 
jobs, e.g., an anployer oould replace cxie full-time em- 
ployee with two part-time employees and claim $8,400 
instead of $4,200 for the same amount of wages. The 
total wages limitation required an actual increase in 
total employment before the credit could be claimed. 

The $100,000 limitation, which was placed on the 
amount of new jobs credit that could be claimed by an 
employer in a calendar year, did not apply to the addi- 
tional 10 percent credit allowed for newly-hired voca- 
tional rehabilitation referrals. The vocational 
rehabilitation credit was limited to 20 percent of the 
regular credit computed without regard to the $100,000 
limitatiOTi. Therefore, the total credit when the 
vocational rehabilitation credit was taken oould exceed 
$100,000. Only those employers whose first payment of 
unemployment insurance wages was made after December 
31, 1976, were eligible for the additional credit. In 
the statistics, the additional credit plus the total 
qualified wages after limitation equals the tentative 
new jobs credit. 

The amount of the new jobs credit available to con- 
trolled groups of corporations was ocmputed as though 
all enployees were hired by a single employer. Por 
this purpose, a ccmtrolled groip was uniquely defined 
as any group of corporations (except brother-sister 
groups, defined below) whose voting stock was at least 
50 percent owned by a oonitcn parent corporation. The 
voting stock of a brother-sister group (i.e., two or 
more corporations cwned by the same five or fewer 
persons who were individuals, estates or trusts) and a 
combined group had to be at least 80 percent owned by 
the ocrincn parents. This, for example, was to prevent 
anployers from generating a new jobs credit by simply 
transferring aiployees fran a parent corporation to a 
subsidiary, or vice-versa, at the beginning of the 
taxable year. When separate returns were filed for 
each group member, the credit was claimed by each 
member in proportion to its contribution to the 



increase in the group's total unemployment insurance 
wages that generated the credit for the group as a 
whole. 

For Small Business Corporations electing to be taxed 
through their stockholders, the new jobs credit was ap- 
portioned pro rata among the stockholders as of the 
last day of the taxable yar under rules similar to 
those for allocating "qualified investment" to stock- 
holders for purposes of oomputing their own investment 
credits. In order to keep stockholders from using the 
credit to offset taxes on inocme frcm other sources, 
the credit was further limited to an anrount equal to 
that part of the stockholders' tax attributable to the 
stockholder's interest in the Small Business Corpora- 
tion that generated the credit. In other words, the 
credit could not exceed the tax liability attributable 
to the Small Business Corporation responsible for the 
new jobs credit. 

The amount of the credit claimed was limited to the 
amount of income tax reduced by the foreign tax credit, 
the investment credit, the work incentive (WIN) credit 
and the U.S possessions tax credit. Moreover, the 
credit oould not be applied by any corporation against 
such special taxes as the additional tax for tax 
preferences ("minimum tax") and the Personal Holding 
Company tax. In the case of Small Business Corpora- 
tions, the credit oould not be applied against the tax 
on the certain capital gains that were taxed at the 
corporate level; the full amount was thus allocated to 
stockholders. 

Any new jobs credit that could rot be claimed cur- 
rently based on the presence or size of inoone tax 
could be carried back to each of the three preceding 
taxable years (beginning with the earliest year) to be 
applied against income tax for these years; any 
remaining amount oould be carried over for up to 
seven years. Any unused credit still not used at the 
end of this TO-year period was last. 

The Act also required that erployers reduce, by the 
amount allowable as a credit, any deduction for sala- 
ries and wages paid or incurred for the year in which 
the credit was earned. This deduction had to be re- 
duced even if the credit oould not be taken for the 
current year because the corporation had no income tax 
liability for the year. 



REVENUE l^CF OF 1978 

Additional Tax for Tax Preferences ("Minimum Tax") for 
Controlled Groups of Corporations 

The method of computing the exemption frcm the 
additional tax for tax preferences ("minimum tax") for 
members of oontrolled groups of corporations (as de- 
fined in Code Section 1563) was revised by the Revenue 
Act of 1978. This revision was necessary because the 
provision in the Tax Reform Act of 1976 that reduced 
the exertpticn from the sum of $30,000 plus the cor- 
poration's current-year income tax liability (defined 
as the regular tax deduction under the minimum tax 
provisions) to the greater of $10,000 or the regular 
tax deduction, did not correspondingly change the 
manner by which the exemption could be apportioned for 
manbers of oontrolled groups of corporations. Thus, a 
group's $10,000 exemptiwi was allocated among the 
members of the group equally or according to a plan 
adopted for the members of the group. Since the 
$10,000 exemption did not have to be allocated equally 
among the manbers of the group under the 1976 law, a 
controlled group of corporations could decide to file 
separate returns arri allocate the $10,000 exanption to 
a member with a relatively low income tax liability. 
This created a higher total exemption for the group as 
a whole, since the $10,000 exemption was used for the 
member with the low inocme tax liability and the 
regular tax deduction was used for each of the other 



8 



Corporation Returns/1977 • Changes in Law 



menibers. In effect, the groi^) was allowed to receive 
both the $10,000 exemption and the regular tax 
deduction, rather than the greater of the two that 
would have been allowed if it were a single 
corporation not includible in a controlled group. 

Under the revised method of computing the exemption 
from the additional tax for tcix preferences for mem- 
bers of controlled groups of corporations, for taxable 
years beginning after December 31, 1976, the $10,000 
exemption was allocated to each of the ccriponent 
members of the group in proportion to each member's 
regular tax deduction. As a result, a oottiponent mem- 
ber of a controlled group of corporations could not 
claim the entire $10,000 exemption unless it accounted 
for all (100 percent) of the group's regular tax deduc- 
tion. Since a member's exenption could rot exceed its 
proportionate share of the group's regular tax deduc- 
tion, the total exemption for the group would not 
change if the group decided to file separate returns 
for each manber. 

Income of Certain Regulated Public Utilities 

For transactions entered into prior to IRS Revenue 
Ruling 75-557, which was effective February 1, 1976, 
regulated public utilities could exclude from taxable 
income all "contributions in aid of construction" in- 
cluding customer connection fees (or amounts paid to 
public utilities to pay for connecting the customer's 
line to a main utility line) because such contribu- 
tions were considered nontaxable contributions to the 
capital of a corporation. By no Icmger considering 
customer connection fees as contributions in aid of 
construction, this ruling made such fees taxable and 
effectively increased the tax base of those regulated 
public utilities (such as those that provided water or 
sewage disposal services) that had formerly treated 
all contributions in aid of construction as nontaxable 
contributions to capital. The resulting increased tax 
base could cause a mismatch between income and related 
expenses because the utilities had to increase their 
taxable income in the year in which the contributions 
in aid of construction were received even though nost 
of the deductions attributed to the expenditure of the 
contributions would not be allowable until later 
years. The increased taxes that resulted from making 
customer connection fees taxable would eventually be 
passed on to the utility's customers, in the form of 
increased diarges. 

Because such increased charges had to be approved by 
public utility ocmnissions , the Congress felt that the 
increase in the utility tax base would result in reduc- 
ed working capital which, in turn, could cause delays 
in furnishing services and curtail expansion of serv- 
ice. Consequently, the Tax Reform Act of 1976 provid- 
ed relief by allowing regulated public utilities which 
provided water or sewage disposal services to treat all 
contributions in aid of constructicxi, except customer 
connecticxi fees, as nwitaxable contributions to capi- 
tcil. Thus, under the 1976 Act, oontributi<xis to reg- 
ulated public utilities that provided water or sewage 
disposal services were treated as nontaxable ccxitribu- 
tions to capitcil if they were contributions in aid of 
construction, or if they were received after January 
31, 1976, provided the veilue of the property contri- 
buted or acquired with the itoney contributed v«s not 
included in the tax base for rate making purposes. The 
Revenue Act of 1978 extended this nontaxable treatment 
for contributions in aid of construction to regulated 
public electric, steam, and gas utilities (including 
gas transmission utilities which provided gas services 
that were resold to the public at large) . 

The 1976 and 1978 Acts specified the contributions 
in aid of construction that could be treated as nontax- 
able contributions to capital. For this purpose, 
oontributicns in aid of construction were any items of 
property or amounts of money contributed by a customer, 



developer, government body, or any other person to a 
regulated public utility that provided water, sewage 
disposal, electric, steam, or gas, for the expansion, 
improvement, or replacement of the facilities of the 
utilities. The customer connection fees that were to 
be treated as taxable income were specified as pay- 
ments made for the cost of installing a connection 
from a regulated public utility's main water, sewage, 
electric, steam, or gas lines (including cost of 
meters and piping) , as well as any amounts paid as a 
service charge for starting or stopping service. 

As a result of the nontaxable treatment for contri- 
butiais in aid of construction, no depreciation deduc- 
tion or investment tcix credit was allowed on property 
acquired with nontaxable oontributicxis. Also, this 
nontaxable treatment eliminated the mismatching of the 
income and expenses maitioned above. However, before 
the regulated public utilities affected by this legis- 
lation could change to this method of treating contri- 
butions in aid of construction, they first had to 
obtain approval from the Internal Revenue Service for 
a change in aooounting methods. 

Investment Credit and its Recapture 

The Revenue Act of 1978 made two changes to the in- 
vestment credit provisions of the Code that affected 
the 1977 statistics. One change extended the invest- 
ment credit to single-purpose agricultural or horticul- 
tural structures, and the other change exempted rail- 
roads that transferred property to the Consolidated 
Rail Corporation (ConRail) from the recapture of 
investment credit, based on transferals of prc^)erty 
before the end of the useful life in effect when the 
credit was originally claimed. 

Single Purpose Agricultural or Horticultural Structures 

For the first time, specifically-designed livestock 
or horticultural structures such as chicken houses, 
hog pens, feed cattle barns, dairy cattle barns, and 
greenhouses were eligible for the investment credit 
provided that they were used exclusively for the 
specific agricultural or horticultural purposes for 
which they were designed and constructed. Previously, 
such eligibility was determined on a case-by-case 
basis by the Internal Revenue Service. A structure 
was ineligible for the investment credit if it was 
used for any other purpose. For example, a greenhouse 
that otherwise qualified for the investment credit 
lost its eligibility and was subject to the investment 
credit recapture rules if a check-out stand was 
installed . 

The investment credit was subject to recapture if 
the structure that failed the usage test (i.e., if 
used for more than one purpose) within 7 years from 
the time the structure was placed in service. However, 
the use of a minor portion of the structure for neces- 
Sciry post-productive activities (such as loading and 
packing) that were ancillary to the raising of live- 
stock or the cultivation, production, or the harves- 
ting of plants and plant products was not considered a 
violation of the usage test. Similarly, mere vaceux^y 
of the structure did not violate the usage test. 

In general, these provisions applied retroactively to 
taxable years ending en or after August 15, 1971. 

Recapture of Investment Credit 

Emerging mainly from the Regional Reorganization Act 
of 1973 and the Railroad Revitalization and Regulatory 
Reform Act of 1976, the Consolidated Rail Corporation 
(ConRail) came into being on ;^ril 1, 1976, ConRail 
Weis established as a taxable corporation which oould 
acquire, rehabilitate, and operate rail properties of 
railroads that v#ere bankrupt. As compensation for 
transferring their railroad property to ConRail, bank- 



Corporation Returns/1977 • Changes In Law 



rupt railroads (and their subsidiaries and eiffiliates) 
received stock aind certificates of value Issued by the 
United States Railway Association, a nonprofit Govern- 
ment corporation forroed to oversee the ConRail reorga- 
nization. In 1976, Congress enacted special legisla- 
tion (Public Law 94-253, Tax Treatment of Exchanges 
Under The Final System Plcin for ConRail) to deal with 
the tcix oonsequenoes that oould arise for railroad com- 
panies (cind their stockholders and creditors) that 
treuTsferred their railrocid property to ConRail. 

However, this specicil legislation failed to exenpt 
from the investanent credit recapture rules the rail- 
road companies that transferred their properties to 
ConRail prior to the end of the useful life used when 
the oonpanies oomputed their investment credit for the 
year, in which a property was purchased. A provision 
in the Revenue Act of 1978. which was effective for 
tcixable years ending after March 31, 1976, was aimed 
at correcting this oversight by exempting transferor 
railroad conpanies from additional teix on the transfer 
of their rail properties to ConRail, i.e., such rail- 
road ooqpanies were not liable for tax from recomput- 
ing prior -year investment credit. 



Section 3 



Description of 

the Sample and 

Limitations of 

the Data 



SAMPLE SEIBCnON 

"Itie statistics in this report were estimated fron 
a stratified probability sample of corporation incone 
tax returns selected after revenue processing, but 
before audit (see figure D) .* The corporation popula- 
tion from which the sample was drawn contained the 
following types of returns: Form 1120— U.S. Corpora- 
tion Income Tax Return; Porm 1120Ii — U.S. Life 
Insurance Company Inocme Tax Return; Form 112CM — U.S. 
Mutual Insurance Company Incone Tax Return; Ft>nii 
1120S — U.S. Small Business Corporation Income Tax 
Return; Bonn 1120F— U.S. Income Tax Return of a 
Foreign Corporaticn; and Form 1120-DISC — Domestic 
International Sales Corporation Return. The total 
sample of 91,693 returns was selected from a popu- 
lation of 2,335,256 returns. 

All sanple returns, except Forms 1120-DISC, were 
computer-selected fron the Internal Revenue Service 
Business Master File system based on a systematic 
design of randomly-designated ending digits of the 
Bnployer Identification Number. (These numbers were 
used for revenue processing in the Master File 
system.) Although Form 1120-DISC returns were not 
included on the Master File, they were manually 
designated and selected using a simplified version of 
the same system of ending digits. 

The sample rates for return Forms 1120 and 1120S 
ranged from 0.6 percent to 100 percent, depending 
upon the year in which sampled, and were based on 
size of total assets and net inocane (or deficit) . 
Return Forms 1120L, 1120M, and 1120F were sampled at 
the 100 percent rate. For return Form 1120-DISC, 
sample rates were dependent upon the size of total 
assets of the majority corporate stockholder, and the 
size of net income (or deficit) of the DISC. The 
sample rates ranged from 10 to 100 percent. 

Figure E contains the number of returns in the 
population and sample, by sample class and sampling 
rates (both prescribed and achieved) . A comparison 
of the total population (2,335,256) in figure E with 
the total estimated number of returns (2,241,887) 
shewn in table 1 (column 1) will show a difference of 
93,369. This difference resulted from 86,563 returns 
being excluded as inactive corporation returns 
because they had neither income nor deductions. The 
remaining 6,806 returns were excluded chiefly because 
they were: (1) amended returns not associated with 
the original returns (the original returns were sub- 
ject to sampling); (2) tentative returns not associ- 
ated with the revised returns (the revised returns 
were subject to sampling) ; or (3) certain delinquent 
returns of large corporations for prior years. 



MEmCD OF ESTIMATION 

The sanple returns were weighted to represent the 
business activities of the total number of corpora- 
tions engaged in business in the United States and 
its possessions and filing retun s with accounting 
periods ended July 1977 through jL>e 1978. Nearly 
all of the sampled returns were for this period and 
were revenue processed during 1977, 1978, and 1979. 



Sanpling weights were obtained by dividing the 
number of returns filed per sample class by the 
number of sample returns for the stratum. All 
sampling weights were then converted to "integer 
weighting factors" whidi were applied to each sample 
return. For example, if a factor of 12.85 was oan- 
puted foe a stratum, 85 percent of the returns in the 
stratum were systematically given a weighting factor 
of 13 and 15 percent a weighting factor of 12. 

Whenever a weighted frequency is less than 3, the 
estimate is oonbined or deleted in order to avoid 
disclosure of information about specific oorporations. 
These combinations or deletions are indicated by 
either a dauble asterisk (**) or a triple asterisk 
(***) . In all other cases, when an estimate is based 
on fewer than 10 returns, not all of them selected at 
the 100 percent rate, the estimate is considered 
statistically unreliable and is indicated by a single 
asterisk (*) to the left of the data itans. (Aster- 
isked estimates should normally be used only in 
combination with other tabulated values.) 

The statistical reliability of each cell in the 
tables was determined independently from other 
cells. Accordingly, it is possible to see a total 
figure with an asterisk (*) indicating statistical 
unreliability and yet a siJDset of that total not 
being statistically unreliable. For example, an 
industrial division figure oould be based on 7 
returns of which 2 were not sampled at the 100 percent 
rate (and thus receive an asterisk) and a major group 
in this division oould have 4 returns all sampled at 
the 100 percent rate and thus not receive an asterisk. 
In the tables, a dash in place of a frequency or 
an amount irriicates that: (1) if returns were 
sampled at a rate of 100 percent, no returns had the 
particular characteristic; or (2) if returns vere 
sampled at a rate less than 100 percait, either no 
returns in the population had the characteristic ex 
the characteristic was so rare that it did not appear 
on any sample returns. 



SAMPLING VARIABILITY 

The particular sanple used in this study is one of 
a Icirge numlDer of possible samples that oould have 
been selected using the same sample design. 
Estimates derived from the different samples would 
differ from each other. The deviation of a sample 
estimate from the average of all possible samples is 
called the standard deviation. The sampling 
variability of an estimate is a measure of the 
variation among the estimates from the possible 
samples and thus is a measure of the precision with 
which an estimate from a particular sample 
approximates the average result of all possible 
samples. 

The coefficient of variation is the standard 
deviation of the estimate expressed as a percent of 
the estimate. Itie standard deviation, when added to 
and subtracted from the value of the estimate, pro- 
vides ipper and lower limits within which approxi- 
mately two out of three estimates derived from 
similary selected sanples would be expected to fall. 



*Homer Jones designed the sample and monitored and coordinated its implementation. 
He is a member of the SOI Sampling Section (Pete Clarke, Chief) in the Mathematical 
Statistics Branch (Raymond C. Sansing, Chief). 



11 



12 



Corporation Returns/1977 • Sample Description and Data Limitations 



Figure D. — Corporation Returns Sample Selection Classes, Income Year 1977 



Sample class number, 

by type of return and 

by year sampled 



Before 
1978 



(1) 



During 
1978 



(2) 



After 
1978 



(3) 



Forms 1120 and 1120S 



2a, 
3a. 
4a, 

5a. 
6a. 

7.. 



10a. 



12a. 



12b., 



9 
10b 



12c 



12d. 



Ia2. 
Ib^ 
2b.. 
3b.. 
4b.. 

5b.. 
6b.. 

8 

9 

10b., 
Il3., 



12e*. 
12e3. 



12d* 



12d^ 



Sample selection criteria^ 



Size of total assets 



(4) 



Under $50,000,000 

$50,000,000 and over 

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 

$1,000,000 under $2,500,000 

$2,500,000 under $5,000,000 

$5,000,000 under $10,000,000 

$5,000,000 under $10,000,000 

$10,000,000 under $25,000,000 

$10,000,000 or more and not controlled by 

name. 
$10,000,000 or more and not controlled by 

name. 

$25,000,000 or more and not controlled by 

name. 
$10,000,000 or more and controlled by 

name. 
$10,000,000 or more and controlled by 

name. 
$25,000,000 or more and controlled by 

name. 



Size of net income or deficit 



(5) 



Any amount. 
Any amount. 
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 $750,000. 
$500,000 under $1,000,000. 
$1,000,000 under $1,500,000. 

$750,000 under $1,000,000. 
$1,500,000 under $2,500,000. 
$2,500,000 under $5,000,000. 
$1,000,000 or more. 

$2,500,000 or more. 

$5,000,000 or more. 
$1,000,000 or more. 
$2,500,000 or more. 
$5,000,000 or more. 



Forms 1120L and 1120M 



13a. 
13b. 



13c... 
13d... 



13c. 
13d. 



Any amount and not controlled by name. 
Any amount and controlled by name 



Any amount . 
Any amount. 



Form 1120F 



lAa' . , 
14b' . . 



14c. 
14d. 



14c. 
14d. 



Any amount. 
Any amount. 



Any amount and not controlled by name. 
Any amount and controlled by name. 



Form 1120-DISC 



15. 
16. 

17. 



15. 
16. 

17. 



Under $50,000,000* 

$50,000,000 under $250,000,000*. 
$250,000,000 or more* 



Under $200,000. 

$200,000 under $1,000,000. 

$1,000,000 or more. 



■"•Returns were classified according to either size of total assets, or size of net income or deficit, whichever 
made the sample class number higher. EXAMPLE: A Form 1120 return with total assets of $750,000 and having net 
income of $75,000 would be in sample class 6a or 6b rather than sample class 4a or 4b. 

Returns with Form 5735, "Computation of Possessions Corporation Tax Credit Allowed Under Section 936," attached. 
Returns classified in the following financial industries: banks including mutual savings banks and bank holding 
companies, personal and business credit institutions, other insurance companies, and regulated investment companies. 
Returns classified in nonfinancial industries. 
'Certain returns with income not effectively connected with a U.S. business were included in the sample to facili- 
tate Form 1120F selection, although not processed for the sample. 
*Size of total assets of majority corporate stockholders. 



Corporation Returns/1977 • Sample Description and Data Limitations 



13 



Figure E. — Corporation Returns: Number Filed, Number 
in Sample, Prescribed and Achieved Sampling Rates, 
by Sample Class Number, Income Year 1977 



Sample class 
number 



Total 

la 

lb 

2a 

2b , 

3a 

3b 

4a , 

4b 

5a 

5b 

6a 

6b 

7 

8 

9 

10a 

10b 

11 

12a 

12b 

12c 

12d 

12e 

13a 

13bl 

13c 

13d 

14a 

lAbl 

14c 

14d 

15 

16 

17 



Number of returns 



Estimated 
population 



(1) 



2,335,256 

91 
6 

82,390 
900,027 

30,270 
324,489 

35,973 
390,859 

19,174 
219,669 

9,737 
135,815 

6,016 
87,776 
32,949 

412 
16,707 

85 

468 

42 

19,942 

1,663 

6,665 

7 

3,101 
443 

28 

3,170 
81 

5,176 

1,224 

801 



Sample 
size 



(2) 



91,693 

91 
6 

598 
5,400 

296 
2,625 

530 
4,989 

572 
6,553 

758 
7,183 

1,435 

12,253 

5,116 

141 
5,722 

11 

468 

42 

19,942 

1,663 

6,665 



3,101 

443 

28 

3,170 
81 

505 
498 
801 



Sampling rates 
(Percent) 



Prescribed 



(3) 



100.00 
100.00 

0.70 
0.60 

1.00 
0.80 

1.50 
1.30 

3.00 
3.00 

8.00 
5.40 

25.00 
14.00 
18.00 

36.00 
36.00 

50.00 

100.00 
100.00 
100.00 
100.00 
100.00 

100.00 

100.00 
100.00 

100.00 

100.00 
100.00 

10.00 

40.00 

100.00 



Achieved 



(4) 



100.00 
100.00 

0.73 
0.60 

0.98 
0.81 

1.47 
1.28 



98 
98 



7.78 
5.29 

23.85 
13.96 
15.53 

34.22 
34.25 

12.94 

100.00 
100.00 
100.00 
100.00 
100.00 

100.00 

100.00 
100.00 
100.00 

100.00 
100.00 

9.76 

40.69 
100.00 



Provisions were made in the sample design for the 
possibility of returns being included in these sample 
class numbers. However, no returns with the specified 
sample selection criteria (see figure D) were actually 
received in the "before 1978" time period specified. 



The standard deviation of the estimate SD(X) is 
needed to cxsnstruct the interval estimate; it is the 
product of the estimate, X and its cxDefficient of 
variation, CV(X): 



SD(X) = X.CV(X) 

= 125,782.(0.036) 

= 4,528 returns 

The SD(X) value is then subtracted from and added 
to the estimate X to construct a 68 percent confidence 
interval estimate. Ttie interval is oorputed using 
this formula: 

(X-SD(X)) <y< (X + SD(X)) 

with 68 percent confidence, where Y is the population 
value estimated b/ X, Based en the data for this 
example, the interval estimate is from (125,782 - 
4,528) = 121,254 returns to (125,782 + 4,528) = 
130,310 returns. A conclusion that the average 
estimate of the numter of returns lies within an 
interval computed in this way would be correct for 
approximately twD-thirds (68 percent) of all possible 
similarly selected different samples. To obtain this 
interval estimate with 95 percent confidence limits, 
multiply the SD(X) value by two. (For this data, the 
resulting interval would be from 116,726 returns to 
134,838 returns). 



SAMPLE MANAGEMENT 

The total (i.e., sanple and population counts) for 
the number of returns filed were derived from 
computer counts of corporation returns (other than 
Form 1120-DISC) produced at the eleven Internal 
Revenue Service processing centers. Itiese counts 
were verified during statistical processing to mini- 
mize the loss of data. Because of their significant 
impact on the statistics, the returns of the largest 
corporations were controlled on a name basis to assure 
their inclusion. 



ROUNDING AND MONEY AMOCWIS 

To facilitate statistical processing, data were 
usually abstracted from the tax return in thousands 
of dollars. Amounts of $500 or more were raised to 
the next thousand, e.g., $500 was entered as $1,000 
Amounts under $500 were not altered; an indicator was 
entered instead to account for the frequency. While 
It IS believed that the quality of the data was not 
affected, on average, the practice of allowing a 
tolerance and abstracting data in thousands of 
dollars did result in sctne irregular relationships. 



The sample estimate and an estimate of its 
standard deviation permit the construction of 
interval estimates with prescribed confidence that 
the interval includes the average result of all 
possible different samples. For example, in table 2, 
column 64, the number of returns for business 
services is shown as 125,782. A coefficient of 
variation of 3.6 percent for this frequency is 
obtained by using column 7 of figure F and interpo- 
lating as indicated in tlie footnote in figure F. 



OONSOUDAOED RETUBNS 

The rumber of returns in the population differs 
from the total nuiober of profit-oriented oorporations 
in existence in 1977 chiefly because the Internal 
Revenue Code permitted single returns presenting the 
combined financial data of en entire "affiliated 
group" to be filed by parent oorporaticns. Close to 
47,000 consolidated returns were filed by parent 
oorporaticns for 1977 with data for total assets, 
total receipts, net income (less deficit), and total 
inocme tax (see table 11). These 46,663 consolidated 
corporation returns accounted for $3.4 trillion of 
the $5.3 trillion (or about 64 percent) of total 
assets for eill oorporaticns. 



14 Corporation Returns/197 7 • Sample Description and Data Limitations 

Figure F. — Coefficient of Variation of Estimated Number of Returns, Income Year 1977 





Tables showing classification by size of total assets 


Tables not 

showing 

classification 

by size of 

total assets 


Form 

1120-DISC 

table 


Estimated number 
of returns 


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"^ 




(1) 


(2) 


(3) 


(4) 


(5) 


(6) 


(7) 


(8) 






[PeMjcentf 




200 


91.0 
74.3 
64.4 
57.6 
52.5 

48.6 
45.5 
42.9 
40.7 
37.2 

34.4 
32.2 
30.3 
28.8 
25.7 

23.5 
20.4 
18.2 
15.4 
12.9 

10.5 
8.1 
6.9 
5.8 

4.7 

4.1 
3.3 
2.6 
1.8 
1.5 

1.3 
1.1 
0.9 


62.2 

50.8 
44.0 
39.3 
35.9 

33.2 
31.1 
29.3 
27.8 
25.4 

23.5 
22.0 
20.7 
19.7 
17.6 

16.1 
13.9 

12.4 

10.5 

8.8 

7.2 
5.6 
4.7 
3.9 
3.2 

2.8 
2.3 
1.8 
1.2 
(3) 

(3) 
(3) 
(3) 


40.3 
32.9 
28.5 
25.5 
23.3 

21.6 
20.2 
19.0 
18.0 
16.5 

15.2 
14.3 
13.4 
12.8 

11.4 

10.4 
9.0 
8.1 
6.8 
5.7 

4.7 
3.6 
3.0 
2.6 
2.1 

1.8 
1.5 
1.1 

(3) 

(3) 

(3) 
(3) 
(3) 


29.9 
24.4 
21.2 
18.9 
17.3 

16.0 
15.0 
14.1 
13.4 
12.2 

11.3 
10.6 

10.0 
9.5 
8.5 

7.7 
6.7 
6.0 

5.1 
4.2 

3.5 
2.7 
2.3 
1.9 
1.5 

1.3 
1.1 

(3) 

(3) 

(3) 

(3) 
(3) 
(3) 


17.5 
14.3 
12.4 
11. 1 
10.1 

9.4 
8.8 
8.3 
7.8 
7.2 

6.6 
6.2 
5.8 
5.5 
5.0 

4.5 
3.9 
3.5 
3.0 
2.5 

2.0 
1.6 
1.3 
1.1 
0.9 

0.8 
0.6 

(3) 

(3) 

(3) 

(3) 

(3) 
(3) 


9.8 
8.0 
6.9 
6.2 
5.7 

5.2 
4.9 
4.6 
4.4 
4.0 

3.7 
3.5 
3.3 

3.1 
2.8 

2.5 
2.2 
2.0 
1.7 
1.4 

1.1 
(3) 
(3) 
(3) 
(3) 

(3) 
(3) 
(3) 
(3) 
(3) 

(3) 
(3) 
(3) 


91.0 
74.3 
64.4 
57.6 
52.5 

48.6 
45.5 
42.9 
40.7 
37.2 

34.4 
32.2 
30.3 
28.8 
25.7 

23.5 
20.4 
18.2 
15.4 
12.9 

10.5 
8.1 
6.9 
5.8 
4.7 

4.1 
3.3 
2.6 
1.8 
1.5 

1.3 
1.1 
0.9 


21.5 


300 


17.6 


400 


15.2 


300 


13.6 


600 


12.4 


700 


11.5 


800 


10.8 


900 


10.1 


1,000 


9.6 


1,200 


8.8 


1,400 


8.1 


1,600 


7.6 


1,800 


7.2 


2,000 

2,500 


6.8 
6.1 


3,000 


5.6 


4,000 


4.8 




4.3 


7,000 


3.6 




3.0 


15,000 


(3) 


25,000 


(3) 


35,000 


(3) 


50,000 


(3) 


100.000 


(3) 
(3) 


150,000 


(3) 




(3) 


500,000 


(3) 




(3) 


1,000.000 

1 .500,000 


(3) 
(3) 


2.000.000 


(3) 







^Includes zero assets and assets not reported. 

^This figure should normally not be used for estimates designated by a single asterisk (*) because the sample is 
too small to yield reliable confidence interval estimates. 

3Not applicable because the estimated number of returns was greater than the population estimates. 

"Coefficient of variation is zero for returns with total assets of $10,000,000 or more. 

NOTE: Method of interpolation: Divide the estimate by 100. determine the coefficient of variation in the proper 
column, and then divide the result by 10. EXAMPLE: 60.000 returns with total assets of $250,000 under $500,000. 
For 600 estimated number of returns, the coefficient of variation is 23.3 percent. Divide this by 10 and the 
coefficient of variation is 2.3 percent. 



Corporation Returns/1977 • Sample Description and Data Limitations 



15 



Although cxnsolidated returns usually reported 
more than one kind of industrial activity, they were 
assigned a single industry classif icaticn, just like 
every other oorporaticn return, based en the corpora- 
ticns' principal business activity. Basically, the 
returns were classified into the Statistics of Income 
(SOI) ittJustry which accounted foe the largest 
portion of the total receipts. 

■ The fast that a ODnsolidated corporation return 
was assigned a single SOI industry code consititutes 
a limitation of the data. Some oaisolidated (and 
nonconsolidated) corporations were engaged in many 
types of business activities, so there are data in 
the consolidated corporation SOI industries that are 
not really related to the industrial activity under 
which they are shewn. 

INDUSTRIAL CLASSIFICATION 

Among the several classifications used in this 
report, tax return data are classified according to 
the principal business activity of the corporation. 
Returns were classified in the "minor" 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 manbers of an 
affiliated group of corporations. Minor industries 
were aggregated into major industries, which in turn 
were aggregated into industrial divisions. 

Returns in the statistical sample were examined 
during statistical processing, and each was assigned 
a code classifying it by industry. In determining 
the code, the description of the business activity 
given by the taxpayer; the taxpayer-assigned code; 
the sources of the taxpayer's inccsre; the nature of 
the expenses; and where necessary, information from 
various reference books, were considered. Year-to- 
year changes in the classif icatcn of specific corpo- 
rations could have resulted from mergers and other 
changes in organization or from filing consolidated 
returns, as well as from a change in the principal 
source of total receipts. 

The industries used in this report generally 
conform with the Enterprise Standard Industrial 
Classification (ESIC) authorized ^ the Off ice ^ 
Information and Regulatory Affairs in the Office of 
Management and Budget. This classification, which 
was designed to classify ocmpanies (which are often 
engaged in more than one industrial activity!, 
follows closely along the line of the more detailed 
Standard Industrial Classification Manual (SIC) , 
which was designed to classify separate "establ ish- 
ments" rather than the companies of which establish- 
ments were part. Some departures from the ESIC 
system were made for Statistics of Income (SOI) for 
the finance industries in order to reflect particular 
provisions of the Internal Revenue Code. For a 
oonparison of the ESIC and SIC industries with the 
SOI industries used in this report see section 6. 

More detailed statistics are available in Publica- 
tion 1053, Source Book of Statistics of Income — 1977, 
for the industries shewn in table 1 of this report. A 
general description of the Source Book including 
ordering information, is available from the Director, 
Statistics Division PR:S, Internal Revenue Service, 
Washington, DC 20224. Information concerning a 
magnetic-tape version of the Source Book is available 
from the Machine-Readable Archives Division, National 
Archives, Washington, DC 20408. 



OIHER DATft LIMITATIONS 

Various techniques were used to control and 
inprove the quality of the data during the processing 
stages. During sampling, in order to make sure that 
the sample was t)eing selected according to the sample 
design, a comparison was made between the expected 
and realized number of sample returns in each of the 
service centers. Any differences were reconciled by 
follow-up. During statistical editing, editors were 
instructed to correct tax return errors wherever 
possible through reference to other entries on the 
return or acooftpanying schedules and to adjust data 
to achieve consistency in statistical definitions. 

The quality of the editing was controlled by means 
of a continuous subsampling verification System at 
each processing center which resulted in 38.3 percent 
of the documents being reviewed. (All errors found 
in the review were corrected.) The review ranged 
from all of the very lairge and complex returns to 
nearly one-third of the small and relatively simple 
returns. In addition, the Statistics Division in the 
National Office independently reprocessed about 2 
percent of the returns to evaluate the quality of the 
editing after verification and to detemine adherence 
to processing instructions. Greater emphasis was 
placed on the largest and rxst conplex returns. 
Results shewed that, overall, 99.9 percent of the 
statistical codes and 99.7 percent of the money 
amounts were entered correctly. No discernible 
pattern was found in the errors uncovered. 
Transcription of the data was subjected to 100 
percent verification. 

Prior to tabulation numerous oorputer tests were 
applied to each return recorded to check for incon- 
sistencies. Finally, prior to publication, all 
statistics arri tables were reviewed for accuracy and 
reasonableness, in light of the provisions of tax 
laws, taxpayer reporting variations and limitations, 
economic conditions, and comparability with other 
statistical series. 



Section 4 



Basic Tables 



INMME AND FINANCIAL DATA BY INDUSTOY OR SIZE 

1 Returns of active corporations: Number of 
returns, selected receipts, costs of sales and 
operations, net inocme, total inoane teix, 
selected credits, distributions to stockholders, 
totcil assets, net worth, depreciable assets, 
depreciation deduction and coefficients of 
variation, by minor industry, 18 

2 Returns of active oorporations: Balance sheets 
and inoonne statements, by major industry, 27 

3 Returns with net income: Balamce sheets and 
inocme statements, by major industry, 35 

4 Returns of active oorporations: Balance sheets 
and inocme statements, by size of total assets, 43 

5 Returns with net income: Balance sheets and 
income statements, by size of toted assets, 45 

6 Returns of active oorporations: Selected balamce 
sheet, income statement, and tax items, and dis- 
tributions to stockholders, by major industry, ty 
size of total cissets, 47 

7 Returns of active oorporations: Selected balcmce 
sheet, inocme statement, and tax items, and dis- 
tributions bo stockholders, by industrial divi- 
sion, by size of business receipts, 81 



SEI£CTED SUBJECTS 

8 Returns of active corporations: Total receipts, 
net inocme, statutory special deductions, income 
tax, and credits, by accounting period ended, 87 

9 Returns of active Shiall Business Corporations, 
Form 1120S: Balcinoe sheets and income state- 
ments, by industrial division, 88 

10 Returns of active Domestic International Sales 
Corporations, Form 1120-DISC: Nijnber of returns, 
selected balance sheet and income statement 
items, and distributions to stockholders, by 
selected industrial divisions, 89 

11 Returns of members of controlled groups, other 
than Form 1120-DISC: Number of returns, total 
assets, total receipts, net inocme (less 
deficit), and total income tax, by selected 
industrial divisions, 90 

12 Returns of active oorporations, other than Forms 
1120S and 1120-DISC: Number of returns and 
selected tax itans, by size of normal tax, 
surtax, and edternative tcix after credits, 91 

13 Returns of active corporations, other than Form 
1120-DISC: Investment credit and selected itans, 
by selected industrial divisions, 92 

14 Returns of active oorporations, other than Form 
1120-DISC: New jobs credit and selected items, 
by selected industrieil divisions, 93 

15 Returns of active oorporations: Returns with 
beginning aind ending inventories auid with 
inventory valuation methods, by selected 
industriaiL divisions, 94 

16 Returns of active oorporations: Book net inoorae 
or deficit and provision for federad income ta«, 
by selected industrial divisions, 94 



17 



Corporation Returns/ 1977 



18 

RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stocl<holders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry 

[Alt figures are estimates based on samples — money amounts are in thousands of dollars) 



Number of returns 



Total receipts 



Returns 
with net 
income 



Business 
receipts 



Cost of 
sales and 
operations 



Net income 
(less 
deficit) 



Income 
subject 
to lax 



(2) 



(3) 



W 



151 



(6) 



(7) 



(8) 



(9) 



ftoi 



Total returns ot active corporations. 

Agriculture, forestry, and fishing 

Agncuttural production . 



Agncultural services (except vetennanans), forestry, 
fishing, hunting, and trapping 



Mining . 



Metal mining 

Iron ores 

Copper, lead and zinc, gold and silver ores 

Other metal mining 

Coal mining 

Oil and gas extraction 

Crude petroleum, natural gas, and natural gas liquids 

Oil and gas field services 

Nonmetallic minerals, except fuels 

Dimension, crushed, and broken stone; sand and gravel.. 

Other nonmetallic minerals, except fuels 



Construction 

General building contractors and operative builders. 



General building contractors.. 

Operative builders 

Heavy construction contractors 

Special trade contractors 

Plumbing, heating, and air conditioning 

Electrical work 

Other special trade contractors and contractors not 
allocable 



Manufacturing 

Food and kindred products 

Meat products 

Dairy products 

Preserved fruits and vegetables 

Grain mill products 

Bakery products 

Sugar and confectionery produr^s 

Malt liquors and malt 

Alcoholic beverages, except malt liquors and malt 

Bottled soft drinks, and flavonngs 

Cither food and kindred products 

Tobacco manufactures 

Textile mill products 

Weaving mills and textile finishing 

Knitting mills 

Other textile mill products 

Apparel and other textile products 

Men's and tioys' clothing 

Women's and children's clothing 

Other apparel and accessohes 

Miscellaneous tabncated textile products: textile 

products, not elsewhere classified 

Lumber and wood products 

Logging, sawmills, and planing mills..... 

Millwork, plywood, and related products 

Other wood products, including wood buildings and mobile 

homes 

Furniture and fixtures 

Paper and allied products 

Pulp, paper, and board mills 

Other paper products 

Printing and publishing 

Newspapers 

Periodicals 

Books, greeting cards, and miscellaneous publishing 

Commercial and other pnnting and pnnting trade services . 
Chemicals and allied products 

Industrial chemicals, plastics materials and synthetics 

Drugs 

Soap, cleaners, and toilet goods 

Paints and allied products 

Agricultural and other chemical products 

Petroleum (including integrated) and coal products 

Petroleum refining (including integrated) 

Petroleum and coal products, not elsewhere classified 

Rubber and miscellaneous plastics products 

Rubber products, plastics lootwear. hose and belting 

Miscellaneous plastics products 

Leather and leather products 

Footwear, except rubtjer 

Leather and leather products, not elsewhere classified 

Stone, clay, and glass products 

Glass products 

Cement, hydraulic 

Concrete, gypsum, and plaster produ<:ts 

Other nonmetallic mineral products 



65,594 

46,315 



19,216 

759 
59 

310 

390 
3,836 
10,672 
4.933 
6.739 
3,949 
3.674 

375 

214.745 

84.924 
81,206 
3,719 
16.875 
112.946 
23,383 
18,771 

70,792 
231,149 

16.048 
2,602 
1,965 
1,230 
1,970 
2,811 

971 
32 

141 

1.374 

2,952 

39 

5,605 

823 
1,550 
3.432 
17.390 
2.160 
8.962 
2.486 

3,782 
13.923 
3.946 
4.972 

5.005 
7.653 
3.496 

142 
3.354 
33.324 
4.454 
3.149 
5.616 
20.105 
10.963 
3.460 

982 
1.929 
1.239 
3,353 
1.201 

322 

879 
8.804 
1.570 
7.234 
1.751 

412 

1.339 

10.403 

1,744 

196 
4.370 
4.093 



1,424,528 
38,440 

28,241 

10,199 
10,963 

280 

35 

85 

•160 

2.243 

6.546 

2.B96 

3.650 

1.894 

1,629 

265 

135,955 

50,099 
47.836 
2.263 
1 1 .560 
74,276 
16.047 
12.327 

45.902 
158.995 

11,039 
1.673 
1.065 

975 
1.285 
1.839 

720 
16 

125 

1.333 

2.008 

31 

4.257 

610 

958 
2,689 
11.165 
1.394 
5.704 
1.922 

2.145 
9.763 
2.934 
3.398 

3.431 

5.049 

2.811 

120 

2.691 

22.517 

3.100 

2.151 

2.936 

14.330 

7.050 

2.112 

606 

1,098 

766 

2.468 

930 

297 

633 

6.063 

1.362 

4.701 

1.483 

357 

1.126 

6.468 

675 

189 

3.199 

2.405 



4,128,304,478 
35.907,867 

27.972,217 

7,935.650 
96,164.753 

5,144.568 

1,741.479 

2.718.412 

684.697 

11.480.318 

72.998.225 

62.873.654 

10.124.571 

6.541,622 

4.625.036 

1.916.586 

181,550,922 

78.660.677 
73.216.415 
5.444.462 
37.344,404 
65.545,641 
17,410.082 
10.043.004 

38.092.555 
1,653.531.899 

200.282.466 

45.765.515 

29.116.862 

18.284.144 

26.547.578 

9.757,244 

9.686.715 

7.563,576 

10.257,716 

15.346.987 

27.956.129 

18.037.747 

36.407.585 

12.306.124 

5.622.727 

18.478.734 

40.146.024 

12.990.746 

19.121.670 

3.063.753 

4.969.855 
43.738,110 
16.803,396 
16,633.535 

10,301,177 
14,524.890 
45.278.513 
26.580.306 
16.698.207 
50.203.160 
16.829.200 

6.336.507 

9.066,592 
17,950.881 
127.768.724 
61.413.790 
26,806.674 
18.563.575 

5,703.718 

15.280.967 

335.638.541 

331.370.069 

4.268.472 
34.713,720 
21.955.898 
12.757.822 
10.384,927 

7,309,462 

3.075.465 
36,309,691 
11.541,697 

3.429.226 
11.487.276 

9.851.492 



3.655.771.492 
27.465.144 

20.976.999 

6.468.145 
88.990,745 

4,307.284 
1 .666.935 
2.293.299 
•347.050 
8.502.510 
71.040.187 
61.874.897 
9.165.290 
5,140.764 
3,859.951 
1.260.813 

145,891.466 

60,924.612 
56.613.049 

4.311,563 
31,857,213 
53.109.641 
14.422,739 

7,776.079 

30.910.823 
1,500.494,094 

178,095.737 

38,641.619 

26,793.724 

17,383,766 

25,103.551 

6.946,414 

6.276.146 

5.691.530 

9.825.782 

15.134.571 

24,296.632 

17,535.857 

30.929.218 

10.163.709 

4,479.132 

16.286.377 

35.024.382 

11.818.153 

16.434,640 

2.521.755 

4.249.834 
40,100.241 
15.519.278 
15,740.454 

8,840.509 
12.248.442 
42.518,930 
25.139.942 
17,378,988 
46.353.172 
16.089,051 

5.552,769 

8.362,720 
16.348.612 
117,259,295 
59.406,221 
25,220.412 
17.611.992 

3.950.710 

1 1 .067.960 

329.529.322 

325.619.660 

3.909.662 
32.590.688 
21.018.769 
11.571,91 

8.092.326 

5,657,031 

2.435.297 
34.168.151 
11,190.315 

3.197,209 
10.472.029 

9.308.596 



3.813,925.121 
33,931.272 

26.279,006 

7.652.266 
92,553,482 

4,694.188 

1,643.555 

2.398.507 

652.126 

11.020.015 

70.538.525 

61.608.796 

8.929.729 

6.300.754 

4,481.990 

1.818.764 

176,745.105 

76.403.771 
71.250.146 

5.153.625 
35.740.112 
64.601.222 
17,230.432 

9,876.135 

37,492.655 
1,591.340,869 

196.642,579 

46.267,005 

28.724.068 

17.756.094 

25,914.000 

9.642.620 

9.403.642 

7.476.726 

10.018.016 

14,868.298 

27.572.110 

17,389.692 

35.859.792 

12.060.752 

5.563.693 

16.235.147 

39.608.716 

12.737.027 

18.917.336 

3.035.564 

4.918,769 
41.492.402 
15.434.844 
16.059.609 

9.997.949 
14.292.791 
43.596.430 
25.400.166 
18.196.264 
46,466.565 
16.206,902 

6.106.685 

8.508.205 
17.644,773 
122,386.265 
59.064.621 
25.135.842 
17.611.494 

5.629.617 

14,744,691 

326.031.046 

321,871.069 

4,159.979 
33,944.329 
21.382.297 
12.562.032 
10.192.252 

7.146,706 

3.045.546 
35.175.446 
11.125.070 

3.338.685 
11.214.415 

9.497.076 



2.725.009,554 
24.703484 

19.260.447 

5.443.037 
44.842.332 

3.400.426 

1.213.754 

1.814.496 

372.176 

7.596.702 

29.847.839 

24.705.621 

5.142,218 

3.995.365 

2.886.735 

1.108.630 

142,818,285 

65.783.246 
61.590.833 

4.192.413 
28.759.758 
48.275.281 
13,360.931 

7,498.966 

27,395.384 
1.165.901.411 

151.186.646 

38.999,453 

23.316.195 

1 3.062.868 

20.173,153 

6.010.086 

6.641,210 

4,573.686 

6.979.396 

9,553.483 

21.677.114 

9.636.267 

28.087.993 

9.536.815 

4.288.908 

14.260.270 

29.806.655 

9.555.698 

14.314.256 

2.218.114 

3.720,367 
31.105,958 
11.304.566 
12.037,366 

7,763.984 

10.259.611 

30.635.304 

16.285.082 

12.350.222 

30.446.095 

10.098.611 

3.934.298 

4.784.774 

11.628.212 

76.761.960 

38.721.613 

14.466,652 

11.149.669 

4.032,169 

10.391.477 

269.071,979 

265.965.031 

3.106.948 

23,614.801 

14.923.574 

8.691.227 

7.511.845 

5.153.287 

2.356.558 

24,051.483 

7,614.683 

2.212.830 

7.842.243 

6.381.527 



219.243,043 
708.956 

501.766 

207.190 
31.353,923 

52.717 

— 51.079 

96.111 

5.685 

287.895 

30.791.267 

29.190.197 

1 ,601 .090 

222.024 

221.479 

545 

4,517,522 

1.464.691 

1.310.352 

154,339 

1.303,359 

1.749.472 

429.845 

232.344 

1.087.283 



7.868.406 

731.545 

1.058.686 

828.893 

1,255.256 

359.721 

243.807 

277.394 

467.702 

1.555.303 

1 .080.099 

1.881.635 

1.286.103 

408.790 

192.016 

685,297 

1.622.032 

654.353 

702.467 

96.879 

168.333 
2,575.272 
1.196.778 

985.514 

392.980 

696.260 

2.780,027 

1.367,830 

1.412.197 

4.125.207 

1.942,162 

405.522 

601,174 

976.329 

11.012.716 

4.573.863 

3.552.251 

2.046.253 

251.172 

569.177 

17.648.117 

17.355.606 

292.51 1 

t. 666,21 7 

987.765 

676.452 

385.190 

312.498 

72.692 

2.252.795 

702.157 

176.214 

546.343 

826.081 



245.274.490 
1.740.130 

1.393.604 

346.526 
32,581,722 

299,399 

84,102 

170.781 

•44.516 

632.790 

31.312.795 

29.546.633 

1.766.162 

336.738 

275.829 

60,909 

6.536.536 

2.446,215 

2.163.975 

264,240 

1.614.677 

2.473.644 

569.325 

359.403 

1.544.916 
107.606,932 

8.452,384 

844.982 

1,110.697 

877.572 

1.315.427 

385.389 

362,751 

308.675 

474,103 

1.561.146 

1.211.642 

1.890.747 

1,654.168 

567,908 

271.590 

814,670 

1.941,517 

771.902 

815.189 

125.800 

228.626 
2.814.782 
1.281.658 
1.047.337 

485.767 

790,850 

2,937,234 

1,461.160 

1.476.054 

4,501.129 

2.066.641 

470.119 

868.663 

1.075.706 

11,459.578 

4,713.045 

3.622.956 

2,066.331 

263,612 

753.632 

18,270.504 

17,965.490 

305.014 

1,819.711 

1,028.773 

790.938 

461,416 

349.688 

111.728 

2.437,170 

733.657 

195.894 

632.391 

875.028 



26.031.447 
1,031.174 

891.838 

139.336 
1,227,799 

246.682 

■135.181 

72,670 

38.631 

344,895 

521.506 

356.436 

165.072 

114.714 

54.350 

60,364 

2.019,014 

963,524 

853.623 

129.901 

311.31 

724,172 

139.480 

127.059 

457.633 
7,600,045 

563,978 

113.437 

52.01 1 

46.679 

50171 

25.668 

118.944 

31.281 

•6.401 

5,843 

131.543 

•9.112 

368.065 

159.11 

79.574 

129.373 

319.485 

117.549 

112.722 

26.921 

60.293 

239.510 

84.660 

61,823 

92.807 

94.590 

157,207 

93.350 

63.857 

375.922 

144.459 

64,597 

67,469 

99,377 

446.862 

139.182 

70,707 

40.078 

32.440 

164.455 

622.387 

609.884 

12.503 

1 53.494 

41.006 

112.486 

76.226 

37,190 

39.036 

184,375 

31,700 

1 9.680 

64,048 

46.947 



212.501.782 
1.145.569 

932.616 

212.951 
31,919,909 

221.402 

•57.231 

•138,521 

■25.650 

496.840 

30.930.234 

29,342.014 

1 .586.220 

271.433 

226.562 

44,871 

5,047,435 

1 .865.007 

1,634,734 

230.273 

1 ,372.439 

1 .609.969 

422.203 

268.415 

1.119.371 
101.639.157 

8,030.154 

796.071 

1 .099.497 

801 .989 

1.285.769 

341.686 

335.325 

303.938 

460.431 

1,477,797 

1.127,451 

1.816,149 

1 ,543.862 

553.542 

234.756 

755.564 

1.761.388 

741.999 

711.680 

113.550 

194.159 
2.650.000 
1.247.374 

971.709 

430,917 

731,230 

2.684,655 

1.452,468 

1,432,187 

4.199.140 

1.977,156 

419.143 

833.025 

969.816 

11,195.900 

4,614,091 

3.580.225 

2.016,489 

274,506 

710,589 

16,559,109 

16.268.529 

270.580 

1,729.988 

1 .006.494 

723.494 

421,746 

320.956 

100,790 

2.236,045 

705,205 

192.018 

563.360 

777.462 



Footnotes at end ot table See (6x1 for "Explanation of Terms" and "Oescnptton of the Sample and Limitations ot the Data " 



Corporation Returns/ 1977 



19 



RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stockholders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars) 



Number ol returns 



Wittl net 
income 



Total receipts 



Returns 
with net 
income 



Business 
receipts 



Cost ot 
sales and 
operations 



Net income 
(less 
deficit) 



Net 
income 



Income 
subject 
to tax 



Manufacturing — Continued 

Primary metal industries 

Ferrous metal industries; miscellaneous pritTtary metal 
products 

Nonferrous metal industries 

Fabricated metal products 

Metal cans and shipping containers 

Cutlery, hand tools, and hardware; screw macfiine 

products, bolts, and similar products 

Plumbing and heating, except electric and wamt air 

Fabricated structural metal products 

Metal torgings and stampings 

Coating, engraving, and allied services 

Ordnance and accessories, except vehicles and guided 
missiles 

Miscellaneous labncated metal products 

Machinery, except electrical 

Farm machinery 

Construction and related machinery 

Metalworking machinery 

Special industry machinery 

General industnal machinery 

Office, computing, and accounting machines 

Other machinery, except electncal 

Eleclncal and electronic equipment 

Household appliances 

Radio, television, and communication equipment 

Electronic components and accessones 

Other electncal equipment 

Motor vehicles and equipment 

Transportation equipment, except motor vehicles 

Aircraft, guided missiles and parts 

Ship and boat building and repainng 

Other transportation equipment, except motor vehicles 

Instruments and related products 

Scientific instruments and measunng devices; watches and 
clocks . 

Optical, medical, and ophthalmic goods 

Photographic equipment and supplies 

Miscellaneous manufactunng and manutactuhng 

not allocable 



Transportation and public utilities 

Transponation 

Railroad transportation 

Local and interurban passenger transit 

Trucking and warehousing 

Water transportation 

Transportation by air 

Pipelines, except natural gas 

Transportation sen/ices, not elsewhere classified 

Communication 

Telephone, telegraph, and other communication services.. 

Radio and television broadcasting 

Electnc. gas. and sanitary services 

Electnc services 

Gas production and distribution 

Combination utility services 

Water supply and other sanitary services 

tAfholesale and retail trade 



Wholesale trade 

Grocenes and related products 

Machinery, equipment, and supplies 

Miscellaneous wholesale trade 

Motor vehicles and automotive equipment 

Furniture and home furnishings 

Lumber and construction materials 

Sporting, recreational, photographic, and hobby 
goods, toys, and supplies 

Metals and minerals, except petroleum and scrap 

Electrical goods 

tHardware. plumbing, and heating equipment and 
supplies 

Other durable goods 

Paper and paper products 

Drugs, drug proprietaries, and druggists' sundries 

Apparel, piece goods, and notions 

Farm-product raw materials 

Chemicals and allied products 

Petroleum and petroleum products 

Alcoholic beverages 

Miscellaneous nondurable goods; wttolesale trade not 
allocable 



Retail trade 

Building materials, garden supplies, and mobile home 

dealers 

Building materials dealers 

Hardware stores 

Garden supplies and mobile home dealers 

General merchandise stores 



4.454 

2.t99 

2.255 

32.580 

255 

5.390 
1.056 
7.796 
3.434 
2.648 

67 

It, 934 

24.671 

1.570 

1.837 

7.335 

3.105 

2.855 

742 

7.227 

13.313 

650 

2.133 

4.520 

6.010 

2,318 

3.718 

583 

1.900 

1.235 

5.674 

1,920 

3,070 

684 

13,621 
85,215 

65,344 

621 

8,005 

31,554 

5,559 

6,772 

193 

12,640 

10,474 

4,751 

5,723 

9,397 

445 

1.513 

250 

7,1 

672,394 

237.597 

21.253 

49.753 

166.591 

20.911 

3.370 

9.395 

2.178 
4.213 
13.979 

13.056 

24.701 
4,138 
2,974 

11,763 
9,176 
3.194 

10.207 
3.842 

29.494 
432.815 

37.015 
16.993 
12.204 
7.818 
11.464 



3.796 

1.91 
1.878 
23.774 
244 

4.005 
476 
6.445 
2.416 
2.340 

26 
7.822 
17.376 

733 
1.234 
5.574 
2.553 
1.831 

527 
4.924 
7.924 

438 
1.169 
2,393 
3,904 
1,796 
2,218 

430 

777 
1,011 
4,086 

1,288 

2,292 

508 

9,397 
52.064 

39,476 

566 

4,765 

20.228 

3.204 

3.209 

112 
7.392 
6.857 
2.810 
4.047 
5.731 

251 
1,280 

206 
3,994 

443,545 

169,702 

14,278 

35,298 

120.126 

15.486 

1.957 

7.624 

1.495 
2.926 
9.644 

10.774 
17.827 
3.027 
1.841 
7.966 
6.917 
2.836 
8.167 
2.802 

18.838 
272.463 

26.539 
13.320 
9.169 
4.050 
7.934 



98.504.375 

61.731.337 

36.773.038 

84.128.260 

9.195.475 

10.673.227 
5.972.595 

20.829.814 
9.101.727 
3.086.098 

946.967 
24.122.557 

124.186.319 
10.262.909 
26.144.245 
10.044.740 
10.955.125 
14.091.567 
35.840.043 
16.847.690 

114.307.940 
12.509.679 
26.388.365 
26.167.220 
49.242.676 

138.077.131 
49.147.971 
37.408.582 
4.983.156 
6.756.233 
27.037.134 

9.579.826 
9.514.089 
7.943.219 

24.708.651 
330. 112.349 

131.252.779 
28.944.683 

2.856.360 
44.475.092 

8.831.994 
28.174.513 

5.773.221 
12.196.916 
71.385.558 
61.472.210 

9.913.348 
127.474.012 
40.722.277 
51.945.852 
31.194.480 

3.611.403 

1,239,882.173 

635.527.555 
99.392.159 
74.531.305 

461.604.091 

38.729.843 

4.891.981 

24.554.326 

3.224.758 
35.076.930 
26.839.360 

23.275.753 
56.062.441 
10.914.821 
7.438.059 
16.419.115 
69.019.826 
14.580.004 
67.659.808 
18.442.602 

44.474.464 
602.938.240 

38.048.237 

27.349.238 

5.845.937 

4.853.062 

95.499.328 



59.731.925 

27.238.367 
32.493.538 
76.457.961 
9.101.885 

10.142.752 
5.743.651 

18.140.037 
8.274.707 
2.895.067 

853.905 
21.305.957 
113.804.372 

8.500.121 
25.362.564 

9.267.001 
10.108.054 
11.800.287 
35.277.506 
13.488.839 
107.716.229 
12.123.472 
24.922.498 
22.860.294 
47.809.965 
132.852.767 
38.112.339 
27.556.439 

4.453.038 

6.102.862 
25.400.630 

9.000.608 
9.132.157 
7.267.865 

21.972.108 
301,367,276 

108,952,018 
22,336,858 

1,915,118 
38.118.004 

6.173.078 
25.163.456 

5.440.330 

9.805.174 
70.443.070 
61.075.670 

9.367.400 
121.972.188 
37.892.292 
51.095.864 
29.819.232 

3.164.800 

1,076.112.188 

559.061.334 
87.398.146 
67.451.610 

404.211,578 

35.878.204 

4.010.943 

22.699.696 

2.610.324 
26.266.813 
24.585.248 

22.047.927 
49.014.283 
10.109.819 
5.798.696 
14.099.703 
61.868.203 
13.855.068 
59.199.454 
17.290.074 

34.677.123 
515.692.698 

34.202.810 

25.139.665 

5.322.365 

3.740.780 

88,038.814 



95,680.424 

60.421.281 

35.259.143 

82.375.570 

8.937.557 

10.543.605 
5.801.223 

20.457.541 
8.989.401 
3.025.779 

918.662 
23.701.802 
109.684.375 

9.743.074 
26.066.075 

9.788.235 
10.534.697 
13.620.462 
24.564.406 
16.367.426 
108.913,623 
12,199.842 
24.427.482 
25.124.581 
47.161.718 
133.156.738 
46.660.600 
35.509.167 

4.599.459 

6.552.174 
25.707.217 

9.140.716 
8.997.157 
7.569.344 



318.432,740 

124.965.301 
25.820.206 

2.725.944 
43.554.763 

8.320.010 
27.125,192 

5.732.957 
1 1 .686.229 
69.571.442 
60.071.489 

9.499.953 
123.895.997 
39.740.810 
50.583.450 
30.170.123 

3.401.614 

1.215.615,448 

625.265.644 
98.225.337 
72.575.654 

454.464.653 

38.228.557 

4.625.258 

24.233.967 

3.172.743 
34.643.331 
26.494.448 

22.733.384 
65.237.581 
10.788.157 
7.312.280 
16.253.528 
67.650.243 
14.344.833 
66.702.930 
18.318.660 

43.524.753 
588.963.701 

37.271.139 

26.857.849 

5.752.380 

4,660,910 

90,289,451 



73.576.101 

45.767.346 
27.808.753 
58.561.773 
6.507.185 

6.756.767 
3.974.670 
15.347.613 
6.590.645 
2.035.668 

642.458 
16.724.567 
71.437.036 
6.617.604 
17.154.655 
6.328.294 
7.244.106 
9.494.994 
13.175.957 
11.420.426 
73.764.031 
8.555.495 
16.831.015 
17,426,881 
30.950.640 
97.478.839 
35.219.568 
26.409.907 
3.775.085 
5.034.576 
15.204.537 

5.610.127 
5.383.808 
4.210.602 



199.942,778 

86.168.069 
18.686.006 

1.714.168 
29.188.276 

5.784.971 
17.625.687 

4.603.107 

8.565.852 
32,587.642 
27,441.368 

5,146.274 
81.187.067 
23.061.816 
38.211.806 
18.198.696 

1.714.749 

955.267,447 

525.860.602 
66.433.784 
54.199.012 

385.227.806 
30.028.21 
3.538.628 
19.967.307 

2.344.974 
31.285.696 
20.255.642 

17.563.674 
46.265.446 
8.780.906 
5.810.954 
12.345.363 
63.123.572 
11.787.889 
61.703.242 
14.254.369 

36.171.930 
428.340.823 

27.531.006 

20.068.207 

3.930.759 

3.532.042 

58.243.238 



1.231.259 

453.861 

777.398 

5.248.821 

481.954 

695.087 
497.244 
1.150.219 
519.519 
147.573 

66.405 

1.490.820 

12.661.772 

475.360 
2.427.791 

769.652 

747.940 

986.654 
6.211.794 
1.042.581 
7.921.789 

906.659 
1.541.694 
1.633.252 
3.840.184 
11.726.720 
1.389.795 

949.013 
93.462 

347.300 
2.747.531 

756.393 

842.474 

1.148.664 



16,393.402 

4.220.639 

558.434 

66.646 

1.470.519 

326.966 

1.201,057 

334,613 

262.404 

6.146.290 

4.843.437 

1.302.853 

8.026.473 

2.693.256 

3.227.362 

1.853.829 

252.026 

30,180,147 

16.954,338 

1.060.659 

3.969.017 

11.924.662 

1.753.363 

83.797 

696.788 

80.728 

566.148 

1 .326.625 

762.125 
1.342.636 
293.967 
198.618 
389.347 
796.711 
815.256 
1.475.307 
548.665 

794.381 
13.198.138 

1.372.575 

1.096.497 

213.443 

60.635 

3.302.192 



2.684.391 

1.624.732 
959.659 

5.712.551 
485.708 

940.371 
514,838 
1.302.132 
553.741 
157.723 

74.624 

1.683.414 

13.098.594 

530.766 

2.481.140 

809.212 

802.492 

1.029.328 

6.253.420 

1.192.236 

8.477.796 

937.720 

1.741.635 

1.827.427 

3.971.014 

11.856.377 

2.021.643 

1.490,771 

152,258 

378,614 

2,881.757 

824.087 

888.695 

1.168.975 

1.544.633 
20,304,871 

5,739,504 

1.244.783 

93.226 

1.737.078 

506.837 
t.314.379 

460.181 

383.020 
6.266.909 
4.898.327 
1.368,582 
8,296,458 
2,800,446 
3,311.239 
1.887.798 

298.975 

35.097.805 

19.300.256 

1.273.882 

4.285.097 

13.741.277 

1.912.663 

139.013 

754.841 

121.280 

668.024 

1.445.567 

815.872 
1 .696.782 
319.034 
257.04 7 
547.626 
929.745 
853.693 
1.634.844 
580.881 

1 .064.365 
15.767.101 

1.551.396 

1.193.173 

243.241 

114.982 

3.519,374 



1.353.132 

1.170.871 

182.261 

463.730 

•3.754 

45.284 
1 7.594 
151.913 
34.222 
10.160 

•8.219 

192.594 

436.822 

55.406 

53.349 

39.560 

54.552 

42.674 

41.626 

149.655 

556.007 

31.061 

199.941 

194.175 

130.830 

129.657 

631.848 

541.758 

58.776 

31,314 

134,226 

67.694 
46.221 
•20.311 

263.410 
1.911,469 

1.518.865 
686.349 

26.580 
266.569 
179.871 
113.322 
•125.568 
120.616 
120.619 

54.890 

65.729 
271.985 
107.190 

83.877 
•33.969 

46.949 

4,917,658 

2.345.918 

213.223 

316.080 

1.816.615 

1 59.300 

55.216 

58.053 

40.552 
101,876 
118.942 

53.747 
354.146 

25.067 

58.229 
158.279 
133.034 

38.437 
159.537 

32.216 

269.984 
2.568.963 

178.821 
94.676 
29.798 
54.347 

217.182 



2.299.123 

1.439.957 
859.166 

5.333.785 
478.930 

884.640 
499.110 
1.188.834 
518.045 
142.255 

74.063 

1.547.908 

12,517,642 

503,789 

2,409,315 

770,470 

732.503 

992.099 

6.085.636 

1.024.030 

7.966.303 

917.186 

1.646.704 

1.562.729 

3.839.684 

11.751.594 

1.870.011 

1 .365.436 

136,780 

367,795 

2.791.670 

776.612 

863.859 

1.151.199 



18,892.706 

4.882,951 

1.096.178 

71.322 

1.511.049 

355.108 
1.065.638 

448.546 

335.110 
5.987.743 
4.750.288 
1.237.455 
8.022.012 
2.750.368 
3.149.577 
1 .856.762 

265.305 

25,618,892 

12,389,110 
1,024,113 
2,321.294 
9.043.703 
1.153.511 
120.795 
603.807 

89.829 
519.158 
732.803 

676.901 
1.045.921 
199.687 
155.889 
411.510 
492.049 
197.701 
1.467.883 
441.114 

735.145 
13.208.064 

1.272.918 
999.908 
181.054 
91.956 

3.156.965 



Footnotes at end ol table See text tor "Explanation of Terms" and Descnption of the Sample and Limitations of the Data 



20 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stockholders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor industry— Continued 

[All figures are estimates based on samples — money amounts are in ttiousands of dollars] 



Minor industry 



Number ot returns 



Total receipts 



Returns 
witti nel 
income 



Business 
receipts 



Cost of 
sales and 
operations 



Net income 
(less 
deficit) 



Net 
income 



tWholesale and retail trade — Continued 

Retail trade — Continued 

Food stores 

Grocery stores 

Ottler food stores 

Automotive dealers and service stations.. 

Motor vefiicie dealers 

Gasoline service stations 

Ottier automotive dealers 

Apparel and accessory stores 

Furniture and home furnishings stores 

Eating and dnnking places 

Miscellaneous retail stores 

Drug stores and propnetary stores 

Liquor stores 

Other retail stores 

Wholesale and retail trade not allocable 

Finance, Insurance, and real estate 

Banking 



Mutual savings banks 

Bank holding companies 

Banks, except mutual savings banks and bank holding 

companies 

Credit agencies other than banks 

Savings and loan associations 

Personal credit institutions 

Business credit institutions 

Other credit agencies; finance not allocable 

Secunty. commodity brokers and services 

Security brokers, dealers, and flotation companies 

Commodity contracts brokers and dealers, secunty and 

commodity exchanges; and allied sen/ices 

Insurance 

Life insurance 

Mutual insurance, except life or mahne and certain fire 
or flood insurance companies 

Other insurance companies 

Insurance agents, brokers, and service 

Real estate 

Real estate operators and lessors of buildings 

Lessors of mining, oil. and similar property 

Lessors ot railroad property, and of real property, not 
elsewhere classified 

Condominium management and cooperative housing 
associations 

Sutxlividers and developers 

Other real estate 

Holding and other investment companies, except bank 

holding companies 

Regulated investment companies 

Real estate investment trusts 

Small business investment companies 

Other holding and investment companies, except bank 
holding companies 



Services 

Hotels and other lodging places 

Personal services 

Business services 

Advertising 

Business services, except advertising 

Auto repair, miscellaneous repair services 

Auto repair and services 

Miscellaneous repair services 

Amusement and recreation services 

Motion picture production, distribution, and services 

Motion picture theaters 

Amusement and recreation services, except motion 

pictures 

Other services 

Offices of physicians, including osteopathic physicians . 

Offices of dentists 

Offices of other health practitioners 

Nursing and personal care facilities 

Hospitals 

Medical laboratories 

Other medical services 



Legal services 

Educational sen/ices 

Social sen/ices 

Membership organizations 

Architectural and engineering services 

Accounting, auditing, and bookkeeping services 

Miscellaneous services (including veterinanans), not 
elsewhere classified ,. 



Nature of business not sllocable.. 



32,614 

24.438 

8.176 

71,099 

34.900 

13,480 

22,719 

38,570 

34,939 

90,948 

116166 

20,251 

1 1 ,824 

84,091 

1,982 

432,919 

14,664 

468 

936 

13.248 
50.970 

4.833 

3.' 

837 

41.431 

6.158 

2.466 

3.692 
8.131 
1.771 

1.281 

5.079 

41.351 

267.128 

159.656 

905 

7.848 

4.095 
30.367 
64.257 

44.527 

1.306 

455 

577 

42.18 
516,387 

1 5.546 
40.058 

125,782 
14,605 

111,177 
61,619 
42,212 
19,407 
40.660 
4.1 
3.121 

32.671 

232.722 

61.543 

18.872 

4.322 

7.737 

932 

3.125 

11,214 

13,543 

14,358 

3,009 

4.770 

1 7.204 

5,172 

66,921 
4,260 



19.841 
15.806 

4,035 
49.832 
25.199 

8,661 
16,072 
25,862 
22,386 
47,489 
72,680 
14,601 

7,661 
60,418 

1,380 

270,542 

12,828 

431 

804 

11.593 

29.848 

4.447 

2.515 

726 

22.160 

3.457 

1.474 

1.983 
6,128 
1,235 

1,035 

3,858 

30,406 

158,672 

101,156 

591 

4,345 

1.151 
16.851 
34.578 

29.203 

1.032 

235 

476 

27.461 
312,594 

8.482 
24,094 
75,812 

9,108 
66,704 
39,888 
26,436 
13,462 
21,896 

1.982 

2.010 

17.903 
142.423 

46.711 

14.172 
3.131 
4.832 
862 
2.125 
7.197 
9,814 
7,119 
1,629 
2,663 

11,175 
2,980 

29,113 
1.430 



131,357,216 

126,871.622 

4.485.594 

169.968.126 

134.454.720 

19.402.846 

16,110.560 

25.573.364 

23.008.223 

41.079.169 

76.404.677 

20.307.708 

6.302,926 

61,793,943 

1,416,378 

405,131,593 

105,023,681 

10,658,149 

63,368,612 

30,996,920 
54,033,930 
33,942.341 
8.718.828 
2.812.486 
8.660.276 
9.588.383 
7.472.742 

2.115.641 
177.311.749 
97.542.117 

22.863.211 
66,906,421 
11.518.211 
36.869,322 
16.643,350 
349.059 

240.411 

501.617 
5.911.621 
13.223.264 

10.786.317 

4.363.711 

1.167.586 

72.936 

5.192.085 
163,007,786 

1 1 .866,006 

10.009.794 

66.066.923 

16.260.095 

39.796.628 

18.990,568 

14.092.292 

4,898,276 

21 ,227,669 

7,184,182 

2,474,804 

11,568,683 

64,867,826 

18,443,305 

3,867,849 

894,972 
5,349,302 
3,338,278 

773.391 
4.662.578 
3.270.422 
2.201.895 

544.628 
1.383.116 
9.509.852 

682.752 

9.945.486 
3,015,136 



109,888.220 

106.518.267 
3.369,953 

143.713.380 

114,693.989 
15.345,745 
13.673.646 
22,165.145 
18,677,853 
31,737,077 
67,369.399 
18,630.446 
4.962.209 
43.886.744 
1.368.166 

366,828.919 
94.493.804 
10.096.314 
58.543.067 

26.854.423 
50,981,161 
32.515.669 
8,676,714 
2,683,409 
7,206,479 
6.473.927 
6,099.626 

1,374.301 
168,346,898 
91,367.313 

21.467.474 
55.512.111 
10.074.946 
27.533.009 
11.987.211 
278.207 

173.809 

149.683 
4,479,910 
10.464,189 

8.925.174 

4,193.933 

397,686 

55,310 

4,278,345 
147,110,723 

8,965,668 

7,932.622 

46,494.544 

14.946.313 

31.548.231 

15.456.013 

11.552.883 

3.903.130 

17.749.780 

6.643.159 

1.926.711 

9.179.910 

50.512.096 

14.480.838 

3.066,473 

730.277 
4.397.995 
3.066.465 

494.976 
3.926.066 
2.563,317 
1.619,459 

393.490 

948.195 
7,217,556 

564.705 

7.043,265 
1,510,937 



130.029.604 

125.577.273 

4,452,331 

167,298,134 

132,308,726 

19,164,010 

15,625,398 

24,948,361 

22,241.926 

39.962.699 

76.932.187 

20.048.040 

6.262.820 

60.631.327 

1.386.103 

206,863,227 

12.126,160 

349.270 

9.176.186 

2.600.704 
12.666.460 
2.116.873 
6.689.362 
1 .836.970 
2.013.266 
4.561.019 
2.892.421 

1 .668.698 
143,804,053 
73,064,117 

20,716,765 
50,023,161 
11,049,262 
21,047,039 
6,639.377 
142,198 

54,490 

349,443 

1,761,390 

12.080.141 

1 .620.244 

212 

36.383 

7.283 

1 .576.366 
175,588,702 

10.989.330 

9.718.970 

63.768.653 

15.992.652 

37.776,001 

18.237,913 

13.377.122 

4,860.791 

19.586.029 

6.528,484 

2.319.931 

10,737,614 

63,287,807 

18,306,707 

3,639,460 

883,763 
6,212, 
3,232,774 

766,140 
4,618,164 
3,228,254 
2,125,713 

541,408 
1,240,865 
9,212,419 

669,473 

9,519,656 
2,854,276 



100,795,227 

97,667,912 

3,127,315 

142,391,974 

114,629,492 

16,294,962 

1 1 ,467.520 

14.747.236 

14.046.564 

17.684,630 

53.000.946 

14.080.463 

4,937,061 

33,983.422 

1 ,066.022 

100,391.853 

1.394.233 

73.530 

1.242.627 

78,076 
5,689,667 
314,614 
4,061,194 
630,430 
683.429 
322.843 
139.107 

163.736 
61.647.809 
39.736.904 

1 2.990.802 
28.820.103 
2.796.451 
7.866.728 
2.496.532 
•69.167 

10.213 

16.474 

927.966 

4.348.377 

874.122 
25.762 



848,360 
88,873,389 

5,473,090 

4,925,668 

31,429,378 

11,941,358 

19,468,020 

10,180,079 

7,068,166 

3,121,913 

10,265,220 

3,606,625 

1,244,624 

5,604,071 
26,609,734 

4,202.446 

1,192,450 
336.728 

3.205.676 

1.833.543 
385.871 

2.086.044 
530.435 
964.010 
325.706 
618.473 

4.991.074 
248.117 

5.667.267 
2,268,575 



1.679.294 

1.647,651 

31,743 

1,690,214 

1,337.555 

161.436 

391 .223 

1.094.623 

660.056 

1.054.986 

2.144.1 

550.599 

79.658 

1,614,039 

27,671 

27,668,033 

4.919.457 

529.788 

2.995.107 

1.394.662 
3,291,935 
2,096,401 
459,489 
259,924 
476,121 
340,296 
291,171 

49,127 
10,418,424 
5,672.969 

1.242.292 
3.603.143 
1 .054.954 
2.622.960 
1.420.312 
66.096 

16.476 

— 37.668 
614.341 
554.395 

5.020.015 
3.715.963 

— 94.300 
16.203 

1.380.149 
6.596.830 

405.224 
431.095 

2.288.065 
526.336 

1.761.730 
666.357 
466.856 
188.601 

1.048.795 

436.463 

97.549 

514,783 
1,768,294 

328,889 
77,512 
34,066 

173,405 

134,050 
38,707 

174,461 
99,036 
73,626 
26,644 
30,592 

436458 
19,352 

122,597 
— 184,657 



1.942.477 

1.866.698 
76.779 

2.300.371 

1.584,419 
227,446 
488,606 

1,297,966 
837.120 

1.666.194 

2.662.201 
619.916 
114,617 

1.927.768 

30,448 

32,057,106 

5,590.306 
541.066 

3.156.741 

1 .892.499 
3.812,673 
2,162,616 
489,035 
273,066 
887,956 
639.313 
412,408 

126.905 
10,843.303 
5,805.642 

1 .307.376 
3.730.285 
1,153.937 
4.437.886 
2.252.777 
63.967 

57.892 

4.445 

1.165.919 

892.888 

5.679.686 

3.717.489 

74.410 

24.485 

1.863.302 
9,280,612 

686.001 
636.224 

3.066.461 
602.296 

2.466.155 
840.582 
605.459 
235.123 

1.477.256 
511.290 
117.972 

847.994 

2,666.096 

446.288 

91. W 

41.084 

239.324 

166.344 

48.826 

231.322 

126.103 

131.096 

31.479 

52.466 

533.276 

32.465 

505.919 
66,776 



263.183 
218.147 

45.036 
410.157 
246.864 

66.010 

97.283 
203.345 
177.062 
601 .206 
516.006 

69.317 

34.959 
413.729 

•2.777 

4,389,073 

670.849 

11,278 
161,634 

497.937 

520.736 

66.216 

29.546 

13.142 

411.835 

199.016 

121.237 

77.778 
424.879 
232,653 

65,084 

127,142 

98,983 

1,814.938 

832,465 

8,872 

41.417 

42,113 
651.678 
338.493 

659,671 

•1,626 

168.710 

6.262 

483.153 
2,683,782 

262,777 
107,129 
760,386 

75,961 
704.425 
185,225 
1 38.603 

46.622 
428.461 

74,827 

20,423 

333,211 

899,804 

119,399 

13,605 

•7,016 

65,919 

22,294 

10,119 

56,861 

26,067 

57,671 

5,835 

21,873 

96,618 

13,103 

363,322 
251,433 



Footnotes at end of table See text lor "Explanation of Terms" and "Descnption of the Sample end Limitations of (he Data " 



Corporation Returns/ 1977 



21 



RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stockholders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Minor industry 



Total 
Iftcomfl tax 



New lObs 
credit 



Total 
Income tax 
after credits' 



Distributions to 

stocktiolders except 

in own stock 



Returns witn 
net income 



Total 
assets 



Depreciable 
assets 



Depreciation 
deduction 



118 



Total r«turnt of actlva corporations 

Agrfcultura, tor««try, and flatting 

Agricultural production 

Agncultural services (except vetennarians), forestry, 

fishing, tiunting, and trapping 

Mining 

Metal mining 

Iron ores 

Copper, lead and zinc, gold and silver ores 

Other metal mining 

Coal mining 

Oil and gas extraction 

Cnjde petroleum, natural gas, and natural gas 
liquids 

Oil and gas field services 

Nonmetailic minerals, except fuels 

Dimension, cnjshed, and broken stone; sand and 
gravel 

Other nonmetailic minerals, except fuels 

Construction 

General building contractors and operative builders 

General building contractors 

Operative builders 

Heavy construction contractors 

Special trade contractors 

Plumbing, healing, and air conditioning 

Electncal worK 

Other special trade contractors and contractors not 
allocable 



Manufacturing 

Food and kindred products 

Meat products 

Dairy products 

Preserved fruits and vegetables 

Gram mill products 

Bakery products 

Sugar and confectionery products 

Malt liquors and malt 

Alcoholic beverages, except malt liquors and malt... 

Bottled soft dnnks. and flavonngs 

Other food and kindred products 

Tobacco manufactures 

Textile mill products 

Weaving mills and textile finishing 

Knittirtg mills 

Other textile mill products 

Apparel and other textile products 

Men's and t)oys clothing 

Women's and children's clothing 

Other apparel and accessones 

Miscellaneous tabncated textile products; textile 

products, not elsewhere classified 

Lumt>er and wood products 

Logging, sawmills, and planing mills 

Millwork. plywood, and related products 

Other wood products, including wood tiuildings and 

mobile homes 

Furniture and fixtures ,-. 

Paper and allied products 

Pulp, paper, and board mills 

Other paper products 

Pnnting and publishing ;".. 

Newspapers : 

Periodicals 

Books, greeting cards, and miscellaneous publishing. 

Commercial and other pnntir>g and pnnting trade 

services 

Chemicals and allied products 

Industnal chemicals, plastk;s materials and 
synthetics 

Drugs 

Soap, cleaners, and toilet goods 

Paints and allied products 

Agncultural and other chemical products 

Petroleum (including integrated) and coal products 

Petroleum refining (including integrated) 

Petroleum and coal products, not elsewhere 

classified 

Rubtier and miscellaneous plastics products 

nubt>er products, plastics footwear, hose and 

t>elting 

Miscellaneous plastics products 

Leather and leather products 

Footwear, except rubtier 

Leather and leather products, rtot elsewhere 

classified 

Stone, clay, and glass products 

Glass products 

Cement, hydraulic 

Concrete, gypsum, and plaster products 

(Dttter nonmetailic mineral products 



96,340.453 
401,94S 

329,878 

72,068 
15,263,122 

96,321 
28,471 
55,670 
■12,180 
241,408 
14,797,508 

14,064,914 
732,594 
127,885 

99,234 

28,651 

1.919,876 

712,000 
613,547 

98,453 
596,487 
611,389 
138,124 

84,142 

389,123 
47,434.803 

3,768.403 
367.534 
520.394 
374,884 
606,952 
155,626 
152,87$ 
146,090 
218,721 
696,777 
528.549 
853.300 
721.348 
263,013 
107,763 
350,572 
794,120 
346,996 
318,199 
44,338 

84,587 

1,009,081 

430,819 

398,212 

180,060 
324,816 

1,262,457 
604,280 
656,177 

1,905.374 
920.326 
191.659 
387.802 

405.587 
5.303.616 

2,172.277 

1,708,038 

962.580 

125.466 

335.255 

7,898.059 

7.776.673 

121.386 
792,373 

473,253 
319,120 
194,508 
150,945 

43,563 

1,029,633 

331,273 

89.757 
248.829 
359.774 



26,006,028 
25,645 

25,372 

•273 
13,958.967 

56,266 
13,560 
•39,367 
3,339 
2,491 
13,898,203 

13,620,131 

278,072 

2,007 

•1.070 

937 

122,733 

45,047 

44,803 

244 

75,277 

2.409 

•17 

2 

•2.390 
10.154,318 

409.159 

•36.989 

•47.485 

53.978 

70.626 

•342 

1 9.640 

128 

7.425 

143.871 

29,673 

119,727 

7,638 

1,141 

•997 

5,500 

22,932 

16,728 

4,625 

•114 

• 1 ,465 

31,312 

20,233 

8,957 

•2.122 

4.330 

135.914 

74.086 

61.828 

57,051 

3,950 

24,797 

25.576 

2.728 
904.190 

337,921 

295,610 

168,554 

6,408 

75,697 

4,040,826 

4,036,375 

•4.451 
95.620 

73.520 

22.100 

1,981 

1,210 

•771 
100,154 
32.447 
5,045 
•13,115 
49,547 



11,038,404 
76,414 

59,884 

16,530 
223,125 

5,772 
•2.228 
•1.731 
•1.813 
49.211 
135.981 

60.249 
75.732 
32.161 

25.796 

6.365 

220,629 

56.445 

52.481 

3.964 

90.196 

73.988 

11.655 

6.888 

55.445 
4.607.188 

367.955 
46.839 
43.504 
44.845 
53.020 
19.650 
10.928 
23.703 
19.661 
49.057 
54.748 
41.169 
88.564 
31.573 
11.821 
45.170 
30.557 
11.462 
13.021 
2.246 

3.828 
182.474 
96.312 
67.493 

18.669 
19.637 
195.212 
117.345 
77.867 
116.957 
43.816 
11.237 
16.359 

45.545 
569.923 

428.834 
54.512 
29.798 
4.925 
51.854 
1.012.212 
1.002.656 

9.556 
101.804 

63.911 
37.893 
9.348 
6.475 

2.873 
165.750 
60.638 
19.593 
46.788 
38.731 



1.703.838 
12.778 

8.773 



27.131 

•563 

•541 

22 

5,185 

16,108 

2,458 
13,650 
5,275 

4,392 

883 

238.736 

70,204 
67,822 
2,382 
36,739 
131,793 
35,540 
19,236 

77,017 
558,785 

36,632 
4,944 
2,749 
5,154 
2,263 
4,064 
2,604 
304 
663 
6,995 
6,792 
•430 

21,695 
4,540 
6,196 

10,859 

32,316 
5,809 

11,788 
7,766 

6,963 
27.606 

7.780 
10.553 

9.273 
20,477 
10,564 
3,183 
7,381 
31,137 
7,731 
2,403 
3,746 

17,267 
24,048 

9,722 
4,952 
3,237 
2,252 
3,885 
4,966 
3,592 

1,374 
29,465 

5,489 
23.996 

7.109 
•2,815 

4,294 

19,715 
3,014 
946 
9,944 
5,811 



56.735,169 
288.940 

235.694 

51.246 
1.053,804 

33.685 

•12.680 

13.999 

•7.006 

184.515 

747.165 

382.025 
365.140 
88.439 

67.974 

20.465 

1.335.283 

539.692 

447.829 

91.863 

393.494 

402.097 

90.860 

57.985 

253.252 
31.305.693 

2.884.608 
277.222 
426.151 
270.824 
477.041 
131.378 
1 1 1 .489 
121.948 
181.547 
473.206 
413.702 
681.788 
596.646 
225.636 

82.398 
288.612 
680.768 
303.727 
274.428 

33.166 

69.447 
767.423 
306.461 
311.163 

149.799 
280.031 
919.424 
409.432 
509.992 
1.699.998 
864.826 
1 53.062 
342.110 

340.000 
3.362.547 

1,341,108 
973,674 
740.392 
111.455 
195.918 
2.814.762 
2.717.775 

96.987 
561.089 

328.196 
232.893 
174.082 
139.754 

34.328 
740.618 
234.600 

64.166 
178.752 
263.300 



387.851 

314,624 

73,027 
1,945.098 

1 50.864 
•63.981 
•79.550 
7.333 
228.678 
1.387.684 

1.213.147 
174,537 
177,872 

66,271 
111.601 
556,171 
159,269 
147,322 

11,947 
211,403 
185,499 

33,218 

21,278 

131.003 
26,913.367 

2.169.116 

190.923 

264.262 

254.610 

362.754 

107.847 

83.034 

78.638 

111.243 

401.207 

314.598 

441.330 

264.089 

87.650 

31.370 

145.069 

222.785 

92.500 

105.729 

7.892 

16.664 
497.884 
236.393 
206.693 

54.798 
72.796 
659.789 
459.966 
399,823 
846,939 
375,992 
80,951 
234,901 

155,096 
3,866,684 

1.462,676 
1.462,643 

643,437 
56,011 

242,117 
5.052,368 
5,003,766 

48,602 
357,976 

273.698 
84.278 
96.929 
85.854 

11.075 
532.132 
195.168 

72.165 
113.767 
151.042 



58,891,1 
378,173 

308,278 

69.895 
1.804.806 

132.458 
•63.981 
•63.040 
5.437 
184.854 
1.378.386 

1.204.419 
173.967 
108.998 

63.865 

45.133 

526.845 

139.979 

126.167 

11.812 

208.012 

178.864 

32.820 

17.304 

128.730 
25.922,370 

2.122.213 

187.302 

264.121 

254.395 

361.523 

107.352 

75.223 

58.358 

1 1 1 .086 

401.049 

301.804 

433.931 

258.888 

83.711 

31.370 

143.807 

220.136 

92.493 

105.389 

5.690 

16.564 
497.223 
236.393 
206.271 

54.669 
66.493 
863.877 
464.482 
399.395 
759.368 
375.866 
79.846 
150.091 

163.566 
3.780.976 

1.468.676 
1.433.009 

636.759 
45.983 

206.548 
4.987.168 
4.938.671 

48.497 
355.621 

272.886 
62.735 
95.009 
84.561 

10.448 
520.461 
192.904 

70.266 
113.349 
143.922 



.326.389,281 
26,902.259 

25,134,880 

3,767.379 
88,377.059 

11.777.577 
3.090.666 
7,786.243 
900.668 
11.810.349 
57.477.734 

44,347.578 
13.130.156 
7,311,399 

3.746.996 

3.564.403 

91.222.022 

45.012.301 

40.466.653 

4.563.648 

20.933.024 

26.276.697 

6.564.423 

4.078.123 

14.644.161 
,182,263.458 

94.030.465 

12.274.124 

11.311.424 

13.067.905 

12.310.329 

4.270.666 

7.069.323 

4.472.614 

8.872.555 

8.843.292 

11.538.233 

18.693.166 

19.824.326 

6.991.024 

2.885.248 

9.948.054 

17.480.919 

6.597.844 

7.397.405 

1.253.655 

2.232.015 
29.861.754 
13.936.886 
10.041.506 

6.883.363 

7.106.788 

34.306.613 

22.584.903 

11.721.710 

33.765.363 

13.152,986 

4,041.063 

7.319.339 

9.251.975 
105.403.697 

62.903.142 

25.318.996 

10.383.679 

2.658.102 

14.139.778 

237.840.080 

235.560.21 1 

2.279.869 
21.869.213 

14.577.560 
7.281.653 
6.404. OOO 
3.990.256 

1.413.744 
27.281.845 
8.676.780 
3.812.1 
7.617.830 
7.175.036 



1,350,970,865 
8,927,574 

7,666.996 

1,260,678 
42,681,609 

6.039.195 
1.342.145 
4.351.425 
345.625 
6.272.777 
27.774.768 

22.160.326 
5.624.442 
3.694.869 

1.940.9B5 
1,663.864 
23,091.866 
7,764.756 
7,223.941 
640,816 
7,411.868 
7.916.242 
1.892.592 
1.244.299 

4.778.361 
547,343,667 

45.754.198 
4.768.578 
5,741.414 
6,694.567 
6.204.918 
2.081.400 
3.053.810 
2.500.776 
3.860.550 
5,228.609 
5.719.576 
9.229.957 

10.019.788 
3.829.995 
1.295.641 
4.894.152 
7.800.205 
3.169.825 
3.190.171 
514.031 

926.178 
13.957.238 
7.111.472 
4.639.728 

2.206.038 
3.516.991 
17.879.188 
11.218.675 
6.660.513 
17.211.258 
7.788.401 
1.512.162 
3.265.933 

4.644.762 
54.002,863 

25.762.917 

15.123,108 

6,194.468 

1.328,241 

5,594,119 

1 1 5,939,604 

114,775,493 

1,164,111 
10,097,191 

6,787,637 
3,309,664 
2,640,656 
1,897,135 

643,520 
13.746.1 
4.569.266 
1.860.610 
3.441.886 
3.874.424 



1.536,011,959 
16.853,654 
13.838.749 

3.014.905 
44,961,816 

5.661,515 
1.943.949 
3.261.611 
455.955 
7.623.153 
25.845.161 

18.211.167 
7.634.014 
5.831.967 

3.681.037 

2.150.930 

34.232.185 

10.452.228 

9.680.253 

771.975 

13.383.873 

10.396.084 

1.717.294 

1.180.562 

7.498.228 
602.208.407 

48.266.762 
6.420.178 
5.891.004 
5.275.933 
6.430.402 
3.215.792 
3.566.916 
4.195.143 
2.574.440 
4.937.572 
5.759.382 
4.770.477 

13.595.357 
5.345.70/ 
1.661.514 
6.588.136 
4.670.455 
1.628.220 
2.078.822 
288.827 

674.586 
18.418.892 
8.957.283 
6.667.061 

2.804,548 
3,090,077 
26.051,950 
17.805.957 
8.245.993 
16.459.762 
6.633.329 
1.651.633 
2.166.648 

6.108.242 
67.940.677 

45.883.217 
8.513.574 
3.687.799 
1.228.654 
8.627.433 
117.180.439 
115.880.952 

1.299.487 
12.682.727 

8.508.960 
4.173.767 
1.673.039 
1.158.260 

514.779 
20.979.780 
6.605.650 
3.638.107 
6.211.394 
4.524.729 



106,972,692 
1,474,026 

1.164.235 

309.791 
3,043,533 

280310 
89.149 

155.234 
35.927 

813.054 
1.521,476 

749,153 
772,323 
428,693 

299.943 

128.750 

3.176.543 

865,981 

8)5,575 

50.406 

1.161.294 

1.149.266 

187.276 

128.329 

833.661 
44.372.471 

3.799.536 
711.104 
462,770 
443,764 
434.771 
228.414 
223.833 
305.409 
140.082 
450.862 
398.527 
365.079 
959.040 
363.239 
130.444 
465.357 
372.670 
126.543 
163.422 
30.461 

62.244 

1.398.732 

683.919 

613.027 

201.786 

233.600 

1.822.121 

1.197.223 

624.898 

1.281.118 

495.548 

117.418 

184.039 

484.113 
6.071,288 

3,414,766 

610,408 

293.094 

68.220 

664.601 

6.442.146 

6.341.682 

100.464 
1.023.829 

648.236 

376.593 

125.068 

88.132 

36.936 
1.439.796 
500.824 
185.419 
443.012 
310,541 



Footnotes at end of table See text lor Explanation of Terms" and Oescnption of the Sample and Limitations of the Data ' 



22 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 1.— Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stockholders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollarsl 



Minor industrv 


Total 
income lax 


Foreign 
lax 
credit 


Investment 
credit 


New |Obs 
credit 


Totai 
income tax 
after credits' 


Disiributions lo 

stockholders except 

in own sioci* 


Total 
assets 


Net 
worth 


Depreciable 
assets 


Depreciation 
deduction 


All 
returns 


Returns with 
net income 




(111 


112) 


(13) 


(14) 


(15) 


(16) 


(17) 


(18) 


(191 


(20) 


(21) 


Manufacturing — Continued 


1.103,027 

695,256 

407.771 

2,416.473 

227.240 

403.138 
233.963 
537.038 
233.584 
58.248 

35.124 
688.138 

5.696.018 
237.643 

1.146.976 
335.342 
335.507 
459.070 

2.925.283 
456,197 

3,730,581 
436,223 
769.590 
728.139 

1.796.609 

5.632.218 

879,107 

645,708 

62,850 

170,549 
1,315,307 

362,703 
401,103 
551,501 

605,004 
8,870,780 

2,179.966 
503.739 
24.903 
645.752 
155.539 
500.136 
214.206 
135.691 

2.890.174 

2.313.382 

576.792 

3.800.640 

1.288.872 

1.504.583 

890.892 

116.293 

10,547,774 

5.136.157 
431.621 
937.699 

3.766.637 

481.548 

47.439 

245.724 

35,873 
225,292 
312,173 

263,248 

423.084 

80.966 

66.891 

167.024 

200.185 

80.744 

660.807 

191.844 

283,993 
5,404,406 

484.815 

397.374 

59.842 

27.599 


160.215 

47.274 
112.941 
173.249 

46.489 

32.656 
31.856 
32.252 
4.137 
■1.426 

441 

23.790 

1.624.031 

26.606 

137,743 

29,014 

57.435 

75.688 

1,270.087 

27.458 

704.168 

59.762 

246.885 

73.193 

324.328 

1 .228.566 

88.958 

73.825 

■3.711 

11.422 
202.475 

34.757 
76.189 
■91.529 

41.822 
147,967 

83.051 
8.203 

6.466 
14.824 
41.609 

1.576 
10.373 
40.140 

21.253 

•18.887 

24.776 

155 

21.591 

1.527 

1.503 

604,147 

511.949 

1.917 

15.107 

494.925 

2.077 

•1.128 

■94 

•151 

13.202 

544 

•722 

10.759 

■242 

■548 

3.684 

23.558 

•2.986 

430.207 

•75 

4.948 
92.198 

84 
84 


155.095 

85.219 
69.876 
191.406 
30.252 

28.697 
12.484 
33.017 
24.766 
9.673 

1.944 
50.575 

374.862 
23.247 
95.329 
31.987 
19,904 
27,012 

145,867 
31,516 

367.848 
15.855 
99.608 
73.174 

179.211 

411.810 

88.221 

66,534 

6,163 

15.524 
60.284 

17,870 
23,100 
39,314 

36,098 
4,143,315 

971.905 
384.326 

10.321 
161.034 

27,850 
341.309 

17.789 

29.276 
1.376.977 

1.339.991 

36.986 

1.794.433 

917.618 

316.149 

532.849 

27,817 

826.490 

319,104 
41,602 
66,565 

210,917 
16,835 
2.712 
16.866 

1.616 
1 5.836 
11.252 

11.952 

22.032 
4.511 
4.038 
5.532 

29.576 
7.016 

30.640 
7.965 

22.538 
506.420 

29.325 

24.559 

2.445 

2.321 


17.143 

9.378 

7.765 

86.062 

2.538 

9.570 
4.639 
23.414 
7.146 
5.072 

•976 

32.707 

64.429 

3.031 

7.685 

17.615 

8.091 

8.944 

6.914 

12.149 

57.439 

4.025 

9.467 

25.282 

18.665 

14.043 

10.964 

3.807 

1.501 

5.656 
18.623 

9.405 
8.575 
•643 

24.102 

70,723 

55.620 

303 

2.377 

38.772 

5.891 

1.153 

•480 

6.644 

6.482 

3.222 
3.260 
6.621 
2.174 
2.208 
1.982 
2.257 

474,527 

183.840 
20.269 
34.352 

129.219 
18.975 
2.854 
14.995 

1.963 
6.643 
11.318 

13.844 
16.658 
3.119 
3.296 
7.244 
1.910 
2.415 
6.235 
5.772 

11.978 
290.172 

30.837 

22.889 

5.749 

2.199 


769.931 

553.102 

216.829 

1.956.343 

140.598 

331.261 
184.668 
447.970 
197.366 
42.055 

31.751 
580.674 

3.821.112 
184.688 
906.088 
255.892 
249.772 
347.388 

1.501.691 
375.593 

2.473.273 
356.332 
387.503 
537.917 

1.191.521 

3.967.294 

690.530 

501.156 

51.441 

137.933 
977.761 

291.637 
266.713 

419.411 

485.565 
4,486,645 

1.068.962 

110.899 

12.105 

439.252 

106.885 

116.065 

194.361 

89,395 

1.445.024 

929.775 

515.249 
1.972.659 

368,909 
1.164,542 

354,492 
84.716 

8,629,935 

4.115.895 
367.237 
820.890 

2.927.768 

443.644 

40.679 

213.622 

32.139 
189.529 
288.936 

236.450 

373.498 

71.389 

58.072 

150.387 

145.140 

66.210 

193.541 

176.023 

244.509 
4.508,313 

424.511 

349.786 

51.646 

23.079 


1.316.193 

810.386 
505.807 
861.257 
166.629 

162.065 
69.159 

148.568 
56.583 
21.767 

17.062 
219.224 

3.465.551 
107.550 
511.953 
90.528 
120.371 
221.251 

2.221.759 
192.139 

1.845.037 
173.840 
437.548 
199.614 

1.034.035 

2.808.355 

549.686 

450.403 

47.981 

51.302 
600.374 

98.260 
128,360 
373,754 

186,097 
11,836,726 

1,266.843 

560.258 

14.126 

202.276 

94.246 

105.707 

202.370 

89.860 

3.771.600 

3.541.034 
230.566 
6.796.263 
3.053.449 
1.312.562 
2.341.875 
88.397 

6,845,280 

4.410.192 

197.094 

1.409.615 

2.803.483 

349.642 

15,992 

1 1 1 ,786 

11,641 
136.458 
371.309 

58.741 

372.682 

75.791 

88.202 

70.396 

281.282 

374.532 

145.764 

83.354 

255.91 1 
2.432.295 

122.719 

97,905 

22,165 

2.649 


699.728 

463.243 
436.485 
848.207 
166.829 

1 59.220 
68.853 

142.872 
53.660 
21.767 

16.803 

218.203 

3.372.921 

99.180 

511.085 

89.947 

119.333 

186.196 

2.221.606 

143.574 

1.815.281 

173.804 

433.634 

174.311 

1.033,532 

2.805.376 

451.099 

352.278 

47.747 

51 ,074 
594,867 

97,671 
128,269 
368,927 

181.528 
11,411,318 

1.164.308 

482.567 

13.822 

198.362 

72.216 

105.198 

202.370 

69.773 

3.768.435 

3.538.271 
230.164 
6.478.575 
2.857.263 
1.303.689 
2.229.536 
88.087 

6,732,712 

4.346.222 

194.012 

1.402.378 

2.751.632 

348.376 

15.616 

110.879 

11.019 
131.794 
367.646 

56,962 

367,571 

74,539 

86.757 

69.851 

278.756 

372.425 

126.385 

80.916 

250,340 
2,381,931 

121,431 

96,620 

22,165 

2,646 


92,502,236 

50.398,137 

42,104,099 

51.506,962 

6.693.506 

6.761.234 
3.752.953 
12.239.208 
4.825.189 
1.848.321 

597.040 

14.589.511 

114.577.828 

10.041.358 

21.056.207 

6.930.891 

7.679.465 
10.213.841 
48.293.075 
10.362.991 
96.099.283 

7.917.164 
26.098.955 
18.919.224 
43.163.940 
102.590.127 
37.736.183 
28.875.625 

5.123.684 

3.738.874 
19,271,009 

6,579.557 
6.440.487 
6.250.965 

15.119.601 
538,776,308 

126.989.606 

53.183.888 

1 .437.668 

23.857.629 

10.103.146 

22.320.858 

5.873.463 

10.212.932 

147.276.756 

138.023.801 
9.252.955 
264.511.946 
120.212.754 
59.890.174 
78.254.233 
6.154.785 

414,650,094 

212.756.662 

18.178,591 

36.510.347 

158.067.724 

14.776.253 

1.880.001 

8.081.759 

1.476.653 
11.690.074 
11.393.516 

9.676.476 
21.018.978 
3.351.974 
2.787.466 
6.250.681 
18.980.409 
5.366.550 
22.249.694 
4.699.946 

14.387.294 
201.439.596 

15.408.040 
10.562,414 
2.554.929 
2.290.697 


41.879.222 

23.997.252 

17.881.970 

25.032.670 

3.445.836 

3.558.265 
1.947.029 
5.307.586 
2.504.772 
746.760 

326.357 

7.196.065 

51.819.898 

3.684.953 

9,564.598 

3,536,713 

3,620,654 

4,813.457 

21,924.988 

4.674.535 

38.390.424 

3.860.376 

9.264.138 

8.092.113 

17.173.797 

36.181.617 

14.327.206 

10.498.155 

2,200,152 

1,628,899 
11,285.950 

3,186,368 
3.704.018 
4.395.564 

6.731.368 
218.166,812 

46.288,243 

21,256,822 

498,119 

9,612,175 

3.059.148 

7.506.014 

1 .284.468 

3.071.497 

65.563.378 

61.216.163 

4.367.215 

106.295.191 

48.395.476 

22.238.734 

33.454.312 

2.206.669 

152,665.435 

80.820.876 
6.105.550 
14.720.210 
59.995.116 
5.886.738 
628.905 
3.051.281 

476,678 
3,304,120 
4,833.946 

3.990.395 
7.038.103 
1.363.227 
919.905 
2.087.232 
6.131.615 
3.389.373 
9.563.027 
1.999.437 

5.331.134 
71.691.386 

6.383.835 

4.655.519 

1.215.089 

513.227 


67.536.886 

47.493.822 

20.043.064 

25.476.765 

3.599.186 

3.434.852 
1.682.106 
5.204.609 
2.936.865 
1.229.158 

311.817 

7.078.172 

47.249.239 

2.673.193 

9.563.877 

3.864,045 

3,092,408 

4.195.670 

19.544.120 

4.315.926 

35.756.076 

2.882.632 

7.577.523 

6.599.248 

18.695.673 

39.118.463 

16.045.161 

12.614.928 

1 .362.480 

2.067.753 
9.760.825 

2.407.264 
2.486.822 
4.886.739 

5.465.608 
518.697,285 

105.685.679 

44.199.623 

1 .246.849 

18.986.933 

7.188.233 

22,338.495 

5.779.943 

6.145.603 

143.131.721 

138.818.940 

4.312.781 

269.679.885 

127.207.053 

52.780.828 

83.842.896 

5.849.108 

123,351,092 

45.601.266 
6.079.585 
7.041.683 

32.479.998 

2.586.932 

310.746 

2.083.646 

215.915 
1.952.426 
1.310,904 

1,696,672 

3,310.768 

632.461 

465.841 

678.297 

6.690.825 

797.505 

4.883.041 

1.168.519 

3.675.500 
77.662.425 

4.562.942 

3.279.601 

619.650 

663.691 


3.603.164 


Ferrous metal industries, miscellaneous primary 
metal products 


2.499.558 
1.103.606 




1.970.478 




281.618 


Cutlery, tiand tools, and hardware; screw machine 


286,386 


Plumbing and healing, except electric and warm air , . 


115,742 
402,926 




219,430 




97,248 


Ordnance and accessones. except vehicles and 
guided missiles 


21,672 
545.456 




4.466.723 




228.921 




937.927 




276.729 




239,577 




311,627 




2,101,043 




370,899 




3.469,948 


Household appliances 

Radio, television, and communication equipment 


235.370 
876.679 
686.723 




1.691.176 




4.047,580 




1.200.136 




946.851 




97.212 


Other transportation equipment, except motor 


156.073 




791,620 


Scientific instruments and measunng devices; 


193,359 




217.433 




380.828 


Miscellaneous manufacturing and manufacturing not 


468.799 


Transportation and public utilities 


26,760,500 


Transportation 


6,389.199 
1,285.783 




148.379 




2.063,990 




502,884 




1,629,404 




307,242 


Transportation services, not elsewhere classified 

Communication 

Telephone, telegraph, and other communication 
services 


451,517 
10,212,073 

9,774,224 
437,849 




10,159,228 




4,864.573 




2.130.274 




2,859.572 




304.809 


Wholesale and retail trade 


11,166,222 


Wholesale trade 


4.297.519 
550.174 




889.296 




2.858,049 




246,023 




29,938 




186,232 


Sporting, recreational, photographic, and hobby 

goods, toys, and supplies 

Metals and minerals, except petroleum and scrap.. 


20,792 
172,355 
136,869 


Hardware, plumbing, and heating equipment and 


147,096 




334,546 




68,476 


Drugs, drug propnetanes. and druggists' sundries.-. 
Apparel, piece goods, and notions 


43,816 

71,113 

463,761 




60,876 




406,666 




110,370 


Miscellaneous nondurable goods; wholesale trade 


339,120 




6,857,555 


Building matenals. garden supplies, and mobile home 

dealers 

Building materials dealers 


399,056 

285,494 

52,384 


Garden supplies and mobile home dealers 


61,178 



Footnotes at end o( table See text tor "Explanation ot Terms" antJ "Descnption of the Sample and Limitations ot the Data" 



Corporation Returns/ 1977 



23 



RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stockholders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry— Continued 

(All figures are estimates based on samples — money amounts are in thousands of dollars] 



Total 
irKome tax 



Investment 
credit 



New jobs 
credit 



Total 
income lav 
alter credits 



Otslnbuttons to 

stockholders except 

in own sloch 



Returns with 
net income 



Net 
worth 



Depreciable 
assets 



Oepreciatlon 
deduction 



Wholesale and retail trade — Continued 

Hetail trade — Continued 

General merchandise stores 

Food stores 

Grocery stores 

Other food stores 



Automotive dealers and servica stations.. 

Motor vehicle dealers 

Gasoline service stations 

Other automotive dealers 

Apparel and accessory stores 

Furniture and home furnishings stores 

Eating and drinking places 

Miscellaneous retail stores 

Drug stores and propnetary stores 

Liquor stores 

Other retail stores 



Wholesale and retail trade not allocable.. 



Finance. Insurance, and real estate 

Banking 

Mutual savings banks 

Bank holding companies 

Banks, except mutual savings banlts and bank 

holding companies 

Credit agencies other than banks 

Savings and loan associations 

Personal credit institutions 

Business credit institutions 

Other credit agencies, finance not allocable 

Secunty. commodity brokers and services 

Security brokers, dealers, and flotation companies - 

Commtjdity contracts brokers and dealers, security 
and commodity exchanges; and allied services 
Insurance 

Life insurance 

Mutual insurance, except life or mahne and certain 
fire or flood insurance companies 

Other insurance companies 

Insurance agents, brokers, and sen/ice 

Real estate 

Real estate operators and lessors of buildings 

Lessors ol mining, oil, and similar property 

Lessors ol railroad property, and of real property, 
not elsewhere classified 

Condominium management and C(x>perattve housing 
associations 

Subdividers and developers 

Other real estate 

Holding and other investment companies, except bank 

holding companies 

Regulated investment companies 

Real estate investment trusts 

Small business investment companies 

Other holding and investment companies, except 
bank holding companies 

Services 



Hotels and other lodging places . 
Personal services 



Business services 

Advertising 

Business services, except advertising 

Auto repair, miscellaneous repair services 

Auto repair and services 

Miscellaneous repair sen/ices 

Amusement and recreation services 

Motion picture production, dislnbution. and services 

Motion picture theaters 

Amusement and recreation services, except motion 

pictures 

Other services 

Offices of physicians, including osteopathic 
physicians 

Offices ol dentists 

Offices ol other health practitioners 

Nursing and personal care facilrties 

Hospitals 

Medical laboratories 

Other medical services 

Legal services 

Educational services 

Social services 

Membership organizations 

Architectural and engineering services 

Accounting, auditing, and bookkeeping services 

Miscellaneous sen/ices (including vetennanans). not 
elsewhere classified 



Nature ol business not allocable.. 



t. 484.295 

764,868 

741,767 

23,101 

678,411 

481,726 

70,882 

125,803 

421,537 

244,100 

470,028 

866,352 

226,012 

23,103 

607,237 

7,211 

9.302.917 

2,153,992 

152,765 

1,274.232 

726,995 
1,629,890 
1,003,958 
200,648 
125,770 
299,514 
188,502 
160,383 

36,119 
3,555,300 
2,396,974 

365,610 
792,716 
339.983 
1.090,042 
596,214 
22,022 

12,118 

623 
280,630 
178,435 

345,208 

•942 

■24 

4,751 

339.491 
2.584.017 
201,452 
1 43,898 
922,875 
222,593 
700.282 
243,199 
182,436 

60,763 
490,045 
198,960 

41,047 

250,038 
582.548 

89,051 
15.279 
10.318 
50,282 
62,139 

6,741 
56,891 
1 7,965 
23,969 
•6,965 
14,471 
120,360 

6,067 

96,050 
15.218 



62.978 
•8,427 
•8,427 

•155 

•50 

22 

•83 

•616 

12 

5,030 

14.896 

901 

13.995 

867.372 

586.838 

420 

569.220 

17.198 

36.221 

49 

7,675 

6,567 

21,930 

4,021 

3.037 

•984 
183.697 
84.708 

2.546 
96.643 
10.026 
3.057 
3.011 



6 
•36 



43.312 
ft 



43.312 
124.879 

•3.287 
4,767 
50,568 
23,116 
27,452 
•4,272 
•4,272 

46,678 

43,078 

30 

5,570 
13,307 



•37 
•ft 

•23 

11.740 

•ft 

• 1 .036 



118.473 

112.755 

108.576 

4,177 

58,903 

38.478 

9,125 

11,300 

16,777 

12,380 

77,473 

80,334 

14,587 

2,694 

63,053 

966 

512.894 

259,820 

4,178 

197,480 

58,162 

58,846 

16,779 

28,190 

8,413 

5,464 

11,122 

9,618 

1,504 
118,162 
44,967 

9.664 
63.531 
14.347 
43.086 
22.672 
999 

943 



6.571 
1 1 ,692 



426.663 

22.326 
19.474 

136.676 
12.927 

123.749 
59.524 
52.916 
6.608 
95.923 
63.238 
5.550 

27,135 
92,738 

16,529 
3,742 
1,726 
6,554 

17,904 
2,981 
9,862 
4,299 
4,187 
•404 
1,814 

11.591 
1,501 

9,644 



17.374 
29.561 
26.983 

2.578 
87.851 
71.463 

7.119 

9,269 
18,505 
13.173 
51.210 
41,661 

4.775 

•1.256 

35.630 

•515 

126,785 

49.623 

2.539 
13,585 

33,499 
20,582 
15,257 
1.042 
306 
3,977 
3.143 
2.332 

811 
14.682 
3,918 

3,329 
7,435 
12,139 
24,147 
3,140 



5,695 
15,121 



2,449 
193.152 

5,886 

7,345 

80,184 

14,205 

65,979 

22,932 

10,259 

12,673 

8,736 

1,500 

1,765 

5.471 
68.069 

6.879 
l.f 
•1.300 
10.824 
4.886 
•575 
6.091 
3.684 
3,751 
•1,092 
•1,042 
14,309 
•2,477 

9.261 
•1.221 



1 .284.809 
611.229 
594.897 

16.332 
530.812 
371.131 

54.612 
105.069 
364.383 
218.132 
335.641 
718.796 
205.740 

19.153 

493.903 

5.727 

7,790.084 

1.257.532 

145.609 

493.844 

618,079 
1,509,657 
968,107 
163,078 
110,373 
266,099 
170,019 
135.199 

34.820 
3.238.402 
2.263.316 

350.050 
625.036 
303,470 
1,019,180 
567,032 
21,019 

10,984 

614 
267,983 
151,548 

291 ,824 

•942 

•24 

4.727 

286.131 
1.834.727 

169.768 

112.281 

651.962 

1 72.258 

479.704 

1 56.050 

114.808 

41.242 

336.528 

91.066 

33.600 

211.862 
408.118 

65.643 

9.639 

7,292 

32.834 

38.666 

5.183 

40.925 

9.982 

15.975 

•5.469 

1 1 .586 

82.699 

4.083 

77,942 
12.058 



943,440 
312,616 
310,065 

•2,551 
157,239 
111,407 

19,606 

26,226 
336,440 

53,862 
196,733 
307,246 

83,482 

11,589 
212,175 

•2.793 
11.604.618 
2.994.935 



902,049 
645.391 
179.353 
149.385 

69.716 
246,937 
125.560 

95.394 

30.186 

1 .820.692 

706.120 



1.112.572 

219.546 

940,813 

626,834 

23,590 



12,250 



138.357 
139.782 

4.857.661 

3.446.912 

131.062 

•4.018 

1 .275.669 
1.441.254 

118.901 

65.579 

492.629 

100.077 

392,552 

66,434 

55,496 

10,938 

248.931 

94.229 

12.722 

141.980 
428.780 

14.641 

•3.691 

■1.714 

85.896 

10.649 

8,294 

29,501 

•12,836 

8,593 

•2,673 

■948 

100,839 

•2,940 

145.365 
•6.596 



932.433 
306,210 
303,901 

•2.309 
151.242 
106.299 

19,606 

25,337 
333,690 

53,316 
193,838 
289,771 

82,999 

11,589 
195,183 

•2.559 
10.831.032 
2.729.156 

1.927.481 

801.675 
594.383 
178.151 
149.209 
69.715 
197,306 
99,549 
69,745 

29,804 

1.794.412 

698,098 



1.096.314 

216.477 

755.441 

481.351 

23,590 



12,250 



128.186 
110.064 

4.641,614 

3.325.325 

73.137 

•2.685 

1.240.467 
1.277.916 

114.741 
76.679 

419.637 
91.584 

328.053 
63.727 
53.179 
10.548 

226.793 
77.579 
12.703 

136.511 
374.339 

14.140 
•3.567 
•1,714 
81,454 
10,649 

6,625 
29,299 
•12,572 

8,559 

•2,673 

•948 

65,822 

•2,940 

133.177 
•6.596 



52.359.599 

24.722.281 

23.866.451 

635.830 

41.340.354 

31,308.544 

3,811.116 

6.220.694 

10.464.032 

10.485.352 

16.838.205 

29.821.733 

5,791,723 

1 ,640,660 

22.369.350 

453,836 

2,861.478.449 

1,518,766.059 

143.240,998 

974,748,361 

400.796,700 
553.446.328 
427.791.089 
21.617.643 
21.744,573 
82.293.023 
51.817,223 
48,189.533 

3.627,690 
509.301.779 
347.551,907 

35,053,740 
126,696,132 

11,329,125 
108,663.846 

64.354.497 
714.695 

1 ,953,609 

2,185,928 
24,523,821 
15,130,896 

107,934,089 

61,432,522 

9,263,187 

681.226 

36.557.154 
119.286.766 

14.084.260 

5.542.922 

36.129.846 

5,487,495 

30,642,351 

13.962,914 

12,207.941 

1,754,973 

19.596.677 

7.524,482 

1.714,085 

10.356.110 
29.970.147 

2,957.852 
729,042 
221,059 

4,247,129 

2.595,766 
392.325 

2.513.926 
813.107 

2.803.992 
205.596 

1.005.341 

4.127.642 
348.763 

7.008.587 
1.430.866 



19.997.591 

9.237.727 

9.022.023 

215.704 

10.409.522 

7.251.126 

1.337,828 

1,820,566 

5,013.090 

4.010.563 

5.048.199 

11.590.859 

2.548.511 

597.992 

8,444.356 

153.173 

322.979.877 

105,998.183 

7,418,627 

69,171,676 

29,407,660 
28,615,446 
13,769,640 
4,213,673 
2.805,713 
8.026.422 
4.621.136 
3.998.790 

822,346 
73,124,694 
26,530,359 

9,647,702 
36,946,633 

3,279,365 

25.561.336 

17.463.561 

151,221 

913,635 

650,414 
3,402,184 
2,980,121 

61,379,715 

58,403,486 

2,368,526 

270,065 

20.317.636 

34.615.641 

3.306.006 

2.464,696 

10.016,349 

1.573.064 

8.445.285 

3.219.875 

2.570.607 

649.268 

6.420,779 

2.231.389 

638.480 

3.550.910 
9.185.736 

1.257.714 
362.346 
124.423 
770.298 
834,629 
192,921 
824,618 
282,040 
874,614 
46,807 
362,122 

1,549,540 
54,938 

1.648.726 
498.384 



17.843.769 

14,955.421 

14.368.939 

566.462 

10.492.034 

6.975.315 

1 .903.024 

1.613.695 

2.847.564 

2.429.571 

13,944,317 

10,586,807 

1.928.691 

560.518 

8,097.598 

87.401 

118.332.922 

27.680.923 

1.571.974 

17.545.823 

8,563.126 
11.029.155 
6.669.548 
1.316.720 
1.228,087 
1.814.800 
1.011.067 
724.446 

266.621 
8.687.011 
2.620.460 

648.151 

5.418.400 

1.264,683 

63,111,651 

52.290.028 

242.432 

758.144 

2.038.064 
3.852.670 
3.930.313 

5.548.432 
90.361 

3.243.046 
1 1 .680 

2.203.145 
76.773.311 
12.195.642 

4.377,859 
16.280,921 

1,517.082 
16.763.839 
12.420.015 
11.555.236 
864,779 
12,814.519 

2.106.062 

1,378,563 

9.329,874 
16.684,155 

2.094.498 
673.166 
131.560 

3.225.504 

1,890.130 
211,524 

1.375.958 
441.806 

1 .693.388 
181.761 
442.767 

1.347,992 
135,368 

2,838,733 
601.287 



1,298.640 

1.281.204 

1 .226.288 

54.916 

1.178.119 

833.261 

168.236 

176.620 

274,667 

227,032 

1,201,019 

997,618 

163,964 

51,495 

782,139 

11,148 

8,053.786 

3.029,971 

96,740 

2.254,097 

679,134 
791,471 
346,753 
178.416 
140.560 
125.742 
116.625 
92.891 

25.734 

1.150,631 

541,915 

106.636 

501.680 

169.238 

2.593.140 

2.050.622 

12.692 

44,574 

43,174 
194.996 
247.060 

200.709 

649 

88.287 

666 

110.907 
B.S51.415 

696,333 

431,033 
2,412,183 

145,247 
2,266,936 
2,022,368 
1,918,333 

104,035 

1,841,722 

1 .085.235 

96.021 

660.466 
1.445.776 

262.091 
79.637 
15.650 

155.370 

135.342 
25,029 

121,749 
53,292 
66,094 
17,708 
31,327 

215.397 
22.010 

245.080 
74,197 



Footnotes at end of table See text lor Explanation of Terms" and Description of the Sample and Limitations of the Data." 



^ Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stockholders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of doltafs) 



Coetticienl of vanation (Percent) 



Total 
number 
of returns 



Total 
receipts 



Net 
income 



Total 
income 



New jobs 
credit 



Oistnbutions 

to stoci*- 

hoiders 

except in 

own stock 



Oepreoation 
deduction 



(28) 



Total raluma of active corporatfona 

Aprtcultura, forestry, and flafiing 

Agncultural production 

Agricultural senrices (except veterinarians), forestry, fisfiing, ftunting, and trapping. 



Metal mining 

Iron ores 

Copper, lead and zinc, gold and silver ores 

Other metal mining 

Coal mining 

Oil and gas extraction 

Crude petroleum, natural gas, and natural gas liquids 

Oil and gas field services 

Nonmetallic minerals, except fuels 

Dimension, cnjshed, and broken stone; sand and gravel 

Other nonmetallic minerals, except fuels 

Construction 

General building contractors and operative builders 

General building contractors 

Operative builders 

Heavy constnjction contractors 

Special trade contractors 

Plumbing, heating, and air conditioning 

Electncal work 

Other special trade contractors and contractors not alloc:able.. 



Manufacturing 

Food and kindred products 

Meat products 

Dairy products 

Preserved fnjits and vegetables 

Gram mill products 

Bakery products 

Sugar and confectionery products 

Malt liquors and malt 

Alcoholic beverages, except malt liquors and malt 

Bottled soft drinks, and flavorings 

Other food and kindred products 

Tobacco manufactures 

Textile mill products 

Weaving mills and textile finishing 

Knitting mills 

Other textile mill products 

Apparel and other textile products 

Men's and boys' clothing r..,., 

Women's and children's clothing 

Other apparel and accessories 

Miscellaneous fabricated textile products; textile products, not elsewhere 

classified 

Lumber and wood products 

Logging, sawmills, and planirtg mills 

Miltwork, plywood, and related products 

Other wood prodi,cts. including wood buildings and iTtot))le homes 

Furniture and fixtures 

Paper and allied products 

Pulp, paper, and board mills 

Other paper products 

Printing and publishing 

Newspapers 

Periodicals 

Books, greeting cards, and miscellaneous publishing 

Commercial and other printing and printing trade services 

Chemicals and allied products 

Industrial chemicals, plastics materials and synthetics 



Dnjgs.. 



Soap, cleaners, and toilet goods 

Paints and allied products 

Agricultural and other chemical products 

Petroleum (including integrated) and coal products 

Petroleum refining (including integrated) 

Petroleum and coal products, not elsewhere classified . . . 
Rubber and miscellaneous plastics products 

Rubt}er products; plastics footwear, hose and belting 

Miscellaneous plastics products 

Leather and leather products 

Footwear, except mbber 

Leather and leather products, not elsewhere classified... 
Footnotes at end of table See text tor "Explanation of Terms" 



0.16 

3.56 

390 
7,75 

6.38 

34.42 
36.55 
56.40 
49.53 
12.23 
9.01 
12.57 
12.82 
13.83 
14.96 
29.07 

2.10 

3.36 
3.46 
13.08 
690 
3,06 
6.65 
7,88 
3,92 

i.ai 

6,17 
14.45 
17,79 
18 
15 49 
18,51 
2499 
1883 
20 00 
12.15 
15.75 
2412 
11 23 
25 88 
19,64 
1561 

7,25 
1678 
10,53 
19-64 

15-31 
7,15 
11,66 
13,21 
11,1 
1092 
12,12 
10 

12,62 
5-70 
13,69 
19,00 
1496 
7,37 
895 
14.45 
26.73 
25.30 
21,74 
17,28 
23 12 
39 48 
28 06 
9,58 
21,95 
10,65 
17,21 
25,32 
21,13 



0.17 
2.63 

2.68 
725 

0.72 

1.68 
3,86 
1,03 
6,75 
3,25 
069 
061 
323 

4 14 
5,62 
4,01 

1.32 

205 
216 

5 66 
2 48 
242 
4 96 
572 
320 

0.21 

087 
2.68 
2,66 
1 92 
1,76 
4 23 
262 
0,39 
1,40 
2,95 
1,72 
060 

1 74 

2 45 
5,85 
244 
2 61 
344 
4,29 

10,25 

7,39 
1,80 
2.57 
281 
4,52 
397 
1 15 
0',56 
2,67 
1 59 
1,82 
509 
2,68 
343 
048 
064 
058 
1-00 
4.36 
2.05 
0,15 

14 
505 

1 73 
1 37 
4,09 
3-37 
2-99 
8-93 



O.tS 
3.37 

3.64 
856 

o.ie 

346 
899 
205 
13 88 
492 

14 
007 
2.13 

6 92 
796 

12 94 

1.65 

2-51 
269 

7 01 
276 
316 
658 
839 
403 

0.20 

072 
2,62 

1 1 

1 73 
1-33 
6 55 
360 
') 
202 
224 
205 
0,04 
1 92 
2,43 
5 

291 
241 
253 
420 

13 15 

8.49 

1 62 
221 

2 50 
509 
3,99 
090 
68 
1,66 
1,25 
1-58 
4 99 
182 

3 33 
0-35 
53 
041 

75 
5,25 
246 
0,09 
006 
365 
226 

1 92 

4 58 
3 19 
276 



5.11 

548 
14,30 

3.54 

3.86 
0,50 

11 82 
1073 

8,27 
513 
624 
902 
1435 
21,84 
1891 

3.36 

4,58 
4-95 

12 01 
7,52 
6,24 

1404 
14,23 
7-99 

t.eo 

447 
9-95 
19 85 
15 40 
22-80 
2295 
3 55 
2,48 
289 
24,15 
10-95 
55,61 
6,29 
737 
14,46 
1259 
1057 
15,11 
21 76 
25,32 

21,62 

9-13 

15-28 

15-60 

1592 

17,79 

895 

5,17 

20.68 

25,78 

64,67 

22,80 

21 30 

15,50 

5,30 

11,78 

9,89 

20,87 

23.42 

6.48 

0,93 

0,63 

35 40 

14,48 

21,15 

18,1 

16,55 

20,33 

26,01 



3.72 

399 
987 

0.13 

3 67 
10,75 

249 
9 02 
4-13 
Oil 
005 
1 98 
590 
7,43 
593 

1.74 

2,67 
2,90 
6,92 
2,53 
3,79 
757 
9 57 

4 92 

0.19 

0,63 
2,29 
1,10 
1,42 

1 16 
479 
364 

*) 
202 
1,97 
1,84 
004 
1.84 
2,23 
623 
2,81 
229 
222 
4,31 
13,64 

825 
166 

2 52 
226 
507 
370 
087 
0,77 
1,52 
1,08 
1 45 
4 01 
1 40 
312 
0,31 
48 
0,37 
070 
495 
2,02 
008 
005 
3,84 
2,15 
1,78 
4,65 
2,94 
257 
9.62 



14.09 

1684 
2571 

10.37 

73 02 

7593 
*) 
29 32 
1337 
12.85 
15,62 
16,64 
18,52 
37 48 

4.62 

795 
816 

32,50 
9,87 
669 

11 

16,27 
911 

2.22 

6,26 

14 15 
1804 
11 59 

28 03 

29 37 
33,57 

1*1 
1062 
10,39 
14,84 
12,16 
12,74 
21 31 
22-44 
19 
11-92 
1779 
19,21 
33,64 

1965 
9,96 
17,28 
17,88 

15 92 
13,74 

11 46 
24,05 
12,71 

7,65 
12,76 
21,23 
14-31 
11-83 

870 
1356 
2075 
11,06 
17,82 
29,05 

12 66 
15,92 
19 06 

12 14 
2286 

13 99 
27 32 
5567 
26,48 



30.96 

37,52 
31 43 

1.35 

401 
9.11 
2.05 
') 
692 
1 21 
068 
8 40 
6 23 
16 85 

48 

6.08 

771 
620 
19 24 

10 1 
12 46 
3161 
2430 
1521 

0.45 

1 83 
1 

0,45 
036 
1 74 
6 

1 52 
(*) 

1,47 
3,34 

11 33 
0,02 
1 74 

1 40 
8 64 
239 
688 
454 

12 57 
22 94 

36,37 
1.88 

2 65 
1 81 

10,75 
9,31 
1,21 
1 91 

1 39 
995 
3,08 
379 

3500 
8,10 
021 
027 
1 
13 
4,94 

2 55 
010 
04 
6 96 
264 
2 13 
6 85 
2,18 
207 

I047 



2.00 

2,16 
5,42 

0.43 

0.51 
1.16 
0.51 
3.08 
1 62 
046 
043 
1 42 
262 
479 
1.91 

0.94 

1.39 
1,48 
394 
1 68 
203 
4,02 
4,86 
2,73 

0.13 

0.45 
1.43 
1.40 
1 09 
112 
2,80 
1 41 
0,39 
089 
1 78 
1,45 
0,21 
1,25 
1.70 
4.52 
1 76 
206 
242 
3.54 
9,36 

669 
1,00 
1,35 
1,59 
2.91 
311 
0.62 
0.29 
1.74 
1.06 
1.29 
3,18 

1 72 
280 
026 
0,33 
0,36 
0,82 
4,06 
095 
0,05 
003 
4,27 
1,24 
084 
331 
2,59 

2 11 
794 



and "[Description of tfte Sample and Limitations of the Data" 



Corporation Returns/ 1977 



25 



RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stoci(holders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry— Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars) 



Minor industry 



Coefficient of variation (Percent) 



Total 
numtjer 
of returns 



Total 
receipts 



Net 
income 



Total 
income 



Distnbutions 

to st(x;k- 

tiolders 

except in 

own stock 



Total 
assets 



Depreoation 
deduction 



(?ei 



Manufacturing — Continued 

Stone, clay, and glass products 

Glass products 

Cement, hydraulic...... 

Concrete, gypsum, and plaster products 

Other nonmetallic mineral products 

Pnmary metal industnes 

Ferrous metal industnes. miscellaneous primary metal products 

Nonlerrous metal industnes 

Fat)ncated metal products 

Metal cans and shipping containers 

Cutlery, hand tools, and hardware; screw machine products, twits, and similar 
products 

Plumbing and heating, except electric and wartn air 

Fabricated structural melal products 

Metal forgings and stampings 

Coating, engraving, and allied services 

Ordnance and accessones. except vehicles and guided missiles 

Miscellaneous fabricated metal products 

Machinery, except electncal 

Farm machinery 

Construction and related machinery 

Metalworking machinery 

Special industry machinery 

General industnal machinery 

Office, computing, and accounting machines 

Other machinery, except electncal 

Electncal and electronic eouipment 

Household appliances 

Radio, television, and communication equipment 

Electronic components and accessones 

Other electrical equipment 

Motor vehicles and equipment 

Transportation equipment, except motor vehtctes 

Aircraft, guided missiles and parts 

Ship and boat building and repainng 

Other transportation equipment, except motor vehicles 

Instruments and related products 

Scientific instruments and measuring devices; watches and clocks 

Optical, medical, and ophthalmic goods 

Photographic equipment and supplies 

Miscellaneous manufactunng and manufactunng not allocable 

Transportation and public utilities 

Transportation 

Railroad transportation 

Local and interurban passenger transit 

Trucking and warehousing 

Water transportation 

Transportation by air 

Pipelines, except natural gas 

Transportation services, not elsewhere classified 

Communication 

Telephone, telegraph, and other communication services 

Radio and television broadcasting 

Electnc, gas, and sanitary sen/ices 

Electric services 

Gas production and distnbution 

Comtiination utility services 

Water supply and other sanitary services 

tWholeaale and retail trade 

Wholesale trade 

Grocenes and related products 

Machinery, equipment, and supplies 

Miscellaneous wholesale trade 

Motor vehicles and automotive equipment... 

Furniture and home furnishings 

Lumber and construction materials 

Sporting, recreational, photographic, and hobby goods, toys, and supplies.... 

Metals and minerals, except petroleum and scrap 

Electncal goods 

Hardware, plumbing, and heating equipment and supplies 

Other durable goods 

Paper and paper products 

Drugs, drug propnetaries, and druggists' sundries 

Apparel, piece goods, and notions 

Farm-product raw materials 

Chemicals and allied products 

Petroleum and petroleum products 

Alcoholic beverages 

Miscellaneous nondurable goods, wholesale trade not allocable 



1 56 
1 66 
206 
370 
320 
59 

60 

1 21 

2 26 

1 79 

3 26 
380 
276 

4 45 
6.B6 
4 67 
7 07 
063 

2 09 
I 09 
385 
301 
1 92 
039 
227 
061 
1 67 
0.97 
1.51 
96 
0,26 

78 
040 
432 
4 18 

1 46 
264 

3 08 
1 05 
261 

0.48 

1 11 
028 
13 48 
239 

3 61 


1 54 
6,79 
72 
26 

4 95 
024 
19 
042 
023 
529 

0.50 

072 
2.33 
1.86 
0.82 
2.73 
917 
4.51 
1052 
250 
3,29 
376 
212 
655 
591 

4 93 
2.27 
349 

2 14 

5 14 

3 1 



1 49 
1 87 

1 67 

4 08 

2 42 
1 40 
1 76 
231 
232 
237 

2,62 

3 12 
285 

5 26 
998 
700 
709 
052 
307 
1 17 

3 93 
390 
2.31 

21 
248 
0.64 
1,38 
0, 

2,02 
0,67 
0,20 

1 05 

72 
5 60 

4 29 

1 II 
317 
211 

92 
270 

0.63 

1 01 
76 

13 93 
250 

4 86 

84 

1 57 

5 44 

1 79 
031 

6 14 
028 
Oil 
041 
0,11 
622 

0.54 

69 

2 78 

1 50 

83 
200 

1028 
454 

10 12 
4,02 
245 

4 53 
246 

5 62 
663 
5 27 

2 55 
235 

1 61 
549 

3 63 



10 60 
30 36 

*) 

13 30 
26 30 

0,97 

71 
555 

7 30 
66 14 

19 67 
4945 

11 67 
2845 
46,04 
2961 

12 20 
6,22 
9,19 

20 23 

21 07 
2025 

15 61 
21 49 

11 22 

5 76 
23 39 

8,89 
932 
1388 
1053 
254 

1 25 
23 48 
14,£ 
1425 

20 25 
2891 

289 
978 

2.14 

2 42 

14 
31,76 

937 
550 
13,73 

1 40 
15,06 
12,61 

17 32 

18 06 
352 

2 66 

3 18 

12 60 

16 34 

2.12 

309 
969 

8 16 
3 56 

1259 

21 67 
20 00 

22 13 
862 

14 38 

18 II 

6 94 
22 46 
2494 

19 10 

15 05 

13 58 

7 10 
22 41 

9 18 



1,37 
1 78 
1 21 
400 
225 
1,35 

1 73 

2 18 
237 
2 32 

2 38 
285 
2,63 
497 
994 
691 
7 65 
046 
278 
1,06 
3,70 
374 
2,07 
017 
242 
0,60 
1 25 
082 
205 
080 

16 

1 06 
073 
5 74 
4 25 
1 07 
3,07 
1 90 
0,75 
266 

0.62 

89 
0.56 
13.53 
236 
499 

52 

1 55 

4 96 
1 75 
023 
871 
19 
08 

19 
009 

5 73 

0.61 

095 
2,92 
2,50 

1 10 
290 

1099 
553 

1220 
4,34 

4 16 

5 05 

3 74 
823 
952 
603 

3 27 

6 12 
1 27 
6 47 

4 61 



1022 

26 80 
25 99 
14 97 
18 39 

9 50 
12 63 
14 40 

583 
21 66 

1207 
17 1 
12 32 

17 24 

29 04 
4802 
10 05 

6 40 

30 46 
1457 
1235 
16 12 
1359 
2657 
14 56 

7 53 

27 99 

18 97 
1274 
10 65 

10 1 
14,85 
25 03 
30 75 
21 94 
1252 
1776 
1887 
25 32 

11 71 

5.74 



54,88 
8,44 

19,58 
292 

61,80 

21 01 
10 06 

15 04 
1338 

6 32 
358 
1 96 
785 

22 70 

2.45 

3,15 
1291 
6 46 
362 
1022 
31 

12 66 
31 31 

960 
1095 
1062 

977 
2296 
24 96 

13 77 

19 49 

20 12 
17 30 

16 to 
12 30 



1 99 
0,90 
17 
5 82 

5 36 

74 

1 14 
0,61 
748 
0.35 

2.71 
6,05 
676 

6 77 
12 11 

4,87 
2897 
037 
603 
1 56 
2,66 
437 
1 98 
0,01 
1,62 

1 36 
031 
37 
324 

2 33 
029 
059 
050 
053 
4,47 

95 
454 


0,92 
432 

0.26 

1,37 

033 
29 10 

4 49 
1377 

2 16 

1 93 
407 
0,63 
006 

1031 

13 
0,02 
059 

') 
4 55 

0.92 

096 
666 

1 33 
1 30 
202 

47 40 
599 

14 41 
737 
307 
954 
2,76 
429 
9 70 

14 1 
464 
366 
5,73 

13,31 
4 15 



1,02 


1 41 


08S 


048 


84 


102 


2 75 


389 


227 


337 


0,25 


036 


0-33 


0,39 


0.39 


078 


2,13 


2,34 


1,15 


1,05 


256 


3,66 


2,85 


278 


212 


2,71 


3,65 


456 


5,64 


7,86 


5,41 


3,73 


7,02 


764 


0,36 


049 


1 16 


1,69 


0,76 


0,90 


294 


440 


248 


340 


1.44 


2,06 


0,14 


0,11 


1,81 


3,16 


0,35 


0,43 


1 OC 


1 13 


045 


066 


1,06 


1-38 


0,52 


0.59 


0.16 


o.ie 


041 


0.60 


03C 


0.52 


163 


4,20 


2,61 


2,10 


1.06 


1,02 


2,1.( 


2,47 


2,1< 


275 


0,86 


0,68 


1,84 


263 


0.13 


0.25 


040 


0,89 


15 


038 


895 


10,66 


1 55 


2.25 


1 91 


3,48 


0,57 


0.94 


1 07 


1,79 


203 


3,53 


0,30 


29 


014 


17 


4,23 


5,65 


007 


016 


0,04 


006 


016 


0,29 


004 


0,06 


2,59 


4,89 


0.35 


0.62 


0,52 


1 04 


1-9C 


274 


1,40 


2 90 


0,61 


1,20 


20E 


3,79 


7,57 


10,07 


396 


597 


7,65 


14 28 


1,89 


4,66 


246 


4,68 


313 


4,22 


1 77 


436 


4 64 


776 


4 7£ 


590 


470 


771 


1 58 


261 


27C 


769 


1 21 


3,37 


43C 


7 28 


220 


354 



Fooinoles at end ol table See lexl tor "Explanation of Terms" and "Descnption of the Sample and Limitations of the Data" 



26 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 1. — Number of Returns, Selected Receipts, Cost of Sales and Operations, Net Income, Total Income Tax, Selected Credits, 
Distributions to Stockholders, Total Assets, Net Worth, Depreciable Assets, Depreciation Deduction, and Coefficients of 
Variation, by Minor Industry— Continued 

(Alt figures are estimates based on samples — money amounts are in thousands of dollars] 



Minor industry 



Coefficient o( variation (Percent) 



Total 
number 
of returns 



Total 
receipts 



Net 
income 



Total 
income 



New )Obs 
credit 



Distnbutions 
to stock- 
holders 
except in 
own stock 



Depreciation 
deduction 



(28) 



Wholesale and retail trade — Continued 

Retail trade 

Building materials, garden supplies, and mobile hotrte dealers . 

Building matenals dealers 

Hardware stores 

Garden supplies and mobile home dealers 

General merctiandise stores 

Food stores 

Grocery stores 

Other food stores 

Automotive dealers and service stations 

Motor vehicle dealers 

Gasoline service stations 

Other automotive dealers 

Apparel and accessory stores 

Furniture and home furnishings stores 

Eating and dnnking places 

Miscellaneous retail stores 

Drug stores and propnetary stores 

Liquor stores 

Other retail stores 

Wholesale and retail trade not allocable 



Finance, Insurance, and real estate 

Banking 

Mutual savings banks 

Bank holding companies 

Banks, except mutual savings banks and bank holding companies 

Credit agencies other than banks 

Savings and loan associations 

Personal credit institutions 

Business credit institutions 

Other credit agencies; finance not allocable 

Secunty, commodity brokers and services 

Secunty brokers, dealers, and flotation companies 

Commodity contracts brokers and dealers secunty and commodity 

exchanges, and allied services 

Insurance 

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 and lessors of buildings 

Lessors of mining, oil. and similar property 

Lessors of railroad property, and of real property, not elsewhere classified.. 

Condominium management and cooperative housing associations 

Subdividers and developers 

Other real estate 

Holding and other investment companies, except bank holding companies 

Regulated investment companies 

Real estate investment trusts 

Small business investment companies 

Other holding and investment companies, except bank holding companies... 

Services 



Hotels and other lodging places 

Personal services 

Business services 

Advertising 

Business sen/ices, except advertising 

Auto repair, miscellaneous repair services 

Auto repair and services 

Miscellaneous repair services 

Amusement and recreation services 

Motion picture production, dislnbution. and services 

Motion picture theaters 

Amusement and recreation services, except motion pictures 

Other services 

Offices of physicians, including osteopathic pttysicians 

Offices of dentists 

Offices of other health practitioners 

Nursing and personal care facilities 

Hospitals 

Medical laboratones 

Other medical services 

Legal services 

Educational services 

Social services 

Membership organizations 

Architectural and engineenng services 

Accounting, auditing, and bookkeeping services 

Miscellaneous services (including vetennanans). not elsewhere classified . 

Nature of business not allocable 



1,39 
4.72 
6,35 
8 

to 

8,70 
5,75 
6,38 
2,87 
3,26 
378 
9,37 
6,41 
5.15 
5,29 
3,57 
303 
730 
10,05 
3-58 
24,39 
1.37 
2-43 
3.93 
244 
2,68 
439 
3,53 
13,56 
26,26 
5,21 
13 09 
18,21 

1815 
910 



1458 

5,22 

1,98 

253 

37 40 

11 16 

16 70 

5-31 

4.36 

463 

19 94 

4780 

42 05 

4,79 

1.34 

683 
5,66 
3,09 
913 
3.31 
4,47 
535 
6,33 
5,23 
15,26 
18,47 
5,86 
2.25 
4,73 
8,B1 
18,43 
10,46 
26,32 
20,38 
10,84 
9,94 
10,01 
21 55 
1691 
668 
1680 
4 46 

17.14 



0.77 
340 
426 
689 
8,28 
0,71 
1,58 
1 58 

1216 
2.02 
2.27 
7.32 
4.80 
3.08 
3.53 
2.71 
2.09 
329 
950 
2-67 

19 
0.26 
0,09 
') 
0,12 
016 
033 
0,43 
0,52 
0,73 
1 06 
265 
289 

631 
0.10 



33 
5,49 
209 
1,58 
23,21 
1111 
1474 
303 
4,42 
3-35 
7 32 
042 
13,66 
322 

1.72 

4,69 
4,71 
4 14 
12,59 
2.77 
3.65 
4.08 
7,99 
278 
401 
7 31 
4.16 
286 
640 
998 
19,01 
686 
7,90 
17,42 
8,54 
12,09 
9,80 
2547 
13 15 
1005 
1871 
631 

25.41 



0,92 
4,48 
546 
878 

1064 
088 
251 
254 

15 40 
2,56 
3,00 
8,11 
6,11 
379 
4 06 
3 40 
228 
354 

11 65 
286 

24 16 



022 
') 
0,29 
0,47 
073 
043 
1 45 
1,26 
282 
382 
372 

1092 
0,15 



44 
3,70 
2 58 
291 
14 16 
15,69 
28,91 
3,53 
583 
5,20 
7,83 
218 
20 44 
274 

1.38 

378 
536 
256 
495 
296 
467 
4,91 
10 94 
285 
2,97 
1051 
4 40 
2,92 
7,67 
15.20 
30.64 
980 
6,44 
2273 
9,40 
14 32 
12,00 
3567 
16,56 
627 
24 16 
7 44 

28.08 



2.96 

11 76 

17 32 

27 41 

19 03 

8 05 

828 

852 

25,25 

6,95 

9,1 

16,36 

13 94 

10, 

10,68 

6,87 

7,02 

19 52 

2471 

7,90 

5528 

1.54 

0,74 

0.37 
099 
604 
2 69 
2076 
29 93 
743 
908 
862 

19,02 
1,25 



4 19 

1364 

326 

346 

70,79 

3572 

10,71 

3.89 

7,21 

4,57 

2978 

26 

2286 

6 23 

3.01 

8.25 
14,21 

5-59 
2021 

5,80 

9,77 
10,93 
21,20 

795 

21 03 
28 26 

890 
548 
1666 
2674 
43,34 
18,77 
3401 
53,56 
15,86 
31 23 

22 48 
40,60 
34,10 
17,38 
41 16 

864 

66.14 



0.82 
3.84 
4.35 

10.08 

12,64 
0,85 
1 63 
1-60 

16,30 
2,97 
353 
8,72 
7 18 
4 10 
393 
3.22 
2,15 
206 

11.82 
2,91 

25,86 
0.35 
0,11 
') 
0,11 
0-26 
042 
0,23 
11 
1,02 
1 99 
3,71 
3,60 

11 66 
0,17 



76 
3.20 
2.95 
342 
13,14 
16,55 
34.53 
3,46 
6-76 



(') 



3,67 



11 30 
3 73 

1.39 

3.33 
506 
2.50 
4-25 
3.01 
5-26 
5.26 
13.92 
2,39 
2,51 
10,40 
3,67 
335 
915 
16,38 
42,59 
10,22 
5,26 
24,06 
6,84 
17,33 
15,36 
62,00 
24.62 
7,00 
29,64 
1005 

22.60 



3.51 
9.46 
11.34 
21.34 

23.51 

21.38 

9-53 

9,72 

40,20 

5 12 

5,16 

31 47 

14,67 

14,03 

14,86 

11,24 

783 

16,02 

38,25 

8,80 

29 22 

2.85 

0.26 

:'i 

0.06 
039 
281 
019 
7.44 
386 
14.30 
1221 
1281 

29.78 
8.90 



17 58 
1435 
14,35 
16,59 

8269 

1334 
17 15 
22,32 



45,39 
22 50 



13,62 
19,73 

9,49 
21,67 
10,56 
14.86 
16,53 
23,29 
13,69 
3021 
44-78 
14,08 

904 

20 58 
31-05 
61,33 

21 24 
39,72 
63 98 
41 80 
35,72 
38-17 
67 52 
45 97 

21 53 
39,51 

22 29 

55.13 



1,93 

15,27 

17,90 

29,37 

3876 

0,62 

2.86 

2,89 

7,91 

10 06 
12,45 
21,40 
24,22 

6-87 
1761 
11-31 

6.35 

9.71 
4636 

797 
7590 

2.9 

or 

0.02 
0.60 
4,38 
13 
74 
618 

11 29 
694 
3,96 

26-51 
0,20 



033 
6 79 
1326 

16 14 
20 96 
61 44 

17 1 
22,75 

6,71 
6,67 
0,89 
1867 
1023 

7.85 



11 01 
17,14 
1311 
17.07 
1913 
36.06 
10,1 
16,60 
26,60 
13,75 
21 94 
37*8 
70 58 
9951 
39,33 
8-01 
44 IB 
17 95 
55,47 
49,71 
9970 
15,43 
33,21 
70 20 
55 11 

84.15 



0-57 
3.17 
4.11 
6.50 
6.87 
0.49 
1.20 
1.19 

10.21 
1.73 
2.05 
5.43 
4.20 
284 
3.03 
2.16 
1.66 
3,11 
8,53 
1 

12,59 
0.06 
0,04 
0.01 
0.01 
14 
0.20 
0.24 
0.79 
0,44 
0-44 
0,39 
035 

3,21 
0,03 



13 
273 
1,41 
1,23 
8,57 
7,17 
6,96 
2,17 
5,81 
0,43 
0.22 
041 

12.03 
1.11 

1.68 

2.37 
3.78 
1.83 
883 

1 47 
236 
2.47 
7.64 
1 70 
1 60 
5.66 
2 

606 
548 

1017 
22.43 

4.52 

3.75 
12.58 

4.31 
1092 
58 11 
26 79 

884 
16,36 
18.11 

407 



'Estimate should be used with caution because ot the small number o( sample returns on which it is based 

'Credits include foreign tax. U S possessions tax. investment, work incentive (WIN), and new lobs credits 

^Less than S500 per return 

'Coetticient of vanation is less than 005 but greater than zero 

'Estimate is based on returns sampled at a 100 percent rate and coefficient of vanation is zero 

NOTE: See text (or "Explanation ot Terms' and "Oeschptlon ot the Sample and Limitations of the Data." 



Corporation Returns/ 1977 
RETURNS OF ACTIVE CORPORATIONS 
Table 2.— Balance Sheets and Income Statements, by Major Industry 

[All figures are estimates based on samples — money amounts are in thousands ol dollafs] 



27 



Agncultufe. 
Ityeslry 

and 
lisfiing 



Metal 
mining 



Coal 
minify 



Ol and gas 
extraction 



Nonmetallic 

minerals, 
except tuels 



ID 



121 



161 



Number of rctuma, loul . 

wm< n«l Incom* 

Total iMats 



Cash 

Notes and accounts receivable 

Less: Allowance tor bad debts 

Inventones 

InvesliTwnts in Government obligations: 

United States 

State and local 



Ottier current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investnnents 

Depreciable assets 

Less Accumulated depreciation.. 
Oeplelable assets 

Less Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less; Accumulated amortization.. 
Other assets 



Total llabllltlat 

Accounts payable 

Mortgages, notes, and boTKjs payable in less than one ) 

Other current liat>ilities 

Loans Irom stockholrters 

Mortgages, notes, and bonds payable in one year or m< 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropriated 

Retair>ed earnings, unapprophated 

Less: Cost ol treasury stock 



Total receipt* 

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 I 
Net long-term capital gam reduced by net short-term capital I 

Net gain, noncapital assets 

Dividends received Irom domestic corporations 

Dfvtdends received from foreign corporations 

Other receipts 

Total deductiona 



Cost of sales and operabons .'. 

Compensation ol otficors 

Repairs .* 

Bad debts 

Rent paid on business properly 

Taxes paid 

Interest paid 

f^ntnbutions or gifts 

Amortization 

Depreciation 

Depletion 

Advertising 

Pension, proftt-sharing, stock bonus, and annuity plans.. 

Employee tienefit programs 

Net kiss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Constructive taxable income from related foreign corporations... 
Net income (less deficit) (line 64 plus 65 minus 37) 

Net income 

[deficit 

Income subject to tax 

Income tax. total 

Normal tax. surtax, and alterrutive lax 

Tax from recomputing pnor-year investment credK 

Tax from recomputing prior-year wor1( incentive (WIN) credit.. 

Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Worli incentive (WIN) credit 

New jobs credit 

DistntMjtions to stocktiolders: 

Cash and property except in own 8tocl< 

Corporation's own stock 



3,24 1, 887 

1,424,528 

5,326,389,281 

361 .549.924 

1,337.902.515 

34.345.449 

396.032.639 

216.176.700 

164.364,130 

181.373.300 

14.380.704 

661.272.986 

820.704.826 

1.536.011.959 

576,129.137 

51.790.975 

20.706,628 

73.887.346 

15.908,335 

4.953,776 

131.167,930 

5,326,389,281 

346,521,170 

319,805.729 

2,062.786.447 

47.328.015 
694.119.251 
504.857,804 
286,775.916 
353.452.174 

36.677.846 
700.688.279 

26.623.350 

4,128,304,478 

3,813,925,121 

14.356.996 

7,820.906 

154.491.738 

32.638,084 

6.135.428 

521.410 

11.916.138 

11.169.250 

13.932.345 

8,275.849 

53,121,213 

3.908,781,721 

2,725,009,554 

73,793,066 

30,158,253 

14,249,343 

50,019.434 

104.282.166 

152.866.323 

1.789.747 

981.002 

106.972,692 

5.658.877 

35.298.210 

36.463,699 

23.498,403 

1,618,022 

546.123,930 

219,622.757 

7,541,192 

219.243,043 

245.274.490 

26.031.447 

212,501.782 

96.340,453 

95.627,563 

446,735 

3,839 

263,316 

26,006.028 

837.687 

11.038.404 

19.327 

1.703.838 

61.536,761 
2.675.787 



65,594 

38,440 

28,903,259 

1.665,661 

2,576.648 

28.836 

2,838,025 

160,447 

46.596 

876,991 

449,289 

296,321 

2.256138 

16,853,654 

7,479,742 

241.623 

37.520 

6,787,851 

63,001 

19,701 

1,355.413 

38,903,359 

1 ,630,998 
5,147.391 
1.331.156 
1,792,277 
9.175,057 

897.806 
4.742.216 
2.233.322 

174.240 
2,324,607 

546,811 

35,907,867 

33.931.272 

14.101 

3.533 

174.829 

213.662 

33,974 

22,289 
429,092 
154.948 

38,305 

9,695 

882,167 

35,199,177 

24.703.484 

922.631 

711.709 

45,670 

748,255 

825.364 

1.100.868 

11.345 

4.915 

1.474.026 

8.678 

126.942 

126.788 

92.024 

25.675 

4.268.803 

708.690 

3.799 

706,956 

1.740.130 

1,031.174 

1,145.569 

401 .946 

395.765 

5.271 

•(') 

890 

25.645 

121 

76,414 

•48 

12,778 

387,661 
•13,202 



19,316 

10,963 

88,377,059 

3.323,447 

1 7,399,042 

72.343 

4.360,146 

752,153 

81.786 

4.185,294 

956.824 

323.336 

17,685.571 

44.061.816 

16,419.702 

10.159.996 

3.787.263 

1.055.056 

1.829.635 

684.794 

2,066.160 

88,377,059 

7,606,695 
4.211.283 

12.755.586 
1.162.393 

15.098.612 
4.840,881 
3,461.694 

13.905.290 
3,609,652 

22,205.106 
500.133 

96,164,753 

92.553,482 

30,939 

6,927 

532,030 

196,731 

219.389 

8.292 

642.136 

274,390 

157.704 

124.113 

1.416,620 

64,894,600 

44.842.332 

736.435 

746.463 

68.861 

457,693 

1 .509.443 

1.507.766 

20.612 

1 1 .934 

3.043.533 

1.205,510 

55,413 

418,761 

273,465 

34,906 

9,961.473 

31.270.153 

90.697 

31.353.923 

32.581.722 

1.227.799 

31.919.909 

15.263.122 

15.176.753 

13.153 

•322 

72,894 

13,958,967 

51 

223,125 

44 

27.131 

1.945.098 
70.554 



759 

280 

11,777,577 

214.874 

727.893 

1.086 

981.953 

•67.689 

3.285 

1.197,997 

•68,525 

18,775 

3,631.151 

5.661.515 

2,122,274 

1.109.383 

369.742 

77.494 

55.294 

25.896 

480,749 

11,777,577 

544.947 
672.609 
860.156 
159.472 

1.861.304 

1.439.894 
568,666 

2,222,621 
•6,552 

3.266.410 
25.054 

5,144,588 

4.694.1 

2.071 

72 

70.593 

4.534 

10,209 

80 

167,871 

29.607 

20.569 

70.720 

74.074 

5,124,128 

3.400.426 

23.572 

53.199 

4,824 

32,323 

254.619 

201.067 

1.878 

3.360 

280.310 

199.414 

1.497 

69.675 

18.908 

•823 

578.213 

20.460 

32.329 

52.717 

299,399 

246.682 

221.402 

96,321 

79.752 

418 

16.151 
56.266 

5,772 

35 

•563 

150.864 
9.515 



3,836 

2,243 

11,810,349 

736,762 

1,225.047 

6.571 

521.953 

244.666 

40.890 

657.791 

65.473 

19.526 

1 .797.635 

7.623.153 

2,975.296 

1.231.307 

95.284 

270.654 

70,631 

12.005 

395.997 

11,810,349 

787,655 
1,057.758 

903,378 

91,021 

3.014,725 

683.035 

538.886 
1.460.445 

176.010 
3.218.873 

121.437 

t1,480,318 

11,020.015 

6.725 
2.184 
67.743 
82.640 
16.931 
•3.087 

112.713 
35.992 
24.479 
•1.995 

105,814 

11,191,341 

7,598.702 

190.589 

221.731 

12.687 

106.701 

431.055 

272.930 

5.038 

1.009 

813.054 

348.099 

3,978 

94.856 

140,431 

1.485 

948,996 

288.977 

•1.102 

287.895 

632,790 

344.895 

496.840 

241.408 

213.517 

2.587 

112 

25,192 

2,491 

49,211 

6 

5,185 

228.678 
•11.614 



10,672 

6,546 

57,477,734 

1.994.698 

14.421,125 

34,911 

2,042.107 

397.124 

32.586 

2.077.843 

805.345 

245.270 

11.390,197 

25,845,181 

8.427.003 

7.446.888 

3.220.395 

435.653 

1 .678.686 

642.415 

989.753 

57,477,734 

5,581.738 
1 ,929.086 

10.617.491 
743.949 
8.588.050 
2.242.652 
1.717.551 
9.367.622 
3.412,674 

12.993,663 
216942 

72,998,225 

70,538.525 

18.747 

3.036 

352.953 

76.511 

164.228 

4.891 

336.256 

1 75.966 

106.014 

50,990 

1.150.109 

42,361,003 

29.847.839 

375.207 

266.424 

38.098 

240.635 

603.402 

665.859 

10.486 

6.639 

1.521.476 

467.430 

28.762 

195.601 

74,592 

26.948 

7,671.605 

30,737.222 

57.101 

30.791.287 

31,312.795 

521.508 

30.930.234 

14.797.508 

14.768.759 

8.995 

•149 

19.605 

1 3.898.203 

51 

135.981 

CI 

16.108 

1.387.664 
46.904 



3.949 

1.894 

7,311,399 

377,093 

1,024,977 

27,773 

814,133 

42,674 

5,025 

251,663 

17,481 

39,764 

1 ,066,568 

5,631,967 

2,895,129 

372.416 

101.842 

272.155 

25,022 

4,478 

199,661 

7.311,399 

692,355 
351,830 
374,561 
187,951 

1,634,533 

475,300 

636,591 

354,402 

14,416 

2,726160 
136.700 

6,541,622 

6,300,754 

3.396 

1.635 
40.741 
33.046 

8.021 

•234 

25,297 

32.825 

6.642 

•408 

88.623 

6,318,138 

3,995.365 

147.067 

205.109 

13.252 

78,034 

220,367 

167,890 

3,210 

926 

428,693 

170.567 

21.176 

58.629 

39.534 

5.650 

762.659 

223.494 

•165 

222.024 

336.738 

114,714 

271.433 

127.885 

114,725 

1,153 

•61 

11,946 

2,007 

32,161 

3 

5,275 

177,872 
•321 



Footrv>les at end ol tatile See text tor "Explanation of Terms" and "Description of the Sample and Umrtations of the Data" 



28 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 2. — Balance Sheets and Income Statements, by Major Industry — Continued 

|AII figures are estimates based on samples — money amounts are In thousands of dollars) 



Major industry — Continued 



General 

building 

contractors 

and operative 

tHiilders 



Heavy 
construction 
conl/actors 



Special 

trade 

contractors 



Food and 
kindred 
products 



Tobacco 
manufactures 



Textile mill 
products 



Apparel arKl 

ottief textle 

products 



(8) 



(9) 



(101 



(") 



(12) 



(13) 



(14) 



(15) 



NumlMr of returns, total 

WItft n«t Income 

Tolel aeeete 

Casti 

Notes and accounts receivable 

Less: Allowance (or bad debts 

Inventories 

Investments in Government obligations: 

United States 

State and local 

Oltier current assets 

Loans to stocktiolders 

Mortgage and real estate loans 

Ottier investments 

Depreciable assets 

Less: Accumulated depreciation 

Oepletable assets 

Less: Accumulated depletion 

Land 

Intangible assets (amonizable) 

Less: Accumulated amortization 

(Dther assets 

Total llabllltlee 

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 

(Dther liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unappropriated 

Less: C^st of treasury slock 

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 sftoft-term 
capital loss . 

Net gam, noncapital assets 

Dividends received from domestic corporations 

Dividends received from foreign corporations 

Other receipts 

Total deductions 

Cost of sales and operations 

Compensation of officers 

Repairs 

Bad debts 

Rem paid on business property 

Taxes paid 

Interest paid 

(3ontnbutions or gifts 

Amortization 

Depreciation , 

Depletion 

Advertising 

Pension, profit-shahng, stock t}onus, and annuity plans .. 

Employee t)enefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign 

corporations 

Net income (less deficit) (line 64 plus 65 minus 37) 

Net income 

Deficit 

Income subject to tax 

Income tax, total 

Normal tax. surtax, and alternative tax 

Tax from recomputing prior-year investment credit 

Tax from recomputing pnor-year work incentive (WIN) 
credit 

Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 

Distnbuttons to stockholders: 

Cash and property except in own stock 

Corporation's own stock 



214,745 

135,955 

91,222,022 

6,712,907 

24,952,578 

218,096 

15,693,140 

425,237 

269,394 

9,640.477 

1,187,240 

799,460 

5,517,000 

34,232,185 

16,920,611 

267,472 

40,579 

3,518,741 

279.476 

55,782 

2.961.783 

91,222.022 

18,312,543 

13,060,972 
12,923,578 
2,928,336 

14,103,707 

6,801,020 

5,903,557 

3,306.109 

269.777 

14.866,714 

1,254,291 

181,550,922 

176,745,105 

37,336 

16,505 

676,674 

628,427 

20,117 

17,370 

417,807 

441,130 

68,604 

67,868 

2,213,980 

177,093,366 

142,818,285 

6,164,320 

1,002,962 

365,552 

1,151.036 

3,782,109 

2,050,494 

49,240 

10,910 

3,176.543 

44,423 

435,619 

860,981 

719,245 

48,283 

14,413,364 

4,467,556 

76,471 
4,517,522 
6,536,536 
2,019,014 
5,047,436 
1,919,876 
1,894.222 

21.673 

•244 

3.737 

122.733 

2,051 

220,629 

444 

238.736 

556,171 
54,830 



84,924 

50,099 

45,012,301 

3,868,130 

10,319,053 

54,413 

10,420.146 

225.043 

121.216 

5,922.440 

673,737 

664.947 

2,537,966 

10,452,228 

4,257,485 

119,121 

10,485 

2,437,678 

164,876 

23,584 

1.431.688 

45,012,301 

9,195,731 

8,689,523 
6,296,781 
1,470,573 

7,933,611 

3,761,326 

1 .946,856 

1.643.194 

100,404 

4,523,319 

449,019 

78,660,877 

76,403,771 

18,741 

6,677 

367,483 

516,788 

4,754 

11,519 

200,809 

161,617 

17,468 

16,225 

936,036 

77,228,641 

65.783,246 

2,076,629 

275,604 

110,371 

277,863 

1,136,641 

1,134,393 

20,916 

6,044 

865.981 

17.950 

200.975 

260.044 

177.272 

31.610 

4,854,202 

1 ,432,236 

39,132 

1,464,691 

2,448,216 

983,524 

1,865,007 

712,000 

704,884 

5,223 

•82 

1,811 

45,047 

264 
56,445 

348 
70,204 

159,269 
23,788 



16,875 

11,580 

20,933,024 

1,981,462 

5,623.707 

42,868 

1,482,814 

114,398 

94,819 

1.921,669 

93.876 

42.277 

1,774,994 

13,383.873 

7,177,311 

116.211 

26.263 

539.740 

60.363 

13.457 

962.700 

20,933,024 

3,642,105 

1,652,261 

3,257,555 

319,262 

3,172,598 

1477,375 

1.868.429 

993.122 

63.636 

4.745.374 

248,692 

37,344,404 

35.740,112 

9,392 

5,! 

192,429 

165,276 

14,849 

2,345 

131,629 

196,408 

40,856 

50,573 

794,666 

36,070,914 

28,759.758 

773,715 

365,392 

63,179 

297,713 

751,442 

434,067 

11,775 

1414 

1,161,294 

23,398 

40,122 

236,622 

165.772 

8,490 

2,976,761 

1,273,490 

35,836 

1 ,303,359 

1,614,677 

311,318 

1,372,439 

596,487 

586,036 

9,264 



1.101 

75,277 

770 

90,196 

•11 

36,739 

211,403 
7,979 



112,946 

74,276 

25,276,697 

2,863,316 

9,009,818 

120,826 

3,790.180 

85,796 

63,359 

1.796,368 

419,627 

92.236 

1,204,041 

10,396,084 

6,486,816 

32.140 

3.841 

541.323 

64.237 

18.741 

667.396 

25,276,697 

5,474.707 

2.819.188 
3,369,242 
1,138,501 

2,997,498 

1.562,319 

2.088.270 

669,793 

115,738 

5,598,021 

566.580 

65,545,641 

64.601,222 

9,202 

3,859 

116,762 

146,363 

514 

3.606 

65,469 

83,106 

10,290 

•1,070 

484,279 

83,793,811 

48,276,281 

3,313,976 

361,966 

192,002 

576,460 

1 ,894,026 

482.034 

16,549 

4,452 

1,149,268 

3,075 

194,522 

364,316 

376,201 

8,283 

6,562,401 

1,761,830 

1,501 

1,749,472 

2,473,644 

724,172 

1 ,809,989 

611,389 

603,302 

7,186 

•76 

825 

2,409 

1,017 

73,988 

•85 

131,793 

185.499 
23.063 



231,149 

158,995 

1,182,263,458 

39,726,110 

269,729,095 

5,896,275 

207.458.384 

13.150,855 

2,656,836 

55.248.615 

2.753,730 

2,962,043 

196,161,763 

602,208,407 

262,842,472 

37,013,488 

16,619,489 

15,988,286 

6,347459 

1,848.528 

38.164.152 

1,182,263,458 

147,715,712 

79,684,200 
120,554.009 
11,219,075 

210,589,393 

65,157,402 

79,846,023 

122,365,361 

5,972,218 

349,147,997 

9,977,932 

1,653,531,899 

1,591.340,869 

1,003,273 

327,786 

10,292,992 

10,959,763 

4,339,989 

59,330 

4.834.132 

1.425,391 

6,307,017 

7,205,465 

15.435,892 

1,559,542,934 

1.165.901,411 

14,301,818 

19,609,681 

2,931,815 

12,609,766 

44,548,521 

25,124,477 

910,837 

339,725 

44,372,471 

3,927,023 

17,408,358 

19,076,277 

14,178,523 

546.263 

173,755,979 

93,988,965 

6,347,708 
100,008,887 
107,608,932 
7,600,045 
101,639,157 
47,434,803 
47,135,474 
203,452 

1,433 

94,444 

10,154.318 

799.042 

4,607,188 

9,777 

558,785 

26,913,367 
1,116,741 



16,048 

11,039 

94,030,465 

3,896.404 

18,271,639 

409,889 

19,536,732 

605,823 

230.768 

3.758.419 

430.308 

542.556 

15.174.077 

48.266.762 

21,274.169 

364.198 

90,576 

1 ,800,283 

484,311 

107.684 

2,550.492 

94,030,465 

11,781,704 

6,331,169 

9,691.135 

950,694 

16,246,986 

3,274.589 

7.080.696 

6,231.351 

690.298 

30,626,690 

874,837 

200,2(2,466 

196.642.579 

45.225 

26,402 

669.188 

279.745 

274,077 

13,988 

242,666 

1 76,869 

301,029 

350,225 

1,261,473 

192.679,837 

151,186.646 

1.167.159 

1 .605,446 

222,550 

1,309,412 

6,061,766 

2,015,572 

76,110 

20,295 

3,799,536 

29,745 

4,725,979 

1,193,989 

942,582 

58,320 

19,266,730 

7,602,629 

291.179 
7,868,406 
8,452,384 

583,978 

8,030,154 

3,768,403 

3,743,066 

22,234 

•1,373 

1,730 

409,169 

69,872 

367,955 

377 

36,532 

2,169,116 
135.606 



39 

31 

18,693,166 

565,356 

2,377,043 

29.003 

4,808,995 

40 

439,033 

389,342 

92,893 

5,322,745 

4,770,477 

1 ,025,862 

253,527 

172,668 

53,986 

4,790 

506.726 

18,693,166 

1,412,890 

884,452 
1 ,830,738 
•134,647 

4,360,988 

839,494 

932,820 

2,924,188 

401,661 

5,173,454 

202.166 

18,037,747 

17,389,892 

323 

63 

153,855 

23,621 

53,311 

3,850 

118,170 

•37,401 

99,884 

17,318 

140,159 

16,202,473 

9,636,267 

37,558 

120,822 

28,463 

99,422 

2,270.828 

449.743 

12.192 

1.966 

365.079 

42.441 

911.144 

168.282 

1 72,869 

9,926 

1,875,481 

1,835,274 

46.424 

1.881.635 

1.890.747 

•9.112 

1,818.149 

853,300 

851.302 



119,727 

10,181 

41,169 

5 

•430 

441,330 



5,805 

4,257 

19,824,326 

832,060 
5,288,578 

104,916 
5,526,886 

84.112 

34,226 

616,492 

14,670 

14,1 

1,268,092 

13,695,367 

7.699,509 

•10,392 

•3.369 

144,468 

46,004 

14,367 

271.971 

19,824,326 

2,588,652 

1,716,592 

1 .600,689 

184,899 

3,350,946 

362,760 

1,517,232 

1,398.371 

31,107 

7,331,051 

257,973 

36,407,585 

36,859,792 

8,438 

1,473 

77,038 

32,612 

29,809 

581 

34,734 

24,158 

47,003 

17,620 

274,327 

35,125,935 

28,087,993 

430,203 

298,676 

70,609 

264,481 

870,266 

461,989 

23,607 

3,312 

959,040 

•1.175 

246,719 

230,648 

169,419 

44,601 

2,964,297 

1,281,650 

5,926 

1,286,103 

1,654,168 

368,065 

1,543,862 

721 ,348 

714,628 

6,601 

(') 

119 

7,638 

6,644 

88,564 

261 

21,595 

264,089 
•4,397 



Footnotes at end of table. See text for "Explanation of Terms" and "(Descnption o( tfie Sample and Limitations ot the Data " 



Corporation Returns/ 1977 
RETURNS OF ACTIVE CORPORATIONS 
Table 2. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in tt)ousands ol dollars] 



28 



Major Industry — Continued 



Lumber and 

wood 

products 



Furniture 
and fixtures 



Paper and 

allied 
products 



Uanufactunng — Continued 



Pnntir>g and 
publishing 



Chemicals 
and allied 
products 



Petroleum 
(including 

integrated) 
and coal 
products 



RutJtier and 

miscellaneous 

plasbcs 

products 



Leattier and 
leattier 
products 



Stone, clay, 
and glass 
products 



I") 



118) 



(191 



120) 



121) 



(221 



(23) 



(24) 



125) 



Number of retuma, total 

With net Income 

Total aasela 

Cash 

Notes and accounts receivable 

Less: Allowance for bad debts 

Inventories 

Investments in Government obligations: 

United States 

State and local 

Other current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less Accumulated depreciation 

Depletable aisets 

Less Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less: Accumulated amortization 

Other assets 

Total llabllltlea 

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 

Paid-in or capital surplus 

Retained earnings, appropnated 

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 gam reduced by net short-temt 
capital loss 

Net gam. noncapital assets 

Dividends received from domestic cor[K>rations 

Dividends received from foreign corporabons 

Other receipts 

Total deductions 

Cost of sales and operations 

Compensation ol officers 

Repairs 

Bad debts 

Rent paid on business property 

Taxes paid 

Interest paid 

Contnbutions or gifts 

Amortization 

Depreciation ^.-TrTTrrrn 

Depletion 

Advertising 

Pension, profit-sharing, stock bonus, and annuity plans.. 

Employee twnefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign 

corporations 

Net income (less deficit) (line 64 plus 65 minus 37) 

Net income 

Deficit 

Income subject to tax 

Income lax, total 

Normal tax, surtax, and altemative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-yeaf work incentive (WIN) 
credit 

Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credN 

New (Obs credit 

Distnbutions to stocktiolders: 

Cash and property except in own stock 

Corporation's own stock 



1 3,923 

S.763 

28,661.754 

1,261.752 

4,249.662 

88.068 

4.986.680 

117,669 

•16.861 

1.122,780 

145.755 

926.081 

2.928.328 

18.418.892 

7.864.306 

2.208.775 

74.250 

511.722 

53.913 

15.445 

964.763 

28,861,754 

2,460.023 

2,408.429 

3.002.709 

400.058 

6,664.724 

1,048.573 

2,146.069 

3.930.887 

119.477 

8.096.566 

337,761 

43,738,110 

41.492,402 

13.165 

1,799 

248.290 

79.327 

18.455 

2.951 

1.326.251 

69.191 

94.214 

33.346 

358.719 

41,204,270 

31.106.958 

614.944 

436.560 

65.689 

333.913 

1,048.471 

721.772 

16.092 

9.859 

1.398.732 

1.351.239 

146.942 

302.560 

172.453 

52.377 

3,426.709 

2.533.840 

43.231 

2.575.272 

2.814.782 

239.510 

2.650.0OO 

1.009.081 

997.148 

6,671 

5.262 

31.312 

182.474 

266 

27.606 

497.884 
•117.746 



7,653 

5,048 

7,106,788 

402,994 

1,909,376 

49.057 

2.195.342 

14.825 

•25.497 

246.317 

18.381 

6.455 

428.905 

3.090.077 

1.449.230 

•2.406 

•250 

122.597 

33.345 

12.294 

122.102 

7,106,788 

992.668 

656.406 
692,471 
143,395 

1.069,764 

134,913 

731.672 

365.004 

22.666 

2.489.957 

92.108 

14,524,880 

14.292.791 

2.727 

1.473 

25.774 

17.231 

1 1 .670 

•439 

23.145 

1 1 .033 

8.325 

5.452 

1 24.830 

13,831,334 

10,259.611 

326.873 

66.946 

36.288 

163.378 

393.077 

167.606 

6.980 

693 

233.600 

418 

153.541 

105.017 

93.215 

2,038 

1,841.854 

693,556 

4,177 
696,260 
790,650 
94,690 
731.230 
324.616 
323.442 
1.295 



•79 

4,330 

174 

19.637 

167 

20.477 

72.796 
•18,960 



3,486 

2,811 

34,306,613 

923.729 
4.808.540 

112.537 
5.181.870 

513.678 

45.849 

1.142.398 

44.008 

16.309 

4,167.317 

26,051.950 

12,046.248 

2,386.191 

462,678 

917,71 

124,848 

25,909 

619,579 

34,306.613 

3.272,332 

1,440,098 

2,987,389 

147,139 

7.737,167 

843.310 

2.914.312 

3.255.323 

51.451 

11.944.138 

286.036 

45,278,513 

43.596.430 

14.496 

9.609 

180.845 

67.466 
161.875 

335 

668.616 

24.161 

110.557 

167,836 

296.287 

42,599.918 

30.635,304 

364,606 

1.066,630 

67,509 

350,650 

1,144,117 

706.429 

37,670 

12,860 

1.822.121 

380,164 

299,112 

621,025 

355,982 

8,865 

4.826,895 

2.676,595 

111.041 
2.780,027 
2.937.234 

157.207 

2.884.655 

1.262.457 

1.247.727 

5.156 

(') 

9.574 

135.914 

706 

195.212 

637 

10.564 

859.769 
•36.909 



33,324 

22.517 

33,765,363 

2,229.379 

7,712.090 

603.095 

3,666,333 

541.022 

193.664 

2.486,742 

191,11 

83,640 

4,630,062 

16459.752 

7.990.266 

150,338 

•1,827 

771,170 

967,930 

149,979 

2,437,310 

33,765.363 

3,206,112 

2.086,337 

4.433,609 

585,684 

4.537,666 

1.704,697 

2.442,107 

2.369,985 

335.844 

12.736,601 

673.479 

50,203,180 

48.466.555 

32.073 

10.040 

259.156 

160.525 

132.353 

5.187 

164.421 

59.520 

101.666 

55,411 

756,044 

46,108,103 

30.446,095 

1.428,000 

279,406 

296,237 

682,170 

1.614.1 

570.748 

58.063 

38.753 

1.261.118 

51.388 

424.246 

613.859 

413.539 

25,214 

7.983.078 

4.096.077 

40.170 
4.125.207 
4.501.129 
375.922 
4.199.140 
1,906.374 
1,898.973 
6,262 

•(') 

•139 

57.051 

169 

116.957 

72 

31.137 

846.939 
11,067 



10.963 

7,050 

105,403,697 

2,672,780 
19,340,060 
447.442 
17,8124L 

540,127 

180,671 

3,776,725 

112,968 

28,690 

18.876,613 

67,940,677 

31.190,979 

1,140,341 

263,903 

1,302,816 

908,087 

209,675 

2,682,821 

105,403,687 

11.053,014 

4.185,629 

10.097,107 

700,603 

22.515.914 

2.846,577 

7.669.956 

10.979.025 

209.062 

36.159.169 

1.014.359 

127,768,724 

122.386.265 

38.221 

16.526 

737.665 

113.619 

715.093 

7.300 

478.913 

202,749 

614.087 

718,575 

1,739,691 

117,686,430 

78.761,980 

816.894 

2.066,381 

202,062 

1.157.910 

2.650,619 

2.192,484 

113.967 

28.220 

6.071.288 

218.511 

3.479.494 

1.880.494 

1 .020.699 

24.046 

18.001.492 

10.082.2S4 

946.948 
11,012.716 
11459.578 
446,862 
11,195.900 
5.303,616 
5.256,407 
30.868 

1 

16.340 

904,190 

442.709 

569.923 

1 

24.046 

3.866.684 
85.502 



1,201 

930 

237,840,080 

2,982,847 

44,256,143 

492,428 

16.661,224 

2.259,277 

205.377 

8.063.369 

106.705 

72,803 

68.227.358 

117.160.439 

48.903,621 

26.390,919 

14.151.910 

4.023.604 

1 .435,058 

513,264 

6.036,280 

237,840,080 

34.451,297 

5.336.748 

19.059.910 

739.288 

33.039.115 

29.274.116 

13.370.542 

31,674.904 

1.114.021 

71.016.956 

1.236.819 

335,638,541 

326.031.048 

216,218 

9.759 

1,654.667 

874.511 

235.646 

2.911 

428,617 

156,029 

1.725,470 

1.593,328 

2.610,448 

318,342,315 

269.071.979 

251.268 

3.117.278 

278.806 

1.640.102 

8.632.170 

3.655.414 

90.865 

48.464 

6.442.146 

1.040.780 

638,260 

1,469,048 

589.985 

27,709 

21.758,041 

16.296.226 

1.361,650 
17.646.117 
18.270.504 
622.387 
16.559,109 
7,699.059 
7.672.852 
18.532 



•6.671 

4.040.626 

25.254 

1,012.212 

39 

4.966 

5,052.368 
132.079 



8,804 

6.063 

21.869.213 

1,027,680 

5,564,186 

89,486 

4,770,459 

56,204 

•60,064 

556.511 

64,527 

42,761 

2,184497 

12,682.727 

5.637.016 

•4.745 

•1.279 

212.447 

70.898 

18.601 

607.889 

21.859,213 

2.553.039 

1.702.597 

2,705.651 

247.274 

4,140.609 

412.852 

1,249.662 

1 .929.827 

374.367 

6.843.070 

299,776 

34,713,720 

33,944.329 

11,595 

768 

116.483 

52.575 

57.618 

690 

37.661 

31.195 

36.916 

106.586 

318.404 

33,112,282 

23.614.801 

479.386 

450.401 

89.063 

398,304 

989,642 

498.264 

13,116 

2,989 

1 ,023,629 

1,326 

352,725 

476,192 

369.917 

17.045 

4.333.276 

1.601.436 

65.547 

1,666.217 

1.619.711 

1 53,494 

1,729,966 

792,373 

788.040 

4.213 

•(') 

•120 

95,620 

3.897 

101.804 

476 

29.485 

367.976 
33.584 



1,751 

1,483 

5.404.000 

478.559 

1.392.877 

31.754 

1.693.189 

15.728 

•16.678 

209.881 

32.593 

•3.043 

621.449 

1.673.039 

875.176 

•30 

37.940 

10.333 

2.073 

125,663 

5,404,000 

837.322 

599.956 

369.224 

52.942 

890.996 

112.905 

614.330 

482.440 

•20.761 

1.517.453 

94.340 

10,384,827 

10.192.252 

746 

487 

42.056 

10.463 

3.722 

•28 

10.158 

2.530 

30,784 

•957 

90,724 

10,010,788 

7,511.845 

130.346 

50.739 

24.156 

208.893 

245.939 

139.937 

6.396 

746 

125,066 

■341 

118,902 

62,378 

48,433 

14,676 

1.331.991 

374,139 

11,638 
385,190 
461,416 

76,226 

421,746 

194.508 

193.876 

630 



1.961 
1.936 
9.348 
62 
7.109 

96.929 
•1.837 



10,403 
8,488 

27,281,846 

1.112,629 

5.329.126 

131,017 

4,198.162 

322,347 

22.279 

1.010.873 

24.988 

31.493 

3.206.994 

20.979.780 

10.133.255 

369.633 

76.144 

588.201 

73.425 

24.356 

366.789 

27,281,846 

2.811.861 

1. 162.453 

2.813.045 

294.067 

5.789.289 

664.944 

2.311.239 

2.351.394 

226.508 

9.231.211 

374.166 

36,309,891 

36.176.446 

12.567 

1.373 

142.836 

65.641 

67.732 

175 

101.209 

62.005 

126.620 

96.127 

437.760 

34,132,881 

24.051,483 

631.584 

863.470 

96,987 

306.735 

1.051.814 

581.168 

26.006 

5.948 

1.439.796 

116.045 

207.224 

477.426 

351.568 

13.672 

4.010.053 

2.176.710 

77.458 
2.252.795 
2.437.170 
184.375 
2.238.045 
1.029.633 
1.020.266 
6.759 

•(') 

2.608 

100.154 

2.997 

165.750 

189 

19.715 

532.132 
31.634 



Footnotes at end ol table See text lor Explanation of Terms' and 'Oescnption of the Sample and Limitations ol the Data * 



30 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 2. — Balance Sheets and Income Statements, by Major Industry— Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



MajOf industry — Continued 



Pnmafy 

metal 

Industries 



Fabncated 

metal 
products 



Machinery, 
except 
etectrical 



Manulactunng — Continued 



Electrical 

and 
electronic 
equipment 



Motor 
veiiicles and 
equipment 



Transportation 

equipment, 

except motor 

vehicles 



Instruments 

and related 

products 



Miscellaneous 
manufactunng 

and 
manulactunng 
not allocable 



(27) 



(28) 



(291 



(30) 



(31) 



Numtwr of retuma, total 

Wltt> net Income 

Total asaats 

Casfi 

Notes and accounts receivable 

Less. Allowance for bad debts 

Inventories 

Investments in Government obligations: 

United States 

State and local 

Other current assets 

Loans to stockholders 

Mortgage and real estate loans.... 

(Dther investments 

Depreciable assets 

Less; Accumulated depreciation 

Depletable assets 

Less: Accumulated depletion /. 

l-and 

Intangible assets (amortzable) 

Less: Accumulated amortization 

Other assets 

Total llabllltlaa 

Accounts payable 

Mortgages, notes, and bonds payable in less tttan one year 

Other current liabilities 

Loans from stockholders 

Mortgages, notes, and bonds payable in one year or more 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnated 

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-temi capital gain reduced by net long-term capital loss 
Net long-term capital gam reduced by net short-term capital loss. 

Net gam, noncapital assets 

Dividends received Irom domestic corporations .7..:.7..„r.. 

Dividends received from foreign corporations 

(Dther receipts 

Total deductions 

Cost of sales and operations 

Compensation of officefs 

Repairs 

Bad debts 

Rent paid on business properly 

Taxes paid 

Interest paid 

Contnbutions or gifts 

Amortization 

Depreciation 

Depletion 

Advertising 

Pension, profit-sharing, stock bonus, and annuity plans 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign (XKporations 

Net income (less deficit) (line 64 plus 65 minus 37) 

Net income 

Deficit 

Income sub|ect to tax 

Income tax, total 

Normal tax, surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax Irom recomputing prior-year work incentive (WIN) credit 

Additional tax for tax preferences , 

Foreign tax credit 

U.S possessions tax credit 

Investment credit 

Worts incentive (WIN) credit 

New jobs credit 

Distributions to stockholders: 

Cash and property except in own stock 

Corporation's own stock 



4,454 

3.796 

92,502.236 

2,130,075 

16,005,936 

264,786 

14,736.943 

193,017 

146.029 

3,698.246 

130,965 

81,128 

14,159,256 

67,536.866 

33,436,152 

812,141 

287,415 

1,008,031 

375,625 

144,242 

6.420.553 

92.502.236 

8.208.311 

7.276.787 

7.437.479 

229.980 

20.251.651 

7.218.806 

7.602.585 

9,963,781 

151,091 

24,733,968 

572,203 



9S.S04.375 

95,680,424 

16.943 

9.138 

676.717 

150.010 

97.886 

6.869 

180.615 

38.140 

311.137 

176.459 

1.160.037 

97.412.282 

73.576.101 

559.413 

4.254.818 

119.839 

564.805 



J.367.556 

2.345.075 

25.727 

39.794 

3.603.164 

441.992 

272.216 

2.026.821 

1.272.017 

19.482 

j.923.442 

1.092.113 

148.284 

1.231.259 

2.584.391 

1.353.132 

2.299.123 

1.103.027 

1.057.716 

4.558 

•1 

40.752 

160.215 

391 

155.095 

252 

17.143 

1.316.193 
62.904 



32.590 

23.774 

51.506.962 

2.770.582 

11.998.198 

250.561 

12.707.236 

426.990 

327.002 

2.044.539 

169.853 

67.879 

5.640.226 

25.476.765 

12.245.870 

153.375 

7.722 

829.581 

345.475 

112.208 

1.165.622 

51.506.962 

6.740.450 
3.441.959 
5.262.023 

745.160 
8.671.807 
1.612.893 
4.079.245 
3.997.745 

233.065 
1 7.522.969 

800.354 

84.128.260 

82.375.570 

24.627 

7.348 

272.081 

166.852 

78,257 

4,475 

110,987 

78,856 

97,186 
205,834 
706,187 

78.999,086 

58,581,773 

2,028,405 

873,657 

198,645 

708,443 

2,221,272 

1,040,411 

60,807 

11,704 

1 ,970,478 

16,397 

554,039 

1,021,399 

717,862 

34,156 

8,959,638 

5.129,174 

126.995 

5.248.821 

5.712.551 

463.730 

5.333.785 

2.416.473 

2.404.521 

1 1 .585 

•39 

328 

173.249 

8.466 

191.408 

946 

86.062 

861 .257 
62.967 



24,671 

17,376 

114,577.828 

4.139.998 
29.334.351 

1.241.041 
28.496.094 

3.323.941 

263.803 

7.738.537 

221.177 

109.256 

15,227.327 

47.249.239 

23,344,492 

249,197 

30,919 

877,336 

464,510 

203,393 

1,702,907 

114.577.828 

15,627,093 
7,253,343 

13,579,002 
3,634,745 

19,360,464 
3.303,283 
9.737.779 

11.809.165 
341.125 

30.620,285 
688,456 

124.186.319 

109.684,375 

242,728 

34,749 

1,481,771 

7.498,316 

1.590,435 

4,240 

225,195 

140,466 

664,482 

1,373,180 

1 ,246,382 

112.857.270 

71,437,036 

1,626,155 

999,027 

317,807 

1 ,207,380 

3,597,317 

2,570,461 

91,825 

54,649 

4,466,723 

53,517 

847,122 

1,994,781 

1,455,366 

22,348 

22,115,756 

1 1 ,329,049 

1,367,472 

12,661,772 

13,098,594 

436,822 

12,517,842 

5,896,01 

5,866,866 

26,380 

•11 

3,762 

1,824,031 

11,061 

374,862 

523 

64,429 



3.465,551 
91.062 



13.313 

7.924 

96.099.283 

4.673.886 

24.817.642 

595.698 

18.805.538 

707.269 

94.734 

9.708.411 

216.050 

155.779 

13.636.469 

35.755.076 

16.821.530 

372.299 

151.429 

710.731 

430.520 

142.574 

3.827.110 

96,099.283 

15.056.846 
6.702.636 

13.142.169 
615.693 

15,570.131 
6,621,384 
5,350.006 

12.664.162 
329.633 

21.283.431 
1.136.807 

114.307,940 

108.913.623 

41.069 
168.655 
994.481 
705.399 
396.712 
3.998 
382.630 
146.118 
742.941 
707.937 
1.116.677 

106.537.732 

73.764.031 

1 .007.002 

584.537 

327.789 

1.030.031 

3.076.989 

2.172.097 

65.758 

21.783 

3.489.948 

144.919 

1.461.728 

1.622.762 

1.199.884 

49.763 

16518.713 

7.770.208 

310.136 

7.921.789 

8.477.796 

566.007 

7.966.303 

3.730.561 

3.703.916 

20.482 

6.163 

704.168 

126.742 

367.848 

1.091 

57.439 

1.845.037 
71.094 



2,318 

1.796 

102.590,127 

2,191,184 

47,800,894 

507,222 

16,216,058 

2,681,662 

311,278 

2,417,616 

108,171 

146.563 

10.561.916 

39.118.463 

22.352.771 

•10.158 

3.854 

772.879 

31.805 

14.610 

3.099.937 

102.590,127 

10.207.919 

21.190.210 

9.188.639 

441.482 

23.409.525 

1.970.735 

3.534.093 

5.856,615 

736,148 

26,210,273 

156,612 

138,077,131 

133,156,738 

231,681 

17,603 

1,688,312 

371,830 

73,597 

•182 

64,272 

82,628 

432,558 

1,193,084 

764,246 

127.413.037 

97,478,839 

304,667 

1,448,351 

216,035 

660,793 

3,411,547 

3,021,331 

100,082 

6,316 

4.047.580 

5.139 

815.156 

2.907.660 

3.546.089 

44.480 

9.400.972 

10.664.094 

1.080.429 

11.726.720 

11.866.377 

129.667 

11.761.694 

6.632.216 

6.617.198 

14.984 

1 

•35 

1,228.566 

7.302 

411.810 

3.203 

14.043 



2.808.365 
•5.331 



3.718 

2.218 

37.738,183 

2.899.130 

6.504.750 

124.504 

10.065.321 

123.017 

•9.176 

4.003.128 

55.989 

•486.207 

4.414.992 

16.046.161 

8.943.249 

•103.732 

14.619 

667.839 

69.625 

25.993 

1.498.681 

37.738.183 

7.190.540 
1 .269.287 
6.967.509 

192.953 
5.947.759 
1 .822.929 
2.440.369 
3.080.593 

332.144 
8.787.672 

313.572 

49.147.971 

46.660.800 

16.036 

5.326 

363.896 

169.794 

86.186 

•117 

114.991 

31.738 

466.782 

82.111 

1.151.191 

47.872.300 

35.219.568 

288.078 

433.482 

47.966 

386.576 

1.419.742 

684.760 

18.887 

5.402 

1.200.136 

24.907 

216.726 

1.187.889 

673.886 

26.612 

6.037.796 

1.275.671 

119.462 

1.389.795 

2.021 .643 

631.648 

1.870.011 

879.107 

873.182 

5.536 

3 

•386 

88.958 

86.221 

434 

10.964 

649.686 
141.239 



5.674 

4.088 

19.271.009 

561.342 

4.688.526 

85.843 

4.933.002 

385.031 

304.986 

894.864 

1 1 1 .533 

28.384 

1,544.478 

9.780.825 

4.590.940 

8.255 

3.607 

263.674 

144.372 

42.794 

344.221 

19.271.009 

1.666.374 

693.754 
2.462.636 

209.137 
2.268.978 

294.161 
1.534.538 
2.226.647 

118.892 

7.604.290 

98.417 

27.037.134 

26,707.217 

21.495 

7.395 

106.353 

41.148 

131.816 

368 

38.134 

17.338 
206.070 
240.003 
519.797 

24.420.918 

15.204.537 
360.648 
389.730 

66.027 
276.307 
735.765 
273.603 

24.014 

10.061 
791.620 

• 1 .004 

693.234 

443.614 

252.051 

2.804 

6.005.699 

2.616,216 

136,710 

2,747,531 

2,881,757 

134,226 

2,791,670 

1,315,307 

1,311,544 

3,536 

228 
202.475 
35.951 
80.284 

213 
18.623 

600.374 
29.693 



Footnotes at end o( table See text for "Explanation ol Terms" and "Oescription of the Sample and Umrtatjons ot the Data " 



Corporation Returns/ 1977 
RETURNS OF ACTIVE CORPORATIONS 
Table 2.— Balance Sheets and Income Statements, by Major Industry — Continued 

[All (igures are estimates based on samples — money amounts are in thousands ot dollars] 



31 





Item 








Major 


industry— Continued 










Transportation and public utilities | 


Wholesale and retail trade 




Total 


Transpof 
tation 


Communi- 
cation 


Electnc. 
gas. and 
sanitary 
services 


Total 


vytiolesale trade 




Total 


Grocenes 

and related 

products 


Machinery, 
equipment, 
and supplies 


Miscellaneous 

wholesale 

trade 






(341 


(36) 


(36) 


(37) 


(36) 


(39) 


(40) 


(41) 


(42) 




8S,21S 

52.0S4 

538,778.308 

e.660.721 

39,295.854 

650.883 

18,692,638 

5.129,337 

225,853 

18,282,014 

805,071 

1,218.574 

43.906.505 

518.697.285 

133.874,368 

2.386,986 

692,970 

4,611,966 

1.897,135 

473.723 

11.658.313 

538,778,308 

23.552,985 

21,909,277 

57,087,381 

2,389,325 

191.793.930 

23.878.598 

63.821,529 

55,466,700 

1 ,435,362 

78,758.440 

1.315.219 

330,112.349 

318.432.740 

188,333 

20,595 

1,904,204 

2,247,712 

196.237 

41.103 

836.800 

864.950 

495.241 

149,972 

4,732,462 

311.785,440 

199,942,778 

2,512,700 

556,142 

996.075 

6.967.225 

19.236,130 

15,700,497 

156,621 

213.695 

26,760.500 

268.569 

1,219,249 

5,487,064 

2,899,235 

167.661 

28,701,279 

18.326,909 

87,088 

18,393,402 

20,304,871 

1,911,469 

18,892,706 

8,870,780 

8,769,636 

80,007 

1,337 

18,900 

147,967 

21.618 

4.143.315 

512 

70.723 

11,836.726 
184.556 


65,344 

39,476 

12e,989,60« 

4.910.808 

15.126,098 

295.811 

3.905,678 

1,591,588 

197,416 

6,672.291 

706.047 

375.452 

17.662.676 

105.885,679 

38,298,054 

217,572 

76,358 

1,709,440 

411.143 

71.683 

6.357.624 

126.989,606 

8.880,876 

7,516,920 

16,084.049 

1,544.480 

38.186.043 

8.486.995 

10.035,935 

16,459.069 

633.642 

19,969,362 

809.765 

131.252,779 

124.965,301 

107,673 

14.162 

746.806 

1.567.645 

97.384 

6,627 

459.561 

717.663 

207.698 

92.547 

2.269,712 

127,053.145 

86,168,069 

1,751,333 

239.552 

262.197 

5.415,745 

5.630,817 

3,268.746 

39.946 

76.596 

6.389.199 

56.012 

639,627 

1,540,788 

1,178.812 

37.822 

14.357.882 

4.199,634 

35,167 
4,220,639 
5,739,504 
1,518.865 
4,882.951 
2,179.966 
2,154.838 

14.811 

1,337 

8,980 

83,051 

146 

971.905 

282 

55.620 

1.268.843 
44.893 


10,474 

6.657 

147.276.756 

1.436.714 

9.244.754 

155,956 

4.341,864 

1,702.958 

23.682 

2,980.564 

54.573 

224.162 

12.534,088 

143,131,721 

31,315,728 

•15,141 

10 

556,108 

1,111,601 

333,528 

1.724,048 

147,276.756 

4,409.689 

5,401.215 

20.317,450 

393.516 

48.489,562 
2,681.946 
19,543.640 
18.886.617 

211.929 
27.337.181 

395.989 
71.385.558 
69,571.442 

32.350 

2.613 

253,350 

266,927 

69,098 

16,857 

65.925 

46.222 

111.747 

30,143 

896.884 

65.265.278 

32.587.642 

366.269 

94.095 

420.099 

999,125 

4,991.805 

3,830.023 

60.354 

30.410 

10.212.073 

•235 

455.602 

2,743,799 

1.187.406 

9.265 

7.277.076 

6.120.280 

28.623 
6.146.290 
6,266,909 
120,619 
5,967.743 
2.890.174 
2.839.768 

50.189 

217 
40.140 

21.443 

1.376.977 

108 

6,482 

3.771. 60C 
•45.86C 


9,397 

5.731 

264.511.946 

2.313,199 

13.923,002 

199,116 

10,445.096 

1.834.791 

4.755 

8.629,159 

44,451 

618,960 

13,709,741 

269,679.885 

64,260.586 

2,156,273 

616.602 

2.346,418 

374,391 

68,512 

3,576.641 

264,511,946 

10.262,420 

8.991,142 

20.685,862 

451.329 

105.116.325 
12.709.657 
54.241.954 
20.121,014 
589.791 
31,451.897 
109.465 
127.474.012 
123.895.997 

48,310 

3,820 

904,046 

393.140 

29.755 

17.619 

313,314 

101,065 

175.796 

27.262 

1 .563.866 

119.467,017 

61.187,067 

395,098 

222,495 

313,779 

552.355 

8.613.508 

8.601.726 

56,321 

106,689 

10,159,228 

212.322 

124.020 

1,202,477 

533,017 

120,594 

7.066,321 

8,006,995 

23,298 
8,026.473 
8,298.458 
271.985 
8,022.012 
3.800.640 
3.775,030 
15,907 

9.703 

24.776 

29 

1.794.433 

122 

8.621 

6,796.283 
93.803 


672,394 

443,545 

414.650.0»4 

26,081,480 

111,006.030 

2,118.124 

135.571.381 

1.167.850 

321.826 

13.710.215 

2,477.759 

1,174.957 

34,095.156 

123.351,092 

51.833,521 

706,659 

240,320 

9,250.499 

1,870.956 

543.116 

8.599,315 

414.650,094 

86,830,434 

63,618.363 
34.423.583 
11.144.427 

54.851.783 

11,116.069 

32,134.576 

19,790.562 

2,235.689 

103,189,371 

4.684,763 

1,239.882.173 

1.215.615,448 

92.583 

31.084 

3.976.640 

2.764,292 

212,075 

30,189 

867,901 

621.601 

882.057 

356.123 

14.432.180 

1.210.396,709 

955.267.447 

19,970.330 

4,105.394 

2.407.530 

16.068.075 

17.004.379 

10.016,411 

285,904 

107,825 

11.166,222 

88.395 

11,124.363 

3.637,755 

2.717,743 

1 94,070 

156,234,866 

29.485,464 

725.767 
30,180.147 
35,097.805 
4.917.658 
25.616.892 
10.547,774 
10,481.276 
60.653 

326 
5.519 

604.147 
6.887 

826.490 
5.786 

474.527 

6,645.280 
394.579 


237,597 

169.702 

212.756,662 

12.891,877 

72.876,250 

1,168,467 

61.974.706 

681,231 

234,926 

7,279.674 

963.181 

520.777 

22.306.332 

45.601.266 

19.695,202 

424,439 

121.519 

3,292.362 

769.907 

236.867 

4.143,787 

212.756.662 

50,466,477 

34,510,079 
14.865,108 
4.583,652 

23.120.119 

4.390.352 

15.736.854 

9.342.152 

1.392.726 

56.602.305 

2.253.161 

635.527.555 

625,265.644 

52.186 

16.961 

2.056,028 

992,270 

73,655 

17.181 

434.414 

332.438 

459.944 

270,581 

5,554,253 

619,201.088 

525.860.602 

9.720.472 

1.468.076 

1.306.081 

3.600.054 

6.601.896 

4.730.256 

130.061 

40,424 

4,297.519 

54.006 

2,434.760 

1.761.381 

1.025.473 

61.820 

56.069.185 

16.326.467 

646.632 
16.954.336 
19,300.256 
2,345.916 
12.389.110 
5.136,157 
5.101,154 
30,637 

•308 
4.058 

511.949 
1,892 

319.104 
3,477 

183,640 

4,410.192 
221.867 


21,253 

14,278 

18,178.591 

1.294.720 

5.782.648 

113.991 

5,064.079 

119.625 

22.956 

551,164 

88.848 

47.265 

1 .073.006 

6.079.585 

2.710,703 

•12,399 

•4.175 

308.713 

142.699 

43.057 

462,810 

18,178,591 

4.792.868 

2.278.624 

1.415,600 

539,637 

2.562.909 

483.203 

1.290.408 

721.785 

80.936 

4.184,670 

172,249 

99,392.159 

98.225.337 

4.962 

1.618 

143,620 

104.637 

7.297 

7.284 

34.420 

26.638 

26,714 

2,135 

805,297 

98,331,242 

86,433.784 

944,027 

238.145 

154.407 

499.471 

672.696 

412.266 

17.351 

3,796 

550.174 

264 

212.400 

214.507 

153.014 

7.042 

7.817.678 

1,060,917 

•1.360 

1,060.659 

1.273.882 

213.223 

1.024,113 

431,621 

428,633 

2,718 

•(') 

•70 

1.917 

368 

41.602 

228 

20,269 

197,094 
18,620 


49,753 

35,298 

36,510,347 

2.193.407 

12.094,379 

20S.549 

12,975,624 

50.608 

15.587 

918.872 

145,267 

36,939 

2.635.223 

7.041.683 

2.936.576 

36.564 

14,567 

434,674 

98.458 

24.622 

822.377 

36,510,347 

6,696.245 

6.999.177 

2.533,872 

845.703 

4.135.202 

579.938 

2.419.981 

1.098.065 

135,614 

11.560.618 

494,068 

74,531,305 

72,575.654 

7.210 

3.399 

444.034 

371.827 

7,043 

1.698 

46.782 

93.472 

46.412 

8.894 

924.680 

70,572,262 

54,199,012 

2,040.345 

230.969 

235.354 

561.170 

905.264 

816,949 

21,732 

4,411 

889,296 

6.143 

320.376 

317.449 

191,461 

7,484 

9,822.627 

3,959,043 

13,373 

3.969.017 

4.265.097 

316.080 

2.321.294 

937,699 

926.248 

10,652 

•301 
298 

15.107 
105 

66.585 
66C 

34.352 

1.409.615 
48,336 


168,591 






120.126 


3 




158.067.724 


4 

5 


Cash 


9.403.750 
55.009.224 






848.947 






43,935.003 




Investments in Government obligatkms: 


510.998 






196.385 


10 




5.809,638 






729,066 


12 




436,573 






16,398.103 






32.479.998 






14.047.923 


16 




373.476 


17 




102,777 


IB 
19 


Land 


2,548,995 
548,750 


20 




171,188 


21 




2.858.600 






158,067,724 


23 




38,977,364 


24 


Mortgages, notes, and bonds payable in less than one 


25.232.277 






10.915.436 


26 




3.198.312 


27 


Mortgages, notes, and bonds payable in one year or 


16,422,008 


26 


Other liabilities , 


3,327,211 


29 




12,026.465 


30 




7.522,302 


31 




1.176.176 


32 




40.857.017 


33 




1.586.844 






461,604,091 






454,464,653 




Interest on Government obligations: 


40,014 


37 




13.944 






1.466,174 


39 


Rents 


515,806 






59,315 


41 


Net short-term capital gain reduced by net long-term 


7,999 


42 


Net long-term capital gain reduced by net short-term 


353.212 


43 




212.328 






384.818 






259.552 






3.824.276 


47 


Total deductions 


450,297,584 


48 




396.227.806 


49 




6.736.100 


50 




998.944 


51 


Bad debts 


915.320 


52 




2.539.413 






5.023.736 


54 




3.499.041 






90,978 


56 




32,217 


57 




2,856.049 


56 




47.579 


59 




1 .902.004 


60 




1.249.425 
680,998 


62 




67,294 






36.428.580 


64 




11.306.507 


65 


Constructive taxable income trom related foreign 


632.099 






11.924,662 


67 




13.741.277 






1.816.615 


69 




9.043.703 






3.766.837 






3.746,073 






17,067 


73 


Tax Irom recomputing pnor-year woht incentive (WIN) 
credit 


•7 

3,690 


75 




494.925 






1.419 


77 




210,917 






2.589 


79 

60 


New jobs credit 

Distnbutions to stockholders: 


129.219 
2.803,483 


61 


(^rporation's own stock 


154.729 



Footnotes at end of table. See text lor "Explanation ot Terms" and "Descnption o( the Sample and Umttattons of the Data" 



32 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 2. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Maior industry — Contnued 



wtwlesale and retail trade— Continued 



Building 
matenats. 
garden 
supplies, 
and mobile 
home dealers 



General 

merctiandise 

stores 



Automotrve 

dealers and 

service 

stations 



Apparel and 

accessory 

stores 



Furniture 

end tiome 

tumistijngs 

stores 



Eating and 
dnnking 
places 



Miscellaneous 
retail 
stores 



(43) 



(441 



(45) 



(461 



(47) 



(48) 



149) 



(50) 



(51) 



Number of returns, total 

With net Income 

Total assets 

Cash 

Notes and accounts receivable 

Less: Allowance (or bad debts 

Inventones 

Investments in Government obligations: 

United States 

Stats and local 

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 

Paid-in or capital surplus 

Retained earnings, appropriated 

Retained earnings, unappropriated 

Less: Cost o( treasury stock.... 

Total receipts 

Business receipts 

Interest on Government obligations; 

United States 

State and local 

Other interest 

Rents 

Royalties 

Net shon-term capital gain reduced by net 

long-term capital loss 
Net long-term capital gam reduced by net 

short-term capital loss 

Net gain, noncapital assets 

Dividends received from domestic 

corporations 

Dividends received from foreign 

corporations 

Other receipts 

Total deductions 

Cost of sales and operations 

{^mpensation of officers 

Repairs 

Bad debts 

Rent paid on business property 

Taxes paid 

Interest paid 

Conthbutions or gifts 

Amortization 

Depreciation 

Depletion 

Advertising 

Pension, profit-sharing, stock bonus, and 

annuity plans 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related 

(oreign corporations 

Net income (less deficit) (line 64 plus 65 

minus 37) 

Net income 

Deficit 

Income subject to tax 

Income tax. total 

Normal tax. surtax, and alternative tax 

Tax from recomputing prior-year 

investment credit 

Tax from recomputing pnor-year work 

incentive (WIN) credit 

Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 

Distributions to stockholders: 

Cash and property except in own stock . . . 
Corporation's own stock 



432,8t5 

272,463 

201.439,596 

13,144.538 

38,015.907 

948,238 

73,414.019 

486.619 

86.898 

6.421.724 

1 .504.006 

654.174 

11,765.011 

77.662.425 

32.105,539 

282.220 

118,801 

5.953.080 

1.080.813 

304.243 

4,444.983 

201,439,596 

36,267,752 

29,030.586 
19,524.879 
6.548.546 

31.657.951 

6.718.496 

16.368.231 

10.426.289 

840.375 

46.482.225 

2.425.734 

602,938,240 

588,963.701 

40,397 

12,110 

1,916.392 

1,770.940 

136.420 

13.008 

433.326 
286.918 

421,083 

85,542 

8.854,403 

589.806,927 

428.340.823 

10,216.356 

2,634.304 

1.083.777 

12.440.755 

10.367.796 

5.270.677 

155.556 

67.384 

6,857.555 

34.373 

8.677,128 

1,853,456 

1,690.021 

110.789 

99.986.177 

13.131.313 

78.935 

13.198.138 
15.767.101 
2,568.963 
13,208.064 
5,404.406 
5.373.028 

29.899 

*1 

1.461 

92.198 

4.992 

506,420 

2.311 

290.172 

2,432,295 
172.692 



37,015 

26.539 

15.408.040 

1 .020,952 

3.846,434 

116.994 

6.177,127 

16,293 

•5,618 

354,869 

98.212 

107,578 

613,750 

4.562.942 

2.140.524 

11.563 

•1.163 

564.178 

29.545 

10.712 

268.372 

15.408.040 

2.545,081 

2.060.502 

1,255.139 

652.757 

2.207.268 

303.438 

1 .629.664 

584.516 

57.323 

4,338.041 

225.709 

38,048.237 

37.271.139 

1.355 

909 

137.350 

117.020 

548 

754 

59.582 
33.547 

10.570 

•2.572 

412.891 

36.674.753 

27.531,008 

1,065.025 

161.075 

169.340 

425.660 

673.053 

375.929 

1 1 .956 

2.931 

399.056 

1.974 

374.773 

130.485 

84.439 

3,985 

5.264,064 

1.373.484 



1.372,575 

1.551,396 

178.821 

1.272,918 

484,815 

483.179 



1.624 



•(') 



29.325 

•58 

30.837 

122.719 
•9,385 



11,464 

7,934 

52,359,599 

1,916.637 

16.302.162 

251.876 

15,145.! 

60.356 

8.847 

1.271.602 

161,917 

195.419 

4.393,685 

17,843,769 

6.970.571 

•9.874 

•5.877 

1.421.241 

57.854 

11.091 

809,684 

52,359.589 

12.111.307 

2.438.591 

6.934.755 

537,552 

6,971.351 

3.368.452 

2.874.581 

3,120,789 

226,702 

14,106,744 

331,225 

95,499,328 

90,289.451 

9,131 

1.092 

468.150 

436.317 

•1.144 

•60 

61,437 
16.069 

272.422 

65.178 

3,878.857 

92,255.723 

58,243,238 

394.634 

446.988 

272.913 

2.384,461 

2.208.744 

1,355.788 

49,944 

7,553 

1 .298.640 

■423 

2.325,787 

516,863 

321 .003 

8.862 

22,419.862 

3,243.605 

59.679 

3.302.192 
3.519.374 
217.182 
3.156.965 
1.484,295 
1,479,171 

4.941 

•(') 

183 

62.978 

616 

118,473 

45 

17,374 

943.440 
17,311 



32.614 

19.841 

24.722.281 

1.703.632 

1.628.570 

21.312 

8,287.416 

176,157 

13,175 

1.015.781 

120.612 

34.925 

1.942.371 

14.955.421 

6.360.956 

•6,086 

•3.565 

744.940 

77,133 

26,500 

428,395 

24.722,281 

5,715.642 

954,908 

2,634.788 

431.304 

5.158.774 

589.138 

1.680.291 

1.851,952 

69,148 

5.844,593 

208,257 

131.357,216 

130,029.604 

1 1 .077 

1.518 

109.785 

232.928 

12.277 

308 

51.025 
47.961 

10.635 

•8.741 

841.357 

129.684,459 

100.795.227 

785.219 

661.325 

64.008 

1 .996.943 

1.694.945 

450.536 

19.361 

5.715 

1.281,204 

•1.117 

1.284.797 

489,105 

595,773 

8.277 

19,550.907 

1,672.757 

8,055 

1 ,679.294 

1.942.477 

263.183 

1,727.682 

764.868 

760.040 

4.628 

(') 

200 

•8.427 

2.713 

112.755 

183 

29.561 

312.616 
74.746 



71.099 

49.832 

41.340.354 

2.533.449 

5.699.526 

146,052 

22,243.471 

62.662 

•741 

1.171.796 

259.406 

91.394 

1.229,791 

10,492.034 

4,309.886 

98.208 

37.419 

1.217.734 

56.727 

21.771 

698.543 

41.340.354 

4.147.496 

17.329,107 
2,685,177 
1 .256.429 

4,738.505 

574.116 

3.301.394 

814.939 

103.367 

6.723.476 

533.654 

189.968.126 

167.298.134 

4.970 

614 

723,051 

400,692 

10.767 

2,726 

95.692 
88.913 

15.809 

1.120 

1.325.618 

168.078.174 

142.391.974 

2.410,615 

360.896 

204,727 

1.380.987 

1.739.805 

1.496.661 

22,237 

5,771 

1.178.119 

13.134 

1 ,301 .488 

211.773 

267.380 

16.422 

15.077.183 

1.889.952 

876 

1.890.214 

2,300.371 

410.157 

1 .898.079 

678.411 

670,054 

7.660 



497 
•155 

58,903 

690 

87.851 

157,239 
7.766 



38,570 

25,862 

10,464,032 

1.243.095 

1 .686.400 

40.411 

4.304.904 

48,900 

28.104 

491.994 

180.732 

17.249 

606.789 

2.847.564 

1.319.377 

CI 

CI 

131.224 

76.618 

23.280 

183.527 

10.464.032 

1,930.208 

750.645 
957.241 
442.950 

1.136,185 

233.713 

1.171,904 

626.712 

41,487 

3,358,476 

185.469 

25,573,364 

24,948.361 

4.029 

1.206 

101.562 

64.072 

•434 

•943 

19.279 
8.074 

82.924 

•1.574 

340,906 

24.478,853 

14,747.236 

815.755 

87.176 

56.024 

1.560.075 

566.374 

192.535 

12.304 

4.763 

274.867 

•4.748 

506.856 

97.325 

61.910 

22,640 

5.466.265 

1.094.511 

•1,318 

1 .094,623 

1.297,968 

203,345 

1,059,127 

421,537 

419.917 

1.598 



•22 
•616 
1.087 

16.777 
•16 

18.505 



336.440 
•2.171 



34,939 

22,386 

10,485,352 

873.757 

2.821.995 

96.998 

4,308,488 

•4.280 

10,500 

262.413 

89.408 

12.046 

351.609 

2.429,571 

1.029.063 

•2,481 

•932 

229.635 

34.950 

9.929 

191.141 

10,485,352 

1.921.490 

1.204.331 
944,405 
457,991 

1.475.537 

471.035 

1.162.226 

410.600 

126.084 

2.482.419 

1 70.766 

23.008.223 

22.241.926 

1.010 

585 

134,394 

74,975 

•370 

•329 

14.059 
1 1 .508 

4.594 

248 

524,225 

22.347,914 

14,046,564 

943.100 

63,932 

104.196 

714.531 

462.535 

242.205 

7.693 

1.525 

227.032 

•991 

814.435 

70.294 

60,044 

2,786 

4,566,049 

660,309 

334 

660,058 
837.120 
177.062 
672.798 
244.100 
243.204 

887 



12 
366 

12.380 
•37 

13.173 

53.862 



90.948 

47.489 

16,838.205 

1.516.264 

981.157 

19.225 

1,059.872 

84,633 

• 1 2.445 

745.988 

258.602 

104.822 

957.328 

13,944,317 

5.186.451 

•17.778 

•4.679 

1 .070.303 

519.156 

117.628 

893.523 

16.838.205 

1.857.486 

1 ,303,254 
1.492,706 
1,350,296 

5.325.325 

460.939 

1.691.709 

1.259,596 

58.903 

2,233,123 

195.132 

41.079.169 

39,952,899 

4.702 

4,419 

71.537 

221.688 

104.421 

4.654 

68,437 
40,711 

10.613 

•249 

594,839 

40,023,041 

17.584.630 

1.319.039 

523.794 

27.776 

2.069.253 

1.575.806 

528.343 

8.732 

20.293 

1.201.019 

•1,936 

755.236 

83.957 

116,527 

33.870 

14,172.830 

1,056,128 

3.27; 

1 .054.986 

1,656.194 

601 ,208 

1 ,220.094 

470.028 

466.358 

3.341 



329 

5.030 

37 

77.473 

637 

51.210 

198.733 
•12.464 



116.166 

72.580 

29.821.733 

2,336,752 

5,049.663 

255.368 

1 1 .886.772 

33.338 

7,468 

1,107,281 

335.117 

90.741 

1 .669.688 

10.566.807 

4.788.711 

136.230 

65.166 

573.825 

228,830 

83.332 

971.798 

29.821.733 

6.039,042 

2,989,248 
2.420.668 
1.419.267 

4.644.986 

717.663 

2.856.462 

1.757.185 

157.361 

7.395.353 

575.502 

78.404.577 

76,932,187 

4,123 

1.767 

170.563 

223.248 

8.439 

3.234 

•63.615 
42.115 

13.516 

5,860 

935,710 

76,264,010 

53,000.946 

2.482.969 

309,116 

164.791 

1 .906.845 

1.466.534 

629.660 

23.329 

18.833 

997.616 

10.050 

1,311.756 

253.664 

182,945 

13,947 

13,468.997 

2.140.5 7 

5,396 

2.144,196 

2.662.201 

518,005 

2.200.401 

856.352 

851.105 

5.020 

•18 

•209 

14,896 

173 
80.334 

492 
41.661 

307,246 
48.631 



Footnotes at end ol table See text tor "Explanation of Terms" and "Description of the Sample and Limitations ot the Data ' 



Corporation Returns/ 1977 
RETURNS OF ACTIVE CORPORATIONS 
Table 2.— Balance Sheets and Income Statements, by Major Industry — Continued 

(Ail figures are estimalos based on samples — money amounts are in thousands ot dollars) 



33 



MalOf Industry — Continued 



Finance, insurance, and real estate 



Banlting 



Credit 

agencies 

oltier than 

banks 



Security, 

commodity 

brokers and 

services 



InsurarKe 

agents. 

brokers, and 

sen/Ice 



Holding and 

ottier 
investment 
companies, 
except bank 

holding 
companies 



1561 



(571 



(60) 



Number of rvtuma, total.. 

IfflUi not Incomo 

Total aaaata 



Cash 

Notes and accounts receivable 

Less Allowance tor bad debts 

Invenlones 

Investments in Qovemment obligations; 

United States 

State and local 



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 

Paid-tn or capital surplus 

Retained earnings, appropriated 

Retained earnings, unappropnated 

Less: Cost of treasury stock 



Total racalpta 

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 gam. noncapital assets 

Dividends received from domestic corporations 

Dividends received from foreign corporations 

Other receipts 

Total deductions 



Cost ot sales and operations 

Compensation ot officers 

Repairs 

Bad debts 

Rent paid on business properly 

Taxes paid 

Interest paid 

Contnbutions Of gifts 

Amortization 

Depreciation oi-s^S-.S. 

(Depletion 

Advertising 

Pension, profit-shanng. stock bonus, and anntjity plans . 

Employee tienefit programs 

Net loss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Constructive taxable income from related foreign corporations... 
Net ifKome (less deficit) (line 64 plus 65 minus 37) 

Net income 

Deficit 

Incorrte subject to tax 

Incorrw tax. total 

Normal tax. surtax, and attornative tax... 

Tax from recomputing pnor-year investment credil 

Tax from recomputing pnor-year worti incentive (WIN) credit . 

Additional tax tor tax pretererKes 

Foreign lax credit 

US possessions tax credit 

Irrvestment credit 

Worii incentive (WIN) credit 

New jobs credit 

Dstnbutions to stockholders: 

Cash and prof^erty except in own stock 

Corporation's own stock 



432,8tB 

270,542 

2,861,479,449 

261.972.218 

652,148.909 

24,701.716 

5,496.153 

194.728.395 

160.215.023 

72.446.281 

4.251,111 

662.549.280 

509.454.327 

118.332.922 

35.088.513 

792.291 

225,661 

26.825,585 

1.646,197 

497,041 

61.132,678 

2,861,478,449 

49.108,160 

117.323,976 

1.809.920,459 

11.397.646 
164.180.619 
386,567.712 

66,158.696 
125.627.964 

22.557.493 

115.068.148 

6.432,424 

405,131,593 

206.863.227 

12.942.076 

7.382.993 

135.781,129 

13,828.742 

616.998 

316712 

3.355,073 

6.921 .096 

5,795.854 

295.201 

11,032,492 

370,210,083 



too, 

10. 
1 
6. 

5, 

11, 
93, 



391.853 

559.162 

,659, 

813.895 

359.327 

147.760 

359,456 

278.161 

150,752 

S,053,785 

106.698 

?.877,661 

J.253,260 

1,444,222 

468,195 

1,296,582 

),921.510 

129.516 

7.668.033 

!,057.106 

1.389.073 

1.316.275 

9,302.917 

S,203,930 

33,730 

21 

65,236 

867.372 

5.127 

512.894 

655 

126,785 

1.604.618 
704.648 



14,654 

12,828 

1,518,786,059 

227.151,829 

726.135.961 

8.872.480 

231.496 

139.772,874 

110.177,873 

20.127,745 

571.159 

127.153.239 

120.181.786 

27.680.923 

6.407.233 

13.026 

825 

2,593.826 

222.500 

49.313 

32.101.673 

1,518,786,059 

4,459.338 

31.262.822 

1.313,526.727 

2.650.185 
27.413.958 
33.474,846 
20.662.179 
33.500.602 

6.826.890 

45.546.064 

537,552 

105,023,681 

12,126,160 

9.442.143 

4.825.685 

71.868.663 

1,639.701 

8,933 

25,573 

295.712 

589.628 

621.120 

111.465 

3.468.898 

95,320,659 

1 ,394.233 

4.036.586 

504.058 

3.457.065 

1 .959.893 

2.663.657 

52,719.655 

113.878 

40,997 

3.029.971 

3.782 

895.937 

1.159.464 

652.672 

148,801 

22.520.010 

9.703.022 

42.120 

4,919.457 

5.590,306 

670.849 

4.828.737 

2,153,992 

2,130.702 

14,838 

•(') 

8.452 
586.838 

259,820 

179 

49,623 

2.994.935 
421.671 



50,970 

29,848 

553,446,328 

14.943.893 

65.486,524 

14.208,471 

1.582.129 

21.938.317 

1.867.240 

8.100.873 

1,125.381 

416.827.066 

22.064.499 

11,029.155 

3.463.213 

48.044 

6.403 

2,401.087 

238,106 

74,164 

3.546,265 

553,446,328 

5.518.183 

50.045,191 

390.539,445 

1.196,106 

65.386,030 

11,945,925 

6,582.288 

5.876.425 

3.918.166 

12,844.019 

405,450 

54,033.930 

12,655.460 

1.527.951 

143.906 

37.557.009 

448,041 

9.704 

11,f 

220.790 

284,955 

73,768 

24,532 

1,076.126 

50,617,989 

5.589.667 

992.070 

182.903 

2.277.261 

488,474 

948,640 

30.742.676 

32.210 

16.372 

791.471 

1.852 

610.049 

289.281 

151.717 

59.153 

7.444.203 

3.415.931 

19.910 

3.291.935 

3.812.673 

520.738 

3.525.744 

1 .629.690 

1.576.980 

6,394 

21 

46,495 

36,221 

4,557 

58,846 

27 

20,582 

645,391 
38,325 



6,158 

3,457 

51,817,223 

1,865,535 

28,033.993 

37.085 

23.697 

3.907.826 

556.027 

12.096.134 

34.054 

141,513 

3.793,691 

1.011,067 

375,184 

•78.717 

•11.575 

56.649 

57.269 

21.694 

606.589 

51,817,223 

18.810.134 

12.199.658 

11,266.732 

135.909 

2.867,199 

1.696.455 

748,357 

1.871,049 

31.161 

2.372.080 

201.511 

9,588,383 

4.561.019 

274,608 

51,589 

1.118,261 

27.273 

2.725 

65.525 

60.586 

2,895.080 

75.507 

4.263 

451.947 

9,199,167 

322.843 

861.694 

19.809 

47.979 

331.908 

261,844 

1.227,299 

6.650 

9.002 

118.625 

14.173 

84.016 

130.481 

64.359 

20.333 

5.678.152 

389.216 
2,671 
340.298 
539.313 
199,015 
429.988 
186.502 
187.593 
581 

•328 

4.021 

196 

11.122 

•1 

3.143 

125.580 
•19,028 



8,131 

6,128 

509,301,779 

6,591.053 

12,974.014 

236,396 

1.592.964 

26,787.974 

46.759.860 

16.488,724 

197,999 

97.573,573 

275.737.447 

8,687.01 1 

1.596.022 

43.641 

21.643 

646.447 

149.187 

27.194 

18.953.150 

509,301.779 

9.932.286 

3.278.912 

86.235,413 

1.201,986 

7.956.201 

328.572.287 

5,573,466 

14,126160 

10,292,102 

43,730.057 

597,091 

177,311,749 

143,804.053 

1 .296.932 

2,256.951 

21,086.230 

1,947.786 

23.239 

40.251 

440.713 

101.242 

2,506.850 

46.574 

3.760.928 

164,665,866 

81.547.809 

792,891 

125.310 

299.472 

1.203.804 

3.834.467 

2.805.620 

73.574 

22.267 

1.150,631 

7.770 

490.690 

1.255.675 

354.552 

13.215 

70.688.219 

12.645.883 

29.492 

10.418,424 

10.843.303 

424.879 

7.548.608 

3.555.300 

3.549.593 

4,983 

724 
183.897 

118.162 

157 

14.682 

1 .820.692 
77,950 



41,351 

30,406 

11,329,125 

2,426.962 

4,242.818 

106.893 

9.570 

168.694 

155,395 

474,697 

144,391 

74.496 

1,873.877 

1 ,264.683 

504.443 

•3.267 

•1.1 

108.427 

282.856 

100.488 

812.634 

11,329,125 

4.733.063 
637,206 

1,397,456 
158,093 
866.909 
367,034 
672,113 
874.186 
31.736 

1.929.448 
226.118 

11,518,211 

11,049.252 

13,550 
23.699 

1 56.648 
32.339 
•1.348 
268 
26.565 
10,982 
30,842 
9,179 

163,529 

10.450,018 

2.796.451 

1.691.096 

29.809 

82.493 

293.463 

302,635 

119.649 

9,403 

17,353 

169.238 

•57 

109.927 

232.665 

103.323 

3.372 

4.589.084 

1.068,193 

10,460 

1.054,964 

1,163,937 

98,963 

882.073 

339.983 

338.948 

1.021 

•14 
10.026 

14.347 

•1 

12.139 

219.546 
•4.370 



267,128 

158,672 

108,863,846 

5.713.658 

9.985.379 

500.277 

1.956,412 

545.543 

225.001 

9,781.808 

1,195.964 

5.069.666 

10,362,872 

63,111,651 

21,666.633 

266.697 

84,749 

18.802.671 

540.307 

178.517 

3.707,401 

108,863,846 

3.960,868 
13,416,403 

5,290.512 

5.116.251 
49.124.854 

6,401.622 
11,027,384 

8.749,954 
406.035 

6.607,791 

1.229.828 

36,869,322 

21.047,039 

49,303 

19.200 

1,259.336 

8.860.901 

166.729 

36 104 

1.022,352 

2.926.241 

119.096 

3.056 

1.359.965 

34,228,115 

7.866,728 

1 .968,003 

756.992 

335.234 

993.872 

2.847,837 

4.603.684 

30.891 

35.458 

2.593,140 

17,966 

666,181 

149.456 

93.284 

145.841 

11.123.558 

2.641,207 
•943 
2,622,950 
4.437,888 
1,814,938 
3.171.754 
1 .090,042 
1.080,617 
4,608 
Cl 

4,817 

3,057 

374 

43.086 

19 
24,147 



940.813 
15,259 



44,527 

29,203 

107,934.089 

3.280.288 

6.290.220 

741,114 

100,895 

2,607.167 

1.473.627 

5.376.300 

982.173 

5.689.725 

75.440.155 

5.548.432 

1.086.785 

339.899 

98.638 

2,216.478 

155.972 

45.671 

1.404,966 

107,934,089 

1.704.298 

6.583,784 

2,664.175 

937.116 

10.665.468 

4.109.543 

20,892.909 

60.629.588 

1.051.403 

2,038.689 

3.232.874 

10,786,317 

1 .620.244 

337.589 
61.963 

2.734.982 
872.701 
404.320 
137.285 

1.288.365 
112.968 

2.368.671 
96.132 
751.097 

5,728,259 

874.122 

316.822 
40,433 

314,391 
87,913 

268,680 

1.140,873 

11,555 

9,303 

200,709 
61,108 
20,861 
36.338 
24.315 
67.480 
2.253.356 

5.058.058 

23.920 

5.020.015 

5.679.686 

659,671 

931,371 

345.208 

339.497 

1.305 

4.406 
43.312 

7,511 

•92 

2.469 

4.857.661 
128.045 



Footnotes at erxl ot table See text for "Explanation of Terms" and "Descnpbon ot ttie Sample and Limitations of the Data 



34 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 2. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Maior industry — Continued 



Hotels 

and other 

lodging 

places 



Personal 
services 



Business 
services 



Auto repair 

miscellaneous 

repair 

services 



Amusemenl 

and 
recreation 
services 



Other 
services 



(62) 



|M) 



(651 



(66) 



(67) 



Number of returns, total.. 

WIttt net Income 

Total assets 



Cash 

Notes and accounts receivable 

Less Allowance for bad debts 

Inventories 

Investments in Government obligations; 

United States 

State and local 

Other current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less: Accumulated depreciation 

Deplelable assets 

Less: Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less: Accumulated amortization 

(Dther 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 

Paid-in or capital surplus 

Retained earnings, appropnated 

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 gam reduced by net long-term capital kjss.. 
Net long-term capital gam reduced by net short-term capital loss.. 

Net gain, noncapital assets 

Dividends received from domestic corporations 

Dividends received from 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 

Ckjntributions or gifts 

Amortization 

Depreciation 

Depletion 

Advertising 

Pension, profit-sharing, stock bonus, and annuity plans . 

Employee t>enefil programs 

Net loss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Constructive taxable income from related foreign corporations... 
Net income (less deficit) (line 64 plus 65 minus 37) ..,.. 

Net income 

Deficit 

Income subject to tax 

Income tax. total 

Normal tax. surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing prior-year work incentive (WIN) credit . 

Additional tax for tax prefererKes 

Foreign tax credit „„. 

US possessions tax credit 

Investment credit-... 

Worti incentive (WIN) credit 

New jobs credit 

Distributions to stockholders: 

Cash and properly except in own stock 

Corporation's own stock 



5tS.3a7 
312,594 



1.252,556 

1 ,494,627 

653,408 

5,613,150 

656,936 

644,332 
3,928,269 
1,489,660 
1,866,429 
2,325,123 
3,773,311 
1,383,290 

217,835 

61,846 

5,794,843 

1 ,969,522 

829,341 
5,188,058 



183, 

175, 



176, 
88, 
18, 

1, 

6, 
6, 
3, 



518,635 
735,215 
561,867 
,233.195 
,089.293 
532.920 
522,473 
,664,506 
414,678 
,922,199 
,908.215 

,007,786 

588,702 

47,864 

30,665 

1,133,096 

1,500,196 

496,421 

26,027 

522,870 

459,282 

187,465 

67,412 

2,947,786 

460.437 

,873,389 
565,941 
726,912 
617,175 
,606,042 
183,058 
880,753 
76,862 
141,049 
,851,415 
9,401 
,009,405 
,591 ,202 
,156,151 
142,888 
,028,794 

,547,349 

80,146 

,596,830 

,280,612 

,683,782 

,880,410 

,584,017 

,555,357 

26,808 

•156 

1,696 
124,879 

2.537 
426.663 

2.059 
193.152 

,441,254 
137.631 



15.546 

8,482 

14,084,260 

734,799 

665,749 

54,681 

214,069 

20,457 

•10,509 

502,016 

143,606 

249,856 

1,534,801 

12,195,842 

4,397,161 

•27,912 

• 1 ,335 

1,413,277 

147,290 

49,650 

506,904 

14,084,260 

664,639 

964.394 

912.194 

775.409 

6.911.892 

509.526 

1.349.460 

1.337.578 

56.254 

613.357 

250.643 

11,855,006 

10.989.330 

1.950 

5.772 

84.813 

194,225 

81,887 

9,603 

117,669 

35,719 

30.825 

•3.419 

299.794 

11,445,241 

5.473,090 

244,126 

287.638 

55,489 

727.343 

681,075 

645.840 

4,303 

6.589 

698,333 

364 

269.866 

29,412 

76,380 

11,268 

2,234,123 

409,765 
1,231 
405,224 
688,001 
282,777 
479.269 
201,452 
199,976 
998 

478 

•3,287 

61 

22,328 

•102 

5,886 

116,901 
•3,927 



40,058 

24,0«4 

5,542,922 

685,201 

1.015,609 

23,906 

360,531 

•8,926 

•45,876 

236,237 

84,776 

22,317 

354,288 

4,377,859 

2,318,588 

•16,786 

•5,954 

283,856 

86,820 

27,647 

319,935 

5,542.922 

458,454 
491,198 
615,371 
233.792 

1 .096.794 

162.417 

713.509 

164.266 

5.925 

1 .694.228 
133,032 

10,009,794 

9,716,970 

624 
2,950 
46,109 
51,965 
20.464 
•2.136 
24.718 
25.600 
12.706 
4.084 
99.468 

9.578,773 

4.925.888 

666.321 

133,106 

36,028 

506,177 

391,985 

146,102 

4,430 

7,598 

431,033 

•533 

190,754 

55,481 

49,314 

2,578 

2,029,445 

431,021 
3,024 
431,095 
538,224 
107,129 
366,654 
143,898 
142.246 
1.619 

•33 
4,767 

19,474 

•31 

7.345 

65.579 
■2.260 



125,782 

75,812 

36,129,846 

3,626,176 

10,045,162 

201,402 

1,342,360 

224,987 

458,637 

2,226.393 

384,807 

477,985 

4.782,563 

18.280.921 

8,108.068 

37.254 

23.676 

674.013 

488.205 

127.914 

1,541.423 

36,129,846 

4.608,643 
5.650,630 
4.621,566 
1.263.136 
8.104.986 
1 .662.536 
2.639.545 
3.757.453 

100.490 
4.146.616 

625.757 

56,056.923 

53,768,653 

21,510 

10,332 

459,736 

557,871 

18,796 

5,473 

111,314 

124,976 

60,277 

42,022 

875,961 

53,792,223 

31,429,376 

3,293,837 

408.286 

184.763 

1.641.250 

1 .629.634 

1 .063.253 

23.594 

71.539 

2.412.183 

3.300 

430.618 

565.547 

331.457 

67.053 

10,236,511 

2,264,700 

33,697 

2,288,065 

3,068.451 

780.386 

2,347,596 

922,875 

912,569 

10,154 

•(') 

152 

50,566 

1,956 

136,676 

1,529 

60,184 

492,629 
19,083 



61,61 
39.888 
13.962,914 

931.077 

2.190,137 

43.862 

1.058.497 

79.060 

•4.41 

442.359 

90.814 

39.984 

457.677 

12.420.015 

4.686.213 

•27.260 

•10.212 

565.961 

98.140 

25.521 

323.132 

13.962,914 

1.413.610 

2,472,805 

1.284.717 

447,193 

4.730.642 

394,072 

778,430 

471,841 

30,282 

2.062.850 

123.526 

18.990.568 

18,237,913 

3.879 

•397 

98,661 

257,739 

12,445 

•1,235 

21.505 

156,573 

6,286 

■5,777 

168,158 

18,336,852 

10,180.079 

1.060.506 

279.327 

56.977 

604.669 

641.078 

609.070 

3.610 

4.864 

2.022.368 

•397 

179.587 

76.324 

84.380 

7.565 

2.526.051 

653.716 
2.038 
655.357 
840.582 
185.225 
674.742 
243.199 
237.349 
5.835 

•15 

•4.272 

257 

59.524 

•164 

22.932 

66.434 
•7.665 



40.660 

21,895 

19,596,677 

1 ,438,402 

1.697.280 

104.468 

1.249.254 

158.090 

40.513 

1.901,114 

138.954 

786.515 

2.267.347 

12.614.519 

5.901.963 

34.570 

•13.404 

1.531.903 

773.243 

461.352 

1,046.160 

19,596,677 

1,471,495 
2.175,700 
2,729,006 
1 ,009,849 
4,782.650 
1 .006.998 
2.235.928 
2.093.403 
52.258 
2.278.211 
239.021 

21,227,669 

19.586.029 

6.617 

2.417 
206.277 
221.450 
336.147 

5,716 
134.396 
49.474 
47.791 

7.255 
622.098 

20,201.487 

10.255.220 

824.049 

273.527 

54.222 

749.146 

777,419 

563.708 

12.229 

31.412 

1,841,722 

1,141 

574,115 

170.592 

83,096 

16.894 

3,970,995 

1,026,182 

25.030 

1.048.795 

1.477,256 

428.461 

1.142.961 

490.045 

486.101 

3.448 

•(') 

496 

48.678 

102 

95.923 

•78 

8.736 

248,931 
•79,274 



232,722 

142,423 

29,970,147 

3.836 901 

5.460 690 

225 069 

1,366,419 

165.416 

64,378 

1.620,150 

646,703 

289,772 

2,928,247 

16,664,155 

5.971.297 

74,053 

7.265 

1.325.843 

375.624 

137.257 

1.450.504 

29.970.147 

2.681.594 
2.960,488 
3.399,013 
1,503.816 
8,462,129 
1.777.371 
2.805,601 
2,819,965 

169,469 
3.926.935 

536.234 

64.887,826 

63,267,807 

13.264 

8.797 

237,498 

216.946 

24,682 

1,864 

113,266 

66,940 

29,580 

4.855 

862.307 

63.105.861 

26.609.734 

12.477.100 

345.026 

227.676 

2.377.457 

2.061.867 

852.780 

28.696 

19.047 

1.445.776 

3.666 

364.465 

2.693.846 

531.524 

35.530 

13.031.669 

1.761,965 

15.126 

1,766,294 

2,668.098 

899.804 

1,647,1 

582,546 

577.116 

4.754 

•156 

522 

13.307 

161 

92.738 

155 

68.069 

426.780 
25.422 



•Estimate should be used with caution because of trie small number of sample returns on which it Is based 

'Less than $500 per return 

NOTE See text (or "Explanation of Terms" and ' Descnption o1 (he Sample and Limitations of the Data." 



Corporation Returns/ 1977 
RETURNS WITH NET INCOME 
Table 3. — Balance Sheets and Income Statements, by Major Industry 

[All figures are estimates based on samples — money amounts are in ttiousands of dollars) 



35 



Agriculture, 
(orestry. 

and 
fistiing 



Ufllal 
mining 



Coal 
mlnlr^ 



Oil and gas 
extraction 



Nonm«tallic 

minerals, 
exceot tuels 



(II 



(2) 



(3) 



(<l 



|5| 



16) 



(71 



Number of returns 

Total aeeets 

Casti 

Notes and accounts receivable 

Less Allowance lor bad debts 

Inventories 

investments in Government obligations: 

United Slates 

Stale and local 

Other current assets 

Loans (0 stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less: Accumulated depreciation 

Depletable assets 

Less: Accumulated depletion 

Land 

Intangible assets (amonizable) 

Less Accumulated amortization 

Other assets 



Total llabllitlea 

Accounts payable 

Mortgages, notes, and bonds payable in leas than one year 

Other current liabilities 

Loans from stockholders 

Mortgages, notes, and bonds payable in one year or more 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unappropnated 

Less Cost of treasury stock 

Total receipts 

Business receipts 

Interest on Government obligations: 

United Slates 

Stale and local 

Other interest 

Rents 

Royalties 

Net short-term capital gam reduced by net long-term capital toss . , 
Net long-term capital gam reduced by net short-term capital loss.. 

Net gain, noncapital assets 

Dividends received from domestic corporations 

Dividends received from 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-shanng. stock bonus, and annuity plans 

Employee tjenefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign corporations 

Net income (line 63 plus 64 minus 36) 

Income subject to tax 

Income tax. total 

Normal tax. surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-year work incentive (tWIN) cradK 

Additional tax for tajt preferences 

Foreign tax credit 

US possessions tax credit , 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 

Distnbutions to stockholders: 

Cash and property except in own stock 

Corporations own stock 



t,424,528 
4,760,953,557 

327.909.694 

1,197.204.890 

30.623.906 

343.739.824 

193.311.961 

149.691.003 

149,558.860 

11.194.332 

623.978.874 

761,315.839 

1,331.288.855 

499.143.435 

47.109.215 

19.546.1 

53.105,357 

13.250.372 

4,163.815 

111.771.836 

4,760,»53,5S7 

293,135.980 

250.386.951 

1,890,236.168 

30,402.780 
569.727.884 
470,816.284 
243.302,233 
299.431,561 

34,236,795 
701,814,679 

22,537.756 

3,655,771,492 

3.373,574,060 

12,884,220 

7,122,248 
141.402.795 
27,527,975 

5,780,335 

408,835 

10,983,133 

8,991,078 
13,263,898 

8,129,935 
45,702,980 

3,410,644,090 

2.391,959,274 

61.209.876 

24.366.197 

11.398.186 

41.389,768 

91,752,483 

131,864,600 

1,764.329 

737,656 

93.026,592 

5.102,672 

31.046.890 

33.004,950 

20.732.923 

712.678 

470.772,814 

244.927,402 

7.469,336 

245,274,490 

212,501,231 

96.267,089 

95,627,421 

408,350 

3.836 

227.482 

26.006,028 

837.687 

11.038.314 

19.327 

1.703.813 

58.891.658 
2.489.269 



36,440 
16,679,684 

1.337.598 

1.940.553 

16.076 

2.024.624 

60.763 

40.670 

570.578 

257.147 

183.518 

1 .550.502 

10.965.879 

5.123.690 

133.303 

17.490 

3.815.505 

40.236 

12.302 

928.466 

16,679,664 

1.120.797 
2.736.786 

906.126 

767.003 
4.692,854 

605.446 
2.829,989 
1 .262.980 

124.317 
3.933.092 

299.706 

27,465,144 

26,054.905 

8.138 

2,758 

125.308 

146.486 

26.157 

20.437 

349,631 

112,472 

32.778 

6.614 

579.460 

25,726,054 

18,393.418 

699.159 

487.738 

32.080 

514,375 

634,431 

576,543 

11,138 

3,126 

958,001 

7,670 

96,498 

117,813 

73,290 

5,950 

3,114,824 

1,739,090 

3,798 

1.740,130 

1,145,569 

400,870 

395,785 

4.237 

•(') 

848 

25,645 

121 

76.414 

•48 

12.776 



378.173 
■10.741 



10,963 
73,986,106 

2,794,153 

16.123,573 

60,269 

3,468,597 

706,199 

61,604 

3,603,247 

914,126 

261,449 

15.301.997 

37,347.380 

13,958,014 

7,283.775 

3.063.822 

706.578 

1.664.811 

633.007 

1.443,729 

73,986,106 

6,350,941 
3,012,284 

1 1 .829,909 
556,356 

10,196.909 
3.940.119 
2.355.710 

11.531,346 
3.602.966 

20.993.460 
383.896 

66,990,745 

85.808,797 

26.842 

6,659 

479,831 

155.682 

191.869 

4.490 

593.766 

227,996 

147,731 

112,484 

1,234,596 

56,492,935 

40.006,381 

599,035 

587,450 

47,349 

363,585 

1,255,126 

1,104,839 

20,410 

7,694 

2,439,357 

989,280 

47,362 

370,594 

224,230 

20,297 

8,409,946 

32,497,810 

90,571 

32.581,722 

31.919,909 

15.255.210 

15.176.753 

12.213 

•322 

65,922 

13,958,967 

51 

223,125 

44 

27.131 



1.804.696 
44.561 



260 
9,943,483 

180.130 

610.374 

459 

800.231 

•53.872 

3,285 

1,113.414 

64.019 

3.832 

3.259.472 

4.657.979 

1,720,160 

736,998 

171,468 

45,891 

•12,732 

•4,616 

297,957 

9,943,463 

484,105 
761,332 
674,540 
•136,621 

1,454,621 

1.359.005 
439.434 

1.840,229 
6,552 

2.799,100 
•12,056 

4,307,264 

3.896,824 

•1.205 

72 

62,209 

3,965 

8.386 

79 

•164.928 

26.162 

16.753 

59.219 

67.482 

4,040,142 

2.816.387 

18.229 

30.600 

4.171 

26.248 

221.766 

154.165 

1.865 

1.598 

230.360 

153.425 

•880 

54.063 

12,930 

•62 

313,393 

267,142 

32,329 

299,399 

221,402 

94.393 

79.752 

•107 

14.534 
56.266 

5.772 

35 

•563 

132.458 
540 



2,243 
6,624,545 

547,730 

918,080 

7,361 

308,650 

221,357 

40,714 

410.639 

51.939 

•13.1 

564,716 

5,082,896 

2,157,926 

428,316 

56,297 

124,578 

35,566 

4,177 

301,257 

6,824,545 

490,544 
564,051 
544,184 

27,176 
1.308.388 
343.579 
229.365 
377.836 
176.010 
2.853,894 

90,482 

6,502,510 

8,169,560 

5,516 
2,177 
54,785 
65,192 
13,178 
•731 
82,494 
20,987 
23,481 
• 1 .908 
62.501 

7,866,645 

5,368,593 

149,835 

141,355 

8,163 

83,764 

314,650 

150,354 

4,849 

324 

556,627 

274,055 

2,392 

79,233 

116,773 

699 

616,779 

633,865 

•1,102 

632,790 

496,840 

236,419 

213,517 

2,244 

112 

20,546 

2,491 

49,211 

6 

5,185 



184,654 
•5,555 



6,546 
52.595,553 

1.766,468 

13,814.787 

27,992 

1.937,756 

391.541 

32.580 

1.864.585 

782.310 

213,347 

11,050,522 

23,504,276 

7,858,478 

5.829,214 

2.763.590 

341,315 

1,610,091 

621,919 

728,740 

52,595,553 

5,006,433 
1,417,116 

10,288,761 
253,365 
6,641.087 
2.022,217 
1,322.461 
9.112.280 
3,406,367 

13,309,224 
182,758 

71,040,167 

68,780,588 

16,978 

2,967 

326,755 

63,778 

166,486 

3,452 

322,963 

152,031 

101,883 

50,949 

1,051,337 

39,781,360 

28,713,967 

313,552 

249,705 

26,285 

208,308 

551,129 

693.379 

10,486 

5.065 

1,336,856 

429,127 

24,688 

187,581 

65,388 

19,190 

6,946,654 

31,258,807 

56,975 

31,312,795 

30,930,234 

14,796,977 

14,768,759 

8,785 

•149 

19,284 

13,698,203 

51 

135,981 

(') 

16,108 



1,378,386 
38,186 



1,894 
4,622,525 

299.825 

780.332 

24.457 

421.960 

39.429 

5.025 

214.609 

15.858 

30.402 

427.287 

4.102.229 

2.221.450 

289.247 

72.467 

194.794 

6.422 

2.295 

115.775 

4,622,525 

370.859 
269.785 
322.424 
139.196 
792.813 
215.318 
364.450 
201.001 

14.037 
2.031.242 

98.600 

5.140,764 

4,961,825 

3,143 

1,423 
36,082 
22,747 

3,819 

228 

23,361 

28,816 

5,614 

•408 

53,278 

4,802.766 

3,107,434 

117,419 

165,790 

8,730 

45,265 

167.581 

106.941 

3.210 

687 

315.314 

132,673 

19,402 

49,717 

29,139 

•346 

533,120 

337,996 

•165 

336,738 

271,433 

127,421 

114,725 

1,077 

•61 

11,558 

2,007 

32,161 
3 

5,275 

108,998 
•280 



Footnotes at end of taliie See text fcx "Explanation of Terms" and "Description of the Sample arxJ Limitations ol ttie Data." 



86 Corporation Returns/ 1977 

RETURNS WITH NET INCOME 

Table 3. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Major industry— Continued 



General 

building 

contractors 

and operative 

tHjiiders 



Heavy 
construction 
contractors 



Special 

trade 

contractors 



Food and 
Kindred 
products 



Totjacco 
manufactures 



Textile mill 
products 



(9) 



(10) 



(13) 



(14) 



(15) 



Number of returns 

Total aM«t« 

Cash 

Notes and accounts receivable 

Less: Allowance for bad debts.... 

Inventones 

Investments in Government obligations: 

United Stales 

State and local 

Other current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less: Accumulated depreciation 

Oepletable assets 

Less: Accumulated depletion 

Land 

Intangible assets (amorlizable) 

Less: Accumulated amortization 

(Dther assets 

Total llabllltlsa 

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 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unappropriated 

Less: C^st ol 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 received from domestic corporations 

Dividends received from 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, and annuity plans 

Employee tienelit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign 

corporations 

Net income (line 63 plus 64 minus 36) 

Income sub|ect to tax 

Income tax. total 

Normal tax. surtax, and alternative tax 

Tax from recomputing prior-year investment credit 

Tax from recomputing prior-year work incentive (WIN) 
credit 

Additional tax for tax preferences 

Foreign tax credit 

US, possessions tax credit 

Investment credit 

Wort incentive (WIN) credit 

New lobs credit 

Distributions to stockholders: 

Cash and property except In own stock 

Corporation's own stock 



135,955 
U,I04,562 

7.377,791 

19.166,321 

156,793 

11,638,236 

392,191 

198,637 

6,812,776 

646.525 

561,527 

4,207,189 

25,263.422 

12,399.752 

130,658 

23,476 

2.472.315 

199,981 

42,781 

2,159,595 

66,804,562 

13,414,922 

8,334,967 
9,844,636 
1.583,917 

9.180.875 
4.994,021 
4.367.620 
2,361.436 

240.552 
15.413,996 

932.382 

145,891,466 

142.091,604 

31,990 

12,296 

545.614 

595.556 

17.858 

14.418 

333.654 
312.276 
62.614 
66.958 
1 .806.628 

139,417,126 

113.405.277 

4.812.610 

761.673 

221.852 

816.179 

2,955.885 

1.351,298 

48.725 

6,816 

2.380,157 

33,686 

325,666 

747,433 

566,632 

17,653 

10.964,764 

6.474.340 

74,492 
6.536,536 
5.047,435 
1,915.100 
1.894,222 

17,314 

•244 

3,320 

122.733 

2.051 

220,629 

444 

238.736 

526.845 
51.757 



50,099 
31,880,735 

3.156,246 

7,437,176 

30.705 

7.472,675 

207,195 

82.143 

3,954,274 

492,657 

456,773 

1.827,678 

6,995,603 

2,914,656 

22,436 

2,464 

1.652,494 

143,919 

19,360 

946,571 

31,880,735 

6,454,886 

5.391,744 

4.415.762 

714,929 

4,766.481 
2,702,676 
1.249.142 
1,062,127 
86,533 
5,295,122 
260.667 

60,924,612 

59.209.238 

15,756 

4.421 

280.442 

365.561 

4,459 

10.087 

158.660 

112.210 

13.126 

15.346 

735.306 

58,509,129 

50.378.921 

1.565.549 

192.519 

45.466 

197,786 

849,059 

709,000 

20,897 

2,914 

584,390 

13,403 

141,566 

218,318 

130,958 

5,476 

3.452.897 

2.415,483 

37,153 

2,448,215 

1 ,865,007 

710.032 

704,884 

3.311 

•82 

1,755 
45.047 

264 
56.445 

348 
70.204 

139.979 
22.135 



11,580 
17,288,135 

1.724.222 

4.623.299 

30.774 

1,213.584 

109.710 

67.294 

1.568.728 

67,958 

26.807 

1.517.796 

10,555,406 

5,473,798 

91,460 

19,119 

406,028 

18,448 

8,645 

829.731 

17,288,135 

2.967.159 

1.076,018 

2,860.436 

187.715 

2,397.242 
1,166.382 
1.586.667 

852.330 

44.378 

4.336.178 

188.370 

31,857.213 

30.471.218 

6.574 

4.102 

1 70.028 

130.487 

13,158 

1.054 

110.366 
137.939 
39.920 
50,673 
719,794 

30,274,272 

24,323.385 

623.747 

292.032 

38.217 

223.810 

595,850 

321,726 

11,597 

1,140 

925,306 

17,914 

32,622 

219,691 

137,647 

7,003 

2,502,583 

1,582.941 

35,838 

1,614.677 

1,372,439 

594.886 

586,036 

7.956 



808 

75.277 
770 

90.196 
•11 

36.739 



208.012 
•6.559 



74,276 
19,635,692 

2.497.323 

7,105.846 

95,314 

2,951.977 

76.286 

49.400 

1.289.774 

285.910 

77.947 

861.715 

7.712.413 

4,011.398 

16.762 

1.893 

413.793 

37.614 

14,756 

363.293 

19,635,692 

3.992.877 

1 .867.205 

2.568.438 

681.273 

2.017.152 

1.122.963 

1.531.811 

446,981 

107,641 

5.762.696 

483.345 

53,109,641 

52.411.148 

7.660 

3.773 

95.144 

99.508 

•241 

3,277 

64,628 

62,127 

9,568 

•1.039 

351,528 

50,633,725 

38,702,971 

2,623,514 

277,322 

138,149 

394,583 

1,510,976 

320,572 

16,231 

2,762 

870.459 

2,369 

151,698 

309,424 

298,227 

5,174 

5,009,294 

2,475.916 

1,501 

2,473,644 

1,609.989 

610.182 

603.302 

6,047 

•76 

757 

2.409 

1,017 

73.988 

•85 

131,793 

178.854 
23,063 



158,995 
1,063,973,492 

35,993,792 

248,631,913 

5,385.603 

183.972.988 

12.877.283 

2,504.620 

48.050.609 

2.333.176 

2.858.496 

183.896.998 

524.008.081 

247.969.921 

36.016,941 

15,347,244 

14,115,119 

5,709,285 

1 ,652,460 

33,359.617 

1,063,973,492 

130.903.144 

68.366.040 

104.097.424 

8.832.900 

182.348.362 

60.415.607 

69.433,331 

109,756,247 

5,529,600 

333,235,580 

8.943.943 

1,500,494,094 

1.441.855.190 

966.932 

324.900 

9.586.192 

10.586.448 

4.170.459 

57,359 

4,568,415 
1,246.269 
5.979.018 
7.098,060 
14,054,852 

1,398,849,942 

1.047.611.679 

12.432.090 

15.998.821 

2.485.687 

11.194.019 

40.233.289 

21.433,056 

908,302 

263,037 

39,362,730 

3,645,520 

16,177,805 

16,983,337 

12,738,399 

273,276 

157,108,895 

101,644,152 

6,289,680 
107,608,932 
101,639,157 
47,389,668 
47.135,474 
184,964 

1,430 

67,600 

10,154,318 

799,042 

4,607.188 

9,777 

558,785 



25,922,370 
1,092,196 



11,039 
63,913,029 

3.617,221 

16.590.318 

358.125 

17.341.402 

591.032 

223.466 

3,167,018 

405.027 

521.416 

13.909.066 

41.851.353 

18.408.925 

361.431 

■90,250 

1.510,031 

423,510 

92,817 

2,330.853 

83,913,029 

10,387.'0e 

4,763.032 

8.493.915 

681.579 

13.924.454 

3.043.259 

6.151.800 

6.960.777 

619.753 

29.640.158 

753.406 

178,095,737 

174.747.872 

43.269 

25,098 

630,179 

253,406 

265,670 

13,890 

230,893 
139,059 
280,604 
348,538 
1,117,259 

169,908,057 

132,680,016 

1,017,828 

1.395,096 

167,358 

1.165.378 

4.555.956 

1.665,633 

74,074 

18,287 

3,342,725 

29,117 

4.323.585 

1.104.170 

846.781 

40.558 

17.481.293 

8.187.680 

289.802 
8.452.364 
8.030.154 
3.766.408 
3.743.066 
20.533 

•1.373 

1.436 

409.159 

69.872 

367.955 

377 

36.532 



2.122.213 
132.826 



31 
18,446.456 

560.165 
2,327.699 

•27.926 
4,709,744 



432,279 

389,342 

92,893 

5,299,216 

4,673.003 

978,219 

253,527 

166,444 

53,986 

4,790 

499,063 

18,446,456 

1 ,369.357 

846,382 
1,816.069 
•134.647 

4.284.691 
838.550 
925.626 

2.680.106 
401. 

5.148.024 
200.657 

17,535,857 

16.894.081 

323 

62 

1 53.022 

22.348 

52.902 

3.850 

•117.557 

•37.311 

99.684 

17.225 

137.492 

15,691,386 

9.236.993 

35.090 

119.293 

22.494 

94.956 

2.257.078 

439.338 

12.192 

1.641 

358.526 

42.391 

902.250 

166.415 

169.722 

9.591 

1.823.416 

1.844.471 

46.338 

1.890.747 

1.819.149 

853.299 

861.302 

1.997 



119.727 

10.181 

41.169 

5 

•430 



4,257 
16,745,931 

754,259 

4,474.592 

78.116 

4.708.229 

68.672 

34.226 

431,394 

13,190 

13,773 

1,030,927 

11,604,168 

6,634,924 

205 

99 

120,276 

23.684 

7.618 

189.101 

16,745,931 

2.029.515 

1.275.763 

1,423,101 

108,237 

2,337.563 
186,115 

1,305.230 
953.678 
29.510 

7,270.444 
175.225 

30,929,218 

30.484.524 

8.283 

1.466 

55.434 

23.548 

29.370 

•429 

32.070 
17.010 
44.368 
10.803 
221.913 

29,279,510 

23.469.515 

355.356 

268.881 

53.651 

203.048 

754.351 

342.282 

23.607 

1.953 

807.198 

99 

226.806 

214.152 

142.178 

5.797 

2,410.636 

1 ,649,708 

5.926 

1.654.168 

1 .543.862 

720.613 

714.628 

5.692 

(') 

•93 

7,638 

6.644 

88.564 

261 

21.695 

258.886 
•4.397 



Footnotes at end ol table See text for "Explanation o( Terms' and "Description ot the Sample and Limitations ol ttie Data 



Corporation Returns/1977 
RETURNS WITH NET INCOME 
Table 3. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



37 



Major Industry — Continued 



Manufactunnfl — Continued 



Luml>er and 

wood 

products 



Furniture 
and fixtures 



Paper and 

allied 
products 



Pnnting and 
publisfiing 



Ctiemicals 
and allied 
products 



Petroleum 
(including 
integrated) 
and coal 
products 



Rubt)er and 

miscellaneous 

plastics 

products 



Leather and 
leattrer 
products 



Stone, clay, 
and glass 
products 



|I7| 



(181 



(161 



(201 



(211 



1221 



(231 



(241 



(251 



Number of r«tuma.. 
Total aasats 



Casti 

Notes and accounts receivable. 

Less Allowance for bad debts 

Inventones 

Investments in Government obligations: 

LJnited States , 

State and local 

Otfier current assets 

Loans to stockfiolders 

Mortgage and real estate loans 

(Dtfier investments 

Depreciable assets 

Less: Accumulated depreciation 

Oepletable assets 

Less; Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less: Accumulated amonizatiofi 

Other assets 

Total llabllltlaa 

Accounts payable - 



Mortgages, notes, and bonds payable in less than one 
year 

Other cunent liabilities 

Loans from stockholders 

Mortgages, notes, and bonds payable in one year or 
more 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unappropriated 

Less: Cost of treasury stocft 



Total racalpta 

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 gam reduced by net sftort-term 

capital loss 

Net gam, noncapital assets 

Dividends received from domestic corporations 

Dividends received from foreign corporations 

Other receipts 

Total daductlona 

Cost of sales and operations 



Compensatton of officers.. 

Repairs 

Bad debts 

Rent paid on business property 

Taxes paid 

Interest paid 

Contnbutions or gifts 

Amortization ^...^T^.l'.'. 

Depreciation 

Depletion 

Advertising 

Pension, profit-sharing, stock bonus, and annuity plans . 

Employee tjenefil programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign 

corporations 

Net income {line 63 plus 64 minus 36) 

Income subject to lax 

Income tax. total 

Normal tax. surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-year work incentive (WIN) 
credit 

Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 

DistnlMjtions to stockholders 

Cash and property except m own stock 

(Corporation's own stock 



9.763 

27,674,302 

1.168.248 

3,859.424 

76.027 

4.589.101 

116.975 

•18,1 

1.013,022 

120,490 

914.906 

2,816.840 

17.319,696 

7.371,346 

2.118,502 

65,427 

450,212 

49,162 

14,017 

647,660 

27,874,302 

2,170,287 

1,971.992 

2,839.290 

246.092 

5.866.456 
921.194 

1.938.013 

3.753.026 
116.421 

6.366,432 
314.901 

40,100,241 

37.940,003 

13,054 

1,799 

230,422 

69,431 

17,546 

2,131 

1,316,827 

61,582 

84.369 

33.346 

329.731 

37,326,891 

28.150.994 

537.982 

401.805 

59.212 

300.304 

959,259 

623,806 

16,072 

7,449 

1.298,550 

1.312,821 

134,492 

297.244 

154,182 

22.624 

3,050.095 

2,773,350 

43,231 

2,814.782 

2.650.000 

1.008760 

997,148 

6,350 

•(') 

5.262 

31,312 

182,474 

266 

27,606 

497,223 
•117,746 



5.049 
5,879,116 

358,919 

1.582,831 

40.205 

1.765,351 

14,156 

•25,260 

201,555 

15,985 

5,330 

363,041 

2,582.121 

1,209,592 

•2.406 

•250 

99.327 

29.825 

11.155 

104.213 

5,879,118 

780.949 

403.895 
572.333 
89.053 

791.193 

84,811 

568,660 

287,621 

22,354 

2.351,787 

73,556 

12,248,442 

12.048,398 

2,110 

1.473 

21.872 

15.843 

10.971 

•338 

21.679 

6.688 

6.126 

5.400 

107.544 

11,459,941 

8,511,602 

266,050 

46,257 

26,113 

126.512 

329,606 

121,888 

6.973 

823 

1 96.622 

418 

134.753 

86.935 

67.911 

1.713 

1.535.765 

788.501 

3.822 
790.850 
731.230 
324,601 
323,442 

1,080 



•79 
4,330 

174 
19,637 

167 
20,477 

68,493 
•18,960 



2.811 
31,883,633 

857,940 
4.478,015 

102,432 
4,628,800 

513,678 

45,849 

1,042,556 

33,003 

13,244 

3,769.564 

24,486.078 

11,316.994 

2,326.528 

430.820 

880.702 

119.273 

23.139 

561,788 

31,883,633 

2.902,228 

1.040,709 

2,842,525 

99,786 

7,023,946 

764,780 

2,658.314 

3,060.952 

51.449 

11,661.765 

222.821 

42,518,930 

40,902,354 

14,374 

9.575 

173.122 

48.380 
149,801 

335 

658,516 
22,235 
105,995 
165,291 
268,952 

39,683,162 

28531,475 

326,837 

1,019,636 

67.913 

322.619 

1,075,718 

624.507 

37.670 

8.625 

1.715,553 

372.988 

295,156 

498,618 

330.336 

2,675 

4.462,636 

2.835,768 

111,041 
2.937.234 
2.884.655 
1.261.659 
1,247,727 
4,690 

(') 

9.242 

135.914 

706 

195,212 

637 

10.564 

853,877 
•36,909 



22.517 
31,221,688 

2.079,557 

7.135,905 

559,008 

3,354,693 

531,510 

187,383 

2,251.214 

168.077 

82.498 

4,326,580 

15,226,691 

7,416,580 

149,503 

•1,493 

709,092 

898,058 

124,815 

2.232,823 

31,221,688 

2,670,177 

1,711.288 

4,104.171 

348.176 

3,880.520 
1,545,611 
2.145,302 
1.971,993 

311.693 
12.942,978 

610.221 

46,353,172 

44.723.580 

30,972 
9.704 
246,077 
146,184 
124.105 

4.806 

159.476 

42.854 

100.371 

55.411 

709.632 

41,882.509 

27,779,148 

1,238356 

258,755 

263,979 

587,748 

1.394,962 

489,127 

58,061 

36,535 

1.180,111 

51,388 

382,014 

569,705 

366,379 

11,740 

7.172.481 

4.470.663 

40.170 
4.501.129 
4,199.140 
1,904.552 
1,896.973 
5.440 

•(') 

•139 

57.051 

159 

116.957 

72 

31.137 

759.368 
11.057 



7.060 

95.826,134 

2,690,122 

18,009,608 

419,219 

15,927.944 

534.460 

179.786 

3,230,916 

85,466 

21,356 

17.838,797 

62.460.739 

29.577,102 

967.874 

243.832 

1,001.867 

858.484 

197.146 

2,456,0 

95,826,134 

10.017.645 

3.211,971 

9.354,160 

463,307 

19.063.241 

2.652.462 

6.926.788 

9.696.808 

203.837 

35,199.875 

963.980 

117,259,295 

112,249,124 

36,195 
16.494 

650.303 
99.901 

694.904 

7,299 

457,357 
185,302 
584,142 
708,958 
1,569,416 

106,716,099 

71,103,055 

709,761 

1,934,591 

169,495 

1,015,119 

2,466,493 

1 ,607.062 

113,216 

21,676 

4,641.896 

167,971 

3,297,003 

1,805.236 

955.732 

17.559 

16,470.234 

10,543.196 

932.876 
11.469.578 
11,195,900 
5,297.630 
5,256.407 
28.403 

1 

12.819 

904.190 

442.709 

569.923 

199 

24.048 

3.780.975 
85.446 



930 
228,772,383 

2,832,869 

43,162,089 

496,570 

15,971,556 

2.259.277 

205.377 

7.479,503 

98,853 

72,803 

67,953,796 

110,045,534 

47,612,476 

28,326.676 

14,117.472 

4,010,234 

1,409,394 

509,949 

7.968.691 

228.772,383 

33.177,883 

4.878,754 

14,154.534 

691.351 

32,741.483 
29,250.253 
13,161,613 
30,549,978 

1,114,021 
70,174,536 

1.222,023 

329,529,322 

320.043,444 

215,157 

9,759 

1,634,785 

666,687 

222,925 

2.911 

392.595 

153.745 

1,716,593 

1,585.739 

2,484,982 

312,610,709 

264,541.560 

239.388 

3,079.509 

275.312 

1,798.716 

8,260.588 

3.223.947 

90.864 

38,926 

6,040.377 

1,023.275 

823,806 

1,436.510 

579.865 

27,709 

21,130.357 

16,918,613 

1 ,361 .650 
18.270.504 
16,559,109 
7,897.973 
7,872.652 
18.482 



6.635 

4.040.826 

25,254 

1,012.212 

39 

4.966 

4.987,168 
132.079 



6,063 
20.608.822 

981,777 

5,277,757 

78,359 

4,479,138 

55.604 

•60.064 

506,787 

55,594 

42,377 

2,116.603 

11,914.191 

5,421.763 

•4.136 

•1.013 

197.181 

52,329 

14,992 

481,131 

20.608,622 

2,321,955 

1 ,496.626 

2,602.575 

197.468 

3.857.664 
386.544 

1.064,310 

1.840,887 
362,258 

6,761,486 
283,153 

32.590,688 

31,643,695 

11,521 

768 

113,028 

49,650 

55,820 

590 

35.239 
29.303 
34.677 
106.303 
309.894 

30,835.71 1 

21,960.074 

424.842 

427.050 

74.147 

372.369 

933.044 

454,273 

13.092 

2,160 

956.329 

1,328 

338,409 

466.049 

349.212 

2.379 

4,040.954 

1,754.977 

65.502 

1.819.711 

1 .729.988 

791.336 

788.040 

3.247 

•(') 

•49 

95.620 

3.697 

101.804 

478 

29.465 

355.621 
32.081 



1.483 
4.124.038 

387,800 

1,061,644 

20,859 

1,282.716 

1 1 .546 

•4.666 

180.114 

31,456 

• 1 ,360 

438,348 

1,197,182 

597,734 

•30 

26.209 

7.791 

1.473 

111,242 

4.124,038 

687,499 

323,444 

292,183 

46,625 

519.844 

86,975 

433,749 

273,371 

•8,662 

1 ,489,954 

38,266 

8,092,328 

7,961,410 

506 

484 

25,352 

8,502 

3.722 

•23 

2.956 

658 

30,447 

•559 

57,709 

7,630,477 

5,810.654 

107.209 

45.632 

12.974 

1 56.890 

169,571 

77,567 

6.390 

629 

93.257 

•341 

91,386 

44.844 

37.868 

550 

952.716 

461.851 

49 
461.416 
421.746 
194.176 
193.678 
298 



1.981 
1,936 
9.348 
52 
7.109 

95.009 
•1.837 



e,4«a 

25.326.2SS 

1.050,879 

4.994.741 

118,814 

3,919.315 

293.631 

19.909 

916.039 

21,195 

24,646 

3.141,395 

19.309,318 

9,393,598 

356,250 

72,684 

527.075 

66.699 

23.031 

293.090 

25.328.255 

2.561.374 

690.594 

2.630.082 

159.091 

5.210,441 
599.196 

2.088.131 

2.080.080 
177.707 

9.285.900 
356.341 

34.168.1S1 

33.090,553 

10,747 
1,203 
132,631 
60,840 
86,448 

•165 

94.262 
52.774 

126,080 
96,005 

416,443 

31.807,238 

22,459.886 

467,922 

822.132 

77.682 

264,171 

960,397 

506.493 

26.007 

3.656 

1,330.760 

1 1 2.809 

199.660 

465.529 

334.271 

5.547 

3.731.314 

2.360.915 

77.458 
2.437.170 
2.238.045 
1.027.962 
1 .020.266 
5.147 

•I') 

2.549 

100.154 

2.997 

165.750 

199 

19.715 

520.461 
31.634 



Footnotes at end of tatile. See text for "Explanation of Terms' and 'Descnption of the Sample and Limitations of the Data " 



38 Corporation Returns/ 1977 

RETURNS WITH NET INCOME 

Table 3. — Balance Sheets and Income Statements, by Major Industry — Continued 

(All figures are estimates based on samples — money amounts are in thousands of dollars] 



Major industry — Continued 



Manulactunng — Continued 



Pnmary 

metai 

induslnes 



Fabncated 

metal 
products 



Machinery, 
except 
electrical 



Electncai 

and 
electronic 
equipment 



Motor 
vetiicies and 
equipment 



Transportation 

equipment. 

except motor 

vetiicles 



instruments 

and related 

prcxjucts 



Miscellaneous 
manulacturing 

and 
manulactunng 
not allocable 



(27) 



(261 



(291 



(301 



(311 



(321 



(33) 



Number of retuma 

Total assets 

Casti 

Notes and accounts receivable 

Less: Allowance for bad debts 

Inventories 

Investments in Government obligations: 

United States 

State and local 



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 tftan one year.. 

Other current liabilities 

Loans (rom stockholders 

Mortgages, notes, and bonds payable in one year or more.... 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unapprophated 

Less: (3ost of treasury stock 



Total receipts 

Business receipts 

Interest on Govemment 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 received from domestic corporations 

Dividends received from foreign corporations .^. 

Other receipts 7. 



Total deductions 

Cost of sales and operations 

Compensation of officers 

Repairs 

Bad debts 

Rent paid on business property 

Taxes paid 

Interest paid 

Contnbutions or gifts 

Amortization 

Depreciation 

Depletion 

Advertising 

Pension, profit-shanng, stock bonus, end annuity plans . 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Constructive taxable income from related foreign corporatk>ns. . . 

Net income (line 63 plus 64 minus 36) 

Income sublect to tax 

Income tax. total 

Normal tax, surtax, and alternative tax 

Tax from recomputing prior-year investment credit 

Tax from recomputing prior-year work incentive (WIN) credit . 

Additional tax for tax preferences 

Foreign tax credit 

U.S. possessions tax credit 

Investment credit 

Worti incentive (WIN) credit 

New |obs credit 



3,7*6 
56,440,809 

t. 252.477 

10.686,200 

192,664 

9,494,799 

154,543 

142,593 

1.981,315 

60.697 

63.121 

10.650.740 

31,558,953 

14,990,899 

362,341 

132,755 

645,285 

326,869 

123,978 

4,601,172 

56,440,809 

4,448,346 

6,115,255 

4,639,906 

119,307 

10,990,769 

4.889.069 

3.623,316 

7.675,038 

85,986 

14,255,085 

401,268 



Distributions to stockholders: 

Cash and property except in own stock . 
Corporation's own stock .- 



59,731,925 

57.698.366 

8.386 

8,365 

488,065 

52,185 

59,179 

6,806 

116,077 

23,544 

258,560 

119.594 

892,798 

57,268,129 

43,680,651 

460,623 

1,458,810 

88,478 

379,879 

1,341,930 

t. 533,639 

25,718 

22,002 

1.807.131 

279,340 

214,990 

982,174 

667,984 

7.455 

4,317.325 

2,463.796 

128,960 

2,584.391 

2,299.123 

1,079.683 

1,057,716 

3,168 

•1 

18,798 

160,215 

391 

155,095 

252 

17,143 

899,728 
57,964 



23,774 
46,636,665 

2.575,084 

10,825,988 

226,158 

1 1 .359.060 

423.889 

326.463 

1.841.615 

138.889 

61.384 

5.401.995 

22,925,067 

11,067,225 

129,666 

7,677 

721,229 

284,500 

97.262 

1.020,158 

46,636,665 

5,771,372 
2,619,762 
4,848.161 

587,706 
7,496.249 
1,483,175 
3.577,241 
3.651,131 

220,530 
17,104,153 

722,815 

76,457,961 

74,827,741 

24,178 

7,270 

259,613 

155,483 

76.858 

4,463 

103,737 

66,899 

90,846 
204,450 
636,423 

70,864,598 

52,526,943 

1,780,848 

830,430 

169,223 

621.364 

2,007.315 

882.883 

60.658 

10.743 

1,775,941 

16,388 

521,666 

976,526 

651,257 

24.826 

8.007,587 

5,593,363 

126,458 

5,712,551 

5,333,785 

2,413.620 

2.404,521 

8,741 

•39 

319 

173,249 

8,466 

191.408 

945 

86,062 

848.207 
51.110 



17,376 
104,961,885 

3.832,349 
26.352,580 

1.175.891 
25.991 .684 

3,222,032 

261 ,037 

7,274,271 

181,707 

94,925 

14,304,782 

44,323,528 

22,215,734 

172,300 

20,143 

776,889 

388,748 

182,961 

1,379,782 

104,961,885 

14,228,680 
5,902,221 

12,070,908 
3,478,819 

17,028,034 
3,031,928 
8,885,702 

10,586,689 
338,944 

30,050,391 
620,431 

113,804,372 

99.720.188 

242.294 

34.696 

1 .366.630 

7,443.582 

1.572.719 

4.014 

212.339 

121.237 

635.505 

1.365.937 

1.085.231 

102,036,529 

63.744.831 

1.445,728 

927,399 

270,716 

1,107,403 

3,328,718 

2,251,292 

91,339 

48,034 

4.219,124 

47,366 

777,199 

1,908,920 

1,316.580 

12.972 

20.538.908 

11,767.843 

1,365,447 

13,098,594 

12,517,842 

6.894,683 

5,865.865 

25.332 

•11 

3,475 

1.624.031 

11.061 

374.862 

523 

64.429 



3.372.921 
90.106 



7,924 
91,162,132 

4.339.436 

23.595.973 

555.263 

17.203.465 

705.589 

94.734 

9.435.895 

178.129 

146.146 

13,196,731 

34,008,657 

15,967,848 

370,708 

151,269 

653,820 

335,608 

102,513 

3,674,134 

91,162,132 

13,831,333 
5,934,492 

12,479,201 
403,158 

14,647,501 
6,406,886 
4,954,447 

11,414,189 
308,787 

21,894,876 
1,112,738 

107,716,229 

102,539,125 

39,305 
158.417 
964.629 
684,089 
370,553 
3,997 
371.946 
141,620 
715796 
703,786 
1,022.966 

99,388,190 

69,019,930 

854,518 

561,000 

290,074 

944,241 

2.888,255 

2,015.947 

65.734 

11.454 

3,309.730 

144,908 

1,368,959 

1,591,253 

1,158,989 

10,175 

15,153,023 

8,328,039 
308,174 
8,477,796 
7.966.303 
3,730.008 
3,703.916 
19,958 

6,134 
704.168 
126,742 
367,848 

1.091 
57,439 

1,815.281 
61,233 



1,796 
100,001,889 

2.134.024 

47.209.838 

500.027 

15,596,648 

2,681,662 

311,278 

2,205,623 

107,441 

146,563 

10,277,277 

38105,563 

21,963,493 

•10,158 

3,854 

717.569 

27.596 

13.679 

2.951,702 



9.462.095 

20.875.258 

8.998.330 

393.407 

22.853.789 

1.954.717 

3.402.482 

5.470.630 

627.404 

26.110.763 

146,986 

132,852,767 

127.988.941 

231,716 

17.801 

1,674.013 

356.841 

71 .630 

180 

63.481 

76.262 

427.547 

1.192.445 

751.910 

122,058,383 

92.988,091 

282.542 

1.414,115 

200.523 

626.246 

3.336.378 

2.965,184 

100,081 

3.892 

3.949.488 

5.139 

767,715 

2.869.884 

3.464,141 

43.104 

9.061 ,860 

10.794.384 

1,079.794 

11.856.377 

11.751.594 

5.632.078 

5.617.198 

14.857 

1 

•22 

1.228.566 

7.302 

411.810 

3.203 

14.043 

2,805.376 
•5.331 



2,218 
27,840,811 

2.325.075 

4.730.603 

100.465 

7,998.466 

93.195 

■8.826 

2.594.985 

53.124 

•486.207 

3,061 ,065 

12.808,250 

7,286.882 

•79.475 

3,407 

358,409 

61,042 

22,996 

595,839 



100,001,889 27,840,811 



5,795,759 

871,907 

4,795,802 

90,742 

4,070,423 

1,411,820 

2,232,863 

2,287,169 

310,645 

6,223,063 

249,272 

38,112,339 

36,055,813 

6,787 

5.181 

286,893 

1 22,396 

73.931 

27 

73.155 

24.798 

347.870 

79.536 

1,035,952 

36,200,611 

27.054.559 

238.850 

419.904 

36.249 

297.049 

1.067.273 

520.187 

18,887 

4,821 

888,723 

12,934 

187,371 

688,706 

556,038 

11,812 

4,198.248 

1 .91 1 ,728 

115.096 

2.021.643 

1.870.011 

877.184 

873.182 

3,619 

383 
88.958 

88.221 

434 

10,964 



461 ,099 
141.239 



4,088 
17,960,768 

524.019 

4.339.185 

74.213 

4.624.723 

370.009 

304.986 

831.438 

105.120 

27.295 

1,462,324 

9,373,011 

4,392,356 

8,256 

3,607 

246,211 

118,808 

35,005 

240,565 

17,960,768 

1 ,604,691 

717,901 
2,355,246 

169,974 
1,901,114 

244,512 
1.318,126 
1,978,391 

118,871 

7.642.085 

90,142 

25,400,630 

24.125,650 

15,856 

7.320 

92.447 

38.476 

126.536 

368 

35.736 

15.598 

202.136 

237,981 

502,527 

22,648,792 

14,064,584 

319,859 

381,463 

40,114 

246,419 

690,391 

213,776 

24.014 

7.754 

756,049 

•1,004 

557,241 

435,313 

240,800 

1,604 

4,669,407 

2.751.838 
137.239 
2.881.757 
2.791,670 
1,314,897 
1,311,544 
3,125 

228 

202,475 

35,951 

80,284 

213 

18,623 



594,867 
29.693 



9,397 
13,092,343 

680.628 

3.474.187 

97.360 

3.684.946 

140.736 

16.838 

468.966 

27.730 

9.838 

1.475.344 

4,580,660 

2,114.235 

•9,759 

•320 

186,514 

146.326 

37.993 

439.779 

13,092.343 

1,734,474 
1.030,770 
1.221.898 

173.886 
2.238.016 

347.204 

971.637 

1,383.325 

37,088 

4.114,186 

160.141 

21,972,108 

21,407.611 

3.736 

6.606 

111.130 

29.358 

43,874 

•157 

59,618 

17.641 

70.542 

45.277 

177.560 

20.454,930 

14.488,733 

538.634 

123.888 

60.441 

213.022 

580.464 

344.030 

14.196 

8,855 

391 ,762 

•3,495 

384,893 

164,894 

167.316 

5,653 

2,964,654 

1.517,178 

33,060 

1 ,544,633 

1.345.463 

604.561 

603.038 

1,427 



41,822 
17.185 
36.098 
232 
24.102 

181.528 
26.034 



Footnotes at end ol table See taxi lor "Explanation o( Terms" and "Descnption of the Sample and Limitations of the Data" 



Corporation Returns/1977 
RETURNS WITH NET INCOME 
Table 3. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars) 



Major industry— Continued 



Transportation and public utilities 



Transpor- 
tation 



Communi- 
cation 



Electnc, 
Qas, and 
sanitary 
services 



Wholesale and retail trarje 



Wtwiesale trade 



Groceries 

and related 

products 



Machinery 
equipment, 
and supplies 



Miscellaneous 

wholesale 

trade 



1341 



(35) 



(361 



(37) 



138) 



(40) 



(41) 



(42) 



Number of returns.. 
Total aasets 



Cash 

Notes and accounts receivable 

(.ess Allowance for bad debts 

Inventones 

Investments in Government obligations: 

United States 

State and local 



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 llsbllltiss 

Accounts payable 

Mortgages, notes, and bonds payable in less tttan one 

year 

Other current liabilities 

Loans from stockholders 

Mortgages, notes, and bonds payable in one year or 

more 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnatad 

Retained earnings, unappropriated 

Less. Cost of treasury slock 

Total receipts 

Business receipts 

Interest on Government obligations: 

United States 

State and local 

Other interest 

Rents 

Royalties 

Net shon-term capital gain reduced by net long-term 

capital loss 

Net long-term capital gain reduced by net short-term 

capital loss 

Net gam. noncapital assets 

Dividends received from domestic corporations 

Dividends received from foreign corporations 

Other receipts 

Total deductions 

Cost of sales and operations 

Osmpensation of officors 

Repairs 

Bad debts 

Rent paid on business property 

Taxes paid 

interest paid 

(>3ntnbutions or gifts ..«.«.iT.-i 

Amortization 

Depreciation 

Depletion 

AtJverlisIng 

Pension, profit-sftanng. slock tx>nus, and annuity plans.. 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign 

corporations 

Net income (line 63 plus 64 rmnus 36) 

Income subject to tax 

Income tax, total 

Normal tax, surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-year wortr Irtcentive (WIN) 
credit 

Additional lax for tax preferer>ces 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Woili incentive (WIN) credit 

New jobs credit 



Distributions to stocktiokjers: 

Cash and property except in own stock.. 
Corporation's own stock 



52.064 

4S7,5S3,373 

7.823.811 

35,500.280 

586.071 

17.426.756 

4.878.303 

223.997 

1 5.959.809 

457.729 

1.100.292 

39.167,409 

486,127,277 

125,402,773 

2,298,221 

658,027 

3,559,976 

1,667,110 

423,224 

8,432,496 

497.553,373 

21,175,043 

19,058,089 

53,878,374 

1,198,246 

174,552,270 
19,893,179 
76.050,899 
45.826.635 

1.315.979 
83.753,664 

1,149,005 

301.367,276 

291,568,400 

150,319 

19,352 

1,772,324 

1,912,252 

194,412 

37,949 

777,878 
727.035 
488.490 
148.809 
3.570,056 

281,130,039 

180,143,476 

2,134,496 

527,314 

924,897 

5,671,990 

17,759,996 

14,318,839 

152,563 

196,397 

25,256,850 

259,042 

1,113,229 

5.317.715 

2,663,569 

91,875 

24,577,791 

20,237,237 

86,986 

20,304,871 

18,892,706 

8,869,246 

8,769,636 

79,806 

1,337 
18,467 
147,967 
21,618 
4,143,315 
512 
70,723 



11,411.318 
133.966 



39.476 
102,156.989 

4.262,156 

13.241,653 

260.228 

3,252,337 

1,356,463 

195,958 

4.853,570 

382,283 

336,444 

13,536,823 

89,279,533 

33,295,278 

185.539 

63,976 

1,095,509 

315,945 

55,929 

3,538,197 

102,156.989 

7,218,676 

5,513,865 

13.668,021 

646,489 

28.282,748 

5,146,472 

7,389,791 

8,303,271 

558,751 

26,095,466 

666,561 

108,852.018 

104,381,930 

73,249 

13.154 

661.965 

1 .247.073 

96.234 

4.553 

404,538 

584,843 

201,297 

91,694 

1,191,488 

103.234,425 

70,704,434 

1,437,598 

218.484 

215,662 

4.180,733 

4,567,042 

2.456,620 

39.911 

73.766 

5.445.934 

53.975 

555.274 

1.429.179 

977.792 

14.489 

10.863.532 

5.717.593 

35.065 
5.739,504 
4,882,951 
2,179.070 
2.154.838 

13.955 

1.337 
8.940 

83.051 

146 

971.905 

282 

55,620 

1,164,308 
44.893 



6,857 

145.523.097 

1,382,493 

9,036,163 

138,503 

4,300,609 

1.702,958 

23,284 

2,903,204 

40,593 

223,972 

12,334,408 

141,874,908 

30,946,947 

•13,515 

10 

523,116 

997,528 

302,547 

1,554,353 

145.523.097 

4,285,683 

5,261.639 

20,201,267 

266,416 

47,437,044 
2,479,932 
19,340,278 
18,703,579 

211,352 
27,725,038 

379,131 

70.443,070 

68,656,699 

31,929 

2,563 

247,604 

283,567 

69,098 

16,857 

64,745 
43,617 

111,691 
29,893 

884,707 

64,202,221 

32,106,276 

328,148 

91.429 

410,158 

972,685 

4,954,762 

3,741,978 

57,695 

19,801 

10,109,515 

•232 

441,491 

2,740,616 

1,182,207 

7,224 

7,038,004 

6,240,849 

26,623 
6,266,909 
6,987.743 
2.890,140 
2.839.768 

50,155 



217 

40.140 

21.443 

1.376,977 

108 

6,482 

3,768,435 
•45,860 



5,731 

249,873,287 

2,179,162 

13,222,464 

187,340 

9,873,812 

1,818,892 

4,755 

8,203,035 

34,853 

539,876 

13,296,178 

254,972.836 

61.160.548 

2.099,167 

594,041 

1,941,351 

353,637 

64,748 

3,339,946 

249,873,2)7 

9,670,684 

8,292,586 

20,009,086 

285,341 

98,832,478 
12,266,776 
51,320,830 
18,619,785 

545,876 
29,933,160 

103,313 

121,972,188 

118,529,571 

45,141 

3,635 

862,756 

381,612 

29,080 

16,539 

308,596 
98,575 
175,602 
•27,222 
1.493,861 

113,693.393 

77,332,766 

368,760 

217,401 

299,077 

618,372 

8,238,192 

8,120,241 

55,067 

102,830 

9,701,401 

204.836 

116,464 

1,148,020 

623,670 

70,162 

6,676,265 

8,278.795 

23,298 
8,298,458 
8.022,012 
3,800,036 
3,775,030 

15,696 



9,310 

24,776 

29 

1,794,433 

122 

8,621 



6,478,576 
43,213 



443,545 

357,766,477 

23,101,678 

98,603,143 

1,757,790 

116,257.602 

1.068,109 

227.610 

10.909,208 

1.687,360 

914,479 

30,469,591 

103,697,652 

43,547,279 

506,082 

187,683 

7,735,842 

1,432,436 

415,848 

6,864,066 

357,766.477 

73,762,902 

50.410,364 

30,380,641 

7,221,815 

42,934,347 
9,303,067 
25,805,734 
14,812,352 
2,071,998 
104,834,556 
3,771,299 

1,076.112.188 

1,054,868,513 

85,172 

27,277 

3,494,508 

2,313,676 

184,353 

22,459 

783,362 
525,721 
816,896 
345,029 
12,643,222 

1.041.706,847 

827,668,638 

16887,872 

3,473,948 

1,826,810 

13,201,457 

14,583,062 

7,902,822 

281,828 

73,320 

9,260,210 

69,886 

9,336,558 

3,421,147 

2,260,270 

69,299 

131,509,720 

34,405,341 

719,741 
35,097,805 
25.618,892 
10.539,954 
10.481,276 
53,040 

326 

5,312 
604,147 

6,887 
826,490 

5,788 
474,527 



6,732,712 
377,702 



169,702 
185,133.225 

11,522,601 

64,645,024 

966,736 

53,506,299 

607,539 

168,651 

5.716,102 

745,894 

366,683 

20,136,234 

38,537,351 

16,648,396 

327.352 

105.421 

2,756,923 

673,023 

1 99,369 

3,349,471 

185.133.225 

43,040,969 

27,306,940 
13,193,406 
3,106225 

18,479,068 
3,619,749 

12,995,333 
6,882,867 
1,292.797 

57.111,844 
1,694,993 

559.061,334 

550,075,701 

47,321 

15,670 

1,815,606 

830.916 

63.291 

14.202 

401,845 
292,414 
404,637 
264,325 
4,835,507 

540,388,784 

460,987,538 

6,438.876 

1.253.084 

920.297 

2.989.670 

5.881.981 

3.722.940 

129.133 

24.286 

3.598.329 

46.180 

2.092.340 

1.664.179 

893.437 

27.739 

47.716.675 

18.672.550 

643.376 
19.300.256 
12,369.110 
5,132,417 
5,101,154 
26,959 

•308 
3,996 

611,949 
1,892 

319,104 
3,477 

183,840 

4,348,222 
206,979 



14,278 

15,554,901 

1,152,183 

5,047,519 

87,966 

4,402,073 

86,680 
22,932 

422,153 
61,367 
37.164 

926.505 
5.076287 
2.273,771 

•11,627 
•3,94 

252.630 

124.430 
39,342 

334,371 

15,554.901 

4,031,743 

1,644,873 

1,272,596 

350.296 

2.081.149 

441.610 

991.362 

515.684 

79.078 

4,087,812 
141.306 

87.398.146 

86,365,934 

4,764 

1,599 

125,641 

95,327 

5,827 

5,159 

29,636 

20,959 

24,742 

2,135 

716,423 

86.124.025 

76,186,967 

784.628 

206,163 

94.113 

429,37 

583,080 

329,113 

17,351 

1,872 

460.976 

282 

183,501 

194.846 

130.978 

2.930 

6,517,954 

1,274,121 

•1,360 

1,273.682 

1.024.113 

431.404 

428.833 

2.501 

•(') 

•70 

1.917 

368 

41.602 

228 

20.269 

194.012 
17.271 



35.298 
32.622.765 

1.997.456 

11.097.722 

178.151 

11.398.254 

47.019 

13.763 

774.871 

102.073 

35.171 

2.681.071 

6007.373 

2.561.625 

31.894 

12.457 

381.119 

88.319 

21.1 

740.077 

32,622,765 

5.729.022 

5.892.724 

2.288.223 

627.747 

3,408.317 
425,764 

2.104,702 

894.795 

117,945 

11,575,167 

441,631 

67,451.610 

65,707 187 

6,667 

2,696 

425,521 

316,980 

6,401 

1,884 

40,980 

62,497 

42,939 

8.052 

809.806 

63,177,190 

48.933,993 

1,773.640 

199.356 

202.499 

466.482 

802.681 

682.400 

21.388 

3.455 

738.756 

4.685 

283.369 

296.362 

172.410 

4.637 

8.592.267 

4,274,420 

13,373 

4,286,097 

2,321.294 

936,702 

926,248 

9,858 

•301 
295 

15,107 
105 

66.585 
660 

34,352 

1,402.378 
47.909 



120,126 
136.955,559 

8,372,962 

48,499,783 

700,619 

37,705,972 

473,840 

121,956 

4,519,078 

582,454 

296,348 

16.530,658 

27,461,691 

11.813,000 

283,831 

89.023 

2.123,174 

460.274 

138,843 

2.275,023 

136,955,559 

33,280,224 

19,568,343 
9,632,685 
2,128,180 

12,989,602 
2,752,386 
9,899,269 
5,472,386 
1,095,774 

41.448,865 
1.312.066 

404,211.578 

398.002.580 

35.890 

11.376 

1.264.344 

418.606 

51,063 

7,159 

331.229 
168.956 
336.956 
254,138 
3.309,276 

391,087.569 

335,666,578 

6.880,808 

847,665 

623.685 

2.093,717 

4.496.220 

2.711.427 

90.394 

18.969 

2.398.697 

43.313 

1 .625.480 

1.173.961 

690.049 

20.172 

32.606.664 

13.124,009 

628.643 
13,741.277 
9.043.703 
3.764.311 
3.746.073 
14.600 

•7 

3.631 
494.926 

1.419 
210.917 

2.589 
129.219 

2.751.832 
141.799 



Footnotes at end o( tatiie See text (or ExptanatKxi of Terms' and Descnption 01 the Sample and Limitations of the Data ' 



40 Corporation Returns/ 1977 

RETURNS WITH NET INCOME 

Table 3. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars! 



Number of returns 

Total assets 

Cash 

Notes and accounts receivable 

Less: Allowance for bad debts 

Inventories 

Investments in Government obligations: 

United States 

State and local 

Other current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less Accumulated depreciation 

Deplelable 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 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unappropriated 

Less Cost of treasury stock 

Total receipts 

Business receipts 

Interest on Government obligations: 

United Stales 

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 gam. noncapital assets 

Dividends received from domestic 

corporations 

Dividends received from foreign 

corporations 

Other receipts 

Total deductions 

Cost o) sales and operations 

Compensation of officers 

Repairs 

Bad debts 

Rent paid on business property 

Taxes paid 

Interest paid 

Conthbutions or gifts 

Amortization 

Depreciation 

Depletion 

Advertising 

Pension, profit-sharing, stock bonus, and 
annuity plans 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related 

foreign corporations 

Net income (line 63 plus 64 minus 36) 

Income subject to tax 

Income tax. total 

Normal lax. surtax, and alternative tax. 

Tax from recomputing prior-year 

investment credit 

Tax from recomputing pnor-year work 
incentive (WIN) credit 

Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Worii incentive (WIN) credit 

New jobs credit 

Distributions to stockholders: 
Cash and property except In own stock. 
Corporation's own stock 



Major industry — Continued 



Wholesale and retail trade — Continued 



(431 



272,463 

172,223,321 

11.536.512 

33.856.535 

789.741 

62.578.936 

460.570 

68.959 

5.187.198 

1.130.914 

545.790 

10.307.978 

65.084.217 

26.668.079 

178.730 

82.262 

4.976.744 

759.290 

216.479 

3.505.507 

172,223,321 

30.631,089 

23.032.064 
17.154.719 
4.103.815 

24.394.651 
6.679.478 

12.781.980 

7.908.339 

776.613 

47.631.011 
1.870.438 

515,692,698 

503,464.447 

37.851 

1 1 .594 

1.675.057 

1.461.751 

121,062 

6,257 



381 ,356 
233,062 



80,704 
7.764.328 

499,990,368 

365.558.516 

8.417,326 

2,218,142 

886,693 

10,185.229 

8.687.828 

4.167.590 

152.406 

49.025 

5.641,279 

21.690 

7.231.635 

1 .754.050 

1.354.751 

40.099 

83.621.907 

15.702.330 

76,365 
15,767.101 
1 3.208.064 
5.400.326 
5,373,028 

25,964 



1,316 
92,198 

4,992 
506,420 

2,311 
290,172 

2.361.931 
170.723 



Building 
materials, 
garden 
supplies, 
and mobile 
home dealers 



(44) 



General 

merchandise 

stores 



(45) 



26,539 
13,420,567 

916.411 
3.465.632 

103.007 
5.365.189 

15.326 

•4.007 

291.844 

61.536 

79.010 

563.780 

3.689.271 

1.824.494 

11.535 

•1,163 

464.771 

22.358 

9.080 

207,639 

13,420,567 

2.174.202 

1.650.557 

1.107.210 

436.773 

1.719.673 
240.602 

1.337.857 

440.563 

55.378 

4.441,134 
185.382 

34,202,810 

33.543.366 

1.147 

897 

1 24.476 

90.910 

534 

738 

50.444 
27.364 



•20 
352.626 

32,650,517 

24.768.128 

948.933 

143.219 

149.589 

344.649 

594.518 

295.234 

11.283 

2.696 

340,556 

1.733 

323.966 

127.293 

76.197 

1.497 

4.531.026 

1.552,293 



1,551,396 

1,272,918 

484,696 

483.179 

1.510 



•9 
84 

29.325 

•56 

30.837 

121.431 
•9.385 



7,934 

46,171,998 

1.583.572 

15.386,361 

216.303 

13,978.718 

55.965 

•7.407 

1.136.824 

120.073 

180.853 

3,632.361 

16.389.322 

6.336.170 

•9.874 

•5.877 

1 .283.860 

54.189 

9.249 

720.218 

48,171,998 

1 1 .409.366 

2.205.498 

6,617.489 

463.063 

5.818.021 
3.020.747 
2.530.560 
2,550.164 
224.270 
13.610.479 
177,699 

88,038,814 

83.175.036 

8.996 

734 

404.953 

387.252 

•1,019 

50 

55,531 
13,552 



•65.167 
3,655,377 

84,578,385 

53.409.250 

342.097 

418.666 

238,315 

2,168.517 

2.052.355 

1.176.164 

49.870 

7.319 

1.174.946 

•423 

2.094.188 

497.349 

266.636 

3.963 

20.678.325 

3.460,429 

59,679 
3.519.374 
3.156.965 
1.483.732 
1.479.171 

4.466 

•(') 

•105 

62.978 

616 

118.473 

45 

17,374 

932.433 
17.309 



19,841 

21,160,150 

1.534.018 

1 .380.083 

16.060 

6.921.265 

174,148 

•12,231 

727.544 

96.831 

29.928 

1,650.816 

12.864.606 

5,461,255 

•6,086 

•3,565 

654.826 

43.288 

18.201 

363.561 

21,160,150 

4,659.065 

707.442 

2.230.188 

259.075 

4.266.913 
444,929 

1.385.321 

1.354.553 
59.223 

5.968.333 
174.892 

109,888,220 

108,751.943 

10.866 

1.434 

100.820 

200.772 

9.376 

258 

44.440 
34.358 



•8.741 
714.634 

107,952,364 

84.149.056 

640.675 

580,550 

53.741 

1.654.953 

1.416.021 

357.301 

19.290 

4,286 

1.104.673 

•783 

1 .006.835 

454.130 

435.205 

4.359 

16.070.306 

1 .935.856 

8.055 

1,942.477 

1.727.682 

764.379 

760.040 

4.167 

(') 

172 

•8.427 

2.713 

112.755 

183 

29.561 

306,210 
74,746 



Automotive 

dealers and 

service 

stations 



(47) 



49,832 

34,146,717 

2,264.495 

4,772.227 

117.217 

18.545.936 

50.522 

•741 

953.494 

177.047 

72,278 

631,413 

8.481.671 

3.494.710 

6,261 

•1.709 

994.376 

38.204 

16.538 

568.224 

34.146,717 

3,241.153 

14.051.938 

2.362.790 

884.312 

3.484.714 
420.360 

2.688.703 

496.210 

93.119 

6.871.489 
448.071 

143,713,380 

141,488.875 

4.657 

611 

628.524 

322,226 

10,236 

1.996 

86.988 
70,777 



525 
1 .086.057 

141,412,731 

120.258.691 

2.089.021 

298.475 

155.114 

1.099.461 

1,403.114 

1.167.647 

20.834 

3.442 

905.445 

5.751 

1 ,080.907 

198,281 

222.689 

7,806 

12.495,853 

2,300,649 

333 

2,300,371 

1 .896.079 

677.746 

670.054 

7.195 



497 
•155 

58.903 

690 

87.851 

151,242 
6.281 



Apparel ar>d 
accessory 



Furniture 

and home 

furnishings 

stores 



(49) 



25,882 
8,775,139 

1.097.864 

1.430.838 

32.121 

3.551.900 

48.686 

•15.635 

399.371 

162.600 

12,169 

550,036 

2,318.645 

1.067.328 

•(') 

•(') 

100.868 

53.166 

14.900 

147.708 

8,775,139 

1,583,820 

471,776 
643,697 
288,163 

769.936 
210.835 
904.243 
456.531 
33.622 
3.318.861 
125.385 

22,165,145 

21.626,050 

3.602 

1.190 

69.455 

50.139 

•434 

•933 

1 5.658 
5.429 



•220 
289.493 

20,866,003 

12.743.154 

672.193 

74.579 

41.911 

1,335.449 

482.370 

145.234 

12.098 

4.056 

225.635 

•1,795 

421.808 

92.806 

52.875 

1.492 

4.558.546 

1.299.142 

11 

1.297.966 

1.059.127 

420.824 

419,917 

885 



•22 

•616 

1.087 

16.777 

•169 

18.505 

333.690 
•2.171 



Eating and 
dnnking 
places 



(50) 



22,386 

8,586,477 

771.205 

2.393.390 

61.094 

3.428.635 

•2.278 

•10.219 

211.361 

74.748 

11.182 

319.504 

1.947.242 

821.492 

•2.173 

•932 

176.350 

24.985 

8.743 

125.246 

8,586,477 

1 .372.544 

952,749 
809,611 
299.052 

1.122.195 
404.755 
794.189 
345,612 
120.921 

2.490.629 
125.780 

18,577,853 

17.940.603 

947 

584 

117.636 

56.659 

•370 

•329 

10.520 
9.509 



172 
435.817 

17,740,149 

11,205.974 

757.375 

65.798 

83.757 

515.115 

369.504 

166,456 

7.690 

1.384 

181.483 

•867 

647.733 

67.641 

45.693 

2.092 

3.601.387 

837.704 

(') 
837.120 
672.798 
244.052 
243.204 

839 

•(') 

9 

12 

366 

12.380 

•37 

13.173 

53.316 



47,489 
12,779,761 

1,304.406 
748,113 
13.296 
804.25 

61.585 
•12.383 
542.313 
181.362 

71.073 

855.704 

10.382,595 

3.894.411 

■7.312 

•4.441 
820.701 
359.076 

83.375 
604,420 

12.779,761 

1.260.928 

769.643 

1.141.712 

559.466 

3,642.216 
361,738 

1.045.758 
860.392 
49.526 

3.230.315 
141.935 

31,737,077 

30.834,119 

4,350 
4.419 

59.733 
182.516 

90.700 

1.254 

64.573 
34.421 



•224 
450,946 

30,079,741 

13.375,250 

987.220 

387.270 

18.523 

1 .508.458 

1.170.418 

355.201 

8.676 

12.908 

868.112 

•464 

560.719 

76.194 

95.104 

12.156 

10,603.066 

1.657.336 

3.277 

1,656.194 

1.220,094 

469,495 

466.358 

2.816 



•321 

5.030 

37 

77.473 

637 

51.210 

193,838 
•12.002 



Miscellaneous 
retail 
stores 



(51) 



72,580 
25,182,512 

2.044.541 

4.281.891 

210.643 

9.962.844 

32.058 

6.336 

924.427 

256.725 

89.297 

1.504.364 

8.810.865 

3.968.219 

135.489 

64.575 

480,990 

164,024 

56.393 

768.491 

25.182,512 

4.929.991 

2,222.461 

2.142.022 

91 1 .869 

3.550.983 
575.512 

2.095.349 

1.405.314 
140.554 

7.699.751 
491.294 

67,369,399 

66.104.455 

3.286 

1,725 

149.260 

191.277 

8.393 

2.699 

53.002 
37.652 

12.637 

•5.635 
799.378 

64,710,478 

45,659,013 

1.979,812 

249,585 

147.743 

1.558.627 

1.199.528 

484,153 

22.665 

12,932 

820.229 

9.874 

1.075.679 

240.356 

160.150 

6.734 

1 1 .083.398 

2.658.921 

•5.005 

2.662.201 

2.200.401 

655.400 

851.105 

4.096 

•18 

•181 

14.896 

173 
80.334 

492 
41.661 

269,771 
48,631 



Wholesale 

and 
retail trade 
not allocable 



(52) 



1,380 

409,931 

42,765 

99.584 

1.313 

172.365 



5.908 
•10.572 
6 
23,379 
76,084 
30,804 



•2,175 
•123 

9,087 
409,931 

90.624 

72.360 
32.516 
•11.775 

60.628 
3.640 
28.421 
21,146 
•2,586 
91,701 
•5,868 

1,358.156 

1.328,365 



13 
3,945 
•1,010 



•161 
•245 



23,387 
1.327,695 

1.022.584 

31.670 

2.722 

17.620 

26.658 

13.253 

12.292 

287 

•9 

10,602 

16 

12,383 

2,918 

2.082 

•1.461 

1 70.938 

30.461 



30.446 

21.718 

7,211 

7,094 

•117 



•515 
•2,559, 



Footnotes at end ot table See text for ■Explanation of Terms " and ■Descnption of the Sample and Umitations of the Data. " 



Corporation Returns/ 1977 
RETURNS WITH NET INCOME 
Table 3. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars) 



41 



Maiof Induatry — Continued 



Finance, Insurance, and real estate 



Banking 



Credit 

agenaes 

oiner man 

banks 



Security, 

commodity 

txokers and 

servl<»s 



Insurance 

agents, 

t)foker8, and 

service 



MokJIng artd 

otner 
investment 
companies, 
except bank 

ttolding 
companies 



(60) 



Numbttr of returns 

Total aasala 

Cash 

Notes and accounts receivable 

Less: Allowance tor bad debts 

Inventones 

Investments in Government obligations: 

United States 

State and local 

Other current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less Accumulated depreciation 

Deptetable assets 

Less Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less: Accumulated amortization 

Other assets 



Total llsbllltlaa 

Accounts payable 

Mortgages, notes, and bonds payable in less tttan one year 

Other current liabilities 

Loans from stockholders 

Mortgages, notes, and bonds payable in one year or more 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unappropnated 

Less: Cost of treasury stock 

Total recelpta 

Business receipts 

Interest on Government obligations: 

United States 

State and local 

Other interest 

Rents 

Royalties 

Net short-term capital gam reduced by net long-term capital loss.. 
Net long-term capital gain reduced by net short-term capital loss.. 

Net gam. noncapital assets 

Dividends received from domestic corporations 

Dividends received from foreign corporations 

Other receipts 

Total deductions 

Cost of sales and operatiorts 

Compensation of officers 

Repairs 

Bad debts 

Rent paid on business property 

Taxes paid 

Interest paid 

Contributions or gifts 

Amortization 

Depreciation 

Depletion 

Advertising 

Pension, prorit-sharing. stock tmnus, and annuity plans 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

Constructive taxable income from related foreign corporations 

Net income (line 63 plus 64 minus 36) 

Income subiect to tax 

Income tax, total 

Normal tax, surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-year work incentive (WIN) credit 

Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 



Distnbutions to stockholders: 

Cash and property except in own stock . 
Corporations own stock 



270,542 
2,S90.4 16.250 

240.317.956 

760.330.969 

22.174,622 

4.583,122 

172,746.521 

145,611.606 

58.383.783 

3.424.296 

616.674.732 

477.110.174 

87.198.386 

26.971.406 

594,146 

204,005 

16,886,304 

1,156.655 

350,627 

54,894,658 

2,590,416,250 

37,592,687 

68,884.290 

1.668.479.039 

7.746.710 

123,220,032 

368.222,102 

53,662,004 

107,075,790 

21,038,669 

119.951.732 

5.456.805 

366,828,919 

188.675,902 

11,573.715 

6.701,026 

124.482.435 

10.604.249 

536.451 

228.938 

3.118.000 

5,497,250 

5,559.971 

286.224 

9.664.759 

328,198,310 

93.067.309 

9.022.838 

1.208.765 

5.410.271 

4.570,343 

9.477,276 

82.501,307 

266.313 

106.774 

6.606.751 

91.095 

2.491.492 

3.038,143 

1.281.117 

189,127 

108.867,369 

38.630.609 

127.522 

32.057.106 

21.317.724 

9,299.771 

9.203.786 

31.792 

21 

64.170 

867.372 

6.127 

512.804 

655 

126.760 



10.631.032 
644.677 



i2,«2a 

1,367,563,533 

211.041.492 

663.289.91 1 

7.937.620 

210.339 

123.137.290 

98.088.246 

1 7,564.928 

518,967 

116,158,964 

113,616,123 

24,596,516 

5,583,223 

10,687 

704 

2,262,765 

162,477 

38,639 

30,453,912 

1,387,583,533 

3,593,243 

26,395,085 

1.201.879.098 

2.580.081 
25.104.003 
31.266.723 
18.349.225 
29.646.406 

6.418.247 

42.797.324 

447.902 

94,493,804 

10.807.301 

8.368.729 

4.279.399 

64.931.963 

1.397.053 

8.675 

22.571 

274.353 

529,320 

593.926 

109.918 

3.170.576 

84,866,219 

1.301.685 

3.563.984 

439.767 

2.831.214 

1.721.563 

2.408,762 

47.217,845 

108.514 

33.763 

2.717.392 

3,375 

800,181 

1 .046,728 

582,351 

124,570 

19.762,625 

9.827.585 

42.120 

5.590.306 

4.628.430 

2.152,854 

2.130,630 

13,923 

•(') 

6.301 
586.838 

259,749 

179 

49,623 



2.729,156 
391,386 



2«,84« 

517,103,634 

13,321.403 

54.707.069 

13.546.961 

1.403.149 

21.223.675 

1.450.208 

7.160.527 

949.332 

398.973,321 

20.063.081 

9,853.055 

3.230.423 

32.176 

5.644 

1.696.516 

209.331 

67.557 

2.909.356 

617,103,634 

4.658.715 

43.757.602 

373.449.287 

793.335 

56,944,813 

10.882.911 

4.805.930 

4.651.695 

3.675.517 

13.748.665 

265.036 

50,981,161 

12.148.057 

1.476355 

114,432 

35.355,691 

392.475 

4,864 

10,295 

206.452 

255.812 

70.423 

24.336 

921 .969 

47,073,563 

5.492.623 

889.445 

168.300 

2.075.685 

428.535 

878.601 

28.696.261 

32.183 

14.670 

725.422 

1.410 

580.912 

276.119 

140.578 

22.014 

6.650.785 

3.907.598 

19.507 

3.812.673 

3.525.744 

1.629.689 

1.576,980 

6.371 

21 

46.317 

36.221 

4.557 

56.646 

27 

20.582 



594.383 
13.275 



3,467 
30,222,546 

1.024.049 

16.017.729 

26,515 

•21,500 

1,336.989 

326.228 

7.262.307 

23.856 

132.138 

3.039.867 

718.577 

246.711 

•53.687 

•11.575 

47.109 

26.623 

8.900 

481.166 

30,222,546 

11,779,847 

5,767,616 

4,648,631 

81,143 

2,223.880 

1,532,221 

548.063 

1.355.168 

15.869 

2.208.076 

137.970 

6,473,027 

3.069.163 

158.359 
30.265 

641,054 
19.346 
•2.438 
33.137 
50.904 
2.073.683 
64.366 
2.755 

308.457 

S,90«,216 

197.270 

564.738 

15.801 

25.539 

228.636 

196.723 

612.880 

6.649 

4.294 

86.037 

10.918 

70.756 

110.782 

44.660 

696 

3.729.837 

567.711 

•1.867 

539.313 

429.988 

187.956 

187.593 

326 

•37 
4.021 



99.549 
•18.907 



8,12« 
490,278,170 

5.863.479 

12.732.242 

234.708 

1.591.331 

24.129.312 

44.304.484 

15.735.390 

188.381 

95.516.843 

264.803.709 

8.380.967 

1.571.155 

43.601 

21.639 

617.744 

142.972 

24.769 

18.079.974 

400,278,176 

9.727.984 
3.130.862 

82.031.727 

1.176.049 

7.656.877 

316.834.707 

5.064.925 

12.165,186 
9.768.484 

43.298.546 
579.159 

ie«,34e,s«8 

136.218.144 

1 .203.989 

2.195.540 

20.369.599 

1.894.398 

23.078 

37.544 
423.714 

98.351 
2.426.600 

45.875 
3.410.066 

155,337,547 

77.771.762 

718.718 

77.607 

279.067 

1,152.308 

3.653.609 

2.748.604 

73.348 

19.197 

1.117.631 

7.752 

402.706 

1.216.527 

332.487 

12.926 

65.753.276 

13.009.351 

29.492 

10.643.303 

7.548,364 

3.555.207 

3.549.523 

4.960 

724 
183.897 

118.143 

157 

14.657 



1,794,412 
76.005 



30,400 
0,716,298 

2.251.717 

3.776.849 

101.526 

8.285 

152.262 

131.637 

384.660 

111.106 

58.145 

1.375.039 

1.108.296 

448.376 

■3.267 

■1.811 

82.026 

241.324 

83.340 

666.545 

9,716.298 

4.255.093 
403.318 

1.151.364 
118.938 
626.883 
297.281 
546.173 
664.007 
26.685 

1.816.167 
195.631 

10,074,946 

9.665.291 

12.885 

9.677 

140.129 

25.325 

•1.291 

•238 

24.833 

10.299 

27.147 

9.179 

148.652 

6,921,792 

2.330.965 

1,431.844 

24,384 

68.523 

254.784 

273.508 

91.902 

9.391 

14.347 

148.091 

•57 

78.673 

222.338 

93.232 

2.639 

3.677.114 

1.153.154 

10.460 

1.153.937 

682.073 

339.973 

338.946 

1.011 

•14 



14.347 

•1 

12.139 



216.477 
•3.684 



158,872 
67,145,951 

4.419.566 

6.472.865 

168.396 

1.259.631 

476.162 

184.713 

6.351.862 

626.288 

3.265.662 

6.643.317 

39.716.133 

15.218.312 

230.037 

78.263 

1 1 .058.562 

252.543 

97.932 

1.571,513 

67,145,051 

2,379,721 
7.562.900 
3,424.290 
2,510,934 
26.280.660 
3.803.842 
6.257.556 
3,996,155 

226,636 
11,509,085 

806,026 

27,533.009 

15,519.195 

41.334 

16.410 

870.668 

6.461.226 

148.767 

29.657 

901.231 

2.449.570 

110.834 

2.692 

961.423 

23,078,964 

5.311.591 

1.600.296 

461.362 

92.296 

725.556 

1.881.952 

2.659.885 

28.664 

15.544 

1.705.186 

12.316 

544.721 

129.046 

69.697 

20.309 

7.820.539 

4.454.0'15 

•253 

4.437.688 

3.171.754 

1.089.475 

1 .080.61 7 

4.290 

•(') 

4.566 

3.057 

374 

43.086 

ie 

24.147 



755.441 
14,886 



29,203 
88,366.110 

2,396,250 

3,334,284 

139,196 

79.887 

2.290.831 

1.324.090 

3.923.909 

606.366 

2.569.659 

67.567.038 

2,824,820 

673,206 

220,493 

84,362 

1,119,582 

103,185 

29.690 

732.170 

88.366.110 

1.196.084 
1.666.915 
1.694.642 

484.230 
4.362.916 
3.604.417 
18.088.132 
54.594.973 

904.831 
4.571.649 
3.024.879 

8,025,174 

1.226.751 

312,064 

55.302 

2.173.311 

394.424 

347.338 

95.496 

1.236.513 

80.215 

2.266.675 

91.469 

643.616 

3,214,009 

661.493 

253.813 

21.564 

37.947 

58.959 

184.121 

473.910 

7.564 

4.959 

106.990 

55.267 

13.543 

34.603 

18.112 

5.973 

1.273.191 

5.711.165 

23.623 

5.679.666 

931.371 

344.617 

339.497 

911 

4.209 
43.312 

7.511 

•92 

2.469 



4,641.614 
126.334 



Footnotes at end ol table See text for "Explanation of Terms" and "(^scnption of the Sample and Limitations of the Data." 



42 Corporation Returns/ 1977 

RETURNS WITH NET INCOME 

Table 3. — Balance Sheets and Income Statements, by Major Industry — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Malor industry — Continued 



Hotels 

and othef 

lodging 

places 



Personal 
services 



Business 
services 



Amusement 

and 
recreation 
services 



Other 
services 



Nature ol 

business 

not allocable 



(62) 



(63) 



(64) 



(66) 



(67) 



Number of returns 

Tout auets 

C^sh 

Notes and accounts receivable 

Less: Allowance for bad debts 

Inventones 

Investments in Government obligations: 

United Slates 

State and local 



Other current assets 

Loans to stocKholders 

Mortgage and real estate loans .... 

Other investments 

Depreciable assets 

Less: Accumulated depreciation . 
Depletable assets 

Lass: Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less: Accumulated amortization . 
Other assets 



Total llabtlltlee 

Accounts payable 

Mortgages, notes, and bonds payable in less than one year.. 

Other cunent liabilities 

Loans from stocKholders 

Mortgages, notes, and bonds payable in one year or more.... 

Other liabilities 

Capital stock 

Paid-in or capital surplus 

Retained earnings, appropriated 

Retained earnings, unappropriated 

Less: C^st 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 received from domestic corporations 

Dividends received from 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, and annuity plans 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 

Total receipts less total deductions 

(instructive taxable income from related foreign corporations 

Net income (line 63 plus 64 minus 36) 

Income subject to tax 

Income tax, total 

Normal tax, surtax, and alternative tax 

Tax from recomputing prior-year investment credit 

Tax from recomputing pnor-year work incentive (WIN) credit 

Additional tax lor tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New (Obs credit 

Distnbutions to stockholders: 

(!^sh and property except in own stock 

corporation's own stock 



312,594 
«»,219,70S 

9,102,468 

16,767,062 

463,799 

4,236,162 

575,102 

599,574 

6,247,664 

1,064,199 

1.419,316 

9,572,144 

58,446,261 

23,659,349 

143,462 

43,462 

3,792,696 

1,376,519 

632,851 

3,672,315 

89,219,705 

6,727,677 
9,521,361 

10,761,187 
2,479,770 

22,525,569 

3,426,573 

6,747,136 

6,763,286 

305,647 

19,546,652 
1,597.173 

147,110,723 

141,166,744 

40,620 

27,163 

910,803 

1,210,516 

458,548 

22,785 
456.738 
341,116 
174,311 

65,757 
2,235,622 

137,879.494 

70,674,922 

14,586,176 

1,311,623 

447,093 

5,037,013 

4,833,328 

2,665,338 

74,690 

80,506 

6.752,455 

6.313 

1 ,437,096 

3,001,670 

911,451 

45,140 

26,014,480 

9,231,229 

76,546 

9,280,612 

6,880,410 

2,582,052 

2,555,357 

24,896 

•156 

1,643 

124,879 

2,537 

426,663 

2,059 

193,152 



1,277,916 
133,623 



8.492 

10,117.252 

591,726 

683,865 

46.389 

151,519 

20,442 

•10.509 

410,572 

101,471 

180,094 

1,377,! 

8,437,492 

3,205,586 

•19,595 

•158 

913.015 

101,973 

34,122 

403,326 

10.117,252 

437,358 
524,079 
625316 
294,000 

4,535,267 

358,608 

870,173 

857.390 

42.403 

1,764,976 
192,336 

8,965,668 

8,225,178 

1,685 

5,772 

72,516 

149,362 

80,529 

9,446 

97,332 

27,478 

30,006 

•3,341 

263,123 

8,273,126 

4,007,879 

176,310 

204,247 

41.326 

562.603 

491,393 

408,552 

4,201 

4,555 

498,692 

81 

204,186 

27,287 

56,01 1 

6,826 

1,578.977 

692.542 

1.231 

688.001 

479,269 

201,430 

199,976 



466 

•3,287 

61 

22,328 

•102 

5, 

114.741 
•3.927 



24,094 
4,370.135 

571.500 

826.281 

20.290 

294,011 

•5,651 

•45,876 

183,472 

62,615 

21,173 

284,036 

3,357,346 

1,777,021 

•7,610 

•498 

216,110 

63,645 

18,647 

244,863 

4.370.135 

331,514 
363,566 
484.610 
140.835 
798.552 
121.885 
471.176 
133.930 
5.262 
1.621.654 
103.049 

7.932.622 

7.685,489 

477 
2,950 
41,276 
42,415 
20,464 
•1,182 
21,337 
20,184 
12,493 
3,983 
80,372 

7.394,374 

3,650,763 

488,305 

103.181 

27,594 

348,959 

302,556 

108,475 

4,346 

6,339 

343,303 

•165 

134,067 

51,794 

35,878 

1,602 

1,587,045 

536,248 

2,926 

538,224 

388.654 

143,727 

142,246 

1,448 

•33 

4,767 

19,474 

•31 

7,345 



76,679 
•2.260 



75,812 
27,575,812 

3.041.415 

7.950.694 

129.833 

1 .022,639 

177,660 

444.110 

1,638,252 

253,666 

260,363 

3,679,058 

13,616,457 

6,201.551 

35.277 

23,120 

462,346 

359,694 

89,150 

1,057,635 

27,575.812 

3,960.075 
3.448,606 
3,746,339 

540.628 
5.356.267 

940.625 

1 ,650.040 

2.415.721 

90.724 

6.000.463 

573.876 

46.494,544 

44.663.930 

17,318 
9,1 

324,728 

459,991 
15,529 
4,814 

101,296 
95,520 
56,162 
40,711 

705.379 

43.447.516 

26.041.420 

2.728,738 

321,261 

1 33,407 

1,291,915 

1,314,903 

680,016 

21,960 

34,080 

1,721,451 

1,643 

323,694 

513,692 

272,019 

16,241 

6,031.056 

3.047,028 

30,589 

3,068,451 

2,347,596 

922,046 

912,569 

9,325 

•(') 

152 

50,568 

1,956 

136,676 

1,529 

60,184 

419,637 
15.713 



39.888 
11.216.818 

807,739 

1,857,846 

36,090 

831,106 

•78,694 
■4,419 

325,637 
67,660 
29,701 

421,552 
9,919,910 
3,836,535 

•24,377 
•9,053 

429,627 
65,922 
20,967 

255,253 

11,216,818 

1,177.114 

1 ,754.692 

1.123.756 

251.024 

3.556.609 

313,613 

584,551 

366,375 

26,106 

2,160.936 

98.158 

15,456.013 

14.846.683 

3.657 

•239 

93.352 

199.774 

• 1 1 .502 

•266 

17.914 

120.195 

6.132 

•5.777 

1 50.500 

14,617.230 

6.217,482 

833.390 

227,417 

48,902 

495,641 

513,675 

470,891 

3,597 

2,317 

1,563,784 

•236 

140,184 

66,204 

75,704 

5,644 

1 ,952,062 

836,783 

2.038 

840,582 

674,742 

242,842 

237,349 

5,478 

•15 

•4,272 

257 

59,524 

•164 

22,932 

63,727 
•7,027 



21,895 
15,486,897 

1,194,781 

1,580,895 

91,161 

1,102,264 

143,927 

31,706 

1,665,855 

90,965 

738,478 

2,007,758 

9,441,444 

4,411,758 

•15,908 

•5,591 

944,054 

520,831 

363,270 

879,831 

15,486.897 

1,121,293 
1,669,124 
2,357,325 

486,296 
2,988.442 

692.083 

1.641.337 

1.465234 

50.514 

3.197.630 

164.363 

17,749,780 

16.444.630 

5.737 

2,163 

185495 

177,437 

316,364 

5,557 

118,078 

33,169 

45,275 

7,250 

408,625 

16,295.391 

8,391,295 

674,777 

203,207 

42,289 

575,656 

619,938 

399,585 

12,189 

20,273 

1,683,176 

•901 

462,645 

156,105 

73,329 

6,940 

3,073,086 

1,454,389 

25,030 

1,477,256 

1,142,961 

469,814 

486,101 

3,221 

•I') 

492 

46,676 

102 

95,923 

•78 

8,736 

226.793 
•79.274 



142,423 
20,452,791 

2.896.307 

3.885.481 

160.016 

836,623 

148,328 

62,954 

1 ,024,096 

467,602 

169,507 

1,801.630 

11,675,612 

4,226,698 

40,695 

5,042 

627,546 

264,454 

106,695 

831,407 

20.452.791 

1,700,323 
1.761,294 
2,413,841 

764,965 
5,290,232 
1,001,559 
1,529,859 
1 ,544,636 
90,638 
4,800,793 

445,369 

50.512,096 

49,300,834 

1 1 ,846 

6,873 

193,436 

181,537 

14,160 

1,498 

100,781 

44,570 

24,243 

4,695 

627,623 

47,851,857 

20,166,083 

9,664,656 

252,310 

153,575 

1,762,239 

1 ,590,663 

597,819 

26,575 

12,942 

1 ,042.049 

3.287 

172,320 

2.186,588 

398,510 

7,987 

9,792,254 

2,660,239 

14,732 

2,668,098 

1,647,186 

582,193 

577,116 

4,436 

•156 

485 

1 3,307 

161 

92,736 

155 

68,069 

374,339 
25,422 



•Estimate should be used with caution because ol the smell number ot sample returns on which it is based 

'Less Itian $500 per return 

NOTE See taxi (or "Explanation of Terms' and "Descnption of the Sample and Umilations ot the Data. " 



Corporation Returns/ 1977 
RETURNS OF ACTIVE CORPORATIONS 
Table 4. — Balance Sheets and Income Statements, by Size of Total Assets 

(All figures are estimates based on samples — money amounts are in thousands of dollars] 



43 



Total 
returns 



aclive 
corporations 



Size ot total assets 



Zero 
assets 



lindef 
$100,000 



1100.000 

under 
$260,000 



$250,000 

under 
$500,000 



$500,000 

urxlei 
$1,000,000 



(M 



(51 



(61 



Numbsr of r«tumt 

Total asset* 

Cash 

Notes and accounts receivable 

Less: Allowance for bad debts 

Inventones 

Investments in Government obligations: 

United States 

State and local 



Other current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less: Accumulated depreciation.. 

Deplelable assets 

Less: Accumulated depletion 

Land ,, 

Intangible assets (amorlizable) 

Less: Accumulated amortization.. 
Other assets 



Total liabilities 

Accounts payable 

Mortgages, notes, and t>onds payable in less than one year.. 

(Dther current liabilities 

Loans from stockholders 

Mortgages, notes, and bonds payable in one year or more... 
(Dther liabilities 



Capital stock 

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 gam reduced by net short-term capital loss .. 

Net gam. noncapital assets 

Dividends received from domestic corporations 

Dividends received from foreign corporations 

Other receipts 

Total deductions 



C^st of sales and operations 

Compensation of officers 

Repairs 

Bad debts 

Rent paid on business property.. 

Taxes paid 

Interest paid 

Contnbutions or gifts 

Amortization 

Depreciation 



Depletion 

Advertising 

Pension, profit-sharing, stock bonus, and annuity plana.. 

Employee tienefit programs 

Net loss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Cionstructive taxable income from related foreign corporations. 
Net income (less deficit) (line 63 plus 64 minus 36) 

Net income 

Deficit 

Income subject to tax 



Income tax, total 

Normal tax. surtax, and alternative tax 

Tax from recomputing pnor.year investment credit 

Tax from recomputing pnor.year work incentive (WIN) credit.. 
Additional tax lor lax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 



Dtstnbutions to stockholders: 

Cash and property except in own stocl<.. 
Corporation's own stock 



2.24t.887 
5,326,389.281 

361.549.924 

1.337.902.515 

34,345,449 

396,032,639 

216,176.700 
164.364.130 

181,373,300 
14,380.704 
661.272,988 
820.704,826 
1,536,011.959 
576.129.137 

51.790.975 
20.706.628 
73,887,346 
15.908,335 
4,953.776 
131.167.930 

5,326,389,281 

346.521,170 
319.805,729 
2.062.786,447 
47.328,015 
694.119.251 
504.857.804 

286.775.916 
353.452,174 

36,677,846 
700,688.279 

26.623.350 

4,128,304,478 

3,813,925.121 

14,356,996 

7,820.906 

154.491.738 

32.638.084 
6.135,428 

521.410 
11.916,138 
11.169,250 
13.932.345 
8,275,849 
53.121,213 



2,725.009,554 
73.793,066 
30.158.253 
14,249,343 
50,019,434 

104,282.166 

152,865,323 

1,789.747 

981.002 

106.972.692 

5,658,877 
35,298.210 
36,463,699 
23,498,403 
1,618,022 
546,123,930 

219,522.757 
7.541.192 
219.243.043 
245,274.490 
26.031.447 
212,501.782 

96.340,453 
95,627.563 

445,735 
3,839 

263,316 

26,006,028 

837,687 

11,038,404 

19,327 

1 ,703.838 

61.536.761 
2.676.787 



57,304 



32,722,983 

27,203.465 

219,076 

30,646 

3,549,655 

372,012 

54,091 

22,910 
175,669 
245,102 
59,076 
33.593 
757.688 

31,609,837 

18,945.520 
393,574 
187,247 
199.007 
473.783 

700,019 

3.548.548 

11.652 

12,645 

715,394 

44.420 
351.471 
153.339 
152.082 

50.320 
5.670.816 

1.113.146 
9.895 
1.092,395 
2,061.716 
969.321 
1 ,228.950 

556,591 

536,782 

15,573 

177 

4.059 

68.419 

4,553 

28,155 

8 

6.141 

1.257.465 
•10,269 



1,203,764 

41,219,373 

7.108.662 

6.297.312 

1 1 9.046 

6.163.327 

47,274 
15,132 

1,719,049 
1,506.458 
487,300 
1,517.216 
25.614,037 
13,234,195 

141.543 
48.013 

1.997.819 
560.040 
236.679 

1.682,137 

41.219.373 

6.448,498 
5,191,846 
3,877,255 
7,359,868 
7,498,906 
1,801,137 

10,246.296 

2,532.753 

179,700 

— 2,679.779 

1,237.107 

149,104,796 

145,262.079 

52.354 

4.435 

294.198 

1,117.264 

123.620 

32.283 

353.153 

341,022 

24,684 

•629 

1,499,075 

147,688,377 

79.262,835 

18,709.594 

936.064 

290.022 

5.079.957 

4.347.171 

1.169.230 

28.751 

43.730 

2.778.840 

23.734 

1.394,902 

2,227,914 

583,217 

116,948 

30,705,468 

1,416,419 

1,411,984 
5,208,894 
3,796,910 
2,705,789 

557,262 

551.143 

5.706 



•(') 

30 

88,366 

•581 

76,855 



1.013.476 

■7.5 



424,648 
68,123,746 

8.847.740 

12.453.161 

165.107 

11.703.589 

218.147 

80.506 

3.004.757 

1 .592.435 

960.104 

3.041.745 

36.347.513 

17.668.192 

159.834 
71,553 

5.081,364 
548,677 
190,099 

2.179,125 

66,123,746 

10,308,446 
7,933,350 
4,920,290 
6,121.922 

12,832.179 
1.764.796 

10,370.136 

3.021.738 

256,463 

12.152.046 
1.557.620 

157,060,205 

152.774.626 

15.805 

6,572 

454,258 

1,527,686 

109,147 

20.375 

340.970 

380,921 

56,045 

7,551 

1,366,249 

152,832,132 

100,064.547 

10.462.354 

1.085.026 

352.472 

3.507.032 

4.217.339 

1.724.548 

30.246 

33.545 

3.221.876 

31.311 

1.239.791 

962.358 

495.434 

75.108 

25.329.145 

4,228,073 

4,221,501 
6.593.536 
2,372.035 
4.455.187 

1 .059.658 
1 ,048.790 

9,074 
•156 

1.638 

3,200 

459 

155,508 

1,229 
167,375 



897,492 
8,516 



235,472 
82,963,397 

9,086.08 
16.767.018 
253,648 
16.080.721 

209,498 
89,145 

3,729,091 
1,096,477 
1,145,559 
4,180,550 
40,580.735 
19,125.755 

235.794 
49.987 

6.501.889 
556.502 
1 76.846 

2.332,573 

82.983,397 

12,391,506 
10,604,515 
5,948,607 
4,799,341 
16,569.000 
2.301.841 

10.407.975 

3.059.271 

415,213 

16.025.504 
1.739.376 

177,976,515 

172.264.275 

23,994 

10,592 

619,314 

1,975,571 

81,025 

24,909 

423,472 

504,499 

78,917 

4,475 

1,965,472 

173,304,367 

121,586,354 

8,387,732 

1,207,679 

504.615 

2.965.257 

4,267.867 

2.291.747 

43.038 

33,834 

3,446.229 

34.536 

1.275.746 

886.556 

624.835 

67.131 

25,681.211 

4.672.148 
•461 
4.662,017 
6.718.032 
2.056.015 
4.755.577 

1,306.177 

1.291.066 

13,303 

•(') 

1,1 

306 
1,710 

204,760 
1.428 

166,245 

831.852 
27.071 



144.421 
101,024.944 

9.469.515 

22.717.992 

512.778 

22.094.709 

417.148 
178.177 

4.547.939 
1.099.196 
1.162.599 
5,312.349 
46.205.018 
21.379.812 

404.592 
121.728 

6.575.535 
566.396 
196.908 

2.463.005 

101,024,944 

16,604.308 
15,175.696 
7.511.119 
4.247.820 
20.000.727 
2,662.679 

10,062.972 

4,289.156 

526.323 

21.856.937 
2.102.793 

221,090,085 

215.073.752 

37.551 
21.639 

752,390 
1.681,448 

100,096 

23,481 
516,616 
574,659 
109,149 
8,682 
2,190,422 

215.124,102 

160.406,105 

7.640.649 

1.174.535 

604.663 

2.512.640 

4.707.589 

2.745.283 

59.399 

31.631 

3.863.366 

59.966 

1.485.035 

1 .098.603 

742.596 

69.189 

27,722.611 

5,965.963 
•14.877 
5.959.221 
7.793.415 
1.834.194 
5.970.008 

2.022.315 

2.000.105 

18.579 

114 

3,517 

11,441 
5.165 

260.828 
2.764 

236.440 

823.229 
34.672 



Footnotes at end of table See text tor "Explanation of Terms" and "Descnptkin of tt>e Sample and Limitations of ttie Data " 



44 Corporation Returns/ 1977 

RETURNS OF ACTIVE CORPORATIONS 

Table 4. — Balance Sheets and Income Statements, by Size of Total Assets — Continued 

(Alt figures are estimates based on samples — money amounts are in thousands of dollars] 



Size of total assets — Continued 



$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 



$260,000,000 
Of more 



(9) 



(11) 



Number of returns 

Total assets 

Cash 

Notes and accounts receivable 

Less; Allowance for bad debts 

Inventories 

Investments in Government obligations: 

United States 

State and local 



Other current assets 

Loans to stocltholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less: Accumulated depreciation.. 

Depletable assets 

Less: Accumulated deptetion 

Land 

Intangible assets famortizable) 

Less: Accumulated amortization . . 
Other assets 



Tolal liabilities 

Accounts payable 

Mortgages, notes, and bonds payable in less than one year.. 

Other current liabilities 

Loans from stockholders 

f^ortgages. notes, and bonds payable in one year or more... 
Other liabilities 



Capital slocit 

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 Stales 

State and local 

Other interest 

Rents 

Royalties 



Net shorl-term capital gam reduced by net long-term capital loss . 
Net long-term capital gam reduced by net short-term capital loss . 

Net gam, noncapital assets 

Dividends received from domestic corporations 

Dividends received from 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-shanng. stock bonus, and annuity plans. 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Constructive taxable income from related foreign corporations . 
Net income (less deficit) (line 63 plus 64 minus 36) 

Net income 

Deficit 

income subject to tax 



Income tax. total 

Normal tax. surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-year work incentive (WIN) credit.. 
Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 



Distnbutions to stockholders: 

Cash and properly except in own stock . , 
Corporation's own stock 



129,577 
266,175.302 

20.318.940 

62.571.246 

1,320,345 

58.697,993 

2,812,335 
1,133.725 

13,426,559 
1,810,356 
4,299,281 

18,169,830 
112,466,749 

49,940,61 1 

1 ,007,848 

238,523 

13,485,612 

1 ,556,984 
604,370 

6,521,693 

266.175,302 

42,580,745 
43,137,910 
26,824,560 

6,288,430 
51,510,459 

9,415,653 

20,995,079 
12,664,586 

1,654,835 
55,319,265 

4,216,220 

537,523,559 

521,314,708 

194,826 

80,222 

2,586.011 

3,676,131 

274,000 

73.161 

1.231.240 

1.641.308 

504.807 

33.539 
5.913.606 

521.277,497 

402.101.882 
12.091.386 
2.539,713 
1,313,987 
5,536,385 

10,111,664 

7,394,798 

191,337 

96,085 

9,313,940 

193,689 
3,490,923 
2,508,039 
1,851,202 

175,055 
62,367,412 

16,246,062 
16,394 
16,182,234 
20,311,712 
4,129,478 
16.385,373 

6,924,809 
6,861,930 

48,653 
420 

13,806 

33,224 
42,099 

635,225 
3,130 

536,400 

2,343.291 
192,922 



18.026 
126.144.710 

8,698,451 

34,228,973 

689,919 

20,916,646 

5,109,412 
2,532,626 

6,012,736 
403,643 

5,192,289 
10,276,516 
44,323,729 
18,753,409 

561,829 
179,562 

4,115,064 
790,830 
268,077 

2,870,731 

126.144,710 

15.151.578 
14,959.348 
29.724.181 

1.634.008 
20.912.371 

5.196.424 

8.314.676 

7,473,836 

759,656 

23.410,525 

1.391,693 

181,890,359 

174.621.907 

360.612 

126.386 

2.079.288 

1.223.725 

127.248 

20.139 
482.452 
437.937 
284.749 

30.262 
2.095.654 

174,877,199 

134.351.484 

2.759.318 

814.126 

490,278 

1,657,250 

3,429,723 

3,338,659 

78,672 

52,292 

3,463,309 

144,341 

1,351,531 

892,012 

664,116 

98,546 

21,291,542 

7,013,160 
18,268 
6,905,042 
6,375,711 
1,470,669 
6,934,220 

3,164,891 
3,140,633 
17,318 
•('I 

6,940 

26,495 
55,741 

246.957 
831 

1 59.903 



1.163.705 
86.126 



13,628 
215,313,474 

14.476.102 

70.150.461 

1,562,353 

23,187,671 

14,980,997 
9,477,095 

8,089,734 
436,293 
18,049,331 
19,484,941 
49,513,835 
20,650,724 

1,120,586 
300,552 

4,331,626 
869,264 
251,811 

3,910,956 

215,313.474 

16,150,674 
17,678,975 
91,745,287 

1 ,225,435 
23,784,314 

9,194,008 

12,328,449 
12,590,015 

1,226,100 
30,923,941 

1,533,724 

198,660,957 

185,309,993 

1,052.317 

439,357 

6,078,823 

1,320,999 

149,948 

18,377 
590,247 
638,086 
438.946 

67.448 
2.556.416 

189,282.102 

140.714.498 

2.562.625 

953.661 

741.422 

2.084.826 

4.066.833 

6.193.160 

102.103 

48.054 

3.876.521 

194,926 

1,548,856 

1,050,779 

844,069 

116,968 

24,182,801 

9,378,855 
50,544 
8,990,042 
10,533,919 
1,543,677 
6,634,617 

4,002,694 
3,967,919 

21,345 
1,450 

1 1 ,980 

83,457 

106,792 

285,735 

2,259 

1 29,698 

1,876,682 
140,686 



6.524 
228.377.700 

14,183,897 
73,199,672 
2,186,699 
16,170,084 

16,157,722 
12,482,741 

7,277,718 
362,134 
36,009,004 
21,585,917 
39,404,671 
15,496,451 

1,201,244 
397,535 

3,395,483 
869,106 
224,700 

4,383,692 

228.377,700 

11,418,657 
14,417,976 
120,087,453 
783,357 
22,286,430 
10,326,301 

9,559,245 
14,390,509 

1,402,622 
25,067,551 

1,362,601 

149,633,255 

135,062,422 

1,125,774 

574,046 

8,244,258 

1,079.467 

1 57,566 

22,549 
423,743 
401,007 
450,495 
108,218 
1,963.710 

141.568,304 

100,165,860 

1,575,829 

782,763 

651,945 

1,529,781 

3,347,718 

7,285,925 

75,925 

38,752 

2,931,053 

163,022 

1.393,006 

812,110 

697,555 

98,652 

20,018,408 

8,064,951 
85,049 
7,575,954 
8,602,753 
1,026,799 
7,151,555 

3,352,767 
3,323,637 

15,549 
1,480 

12,101 

142,468 
136,748 
236,686 
420 
66.905 

1,728.574 
164,846 



3.788 
263,902,329 

13,777,138 

69,322,126 

3,073,708 

17,846,812 

17,064,948 
13,234.237 

8.567.603 
426.176 
62.555.802 
28.952.534 
43,057.063 
16.841.456 

875.347 
204.510 

3.303,794 
841,862 
234,078 

4,430,637 

263,902,329 

12,391.970 
15,252,445 
141,359,695 
1,143,384 
24,569,656 
12,496,796 

10,199,032 
19.312,645 

1,562,909 
27,028,675 

1414,880 

160,759,837 

143,840,915 

1.192,225 
579,800 

9,955,491 
965,047 
239,884 

29,402 
576,718 
598,946 
611,775 
140,746 
2,008,666 

152,449,789 

107,351,706 

1,406,541 

854,243 

840,216 

1,683,341 

3,569,501 

8,793,690 

74,374 

33,052 

3,187,010 

141,276 

1,542,158 

1,031,806 

831,209 

104.218 

21.005,446 

8,310,048 
98,462 
7,828,710 
8,787,348 
958,638 
7,270,627 

3,417,816 
3,385,334 

16,911 
1 

15,570 

152,280 
90,765 

277,029 

354 

47.629 



1,857.173 
303.604 



2,530 
369,510.842 

17.950.414 

78.898.234 

5,024,891 

25,665,181 

21 ,905,934 
15,630,454 

13,060,279 
680,703 
106,713,124 
53,767,569 
74,410,142 
29,165,473 

2,819,553 
848,476 

4,483,172 

1,042,768 
261,163 

7,583,318 

389,510.842 

17,275,797 
17,195.221 
198,678,853 
1,294,981 
39,154,150 
24,405,703 

15,459,114 
32,297,924 

2.572,405 
42,901,843 

1,725,149 

235.561.727 

210,580,341 

1,451,020 

698,479 

14,595,664 

1,227,523 
413,580 

29,923 
921,708 
629,300 

1,134,419 
349,270 

3,530,500 

222.149.321 

152,674,313 
1,598,539 
1,583,638 
1,245,499 
2,800,267 

5,486,253 

12,749,624 

113,353 

82,940 

5,184,246 

312.015 
2,516,985 
1,690,281 
1,374,462 

157,906 
32,577,000 

13,412,406 
281,978 
12,995,905 
14,442,039 
1,446,134 
11,944,951 

5,648,277 
5,600,929 

23,347 
31 

23,970 

371,973 
209,570 
465,364 
392 
43,126 

4,104,242 
392,031 



2.205 

3.543.613.464 

237,632,984 

891 ,296,300 

19,436,955 

177,505,906 

137,253,285 
109,510,092 

111,937,835 
4,766,831 
424,678,595 
654,413,657 
1 ,024,088,467 
353,873,059 

43,262,803 
18,246,189 
20,61 5,986 
7,703,906 
2,307,045 
92,810,063 

3.543.613.464 

185,798,791 
156,058,447 
1,432,109,147 
12,429,469 
455,001,057 
425,102,466 

168,832,942 

241,819,741 

26,121,620 

446,681,771 

8,341,987 

1.926.320.200 

1,730,596,638 

8,631,442 
5,248,732 
105,282,388 
16,451,211 
4,305,223 

203,901 
5,880,150 
4,776,263 

10,179,283 
7,491,436 

27,273,533 

1.786.618.694 

1,207,384,450 
6,004,925 

16,039,556 
7,015,197 

20,188,715 

56,028,489 

95,640,111 

980,897 

474,442 

64,990,886 

4,315,639 

17,707,806 

23,149,902 

14,637,626 

487,981 

249,572,070 

139,701,506 
6,965,264 

141,418,038 

145,845.415 
4.427.377 

135,064.928 

64.327.196 
63.919,295 

240,377 
10 

167,514 

25,110,765 

180,055 

8,151,769 

5.911 

67,121 

43,639,580 
1,307,533 



'Estimate should t>e used with caution t)ecause of the small number ot sample returns on which it is based 

'Less than $500 per return. 

NOTE: Classification by size was based on amounts rounded to ttiouaands ol dollars prxx to tabulation See text lor "Explanation of Terms" and "Descnplion of the Sample and Limitations of the Data." 



Corporation Returns/ 1977 
RETURNS WITH NET INCOME 
Table 5. — Balance Sheets and Income Statements, by Size of Total Assets 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



45 



Total 




Size ot lotal assets 




returns 
with 












Zero 
assets 


$1 


$100,000 


$250,000 


$500,000 


nel 


under 


under 


under 


under 


Income 


J100.000 


$250,000 


$600,000 


$1,000,000 


(1) 


(21 


(31 


(41 


(51 


(61 


1,424,52a 


23,616 


662,524 


305,601 


176,955 


112,722 


4,760,953,557 


— 


26,665,365 


49,226,649 


63,225,936 


76,696,642 


327.909.694 


— 


5.281.955 


7.503.991 


7.934.048 


8.216.732 


1.197.204.890 


— 


4.080.486 


9.688.101 


13.676.594 


18.895.351 


30.623.906 


— 


56.899 


125.041 


203.226 


396.154 


343.739.B24 


— 


3,634.174 


8.585.451 


12.397.433 


17.986.431 


193.311.961 





23.339 


179.837 


192.542 


335.356 


149.691.003 


— 


9.380 


57.402 


71.529 


145.284 


149.558.660 


_ 


950.065 


2.033.552 


2.625.322 


3.119.569 


11.194.332 


— 


1.015.117 


1.173.720 


815.194 


769.272 


623.978.874 


— 


345.063 


668.800 


856.571 


826.491 


761.315.839 


— 


1.008.762 


2.280.079 


3.271.916 


4.264.556 


1.331.288.856 


— 


15.269.378 


25.071.196 


30.274.995 


36.031.404 


499.143.435 


— 


7.969.451 


12.633.623 


14.877.490 


16.746.516 


47,109.215 


_ 


97.551 


56.481 


144.709 


284.966 


19.546.199 


— 


33.108 


13.641 


22.662 


98.854 


53,105.357 


— 


1.103.232 


2.993.014 


4.174.934 


4.358.681 


13,250.372 


— 


275.275 


373.233 


374.068 


364.532 


4,163.815 


— 


129.348 


135.095 


119.714 


134.453 


111.771.836 


— 


990.384 


1.471.192 


1.639.163 


1.675.994 


4,760,953,557 


— 


25,665,365 


49,226,649 


63,225,936 


76,896,642 


293.135.980 





3,555,695 


7,062,518 


9.209.497 


12.674.812 


250.386.951 


— 


2,582,363 


4,498,49C 


6.996.909 


10.799.605 


1.890.236.168 


— 


2,253,475 


3,629,165 


4.699.22! 


6.054.098 


30.402.780 


— 


2,789,553 


3,224,24C 


2.845.456 


2.675.195 


569.727.884 


— 


3,451,463 


7,158,913 


10.186.976 


12.749.355 


470.816.284 


— 


984,474 


1,159.497 


1 .662.506 


2.010.647 


243.302,233 


— 


5,331,663 


6.990.324 


7.323.739 


7.435.146 


299,431,561 


— 


1,133,97e 


1.767.52< 


1.739.941 


2.312.250 


34.236.795 


— 


115,232 


201.376 


373.4K 


457.516 


701.814.679 


— 


4,468,272 


14,692.41! 


19.601.09< 


23.144.868 


22.537.756 


— 


780,781 


1.155.811 


1.412.821 


1.614.840 


3,655,771.492 


23,445,665 


102,037,428 


124,520,927 


146,992,045 


167,513,534 


3,373.574,060 


19,711.667 


99.427.363 


121,195.286 


142,380.044 


182.667.806 


12.884.220 


169.957 


49.810 


13.367 


20.612 


33.407 


7.122,248 


19.592 


4,245 


5.049 


9.675 


18.674 


141.402.795 


2,418,861 


230,886 


366.693 


506.045 


629.805 


27.527,975 


215.266 


700,565 


1.195.800 


1.519.346 


1.318.185 


5,780,335 


41.242 


104,014 


99.993 


74.701 


75.275 


408,835 


20.881 


8,637 


14.878 


21.379 


19.745 


10,983,133 


169.069 


302,172 


290.564 


384.082 


452.355 


8,991,076 


164.07C 


266,717 


298.921 


419.976 


423.482 


13,263.896 


40.911 


21,793 


51.620 


76.022 


100.130 


6.129.935 


32.603 


•628 


7.507 


4.475 


7.679 


45.702,980 


441.576 


920,598 


981.249 


1.575.684 


1.766.791 


3,410,844,090 


21,373,774 


96,824,269 


117,922,342 


140,264,799 


179,716,322 


2,391.959.274 


14.005.921 


51.708.901 


77.705.258 


99,192,770 


135.497.960 


61.209.878 


242.001 


13.695,90! 


8,607.585 


7.177.676 


6.867.956 


24.366.197 


139.414 


582,501 


722.105 


911.286 


911.499 


11.398.186 


122.223 


150,726 


244.136 


336.372 


459.237 


41.389.768 


338.076 


3.172.707 


2.633.162 


2.332.220 


2.004.903 


91.752,483 


498.461 


2.836,141 


3,228.440 


3.460.172 


3.891.347 


131.864.600 


1.971.421 


582,031 


1.032.234 


1,438.917 


1.905.925 


1.764.329 


7.825 


26,847 


27.737 


40.994 


58.292 


737,856 


8.053 


16,420 


22.747 


19.627 


18.193 


93,026,592 


423.335 


1,677,687 


2,294,573 


2.603.673 


3.029.544 


5.102.672 


28.532 


17.427 


23,226 


30.943 


52.299 


31.046,890 


242.861 


856,363 


916.309 


1.000.346 


1.110.203 


33,004.950 


106.743 


1.765.77C 


849.196 


802.142 


1.030.811 


20.732.923 


113.720 


401.853 


391.899 


501.166 


608.878 


712,678 


3.9ie 


13.281 


13.507 


17,859 


19.690 


470,772,814 


3.119.270 


19.319.729 


19.210.226 


20,398,628 


22.249.583 


244,927.402 


2.071.911 


5.213.139 


6.598.585 


6.727.246 


7,797.212 


7.469.336 


9.397 


— 


— 


•461 


•14,877 


245.274.490 


2.061.716 


5.208.894 


6.593.536 


6.718.032 


7.793,415 


212.501.231 


1.226.946 


2.705.789 


4.455.163 


4.755.571 


5,970,006 


96.267.089 


553.885 


554.826 


1.058.669 


1 .303.489 


2,019,151 


95.627.421 


536.781 


551.143 


1.048.789 


1.291.065 


2.000,105 


408,350 


12.989 


3.270 


8.086 


10.616 


15,595 


3,836 


177 


— 


•156 


•('1 


114 


227,462 


3.938 


•413 


1.638 


1.808 


3,337 


26.006.028 


68.419 


•('1 


3.200 


306 


11,441 


837.687 


4.553 


30 


459 


1.71C 


5.185 


11.038.314 


28.155 


88.366 


155.508 


204.76C 


260,928 


19.327 


8 


■581 


1.229 


1.426 


2,784 


1.703.813 


6.141 


76.856 


167.375 


166.245 


236,440 


58.891.668 


1.072.967 


840.944 


861.055 


774.592 


792,273 


2.489.269 


•10.269 


•6.008 


8.433 


25.581 


34,552 



Numb«r of r*tuma 

Total assatt 

Cash 

Notes and accounts receivable 

Less: Allowance lor bad debts 

Inventones 

Investments in Government obligations: 

United Stales 

State and local 



Other current assets , 

Loans to stockholders , 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less: Accumulated depredation., 

Depletable assets 

Less: Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less Accumulated amortization.. 
Other assets 



Total llablllttea 

Accounts payable 

Mortgages, notes, and bonds payable in less than one year.. 

Other current liabilities 

Loans (rom slockholders 

Mortgages, notes, and bonds payable in one year or more... 
Other liabilities 



Capital slock 

Paid-in or capital surplus 

Retained earnings, appropnated 

Retained earnings, unappropnated... 
Less Cost ot treasury stock 

Total receipts 

Business receipts 

Interest on Government obligations: 

United States 

State and local.... 

Other interest 

Rents 

Royalties 



Net short-term capital gam reduced by net long-term capital loss.. 
Net long-term capital gam reduced by net short-term capital loss., 

Net gain, rwncapital assets 

DtviderKJs received Irom domestic corporations 

Dividends received Irom (oretgn corporations , 

Other receipts 



Total deductions 

Cost ol sales asvi operations 

Compensation ot officers 

Repairs 

Bad debts 

Rent paid on business property.. 

Taxes paid 

Interest paid 

Contributions or gifts 

Amortization , 

Depreciation 



Depletion 

Advertising 

Pension, profit-shanng. slock bonus, and anrniity plans.. 

Employee benefit programs 

Net loss, r>oncapital assets , 

Other deductions 



Total receipts less total deductions 

Constructive taxable income from related foreign corporations.. 

Net ir>come (line 63 plus 64 minus 36) 

IrKonw subject to tax 



Income lax, total 

Normal tax. surtax. ar>d alterrutive tax , 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-year work irKientrve (WIN) credit.. 
Additional tax for lax prefererwes 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Wort incentive (WIN) credN 

New |obs credit 



DistntMJtions lo stockholders: 

Cash and property except in owm stock.. 
Corporattons own stock 



Footnotes al end of table See text for "Explarution of Terms' ar>d "Oescnptton of tr>e Sample arxj Umftations of the Data " 



46 Corporation Returns/ 1977 

RETURNS WITH NET INCOME 

Table 5.— Balance Sheets and Income Statements, by Size of Total Assets — Continued 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



Size of total assets — Continued 



$1,000,000 

under 
J5.000.000 



$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 



(7) 



(8) 



(9) 



(10) 



(121 



(13) 



Number of returns 

Total assets 

Casti 

Notes and accounts receivable 

Less: Allowance tor bad debts 

Inventones 

Investments in Government obligations; 

United States 

State and local 



Oltier current assets 

Loans to stockholders 

Mortgage and real estate loans 

Other investments 

Depreciable assets 

Less: Accumulated depreciation 

Depletabie assets 

Less: Accumulated depletion 

Land 

Intangible assets (amortizable) 

Less: Accumulated amortization 

Other assets 

Total liabilities 

Accounts payable 

Mortgages, notes, and bonds payat}le in less tftan one year.. 

Other current liabilities 

Loans from stockholders 

Mortgages, notes, and bonds payable in one year or more... 
Other liabilities 



Capital stock 

Paid-in or capital surplus 

Retained earnings, appropnated . . 
Retained earnings, unappropnated . . 
Less Cost of treasury stock 



Total receipts 

Business receipts 

Interest on Government obligations: 

United Siates 

State and local 

Other interest 

Rents 

Royalties 



Net short-term capital gain reduced by net long-term capital loss 
Net long-term capital gam reduced by net short-temi capital loss . 

Net gam. noncapital assets 

Dividends received from domestic corporations 

Dividends received from foreign corporations 

Ottier receipts <. — 

Total deductions 

Cost o( sales and operations 

Compensation of officers 

Repairs 

Bad debts 

Rent paid on business properly 

Taxes paid 

Interest paid 

Conthbutions or gifts 

Amortization 

Depreciation 



Depletion 

Advertising 

Pension, profit-shanng. stock bonus, and annuity plans.. 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Constructive taxable income from related foreign corporations . 

Net income (line 63 plus 64 minus 36) 

Income subject to tax 



Income tax. total 

Normal tax. surtax, and alternative tax 

Tax from recomputing pnor-year investment credit 

Tax from recomputing pnor-year work incentive (WIN) credit.. 
Additional tax for tax preferences 

Foreign tax credit 

US possessions tax credit 

Investment credit 

Work incentive (WIN) credit 

New jobs credit 



102,202 
208,773.401 

1 7.507.634 

52.424,093 

1 ,026.862 

49,356,901 

2,326.206 
904.155 

9,635.557 

1.275.639 

3,005,824 

13,624.573 

86.129,074 

39,436.064 

615.244 
160.008 

8.611.178 
997.209 
454.758 

4.455.846 

20»,773.401 

33.990.050 
31.562.120 
21.398,409 

3.779.247 
32,879,773 

6,309.829 

15.504.976 
7,436,956 
1.373,027 

57,975,979 
3,436,965 

462,646,768 

449,579,293 

161,800 

61.292 

2.105,279 

2.761.903 

243.155 

65,280 

1,075,271 

1,350,808 

457,001 

30.108 

4.755.578 

442,288,849 

344.968.752 

10.592.611 

2.041.650 

936.671 

4.446.024 

8.367,624 

5,181,805 

186,265 

54,936 

7,258.663 

168.987 

2,856,977 

2,300,507 

1,490,556 

60,873 

51,375,926 



Distributions to stockholders: 

Cash and property except in own stock . . 
Corporation's own stock 



357,919 

15,085 

,311.712 

,385.340 

.916.943 
.861,923 

41,357 
420 

13,243 

33,224 
42,099 

635,225 
3,130 

536,400 



2,230,319 
186,499 



14,332 
100,348.571 

7,278,048 

28,545,013 

554,363 

1 7,826,592 

4,540.767 
2.253.200 

4,369.721 
301 .646 
4.495.581 
7.676.405 
33.264.405 
14.752.507 

366.214 
139.587 

2.649,751 
490,192 
181,381 

1,926,852 

100.348,571 

12,231.463 
11.035.396 
25.084.507 
771.555 
12.811.467 
3.321.810 

6.321.655 

4.467.086 

674,070 

24.752,292 

1.142.730 

158,158,626 

152.127.048 

323.788 
102.888 
1.762.865 
926.024 
104.828 

18.361 
401.796 
343.168 
254.673 

24.074 
1.749.113 

149.696.411 

116.571,723 

2,393,530 

657.685 

335,684 

1,315.868 

2,884.000 

2,476.946 

77.494 

36.482 

2.723.004 

111.932 

1.121.541 

815.892 

545.499 

27.762 

17.599.369 

6.462.215 

16.384 

8.375.711 

6.934.143 

3,162,115 

3,140,616 

14,937 

•(') 

6,562 

28,495 
55.741 

246.956 
831 

1 59.903 

1.135.685 
83.263 



11,422 
181,495,380 

12.687,463 

61,282.931 

1,264.254 

19.368.150 

13.415.556 
8.578.808 

6.188.128 
294.195 
16.608,137 
15.732,301 
38,706,064 
16.745,441 

765.258 
237.357 

2.954.413 
571.541 
175.733 

2.765.220 

181,495,380 

12.883.463 
12.991.957 
82.531.744 
750.278 
15.666.837 
6.621.758 

9.994.116 
8.830.892 
1.047.284 
31.490.552 
1.313.501 

168,746.280 

157.363.147 

951.957 
395.145 
5.434,649 
954.383 
125,390 

i4,262 
516,313 
530,121 
395.520 
61 .924 
2.003.469 

157,865,724 

118,195,000 

2.208.097 

789.410 

494.274 

1.697.597 

3.437.606 

5.017.B57 

100.342 

25.868 

3.081.915 

171.907 
1.317,456 
952.876 
705,544 
29,065 
19,640,910 

10.880,556 

48,508 

10.533,919 

6.634,617 

3.997,940 
3.967,919 

17.317 
1.450 

11.254 

83,457 

108,792 

285,735 

2,259 

129.698 

1,811,1 
129,947 



5,715 
200.180,952 

12,730,602 

65,293,602 

1 ,950.686 

13.720.680 

14.608.595 
11.389.394 

5.662.286 
304.548 
34,042,449 
17,927,591 
32,390,984 
13,022.614 

858.435 
288.871 

2.543.168 
682.664 
179.612 

3.267.537 

200.180,952 

9.368.401 
10.892.724 
110.396.867 
517.981 
16.159.943 
7.974.008 

7.746.194 
1 1 .422.524 

1.277.029 
25,555,284 

1,129,003 

130,316,881 

1 1 7,448,666 

1,024.284 
528.033 

7.506.383 
810.804 
126.013 

14.941 
376,699 
341,101 
415,502 
103,670 
1.620.785 

121,270,550 

86,274.220 

1.385,221 

677.997 

504,934 

1,299,178 

2.973.729 

6.301.194 

75.871 

32.877 

2.430.924 

138.372 

1.211.355 

739.723 

599.863 

47,724 

16,577,368 

9,046,331 

84,455 

8,602,753 

7,151,555 

3,350,572 
3,323,637 

13,757 
1,480 

1 1 ,698 

142,468 
138,748 
238,688 
420 
66,905 

1,651,552 
159,112 



3.303 
229.708.329 

12,185,659 

60,604,796 

2,731.139 

15.311.957 

15.297.861 
1 1 .886.444 

6.825.212 
298.009 
59.039.145 
23,461,708 
34,769,827 
14,142,301 

700.663 
169.912 

2.416.605 
690.621 
193,724 

3,256,898 

229.708.329 

9,832.238 
11.167.882 
130.071.973 
681.149 
17.515.010 
10.008.656 

6.417.346 
15.292.253 

1.375.844 
26.586.857 

1.240.879 

139.686.805 

124,730.722 

1.066.121 
514.916 

9.063.176 
678.470 
209.306 

26.549 
533.087 
493.649 
553.595 
133.397 
1.663.815 

130.479.041 

92.241.874 

1.221.207 

734,161 

635,123 

1.430.824 

3.016.573 

7.610.519 

74.135 

24.370 

2.607.837 

117.592 
1.357.131 
922.810 
716,432 
44,915 
17,723,538 

9.207.764 

94,500 

8,787,348 

7.270,627 

3,414,863 
3,385,334 

15,241 
1 

14,287 

152,260 
90,765 

277,029 

354 

47,629 



1,772,794 
280,772 



2.172 
334.621.083 

15,418,509 

65,967,860 

4,362.693 

22.452,007 

19.012.396 
13.271.178 

10.700.528 
577.592 
99.698,334 
45,858,443 
60,261,765 
24,542.390 

1.455.083 
408.652 

3.245.534 
930.623 
235.026 

5.319.972 

334.621.083 

14,507.199 
11,468.701 
178,146.045 
906.455 
28,644.083 
19.495.983 

12.297.789 
25.542.008 

2.345,496 
42.827,428 

1,550,104 

205.636.723 

184,125.098 

1.271.636 

594.900 

12.940.435 

869.126 

373.962 

27.428 
831.706 
482.837 

1.057.987 
337.798 

2.723.810 

190.876.185 

132.108.337 

1.374,853 

1,306,956 

693,671 

2,384,125 

4,789,254 

10,823.362 

108,524 

50,253 

4,315.460 

248,410 

2,176,985 

1 ,496,393 

1,198,856 

58,622 

27,541,924 

14,760,538 

276,401 

14.442.039 

11,944,833 

5.643,651 
5.600.886 

21,704 
31 

21,030 

371,973 

209,570 

465.366 

392 

43.101 

3.905.754 
351.066 



1.962 
3.288.587.229 

221.165.053 

816.545.863 

17,932,570 

163.078,048 

123.379.466 
101.124.220 

97.256.920 
4.369.398 
404.392.459 
626.207,505 
941,129,743 
324,275,018 

41,764,612 
17,953,557 
18,054,847 
7,500,413 
2,224,971 
85.002.776 

3,288.587,229 

167,620.644 
136.390.804 
1,325,971,662 
11,461.681 
412,504.062 
411.267.116 

155.939,285 

219.466.151 

24.996.507 

430.719,640 

7.750.323 

1,806,069,790 

1,622,817,920 

7,777,481 
4,867,839 
98,417,716 
15,578,111 
4,202,456 

156,494 
5,650,019 
3,876,226 
9,839,144 
7,385,872 
25,500,512 

1,662,265.804 

1,123,488,556 
5.443,234 

14,891,531 
6.284.931 

18.335.084 

52.369.136 

87.520,389 

980,003 

428,030 

60.581.957 

3.993.045 

16.879.361 

21.220,087 

13.458.655 

375,462 

236.016.341 

143.803.986 

6.909.268 

145,845,415 

135,064,621 

64,290,985 
63,919,223 

233,481 
7 

138,274 

25,110,765 

160,055 

8,151,698 

5,911 

67.121 

42.042.544 
1.211.767 



'Estimate should be used with caution t)ecause of ttie small number ol sample returns on which it is based. 

'Less than $500 per return 

NOTE Classjtication by size was t)ased on amounts rourKled to ttKMiSands ol dollars pnof to tabulation. See text lor "Explanation of Terms" and "Descnption of the Sample and Umitations of the Data " 



Corporation Returns/ 1977 



47 



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48 



Corporation Returns/ 1977 



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<oci at -. .. ,. -_, 

*. ". ^. ^ ^. '^. °' *^ ''* ^. *" ^ "" *N. ^ ° 

S" iri r-" h-' CO CM* in' isi a o co o" to co" n-' --" cnj V^ 

•-cnj (vjcofl-oin^ ifi'-oiNcootn '- eo 

r*. K o r* O) <T) (O « CM CM T- O) o <D m_ ffl 

« o og ai r^ ai y-' oi" o o> v' cr> 

CO (CcOOJ CMCOCM-- »- 



CD O 
O (J) 



[a}inr^(Or^r--u)aDmffiCM , a> i o> 



o> O) r-_ CM <D CM <£> CO to r-_ 

cm' V oT cm' r*-' If) o" O) iri '-' 

co^-ocMKCMtn r^tnto 

cM(D(^u^(oa>m CMtOin 



Is l2S 



hn O O CM 00 T 

5 00 3 3 3c 



O) 0> <0 CM n_ to CM O) O to 

PI V (O* cm' ^.' o; if) O) ^' a) 

r^'^iocDCD^O) ■^'-r^ 

mn--'V(DC)(-- ■fl'kOCM 



Oif>r^ <Da><po>cn(p mvcMfCcotoo < 

ScvjO) CMOcptD^n 0CMa)00<-u ' 



o omor^r^co^ «■-_ 

•— P5VC0r--0D'-O CMOOO 

K V (o" in c^' V oo' I ' 

00 CO CM in «) CO o ■ 

^ in »- T ^ eft CO I 



TE (CCMO) r^inocpinin cotpcMOCOtDCM in i oo»---a) 
(D ^oD^c0555CooDr>.0)Ococft'-CMOf^ I--5 
00 '-^CMinowcoinincoo^OifflOiO)'- r*- ooco 



in ^ •- » 1- in 
r*- m CM r^ (O (D 

■r-' cm' cm' r-" 



-in mtDh-tnoocou 
-in "-"-ocooi^ 

T- CM CO CM '- 



I '-_ O) ■* •-_ n ^_ "I CM '- ^ 

r-T cm' '-* ^" in cm' to in o <d 

0)^<Din^*-CM cycoin 

coinf-tO'^CMO t^r^CM 



Smcoco cMcor-cDtD^ oincococor^o inT-cM i CMin 
oir-o r-r-TcocM^ o)tor-eooi(cr^ coinco coco 
1- tococMO)T-iAoincovco'-cor>-inco'a- en ©in 



OCMCor*.coinor*-CMCDOinotOc»r-(0 to 
4/)0)coocn>-ooo*-'-CMincofflco cm ■- 

C0f^C0^»-O-- CM CMCOCM'- 



CM 0>O10>CMCMCOCM U1 O) m 

m cocna)^o>i/)<o vss 
f--' co" ^" o cm' cm" (D w <p ^ 
coooicosoo ^inm 
CM-* co«-ooocoin^ 



3CMCMtDO)cr)CMOCO^CO'-^<OCOCO«- I I 

a)t- cDcnomocj) ^oocor^coo •- i 

»-OCM r^'-'-'T'-cn ■^j-oicM'-incMin eo i 

cm' co' in -IT CO* co' --* co' op* ■*" ■^" --" r-" <£) o co" ^' 

(0<pinr^«-'-(DincD'-'-r-co^r^ • 
^mCMCM'-'W '- >-•- 
cm" cm' — ' 



in cnoicMO)r*-tO'- ^-ffit- 
o r^ at T- oi a> r^ o cmocm 
V cO'-cMOcomcM oiocn 



CMcncMcovcoco incoco 



Sinmoco oicocor-m' 



5 eo o> 



I (D O) 



O O r^ O r^ <i 



CM ^ CO •- 



I^ O'-tOCOQ'-^ r-coco 
o) cMCMO)(;>i5ino ^'-Q 
*". ®. '*■. ^. T. ^, *". ''*- ^. '". *. 
cm" cm" co" co" ^' to cm' in cm' cm' co 
0)'-ino>coinin r^^CM 
mco cM'-'-m--'^'- 



m(0(D incoino)*** cor*-- 

©•-r^ O^r^-cooT or ' 

•", '^, <^. 'y "V ^. ^. ^. T. '^. '■ 

^-' h*.' V (o' oo' h-' a co cm" o m m co co o cm 

l^f^COOOO)tOCOCO»- CJltOO-W 

CMinCMOlCOO -- !-•- 



- CO o> o •- o 



1^1' 



ffi CMOotsoi^cM ma>'- 
oo oco*oo^0)(0 mcoo) 
m '-r-mooo'-eo r-cn*- 



r*-h-«- iOT-r^r*-cMco oincoin 
inh-'- ocom^tpoj — — — — 
^comi^ino 



CO o 
o CO T- ^ CO in r^ ift o ffl in in cm S co_ co 

3' o oo' (D cd' t" o" in in o ^' (O wi ep eo" ^" 
'-cooiOJQ^cgr^* iDCMin^* 
1- CO 1- T- o CD ■- 



CO coto<DmTfr>.cD or^co 

CO CO<OCMOtDCO^ 00)01 

CD o> m O) in o in co o> r-_ co 

co' ID '- iri r-" o' cm' V^ ^' en co' 

3»-inoin'vto cjTtco 
•- 1- in CM CM 



- CO ffl CO P*. T- ' 



.,--,- . CO CM 

o> r- ^ o oi Oi in CM o_ 
CM cm' r^" o •- o> '- m' r^' co' to r-' 

^intOCM«COV»-CO» • CM 



I li 



ft in ■■- • 



»- vr-eocMO(Dco tocO"- 

oo oo)coco<0(Din (or-co 

— _ CM (O (D O CM O •- O) CM ^ 

fC V O V O ^ h- co' cm' o' (D 

om'-ocooo i-ocM 

CO • CM ■- — 



incooi nCMVO>com r^cocfttnooV'* 

Oi ■V ID Oi m <M y- r- T- r-OOCMO^eOCM 

^ '- CO m CTi CO O) V eo r^ o_ co a> r- ^ y- 
o' cm' cm' cm' in iri r>-' to' r^' •- r-" ai lo' oi r^ * 
^oi^Oiino)— CM» lincM 

I CO to CO I 



I I CD I t 



m , I , , , ir^c7)r^ino^mcnmcMCO<DCor-r^iO|0)co 

r^ '-ococDOOi^eot^O)epcMr-a)'-»vin»- 

.- (O r^ (0_ ■*_ (-- in ^ o CO 3 r^ r- ^ CO S •- »- cu 

' O r-* p 

83!! 



O) m r- CO CM o) ' 



inr>-cocMO)^cMcovco (Or^r-r-eoco^CMcO'-icoinf^CMCD^ i»-in it 
COCMCOCMCO^"- fflCMCM <M Oi Oi r^CMCMOSr^ t^ r^ ^ a> o ^ ^ oi vco 
"". "P. ". f^. '". ". ^. i^. ^. ". o o "o V v (D in co_ -- o ■«■ ^ CO ft ■w 1- o t^ e 

CO 

S c 



rO)tM(DCMCO'-Of*- 
^OCOCOO^O) COOJCO 

CMiDtoco^tom i^^N- 

O' T-' CO ■>!■" »-■ .-' 



O) r*-coto — r^^cM I 

r- O) o O m ^ op I 

CM CO in n O) 00 CO I 

CO ^ O CO CO CO O I 
■V ■^ 0> -9 iT) O t^ 



$«--^ocM(Oificot^vini-ooco»-f-i I 1 , m 

inmcoinmini^coO'-fMf^o^inin cj 

r- CD in ■■T_ r-_ o> co_ o CO o ^ — cy V CO cm in 

•-' « to' O) r^' cm" cm" co" r-* iri -r-' to cm' o' ai ai ^ 

O^COOJr^tOCMCMO iBCM"- CO 

CM ■«■■*■* eo I 



m^eo^cMCM*- (00)0) -fl-r-to oii-tooicDep cM'-KmtocMW o i 

5--CMCpcocpr^coi^rv cocnini^'-otoo^r^inoiepr-i-cMO) 
om^^incMifti^tD r^intoeo-c — S'-^vcoin^ococDV 



■o-^'-oocO'- r-inco 
■-tccoo)r--cMCO ^r-eo 

CD CM CM O O CM to CO CM ^ 

^ to' iri f--" '-' ep' cm" V co' r~-' 

P*-t- VCM^CMCOt- 



1- O CD ■* T 

^CMin coc-..-.-, -,_ 

r^ to_ eD_ ^_ in r- co_ cm cm_ m 

^-^co oiepoi^cMCO 

^ T- to in CO 



r If (M I F^ I SM 03 
5 1^ O) \ y- CM CM 



coajmcofflin^'-cocoin ^CM®otpi^^r»cMCM00'-ncccMOCM| , . ,co 
'-moivootocMCM'^eoi^ oomoi^ON-cycu^^oin'.-co'-CMO) \ ^ 

• ineO'-r-^oioO'-in^ mtC'-oiN.ocD' cococomoinm^o 0> 



r-cocMCMCMeom eocMco 

r--o)oocDO)"-o> r^cMeo 

tD_ 01 0)_ < CO --_ ■V y-_ 0O_^ 0_ 

Oi" ai in" ui" iri ai ^ V cm" r-" 

OC0» y- * to V * m y- 



^incMcocDt^^^--«^0(OCM(Da) i iCM!--© 

§ineocMf^O)'-0)tp'-OCMOto»--r- ^ ^w 

f^O)p^tDr-0)in©incocMOV(Dv v ^m 



i^ep^i^eocM'* iCMtD i^o^cocDCD'^r^co 
inifth-cpi-r^in '-co (DcpT-r^^cMinT-r^ 
• OlOO OCMCO"- inCM »-^00>COOJ'-<D'- 



O V CM to to CM 



I l§ I I I I I I I I 

I 



totov i aa o -v to O ■V n t Q ^ c>j ^ eo -v to to , m m co Q i i ^ i To^ 

Oh-0)r-(Dino>inco(D ©■^cotpoor^co coeoco* co in 

t- CO CO O CO ■*_ CO co_ • co_ CO ■c oi o r^ cB • y- i^. i^, ". o • OJ 

• --" y-^ eo' '-' CO* cm" 0> y- o" " C>j" ^* ' * ' O* O" CO* y-^ * 



I I I I I I I I I I I I I I M I I I I I I I I M I I I I M I 



^ CO CO ^ r- V 



- ■«■ to CM m r- 



coa>Soooicyin9 I IcoSl I I I I I I I I 

CMcD'Vr-f^incDVCM coco 

■■r' o' * CD x en' ' ' * •-' cm" 

• CM CO CO »- I • 



1 I icocucMO-wcoeoooinincooCMCDi^iCOi , to 

r^cocDCM'-ocftcoioOiCMfttoin^to^ 
■•j-oStoincoin^'^^ncMco •3-'co''iri 



ill 



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■^ino>,_.. _.-. _ 
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O) f^" to" o" cm' iri T-" o) CO r-' iri 



cMOto cocMCMCOtpco i-incoovjCT.cM'w r^»-in'^»-eo 
■-OCM inepco^^co cccocmcmocmoi cOincM-Jcooi 

cOtOCMP-.^CO^h-inr-^Oir--0>'-COO) y- y- o 



, .,-._>r^co oDcoco'-oicoc 
_. _)t^ tom^oov »-p-.inao»-tor 
ocoo> i-inoommo vcMComoiCM 



5 — ■w ^ c 

I) CO t^ to u 



■) in T- 
" 5fi — S ® ,1 SS !fi !i Q 



Sinin opeptocjtr^o inar-oiCM^*- co ■ csjmcp^ 
0>r^ ffl®CMi-<D'- r*-Q'-0)OCMin to h-cotpto 
co'-oj m — ^tooco coffir-co^cO'- cm r^ inoo 



•-ojco ^vpV'-o oieocMOi'-sptD en 
cDCOi^ ^ooinoeo (D'-ino>CMO)'- ir) 



30CD T-CD^CMC 



■ s 



D^CDCO'-CM inc 



CM 5 ^ ■^ eo 



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Corporation Returns/ 1977 



49 



) "-(DOeOOli/l^ 0>0^ Oi iD ■^ i/>Q^lDCMCO VfflCM'-r^lp(D V I ^(OOi/l 

3 — i5o>0)(D<3<DOTV « — r-«-OC000CT»n0>0)f^ — ^ifi— 0>r» 0(p 

to in CD o •- — •- in « CO a> ^_ CO ft f*-_ ^_ o *o_ o lO — o ^_ n m w a) •- oq 

in o cm' <o r--' V> *' (©' oi O co o (o O) ^ V in o> cp •- ^ o in »- iri «' •- cm' cm 

3Sjt*.iS*£)*cocBo)OT r-(5cooo^cMcor^(omin'»(0<Deo ^ O) 

^(M^ftcOr-itCOCM ^CMCOCM — V'~ ^ 



I ^ C) K (D 01 i/t O ' 
<P ft CO •- <P O) ft I 
« ft (S h- ft CM CO CO c 

S' o V (O 00 co' ft* (O* <o' m" 
COOOCOI^CMCU OOCOCD 
(^^ ^^OCOCM- 



;23 

3 O) iS 



I-. o T- r^ o CD I 

3^^ m'-cDL-__ .,, _., 

V in o co_ < in co_ to ^-^ <D ^_ i/i 

cm' m' CO (£>* "-' CO CO ft* iri eo' ® m' 

acocor^'-cocococD "-in 



h-'ioincOooft ft 



I (O ft 




fi 


694.899 
75.486 
21.473 

112.920 
97.340 


it 


5 n S 


(0* "' '-' 


686.337 

665.968 

384.223 

46,356 

11.555 

34.086 


5.866 
12.256 
82.299 
84.177 
81.334 



IS I 



(Omor-^-^m c\j^<5 ftr^^ eovcDOOft vtOf^Offlmft »- 

iCOCO^ft^^O*OCT)ft cy(p--cpCM<-- ——.-. — — 

in ^ CO '-^ o o o r- •-_ — ft_ o ^_ <d ft ^ 
CO* in* CO* CO* CD o cm" r^" ft" • 
"- — vftr-^« oomu 
CJ) — — N- CO •- 



jcji ^cur>.(^aju(0] »- it? |Oii.>j 
-r-m^OCOCMOOCO ftCMQ 

3mo^coin«-r>-^ o-^ft 



f^in^ ^CMi-fflh-o ^--coftintDC 
intccMftincoco*-® --^inintM 
^ W ■- O O r^ 



co^inin'~«-in h-.fflcn 

OJCO'-COCOCO'- VffiCM 
V»-'-VVCD(D --eocM 



cocDOin(Dinr*-h-Qh-cpr-cDineoco |i 

Sc\jcMOTrocDcooeoor-'-i--'-co i 

_ CO in r>-_ c7) o r-^ ui ft r-_ *t ^^ r^_ ^_ en o i 

oi CD* t*-' co' CM* r^' "-' oo' ft' iri r^' ^' ^' ft' n ^ < 

— "-^(OCM'-Tf CMCOCM — • — 

I -_ 



I CM '- 

r^ CD 



in m c 



1^ r^cOcOmeocO'- coft-- 

O ftSicM^incMr- mcpin 

r^ -- r- CO to --_ ^_ --_ (0_ o o 

co' ft* o co' in* CO* in ft' si' » 

c, ^ c- 

m CM 



eocMco ^tminvooft cocMr-.ft--r-.-«- i 
ftcor- ocMCDcooco '-•-r-cocDr-^ ' 
— inr- omoocMV mcDincocoom 



r^ ftftCM'-ftcoco ft^co 

CO ft^cocM^-mf^ or-® 

w co_ S( CO CO CO ® r- CO w_ ft_ 

3' ft' ^' m' co' ^' m' ft' ft" m" 
co» ffl'-ino CO-- 
co cy ^ 



comcM i/iui'-^co^ toococo — r^cM 






CO CMcor-inocMM »-Oft 
ft ftO^O»-»-» »-r^cM 
CO ^ ^ cq CO o m in co o co_ 

T-»-»-O)COftC0 CM"-ft 

co^-* CO- ■vr^« IT- 



m^co T-»-or^(Dto I ^ o ^ CO (o in Tc 
(OftcocoKf^'-f^in ft'wcoinioto t 

CMr^^vcMcococDft • T-^^in«- c 



I i.= 






00 p T 
CO Sj - 



I CO I »- m 



^COV—'-OV^ ft© 

ftOcycovr-«-a) (Oft 
r^" co" CD r^ -v cm" to' m" co" 



CMKO ^ f- V (O a> y- f^CD'-^ 

ftocy r-cpcoiri'-aj r-r*-sir 

ftincO ftftftCMCMOO VCMOSt 

ft' CO CD cm" cm' iri h-" ^' ft" * ' --" h 
•-fcM'-'-in •• I- 

• I • CM CM >- I • 



I I: 



I I I I I I I III 



I I *— 1^ IV r— ■ \'J 1^ UJ ^ UJ VJ I—- I'J HI K'/ 

inocMOinincoc\jf^oc«j«-coin 
^ CD — _ in t*- in ID CO en r- co_ cm_ ct> (D 
(D ft* 't* —' cm' in co' -■' cm" O) «r co' 



I CMCMft'-COCpin OCJCM 

I coO'-ftft(Oft cor>-CM 

in V in in <M v_ --^ co co ^ 

ft* h-' CO cm' o cm' id ft' o co" 

OCMcosminft ft>-ffi 

toftin^f^^ft r^wco 

CM 1-" ^' c 



J o r^ ■» CM ■v ft 



cDcDCM mcoftcof^to ^'-ft'-cocoto m .co 

•-«•- iDcococo — ^ (Dtotor^r^eoui oo »- 
"-co^fCMf^uSflOintoinincofttDinto^- <o 

cm' o iT) in o CNi V ^' •-' co' --' CO* co" f--' ^' eo' eo o 

incof^cy<or*.o)eo'*CMcocMmmr^ id to, 

— (Oft ID CM --_ CM m r- •- to to id_ — _ rN._ : 

ID»- OftCO ftftft^ CO 

CM tOlDCM CMCMCM— — 



in mocgcMCM — -T eoco-w 

CM cyi/)coCMCo(On — or- 

cO'-coooftviD ton^ 

•-" co" cm" •-" co" cm" V CO V ■n' 

^coin«-h-'-co iniDcy 

r-^**cococoft ftcoco 



B ft ft ft ft ^ 



s ft p 00 I 
f CO Si in I 

S — — m I 



I ^ 1 2§ 



h. ^ (O « CO CO 

CO CO in (p n w 

•- P^ CM ft CD ft 



in^-r^ f^cMf^co^m 
mtDiD — — ffltOv — 

r- — CM CM — 



■- (Dfth-ftmcoin coof^ 

CM Q(0<Dn(00^ ftSiD 

(D oo — O ^ •- CO eg CM ^ 

O) f^ f*- ft cm" ■- ft' V iri r»-' 

?<o^m(Dr^(D ^ftcM 
CM — T-COCMCMCM'- 



(DCMOftOOOCMCpCMtppCMCDCMOf^ I'- i<Mi- 

mcM '^ftcocoiDcD opcor^acocy o »» ^to 
aj^^coocMCM'tf-flomeoftoofttD co vt- 



rtocD^wft co(MO'-(OC 

OCOr^tMCM^ — ^CO(J 

5 ID CM — — — 



CMCM^ coepr-r^o*- mcococMincoft i 
•-ftco CMOOvcom CMcococoincM^ 



ft oimtocMr^cDCM ^-tOft ^Oin ft — a)0(Din toco — cocMCDin cm — id 
— ^h-^T-coi^m -jftft 

co' 00 — ' o CD V ft" cm" co" o" 

iDococoo^cD ftr--in 

^to cocoftco^^^ 



ft o CO o oo • 



T 00 CM in CO eo 



1 to in CO T c 
r- CM ft ft 

— CM — 



ft cptnftcooj^r- — cocm 
CO (DcocDoooco^ r-oft 



— CO CM — m CM I 

CD co" iri r-" (d" cm ■v CO o m" 

incococoinoift eocoh- 

CD ^ -- CO 



^ CM — 



^(OCO (DfflCMCMr^O COr~-h-.r-(OtOCM CO 

ftftcD CM^oocomr^ (Dcot^r-oOT— i^ 

co_ — eq « o — ID CM cD_ t» co co — ^- cm r-_ — 

co" iri CO* r-' — in" cm' co* cm' co* — cm" o cm' co" — ' 

CMininoDocMCMtMX) to- coco 

CM 1 — O ft to •- 



I <£. 



I CO O 

(O m 
ft ft 



ft tor^oocD- ftft incocM 

o coftor^cMfto inco'^ 

— CM ft_ O r-._ (D_ CO CO (D r- co 

— n r-" o to' cm' cm' co' V ft" — 
incDOftftCMto ^CMO 



^r*-oi iDOin^coft CMft — 0(D«o in , i 

ftiD— ou^^ — oin co<o^(D — CO— in i 

cD_ in (D o n_ p (D — <D in ^ ft cm r- in p o) t 

(o' CM* o o oi co' K co' « to* iri cm' (O* a> iri v cm' i 

--ftCMCMCMcocomin-- cjir-CMO • 

^OlCOlDfOV — — CMCM- 

cm' cm' — 



I tJ 



ft to ft c 

CM CO CM (L 

— ocotonr^r-.^ toco — 



3 O ■V (D 1- CM 



CM r^ftCDCMCDlDID ID'tCM 

CO ^^vft — coin ftftiD 

eg eo — — CO Oi ID p n ^_ — 

— — CO* o' IJ CM* — ' cm' cm' (D co' 

r-ftcMOivft— vr-- 

n CM — — 



I — t>J U] tJ CS t- T- OJ CJ> (U UJ (W OJ U> I J U) I I Ul I Ul r-- 

COKOCMCMOOCMCMCOCOOOtD-itlDCMCM — COft 

inr^ojCMOtDin- fflr-mtoiDr^cocM r- tor- 



cMcoft toft- eooeo cococoft- o- 
r*-r-(DtocDft — — CO* • totoco- • 

— t^ (D CO 



incDincocoftco ooco 

(DCO — CO^CD^ ococo 

1 CM — ^fttocor- CMftft 



CMin^ inincM — iD^ cMinf^-eocMinco 

(Or-ft ftCM — COCDOO OCMCg — CO — CD 

r*- cj> tt CO CO p p — — p co_ — f»-_ cm_ (0_ co 
oo' o" cm" iri — ' V cm' id cm' co' co' o ft" — ' co' ' 

— fttOCM- O— CM* • CMCOCO 



I r- I (O 00 



^ CM(D(DCMa>OC 



s 


CM 00 — in r- to r- 
CM CM ^ o ^ o o 


CO (D CM 

to CM in 


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ft CO r 3 CM ft ^ 


O ft CO 



— CD- ftOOmCMftCOOOtO- O^ 

r^cc^ CMCOCDCor-f- Vt-----iD(0 

Oi tD ^ ^^•-r--(Df-- CM© — tOf--'^ 

iri n o oD co' co" N-" ^' co" — to" — in" V to' 

— to— iDCMCD — •• ICOCM 

• ] CO CO — I ■:, 



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— — CMcoacMr- co^p — r»-co ©egoicorv.— oiTf©cjuj-<ii 
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CM ^wh-*-cg--co ft^-- 

r--. CO — OiD — »0 — CMft 

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o v' — * oi h-" r-' o r- V ^' 

^cDtotooi^in o»-co 

CMOM'>t--(OOf-- ^CO^ 



cocMin n^r*-o«)r- T-r-ototocnr^ 

(DO>^. OO'-OOO (DCMOJOJtOlOO) I 

CO o (O O) (D in ^- >- to_ r^_ ^_ ^_ ^_ --_ oj « 

in to" t\j" n r^' O r*.' v' ^' r^' co' aj co' co' to iri 

cocMO cor*-(D^r^cM ^-^-CMininco 

® in »- h- to O) ■- 



la's 



(O cMincotnr^ojin to •- ■^ 

oi^incMOoscD or-o 

o o> »- (D CO CO in CM m r- 

cm" in oi o co' r^" co' to cm" co' 

'-oinr-tocooo cotoin 
(O '- m tM 



incQo 0'-0»-'-r^ r-^h-r^<ovco •- i mcMOco 

otoom-.-intoujtO'V'-'-'-tocNjr^ ■>» ^to 

O) to CO O) ^ r^_ CO o_ to_ ^-_ »-_ o o o ^-_ r-_ o_ co o 

<£)' V oi in (O' ^.* "-' ^' ai oi I--" co' co' cm' ^ »-" v' rC 

01^^0CO(OCM*-C0 CMCMCMt- 



(00(Da>c\jo>co (ocom 



^co "-mvi^inin r^r 
m o cm' iri --' T»* oi (o" to" I * 

in O CM to CM tM "- 



m tDCOi*-ocMr^o> cmodv 

^ (DCMOi'-minm cnmco 

co_ in ^ r- r- v cm to_ h-_ in 

I/)' tM' '-' co" '-' Ol" CM o in <c 

inointo^roo) --^-v 

to ■- in CM •- 



*- to ID •-r^r^tOtOO COi-CMCMr-CMO 

o>'-in ^incowwh- ojincococMCMco 

r-. ^ in (D m cb cm cm o_ o tn o> to tt r*- ^ 

(C to' id' o V co" o cm" t- 

coh-v r^co^CM'-c 

•-to to (O 'C 



CM OO'-'-COOtO (D(Dt7l 
(O 0)h-t^CMCMCM^ tpOCO 

^cDintDtocM>- tor-^ 



inOJCDOtn-- CMCMCMT^C 



CM — (O , <- 



(O CO f*- CM ^^ 

r-' cm' to' co' o tJ) v' •- 

ODCMtO tO^ffl'-'- 

CM m m CO 



CM T- in in c 



CM r- m in I 



to CO CM '- 



CM 0)OtD(0'-(DtO m^in 

^ (Ol^tntDCOCOOM tOtO'V 

in CM -v (D ■« in tD_ r-- ■>f co_ eo_ 

in oo" •- iri CO •- iri iri tri ^' 

COOOnWO^ CMCMin 
^ CM .1 - . 



'3S ' 



CMSCM ■^cotoco^rin eoinffl^CMCM'- 
or^cocMr^oinCMO)"- mfflr-cn 
CM in •- CO CM to 



V r-OT'-or-r-CM '-cocm 

(o r^irooincotD o*-© 

in to CM_ o h-_ ^-_ to cm_ o « cm 

co^coi^tooooi otcoin 

tOCDCMini-(0<D ^0>CM 



■ r^ CO •- '- O) CM m 1 < 

-, . _, jffivocoffiino) < 

inooco^cor^cooco»-*-incoin» i 

o> (o" 1-" co' o" T-' tvj o> to' iri tM" ^" to" to" iri 1 

h-f-tomr^tocM ■* CMco-- — 

CM m m CO ■^ 



r^ i^^r-cocototM a r- <£> 

O COeO^ — (D^CM 03VV 

CD (0 o •- •- 1^. to <D in CO o 
r*' o" O) iri r-* iri cm* co' ai iri 

tTCO CO* (DtDCM^- 
CM CM t- 



1^ COOJtMCOtO*- tMO)CMr^' 



I I 



CO cococotoin^o r^ino 

t m--cM<Dh-^a) vtoo 

--_ CM (D a> (0_ o o in r- to cm 

'-' oo' co' v co' co' r-' iri co' « iri 

o^mcMCMr^co •-^'- 



coioto O)*-inc0T 
mcMCO tjiocMtno.-, _. - 
coi^io cBr^flomcBin --u 



Sol I I I I I I 



OICM OCOCO«-VO 

into 0)CMO»-CM'- 

tMtO n(D(DtO»-01 



I I I 



to u 



p^<Btpcoinin^ cm*-*- 

(O f^. to t^ i^ ^. i^. o* CT, 1^. 

to" iri p) ^' ^-" to' V oi '-" o 

ODCMtOlOCMOltO ocoto 

mcoo'^tMin^ mco-- 

o cu" r-' --" ^" ■v' ^* cm" cm" 



r^on ^^cono)0)<0"Th-o>conmcD ico- 
•-i^co Oi ^ a o> ^ ^ vo)incoa>o>in co cm 
to o, ■*. CO. ■^. <o CM_ (o r-_ oi o) i^_ eo_ oo tM_ co o co 
•-" a>" iri o f^' ^' to' O) iri co" cm* to" v" cm' a> ct>* iri 
cocDO)0>v»-a)t^^O)inmomr^ m cm 
O'-vr^-ooi'-tMco mSmtM 



Ot^inor-tov 0)0)r- 

(£)" tri o>" o to" eg" "«* CO* co" --" 

vcommr-ffl^ VCMCM 

'-cotocMh-CMin cooo) 



'-'-^T otM^.^-r*a 

,- t£> '- ■*--I^CM»-'i 

CM co_ --_ O) 0)_ 0> (D_ co_ a 

o" — " r^T r^' r-' to' V tti ^ 

o in •- r^_ to_ ■^_ •- 

— * — * (D to" iri 



■* CM <- f^ ■* m 



(O tor^tovototo cDioo 

n inenf^cMCMOCO ino)"- 

in ^ o_ O) (0_ o_ CM in ^ (0_ 

cm' oi ai to' ^" co' O) o ^' o ' 



r^inin inr^-^tto^'- ot^CM^^tOfO lO 

in^to mTTCtotMO •-•-'-(o^cMrv. m 

CO r- o CO to n in to «) « --_ >-_ in <q ■<-_ cm •-_ 

co" to" iri iri in" co" to* tii — ' v" v* cm' oi o p" V 

in»-r^ or^^^tom »-»-tMinco(0 

CD f^ 0_ ^-_ CO •- ,- r- 

v' co' co' 



(O o<cMKoeo<D O'-r^ 

*- CO (B CM ^ in (D O) ^ CD (0_ 
C00)0)tDC0<DO OlCOCO 



a>tMOCMa)cor>«a>aoa>CL 

coin--'*a)0'*co^o<Di/i^ooT. _ 
"-_ r-_ a> O) CO r- •- r- (O ^_ to m i^ tq p cm co 
co" iri o" "-" co' co' cm' r-' to ai ^ ai co" to co* 
r^tov oicocDOiaoo •-•-a)f*-mr- 
toeO'-'fCM-ir 1- •-•- 



r*. r-cnor-CMOa> cocor*- 

•- tJ)C7)00>t001'- tM^»- 

in cDiBCMcoincMin moco 

■-" ■«' o (D ■^" to" ■^' iii cm" cm" 

lOCO^^^'-'* CT)(00 

(DOlDintOCOCO^ CMVCO 

r-' cm" >-' r-' cm' '-" cm" --" 



co^-in inr^ojcoinco ooi^cMin^^in r- . '-■-Ojuj 

a>a)0 tototo^coco (DCM'-mcotoo) m co»-tvjto 

<- co_ CO -- f^_ in <D to T- o in r- to tn (6 oi v_ •-_ 0)_ to_ 

co' oo" N-' o to* iD* ai CM* co" co' to" '-' o '*■' to' ^" ID r^" oi 

cMcncMCMCMintK^TOtotor^.cO'-v ■- 

C>JincOtMiXICO»-'>-CU CMCOCOi- 

1-" — " ^" o" ai 



to CM_ to_ (D in S c 

r-." cm" '-" --" cm' - 



vor- ooinr^r-'-oi »-vin'-toin»- i-oino)S<D 

*-^co "-coincoi^cM cooioincocoo cop^oj* oia) 

CM 0)_ in (D to CO r-_ in >- to ^^ cq id cm r- co t- r»- co to to 

co" --" cm" '-' 00* cm' '-' r~-' '-* oi iri co' co" m" ^" ' iri to* oo" 

r*-tocMOtMCM'-^coin^a)«-mto >- t 

^r^coc»ina)CM<-tM cm-cco-- 

»-' — ' cm' cm' o" 



CO r^O»CM'-0001P^ tovtJ) 



■^ OinCMOJ^CMCM 


CO CO •- 

sss 


CO (O ■v ■* •- to ■v 


0> CO 



(O'-tn coco^nwoo ocMinmcocM^ cm'-cmcm'-o 

r^ o> r^ '~0)0)intpv ■^r^r*-h-m«-tD infflintocMin 

in CM CO •- m to_ ff) o ^- ^-_ to ^-_ co o r-- in r^ar^» a m 

-* to" iri r^' ■-' V cm' ^" ^' _ 

__ ..,,_- .-icJicocor^CM • to tof^ 

T-coo "-ocoosnr^ CM'-»-incMin 



CO u 



in 



3 to 
CO 



CO totoncowor^ tJ)'-co 

O tOCMtOCOCOCOCT' tOCMCM 

r* O) v_ to m eo_ to_ o cm_ oi in 

v' cm' cm" to" ^" co" iri cm" ai ^ co' 

•- ^into^inoi'- T-m^ 

CO ^ (D y-_ to O CM V CM_ O 

o co' ^' cm" V cm' tt" --' 



o to •- 

SS2 


to <D to 0> CO '- 


o> ^ CD O) I^ CO 00 

•- CM 5 m ^ f^ CM 

lO CM (O (O CM in C«J 


' CM in CO ■c to 


SSS 


t^ m CO o to CO 
p- CO r- in cu CO 


CO o "- m to Oi 
^ »- in r- m •- 


§■ Sfe 


y- CO 


CO CO CD 







^ o-v^tDtocor^ mooo 

Oi T-tD^cotocoto tocor^ 

to o> V *- N- 1^ o co_ 01 --_ to 

cm' to" co' ^" o iri co' (^' co' co' co' 

CM CO'^'-tDOtOCO ■VO'^ 

OitMr-to^oim cocMco 
r-.' cJ -r-' »-' cm' --' to' 



ointT) "-r-en — cJ)co tor*i^'-»-CM 
■-into 0)P^OO'-h- Oll^'-TCMO 
'-•-tM toojocooim tototoco^CM 






o mtointor^o^ ooa> 

in intDocMO^to o^»- 

o o> o> (D ^_ ^-_ CM r^ to -- to 

iri cm' to' to' oi (D o ai ai o" '-' 

V ^OtOOtMlOCM O) <o ■^ 

to « y-^ (0_ in CO r- tM r^ h- 
^' T-' --' ^' co' •-' cm" 



n t^ OJOCMtDOco ( 

300 CMO)r-(D<DCM U-.--- - - 

rtD cofor^»-^»- oifOintO'-v* 

y" r-' ^' o ai to" oo" --' to' o" cm' oi t ' 

-m ^"-r^-intoto tom^toc 
r>m'-oir«-in«-co ^i^t 



CM CO *« 



^ I I I I I M I I I II' 



.-(n.-tD--in«-min^inotM ■ ■ ■ r ■ ■ 
oitDin-^inm^tO'-r^tocoo) 

CMCOCMtDCOtOtO'-'^COCOCM 



OJ oi**coincor^o> miO"- 

^ enocotncotocu h-ffito 

OJ CO CM T- ^ 00 tJ> ^ CM ^ in 

co' T-" r-' ^' to" to' --' iri to" V tt 

»-o>'-r^tMcoo) fO^r^ 

cooiCOtOv-coo inoco 
r-' i-" iri cm' •-" 



SS2 


CM V m N- o to 

to r- to CO CD to 


O) ^ f oo CO in (D 
CM to Cm CO CO to ^ 

tD in o r- ^ m o> 


8 


i 




isi 


-- o in o r- CD 

Tf O 0> CM to CM 

in to o> CM ■- ^ 


00 Ol CM to •- r- 1- 

in CO CM to r^ CM •- 

OJ CO CM ■.- 


CM 


CJ 


"K 


■- CO 


ID to CO 











r- O)^.o>aoinv^ ^incM 

CM vcMOtocofoto cotnr^ 

to o --_ v_ o to -- in o tD_ r^_ 

V V to' ^' oo' cm' to' cm' oj to' ■-" 

■- oo>o>tMr-ino If} Oi r^ 

T- {DajVtDCMCOCO — ■vco 
co" CM* --" •-' 



0> CD O ^_ <D <3)_ in CO tM CM CO ^ in <D CO ■- 

to cm" to ■^' o o cm' iri o r^ ^ to' to" --' •-' ' 
'-incntD^OO)CMOcotDtO'-o>iD — 
intoco--0)ov--to cyiDCM ■:_ 



1 CM I 1 



in , I , 1 1 itD'-tDOiajtoooD'-cntDmini . if^iwo? 

o (ccotointJj'fr^'-'-vStoo tD^-O) 

o Ill ''r^otsiO'-ocor-cDCMr-cOTr' ''[^'■.-in 



cMcotor-oto i-v^ 

f^ ^ ,- — ^ ^ 
in in Tf 



m cMCMOinoinT- oomiB 

^ CMID^'-Oa)-- CM'-r- 

r- oV'-Or«-'-tO coinin 

v cm" 'J to' oo' to' cm' o" cri co' co' 

.- CMCOtD'VOtOCM tOI^CM 

CM tM h- tD_ O m tM_ O) O) to O) 

r" iri oi r»" v' to' co' r-" cm" 



i> e\i •- •- 



to •- 



to •- '- c 



f^toto CMininoi^co i-incMiDintDr-- co — oi^to*- 

OlDCO CMOtDOOJTf CO^CMCOCOr-CO COinCMTftOr^ 

r^totM 0>'-CM'-'Vin oiCMinin^fflr--. ^>-o_^D■*^~_'-_ 

co' i-' <ji o" iri co" cm" o* to' o oi r-' co" r~' ai to" cm' cm" o" «' to' 

00)toin^'-eDinr-.to*-*-tO'V'- cm cm com 

■-otoini**cor--o^-eof^ininoo> ^ "' -■■- 
■c" to* t" '-' to' cm' co' cm' to" ■^t" to" iri ■r-' 



CM m 



tr ¥~ < 



Jffi^y ^sc 



fc S ■- (9 "5 



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51 



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f\j ® en r*._ CM r- -- oo at m 

ui a> to' oo* ID (£»' o «)' « -■ 

ui«-tncMr^csj»- ojtoto 

e\)c»cna)inm^ en — <o 



r-tsjipr^tncnaicno stotooDOOi^ <n i ^ i9>0 

CMtoN (Ccnp^mcMin cMOcn — roh-v s r* pO 

(D en tn ^ •- — S cm in o en en o> (6 <\ cm S in fii o 

en F-.' m" o in <p V o cm en V en o ^-' V in --* en 

^«eninoa>r«.m^^ aSo — o en ■- en 
oocMr^in® •-»- --eMeM"- 



■ o o en o» 

— ■* o> r-' i-' 

03 •- ■«■ en 
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- o) K V a o 

5 lO r- n in en 



3iniS3(p'9 CMO 
cniDtMfMinv' r^h- 



a»or- inKOtc-encM en©'- 

0)^-0) cM'-'-toenr^ CMtnen 

to m en to ® cm — oi ^ « o> to 

' og en —' oo' r-' '- to o> ^' r*-" t-' r^" cy cm 

cMOm O0)0)VtDcn — oicy — m 



<p a> o a> 1 - 

ft .- CM CM ( 

en to en m i 



o>m *-«-to^Qto tJio^ommto en ■ O) ■^ t^ a 

SO) <a>motoen •-cMmr^CMtbh- to cm <pc 
^intor^cn^totDO'-cntniccM'- o oi e 



— ^r-inO^CM CMOIQ 

©•-•-Qtou^to vcnin 
vmvincnw— •-tDcn 



^-Qcn tor^cnmt^oo oicyeocMti 
r^ocnKor^enincM — otnc 
mm (otocn ^ — . 



5 eM_ •- m_ r>-_ ^_ CM_ CM «_ <d 

§' <o' V to' 03 cn O) m" o ^ 

moicnocncM or^r^ 

rv^tOCMiocM — tocn 



CMCMOl •-cntDOl'-CM 

r-^to cnoivtnCMeM 

^ o i^_ en m cm o o ^_ 

»»' o o" r-' o cm' tJ) en — « r-' to' f^' co lo' 

cMtomcocMtocnm^ misr-en 



tn en r- to CM V 

O) ffl ^ V " 

CM ^ to r^ 



, m I (D CM 
_ CO ■» to 

CM ■- r- ' — o 



m Kh-OOOlOO CMCM 

K enomcMmom oi'" 

CM ^_ CM_ cn m o O ^_ <o 

— ' CD V cm" cn O) co' i/> o V 

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rococo cDvcocoin^ eooicncoh-CM' • cMcotMinoo 

iri r^ iri eo" co' o" cm' cd' co" iri oi t^ iri r--' oi o * c_ 

OC0r*-r>-(DCM(000CMf-C0'-OO^ to COin 

c\jeocD<D<oeoin<-^ coodcot- 






C 



•II 



O «'-r^OJ^tO« (D^U 

r^ eo'-coinh-coeo coo)t 

CO i^_ m •-_ CO r- o to in in c 

Siri co" ai » r-' ■»" iri co V oi at ^ co o 

CMQCMincoaiO) intoo eotor^ oi 
cMwcM^T-ina) r~cM cM^cjin 



tooico nCMCDOJCMco r-cpcDVinr^ei 

O^-CO CMtp'-'-OJW o<Oi--tor^cMcj 

cocMin vcDco^o*- in'-co^r-o* 

' cm" o o eo' < o to* •-" iri T-' ai * 

oieo^ino) comoioieDco 

cMinvoco "- '-CO'- 

o o 1^' 



I IS I 



CM in^^cMineocM covo 
^ r>-cMC3JO)mr-a> voeo 
f^ a)too)0)ino)CM r^--^ 



ocDco --otjjinoco — cocMr-0)0 

oDiO) omcnocnco oinotococo 

^-_ CM CD_ CD_ o) CD eo_ y-_ (D_ eo_ O) tO_ CD_ flO_ CM_ 

cm" ^" r*-' r-" ^" eo' eo' eo' co' f^" co' co' e\j iri m" 

T- a> T- eor^T-cooJin cov cMinin 

CO in eo ■>» CM T- T CM ■<t cm 

cm" cm" od' 



1 I in IT w O) ^ 

h- tvj CO in 

' -v •- at y- 



^ I I I I I M I I I II 



r^ *-coCMh-.incp tDCMCDtnoc 

m tptMcooi^i^ y- ^ f ■- 

y-^ ^_ tn co_ •-_ o) in ^_ --_ u 

co" r-' r--' r»-' r*-" co" co' »-' cm' r*" co' cm' v' 
CM Si .- • 



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, iintDinr-inocor-enmooin'.-in^CMencMei 
inCMO'-tocMO>tMocoeo(CcncMO)eocM ^ 
O) <n CD o >-_ (*-_ oi ^_ o r-_ cm ^ co r- in eq o_ o 
m o >-" o" o" co" '- co' to' oi eo' co" co" o t' — ' cm" eo 
rvvrv^O)eoo<Dr-cMt»-"-o) — y- 
y- Cit a> tn y- y- C4 -v \n ■v y 

ai to' to* 



III 



CO h-cooot^^in oomcM oocmq i-CM'~eD^<p in«-c\j^O)0)in 0)h-fflincooi 

^ 0)0>oocoeioo'- y- at v o>^b ^cueocyeocD «-or-^»a)CM o r~ <X) at a> o> 

Oi IJS Oi y- to Oi O to '-aSCM VCMCM COCMCMOOCM COCMVtDOlCOeO ^_0 0)" f^,^. 

K m" cm" iri r-" in" 5' cm" m ^' to' ai to' gi --' cm* r-' co* ^* 



CM S r- r^ t- CO ^ 


55 <M CO 


in a> CO T •- m 


00 CO 



, _. _. , — J V CO a. ., -- 
_. . .j^or^wop^coi^vf^O'- 
0)01^. incocMa>^<- cotor-_'fl'_(Dco 

tM' I--' r^ iri ^" <d' y-^ r-' y' cm' r-' 

eo c& 9 



O) ooo^intor^eM cdcmo) 

^ inCMCO'-coor- »-'-o 

-- V 00 CO V m ^ V CM 01 o 

i-' CO co" eo" cm' K «' cm" ^ ai V 

CO cDtoincpr*-o«' cocnin 

CM CM_ 00 "» to (t> CM a> a>_ eo in 

cm' CO r^' o" o cm" cm i-' r-' o 

ffitOO'-OQeO VCMCM 

»-tMCU'-cMeoeM cm»- 



tor^r- cj>en«-'-t— ■- r-cor^cMr-co^ »cMoor^inr«- 

oicDCM o>cO'-CMf~-i^ r-cMcocomo^ i-vmr-toco 

coco-- eoW'Tin^j^ CMin®oi"-oo^_cqo^_h-i--c~ 

oi co' iri r^ o •-' eo' *»' cm' to' cd' eo' oo' oi ■^' ^* ^' ai k oi oo' to 

T^co cono^CMr«- r^r>-oococoo) ino)0 ■- — 

■ — - ■- — TiinT — — ' -' .— 



in CO r-- in c 



-co O'-OCDCOt; 



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Corporation Returns/ 1977 



53 



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<N (\j c\j ^' en ic to (p «' •-" 

m <D eg in o to --_ c\j (D r-_ 

CD o '-' ■*' c^' r^' ^' --' « to 



(DA9 apKrtoJmQ ■w»-oS'«inn O) o^^in 

*_ w in in o> « ■«_ (D in oj id * iB in co o> ^_ o •" *! f^, 

8* cm" O* r^" --" en ^ o> CD tp r^' r-' eo cm q cii ^ ^" h-' 

incNjr*.cnvcnvS(0(pincncMin o> co o 

cyin(j)r-~'*(oin'-'-i^i7)0)o<7)0 r> cm id 



ScMcp — oicocom ^-- 
cMO'Voior^o '-^co 



ScM dieoeo ^c^comm"- ^CMtCtpcncotO co'---oin^ 
o (0^-(0 or^incoKip Of^r^OTinvin ^r^r«.»-a)(p 



■ m r^ a> m inocMOinco- 



-oorofflco OCDQ •-< 

_. J^C50eOQCM(MCM^fOO)0 CMrt i 

r«.inv*-<ocor^Sin--"-(Dr^(Ocn • 



CO --invr^cooin ctO)cm 

<0 — OOTf^COVCM QOCO 

r-w^fflcoiniD or^"- 

S" o» ^" CO --" f^" co" ep" in ep 

m^ino<D'- ^ — io 

CM^-O-VV^*- --OCO 



ffl ® •- Ol CM K 



•- OlCMKOKlf) •-Cph.'^P'-'- CMt/)n<0Cn9 

Q cocoiDQincn cooopf*.Rio>'- or-CM oda 
* incor^RiflO'- ojco^mr^flon co-cifi ^cn 



r^ocM CO — coco*- — 
cm" o o" 00 



CO — ^v^r^OJQ in — oo 

•- CO ^ r- IV r«. o) ID o •- 1^ 

o cm' O) V o" o) cm" {Q co" o 

in>-co(OCM^ip cooo) 

^ (71 O ^ W CO O •- CM CO 

v' »-' cm' --' --" 



3 O) CM li 



m i£ Q m CO • . _ ^ _ , _ 

CMto* fflococn'tfij) — Bb — epc 

CO ^ — CO O CM_ in <© n V o CO in a 

lO cm' co' cm' ^' — ' CO — ' — ' r-' m ai to r^ cm' 

cor-o r-'-miO'-fv vcncMr^mK 

CO<DCMVCO«-C*J'-»- COOCO^- 

--■ — " --' <ji 



*". '''. "\ 
"-' (O co" 



CO o> (-- CO 



r) O — Q V (0 — 

r o — (D rv tn o 

3 ^ h- CO CO CM o> 



incoto m^tpDCMi^ oiootomoc 

ojor- CMO>(Dino)tp cp^ooi^ujt 

r--_ O (D ^. f*-. •- t^ ® w> ^_ ID v_ — — ^^ 

co^co ojcoooooo'- ^"-i-inoico 

OQO i-^cD — OO intn^c^oO) 
pvOt3Jh.in»-co — CM co^v^ 



SID O) eg r^ 
^ in in •-_ 
CO (D* in" cm' 



3CMC0 cooicotD* 



3 CO •- CO O CO U 



- o rv_ in co_ CM CO '■ 

3 ai <d" in" in" "-' co' <d' in oi 

FCM — COOCMO —OS- 

laJOJtOCMCM— "- — CM 



"- mcDtoCMXiincM (O'-ip 

O) cor-»-cMincoin •-cp<D 

O) m O (n CM CM_ -"T CO — ^_ CO 

cm" r-" q" in* in" co" in in* rf --" --* 

COtOKOr^CftCM CMSCO 

inincoeocoCMCM cmoow 



— ■v r-. — ■q^ CO 



r^ooi corvcor>-®fv co^mcMCMO) 
(00>m lococoam^ mtosoiom 
0)0)'wi»-.inincO'-co iniDincM 

cm" c«j cm" eo* 

cy CM •- 



(D Oco^CMin'-o oir-co 
nrv(oOtMCM<p ©coo 
O) CO (O CM in r^. ^- <D pv oi a> 
— cm' o iri eo' r*-" co ^" in ^" id" 

?inr^i-^(DO) ^oo 
CO CM CM o in 1 •- 



incM^ (Dt-cmo — cm cDOiCMincoo) ■ poior^cMO 
nco^tDintDmcomcoin^iD^O) ^^^mooio 
CMtO'^cMCTicooogtDciioinr- — f^ — o* com 



CM(D^ CMCTiCOOCMtD OlOinf- 

eo" rv" (p in oi" •-' o iD* ■»" co" m' r-' — oj oi 

<D to u> cocoinfflcoao — >- — inoco 
CM (O io (£>(£> T- — — 

in m' v 



CO r^CDtP'^cocyco ■foo) 

•- cMCMOrvrvO)(D oif^oi 

— ^ (O CM V CM CB_ in »n co_ co_ 

cm' cm' ^-' cm' m' in V ^' ^' (d id' 

^^vffi^^oi cooiin 
f-- — — m CM »- 



o^-eo r^i^vocMfv --cmcooicocm 
cM-*in O'-r-in'-o 50>a)^com 

oi in V v to' V — ' a>' to' r*.' m" V co o v' 
CMOin'-ooeo^*-^ ^ <d in ^ 

•-co t CO eo 
cm" cm* —' 



I IK I 



o o^i^m'-h-oD CMCMin cocctD ®com^^^ covh-u 

V mom'-oioir*- eo»-^ cdoicm oooint-cor- cor^ou 

cy o_ in o) CO r- -If — n c\j CO ■- oi eo iS ■- o (D co_ r- eg m ro c 

CO* — " CO* CM* id" --* o" ^' en* V to ai <o o> co' «' V oi* ^" co' in" co' o r 

CUOOJtBcOCMCM'-COCM CMr^'^lD^CMCO'-CO v« 



I I 



I I (0 V 



S2 



coo'v<Dr^co»-fvcoo)0) *- 
eo ^(Doocooito T-in^ ~ 

'. '^. '". ^ '^. '". ° ^ CM 00 f- 

v' en' in co' co' (D* to" ai V to r-~' _ _ 

fflCMCMCM^OO incM COinT- 

— "CM — 



— TOCM cD<DincM^T- r-cDincDQtD ■ , e , (O m 

aj^^^^CMT-coinr^r-Br-mcM ^w*') 

coino(DoiinoinoocMoo«'V(0 to«-o 

-^ ui ai ■<-^ * • p" 



r- o in 1 



pa>a>-vt^ ogeo'" 



n I CO COCDCOCMCOCM (OOCMr^OJinCM p(DCO«-0)^ 

cocM<Dco<0'VO<D<Dvocopi~o6r)h. ft* 
cocMin(o3)(0'<toco--cMcocM p a (oco 

cm' OO' P* r-* ( 

* o r- 5 I 



r>-po>ino>o>CM n <C '- comp -ffCMCMco^"* cocmcmcmidcu , in .tomcMu 

mp^eocDcog) ip at to mr-Si ^r^®^^^. ^h-copN-O) cp — too 

v_ « — r- — •- ft Si ■*_ ^ p eg p * « cm ^ co p y. to tM w ^ ,s. (5 ' co cm ii 

§' p' cm' r-' o' I--' n f^ (O »' 0) q> p' p* —" — * Ch o>* fv* --" in* oi »" r-' ■»" oi p' r- 

Sjf^ipcooppui'-S ftjQ^ih-^r-iocj^iDfDOQto^ •- -♦ - 

(M'«ftfv^»^--fv cMS'Vf»«-h.<-vco«-'-a)«f».(D •- •■ 



in o — m 



o — ina)iDin« wi^h- incQCMeop^vr^s^tppcM'-O) . egeop , r^ o> 

Stn'«<~^r^co ^r-r^ 349 rtcoin — — eo tftcBScoegco <o Q v oiD 

. *. •". '^. ° "l •". ™. ^. ®. ". * M ^. *", ", *. <*. * *, •". <^. *^, f^ ". ft in — r- 

' eg V '- ft oi in* o) r^' eo' ip" cm' p p' cm' m" co* co' to to r-' ^' »-' V f- eg' 

9CMU>prv'-coco *-A<-Pfttpa)*-i- toi^h-co cm 

CM w »- eo ft eo * 



CO ID eg ■* — 5 



lO h* •- <M m 



r*. — (Minph-r^ ^cop nco^ pm 
iocga)r-ppcofvr-.5 coCMcoh-p 
eMCMinfvSiRi«-eg^-ft cooi—coft 



S5 pm — ^^— gjoinrvcMr^ . lUim iinm 
CO h-pmcoftip CMcop^h-iD o>(D cMin 

— — " -in«-eginin®CM id r«- 



>co3«-c5»-co ftcncM 

iprtCMin^aS ft^-iD 

-incM^in"*— ft'-eo 

■ 1 (O p* ' tn" CM* 
n w CO • 



(DfvcM (pr^ojafv^ (OPmmftcD i ■ s (D i to o 
ftvcMfi(Of^copcO'-^®pCMffl ^-'- <Bfy 

egegiooviD^OCMeg — ojOoOh- cocu • »- 



•- <D m (D in (J 



CO egininprjintD Ti 
• ^ 5 a) -- • K o ' I 



ivmftcO'-ft'-cg ,cMrv'-'-<pi i i^-i . 
jCMftQ — osocM toomioio 

Dffl. (E<-COO-«CO —^.ptOCM 

f ■ ■ 



O) O) m m CM 



I I I I I I I I I I I I I I I I I I I I M I I I I I I I I I I I 



I I I ! I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 



I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 



I I I I I I I I I I I I I I I I I M I I I I I I I I I I M I I 



I I M I I I I I I I I I I I I I I I I I I I I I I I I I I I I 



^ STTTSTr^^^^T)^ fv — 01 m o o 

co**ftSjaiKiD(pwco atnmva)(peg'^r-.eo(oco^vocM(Dto coco 

^Pftvftvwcocoh- fto>ab^-eoweor-OCMSiDr-^co i^*-*- ^co 

co' «' «' 5' V p' *ri in f"'* p' p" ft* ip h-* ft' <d" o" ft" i/j » cm" --■ p o> CO oi o --' ' —" 

SvOpPNcgf^m^ (Bcgrtco«cor«-Tr(p(DKmft»-in --i-^ w 

(o5o5rvO«oj<o cocMVPrt«ScM'*A'-»-«eoeoco — v 



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ft e^ CO m 
m CO (D CO 
•- in ai — 



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"£i P' ■<-' (D* — id' ip" ■c o cy —" 

•- cocDcoft-cior*- m — o) 

o (D m V — CM_ eg ^_ •-_ (D_ 

n' r-' oi (d' to' 00' •-' cm" ffl" o>" 

OJ •- ■- ■- ■v eg -- 



3 ■* cp ft (D t 

D CM ID f*- ^ (, 

-ft V in <o t 



CM(D o>cM(p'*vcoP ftegint^cMCO 

- — oeoinpcoinr^inrvco — 

— r*-«-cDO)coin'- 



-. J CO o 

in in ft in ^ 
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pCMp<D»-0)a>rv (ooj 

-^ _. _. ,-5inco(0 ptoto coto 

- p p ^-_ •-_ O) co_ ■* p ^-_^ ■* CO T- 

-* in CM CO* —" r-' CO* ai co* cm" 



SCMv«-tn9«- cg«- vo) eof^oieg 







54 



Corporation Returns/ 1977 



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^" to co" CO n to ai to r^ ui 
r-O'-V'-r^CNj T-o)0> 



<D o> <A n (M , _ _ , 

i^mc\j (oo^ojcvn -Jocjao 

in ^_ <D en r> --_ o» co en •- -c- cvj O) 

(vT o* 1^' ^" ^'" <6 r-" tf> ^* ai T^ m yf -r^ r^ 

uiffi*- ino>0)0>VT- CMCvjO'-'-o 



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o I 1^ I O) »- 5 in 
•- rt •- f) ^ o 



!■ n •- 00 r- 
ri n c\j 



cy CM cvj •- 



r^r^cncotMcp --^^ 

ocnmf^cu"-* f-tn-- 

cn" <p oj V ■« o oj co' q" ci 

gcooj^^r^n c\j(Om 



(D^^ T-r^QmtOf*- oo^Q in Vr 5 

CDCvjco cpLn(or>-ir>co rg<-^a)OjO) 

(7) ^. o * CM r*. -- <£> ^ r- c\i oi o ^_ co 

cm' V* ■-' m cm' oi m ui a> t-' as r-' in' o i--' 

0)»-r- (DCM'-r^^r- (M»-ocnCMtf)^ 



OOc^O>cOn(D (Oi/)i/> 

I inT-®(bmQc^ r^Kf^ 

V»-O0ia)00) CMCDO 

V >o cm' f^" o* •-" « oo'o'm 

'-■ccn^cn'-'W --OTCD 



CJ^OO OCMCO»Q<N Otf>r-(D'-C0^ 

vmco cn'-oimocM r-ocMCDc^m 

ncDcD cMr)«>cn--c\j oc\jcM--r^h. 

OJ CO cd' 05 r^" o o CO Q r*-' o oi v" in' o 

tn^o cnocMcouiA ^cvjcocnoooi 

cnw inior- ^r-^ 

n" p)' <m' 



OO r^KOCMC^tOCO (00)CM 

r> inr^--CDCMO>r> --r^© 

■- "- tn r-- ^ ifi V IT) f^ CM CM 

§' cm' o CO en" co' ^' o h-' o) 

CMcucocMVO cnpjm 

in(D<-i-csjh. »n«- 



j o> CM r- '- 1 



3 O) o m s (i 



CD »- r- CO ^ 



(DCj^ CMCDCTCOQCM OOVr^COT-CO 

^^1^ h-cMOii^inco --i-cMr-iDi^ 



mtn •- m 



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O) cj m u 



-CMV ^h-tnojo-- lOT-oina 



CMcni^vV'-oj r^o 
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O) CM^CMCOOS^O f^ 

o) i^n'*rj»-pjcM CD_ _ 

00 oi kfi CM o CM r-_ (D_ (O ffl en 

o PJ (d" o* cm' W a> r-' r-' r^' 

CMi/iincnaiaiU) CMcpr^ 



f^ (p CM coep'4' mtooptntnin oouicO'-f^ ■ o> -- o> i/) r- en 

Soto ui^o *fCM^^^^ ^ <D Q as CO to cncncocnCM^ 
fflcn moiftO)'-r-cAoinin'jcC'-<5o • (m<m» ^m 



30>kno>r^co onocMOikO 

3l/ll/)0>/)0 (MCJCMOJCOf^ 

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SCOfflCOQ'-I^Cn CO'-CM 
cucMr^ooocMO) r^eo'- 



<£> n to <i 

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»-" CM oi V to' en ci o o in in tti" r^' c 
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SI 



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CO o o) CM o) m O) o CO o m 

in o> (O o iri K o ' co" h-' 

oicoin-v- o*- ocM 

CM CM >- ■- 



j»-incnfloo<D^inin<oc?)cncoto, . .h- 

UT-CM5CMCMO»f^»-inin^o>»- O) 

■>^cj)Ocnina)fflcoN-ocncocMin k 

i ai •<[' in a> v cm" m" co" ci co" '-' m" cm" co' cm' 
iW'fl'in'WincM •-• CMCMCM 
r^ f^ m 



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o ■-eJ)^o)'ff'-cp incDco o at a> cooo 

CM ooCMOnooo OOt- cDOJf^ cBr^T- 

co en CM ^ r*. ci -- * ^ o oi CO CM_ CD « O r-_ 

m o v' o oo' h-' ai r-' o »-' o ^ en m" m' to' r*-' ^' <o' 

•-■WCM'-'-COCD* ■*'- •-'?• mojo*-' • 



•-'-OO^OJQQO). I iCDIDini 

•-incnencncDCD'* tor^oi 

cMCDcncn^cncn— -*.m 



en T- m m ^ 



r^QS fficnomcnm 0* 



I CJ) 2 o r^ T 
en en CM 



eg o) •- O) CM 



I I I I I 1 I I I I I iCpincn'-r^cMf^QooO'-incMi jiDcniCnco 
^^r^^CM»— CDCMOOr^^CDCO •-'^ • ^~ 



CO cDcncOintDor*- O--^ 

"-tocDcnovo) oocn 

CM ai <D <d CO* >-' ^* cm" i-* to" 

*-cnincMCMf^cn '-^f^ 

cDincDCMincocn ^cm 



inocMvr^cncoocnm'-cMCMco^ i r^ iCOcnocD 

CMVco r^O)og*o>cn wcuvvmco m ^'-or^ 

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co' ai o V r-" o" ai cm" ai « co" en cm" cm* 01" ^' cm* co' 

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cMoooooegino n aoD 

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(ocnc^ (OcocMincocn 
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in ^CO-'TCM'-in^ CMCMCVI 

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inotcp oj — ^^i-r^ cMOcvj^(Din«- cm lO*' 
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O TT 

CO in 



— in — ■*'*cor-.^ cpoco 

CO eof^OJioo — ffl 6 — ^ 

V 00_ m ^ Oi (O C7> o V to 

o in co' o — — co' r^' o oo' 

cocoomin — o) looo 

O — — '- Tf— PJCM — 



(DN-m CMCD^tD^o QinonjGomiD cd . cm* 
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COCOO)<r)--(OO^OV(MO — CMCO o 



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r^ ffiCMin — wh-to oinr- 

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— ^ O) <D_ in CM (D O O CM O 

CO — ^ oi f^ — o in ^" cm' 

(Ooco — — ^-a> CMr>.(o 

r^CO^CM- I^CO CMCO- 



CMcoco vaotoff)r-in tovcocor-oo— m ■ «- m — 

ioo>— inor-comcM io — cmcm — oin cm (D— com 

m r- m co_ — «) o to CM r~- co o m »r_ o co — o» in 

(D in ^' iri ^' to cm' t to' to (O —' m" o* m" m* cm" cm" 

■^iDr>-roiniDr^^m— — to»p^r«- — 

cor^ CM — m — t-T- 

co" co' cm' 



r^ oooir-oioo- to tooo 

iD t*-coovin^oi ^ — CO 

— o ^-_ CM_ O) -^ CO in CM_ <o V 

— •-" in (o" V — cm' ^.' <r«j ^' 

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o} CMcn^cMOicnii tDncM 

o inoocoin^in om — 
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-'-'- COCO^COOl"- CMCO"-- 0)«- 

to" ^' N-' — ' — to' O) o»' o r^" CO* to' cm' co' to' 

(D m at vcotoiop^^ cocoCMf^ — CO 

^co— i^mcM— — cococo — 

— iD id" in* 



^ r- CM in r-- oq lo co co to — 

— a in o* o" CO* — (O* o id' ^" 

ojcucMcocor^'j mcDco 

<J) CM CM *- to CO CM 



V — tJ)coinoco — cMcococMtpino) . r i< 

in<ovcM^^cj>oa)oocowo^oi < 

to 1^ m f^ CO CM o » ^_ in H) h- od — o - 

co" oo' CT> V co" iri co' O) co' oi r^ oo' o co' to" ■ 
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CM CO — to in oi — 

CM* cm' — 



CO m — (OCMOimt- to — aj 
cm" — to" ' " ' ' 
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CD — — — in CO 



CMinCM ^(DOir^ffitD f*- — OOlOitO 

o — in conooov- mm — vr-- 

V — to CM_ tJ) CM co_ CM m_ ^^ o to r- co_ m 

co" cm' ai o» a> to' to' co' r-* m' r-' co" cm' m' en* 
mcoo— CO — miMm ooto- 

— to — o O) ■^ — 

CM* — — 



eg mcnocomom cocm — 

r^ oicncooitoof*- m — o 

O t~-^ r- CO tD_ CO CO ^ cy cm to 

Tf" — ' V rC m' — —' ^' m" r^' r-' 

^CM — ococom — tov 
(O — — — ^ — — 



OOV O — OVOO — CMCMODOICO 



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■ CO to r- ^ 
CO m CO rj 
CO — -^i m 



CJlCMCOOtDCft^CO- — to COOOCMCOOO)f^CO— r^tOtOOtJJtOi I iCMiCO- 

^oi — OtJ)iDr*.(D— <co iDco^m — — h-oto^CM^aSTTto (D 0>f^ 

o CO m ^ O) CO r- to CM o_ ■*_ m m^ m — m o) r^ to t CM CO 00 r^ ^ r- cvj <o 

V m' o) co" to" m" to' co' V — ' cm" o oi co' — o) co' (D' co' r^' — t' V r*-' »r" m' cm" — " 

r-^CMCM«VO»<DCM n — OOtDOCM — • CM^CM •• 

— ■•- (D CD in 



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1 I — tOCOtOVOJVCU — — (OCOtOr I |0>|tO — 

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m CO m tj) tD iD ^_ — CO o CO to p- — r- m 

cm' t^' to' t^' — ' CM co' * — — o" tt" • • — ' 



I II I I II II II I I I I I I I I I I I I I I I I I I I I I I 



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r-— mooicor*. oicMr- 

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id' cm' id' o> oo' cm" c\j k — " oi 

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®fflin^ CO I ^ m o CM 

CM — miocD — co<DCMco'rmmoco to o> — ocm 

^. 'y * ^. 'M ', 'H °. "*. ®, ", ^, ^. *, ^. ^. . ^ "l 

oi id' 5 m" o) — Q cm" o cm' id — ' — ' o m' co' co" o* 

'-cococoeoom — eocM (oco<or» cm 



— CO00COm^tO5 fO(D— Q^P m^O — CMQ CMCOCMmO'^ « I CM eg — l£ 

— 3<0(p — o)0)(D— CMco CTitDCMCMOJ — mcommtomtocom^o eo^ 
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I - - . CO tp — 

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m (MooipiDmcvj ooto 

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CO CO r-^ — CM_ 'T f^ O) O (D 

p^' co' (D m" m" eg tn* co' cm' o 

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p— m oicomcotDOi moiricMOi* 
eg' en — ' o — ' ai m" p' p" •-' — oi © m' o 
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I CO CO CO o 

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CO — — 



CO — mcM<Doof^ocMomtJ)CJ) — m— ^ .cm — to^- 

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— ^cgtpc5»-^ — CM — cocotoco 

— ■^ to (O CM 



IB — CMintJicD^oj covffi 

to (J)r-to©pcov pCMto 

to top-cMtocMtoo vajr- 

h-' p — cm" cm' co' m" cm' co' — 



CMtDcor^- cootDOicMr^toh-copo) . ..,_, 

<j) — eg — coiDO)^r^ r-^moicomcg CMf>.CMtocMV 

^ to P_ 03 CO a> CO (o o CM Ol en o_ O) — • • — m • cm »- 

— m" 03 to" ^" to' oi oi — ' — ' oi m" co" V ^" 

— 0>^ 05^- COCO^ CM — ""^CMm 

cgm ^■vm — — »- 

co" co' eg" 



r ^ CO m — 



m CO 



r^ pCMCMCOtOCMN- (y)»-co 

O 0)0 — oococoo cgoi^ 

to r-mooegtom^ — coto 

co' r-' oo" o' ai to' — " r^' oa" oo' 

— — com <Dco mco 



i^pop cocom — '90 p^mm^to 
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- r^ m (C •- om — 



cofflCMcgoicom 0)p — 

OeO — CM CMtO OCM 

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m ovmpoicop asto 
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Corporation Returns/ 1977 



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co' cm" co' ^" co' r-" r-' cm' cm" cvj 
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cm' I 

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toa>to incoooeoocn cntnocMCOtoeo • 

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^ to ^ to 

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CM CO 



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'- WCMCTOCO'-^uSotomtOaJQ— 0> 0» Offl 

to inmcof^oocyinSjOcycycocoA«- • 0> CMr- 



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SSi 



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i^cM-- a •< ai Oi m a> cMCM-ci^toi^ 

cMtO"-0)OTeo .-I-.- 

co* co' cm" 



CM r^ o r^ r^ CM 

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to CO m CM u 

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r^" CO* 0>" p*-" (D CO* oi iri oi in" iri co" o* eo" to' 

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— ■- CM 1- (D 



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OOP oOTTiOcpr-'* CM<or-(^r^tp . if^'C . <» y- 

co-wcM r-cooncMCM "-^eotnpin cm^ tnm 

r* to (D_ p CO to in m r- co fo_ cm oj cm_ in >- (C • P_ 

cm' cm' Tf' v' o' cm' * iri 



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r^T-oa}r>^mo(S ico^ ^rM^mtsvcotpO) icotDOffitOi ■ i iSi 

coincotMincor^f^ oin (O'-'-or-ootoo) CMcoinin— w^ 

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co' in* (O* ■-" in* f-" (ri cm' cm' ' r-' ^' cm' r-' y-' ' 

T-» •••(OCC^* • 'I*' ^ 



CM mojKin I ^m p^CM PV'- (OOJOJininco tor-coPK"- i r to i T 

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r I I I I I I I III 



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coxrr^toeo^inptprv.(o^^cotf> ^ o *co 

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co" ^' cm' o" CO r^' V ai ai to" '-" cu" cm" cm* p' •-" cm •-" V 

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r^oi'-ino'-oo toov 

S" p* ai 00 cm" p" cm" cm" eo' cm' 
in^to^m^ r^T-to 
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oO'-oi inincococMin ocMr«.0)P^O) r^ . intoco»- 

pincp r^'-ojin^cM ep»-inpf^cO'~ co co vco 

a> to_ Ot h- m o) ^_ in p ^ cm o> (6 in *_ m cm cm (O 

o co' oo" eo" ai r-" V^ ai lo' cm' V^ v" cm" to" p" r-' to' >-' cm" 

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r^ in "- in CM o) T- •- <o <o CD CM ^ 

cm' iri iri cm" 



i fo to r^ O) a> '-coin 



r^ CMO^ini-O"- I 

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(ococo mco'-r^»-K incM'-pmoD co . cD •■ 

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^. o I--, tn o> r- in o> p ^_ eo_ o eg to to_ * »- 

J r^ CO oi Oi ^ p 
r ^ (D to p y- 

■4 ■>» ^ CM 



CM ©i-mai^oio) CMOto 

CD intocooeO'-in »-^cm 

CM in CD '-^ 00 CO ® ^ (O CM 

cm" r^' eo' ai to' r-' t' ai r-" cm* 

in^i^vm^tM r-co^ 

CM'fl-CMtOtOOin CMCM 

cm" --" 



i-cor- ^in-vco'-co r^'-'-r^cDoi 

3 001- ^^r^r-.^^ p — co^^co 

■»•- eotooomeo OTr^i-pm 

to Q y-' p" "*" -"t" oo' co' o !o' --' Cm' ai co' ^.' 

coptD p'-'-«cooo tocMininn*- 

tO CM CM*-— CMCMCM*-.; 

•-" to" co" tvj 



S I "3 



in f^cocMineotoo 
in tM'-inr^'-n"" 
y- m CO ^ r^ CO « 



CO P_P_CD_ 

r^ CM o m ffl p to' ai ai r^ 

tOi-CMCMPO)in Olf-l^ 

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8CMCO cM»-cg r--(DVCM(OP coo — tMininp -v ,( 
tof^ r^'tcooiinineoeocococMCMOcocoeO'- \ t 
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COO>CO CMCMint*®^ "-(OmcOCMtL 

coo-- lom — oieoo) vcMa>^0)to 

cocMi-comeo cgcocu'- 
•-" co" to" cu" 



smcMininf^ m^o 
-Kcoincor^ ^---cm 
i V ^ h- CM CO ® O CD_ y-_ 
' iri iri cm' 

■ r^H r^ r«. 
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•i iri ai V I 



m-irtn t^tococMoeo-wototor-v-wcgmtoo) icocowo 

S — CM r-.cpo> p'-cooioo mincgcMepinto cm n» cmco 
CD-- CM^pcO'-pincMr^flo^P'-Sr^* i-in too 



om— (Df^O)'-pp 0)pr^'»r«.cM 

^0) f^a)a><DCMr- cmcmoi'-po) 
(O in CD »- CM »- 



■- nooeooicor^cp coino) 

P ptn®CMr^inp i-tocp 

oi m r- ^- to_ ^•_ co p p_ tM a> 

— " CD — " h-" V ^ "^ 9 <D r^' cm' 

OOOCJ-d^CO^CO tM — 'W 

tooiintococM*- •-0O'* 



oomoi oeooO'-i^to h-CMmv»-*-in coojinKCM® 

ScD'V ■^oiOiO'-eo cocgeoQcoo* ^ it> y- y- o a> 
CMf- inoirMOtDtD •ffCD'toio^' eo'-a* oeo 
cd" ojg" 



CO 



CM ■- 



CO scMcooppco »-m»- 

■* cooimco^rvi^ —»« 

o ■>rcoo--cMCMeo o*(D 

CM* CM* co" CO* -ir" o* <D* co' P* *t" in* 

^CO^-CM^©^ CO*- 



^. ". '^. ". ^. O*. '^. ^. ■*. f^. '". ^. ". '". * 

CM* cm" r*-" oi to" co" cm" —" iri to* oi* oi ai 0> p" 

npCM a^cofflcor^ CM'-cocDcom 

CM<0— 0)0i« r- r- r- 

cg' cm' —" 



. ■>fr^oocM'vr^r-tO'<r(D 
g; CTPtnipa — to ^<?<c 



■) in CO o> in to CI 



■^ CO ■^ CO CD - 
f^ '- "- T- CM Ci 

tM m CO CO CO c 



or*-p o)inino)vco 



I •" C3 



CM O CO ^ V C 

t- 1^ CM p (I 
O CM »- CM 



r-COin (Of^r-O)!^'- O)CM'-C0»-»- 

(Dini^ coor^tDcgto --coeocMcocM 
»- CO to CO ^ •- 



p ffleor«-incD'-r^ k — ^ mov eDcoco(00»- Qcooitooco ■ 

^ r-cOcovcMr^p oimco oto^ coo>r~'-oo) ftcoocMTrm 

O r- o <D CM r- in eo V o co — O ^. ^.^.^.'^. f^. ® '^ ® O O "', ^. 

to' o' oo' ai "-' r-' cm' V --' v' --' co' ^* co" co" co" r-" cm" cm" cd ^" ■-' p' co' r^" — " 

r-cnincn^JcocM co^oo h-®— —fflcor-CMCo --■- — •-r^cg 

OltM — r-TT CO ^CM— cocg-* I — 



li 



y- m CM 

eo to 
■w o> 



StMr^cMf^incMincoin —cop 
fflmmco»-®ooo>^ a a> y- 
CMin'-cMoooicooir^to tococo 



-0)Vi^0)c6 -"iflotomo) I 1 eo I r- in 

j(DO'VO>'<rinin®ooo>p topp 

Scoeno'-f-cMr-coocMO O) y- a 



a> 0)^CM'-CDcDa) flOCMCM in<DCM CJJPVPCO— CM'-CgP'-CO 

•-•^r^tDcocMiDin r^r- '~(OcocMO»-h-«-in»-*-CMooto»- 



I I II II I III 



C\J (M ^ 




71.120 

65.349 

36.707 

2.979 

347 

791 


180 
•223 
11.639 
14.015 
12.546 
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oioocMCMin^m'-(D cop^mKSco^ocMtMinacocotD co oi —m 

C0_ CD_ y-_ CD_ CM_ O O O) ^-_^ O) h' CO ifl CM in tO — r*- CO in CO f^_ Ol Oq CM_ •- y- eo 

V^ v" iri cm" ^" to" CM* CM* V^ CM* r-' (^" CM* iri CO* o* --* —" CM* cm" cm" — " 



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ZHZ=OOQ 0<02 ZO h-mOt- £ 




Corporation Returns/ 1977 



57 






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!•- (DOCM — eoc 



cgc^(OOc^» _ .._ 

' CMcvjvr^tor^ffloiio- __., _. 

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r-' ^' o> en o ci r-' a> cm v' ^.' tri 01 ai cm en • 

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r^ •- in c 



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ft T- CO 

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-' CO "- ^' 



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o)<DO o<D<ocn — ^ •-cocno*-0)o ipo>r*-»-CTo> 

otinA incn<ncnotfi cnmf^^oih-o* Sjcm^-_ woo 

cm' «' m (C cm" »-' CD r^ t^ <ri cm" q ^' '- oi v' r^' lO" •-" cJ 

r>.<MrvmcDi*-SocMf*-^Rl(p^O) coc^'- f^ 

OVCni/l'-Cn'- — CM OOOV »- CM 



Smr-f-c^cM^r^ <vjo 
<o«tDcn^CM«- --o 



K « <0 « O) C 
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n V 1^ «■ P f^ ^ CO CO T- cjT csi n' o> 00 V <p V Q c\i « IP co' to' oi co ^' 

CM(cr~'-Kjivcoo)<-i^ i^cOK»-apAon<5c*Jtp**eo>n co 

OifoKtor-CMi^f^oto o^'-otoinr^incM^inoccOco o 



I (^ S c 



CMCOin CMCMr^CDCOCO 



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eo f^ CO CO CD ■- c 
T- 1- ^ CO m I*- 

CM CO CM ro ^ ■- C 



in O0QC0OCMO3 --co^ cooo CMtOf^oih-'* coo)cpQO®co "-^(o , m^ 

•- QcocomojmQ *- — o cnr^<- coincDcoocM QCMinor^^cM sinm cmo 

^*(Ocovin*-co*-co CM®cocomvin»-®o^vr>-vc6 cMO no 

^" eg m" ff) >n CO CM < 1^" cp" V r-' m o Q ^ <o' o <o' »-" cm" --" V co" to in «-' *n 

ScDCNj>-nv<ococMn — cocM^ioo^inco— ototcoco cm*- cm 

«vcMcoSj^fM^.»- ino--ncoh- ^ ^ ,- 



•- m m V 



«IC0C)>CDr>-.(6fM^SCM ffi 

oiootococMincMOJOin »- 



CMin Oiinocovo oovintoco' 

inf^ CM-ffCvitOCMCM "-cMCMincr- 

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-co op'*'^coCMO cp<-cOcQ(0(fco ^r^mv®5 
i(0 ^cyincowr* ^co — incMor^ <p — m om 
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co" V <0 u^ *d' r-' r-" --' O) O) 

SCD-W^incDCO CO^O 

inincococcj'^ ^■^cm 



(OtnCO CMCDSCOO^ 

r^n— tDomf ^- 

co r* ^ CO CO c\i 

—■ co' CO* cm" 



SCMCDpcor- ^*-r^ i-co 

JCMO)Sl'-0) '-ID tti 

CO ■* ■v •- 



I coh-'fl-cDincor^ ocmcd ooov eococMom^ cmO'-vodcOco •-■-incco)^ 
I oicMcocBi^ino cm(o$ eoar^ CMO^cMino i-r^-O'-no-- incM"- oco 
■ o)r^cDCM"-^^ ■tf'-v cor-~o cocmococm"- O)r--oocnc0'- 00)0 o)co 



■ Of*-in(pt~-r--in cosa 

ojr^h-p — mffl cooc 

coinh-coo)»-cn --Trr 

g" cm" o cd' V cm" --" in" f-" T 

C0O)CO«-O)^ ^"-Q 
CMCO'-'-'-inCM ^ 



■wmo coo)cocooo) <oc 



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incMincooimeo co — r^ 
rv.tfcocD'-cno tncMO 
coinmcMCM'-in incM 



CO CM T- O) 



CDOCDCOCO'— O) 0)0)'- 

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coor-'WOo mcgpj 

— " co' a O) nT i^" co" r^" cp" co" 

cocNjtocococDCO inoo 
incoco'-'->^co ^»- 



rcM vcoocngm cm 



■CSf 



§Qco cocMh-cgr-'* 

<5 CD •- CO »- O) >- 

in • CM r^ en •- o 

J --' O) CO CO m" iri co" in" m" r-' ^" V o) ■v co* co" ■>»* cm* cd" 

rvoicocpo)incMin'-«-cor-tnf^ >- 
ij p^ CD in r- — ^ — 

CM CM* "-' 



in '-cococoo)h-f-- CMino 
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VCMVCMCOOTCO lO'-O 



-O) 0)CMinco>nco cocou 

o ■>J'" eo" r-" CD* to" o co" v' ■v" eg co' r-' iri • 
in.-^.-Oin^ ^ ■ cmcmcmt 

— OD CO CO 



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(Ocot- r-t^oocMcocp cQ-vcpr^moocp r-^-'WCDCor-. 

CMv-co cDCMO)aocMw tno<no)or--A tncDvini-'i- 

cocD"- coo)cor--«-0) (iso)0)0)"-co» oocmO)» *"_'^ 

■)" CM CD co' nT in B » 



•«■ cy»-in<pocMr^ o)co.- 

O) »tD»-or^>nin >nr-«- 

»- s O) O) m ffi CO o> p r^_ CD 

^" cm' tp' a) o cm" --" cd' in* r-" r** 

moi'-cocMCDr^ cncoo) 

in(DcDco'-CMin r^ r- 



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3' co' co' K V O)' o 

CO 1- CO *- p eo 
CO •- w 



-O CMr^CMO>PO) cyCMr^CD»-(D 



RcDcomotn ■vc 



CM CD CJ 
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CMCMtn CMinCMCDCOCO COCDCDCi 

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CO O 00 CO 



co^oo)r^cD CMCsjr^opm ■ • o co 1 co cm 
•-cpcocMr*CMinpcp'Wft'- coo) eor- 

COOtOK«JCMI^PO)OOCMa) COS) '-00 



Qcno)co^vcn cMcoin 
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O^O) CO(0O)^C3)ffi 

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co(oo)^a)(D iComcDcoo ■ 1 ■*- itnco 

h-_ ^_ CD T- CO ^_ »- O ^. <^. n f>. • • 



O) cMooN-'-h-eocg cBi-co 

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^" o" o" ^* eo" ui cd" co" m' o" ^* 



cocM*~'-if>cD'-PCMr^r-OP^P 1 iCmv lOco 

3^in»-CMcom-~r^a>r*cMmin» o ^-^ 

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■ CO" ■VCO'-' 



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iri eg" co" ai cp" — " o" cm" "-' o p" ei ai m" co" co" V cm' ai ■«■' u 
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— o co' — " o* cp* o* CO* V cp* oi oi ai oi oo" —' —" cm" m" cm* O) ai eo' p' oi ai' to' o" m" cm" 

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inino i^oor-ocn o-qcn'^mo-* en . ocMcyin 
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incovotnojf^ ^-^o 

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r- ■- (3) in CM eo en id cm •- 

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r^o»coocDO><r — — - 



r> CT) Tf CO »^ 



gcoco CMpr^p-^m cor«.0'»iDP^cD o> 
r-CO — CMCOOOCVJ ^cmcm--'-coco ^ 
•-iD^O)tDO)0>ininr^O)vooiv oo 



li III 



rj^^ininoieo cm^cd 
jincoococoio cMcoo 



1 3 in 



-•-CMCOO* incoincj 

JCJICM-W CMCMf^O 



r CO O) 00 p 



to ^ r*. i- CM h. 

CM O) CM r- CO CO . 

•" ^. ^. *^. ^. ^. '^. '^. ^, *". '". 

r-' oi CM in co' ^ cm' ^' o> o 

c?>r^cop®»-co nmco 

oi^in-- cMin V"- 



SincD O'-coojCMO) moicovcncov r^ 

•-»- cMO)--oO'-p in^ieocMCDin co 

^ p oi in r- r- -- ■^t_ cm_ --_ v_ ^ co in in m 

co' ^' r^' ai co' co' en* ^' m" cm* r^* m' cd* eo oi 

copo o>cOcor-^ai coc^i^h-coh- 
COO'-lDCOO> ,-^^ 

•-* co" co" cm" 



I CD CO (^ CO 



CO cooiCDOOOr* co^ 
O) oa>cooO'-ir-" ■"- 
•- o in o CO CD ' 



copcy ^--cMincocM tDai'-0)V'-o> co r cocopc 

CMmCM POCOOIO)^ N-COCM»-'-(^> CO CMCO^C 

i/>in'i>f^'>»coooO'-c>j.-cocMco-- • co* ■vo 

S' co' ^" a) 1^' co' *-' p' •-' K oo' ■« ai cm* o* co" ^* p" co* V oi co" cm" in co m" cm • 

vcD^^^cMComm o>cot*-coinco<Dcor*-cM — cm-^icocd 
COCOCO-- eo'* CO-- --CD ffltocM i-.- — 

^* cm" cy cm' 



CO r-co^^cocMr^ coco^ 

CO '---CDPOipCM mcooD 

r^ CO CM ^_ m ^ CD --_ ^-_ cq P 

in" m" CD* eo" oi o* cm* oi in* co" 



CM^CM CMincoi^r^"- O)inoi^coco<» 

incMoo COO) — cpcDo r-»T^O>ina»co 

cq — _ in ^j >-_ -- <D V --_ CO h- v cm_ — eg • 

cm" r*-' co' cm' co" CD V o' r-" eg' h-' co' p' cp ^-' 

Pf-CO ON-COOCOf^ ri»-CD*-0)(D 

cgK—m-cio — oci — 

co" co' CM* 



I — in CM o» f^ 

CM — — O CO 
CM O • CO ^ 



- m CT in eq cq t^_ cd_ a. cm_ p ■« 
h* r^ m O) p" cm" r^" id' oi" — ' in" cd" o" n cm" 

IDCDCMCDCD'-CM '-■- CMVCO — 



O) O O) O) CO (O 

•- h- m •- r^ -- 

• — — • (M ^ 



3g 


CO 

s 


'- O) O) r^ oo m Q 
h- m CO •- CO CM (5 


lO^ o 
§3 = 


r r* 




CO r^ CO CT mm 


r- O r^ 



d •- O P CO CM Cy P 1^ 0> CO cq CM co_ p 

^." cm' ai cm' cm' ai co" co" o" co" iri ^" r-" cd" ^" 

in»- t^tP'-'- •-• CMCM — 

»- in in ^ 



oo i-CMCMCOCMCMQ CM^m 
"- COCMCD'-CO'-Oi COODV 

p 00 CM CM — ■v a> 03 •- CO in 
— Cp" eo" o" CO ^ m" —" iri oi r^' 

CO^CM-** 0>in« CM — 



-mcomcM cor^r 



— • in m CO 



— f^coinoooocM ■v^ 

— ^CDOir^^CM— CMCO 
P in — (D_ V CM — CM 

— h-' r*.' in ai ' cm' oi * oo" in 
• m— — • *CM — • 



^ eo coinoj r^CM'V'Vcyin cgincMpcMco i ■ cp ■ T 

CO'^ mCMPmCJll^iDCO^tpCDCMCO — CM V 

coco iocDCono)o^r^a»cPcocM»coco — 



CM CO <D CD ^ m CO 
- -■ OOP* 

CO CO CM 



V — CM — r 



I I I I I I I I I I II 



3cocomt^a»<Jip^^o> — o i to iP ■ ■! 

CMtDcnor^moincD- oocM — \ at i 

mcooioicoinpt^eocMror^co r^ i 
— ' p r-" -v cm" oy co" I co" CM* ■^ 



aCDOCOr-OJCDCM ocoo> 

coin^cD^eom vcnr^ 

^ CM — o> CO CO a) — — o V 

v' cm' —' cd' ^-' — ' co' cd" ^ in" r^' 

ovcocor^coco iDcpco 

in r^ f*-_ co_ CO in ^_ r^ ^_ ^ 
cm" v" V co' w r>-' co" 
a> — — — CO CO 



SI 



P --OOCOf^COOlCO — ^co 

— eocjioir^cDi^co cot^ — 

CM — — vcMOi- o>a>o 



sinomcoeo ^i^ocnincM 

_. ._ Sor^-iTCop ino)ino> — CO 

CM — CO CO ^ V oo — r^_ w in r>^_ — O cd <d — 0> k_ — r-^ — 

ai cd' V ai in" — — " — " oi r^" — cy" r-' ai oi cm" p' cm' in oi cm" 

con— P^-inineocor^mmcococy o co — co 

r^^-oco — oomnvcocM^cMO — — in 



I CO n — in o • 



-r^cj) — cot^CM m — mcMCOCO 
J — ino»CMCMin — o>0)inno) 

iPCgcO — Of^ CMCOOCM — — 



— o)** 'TOcor-mco cdcm- ^rocoo i 



in CD u 



r^ p — meoincocMCMcocM — — CMCM- 



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rv. 5 ® to to h-_ CO a) n m 

a> <B CO 5" !--■* en O) o> h- rfi 

Sin m A tf> <p a> r^^ep 

O) (O P O p 0_ CO — _ ID 

V cm' OJ --' CO* h-* Co' CNi ^' 



§CO CO »- I 
CM oj in n 
CO CO CM aS 



3P(OP PV0>0)C 
r^cMin (OPjcococ 



(D ■^ ■- « 



(o (^o>t^<oo)»-co oina 

CO 0>OC0(DCM0)C0 cococp 

a) »- to *- p o) --_ in p ^_ 

in --' r-' « CO >n 0* O) ^" <o 

eOO'-COWOV KI^(D 

— '-coinr^V'- (Din 



^ tp '- tpOCM'«(pCP in<7)CMCOO'«*-CO ^ I 

»-or^ S*r*in©oj peovco^.'- co 

»-'-coco(or^CMP^tnp^»-cooo«-o to 

r»' co" co" oi" r*" < <c to' to o co" co' co' o (p (D* 00 --' cy 

c\jeO'-intO'-m«r^i-co<0(0^o '- »- P 



(fi h- m r- 

CM V »- CO 

in ^ 



CD ^ooicnvcpto (Oinin 
V in^coipcMioco ^r-o 
*. "^^ ^. *. ^. *'^. ''. *', ®. 'M 
»-" V in* in" <o ■-" iri co' p' p' 
vcocMr^®»-ao o>»-cM 
CM CO 01 CM CO <n (O m CO 



•-in pcocMcom^ mcooor^QCMp 1 

3CJ ^ ^ ^ Oi m '- ^^T-oimoCT I 

p ^ r^ p CM_ ^ CM_ in >-_ ^ « p CO •- 1 

cm' o cm" ic eg" cm' r»-" o) r-" V^ to t^ cm" m" p' 1 



S^ « in ip in cvj r 
(D "- o in CM ^ 



CO (OPcOAi^cDco mcoco 

p v«-cofflCMco-- r--inco 

^ -- CM O O) 1^ O) (D ^ 01 r- 

in ^' O) O) o eg y-' co" c)>' m' 

OCOCMCMOOJOl P^<D 

iDr^Pv^fOf^ ^inco 



OJ^O) oeoh-mpo) p(D»-mmpr- ojO' 
inr-O)OiO)Oi®iOa3covco«3CM0O mr^ 

co —_ CD m p ^ (D •- O) CM ^ r- ^ 00 •- ^_ O) 

S' iri CO r-' (O ^-' w' ID 04 r-' eg r-' V ' ' 

O)(0 co»-.-'*(Dco ■V'ffica 

<D o> — ■* co_ eq •- t- ^ ^ 

--' in" in" co" 



> .- to p 

!■* CO CM 
CO i-~ 



in CO - 



CO 0'^(p'-(D--r^ OJ^® --«« ^h^cocDco"* inoepcoo>i^co (j>o>«"CM«-tD 

CO r^«0"-VCM^ ■-•-co ^ins <0'-<pinop (OcoiS'-inpco v^cmcooco 

coooinr^vr^pppin*- inoO'-t— ino)coCMco»-»-inpO)'^ ^'(Oco t^. '*'. 

in V^ co" •-" n" •-' cm" p' cm" co' to" v" »-' rC »-' to' --" r-* co* oi 

(©^•-^ — pppr^ootO'-Knio •- in 
r^incMcocMPCM--^- inmincM 



OJCDPCM'-PI^ T-CMO) 

incMineM^tBco •-r»-'>- 
pcMinmcoto*- •-oin 



K to P CO « 



(D P CO K CM CM •- 



OPCp ■-OICO'-V— — Ol^VpOOCO •-•-OCMtDCM 

omtp sffitotooir^ incMP»-i6in»- cgr-^- — coco 

h- O) w o) p ^ h- p r^ n -- ^_ r^_ ^. * • ^ ^. '~. ' ^. ^. 

T-' ^' p' O) to P ^' o) ^' O) CO o) p' --" ^* •-" f*-" '- in 

po--'«»-'g-cO'-(D(OOintJi'^cM^ — *-p 

vr^cM^-oOJCM •-•- ^inmcM •- 



eg ^cDinor^com cocom 

CD T-inoioiOJCMin p»-^ 

•- coinmcDcov*- ^•-CT) 

■V -^ in K cm' co' id" ai co' eg' co" 

o)'*t»in'-CMCo toin5 

COCO^OnmCM CMCOO) 



tocgco r-'-ininoiep r*.r^cgm 

OOr^ I^OCMCM^lD COffiCOO) 
(DO)in^»CMO)»CMV" " 



OJ c 



CM • 

01 co' in in in ^' ^" to' eg' cp cm a> fd ^' o* 

tocM'W eo»---inoo-T ^cmo^co.- 

CM ^ ■^ ^ 0> CO -W •- CO •- ■- o> P o> ^ 
r-* to" CM* ^ 



a)a>a)<Deoo (Dodq pKn tOKKininp h-cgtoh-m^ ■ ^eomo^eo 
r^ocppi-cD coffito p»-co co»-^o^CT> •-incM»-a)0) incooo>on 
(DO)WoaKCMin»- inoiffliocMOiinooeo^'-tDoi^o) cM'-r^'-r^co 



CO (DPr-VCOCMCM CMCMO) 
»(DP»-VtDCg CDOlD 
fflr>^i^^.-in» ®CM 



> 5 


.-(©•-iniDO oioi^egr^in 
•-eo^-eocDco ^rmoncop 
coeg-w- - cococM-- 




(D to ■« 



— i- OJ 



r* oip — topf-co stos 
r^ in»-r^oo)coffl eom-- 

N. CO'-CO'-egtOtO CMCO'C- 



^ O) CM r^ CM u 

o cp r* ■* (1 
r^ ^ CO CM 



O) O ■'T T P 

r^ CM CO O) r^ 



comr^ pcoCMinotD oor^^o>^0) 

^CMCM OTPPtO®^ COCM(Oh-in— i 

in a o) P_ CM ffl p ^ r- to_ V CM 00 O) r-_ 

eg" cy' m" Oi r^' p' p' in m" co' f^' to co' co" iri 

•-1-CO PtO&CMVCO CMCMOI^CMtO 

co(0<-coivin«- •-•- 

eo"eo cm" 



p in ^ m r- 
eg ^ CO •- o 



VOltO 01tO«-(DO>(D C0O)r«-tO'-O) 

cm" V oi cm' 00' T-' cm' V f^' 1' ^' V eg' eg' lo' 

comco ■vegtjicocMtO •-•-oo^-o) — 
.- ^ r^ r* r^ t- 

eM"CM •-" 



■w co'^toomcoin otop 
CO O)00inco©^O) T-tOp 
t>~ in ^ o> (0_ m a> co cm_ eo p 
•-" o) ^' in ^-' s •- p' a> in p' 
•"•-•-COOOCMtOCO <£><£> 

in •- CO •- •- 



•-(Dinr^tDa)eocMcoco'-o>cor-(0 1 ■ 
tomco mr-cocom* •-cocmcmvoi 
•- O) •- o> p CM 00 f^ CM p eg f^ p CO ^ 
in t»-" o) 01" (D* in 00* in to" ^" co* co' n <o" 
cno^— p'-v — co" mco 

— in m » ; 



to I 5r •- 



cMcgo)cocMv^incoinin'-cM in 



tD'-tDlDCOtO'- CMCpCM 

^V'-com — — into — 

r^ O) ^ ^ m CO eg to o -- 

o* O) CD --" eg' eg" lo' to oi 



rpi- ^cp'-cooip pmcor^>-»-to p 
a*-to cgptninina (DPOcocm^cm co 
stoco ooegssoo co<fip--r-pr«. m 



CM •- CO f^ 

p p m — 
cj) a> o 



^■«o)O)inc0'-in'-^-ineg«-p>. m 
coincoo^^ccoincMO)!^ CO in 
0)0^-eg*cg^O>cJ)pa>cg m eg 



p r^veo«-ajpco co^^ 

in cM»-oo)'-t^t^ inr^»- 

co eg_ ^ CM_ --_ — _ (0_ o> --_ r-_ 

co" co" p" in" co" co' 1^" m" p" v" 

r^mcooi^'-in egoto 

r- r- CM CO p CT) eo_ •- '-_ cm 
^.* .-" cm' ■-" eg" ^" — " --' 



" ^ O) intomtD'-tD PiDPCMDincD a> < r^r- 
CMcoco O'-iof^p^m »-mr-oiinpco cm P' 
a> -^ y- egininco*--- como^cocgp to »- 



•- pegcMCMtor^tD coinm 

r* rt'-pin^-tO'- cn^jco 

<iSfflvoi"-eor* ^i— p 

co' •-" --* p' eg co' --' o" t^' to' 

eoiDf^r^iDPf^ f^cMr^ 

ocgm^inpo) o> <D 



CMOO) --r^oaoego CDti 



SO) in 5 eg m 1 < 
V 1^ tf) O) •- I I 



m > 



CM 



100— momcppp coo)^-0)pv 
30in in — iDtDpa) r^<Du>CDin — 
ovegcMOio*"-'-^- ^V^CM 



> m'-pcMtoinp ^coo> 

I inveoeginco— oi--^- 

r^ in 00 to in p co p p o 

in cm' ^" o> o) a>' m' p" co' — " 

or^ininf^inr"- a> y- tc 

n ® p^ eo CO CM in to v 
co' — " — ' 



Doojooco eomeoojinin^ 



■V®^ pO)CDCDr«-g 

O) O cm' o" CO P O) r _ _ _ 

(D^co CMin^^-ino ttc 

w (O — in CO CO •- — 

— ' ^' V CM 



< (D CO CO OD 

_ eo CM 5 f^ 
f- m 00 CO CM 



CO cginr^co-vr-co iDCOCO 

f~- cooiiDcocO'-o r-oJCM 

CM in CM CO eD_ P 0> co co r- p 

ai (o' •-' T-" 00" ®" O) to' '- co' 

co*-o)incomp oicoco 



r^inco inooocor*- "fiDeor^eO"-o (Docoinoiin 

r*-^o CMO)'-inoo(D •-r^inincMtDCM •-©oicMcotp 

*". *". ^, ". "1 '^, '". ® ^. ^, ®. ''', "*, ^. ^, *\ C'_ •-_ ^-_ Oi 

»-" O) «i p" in V^ co" co' to' to •-' •- co' ai nT ^' —' co' in co 

tD^tO—^oinp^CMiOinr^pKCM r- ^ 



^ cocotoinr^CMT- •-cocm 

0> CMCOCM — ffltOCO VCO^ 

CO CO--«'WCM(DCO r-toco 

cp' p' oo' ■v' eg' CO* in" ai in" ai 

^i5--inin'-n intpco 

tDtDOJCM — --m toco 



comp cMO'>Jcoo)— r-(DO)(j)peg 

COCO^ CMO>^-C0O)C0 CMOr^CMtO^ 

O) in CO <0 CO 'J — in in p co eo_ — co_ in 

o" •-" '»' o" p' ai v ai in" cm' — " ai co" m" <o" cm' cm" ®' 

KCMCM toscon^s cocotopr-CM— . 
coeg—oDr^to cmcocm—^:.. 



eg •- m o) CO 

3S.-gS 



CO egincMocoineo mcoeg 



eg r-.o»-egtOf^^ com*- 
(Or^ov — toi** ino>^ 
^in^-eoeoco^ •-cof^ 



eg CO O) eg h- ■ 



r^OPr^'-tJ)am'Tr^»-»-cMpp^ 

p^oi 0)peg^ino> otptovr- — in mcovvf^co 
coo>« oor^oegincM coiB'^ocoO'- cototo* coin 



CO ^ CO ^' a> u 



CM 1- p r 



CO VPtOtOKOtO CMffitO 

m — ppm — CM« oieoco 
m CM p^ •- to h- (D 00 to in o 

cm' o' cm' O to" co' Ci — ' iri (ft" CD* 

inincor-or^co tocM*- 

COV^CM — pm ^CM 



_. . .- -- _in«-in — eoo) 

(O v_ 01 h-_ r^_ CD CM a O) p as r- co_ -co • •- co — •-_ oj 
1" r-' co' cm' cm' lO in p" m' r-' v' in «" co* V ai ' o" p" 

3cococMffl(DOVCOtoeoo)'-0)r^ • 

loo—vtoeg— — CM — 

co' eo* cm' 



in CM— cginor-o cococ» 

— — — r-oof^-wr- tooico 

^ CO en o> r- t^ m co eg r- o) 

CO* ai cm" — ' — " cm' eg' — ' v' cm' m' 

CMcocMtOTr^cg egoco 

cycoegcM r^v to — 



toinr^ i^ptootDco ocotor-roco 

incoto oicor^- ooT co^o^r^^ 

O) V CO o p p eo ^ CM_ cR n co_ P_ O) o> 

v' ai r*.' r~" in h-' eg' ai to' co" co" p" cm' — ' to' 

oegco or- — eocgto — — — VCMCO 

— in invto ^ ,- r- 

cm' eg' — ' 



I I f»- O CO L .. 

•- ■^r coco p 

' ' <M P • » 



to r^CMSotooiO) mmco 

eg ©icTipoor-— oor-'j 
CO (OCMin(Dega>eg cMcgoi 



(O — — 



Soa>in^in<DincMP(0<Dcgco— ■ , iS \ Q ^ 

r-cMr-cMco^CMOimr-ajCMcJcM \ <d \ at a> 

CM en eg tji to in — o CO ^ — CO f*-_ — O) eo 01 p 

<0' to' p' — V O to CM cm' id ■V — — — co' co' I 

eg(5(or^»jp^eg^» — tjiegoicg 
— CM eo CO O) »- 



to of^cMcncncn^ oi^-v 

to commcMcocMto r-00 

— (D to — to to (D to O) CM_ — 

o cm" 00' iri — 10" (D* "i v" ^' V 



— 00 in — covoco intM^r^o— . 
OJiDco cgino) — OOP oi- tOTTinh- 
CD CO a> V — ^ to O) P ^- v_ ® — to eo_ 
ffT <d' co' co' ai ^' r^' eg' to" eg' lO* — a p co 
oi^cocoegeoco^^* co^ 

o pto 



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I lOlCMOJCOOOO— ^cocoo> — inOCM 
^.•-^c^pcgoiaoiiDineg^^ — 
ini^min- cMr^— tO'V"<reoiniO 
o ai < cm' (d co' to" cm" — " iri co" V < 
— cMococM — — — CM — eg — 
a> CO ^ — — 



i§i 



scg — — cgcoOi — 



) m m p 

- in to r^ I 

- 05_ r^ o) in 
CM to r«.' r-' ai t--" to" iri p eg cm 
CO p^ptp^*^-^ ppp 

in rv. K in 00 v cm_ cm_ — eg 

— — cm' iri iri iri cm" — p" iri 



0(^.-_- . , — -. . - 

ootoCM CMinr^egv^ coffloomr^^co egn^jen 

r-' cm' 1-' a iri — ' — p' o — " t^* cp" CM* co" (O" co" eo" — " to' — 

t^copegr^cpcy^f^cM- ^ — CO— r*. oi ooto 

tooin- eoincMOCJ)Or^CMh-cov — — co 



— (00^0>PO>eM — PCM 

r^ CM — osKPcoo) cocop 

P (CCOOCMr^CMV i^^o 

■c r^' co' (o ip" r-' ai 3 lo o" ai 



3000) oJintoi*-- CO — toe 
0)0 — r-co- PCM ptor 



5 CM p CM — — ■ 



m m m CM 



in p •» ^ in eg CO 


CO (C m 


coooi-- -(O-^Tinini 


SSS225S 


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01 — ^ VO) — COCM^ 

— in CM p r^ 



--" »-" cy en" cy" in — ' 



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(D w V O) (o' CM CM o> en ai 

CMen^tp»-ao^ ^--o 

o a> r-_ o v_ ey en r^ ^ cm 

--* r^" T-* cm' --' CD* cm' CO o' 



ooCMoo onmvCMr^ cocnco^cAineM «n . cnoicMO 

cncMQ ocMQcpa>0) Km^teomo p moimin 

»-_ «) ^_ S >n <0 o -- (O CM 3 oi (D in a) id S_ in en ■- lO 

o* CD o* '-' en* in" ^* m' p* a> O* t*- •-' (O ^n* in en en cm' en* 

r*oinr*en(DCM^SiooifMin(fio ^ ® o 

Ken'^vcMinocotDtnootncno^ co cm in 



D CO CM "- CM ■- 



inencn encn— ^o>o eviiAeOT-cncO'* PJcJi 
r^coo ^r-cp'-r^cn mffiOKOlcor^ n.o> 
oincM eoo)in(ov^- h-r^--»n'-r^cM r«.<D 



Soo ^ (O 
CM ^ (O 

N. ^ CM 



^. 'N '^. ' 

cm' p' oq h." ip h-" T 

Sep CO OD a CM r 
en Oi r» •- O a 



ass 

CO r^ « 



mmcM cocMCNjCMpr- coo^pmtn 

inf^cM someo^^-oo (ncM — en^o) 

f>- (D 0> *_ ^_ « oi ^-_ i^_ OJ io_ o» en — _ o 

^' oi '-' csi q" cm' v" v' <p' m' p" 1^' en cm' cm' 

r^oCMcoc"' ' ~ "■ 



-OCM <o o <o 1^ r^ a o»-p(p*-^ 

M_ r- o_ •-_ in_ en o_ co_ r«- ^- ^_ oi ft <j> cm_ 

en CM* en* cm' en o' o" o' m" 



cm" en --' in" 



' '-•-c0P<5Or«- mCMOD 

OJ^oSico*-CM r^ c> V 

eM_ en — , O) tM -- fM CO O en 

m' t*-* "' p* O) r-* r-" r^' -■' en 

A(pcpA(oa>in cMcoco 

en^incncMom ^cm 



8 =8 



;£ ss 



0> CM en 1^ 



^ ^ in r- o 



a> CM 
to en 


O) CM 1^ 


m ■«» « 
o> 5 CM 


CM 1^ ■«■ (p in o 

en O) O CM ^ CM 


sgssss 


CD r^ ^ 
en ■- CM 


CM - 




en 


O) CO <£> 







Spr^ o)a)<spO)<o locovpeo) 



eo OcoiP'-OjeM^ ^cO'- 

in (pof^'5'penp ^--^ 

cp»cDcJ>iO)0 ^r^if) 

en in o' •- o> cm in iri r«- oi 

cMVCMioPcoip coencn 

oioi'-^incncD r^^ 



I ui ■_> Uf I •- I OD CM ^ CM 

Sa> r^ Oi CM eMCMCMip 
en p in co O r^ co 



s'i 



0)eMCM cDr^ooieno) cntPcpcMPoor- — (p®oopn 

fM'-cn eMoeM^cD<o ^cnincnr^o OJ^oir^coop 

'~. ^. '^. "". n ^. ". '"- ^. **. "^ ®. ^. ^. *. ^. "l ", ^7 *. 

(p en' oi ^' m' co' ai oi co* p ^ co p* --' ^* co* co' en cm' co' 

OTip(0^ooenenh»eni7>^m*<ot-. ^ ^ ^ 
cDoi'-cn'-in'- »- encnp)'- 



, cneMcocDcncno no-w 

(oencnr^poieo Qcptp 

en (O ^_ Oi P '-_ CO ft CD ft^ 

cm' id' co' ^' p' en •-' cm' O) P* 

0)enKcoco--0) — cm — 



CO en in — cm en ■" 

CM CO r- ® O) r*. ^ 

CM CM in en m (O c 

r-" — " r-' CD (O c 



3 m m o m 



5 5c 



m«-cn--iii»rinom h- 

10CM-- COm^VCM" " 

coeotD r-cnoov 



J CD r- en CM O) T 



I (P«-cnincM"-cn coct>p 

I ftoiOTf^eoinr^ oiinen 

pcninin^mcj) ino>eM 

<D p' f". •-" co' o' ^" to' oi •- 

r^^en'-CMSiO) (DcDCM 

or^covcn«-v men 



m r«- — ^cMcop^ pcnmoivcM 
p coiMcpenvften r-pCM »-cm 
I'-cninincoin <k n r~- po 



m ^ to r^ « 

n n CO CM ^ 



- O) o to o 

1 •- r- m r^ 



r^ tn en 
oi cd' tt en oi cp" cm' o' oi r-' 
K'-r-peocO'- (M"-"- 



cooco cpt^CMtDO)ffl — "-^p — m I en •- en CM ui K 
— — cDcOv^to — in '-iDeMinencp — cni-'-ov 
nocMCMr*.(Moinv (DoocDcnins ai n lo w» 



P 0>»-PPO--0 CMCOtS 

o entoSmcnh-'-r ■v-vm 

CM VcnOCDVIO r^CMCM 

•-" oo' en •-* r^' oi <D 0> v oi 

o>o>pr-cn(0(M inpco 

— r«.ftcncn — in h-cn 



enpco --cncnooipt*- O'^r^r^tDinto •-'-■^cDinin 
oft^ enCM^jeMin-- — cp^eoinr^-'^ eMOOcyf^m 
inf^«~ ojcnincn^in v (o •^ v v (O '-eo'^'-f^o 



-en'-vinTf poio 



PVCM COCD — h-C 



I ^- en en eM 

_ to ^ O) 0> 
CM ^ (^ CM 



at at a> enr-nn — cm poicocMr-a 
mcpcn ^pp^too cneM'-o>ing 
■cin—com'-'- ■- cnencn- 



en in en co P 



to^io o>(DoD'-ino — eO'-oo)»- 
flOcocMCMpr^.en'-CM-- O'-om 



^cMOWcoin'- or*.CM 

0)0> — "-f-COtO COP-- 

' m o> to a> ^_ m p ^ en cm 

in a r*' m" V P cm' tr r^ oi 

CMCDO>f^'*oin ■cr-cD 
cMintDCM'-wcn ^cm 

cm' 



"-enp OJCMeneMtD^ --mo>pcnin 

§r-CM cDOtDO)'-cp ^mmenoJO) 

CMV (DCMCM — ino f^O'-ptOP- 

■C' ID* V co' CM* Cji co" V if) ■*■ v" CM cm" CM" Cm' 

■^■eno o — CMOJ^r^ cMCMOJ'-ooen 

CM'-'-m^en cMcncM"- 



^ •- V •- en tD 


- S - 5 - 


CM CM en CO in 
CM — 


en r- »- o» 



o CM-~cnenenoicn coenen 
— coentocO'-CMco eoooo> 
— — tDO>'>jr^tnen 
oo" CO eo* co" P* in* 



W'-r^ enwKino)^ ^■-o)r»-eO'-in »-fnooencpQ 
Oif^oooencDCM^mmin^cnr^fM"-* cnrg* ftin 
^eO'-ocor^'-'-r^vcoenpeop* 0>P oco 



3I^O'-CDOO>^ COCD-- 

ooir-cMcntO"- —cmcD 

t^ o_ in CM (0_ ^, en cm ■w, to o 

"-' p' en (d' V en* en p' en ^' en 

cn'-*-r^(Dr^tO r^pffi 

oi'-env'-entD cmv 



r- CM •- in in r*. 
in p r^ CD •- CD 
— en CD • "-in 



r^ PO)'-ocMincn p--* 

en tnpinoD'-fflin r-enp 

^ '- in ^ h- ^ O) ^ en ^ cd_ 

to' ^ iri h-' p' p" v oi cm" en 

i^comr^encMO •-■^to 

o> CM en -w CM en 



ocMO O'-omr-r^ 



r-encn ^cMin^b-in corMO>^'-'-» 

en co_ O) <n r-_ ^-_ in (0_ n_ « cp o> ^_ cq en 

^' ^' in ^' »-' r^' en m' m" •-' — ' p' p" p" oi 

^cow CMOJcovcMcn •-— cS'-ojcn 
•- en ^_ o m »- 

CM CM* '-" 



coaiincMCMr^ .entom^^ 



> 5 - o e 



m r-sm*-tocom epcM^ 
ffi mp^r-pento coos 
en f^'T<n»-»^aO'V h-om 



jr-oD vocncMCMp co^oincMcn . . coco'-'-cm 
-^co vcoN-cMooft ojincMinp'- pnenm"- 

-■■ftDtnin'- — ocn'wino^TTCM cmuI" tom 



CMtO*- incDCDO^CD VtOCMCMVOO 



CMCO"- cMOiencoooi omcMr 



t^ in "- CM g 



^ (D O) c 



ocMtO'-en — ocn'Voin co — cDCMcocn'-enocnO'-inooco ■ . ,9 itDO 
eM^ooo>o>CM(Dr-ooco cntDCMCMO)ininO)r^cM*»'-eof^»- cooiep 

cniDintD'-cDoitDcneM^ poir-cn-^ — ^pr-pin«-enoJr^ en coco 



enr^cn co"»cmcocmv — 
r- ifi ,- ^ ^ ■ • 

• CM CM t- 



SIS 



reoeoeo^Of^ «-Oin 

-r^TOCOcD^CM tO'-CM 



1 V cm en in V I 



(Oinr^ (DtDt^'-iDw cnoi^'ff'-n 1 1 1 
r-^or-incneMcnincnvininr-cn 
h, d, CD n io_ P to_ ^_ P_ <n in to m 's- m 
to N-" CO cm' '-' r^ in oi CO V co' ^' cm' r-.' 
mO'-oir-r-CM •-• encn 

•- CO CO m 



oin 
en in 
en CM 





^ CO in in CM en in 


r 




en V cm" cy" * r-' r^" 
00 CM en »- en *- 



i^cn ineMpincMen<C'-'-(D-r-o>eocno) 

p«- inCMi-"- enojaJWffi® a Oi -v ^ O) n 

m (D V o en ^ en m en o> n. cm r- ^ O) ^ m 

g" r-' to en cm' V en to" r^' cm' en * en cm" cm' r^" ^" 

• CM — • (DtDCO*** ..,-•. 



I MH Ig I 



© o 

•18 



p cn'CcnincMcno cocnto 

CD eninen^in-<to) ^ct' 

p o) n ^ -- to_ — — cp c 

m' tn v" en n-' cm p' m" p' »-" en 

cocnto — — (DCM — r- — 



to CMCM^^ — toenco- r-eo^to- mi . iVvCMr- 
r- oincDCMcntD- r^r^tDcnr^^ocD cmcmoico 

■V — r-cDcnO)inr-TP— o^O)r*-r~ — — oicD 



cm r^ — CM 



III III 






S I I II M I III 



1 iCMOoen^oiCMcntpCMh-cMCM . encom .ov 

oinr>-o)ino>^ otpooeoo) o^m vt 

^_ r*-_ en ^-_ r-_ to o cm tp en — o c^. ^ ^ o — p 

ppV'-^cn'-'Vcnr^OJOtD — co 

--pr-CM — CM— eninincM cm 

— o O) • • • 



I I! I! I! M I I 



-ocnocMomt^ — — CMV . cMinen 1— cm 



en r^ p CM m 

• CM CM CO • 

CM cu — 



(A 



en en'caowcop r-CMOi 

— eo'Ccnoor^cn ■weoto 
en cMOiinencMOin in^c- 
en oi — in* ^ r^' in — oi oi cm* 

— oiCMPcDPincM — mn 

0_ CM CO 0_ O h* O) CM r- — 

cd' V co' in ^' in to" — — en" 
cncM- — — en— CM — 



inencc enoir^O- * to- oi^oir*- 
m" (0 m' v" o en en cm* en — — " t*." co' ^•" en 
— en —01^ 



CO t^cMcooocn- cocno> 

— CMr^in^incoi^ r*.CMcn 

^. ^. 'O. d_ r^_ (0_ ^_ ^-_ en — cq 

cm" o' en" CO — to co' cm' to to* co" 

0)OT^p^"^in 0> Oi ^ 

in CM CM <b a — en t^ en — 

cm' r^' CD* r^' P* en* cm" — ' ai 

p V — — en CM tn 



- p p en o t^ 
1 tn cp 00 CM r>- 

5 o f^ en 



^com iDCMOcncnin 
Oi '- n coo — 05 - 
incM* inencscMP 



o> — CMf^tOco- — r^f^incoco — CM air-.- envto 

ocor^i^inr^- cM^p^CMinmen cm — — o 

^ — ^, P. — ^, y. P. P a> in ^-_ oq ^-_ cD cm ^ *" 

en" to" m' <d en r^' en" en ^" cm' en — * — — " m" — 
cMcn encno) •-.— ^- 



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62 



Corporation Returns/ 1977 



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ovoinojoco CO 



cocoin OJCOCMCO^"- oiSr^-cococ 
0)0)0 h-in«)*-uio ommcofNjQ 



S S S 



fVJ ■W<DVCO'-K»- VOCM 

y- ■>f--ojo)ocMCO »nr^(0 

T-COOJ-ffOOCO O^J"- 



csjco^r^'-i/ico- _ _.__.. 

in O) r-^ If) CO m o CO to ^_ co (O cm in a> 

TT r-' r-' ^ oo' CO O) co' o cy o co' «-' O) ui 

c\ji^'V cor-eooocM'V ■"j-woooir-oo 



1 OO'-COV^CO COCMt- 

*-VOWr^tD(D Oi •- <D 

h-_ O) »- 0)_ ^_ co_ en in co_ o 

r-* o> co' co' c\j iri co' co* i' co' 

VOlCDCOCDtDO) CO--(D 
CMCMCO-- ■*■<- CO'- 



r-0)CMeor-r>.h-oincyo)0)^inco r Cnj j^-CMr-O 

SCOCD«CMOi«'-'VCMCOr-lD00<O <D O f^(0 

■-eo^in'-cnoJO)Oc\Jcor>-^co r^ r- inco 



in oinTrcMcccMoo r-^r- 



cvjtDO) CM'-'-ininco locvjtO'-'-tD — 

Sr-CO CMCMCOIOCOCO OCOh-inCM'- I 

TTO) h-O)(Di'-(0 cDO)'»r^ooin 



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o) or-aoino)CDO ^cor- 

co cDir)ffiwinpjv coo)c\j 

■V •- (S i^_ ■^_ CO v --_ CO y-_ 

in co" (D co' o ^* r-' co* co" --' 

incor^-iDcocoo '-toh- 



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cooir- vcoT-ina)cD ooocmcooio) 

a, |s._ (D ^ (O cj CM_ CO <D CO_ ^_ O) h-_ CM co_ 

o) f*-' ^-' en* ID »-' iri c\j to' cD r*-' m' o o" co' 
a30cyo)r>«-meM»-'- ^(Otocvj 



(00)co '-oino)<o 



SCO f^ a) CM *- o • 
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CMf>wO)^'-o<D eocom 
cooco(DCM'<a'0 --toin 
m '- •- CM ■<- '- 



' (pcOr-^CDCO»- CO^CM 

cDh-eocooom •-oocm 
vr-m'-ojcoeo ooico 



, (D cy to 1^ 



- eg CM Oi in co_ ^ o ^-_ n 

"-' (D ffl in (D V <D ^" ^' o O) a 

— O)coor^m^c\jto*- u 

■»- to 00 r^ CO 



CD 0)0)OoocoaD r^cDP 
O VCOh-VCMOJOD co^p 
CO CMtOCVIOOOCO »-(Dr 



c\iKcDC7)®inr-'-'-cO'-co^coc\j, , .toma 
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CM--'WCDOCM'^'-00 0'W'-0)»-CO Ul'-tl 



' (Dcor^-co^incM cd^oo 
■ OKO»-inffiCM ffl'-co 
1 in»-r-«-o>»-co r-0)0) 



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1-' o O) co' Tj co" a>' in" in" 
CO CM • in in to 

• CO CO CM 



Is IS I 



in (OCMcor^Vi-^ cot-k 
O) '-^OCD'-^O) »->-cy 
f^ c\j^'vmo)^co intoco 



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CO CO • h- (D 1^ •- 
• CO CO CM 



3 (O O ^ O CM 



- m 1^ r^ • 



3 r- tvj r*- CO »- 

, - O O CO c 

^ in V to CM i 

»-' ■v" o <d' cm" to" eo' --" • •-' to 

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lOCD mcoo)co<Din 

r- eo CO m 1- ~ — — 

(O ^ i- Ol O) 

' in ^' co' co' o» in cm" 



o)co<Din ,iDCMO>in'-i . i i^-i 
oj^incD coflo-ffO)© CD 

tO'-O)'- 'cgcoi^in '- 



•- • m m o 



I I I I I I I I I I II 



Si^oc-cor^co intomcM 
^^<D^'-l^ r-tOlD 

CO o --_ '-_ (D CM o_ in 

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■- to o ■•- a> tf> a -^ Qa>o 

O CO_ !-_ CO l^_ O CO SO)'* 

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T-h-OQCMV r^meo 

— C\Ji-»-^CD»- '-0)C0 



S<0 CM 
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to' t' to" o" cm" O) q" ai O) ^' o" cm" V V --" 

0iO)in 0)mcotof^'- '-cof^Kinv 

r* O) in m CO O), CO in co '- ■- r- f-- co 

<0' to' CM (o' — " •-" ^" 



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coinco cocDO)cgi^cM co^O)incM^CM o 



CM CM CM »- 



O fv -V •- 
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CM CM»-O)cocneoflo ^"-ci 

TTtDi-V^OOCO 0)'-C 



I CO <o a> o) 



> o "« eg *r r^ o 



^0)in CMCgtDin^^ eg»-^K 
CO CO •- O CO •- » 

eg' cm" ^" 



■V (DOcvj'^mtDO o>(Oin 

cy cOQO»'*(Di^'- coegco 

o <o_ r-_ n --_ CM CO CM O CO 

co' cm" "-' oo" m" o' r*' ai r^ cm" 

CMcovoovi~-o eg'vo 
00 c>j eg CM ■- ■- -- 



<x> to to fflininr^cD^ tP'-Kor^o) 

ocD."- ocMnmoicg cocMO)tocoin 

■V_ O CM_ O CO <0 CO «) 00_ •-_ —_ O O 0)_ tJ) 

cm' co' cm" cm" co' oo o ■0'' '-" eo' o ai eo" co" eo" 

CMCMcoo)cor*.co«-cg T~T-CMCgm 

■-V ■-'-CD .-.-.- 



O W CD ■V O »- 

00 O) CO o in 

CO (0_ O CM ^ 

CO O) CO •- o 



CO oir^-incDCOh-'- o)ini- 

r* ^ocncMinf^r^ oococm 

cMV^mcDco— h-coco 



- eg CO •- •- CO ' 



oo)^; 

CO ^ S 


o3^5co£ 

CM rO CM 00 CD K 


t>j CO CM ID eo t~ 
fs, o CO oo CO r~ 
r^ -n a tn " o> 




1? 


eg (D (D 
CO •- ■* 
— CD 


CD 1^ m o r^ o 


C\J CO 00 ^ O) O) 
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p^ co^omococM incDCM coO)'- mO'-cMinr- ■-cD'-ineg^ rs.ocM»-tocM 
0)^'-invO)VO)(0'- comtoocoffl^cD^inoO'-'-'- r^-nco**"- 



■• Oi r- ^ in CO a 



-0)0) CMCOVCDCOC 



'-a)cotMO)coo ^Ocy 
mooor-moco coo)co 



OCMtO '-CDCDCOCDCM 0)00 
cgO)m cDcgcor-co^ —egg 
CM m V ^ ^ , - 



o OJCMOiinr^cDin cocMcg 

(^ ncgK>-cOf-CM cnocg 

m tD m o) CM r^ — o h- r- co 

I--' o" co' o" ^' o" in" co" --" cd' 

oi'-o^'-r^r- — cMco 



ffltMcocop^(DeMOa)^0)r^<0'-0)| . ir^ico^ 
r^O)to 0)a)ino)toin "-h-coegh-ffl cm uit- 

0)incMcnffltD'---cor^(Da)-joco r- lOi- 



coofo in(DCOCOO)r^ cDiniDcOcoco 

COt^CMlDV^CM '- CM^CO — 



o co"-tom(DOO) coeoi— 
o} O) a> y~ ity V m V mr^® 
<D coin»-'-cMO)K co*-in 



fflOOr-'-'-cDcnaocoooO'- i iCmo) .mco 
r^^O)OcO'9in'WOcD--0'-'-o »-eg — m 

»-cO'j-in'-in'-o)c7)0)COco^oin cmco inco 



cDOin cniDcgr-in-- 

COV'-0)0)f>-CM — 1 

»- m m CO 



CO eo CO CO CD 



■- ini-inowinco fflCM^ 
CM O0)'-e0'-coffl ^cgco 
to in O) CO p*. to CM CM eg co_ co 

r- Ol" r^ (D f^ in" O" ^' T- •- O" 

cgin^cocgcoeo* inexj 



CO •- o 

to eg" in" o in o ^' ^ eo co co eg co' o w 
coO'-coegin'- • ■ cgtgtM 
• ■- in in CO 



in r^cMOieO'-inO) tocor^ 

tM coa)(Dcgtg'-oo cgr^"- 

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en cncDCMr^intnr- encMO 

CD ■^p^vr^or--a) in«-in 
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CMCMO> vocDOiocy r^-CM^rs-CMOi 

BOOI^ ^CMCMCM"-!^ OI^O^^CM 

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en ^' cm' v" cm' eft v' en eft" cm" •-' iri m* in cm" 

■V to 7- CD (D CM 



en cnooo'W'weMO mmcn 

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a> (D_ CD v_ r-_ V t*-_ CD CM_ a>_ 

ai ai co' o en en en co' r-' r-' 

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cm" •-' 



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y-_ CM CM CM tft_ '- CD_ CM_ Cn in y-_ CM ^- tO y-_ Oi 

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12.617 
9.884 
11,786 
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256,284 
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v" r-^ '-' h-' tp' cm" ^" ^ cm' --" 

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3.006,813 
4.221,990 
4.009.321 
1.869,627 
556.438 
3.485.429 
1.717,576 


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5.896.454 

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937,666 

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m to to »- CO •> 

co' •-' ai cm' •-' eo' i^' m' oo' co' o' ai cm' ai t^ <o" * 

co'-oo<0'<rcMOicj)r^CDCMr^'-'V cm 

r».^r^r^^CMOcom O'JOCm 



g in 



t eo 



CO r*-coin^r^oicp O'-^ 
m ■-r-'-r^-coh-to CMtOco 

O) in^CMtDCOODCO r-h.— 



co'^co TtcMtDinmcM r^cMtococoo 

tDtOi- CMCM'-OOeO CMtOtD'-'-tO 

CO o in CO CM <D_ en cq r~-_ cq co co ■- r- m 

iri cm' co' ^' iri r-" r-.' V oi iri c»" ai to" to' o" 

a> as o o»-(3)CJ>CMO) CMin^-ino©— . 
{OCMinr-C0'WO)CMV ©■* ■:_ 



o ai , -v <p 

og I-- c5 S 
CM O 01 



- CM 



f^ r^- CO 

CO CO CM 



I M I I I I III 



I |Cor-f^<DCMr-0)h-*cya)'-CT)coo 
coooco'*eor-intO'-i^inaicO'-co 
r>-r--v^r-^incMO)'-'-aiCT» <0 



I S I r? 



o eMeocM(DCM»-in moov 

•- •-^oeofloo'* I--01C0 

eqinin*-coinr«- ^r^O) 

to' to" cm" v' co' ai ai co' to' to 

oiincoocoin^ invco 

CMCOW '-CO'- co«- 



cotntp^-aimcMwmQcoaor^cM ■ ^ i*- lOic 

COO)* co(Oco»-coin ocmocdcocm a> cm eoc 

o>tMcoeo<DBO{otJ)0>ina>cMcO'-to cm coo 

g" "■ : 



mtoo) cM'-ino)^^ oomoi 
mocM intocMcocoCM — t-oiO) 
CM m CO CM r- 



CO in ^ o> in • 

So »- ■* CO ■" 
1- CM T 



' h* 0> CO Oi 

^ HI UJ CM CM »- Oi 

\ in r^ CO o> CM ^ 

©' iri o r*- CO 



-CM OJCM^CDiDCO O) ^ Oi O) r^ ^ I 
3(D (D'*Qtor--eo f^cMeocor«»co 

F-W nCOtOCO — Ol I^CO'^'^'^CM 



1 1 



._co 0)Oir^CM»-c 

1^'- (OCOCCCM'-' 
CM CO CO oi 



--_ •-_ o -t n-ViD CM_ in in 

co5CO'-'^or*-' copcp 

CMOintDCOCMOl CM^in 
r* 1- CM CM CM 



cMcoco co'Vcoptom 0)p»-i/>r^'-CM ] Tt 

SoaSmcocMoicO'-inSnf^tD'- t 

COCMCMOCOtOCDCO— ■^'^ '"'"'" ' 



- O f^ to CO CO 



>o»cM inpciinti 
CO ^ ^ <i 



2 


•<■ r^ (^ (D O) m 5 
,- .- Ol (O K ^ (i 

a) (^ o o <NJ CM K 


|o§ 


'TCMf eO^'-OO'-CO 

r^pin KCMr^f>-0)tp 
otOr* tomfOJWa 


•- o to r- CO eo CO 
S m '- CO S ^ * 




sSs^'g? 


r- »- to 
^co^ 


150 

374 

34 

2.360 

2.296 

1.685 

39 

26 

31 


r^ V r^ to m o) 
a) ft a> eo 




CD in r^ r*. O) ^ ^v 


«- O) CO 


in-o) t^ r^ a> "t Oi Oi 
tpoto ^r^-^comcM 
tOh-^- tDh-.CJ)<D--V 


S (D <D r^ -- CO • 
s CO o) a) m 0) 


CM 


1^ CO CO CM CO r- BO 

m CM r^ CO CM CM in 


*° '^ s 

- i7> ^ 


stoto voiintocor*. 
incoco o>r^-<r(OOo 
mcD'- to^tO'-'-- 


m to CM $ 9 V) 



1 CO 1 CM V 
CM ffi CM 

m o) a> 



rcD'-Q'- l*-CMI^ 
SOJCOft^ OJCOCM 
g CM »- CO ^ O) CM 



SCO"- KQh-0>inCM CJtO'-COCMtO 

CMin tOCDOOOlCOCM CMCMCM^CncO 

r-" V co" --" ^-" to" 1-' ^" ^-" «>' < iti cm" cm" eo* 

OCMO> mojcoco^-r^ cM'-r^oicor^ 

^CM covin'- CMCMCM 



m COf^tOCMtOBpCM I 

SCM o CO r- n w CO I 
a) CO ^ to in CO o ■ 



O V CO CM 



r* oocO'-r-CMCM CMi^epcoinr- ■ i co co ep 

)r^«-CMOcot^mpo)^r^in'W Kcoin_ 

>inr^««cMina)rocoocMt-<- cm« o® 

" " ' ' S" iri II 

_ _ y ■- ■< 

CM O) ■- O f^ ■- 



a> otoouiCMr-oj ®r^p 

CM tootootor-*- aicMft 

a) mvvcDvoJo o>CMO 

ai tp --" •-" Oi N-' oi -v ^' to* ■v' 

pr-r^r^tor^cM -^--OJ 
(0 eg 1^ .- V CM V 



CMCDV (v-CO — CMf^^ 



5 to CO CO o CO 



i=§ 



r». r- to r^ tt <D t^ o co^K 

CM cpoi'-cMOJCDCM inina 

to in o> "^ Oi CM ^ £31 CM m t( 

co' iri r-' o' p CD oi iri cm" tp u 

»- tOO'-SCM'-CM --OU 
(D ■- CO CM 1- CM 



O eo to I 

SO) CO i_ _.--__.- 

into cocMO)00)in (0^-» 



lllllll III ||o)too)coS3coco(D3toS.-| ||S|.-S 
p to p eg a) ■* o) cg_ eo in 5 ■* og_ ' ' - ' «> 



111 



m too)0)0)'-int3) oicdoi 

»- a)tp'-i^O)CMco locoh- 

co_ in to p r^_ --_ v_ in o fo (O 

CM* oi r-* *»* o)" CO* cm" in* co' co" ^* 

CO COlD'-COCMlDO OIOICM 

V vov^oiio^ ajCMin 



'-pto O'-cop^.in lO'-co'-^P'- tDCMO'-cMin 

incDv vpcMO>r-in mcMcootOOtooioiCM'-r^O) 

oicoco egr^eor^tom vp--*-pvv — 0)vco»-cm 

< ^* t' o) co" o" h-" o r-" co' p" co' f^' eo' n — ' eg' -it" id eg' p' cm" 
inO)CMCo(DVCDr*-inino)0)iDOP a> O oico 

to P_ co_ O) 0)_ cq cq cm (D_ » P ^_ ^-_ ^, '. m cm v 

--' •-' oo' cm' to' a) p' iri p —' »-' co' m" co' iri cm' 

cor>- ococM— -- -^ T- 
<D in -v 



in p p N- eg 

■r- ^ — -■ — 
O P 



eg p e 

CO ^ T 

r^ in c 



- CO O) 

;S2 



eoino) r^o)a>coo)(D ino> 

eocoin cocooincM* 

CM<DO> CM^-OPO) 



r^ coo>f-r-0)CMO cotom 

CO ocMt^O)»-iov 0)Pin 

vi^'-cocDin'- mtocM 



r^too pi-T-coino) o 

CO ■* O CM 



(Dino>intpcoincM^ .inmr^O) 

in cDcor^OT'-'-^ ai CMinco»- 

pv'wincoo)®* co»a>(^ 

1- CO m O) o" V eg' ■r-" eg" ■«" oi" c " " 

coF^f^ococor^inp^cp cm c 

mcDcocO'- comcM^ 



_ T3 

St 
CC:= 

Q QC 

So 
0)H 

O ^ 






11 



S3 
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C h- < 



n _ ift 

E 32 

3 o o 

Z KZ 



°r.:i!!!lr| 

SOOO 0<02 



P c 



£ c 

C Q. (« 

g^ w g « 




? :fi 



o &*S 



"5 "= 

■D S O 

c " S "! " g'^S 







Corporation Returns/ 1977 






c 
o 

1 

8 

< 

3 

o 



(A 



>• 



3 
C 



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s 
>> 

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(0 



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•- OD a rv n Oi n '- a -v 
CNir^eoio — 0> oov 



©cnoincoQ-V^in ^inomcuQ « mSina 

^ CNj CO ^-_ r^_ in ^ in •- ^ c\j r^ »n (O o ^*. •-. •-, ot 

' in o w aS co' ff) V '-' oi d> ai o* (p (D o* --" ^' r-' 

•-oopa)fvi^CM(po<pcMr-.piS (S o> cy 

o»0)Si(o — inoiS^cstvvftio CO 



1- o in o 



In cNj in • 



•-r-^^eb c»eoi_,,_._. 

m'-iBtDO oCNJoOffiOco 

•- in ip co' < f-" o •-' p" p' -^ csj cJ 

ScNj nOT-wvfocy coSio^cMin 

"- in •- c\i CM ^ ^ (o CO CO •- 
O) o>' <£>' 



00 I in ^ d> m 



in csjpaj^m'-o oo^ 

•- (»<ccoco(QmS cor^to 

<D----otD*no m^co 



n ^ ^ f^ {p ^ 
'- in in (p ft a 
- <o (o ^ f^ r 



acyip mcomojiDoj oa)0>r-vpp cm . ojtDpcM 

0>p toin'-pcocM ^0)<7>pr-tn(D cvi (prgpco 

V CM ft to CO to ft to p (o Oi to o CO P_ ^^ in ^ aS 

o in oo' of CO to' to' O) --' o) cm" cm cm" m of «' f-' ^' p 

r^coOi(Mininr-(p<pr^co(PK(D(0 tn o 

^ CO to P m ^_ <c — in CM CO f^ K p^ CO w 
cm" -v CO c\j p' 
in ui ^ 



in incMcocMCMCM^ a>fM<p 

■- O)too)a)p'-CM coo^ 

cor«H(Dcy'WCMto — coo 

--* to' cm' r-" tT) co' o> N.' o) --■ 

intooiCM'-'-in (D^in 

•-'-(OCMCMnto incM 
cm' •-" 



8=S 



>ftCMCMO><P(S Ol'Vin 

b<pipr«O)0cD in"-h- 
sooeoinSiO) cococn 



mcotp^r- — p CMtntp ^ •- •- inip 
fflCMPh-ininp 0)<p(D 51DCM not 
■-(OincocMfOt^ •-«■>? Pto— in*- 



CMinto cMCM'-CMCMco mojincvjCMftin in , cncocoft 

mptOfO'-'^'-copvcMVi^inpco u> r^h- 

■«t<£ia5coqo<Din(7)totM«>oin^_w w toin 

S' co' en lo' in r^' p" — ' tJf co* id ^' ip" --* id --" p 

p^cor-cftin^— co^coin^to ^ to 
foft'-ooto — •- — ^^^ 



tTi tfV'^OimCM'^^ ■*<£■* 

CM oiconcppotM CMPO> 

00 r^^ ft in Si < ^ »- co o 

S' (O* ■«' co' p' (o' m' V ^' to" 

v^-cotovr- incMO 

p^rttD'-'-r^cM CO — 



CMt^co ino)cococo(0 Kcoo«-f^ino 

P^CMh- n»-C0tMWO) — ^CMOJiniO— I 

incDO t^toinoiojo) ooipcMincD 

CM n' co' in p •-' co' tn' «' cm' co' oj 1^' 5' of 



O r^ to O in 
I — to 05 
in o ^ ts 



^ r^pin oocM^cptoO) cmo> — (0<pr^« 
CM m'T-in^mcscM inoio cmcot- cocMtcpco^ coptotopffi* 
mcDOincoaocM com^- vO)co '-inooeointo pcotDcotoft 



Si 



3a>9cp(7iaoat -vco*- 
-CMft^or^w vCMin 
r — ^ — 00 CO n — 



— coin —r^-oi'-^cM coinr^co<j 
oiincD flOtooipCM^- CMcoeoo>c 
CM in ^ CO r- — 



■) t>) r^ to CM 

■) Iff ■>! CM p 

f r>- r^ <D to 



r-r-eo (Or-tpCMO)'- coO)tOcMco<pin to 
OCOCM (OtOPCOCOCO cncococM'-ftcM •- 
r-cvjo^ — fMOinoaointDpintD en 



^ I •- m A CM 

Sin^fttoco(DCM<pS(or-.in — CM^ o) ojco 
m ■- to o »J_ r- CO in o CM to CM m r^ oo oi o> 
tp' in h-' tp (J)" m' 
ft ■^ lo ft o •- r 
— in f"-, f~-, CO 
to' (o' in 



a S 



sopop'Wi-f-coin ©■"TCDOT"-'" 
-intB — (Beop^tO'- v"?cocm5C 
g — in'- <Si CM— CMin — pT 



-ftpCMO <DOtD 

S' CO CO m' r-' — ' Tf' 
in ^ CM CO — — 



K PinnSo^iO pcMf^ 

lomtoor^vto tomo 

cm' v" (p v in iv" — ' — to" in 

S.-rtcy*nepr^ coSn 

CM in — CO — CM — 



topoo tntpirt — tpp inKa)KCMm O) 1 m cm p h- 

Si^gjpcoh-oj^pg^ppajmcj r-tp coco 

oioO'Wcococnr-.inftcD^— cj '*- ■^o) 

iri co" o) t^' CD tJi" CO 1" 00" oi co' CM n p" 1^' cy cm" — ' 

gCMCMCMinipinCMCM o>oo^,^ — 
in O) (D ft — — ^ 
cm' cm' -■' " 



^ I m h* in o 

SjineotppcomincMft ^mco^— r^to<DCMCMr>.<oo>oiip h*»-inr» 

in CM p ft to P CM tP_ O) cy o O) co to o> CO n co p co — — cm i» ip o) — « 

r^" ft* CO* p' r^' 0> f»-' (P* V r^" 00 n ^ N ^ » 5 V «)' v' co' co* o' tD* — ' tp" co' in 
infto>pr^tO(0 r^ — CO co'coo (vpftftcMhw cmcmoi — om 
cocoRteoco ^— cMin tPtoft ^ — 



» a 



a S 



CM tpqpCMCMtpAin ^tpco — o>0) — K — ^mto cMcopintpco^ , a> r in co 

vtpftoi'-ftwco— co(p ap'*r-'»(DtoiC — inepinr-t3icor-*CM ■^f*-<^ 

— inpco — ^CMin^^ft ininoocor^toeo — tM<DCMvr-^co» to ino) 



- CM O) r^ V CM P 



COCO— — topcopto p^r*.c 

r^O>CMin(D<D^CMCMi " ' 

— -w •- p CO 

CM* cm' — 



tp — pCM(p-9P(p aQO)S 

^ ojinoi — ^ft (DO^ 

— CMCOCMftcOOtO CO — CM 



3 m tp CM P CM C . . _ 

^to oifijm»-in® CM5 

00 CM f*- co_ o to f^_ 00 to tp ^ 

in r*-' — ' o> ai co" O) O) to' id' cm' iri a 

otDin h- — r^to- m — cmo>o 

f«J CO o> O) (P_ 

iri iri v' 



u> V I I •-' V 1^ u' 

3S I I g?2s 



^ i^r^tppmtop — (OP 

P- mp — ftcO»-tM P*.KCO 
to COI^tDOOOOS CM-Wt^ 



CMf^^ 01 — cncocooi r-vcoin^.«r 

0)co^ — fflpcMcoin Oir^-O) — 0)co» 

cot^in toinotooco — pcommto 

r*.' — ■ ■«■* ep iri 5* CO* o* — " iri tn" iri ■*" iri 00 

oiCM^ wKcotDwv — CMincoin 

CMCM COCMO) ^ — — 



I — I o a> 



CMI^P COOtCDCMOO— inCMCOtPli 

p(0^ mpcM^coco — inr-r^-c 
p — CO aoinp^c»f^CM cMcor-coc 



I ^ CO O) p 
p CO o> in 
o • O) ^_ 

O) to — CO O — tp ^ <P ^ CM to — CM CM CM P P 0> ^' n^ O) r-" — — O o' 

tjjincococo^ftooto r^oiincMin^r^in- cocoinmtpr^ — — — 
— — toco- com— r-- ^(O- ip^to- — — — — ^^ 



SptOPinCMCMO) COCMtp 
ininvmtp- CM a ■v <b 
» inf^p^Oifttop p — P 



? O) — m ^ 



mcMcp mcopcor^co -^f^- 
CMin$p»r-.ff^~ 
O) in p O) CO ^ 

o>" r^' to' o og" — o — CM m cm cm tp — m 
i^flo— coptDco — — ■vm'V — 

CM to to — 



in ^_ ^_ r>-_ 01 CM_ in in 1 

— V ^ r^' tM* p' iC) tp* to ft — 

t»O)0<D(PtOCP toois 

O) CM — m CM CM 



S-cptopinm^^-co^tpCMCMCM, , ,1 
— ininf^^oDoomcMOJOtptof^ < 
-gr*-ineotointDoof^a)«(P i 



in o O) CM ^ 



tO(00> mintp — — CO inoia 
®Kr^ ojinftp^CMv — — ^ 
— CO m in — 



r^^to cotpncMCMm ^mtoffir^oi 

— CM— eofttp^i^in (Pco^instp 

CM_ — p CM_ "* CO CO o r^ o CM in r^ to (D 

CM* ft o iri p" o* O) r-" o o cm' o ft to" <d 

CO — — Pr^OOCM — — COCOCM 

CO CO CM <D 



as 



4 

s. 


61.914 
88.181 
37.142 
02.263 
48.592 
63.921 
91.923 


tMOO 
00 S CM 



<P --■*■*- ino inoco eocoin mtor^oipp totPococor- ■ O . i^ ■* 

CMOin^tp- (P— cor^o cotDr--oin5 — ftfteo'V- — CMoo opcop 

cotp — ^(OtOintpCMtD^ p*-^r*.cft — ©CMP^cocor^-r^invo v O>oo 



m tPpCMtJj- ^^ — 0)c 

— r»- — — p^mp^ r-fflu 

r-_ ® CO f^ m CO to p p^ in c 

CM* p" iD <£ — to' (p' ^-" co" h-' ti 

— ino(scMO<n oc 



sis 

s a 



r^ujin O'^tpmo- — cvjpoir^O) , iP® 1 am 
iptoh- r^-inoipr^i incocMinr*-rv \ <£> \e> cyr* 

cofflopr».co^o— or-a>oO)^ — oi^ 



>h- — O)r-o — cj) CO 

r J> r^ m CM CM » 

— CM CM tn 



01 — (pto — cococo coo 

o> cotpcoipajr-to r-r 

'^, *". '~. ^. ® "". '^, ^. ^. ^ 

to co' iri ^-" V 00 cm' ft ft c 

— r^^is-inmr- vc 

— CO — to CM c 



T O) — ^ CO 

J CM P ^ CO 

3 m ■^ to tp 



- p O) r* 



h-CMP ^intpcoo) — 

P — (D COCOOICM*'" 
O) CO — tT o 

ft iri p cm" to in 00 O) (p CO O) to o in CO 
ininwcocomoocMin— eo — ip — 
CM to in ^ o — 

p p iri 



3 I I I; 



ii 



OJ — N-^^toco'- "-cop 
— inincoconcooD moiin 
p CM — KP^CMf*.- pcom 
^' p ft p' ft co' V CM* r*' cm' ft 

— (otM«incM«in 

CM — 



§h.— 5PppO)p ir^peocom, 1 .cm, i< 

oiineo — coppm cucMcopm to < 

(O OJ iP p oy <p CO — ^ p — p v CO I 

r^' ft p" p' p' cm' to' V f^' * —" iri CM * ' < 

comioinr^- I*"* ' 



Spmppp — r- pm 

OJin^ — ppco (OP 

r-- pinincM^-- to inv 

(C p" ft (o' (D — co' o r^' cm' r^' 

— inmo — cM^m — tMin 
r- CM — in CM CM 



■^ P'Vr- ■^•"TCMr-pp inKCMppp 1 

Smoop ipoicompp oipoppin 
Ttom O'VO'voco com — co-vto 



— — CO CO » 



I I I I I I I I I I I I I 



I IS 






I I I I I I 



^ I I I I I I I III 



, 1 OJ p CM P o in (p I 

m ft CM m m o> ft I 

^ p o) CM r^ p m I 

— ' p cy co" co' * cm' ' 



oh-p^in. , 1—1 |P 
uinino>p| I |p| |co 



- CM CO — 
P" -'—-." 
■V ■* — • 



ft'^ftoy- OJ— — pm 

• Poofp-wcMtDN- pojm 

jft^pi^m ocor- 



^r^p p^r^mp^ mco^r^CMpp r^comco — p 

N.CMft — pCM^tOP Ph-OJI^PPP CM — mcp — 

^- r>* o CM P CM_ o) m_ S — r-_ tM_ ^_ P P Si v f--_ ^-_ — m to 

00' r*-" (o' r^' ft m" ^* p" — ft m" ft cm" ^.' ^ p" cm cm" ft cm" 



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5- «'»pO COCOCMVi, 



— O) p m r 

— m m V u 



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f p^ 1^ ^ CO 

3 O) ^ m p 

CM P m CO ■* < (D — ■w p' 



- CO ft CM — ■ p p 
— r- (p ft ft CO p m si p »- cm" ft p" v' cm" 
r-OJCM O)ao^pmo> — cmo — inp p 
OJ o>_ co_ <■_ CM CM_ Sj co_ CM_ m CO co_ m — ^ 
p" ft — m' p p" cm" — " — 



SCO P CO in ^ p 
t n t ^ t 3 






to 


— p p m p — p 
p in — n p CM m 

CM CM ^ P^ ft V OJ 


5S§ 


s 


CM r^ r- CO r^ m p 


P^ P (0 




V — P CM CM T P 


P CM 



F m p O) ^'_ r^ 



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■sSo sio'^isi sl8s,«S colEtl 

ZO i-mOi- £Q aiuz =i iT u S S z 6 



2? 



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z 3 ° m •' ~ * -" - 




70 



Corporation Returns/ 1977 



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O) <D<OCMIDCM'-<D OJ'-CO 
T-0)VOVinO OOI 
'-vcymcMO)'- cD(OCM 



incMco vcMm»-OiK ooih-oocM 

?fflo> r^iocO'-r^cM cMCMO>tncMkn 

f^ r*-^ O) oq ^_ <o_ in co co o^ iD co <n 0_ 

co" co' o "-' h-* "-' O) cy (D cm' ^' cj m' V cm' 



I « I I 



I ointCTT^coo cooo 

I oocoocD'-cyo r-mcM 

oi^cDinT-inin ocso 

(D V co' cm" cm ^' o co' cm' cm' 

^J<*^0(D(Din IOCO<D 
ffl ^ CM •- CO •- CO 



0>r*-Oi0^c3J^coO(0(DcocotDco ■ m ,0 ■ 
to '- -^ CMinoooeor- ^OJO'^tnoi ^ ^ 
CM_ in ^ ^ o_ en co_ in ^ eg cm id cm_ cm 0)_ 'O, 

O O) o CO id' r^' ifT r-' o* 



in o 

CO CM 



_. / W CM CM ui 
cm' cm" '-' 



^ inf^r-cocoo>0) mof*- 

^ CDVCJinOJOV lOOJCO 

•- in«-co»r'-o)co ocMin 



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cm" cm" r-' o" p" p" r^' cm* *' cm co' co' 

(D*cMf^(cwcor«-* — — m 

* CM CM CO (S CO CM 



00 mCMCMOCMh-— 00(P 

* ocor^com — m co*o 

oi CMOJOJcor^to* oir^r- 

SO) — ' oi oi o" *" cp" *" p" cm" 

covmmcM*co mcoo) 

eooiocococn— * — * 



moim roPocDcoP h-r^co**eoo> or^cor^pco 

CMOeO tDOJCOO*— mCMeD01CT)CMCM COCOt^CO — CO 

CO — m — oscDCDcoo omc) — ooco o *cocMr*_^ 

m* ai cm" oi cm' *" m' co" — " co" to" *' co' o' o' iri r-' — ' ._ 
CM*eMr-mcor^cMP® — mmcMf^ r* mo> 

CO p * p O) m m m CM — p (P_ cm_ * 
iri m — — oi t^ — — — — — 

* CO — 



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72 



Corporation Returns/ 1977 



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- ^ ^_ ^_ cNj --_ r^_ r- evi fi 

S" lO CO n to ^" 9 <5 n o) 
r*-moocoio *»■- 



iS ^ *_ C3 eg ^- 00 r^_ co <o o o o r^_ --_ 
r-" \n t^ ■-' K m en ai o '^i ^ o> O) ^" i/> 
KincMm--e\j-- '- rtrtrt"- 



oo— innmoo mmi^ 



tMCTtfJint^r^mmcMuinoocji^ , a> > o c 
oi^'-oioifflr^cO'-r^cooo^v eo n 






O (O <N O) 1/) « ft w to c 

8{D r*- <o r*- o "- ffi' oi » 



iD(OOjrf)onc>j--incjeoincNjo '- i-^ 



<M O 

m co' V ® o V oj cj o> eg iri ^' 



Ki Tt 



;3 - 



CO wocMtnopcNj-* eppg-c 

cyo>tr)^ocoo) uicooi 

X" in CO l/l •-' m' Ol C\J <D (T) 
<3> y- Tt y- CD T- CM 



SopT-eocy(M(Bip(Dn^»inr-r^ r^ m into 



jmrir^cgiDcri'-csj oooiv 

- ■fl^ o o en •- >- 

eg csj r-" 



to 0'-poaji--<p m y- w 

i^_ 00 CO o »- <D co_ ^_ m a> 

iti oj g' ^-" tp r^" <c" oi rfi (O 

•-eoooo*'V(6 cnoft 

mCMinCU ^'- \D y- 



20 eg r*- CT 
f^ »- Ul CM .. _ _ _ 



Segi^ egocg'-r-i^(D i 



|g^S 



")«■*•- i-ocyg 



, cM'Vtptotoaotp r-OO) 

I 1^ m r) m o to to to cj eg 

■r-' iri r-" kfi flo" r-' h-' m cm" ^' 

mc\in(oo>to^ 4<oco 



F ci in 1- ^ • 



(otoo>in»ntDQOito»-o>ega)tDO)« '-'"'^ 

a> ffi 'V o) ■*_ eg to --_ <B o ■»_ --_ to cq eg_ o o. (o 

O) cvj eg" oi oo' cm' i^" ^' <si eg" r-* eg* co" --" »-" ei ei ■- 

Somr^oiomr)^'- cowcoto '- 
in in v^ y' y- f- 
m tr> eg' 



to mwo'^egr-co 

o mtocNj^ocog 

O) V r-_ eg_ ■«■ eo_ o ifi 

eg' 1^* <ri n o (D in h-' to to c\j 
cof*-tOiftocnm egtno 
egO'-mCTtor- •-o-* 



8gto otoi^ op^f*-gojo ar^oo^Qiof^ ^cgg 
ego) eginnin^ooocO'-oimp'-tO'n* ^tnto 
e\jr-»- cor^^eg'-ffl^a>oo«oo>0)inco • r^ 



(o 5 »- 


n y- cn ■^ V a> 
ai (D e) o) •- ^ 
OT^my- y- -^ 


^ r- •» eg n r- 
lA eg CO oi n en 


y- 


n eg O) 





en to 

eg CO 

o o> 

_ o" eo" 

y- — T- eg 



■ y- Oi \n V ^ tf) f 

8 eg ^ n to CM (I 
r^ m (o n o ^ 



g m e 

3^; 



egtococn»-i-in ^-e 



1- CO (D m 



g T-in<oincMeg<o mom 

(M r-ncncor-eg^ co'-to 

eg mcnr--eO'-^o> ^Oh- 

o" --" ^' <d" t* CO in r-" p to to 

y- in fo Oi to CO V C4 oegift 

tnin^g"-egco '-■-cm 



- 00 CM o in u 

Sa> 1- ■g- r- ^ 
CO ^ c> CO r 
-' tt" in ID* to' cm' co' to V o o r-' ^" oi 
reg OJin^oi®.- coegi-tooi'W-^ 
b ■- en c\j en -- .- cm cm -- ■^^ 

ai O) to' • 



S2 



rom a)0)tDr^egtncnwcMeM*-Of^egf^i ■ lepoor^'- 
j-o)^ ejcninoinco'-oO'-Q^tn'-eg eor^ocM 

i^i-o a)cocDOTomr^cn'-CM»ntD"-oin eg* *ey 



in to m (O cp -v 

CM ^ in 00 in O) r 

o in r^ m •- e 



T CO in CO a 
^ <c a> CM 



m r^ (O CO m to 
CM •- r^ in in in 
*g CO CM 



SV'-ooinino h-ti 

<jja)0)'~ino^ (OO 

ui r- tM_ ^_ '-^ to_ --_ o -- c 

o iri •-' v' m' oj Q co' r^" o 

r- mtor^ooowQ coti 

oo 01 CO ■» o to 
cm" — " ■-' 



ioi^^tocnegr^in«-0)tpi^cnopoo i ■( 

Stpcn'-intpr^tD'-^inootDineg < 

*tDtotoO'-(5oo'-coi--ino < 

eo' e 



I I I I I I I M I I I I I I I I I I I I I I I M I I I I I I 



I I I I I I I I I I I I I I I I I I I I M I I I I I I I M I 



I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 



? OI CO eo eg i 



lentooD _ -. _ -- ...-. 

< ai n ai ^ oo oi to ^ o_ ^_ r-_ eg ot eg « o en c 
• o to" to" in CM* tt" r*.* oi yt T* eg" ^' lO ^" » 
r- ■- CM to CO ■- ^ 

■w -W CO 



(D "-^oJto^toen o^^- cMO)co T-cototoeocg 

»- r^r^cnentoo)^ vr«-^ --mo "-r^OO^CM 

< .-offlCMcn(D»-CMtDeo ineo(D(Dr*-^in^r^ 

O) to' o en v' m" co" --" V cm" oi '-" ' r*-' to' to' --' --" ' 



o (O h- r* m CM 



I I I 



I I 



^ CM(Dcnioego>o cmcm^ 



m o o ;o in in u 



r^(Dr--o)cnoeDo>o^ui«-r--p*^i ■ renioo^ 
(DtneMtooincomeM'-tp»-r^oeg enegcn 

enomf^oioJocnV'-toi^cnooco y- cmcm 



m'-0(Dr- itocn lUJn t^tBaiy-'U'iJir^fjy-^iMii^r-i^y- i i 

cotO'-tDcDO^ ego oiencoocDcnegocoinoicoooffiin 
»- to in CM tJ) en in oi o r- o en O) in oo eq r^_ ^_ eg n en en en o_ 



lis I 



O) r^ en r- 



3oeooffleM(OCM |in«- oep^omg^-^O) .coeDcntMOi it 
r^OJOJmegtov egn ffl^mcph-co^nco mmo^l 

tntocMOtDvenr^ o>t~- o^encotDOTr^tD ^vcmcm 



I ii 



s:s 



03 CO ^ o o> CO eo 



I I I I M I III 



I .(or^engajintntDor-tngoi , ■< 
--i^mninepegr^tDtDentOT- i 

»- eg to »- -- 3 o. O) r»-_ <m o (O tq 
eg" V en" to' B in* r-' »-' en o m' en o) 
tpinco'- • cn^'f'- 

tO to CO 



|8| 



§r>-in<or^QtCo ooeg 

mr^envocMCO coeoo 

or»'CO--tDO egov 

y^ to -v o" oo" co" eg* v * en * 



"-aioo-vtoegoeg-- i . a> to -^ <d , , I'^i i i 
e30)0ticoeginr^to oejcn*- w 

m'V'-coco'treDOCM 'r^oajto y 



I I I I I I I I II II 



r^ Oi ct a <D o y~ 
r-~ to Hi ^ ^ Oi y- 
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cooir-eo'^O'- cooi 

'", ^. ^. ^. ® '". ®. '^. ". *\ 

to' T-" ^" to' g' m" to' <D q" oo' o 

T- CMOJOO-^ 3L_.-. 



Sojr^ r-r-eD^oeo gmtp'^'-cvjo) ^ 
ino i^eo^cnmT- ingobopmp • 
0)000 ini-ojintoto too)«-eM^cncM > 



3 O) CD CO O) eg eg 

f o in f^ h- o V 



JSm deipSe 



CMto^tOCM'-'-or^^tp cocni^eocncgh-oococooi'-oDcD'- ■ icnto ii^n 
(oenr-iSajojoootDOOT ■^r-OJi^oegcor-'tj-^^r-^'-'- | Sll? 

oeoveoSenvh^egfflin r----tO(n«-ocD^'-0)CMtD^_r^_eM_ o> ini^_ 



...leg (DtoeD^inT- egcMr^-oi-r^ 
f^inegi-coeO'-T-'- CMcnCM 

y- ^ en o 




Corporation Returns/ 1977 



73 



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(M o CJ ID o> cy o » -- n iT) 

--' h." --' CNj <£ eg o O) r^* o iri 

iftocnowo) r^iDh- 

00 •-' cr> o co' O) to v (£>* V 

CT) Q (p c\j en o (D 



tncnto (MOrt(p^_Pi (COT 

o o> Q (D o cT cm' in id c\j' o> 

SmJ) cD'-pcon'- tn o 

^ O <J)_ ry 04 <J> w CM rg ft 

•- in lO n o in in o) n (\j' 



8 0> O) a 



^ c«j cu en en »- V 

8<n o cy oS cn f^ 
to r^ — *■ — -* 



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■-(OOinin»-cD inmin 
c\i io o> <\i ID iD o V m o> 
in<-<-tnr-(0(0 coinoo 



(Oift'-OiTfo *«-Q^*nr^'^ •-r^f^ppufO 
^cDtno^fD in(09cp<D^a) •9^K-^<ca 
en o CM 5 ^ r- to w O in ^ (O <i> cm (O cm y^ oo 

S" cj m" r-' CM* r^' © *' cij CM •-' en tp en cm' en a) m" ^* 
(OQincnfflcp^CM — — oSqO'-'- cm ^cm 
0)vScn'-'^<D^rM«-^f^tnr^ Cii 



O f- CO 

e\j •- CM 
CO in 



s§ 



>n (OOfttpr^u^CM •-•-Cij 

^ ^eMCMOo-^o o>o)cn 

to 0» •- oo O ID •-, CO CD ^_ (0_ 

CM in cm' en (p* >-" o tp' V^ cm' cj' 

oina>cocn'-tP p^cmcnj 

•-^•-cD ff>0)en in«-eM 

cj ai m •- iti •- '- oi en 



S S q 



kficnt^ flOui^Q^o at — — .. 

gT^eocnenm-- smnio 
CMfflr-djCMcn oevjoo 

. .... ^' r-" en en 

cDOioD eninoenmcM v t^ at <d tp as 
— . -jocn-- m(00^ 



oi CM a> CM (D r- CO CM en o 

3? n ^^ C? 'O I" ?!? P S 



O o Q CM m 
Ri w m K •- 
CM en n f^ 






) en 5 •- 

II [■) 1^ (-> UJ ul ^ O CD 

t m 00 /v -w « eM_ ■v co_ 

' V cm' cm — " o" in m ^' V <" 

h,0DmtM--in(O ^inr^ 

^m«-r^cDi^(D inwto 

in V ^" o to •-' »-' <o cm' 

in in ^ in •- 



cn--^ OinmtnvtP toesj<-i^r*-enin oir^^y 

cMinto eMQoencMcu --ooincnr^enen entp^-c 

(p o ^^ «_ o ^_ c^_ o> ffl ^ to en en en oi tp m en co 

to" co" oi e>j ai ^' v" co' tn O) k en oi v o V o '-" co' 

CM'-invO)ffi^-«-en«-<or^r^CM^ •- •- 
ircjicMenoieniTtPcn— --vo^ 
co' N." N.' (o' cm" in 1-" ^ T-^ 



o otpenfflOf^*- CO 

•- inoieNjin^oin o) 

en cn^N-co^incn g) 

t^ cn'-cncocnoico ^co"- 

a>0)r^ — ip^en --inn 

cnenenin<Do<D fflo^ 

o> in m' O) ^-' •-' ^' tp" cNj 

•- V en CM 00 



3 en CM'-i^OtPr^fflOi^tOa 
00 CMCM-- CMinen"-©^ "-o 
to^ <POr*. int^conr^-inr-^ 



IP o in en 
^ 3) in CM 
O •- CM ^ 



oDinincMOCD ^ocnmr^CM 

cMr-cocMCMCM ineno>e\joO) 

^^ tn en CD_ in en cm v n-_ r-_ 

m <p" en' ff) cB r-' ^ tp oi en" ^' tp' in cm' cm' 

Sepm^CMOintniovcM — --m 

*-^0)en«- e\jinov in 
m" to' en en — ' --' --" 



'- toacocMcncnto cmcd*- 

^ a)'>fcnr-cotnco inioen 

o r- in ^ CO r^_ <Ji O) in CD_ tP 

<o' <o" to* r*-' 0) en V ^' r^* o>" cm" 

"-mcMOtpen^ r^cno 

encMcn — ^r-O) iocm*- 



r-cMO (Pin'-eMcoto 0)"-^cnoa)r^ cotp^evjooj 
cocMO cM'-O'-cMin Tr^cMOieMCMCD f^tomcn^m 
•-OieM "-^enootoin cmcmojcmvwv o*-*-* ^too 



iir^in vtpao)CD(P < 



I 0> ^ V tp ^ '- en 



m cocM»-inf^^to inoien 



CM eooiDo— ■veo ■•- n c 



(OQO) CMcnr-'-enO) cnoiT-r^cn^tD o»encncno5 

■-o-- r^ocM-ffOin (OOtPtPOino) ooico^^en 

^ en r^ O) oi in cm to en to O) cm -- en v ^_ at to -- • co h- 

ai v' '-■" ^' V en cm" to' o tJ) r^" co en" o>' co' cm* in* cp' o> ^' 

•-o>r*.oo»CMn^enointDO>eneM >- en 

in^^vmeneoi^r^'- ^r*->-v w 



in QcnoCT) — CMO oej)^ 

CM OTCMCM'-CJICDO OmCM 

CM m o) CM a> tp V o_ r^_ tp cm 

V — ' iri in o O) V cm" to' en" r^" 

CM inintoCT)^in'- ento^ 

r- m ■- — o V o> r- cm CO 

to' cm' en n r-' cm* cm' en" 



h- tp CM »- 
^ o> V tp 
CO »- r- 1^ CO en e\j 



o ^ a 



cM^ooitJiinoi o 1 "-oovo 

3cD'VtP'-ocO'- ineni-cn 

CO -"J o CO ^- en r-_ co • cm_ en 

O) »- en r- en r- o) CM V r^' r*-" o) --' to* en ex" r^" m" O) 

CM^IintOCM^CD^CMtPCMi— * ^ 

en ■fl' ■ — 



CO in o en in en 



T CO m » 



CO CM Q Q CM •- p 
O) p S tp t^ — ft 
CO en CM CO CO in -v 



3 a> u 



--in 
1^" co' --' o en in in n ^" ^-" 
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en '- CM O) cD_ O) ^_ P_ tp r- 
tp" cm" cm' cm' r-' en" en cm 



30efi ©(Dcoencncn ^entpvtp^ 
-cnm tpO}CMe\jcpm ^CMpentph 
-^--CTiinoov^en i^otOT 



- -9 a> 

, -- . - en r- 
ej) '- in 1 



m cneNjm^^eoeo -^r^oi 

ScM'-co'^r^en'- (ococo 

o o —_ —^ CM tp o O) CM en 

r^* en" ^' (p* m' en ^' v" en r*." <m' 

s p^auienin^en vo>0) 
ojtp tp'-^vcocnto 

<n --' CM* CM fC en cm eg" 



oeMi- o^oj'-cncn oDCfttp'-cptptp en 

encpen tpr-»-tMtP(D '-encn^r^pv r^ 

tj) ^. r- CM p ^ p CM p ^ en p tn tp en en m 

O) cm" p' V '-' r^" r-' co' oi tp" ^' O) in V^ en * cm' 

0)»-0)cneMin^invvenentDmf>. • 



I en 5 



en CM m ^ m V ■ 
CO in ^ ■^ en en 



in CM^enpfflpen m ci ^ ^otp r^enr-moj*- •-tJipeopm'- 



cm tO'-mmoi^v T-enr- 
*- mtpentppcMto r^ve 
CMcofO coenooiCMcou 



3« ^•-r-.inr-en 
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ocMOcnwcM cur^^ 



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en -- 



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h-en^»-a»o>CM^O) CNjco 
s a O) in O) CM ^. o> " ^ ' 
o •-' CM r-' ai to' co' en •-" cm' o> to' n." cm' ai 
^ oir^ocotoeo •-■-tDr^cMOi 

TOJCM'-O CMCOCM 



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ss 


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incpeMCMgs — inin— nenpO)incj)pO) .eomoitp 

Sintp cnw«-eMCMv tAr-ift'-eMoDtB p cMcgcMm 

« a f*-_ OJ in r». tn^^^ eq ■»_ o — _ — _ P «_ to m -w •- ^_ — _ 

ai — ■" en iP m" cm' p' tp* — " n cm* iri m" oo* V lA p' oi* r** f-" 

pcptnpcMm^«^dia>a>mcMcp o p •-« 

^inpopcne»> — voD'vnco — V in S cy 

-"s 



3 en (O o •- • 






ACMlA P0)--t5)^f^ Oin^--CMf^tS ift , ptPOr^ 

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CM tp ^. ft m rt cp (O n P_ « O) ^_ in *n en -- — m 

5* p' — ' h^' ^.' CM m" cm" tp" r-' cm' V r»." o en ^* V r-' m' 

QpcMf*.eMO)r^«f^'W»-(P'-'« — « 

N.«Ripin »-<»- (nrtcn»- •- 



3 p CM ^ h- r^ r 



CM <5) en 


en p CM p 


P en p 


' li 


CM to en <o 


ail 



oo^m cn'-'^encocn r^cjin'-OCMe 

— com cnmftc^toco ooptPooa 

CM © O) p in en •- •- CM to ^ ft P P CM ti 

en p" h-' V ®* o ^' in CO in" m' v" ^-' ^" tp' 

S^v t^CM'-in--e^ cDcncnr-en'^ 
•-•-ov —ft-- m <n m — 



en ificp^tftinften r-mtp 

ft r*.ftCMftr*ftin CMt*-^ 

■w Vft'-PtPtPP e^]^^ 

cm' -w' •-' en ft' -v' in en" cp' oo' 

cMt*- ennt-^^ocM 

w CO en CM r- n cm en p 

(O to" cm' iri •- to' 



cpin^ cocMinpr^en op^enCM — cotp in , > 
5cneM cMin^^5to ftinpr-ftvoo cm i 
a> o> h- tp m e^ ■^ en en en CM in — in ei po ( 

en" cm' tp' p' r^' CM* en* p" iri oo' iri cm •-" en tp' 
r-inenSft in^CMineno^oto 
en^--ocn --co*- ^^««- 



en 


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r^cp»*- cD'-ftcocnm VN-tpow^cn ^ lOovCMcn 

SSien CMcocMr-e^cM --cypenPPv cm toCMtpin 

vt*.CMiSin<ooococMco^in<p— •- 

" 5' V 5 ft* 



)r-in5 ^poor^r^p 
-_ -.. CMBoneor^-enpin 
cMF^»-oen '-CM'- en ^ ^ •- 



innh-'-'^ODco pr^p ^Peo cMwr-^cn'* r^cM(p<-'-cp® 
r-fflvt^incMCO ^ift^ coenft — ftoooco^ "-ftotptpeM — 
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r^' cm" ft ft" * V ft" C 

a^ Sj a> en tp e 
en in 



CM pooen^ftcnm CMcpm 
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m CM »- r*. en to 

ai p" r^" co' 



, I CM CM •- ^- 

- oin 
•- V m 
cm" ^' en 



cncpcpr^encoen r^'jcy ft^ftcMcn .intp'Vinftr^toenh. r co , 1 

(M«-^nenr^CMin<Ar* "-inr^-ftr- ^p^intpco^--^ •- 1 

m in in r-. k (d b cm en — _ ft_ ^_ v_ ^_ in — p ft_ en ^_ ^-_ ^-_ --.06 • 

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mm mincD»-»-o» cof^*-oi^eM'- 
cDCM^»- en »- ^cn*- 



•-mencncj>(\iinc -^ 

r^cnr- enr^CMr-cfiv coor-cDu 
c^ f. CM r- en m 00 (D ^ en m_ — CM c 

en V CD CD ^' en — ' iri o en 

m m m CM 



o> cDcMcDoocnmcn --cdcm cdko> ^eno>3<Den odo— -CM — en ■ ^ 1 <D 1 m cm 

K en--3>TrKCMK o>cMm ^ -^ r- CM^'Vin^— r-r-cncocDco | <d \ at |mm 

om» r^h-kN0>O'-o o)0'-r^cD'-r*-Pao^pcopeO'-_ v cD f^'". 

cm' B) co" o o V V cm' cm' o ^" ai ai m' iri o m' v co en cp co m" cd 

ma CO'-'*'- '-CD ^cD ®m*»- incomcM 

m<-<-<- CM •- ■«•«•- 



S»-OP^ffl^-in cDcnO) 0)eM^ cDooioicocn 
copwin^ma)oicg^ CMCMr^r^r^tor^^cn 



•- ^ ft V O CM O) -- l^_ CM - 

' cm" m" cm' en ^" p' <p" ai tti ^ 

8p» ^-eooDOicDh-^ 
to •- CM ^^c 

cm" ^' •-' 



o en -■_ iD_ co_ ^_ p »-_ •-_ en to r-_ y^ o> m • 
en" O)' m' v' m' o r^' o •- o> >- 01 
mcvjcn'fCMmcDCM^ 



800 en c 



3 ■e S S S in o n ^ ^ <n S_ o> S o ■* p u> 6_ d_ p CM^ «5 rs._^ 



IS li 



-.-in ^mcMcncnmmi 
m tn • p m CM r^ 
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g •- •« CM in c 



S S 3 ■« ■¥ m ■? m -w <- * uS in CO CO m en •» CD. (O r-. ■* « ■«» •-; c\j en oo. 
■ - ■ -?_•,--.-• . r _• ^- —■_■_■ ^ - ^- j„- ^- (^J■ ^ (,)■ Q ^' p" r-' --CM 

4 CM CM CM • 



CM cn ■* O) en p ^ 
CO CM '- O) Sj p c 
CM ?g 



•- oD h- , en ^ m (0 cm o ^ oeno mencoenmrn »-0)0)cof^p 1 ■ cO 1 en c 

mScninuS'-cnoiP'- '^"coco^iftm^.-mr-swinNl | |in| 

OwcnKVOcococn'- »-o)oa)^®»**cD_poo_pOD_eO'^_ •- 

■ - ' -" " - — " -" — " — : ^ ,0 CM* en" V co" ^" ~' — — """ ~"" '*' "' 

) • r>- CO m CM 



CM •- '- cn ^ O) CM 



rot A> I ojocmA cb^irt r-cocM .-r^oxooo) S°SJ!GS2!G I i I 1 fi JN 

gCMar^-^S^enr* pe»cDCDmcnocDmoeMO»0)PP| | I |cdcm 
T- in V ^ o5 CM en m i o en t\i o> cn oo o> A r- cd ^_ co cO p *- ^ 



cn r^ m oi ■- ^ f^ 
cn m a> 
wcy 



^ 1- CM ^ O) m » 



I I M I M III 



^ I p cMi-^en^cn ^^r^cnoc 

Svoeo^rt'-cDr^.-CMCM' 

' cn m rv o m ■w »- en CO CD m_ CM 

en <D r*-' p" u 

2 o>P 
5f cn ^ 



d>ci'*'-cJ)'-^6j sscn '-■cr~<»cn<nr*.p^incM'VO«P*t i^'iSJS' 

ft~^^^^CM cnc»»- penr^ ^mocoCMcn r^mcMOPOCM o» Icomajcn 

fs-towcDOOO ^»-v wcDv r^offlvcotO mmvencDcnf^ eo_ '", '~*'_cd_ 

■ r^ ^-" cm' r»-" O) 1^" cp" p" ^' m" to" ^" i^" •- v" r^" 5 m' o' m" ^" cd en 00 m" cn «>" v" o 

ocnO)eMPcpft*»-en mcMr-'-p'Wcnpinmin'-S'Cin » t- --Oii 

enr^mcoincDmr^CMCM a)'-cMCTComeoro»-evjen^_eqmm_ ^ •- 00 

a>' cm" '- V cn" co' ^" cn" m' r-" cn" •- r^" cn" •- en" cm" •- »- o o f*- en ^ 
P'-oi'^ ^CD ^-^«.v® ■-•" 



1^ 00 •- m CD 



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o cn CM , r^ ^ p*. cn 00 o m r^ c> <D 0>p9)OOO 5 ^ * *" '^ 

r- ^m r^cDOJeM omcM mqjCM enmm^eneM a t^ t;^ n m 

K CM CD m 9 h* CM r^ CD m i^ co c*> ^. cm '-_ i^_ co cm m_ ^_ <» ^_ en 

i-* eo" en ^" •-' 1^' cm" a> t^ ^ co' co' cd" r-' ^" tn pg" h-' p* cm to" m p" iri iri cm' 

r«-v ^p-^tDcnop en»-encMminen^Nen*-r^fflm'- — 

■^ m cn ^ •- h- <- --CM CM ^ CM ■;- 



CD mcMcnr^incMh- cdcoci 
CM S^'-cDm®« cncMo 
m r^_ ^_ p m O) in cm --_ n_ ^ 
tn m" o" CM m" h^' iri m' o" p" * 
i-r-> vomtomme 
CM -v en ■- to 



CM v_ ^_ en m_ m cn • 

r^ co" h- I*-' V cn o m en cn r 

T-oien mcvitncn'-CM cm 

»- CM CM eg CM 



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to r^cDO)CM»-0)f^ r-oc 

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w^ I ^ I ^ en 

tDS^O)mcoO)0)r^CMvomr^'- I o|0>2 

CM O) ^ (D 1- cn o> CM p m o cn m_ p^ a> r-_ ^_ p^ 

cJ V m' ' 
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m otD 1 CMpencD mioi 

^ co» po>»-f-- cncnen 

p a_ 0> Si m_ cD_ ■*_ cD_ r- to 

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m^ r- ai oi a> r- io O) 

CD CM en "- tn 



3«p ococn«-mo> flocMC 
tRcn r^vtDcntnen '-cor 



I m I o en 
m f^ o> 
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I ii^cgfvcDeD'^'-eDcnenmenOi 1 iC^i't^ 
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eninr^cM'-^oc\j«tcr-_--_cD_ • 'cn 



■ mmpop'^cnen vt»m 
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I *- c» m f^ f*- to ^_ CM CM ^r 
" ai id ai -v tM' V V cm" o r*-" 
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a)mcM »-cM»-mo)eo mtn^t^encn* to 



CM CM ■w to cj 



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ai o V o f^ co" O) o* iri in o *- o> <p" to 1- »- 

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CM CO CO o ^_ CJ> ^-_ CO o 
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CO 'J CO »- 



CO CM'-CD^'-fflCD CTJCOO 

CM CDOJCOOmCvj"- vco* 

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cm' -r-' o r-' •-" ai co' cy o o co 

CO r-0)CM(DCDcor^ coo>o 

COCOCMt-CMinCM h-^^ 

y-' --" '-' r*' co' cm" ■-' 



Oi ifl t^ (DOffiV'-cO ^-OOTCDCDin 

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•- h- CM O h- CO O) ID CM CM O Oi ifi CM ffi 

lO to" O) ai cvj Q co' r-.* o co' co" o ^ m" VJ ' 
coor-cocoiocoiB'-'- ocmi^cm — . 

o_ co_ oj o in CO CO CO m to ^ •- ^^ 

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h- o. '-, ^. "■, i^. O) CM o ai_ eg 

1-" o ^' iri *-' r^ co" o>' o ai CM 

CD I^COmcDCMCOCO ^i^o 

1^ CD "'I o 0)_ CM in — V 

01" --" ■-' CD co' cJ --' 



r^ ^ •- CM CO m ^ 



in 5 -v m c 

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? CM f^ CO « 

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■* (J) o 00 ^ r- (I 



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S»-^r^fflcDr^CMOOiin^coco(DCM 
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^^ I I I I I I I I I I 



1 ieMOO*-»-o<DCMco(pr^o>cotD'-|r 
r^»cococMr-co«ir^incM»-cp < 
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ovr^tD^co cocDV»- 

in CM — I 



00 CD CM C 



- CO 0> •- CM 



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(D tDcomfivr-m ^cDO 

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co' ai r-' (d" (D CO ^" ci r-' u 



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■W CO CO 



cocDOCMCOinin --r-co 

m'-CSOlOCMO 00)C3) 

CO r-_ r- -- o in ^^ cm_ cm_ ■«_ 
^' oo' iri "' ^ ai CD iri 1-' co' 
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co" T-" co" to ^' cm' 



o> in <xi CD in in to ^ o in ^» k cm r^ 
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inco aiincoint^co ocmcjjw 



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in CMCoinco^r^cM cm^^ 

CO incncM»-CM^aj oicom 

r- in CO CO (D CO CO o o -v ■«■ 

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CM«- i-CDCOOlCDinCM 

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co^o oioir^cooo) CDinr^'-incMcD at 



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r^ r^ r- T- c\i o cm 



- ^ CO CO •- CM 
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f^ r-cncocMCMcoco cmcdcd 

CO cDCMinr-CMcooi cdcott 

CM O r- 00 ^_ CM CO T^ C0_ ^_ CO_ 

00" "-' 1" cd' iri co' co" o" cm' t-.' 

OJ CO - — - .- 



cococo cooeo^cM^ ino'-r^ 

m*--- or-i-cMCMco cMiotDcj>_ 

CMinr«- ^cDcocMr--in intoocMi^'- 

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mr-CMCMCMCDCM'-CM ai*-CDC\J 

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CM O) CO I »- CM h. m 
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co" r*-" r-" ai CM* co ^" co" ai <o* 



m r^'-coo)co»-CDC003cj^f^tttvMr-ns'j itra |Qur>> 

r^ cooO)CO'-incMCDCDcor-CM«-CMcycpO) r^ MN*" 

CO o) ^_ o) CM_ CD_ oo_ flO_ o in oi_ CM '- CO ^ r~_ ^ CD_ m cm !-_ 

) co' ai •-" iri co' ^' iri co" co" ^ cy ai ^ --" V^ co' 

-CM cDinh-CMffl— mojoin o> 

) •- CD CM 1- CO CO CM 



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CM CO CO (-~ 


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00 * CO CO m »- 

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CMI^CO OCOmcDOO ■VCD- 

o in I- CD in ^_ co_ O) in r^^ en in 

o" ai iri V '- CM f^" o" o' ^* cd" ai ^' o 

^OJ'-'T'-in'-V'- N-oo^ 

CO ^ ^ '- •- CVJ ■- 

cm' 



CO •- in , CO o m in 
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CO O^OOO'-lOO --CDO 

CO cocov'-co'-m in^p 

O f^ >*-. o CM_ >-_ CM_ CO --_ r- in 

to" r-' iri r-" ^" p' h-' co' h'" co" iri 

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i-r^O •-r^m»-r^«- r^^coineooCM ^ ■ cmojcd^ 

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f\ '^. ^. ^. ^. '^ ® '^, "* '*■. c> P, P w. P. p co_ CO • w CO 

r»." iri iri (ri 1^" o> 1^" V iri iri cm' ^' m" ai co" --' V '-" --' iri 

tocD^coinincopCM o)ino)r^ ^ 
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O) ^n'-r^CO»-CM cov-- 
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»- --_ CM o CM_ f~-_ r-. p o> m r- 
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COCOO) ■-•-I^CDCD'- OJ'O-P'^POICO P I 

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565,633 

145.428 

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292.903 
62.078 

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19.879 
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77.017 
110.304 
61.949 
18.617 
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Oi ffii^miniDcpr- T'-to 

CD OinoiCDCOlDO --oco 

p in CM_ — co_ oi CO P_ r*_ cm co_ 

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CM'-m* .-"-OCDCDVO) 

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r^ aicDinegcocMin ocMm 

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OOCMN-S^OCOCMCMt^CO* ^ 

r-cDcocg'-eg ptDOico 

o' — ' ^ iri iri 







Corporation Returns/ 1977 



77 






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cnm»-i^cnOTQK«)0»o«o>'-(Dto (O en «-co 

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co" a>" r-' co' iri co' to cm" id" CO* —' 

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CM CDPPCOm'-CO CMCOtD 

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r^ CD N-_ co_ — CO oi o_ ffl CM m 

iri ai to" cm" to" iri p' (D h-' oi" '-" 

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— '-ajcomcDCM'- o-TCD 

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Corporation Returns/ 1977 



79 



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mi^oiipm^ --lun 0^*- epioin^T-ifimtDcocoogi wi m »"so 
CO S CO CO >7> ui CO CM r* m w .- id n ^-_ co co (O <o c\( n uS to ^_ o> <n in cm S 
a>' ^' in' O) ui n" (O o 

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inmmcotoQO cnj« 
mcomiOcomr^ oto 
0)<o cvj--iDcn'-i» 



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c\jeor^i/)*-(Din cyin«- 

^ oi 1 in « CO c\i ^ r>-' ip 

tpco^r>jmc\j<D r^«-ft 



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mr^tDCM^^^CNj-tf 'W.-inin^r^ ■* o Q® 

O) o> <p — _ r^_ *_ (o co_ ^_ (D •-_ csi CM CO ID — _ f*_ ^ m 

r^' n cm V gj m <o iri co" r*' p p p' iW r«.' (d' to op 

co<-a>iv«(B^ir>pcM^nj^QCO v <d in 
ooco<Drv*-<o •-0 mmincM 



■-OcOr^cocsin concsj 

3r»(D<3or»in<D inr-co 
(Of^comvm cocoin 



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o" o> (d' CO O) (D •-' CM in in ■- co iri 1^" w o co 5 to co' 

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— mmcMWcor^CMooPi < iPiPu 
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301 *i 



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CO •- CO m 
cy CO cy 



o> cor^r-oscMincM cocmp 
CO ^a>i®vocM (Oiot^ 
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.._ mcoh.'-O)-, ,. . , 

omoo cMcocoK^co cmco^ — coco 
r-* co" r-' o* (O* o> 10 »-* CO* CO co" ^' v" to' co 
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^' cm' <o" cm" cm* r*-" CO co' co" o o" r-' to' co* --' * o iri to 

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(j)(Dppfficocoa)P'- mo-9in • 
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CM 



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m ococor-r-CM*- <ocMin 

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^ 0)cocMcoincM— — mcM 
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— CO in r- ^ V ^ in — <d — 
p' to V <ji —' — 01 ^' v" ai cm" 

— oco — mh-»-co — mo 
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cocoto t^eococMir^ — OoeotD^f 

cnmcn ^<DCDincM<o n — o>c»j — cm 

r* 0) r- — in p o CM oi a> r- rv 01 a, p 

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mcOtO COtOOJOCOCM — t- — ^ocm 

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CO ooio^-fl-too cycooj 

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h-OltOOlCTl- V CMCOO) 

CO — in CO CM CO 



inivo>— ojtDinincMO — p^ — ini ■ .cOivi-* 
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80 



Corporation Returns/ 1977 



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noooinr-oi'-ooioioajcp'toi^weo o« 



I I I I I I I I I I I I I I I I I I I I I I M I I I I I I I M 



CMCocMcookneo cmcmo 
inr^-flocor^cv."- r*^-^. 
h-OTT'-acMT- ^eocM 



(MtooooJOJ-^cyoocDOco-wco, . ii 

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I I I I I I I I I I I I M I I I I I I I I I I I I M I I I I I 



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--co CMco »-'- coco ojr^m 



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r^ o> CO V CO 1- (C 


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CO .- f- 


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1- CM •- CM ^ •- 


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cococo ococO'-r^iD cncMOO'-coa) en . i 

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CMOCMCOOCOCOCOCM (DCDCM'- 

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mv^CMcooov in^in 



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r^OTin cotMOco^i- ^cococonr^m i 

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to — -- --CM y- ■<- 



CM(MCO'-»-COCMt^«-QtOffleOCO CM<»CM 

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CM (Dinh-«-coooo (Dcoin 

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ScMtD ^mcMCMCO'-incor-in^KN-t-^i i(^i»-i 
cofo ■^cMtDcocn^'^O'-cDcotDco^a) VMP 

r-coin tJichco^cototooj'W'-h.'Vinr^'- "'cmoj' 



aiO)f*- cnmcnr-CMCD — cnm'-r-cD 
cocno ^•-r-'-r^co cnvoooeoin 

CDOiCMCDinCMCM •-•- CMCM"- 



O) O) m 



oeooD coojcO'-mo 

-fh-CM <DCD01'-0'» 
• CO CM »- '- • 



in CM to ^TTffii^ I I 1 > o 

Scoo ^•-a»-'tcoingr^'-W'fl'tp5CM O 

Oco ocD3'-'-in(Dco«o>CMr^^oo f^ 



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■>r r^cMoocMOCO in 



•-co r-^cO"- cocoT-cor^cD 

ojo fflOino)0>h-«-oo 

r^ o> --incMi^cor^vtMN- 

■«■" co' < O)" cm' co' v" oo' O) o cd" co' tn cD' to' o cm' 

^m cooico trcM^oir-to cMCD'-oj'-t^ 

l£> ■< inCOCMCM'-COCM ■-* co^co 



r^r-.N.^*-to I (0 itD iinco 
cocO'-'*c«Jin m oo inoi 
CO<Df^'-CM* •- — (Din 



cj> m^-cof-of^en k*-u 

CO CMCOO)h-inCM^ »-co^ 

y- oocof^cor-.o>CD f-CO- 

CD O)' o (d' oi ^' in" 00* (D* CO* r 

CO '-ocoOJOicoCM in^g 

"- ODinT-^xrinr* ^-oci 



ococD tomtoojo-* ■ccotomcMto , 1 

OC0(D--0)"*QO'-I^O(D(DOO 
in in r-_ co_ in r-- o co_ o h-_ o to y-_ in in 
in* cm" r-" o>" o r^" oi co" co" 1^' v" to" cp iri ^" 
flOi^tD mT-inr^cMin ft y- ■•~ o<i -^ 
i^coincoooK'-*oDCMmo)m»- ; 



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.. _ . _ _ .^ O) <D O 

r- r-OCO'-'-OCfi r^CO-ff 

cm" O) cm" y^ 00' co" •-" ■*" • 1^" co" 

r^ •- CM • in CM CM 



cMf^oo ocotJivV'- cn^fflp 

C005C0 ^r*.COCMCMCM COCOCMU 

r-ino y~ a> y~ o> ■V y- cocoou 



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,_ ._- _»-cor^(3>o 

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' -' r^' eo' --" V CM* ^" CD* r^' <d" 

t y- y- y- * y- CM — 



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rv.«co (D(DintM»-r*- i-mh-tDmeO 

i/^tocM cor^r^OQO) ^-o»ln^'CM— ■ 

» CO o •- CM in * S_ — (D_ ^-_ <D_ r-_ n_ cm_ 

CO co' eo' in ^' cp* ui V *" O) r^" v" to* a>" m" 
cooiini-inco^cjr^ r-dJtBco^ 
CM ^ O to CM •- y- 

co" cm' cm' I 



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cm" o" m" co" to* n" ^* — " •-' cm" di' 

CO r^cocoocoojr^ eo^en 

CM O)CMC0t^C0t0Ol tOCOCO 

o) iri --' iri co' <d' in --' iri to* 
CM ■- 



oitDO) (Dr^vt*-otD cD^^coeoflOCM r^ — coinoio 

CMCOCO cMoeotDOor^ ^cmojOiw^cm otocoincDoo 

r- f- * CO CO r- o) r*. r- aj in cm o — in in co »- r^ •- o h- 

im" iri o" r^' r*-' oi •-' tM' iri co' ^' m m r-^' cm' to' cy cp 00' 

tDCOVtOaJOCOm'^OJtOCDtD'^OO y- O) IDCM 

V — (D to CM tD o 00 ^_ CD in r- (D co_ m w 

«" o> CO* V to' to* cm" --" cm' — ' cm" —" 
to CD CM 



® tO'^CMCOCMt^CO CpQO 
CD tDCDCM^incO'- intOCM 

CM cor^cDr^cocyen ^o® 



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ai ■^ *ii oi ai Q w o> O) iTi' r~- oi 1/1 . . _ _. , 
(vjtoiooco r*-c»<r)cnojftir)»n i£) <j) a> c4 
- V d iri -^ ui 
r r*- •- (O o * 



' oi tt' ai (6 <o on' V o iW en' i/i oJ c\j m' ct o rj 
-— (Sodicy oDK — W O ninr' 



5 (0 CO r- o> - 



r r^ a u> 
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^ ^ <J) e6 •- uS (6 (A r- •"» <J) T* M <fi '^ ^ ^J ^ uS ^ ii<o ft o M * •- to « Q to n ffl 

woift^cD lO^owcotnO'-- m^rtif)Qioowr«-cM coiinco(Dr>>tpiAr-<0(0 

in V r-. -- o CO o ft — rt ^ <n o in in c\i cy i5 m r- oD fy fvj in co o n_ o o tn i- r^ -- 

in (p" a> •- in co m" V ^" •- p ^ o o) •- o> eo' co •- co ^- oj f-*' •- r«-' t>j oi in in oj in cm' 

SSiSr)"- itDr-OQfiico 

inRicj>'- oico^to^f- 

S" ci cy to m' m" o in c\j oj cJ to 

oiojcotj) ftcn cnvmiD 



o) •-" CT> CD tc •- to ^- oj ^-' •-' r-' tvi oi m' m" c\j in ni 

to<oa)<r)--<x>maao'V oiintsjptoto cMoocn 

^ io ^ i^_ r) •-. (0 o CO o o cy ■« ^ — in 

^J ip flo in o" <D ^" ^* ^" c\i — ' '"' '^' f^' 

^ ft "^ — 

cy '- 



■- ft en •- 



in — ^ 0> CO oinr^d)<p«ftCNJ cucnto^O'-ftfufOft (O^r^OitDCTftom-- 

cMO^eeo iftwcoinwojinm (OOco^p<MtMft — en co — mootniO'-'-'-o 

O •- r~- 9 5 (D O en — O ■« r- CO en ^ «-<© ft f- en •-_ cD (O ft — ui cm to in (D tT> O cy 

ai eM" CO en « "-' CTi — V V to f^ ' 

t- — rteno CMtnininr^'-eni 

•- CD t\J r- <3) 00_ lO I 

.-,,_. _. in cy to" r-* 
g en ey o V 



(O o) ■« to (o •- 

r*." e\j m' •-' oi m' cy to f^' •-' iri p — p t\j to to ^ to -- ^ tn ^ 

-OJtn vin^o*-tDentD — ^ ^ 



r-in(\jino)pa)p in--<NO(Des4 
pentotoenftcnr^ (Oinrjinr-r- 
evjiofttooxnfxco r-o 
eg" to' 



o K (O ft O ft ptD^inftOc^'- — tOftO»-tOft(Oe\)ft tne\jcoeMCM"-0)0)toto 

■-"*eo5)Pft toSooo^^f^io cvjinoitnenr^evj'Tcn'i inooioeomtno<\ift 

iD»e>j^oo c\jen'-oo^in--r*- eMvoitnininaTOOin oiinrnMeoeoin'-Oin 

in S ^ c 

tn •-" « to' i' ■-' ft tp V in m en p en •- 

intN^-- cntoSico cotoevj — 



CM p .. 
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acucnevj -veoin — tO-^^.. 
5or*-o ftcotOft^^Pftoto 
r)«-cuCM pent6fttoeD»-eot\jtn 

0)0 



V iD r-» CD in 
_ CM -- en en o> 
■* o en CM c\j 



r> CD 

3 en 
in 



eo ^ r^ ^ O to f^enoph-iniOcMin c\j«-mr^m(Oevjini^'* r^ooenoo--'-'-'- 

inm'-r-3in cn^epoo)eno)op ncn^pfiitnoioi^en ftcn'ffe\jr*.«-cneMOicy 

ojtO'-ft^-in incMvh-tDin'-to »-fyor*-ftftiniJDflotD ppoiw^flOCMvoo) 

in (D o' <o' to' * in 01 en V V p' p' ^' ft' ft' t' co' m' ai in in to' en a> en to' ^' m' in n n r- to 

e\jS(owftr^ CMr^N-enen»-«cn •-oJ'-r-mcjincMoeNj r-mtni^'-co eov-c 

^oooino eninr^inoivojin coinv'-enp'jeoeMcJ oito —ento cn^eo 



i 



r- — w O 
en in •- m u 
— — CM ■- 



^o — encMcno (M'-inej>e\icor>j'-"-^ aooo 
■-(oenmen«-otDin e\j cmcm-- 

en — in ^ en 



-enT-^f^ eno)wr^enrvr 



8ft ft in o en co'-ftph^tNooo Oine\ji-O)eotnv(or~- eo cm en cm to O) 

^ m r-^ t^ en ooj^(otoP'-r~- cnmtDft ~' "" ' 

o_ to en en o ^ ~ "" ~ ^ ' — — - . - 

-' in ^" en ®' in cm •- 

") ■v en en — 

enr-cn 

r-' cn to' V ft" V — ' ft' p 00 en' 



(O r- CO CM en CM <D a> ep p 00 CD 

mr- —eotn-C'-'-iO'-'-tD 

■* '^. ^. ^. *R ". ®. *'^. T. ^. ". ^. 

CM •- ep w' en to ft in r^^ to ai ^ cm o n- a> co in V to* in w cm' — ' o en en 

Spoin^ftr-in O)»-ino)O)tDc0(p'-® men — cnr^p h-*-<p 

ftp — r*. — ^CM --intooitoocnftcMa) vr- en e\jO)ft 



r* eo cy u 

CM 



? CM r- p u 



CJl 



r CM 



CM p c 



f CM U 



in p tO_ ^_ S u 
in o> r-' — ' en c 
V in en P p c 
CM — V en <o u 



?•- en o ft p ft in o>ento^ihcno>inen'- ft o o m <D r- 
CMCM'^OOft— " " " 

CM_ co_ r-^ — 00 — — P 
3 — ' en ai ai ©' ai — ' en iri i^' to ■-' o iri r^ — ft 

— - = o)tOiD^a>cMtp(pfttn 

-- = ^inoo 



p — pr-r-aSp^ OitOiD^CCMtj 
wpcninv-tfoto fttn — — pine 



v_ V — 
— ft p p' m' en en CM 
CM en m (P <d co cm 

S m — (o 



ft in — en m q 

r* (* fM .- p C 



1 ffl O) -- en r- o> o m o en ■* ft en r^ ^ — r^ cm cm ft ft p p p •« 

j--oi«-eo-- cMeoeoininr^enintph- ippeno)CMOitpcn»-<D 

- en CM in — CM n — <x> C) cm a m n — en ft oi r- o — en co » o v 

r tp in in m' «)' en V V i 



en^*-in«-p incM — — ininevj— incncncMpto^tpinin insc 
»-cnineMcn^ «tocMeoincoc\)— pipcMr-eotDin- mm tnm 
cMOOPcnto toineMOcnPftv enCMp — h-mptpcoeo i^cn 



2 ^ S 
— — n (J) 



S5 ^ r 
en ^ c 



)w cnmenvencn — 



0> CM en f K m K t- K o> ft tp ft 1^ p p p — en o CM p en m 

apr^ptBO) tpcypKmmpen eoocnenf-tovftCM^ -., _, . -. 

w m f^ en en ^ cm en cm o O) en «> m — p cji en tp m r*. o) — to cm f^. m — p v a) i 

cm' en V — ' to' o) p — ■' — ■' V m' m' — ' en to' o* V m 5" p v" 5 r^' co cm m' V — " cm — m — t;;;^ 



3 — cnoi — — ooft — — cMOicMiD r-pCM — pa 

r^ ■*_ eo_ ft_ m_ — (B to — to_ cm o> to r-_ ^_ m o) en cm 1 

m" p" V h-" ft" o" o* CM* o' cm' V^ en p' P h- m' to" V u 

VCM — CM— r^cn- encMcn^ oOf^oi 



en CM 01 
cy — p p 
CM— ' 



ia> yf — cn^rm^enc 
000 cntOftcpmen^ 
- - -^ p p^ 



o>penmpa> v^pftmpo>p poih-CMr^— cMmtp— pt 
pm^-ptom tp^pp^ppr^p cycnr^r^cMm^f^ocn mc 
^^■vinr^ft ocnftvmtotDcvj intDoo>aoo— ■v <o ftc 



r-en — ^en mpenm — r-co— of^c 



p 00 ■* P — ft eoft — CM — OT-^p 

enr^ — r^^f^ en — r^ftOr*.eop 

o_ ft_ P_ en CM ft_ m v en cm — at oj ft 

cm" r--' cm' — ' p ft' cm' p" — ' p' m' p" ^' en 

penenmmo> pprnpr-to — ^ 

■•- p O) p a — en en r^ to to 00 o (D 



<oo)ooo)<Dm'* — en 
cM'^tnencncncnmeD 
01 O) o_ to_ ^_ to m_ m m 
tp p' en p' 5' 3' cm' ft' p' 



— m CM m en 



-— cMcn ooencyc 



r p 



, _-)3rtcjcyKo 
r ^ ^ in 



CM CO o 

— ft 

CM CM 



s 



r^ en r^ ft p m P 
CM in -■ ■■" — ■ 

ft' p' ft" cm' r-' 

3--- ■ 






- v m r- en r- 



r^ p O) to V m 



mr- — ^pr^- oip 



pm^otppCMftcno aa '■ 
o — — ^^-r-CMCMenm mu 
encnp^r^p rv.o> !«»■ 



3 — ■« p en CM O) 

- eg in CO CM ft O) 

f — in — en p to 

— o) f^' CM ^' P — ft to p p o> o CM v' m' O) cm' m' cm' en* to en V — o en P r- o) ft' en — P 

vpmentotn — cmcmSiP — r*-r- ocMOppr-pftvh- O'»topenen»-ppcn 

eM_ en m p ^ en o — oi en ^. — o> v en O) o cm eo 01 v v cm cm m en cm p <d p i^_ — in 

cm' p" en p" en p p tP m" p' cm' V p' p p' en m' V^ cm" p' to' en 01 m' cm' p" tp" — —* o" — 

SpftCMft cnr^ — ppojmtp eMr-CMomocncM- ^ — ft cm — — P 

encncnftvmm — Potocn— — 001^ — — — cmcmcm en 



-f^ftCMCn— m5 — r^r-QCMcn — ppenppp — cmcm ■«enp— |CM , , ,o> 

i-ppr^(» cMcini^oipmen vcMpoicM^pcneMCD pcm — — in p 

p ■* ^ en h- to r-_ ft -w en r^ — m — ^ to 1^ v 00 rt p ^-_ — p ■«_ P_ en f^ 

in r^" ^-" p cm' — en" p* V r*-' en — ' — ' p' en* 00* in r-' p' m* p' p' 00' ^' ft' «' en p' 

ODPmr^p ^^mtnftCMr«.r«- mmp — mtpCMcncMCM CMm cm cm 

pcMCM'-cnpin cn»-mp ^eno— — — — 



-co r^p^cM — r^tncM cMCMmipos- h-p- v otp i** ift ipmp 
-t^ mp^mcnp'Jtncn r-eoocMeMpcMcncnCM h-cn p m cnmo 
rp p^enmftPvr- — eor-ompoi^ — o »-r* ^ en cnmcn 



•- ft en CT> 



V — eopmr- pmph-vopm r-o>enmeMpoo — pp — CMmcM 

— r^mftp- pmpoor^O) — <p enmoieopfvooi^in cnair^r^ 

en eo ft P ft o i^. •- "^. ^. en (o i^. oi p •» P m_ ft p_ — o)_ o_ cm_ o '■_ • " ■ 

cm' p' o" to' to' r^" r^" r-' r-* cm" ft* en* p' r-' ft' p' p" p" •-" p" p" ft" h ' 

— «tor-cn ppr-pm — t»m tp — mr-^cM^ v^ 

ommCM^ cnmcMOCMf^co— vcMcn — — t-t- 

en" — " to' to' m' 



cm" V 
V p 



enPoicMpr>- — — vcM — CMVr-^ — ^ — f^enoppmto cMinpo 1— imCMf^ 
r-- opop pftKr-mvftcn cMtpcM-'i-r^r-^-ft — — -tfmcnp o mo — 
npenftmm ooh-otpo» — o oicMftor^r-— ftcnCM mpenCM ft r^r-p 



n P 

p' en" f^ p" 

p m — r- -. . - - 

r^CMCM — CM ovc 



D en — ^ en ^ 



sr^cnmtjjr^ v — r^oito- cnm cnr*.pocnCMenwpo pmu 

>opCMO^ oep- cvjcMPcocn opoipmom — enp — ph 

5 m to — ^_ in o_ v_ tM_ en p o_ P p cm r^ — o cm p p r- — o m_ ft c 

■i — id' V 1 '' 1^ V ft '^ "■ to P O ft' m' p' p' 00' p" v" v — — ' ^* (O 

r^tototpcM p^pCM^ — CMV ^r^cotooPcM- o^ cnoo 

en m p to ■w en v en m en p m en to cm en — cm o>j cm en cm 

m' en'—' — — "— ' i--"i^*in* 



15 



m — o 

en CM* ft' 

— »» 



P P CM CM r- p 
CM O h- ft CO (D 

— — !--_ cy en m_ 

in p' 01 — m' eo* 

m IT CO O — 

CM CM CM en en 



I P CM O) o o 



cM^f^-^pftm- r^mmpppo^m— p-»-i*^ 1 , %j '■•i 'ji t-i \-i 

^jtor-cnftp- o CMCMr^»-cM»-^^o)— cMcom cm — to^P 

o ft, to — — ft_ m CM p f- p o) o> -c o ■c eM_ en en — • cm- ® v_ cm_ 

o' r^' m' ^' p' V '-' p' f^ ^ co' p' en —' ai to' o co r-* m" 

cycDPnotOfDw — o>j — o-"!- — coco — en 

CMOIP^* — — ^- CM h-mCM- — CM — — 



■wop — — r^ pp — ■V — oi- T 
CM- mcntoto — om^for-Po. 
m o> — to — 1 en CM p en to CM o_ — p P * 



o P w CM m r>- r>- 



t " I I rx r ^ 



D m m en en m 

n r*. r- en v " 



-ippcn eMmh-ir-xrh-'ireocn ic -9 

m-wcnenpp -it- mcMcn — cm — cmcm oor^ 
totocMa>cDcP ^oicncMcnm — m cm 



m CM CM — 



3- COCOP — PCMCM — P(J 

p" o' p" V p' — to' oj CM o" p' CM m o) CM en eo CM » en 
pmeoenm — cn^~meM — O"* penmcnh-oi 



O'Tr-cyeneyen- ■v — m 

oococMOif^- enft— enCM 

ocnto^to- CM — r- mr^ 

■^■'0' cncM 

CM o m — 



— 1 tn en o 



I 15 It 



Sin 



p m en tn m en ■^ cu oj 
o — mcnto-v tOTf — 

VCM'WtnOO — ■CCM 



Dmh-cno) r-cM — oi^moDcnr^o eno) 



(D^mmoiO) mmppr<-pr^p wp^oiv 
o w en — o ft o en f- ■- CM en p p o to — en 
— -■ -0 ^ ^ en — 



— »- ■w oy m CM 



en r- tn CM CM ^ _. _. .. 
— p*-eno)oowo> CM tn 

o>' cm" o" r*" 
I m en 



I I , tM I tn □ 

I I I r:; I ?»: 



enPO) — — m oeo — — ocm- P CMcncncMp^r^r^to^ cmp , 1— v 1 '-cm 
om — — ^o> owftt-ftpoen poien — — toooiwcn enft cmo r^m 

pft^cMr^cn r-encn — cnmcMtD mcMtooioir^mcnocn r^p — m pcm 



tn^r^p — p peni^i^'Cf^en- oocntor^en^ 
— tp p en p CM CM to p r^ — en CO ^- — cm 00 — en ■^ 

to — — r^ CM OD — <D ^ CM — 



en m 
r^ m CM 

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op ey en p a) 



i-CMco— v— tn- 



■V r^ 00 ft — 
. _, o CM en m p 
■vcnotfiveneoot*- 



"C- P CM U 

p m — e . 

m CM o o O) r^ 



mcMpooo)- eno>mco — mr-r^ t^ — cnmpvaocM 

pp^en^O mr^enr^enr^CMp penpeyof^cMa) 

ftintor^O ©worsen — o>0) ftO)r^co — ^ — 



(Dco^PO oipoin — ■vffltof^ — 

_. _. ___CMCDeMmen to^TOiTCM — 'ffr^.pm 

o m m p CM ■« en P O f-~ O ft -- in en 03 P_ — v_ • n-_ p p 

00 o" m' — m' p' CM o) h-' 

o^-*0 CM r^ — — p 
f>- r- — ^ — en 



- r- p — O) tj 




31 

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82 



Corporation Returns/ 1977 



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CM CM CU ^ j- 



mtor^waioi Pi ID n r- Pi O} at m ^ cm o 



acMr^CMCM (00^^^ 



Pi r--o>^CMmaor^CMmo »-^«oo> (DcD'- 
co o>«(Doi'-0)0)in(Dm cMintoo <D cnN.cn 



ocncoui^ CMf^f^cDt^r^r~^ 
^cnN-OioD intOTifltocJicna 
»-' »-' cm' ui »- -- •- cm" iti 



CMlD'-OtOQ^OJ^CF) 
CMCDCOCOTOV— h-CM 


(O (DCMf- 







cocooinoo cMf^oo(D--*n*nco co(J>'-tncoocM'-com cm<d<»(/> iCO 

cowa)i«i-cM cocM^'-cocscoo o>comr^ocO(D^(DcD co(Ocmoi r^ 

tocMCD^cj) ooD^OtncMcoin mm^aotoco^oicoco ^od»-co m 

•-' <£> ^ ^ fD r-' r^ cm" O) f~-' co' ^' ai cm' r*-' in' ^' cm' oj r^' to' o r-' tc' v" eo" to" n-" 

n r- V Ui <D coxjom<DmcJ>r^ CT)or--a)r-icococM^ to© >- cm 

kn O) CO r- (D ^ r- O) f^ r- </> r- in ^ ^ tn >- cm co (D to m cm — 

O) '-' in •- CM co" in' in' cm' 



3 <D cy CO eo «- 

5 CO 

r -- 

CO <D •- •- o T- d ai T- CM 00 Oi -r-' to to (O' ^' to t-' r-' o t' to' co" co 

r-^tocoa>oh-o>^in(D^O) or-moomcoococooo r-cM 

^ ^ '-_ (D o> ^_ co_ CO co_ co_ (o_ --_ ^ in r*._ in •- CM CO »- to co co co 
o cm' T-' ^" V ^" CM cm" "■" co' r-" co" ^" 



CD T CM CM 



Ol CO CM 

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TCMCM^Or-tOCDOOcooj^ cDOC»cor^in^ — (DO cor-coo i^ 
a>co'-eocMCMo>coinT^'-*-CM m'-r^ffln^intovcM co^inr^ o 
p^»-r^'-cMcooir-ooocM(D "-"-oivtocococMincM cMOmoi — 



JOicoinr-v ^in'-iDCMin'-a. 
r*-a)cotocDcocooinof~-cMin __ .. 
O)cocooo)inh-cn«-ffir--r*.'~ Oinin^ 



. -- tn '- o 

o •- CO r^ 1^ 

— _ CM cD_ m 

' co" co' 



O CM 0> CM in o 

in CO »- p^ m CO 

^ CD CO CM CO 



i~ CO (O -- tl 

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0)'-^(Dcoinr-'- 



5 CM o O) •- CM ^ in CO m eo 



COOCDCMO CDOD^OIN.^ 
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cocpa>cMcDCMomf^^ 
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COOCOWOJCOCO'-epCMCDCMin ■tfCOmCMCDCOO-VOr^ Of^VCM.eM' 

inr-'-incor^cO'-»Tin^o eocD'-r^in--^cMOtD oiocMOir^ 
o)'-oin^r^cor-0)CMcO'-ocoeDco(Oinoincococor^tD i^cm 



a> V 0>VCM--'-CM 



m CD m CM 



-TOCDCOCM in^CDr-CD'-CMO ._.__— . 
coincooito CMcoino'-oo)'- eo<-<0(0(oci 
^r^cotococJJV'-CDintocO'- •-O'f 



CO CM -v 
h- « ■w 
in ^ m 



cMff)'-ep^co inco*ccoo>tDinv 

co'-coiDoO'- CMCDOioo>mcMr- 

co (D r- eo_ o — _ oi co ^ -- m oi co cy_ 

O) o oi v' V v' to f^ '- CO m" iri cm" 

CO^r-O)^ •-CMCMOl'-^COCM 

^OCMOIOO (DCM^CMCDCMCOr^ 



eo T 



in CM •■ 



CM CO 



in CD (D 1- 

_ . CM en in CO 

^ o CO in '-_ CM 

CM CO CO o co" ^" cm" a> in co" cm' ^' cm" t--." 

ooocM»-r-tocooo ■w.-^cm 

OcD'-cMCMt mr- (Dco 

r-.' (D ^" 



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CMCOOIO Oh-'-'-CM'-O)^ 

tMCM--f^ inO'-co — fOOTin 

m o ^-_ 'J CO o r* in r- ^_ co co 

cm' in Oi to" cm" •- co' iri to" o r-' o 

r-OlOiOO (DO'-l^'-O'-CO 

incMCO-- coco(Dr^--^tDto 

^" cm' cm' y-' in cm' V cm" cm* co" 



»-CMOocMi^ma)mcM 
•-•-<oo)0)CMcoi^oir~- 

m '-_ CM_ y-^ CO ■^_ in 'T TT ^_ 

o' co" en" V CO* co" CM* o* to' --' 
co'-ojr--o>^coo>'-CM 



0'-o>tDini^^-cotDco 
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cD_ o) CO --_ r-_^ co_ • co_ i^_ o 

co" cm' --* ^" ■-* CD* •-" O" --' 



eocotoor^^ O'-vr^tDr^moi omeotoCMCMOJcooJCD onvco 



OJiocncoojcoo^'-'-cDtDtD 0)CM^O)0)i3icM'-eoco ^»-.-»-toin'- 
<D'-a3i» — cD®cDCMnm^'-o «0)0)ino)'-vvcMin moco*- m*- 
a)tDCMOiinocMa5'-a> — r-cMco r>-cM'*-cocMr^a)oo--to mcococM o» 



ncMtoinocD^"- 

-OO^VON---*- 
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CMCM(OtJ)h-^0)^o»- mtomcM 
'-vooor^.'-cM^cnin a> o> • 

y- a> r^ y- CM •-CM'- 



■- CO CM T- 



~8siis 


ior-ifa>r*.a)CJ)v 
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cgr^cy*cO'-Tr'V 


0)£tJ)or-.0'-o)CM?^ 
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CR CM '- '- 


CO ^ CO '- 1- CM 


CJ) C» (D 




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CO CM In CD o CD 

05 O CM CO O CO 


T-Oji-T-m^oo^ 
tDin^'-inoi^to 

tDt-COCMtOCnCM"^ 


O«co^co*-O)inoioo 




coco CM (0 m 


CM to CM CO CM CM 

f^ m CM V m 


COCMCOr-tDCDCMCJ 

in^ootDintooi 

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CDCO'-O'-tDI^COt^CO 
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T- CO •- 


in h- m in T- 


(jjin'-ococotD-- 


(D m ^ •- -- •- 


•- 


m 



CD to O) O *- *- 
•- V 03 CM in ^ 

r^ in h- to h- •- 



■«r in CM CO cy o) -IT m cm -w oo o t3> ■^ a> r- co to o oi m oo •- c 

■-cotDCMCMin^CM mr-o)00(Dcocoo>^to omcMCOin'- 

en co_ co_ o CT> ^ CO h- to CM CM to CM_ in ^ to v_ o o in in O) a 

ai co' O) f' ^ in" co" r-" ^' in" co' co' m" o V cm o co' V w '- co' co' to co" aj cm' 

r»inoo)»- •wi^ioojfflinco— -^ -— ^' 



I to CM ■- 
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. -. . , . . _- t m Oi ^ ^ CO CM CM to 

to O) ctj 00 ID o> CO f-' CO v CM CM CO CO O) r- »- •- -v com 

^" --'cm' to" in CO* 



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«lCnV'-C\j« ._. ___.,,. . _ 

SI-0OCM(D OCOO'-r~CMO)lfi OCMCMOlOlCMCna^e 

T- en in CO in r~ h- -t ai cm cm o co i£i ^ ^ f^ o cm in r- c 

y' cm' V r^' f.-' in* tc 0> en oi lO r^' to r-' r-' CD oi t-' cm" cm' V in <D <o m ^ CM 

nom iBcninr^cMr-r^v vQCMto^cn-- mv 0)cn 

_ _ .— _ -- 15 en •- '- 



CM »- in *j 
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CO m CM (^ u 



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coininoeoco ■■TtocM'-irootDin ^inin.-(0*-a5(D--o otocy 

r- ^ CD in CO C0_ O) C0_ CO_ cm O ^_ '^ to cm --_ co cm ^_ co O co cm r- CO ^_^ CM 

o in v' oo' r^' in cm' o ai" m' ^' ^' cm' t-" o" V o o cm" -^f' ai r-" in ^' ^* cd* ' ^ 

C0'-O)0>ininin^t0toto>0'*- CMCJi»-tocMr^r-ocnoj m^a- " 

CMCMOJomineocomoco^in oimmmcMco "-^r-. m*- . 



I r- to o> 

r- ^ CM 
to CO in 



o 3c 



gcotDin--xrr^ina)(D 0)tD"-o) iO) itooj^ 

icococnr^r^cMOir-r^ tD'-^o 0» oco^ 

M ^ CO CM 01, ^, O l^_ y-^ CM_ Ul ^ CS ^_ CM_ 0)0)0 

r" ^ r- co" o> ■-" to V O) to" •-" oi *- cm' »-" to' co" iri to' cm" ai to' co' cm' cm' cm' to' ^- * oo" ^ 

j^tO'-inr^inr-coor-inT-o)in«-inTr«- mtooco v*- 
>co cocMO'ffCMin'-cotocMtDinto '- t-.- 



-tO'-'- CM'-cowa)r^oo 
DOJOin cooj'^^^'-coo) 
ooiinco OCM^O)^ — inoD 



o)r>-«-0'-c«j'-Kr-o>^cO'-to tttDTOincM^T-cMCM co^-o) iincMcO'-into 

cDcO'-CM'-coi^inoi^oDcoinoJ inco'-in^inincor^in coinin CMinr-tococM 

V CM r- O) r- fD_ tD_ o CD CD o> c3> CO r^ in — ^ o *! cq co cj> in in oi ■* cm v_ • v, cm c» 

^' ^' iri ^' cm' r-' f^" r^' ^' iri cm' cm' V o" rC iri cm" o cd' o cm' to" tt co' o a>' ' o V to' co' 

cocD'^'-oincotoin^ccoeO'- eocMiDcor^r^inr*-coto mcM cm cM^r-- 

o y-^ r^_ co_ I*- in CM in ^_ o t*-_ ^_ f*- o (d_ «_ to cm ^ m o> m •- r»-_ 

O* CM* — " cm" v' cm' co" »-' *-" cm' ^' O" ^" '' 

y- CM CM »- 



sig 



o^^vino or^moh-mco* 



0000>OCO(DO)'-tO ^ y- eo , , O ir^"» 1 

comcof-a>tor^O)ino oito-- \ v inco 

o) CM »-.•-. r\ a> • • o) to ®. in — co • cm 

o co' oT cm" * * ^' 



vtDcoomr^ cD^oomr^cncD CM'-coocomeor^ov oco i 

coojcotDf^o coo)ffl*-ojN.oiCM o>p^a>or-0)»-intoo) — o) 

CO o 03 tD_ "« to o CO CO -- ^ in ^ CO h- co r- o r- O) to O) CM to_ to_ r-_ 

iri r-" en" V 1-' o CO o o co" to" to" co' cm" cm" iri t' ^' V to m* r-" cm o ^" o" ^^ »- •- oi to 

CM<3)'-O00^t5O)in(0CMtD^0> TT^OtDCOtD' !•- ^i- "_ 'OJCM 

'-CMCMCM'-intM tf ^ ^ ^ O)C0CM ' y- . 



I O I o o> o> 

CM CM S CM 

■w o> »- m 



tor*---oo»co oocDtomocooo tococoino 

r^ f^ t^ m a> at r^m^ococotDCM - — -.— 

toof^inf^co ffl»-tooinin*-m 

•- oo iri »- co" to" iri ai iri to' a 

^ in CM to CO eo CO CO o 



^coCMinacMtotD r^o> eocor^ 

v^.cMCf^'-in'- r^to ■-CO'- 



inr-fOJCointDOcoiDOincoeo eoinr^cocMirr^r^co^- r-CM 

cMtor^CMinr-t — -— — ' - — — .^. _— — 

o) CM o CM in r- 1 

v' co" ai co' ^" co" ai to r- o iri a> o" ai to" co ^" v c 

'-^00)in(DOVCOt3)(D»-CM^ OtOVCM' 

(D'- ■- CO-- y- ■-■- comco 



itDOcoiooincoeo eoinr^cocMirr^r^co^- r-cM . r ,•- . 

■ inr*-in'»'-or^*n ^r^-wtor^opO'-'-— oir^ cm 

OtDO^r^'-0>0> co — r^votooototod) r-o to 



ootntoiof^vmr- 



1 ^. ^. ^. ^. °l ® ®, ^. <". *^. o, 
h-' to -- co' oo' to ai co' 
oitootoincO'-in 
^ CM 1- •- CM ■v 



OOtDOOO'* ■vti 



cTiinincD^co cDr-p^r^p^cMC 



r^OOO)O^COODCMO)tDm--COO» COCOOlCMr-CJ) 

CMintococoincM^OVOiOicoco ocj)«-cmcmcm 

r~CMCO^CMCO--CM0O"-CM ^•- — 



(D eo CD ' 



T V O 

CM O 

■c'r-' 



E 

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CM o CO «- 3 r^ 


tDKinoitntococM 


r-Tfcovr^inr-woir- 


a- 


CO CO CO CO 1- 


»-0)cor^inco»-T 
tD'-h~ — ino)eor^ 
oivinoDf-ocDOi 


3SSgS52SS5 

i-ineominO'JCMcoin 


2S 


CO r^ V CO (7) 


vujco--CMincM'>r 


sa?-^" 5S 


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incMCMOinoin--eoincoi^tD(D cMinino)^co'-incMto intor*.co'~o>vtotD'- 

'jcMOD^'-ooD'-CM'-r^otDco cMOCDOOj^ojvcMco cor-cotomcMVcooir^ 

r-o^T-or- '-(Ocoinmr-oiCM oi--CM'-vintJ)CMmin vtqr^r-_oiD_-*r^_OJ — 

v" cm" t' co' oo' co" cm" o ai co" co" co" •-' ai o" m" eo" cm' o" to" o ai r^' to' r-~" oi co' cm' cm' o" oj ai to' 

»-CMCo<3)vococM<oi^cMOO><D inv'-eomf^tD'-'-co tt-- cm cm cor^m 

CMCMr-tDOinCMO)OJcoO)'-otD inr^cor^O'-Cf^inin o a> *- cm cMOin 

•-' V iri o)' r-' v' to CO ^" CM V co" v" 1-" co" cm m oi ci V to' iri ^ to" 

(» CM -- »- CO 1- eo ■»- T- CM tor**-* »- 



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Corporation Returns/ 1977 



83 



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in CM CM o CM •- 00 CM -- o -■_ CO r- 

CVJ CD CM (D U 



SOT in CO ■- O CM ^" CO 
^cpr-cM'-cyip^ 

— 0^'-IOC\JOO^ 



8r- I CM »- (5 CO •- 

S I O) n en CM CO 

-ft a) tf> h- »- (O 

5 CO in rf) 



(OCMtOinCMO CM — 

»ncT)coinr-.o cm»- 
(MV'-moin •-co 



mcMcoor^ inmcncM 
commence cdco<-cm 
cj>in--cofM omoiD 



CM^ioocoo cownr^^moco'-cp ocD^£mcocoa)CMmffi 
O)<or--e0'-v coincov^cbr-cD'-ro tJ)a)T-cor-in--'-0)S 
cncncMOcor^ inin(£ir--o<DOiW'-ro iococmoocmcdco^ 

CM in 

in CO 



-or-— commcDcovoc 

-' CO' cm' CO" CO" 0> CO" OJ —■ CM —" 

1- CO en CO CO 



<£) (O (C CM 



h-TTVeocO"- oiDO>oco»-coco inmcooincO'-cMr^O) cp^^Qcjr^ 

— - — ____-.__-..-> ~ — -D — ^ — — cpom Sir-.--(C(Da) 

DCDO'-'W?^— -■ — 



g' co' >n <o co' c« i' cm' •- r-.' co' cm 
■- ■- CO -- — "-co 



ocno — cM flooi — « 



^cocpr^ 

CMWin'ffCOCBCOOwO) 

^" •-' —■' o> 

CM CM Q O) 



-CMOincMCM <Dm<ooCT>m«-f--c 



CD CO CM h- ® CJ> CO C 

CO CD OD oi r~ oo' r-- co" in in r- co cO co O — in ^ f^ co <5 (^ r-- 

inr-.CMcoin CMCM^r-m — co^ r-^Qr-Q^^cpcotD 

cMO'-'-co eowcMin — — CM^ cMinOTtOOTinin^oj© 

cm" en o in v" oT oi ^" n-" V ^-' cm' cm' cb cp to* — * — «■' V 



1 CO CM o c 
p CM CO in a 



^ ft oi 



cotnCM — o»v fflincovcocMr-a 

CM^comaim n-t — QcDoin< 

*- Oi CM h- r- p--_ in ro cy ft •- en CO li 

^T »j ci in cm" co' (D in r^' in co* en ^* od r--' cji en" ^ 



CO ■- — —CO 



r-— f--CM — — CMOTCMS) CO^CpCOOO — CM — m 

^r-coco — CMCDcocor- cowiBcd^Siocmoco 
cMCMr-vcncocom — « cycowcB- cor-concM 



p) CO gj — en 5 
CO — o 



3 O ^ CO — ' 

D — in CO oj » 

CO CM — 1^ c 



CDcnr-CDCMCM Ol — CM — t^OOCM 

OO — (Din^ VCOCOCMO)" " " 

co_ o O) >n CM_ >n <o r-_ «_ o to 

a» o in to" — " r^" o o" (D oo" in" 

■^OJVOft ^ODinCMOO 

OCOO^— COCDCO'-O 

co' co' oi v' cm' in r-" en* co* 

CO — 



oocM (O — r--ocDOO)>ncDf^ en — ocoeoeo — co — r^ 
<pin^ ocpoco^CMincNjncn cocm — ncoipcoomft 
(DcncM co^ocococo^cor-co cocotD — CMtomcococo 



- CD_ ^_ cq r- CM T 



D*- ocp r--fMin fflv- 

-— CMO — r^r- O)O)C0 

- r- CO in •- CM CO 



jinco— — cococo — 



_ . . J m o> o) 

cu in f- ft r^ O) — 

in CM_ CM CM r-_ CD 

to* CO* cd" Q co" CO* o CD r-. CM in CO o I*- 

^CDCOCO — CM irCO — ftCMCO^O 



Smoi o) — cn — cooocp^ tocpmininQcoinco^ cMcoo^r--CMfflr^r--c 
r^ O) o> m CO o CO ft CO CD cy to r^ co cy cd p cm p — in co ■>» ■^ cp to •- co cm «■ 
CMr-CD r-vc\jcMO — co^ ftr-h-cDr-^cDCMftft CMtooo^ftftco^cMr 



icMcoiDcncMr>-r>-eo— cocm — OJf^cMOCocu 
jcMcoco^coftco^^ — m — vft coco — 
Jftor- — — com^^ COO) — — vin 



■w m V — 



TcococDco— ftinftinft-o-cDoj ftco^cD — inincoftO) r-.— 
--■-jco — 5 ?il???0O5?t:i*? fflcpin^incMCM^oa ^co 



pi^toinm — r^coftr»-incoeo 
lOi^cMCDin cococMftftr-- — r- 
o'cm'cm— " cd'co" cm" — " 



o v p 

CO — CO ^- <D iri CO CD cm 1^ V C\j" 
— r- — — (Din — ^r--^ co^ 
ft_ in CM r- CM in — — CD O co cm 
cm" cm" in" — " 

CM CM — 



in- — ^ft'lj TO;, 

in — r^r^Oft — OJiococDmcoft 
mh-ooococo comcMtojcDn- 



IDCOCODP COCMCOneOftftTOCO 

— — — COCMCM — COCOOCO*' 

p V_ V_ fD — CO — CM T 

r- in r--' 1- cm' CO — cm' ft' T 

COCOCOCMCOCOCDOCOr^ 
(DCM — r-CMin — CMft 



CO — r-eoco- — coftn^^ 
CM opr^r--coftinco(Oco 
O) coft» • COP — CMino 



ocococD»»co TincocoincnCM- cocDcou 
cocMcocoft^ CMr>-cj>OTCDPr-. CMr^ft" 

r-.^CMCOTtD <DfMf~-CO — (OCMr-H SCOS? 



3(D — ft CMin iO-9Cp I 

rcococn coco |co^o | 



- CM V in r^ r^ 



« CM — ft p in 

— ■>! r» ■<j ft cr 

O — — — 



')eo — coftinm co- 

■-■ -COCM— ft'V 

CM CM — CO CO CO 



cs= 



cDc»coTftr^ CMint^r-.cMftftft — moci 
(Dr--r-r*— tJ) vtocoPO — ftm nmeoq 
inr-CMCM — OD cypaoftcoi^TCM tt — p-c 



CMCor-CMi^in co — moinr-cnm 
r- CO CM to CM ft r- co_ co_ t_ co in in ^ 
in t' to' to' t' co' t' V i" in oi o' co •■ " 



'23 



— in N- V 

— * CD r-. CO 



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r^inm«« cmo — copio — op-t r«.«-(OOi9^coftco 

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CO ft o — in V w CO 00 * CD CO -w ft_ p co to ft_ 5 cm r- ■« f^ 

#' -^ p-.' (O ^' in — ' cm' — ' o' p" — r-' ft' ft' in ft' to in to' p* r-* m* m' «* cm' p cm" v (D cm' 

^ft^inin CP5I-.— opKinm ^ininCMcBeD — inpm »-co--Si cp cBcn 

coftpftco pcocMr-cJDTtDV wincooincotnp^ft v ^ — rt «icm 

in V in — ' CO to' r-' V ff) in cm" o' ft' p" cm' — " -tf •-" ft' t' cm co' co* co' (D' co' r-^" ft' 

PCM- CMCOftft cy^vr-coSi- CO — — — ^— ^ — 

V CO — — CM CM — 



-.- ,_ .. , -,- — mpftCMcoco f«>mm«,v» 

. -. UCOP»-TI-.CMCM K — CO(0'WPr-'9CPp COlflCOCM^ 

— s- r- ft ft T r- T ^ — m ^ cm to p r- — cm_ r-- to ft^ in m co p — co 
r-" p*" co' — ip" h-' t' ^" r-' in p' co' — ' r-' t* p' — ft' r-* — to cm' r-' t' cm' co' cp* in 
CM — ftCMft V — (O — r^^t^co opnK — ^mp^cpcM r-cp co 
m CO CM ft ftj — p r- V CO ft co *» in in ft cm S co w — o tM — in cm 

— cm' — — cm' — ' ft' co' co' co' in m' p" ft' cm* — * — * — — ' — ' — ' 
T V — — S — — 



CM 5 

m p 



CM CO (^ ft CO ft O ■» cp CO CM CM -W 

coco«CM»in — coina- (p« 
— dSftTODco cDiDr-^- inoD 



in 

CM 


r-. — m ft CO K 
co xr CO — ft Cm 


T ft f^ CO 
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ScocMoouioScocoT 
r-oor-.- pT f^oD»- 


s 

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CO — « OD — CM 

S?t:gSi§8 


2 <C CM 3 

Sj •- CO m 


cog*"--!© ""oS 



- CM CM CD ft 



— cppftcoft pftcppT — CMP TCDpinftr--<pinaQCM copftco .oDcumpai 
CMftcoto^cM or^cDSior^cop ^^co^pr-pp^m cMoitocM in cooin 

— i*-coco^to ^ttoco'tfco'TcocD CM — OP-vinr-<£co— vmcoin — (or--ft 



. _ S CM m — 

S CM CO — in m 

ft' cm" — " — " co' co" 



Sr-eocoft- intOiOftco p 
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r- cDcoiOTcom cot co 



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m in p CM ft — 
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r-. p- p- in in to 



— — (pin- in incp 

ftftpp- — CD fto 

CM cp ft a> ft CO 0D_ P--_ 

CO O" id' P-" T T co' — ' cm' P^' cm" ft' CO P 



CD cp m T p 

3^ <D t- tti 
in CO 



ftco — toco T — p-TCMoyineo cpcoma 

in ft ^ T P^_ CM_ tO_ T CO P- ft ft CM_ T p to (I 

m' — ' — ' — ' co" t" cm" — " m" t" — cp" to" p' 



in p cp m o 
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P-P^CMTCOT CMCOft 
T O" cm" — CD T to' to' 



SftcOT- in cMCMftcoiDP-inco cpftocoTmi^cocDP* tptpvi- .cp .cmodt 

ftftP^CPT ftTCpinTh-COCM «PP--ftP-0O — CMCO— iDf»-CMCOT^CM« 

— cp m cp CM o ai p T a> — p p-. co ft oo_ cd_ ft oo in — ft m r-- w oq cm in o oq to co 
*" o 3 — S ft 



3 CM ft ft P P^ 
S — O — CM cp 

J — T T ft in 



) CM P T CM CO (I 

) to — CO m T tl 

J CD ft CO — CO 



CM m — CD o r- — m (o CM T cp CD CM i^ — to i^ <p oj cm ft k — m m ft — co m m in p m 

CDTftl^OOCM CMftT — OOCD — m mft — — Pftp — CMP- — P^OCMP^COCMinoOCO 

r-_ co_ o_ CO r-_ — o_ p--_ ■^ cm p in cm cm to cm to ft cm co cd r- cd — cq v — cm o p — co p ft 

co" cm" cm" in* — ' T* — ' t" o" t" ip" ft" iri in ft" p* cm' in ft' oo co — ' oo h-" co t ' ' 

STf^eMO »-in — coftamT TCMcor^ptocycof^in ftoo 

ocMinr^ ftinTTcOT^CM in — — peooo- — tpoo pcm 

o" — ' — ' tJ> T cm' co' eo' — ' p' (D cm' 



ft p^ p 
— to o 

<D - 



TinTiomp ftftr-ptPTftCM aOTh-ooCMpmcMr-m cmop.— — ipcoco 
ftcp^coftco (omftpt-CMpft pinftcocopcuco — CO cm — • cpcm intDT 
pcDpinpr- — mcMOPOTin cot- mftvcocopco r-p r-h- mTto 



ft o T CO CO r- 
■w CO ft eo r-. CO ■« 
CM f^ P eo P-- cj 



mcocpeococo ov- ncMTtnft co — mmeoppcMPft pcop icooooi^r^ 
ftooCM®coT pp^inr-cscocop — copinmincocM- — opco cpf^r^of-- 

T — r- — — o coftinTTCMinco a>pft — ftpco — pp coocm in» Tinco 



? ft CO in CO in 5 o CO p T 

SmCMCOft COPCMCOCMCI 
tTCMftft CMTCO«Ttl 

-'cM'm'ocD' 

— to — ft CM 



CO P ft OJ C" 



Ptp- pO— — TCOCO- CMODCp PlCTin- CMr^TO— TCOCO ■ iCM ,tpt 

coooooflpo — cocMCMPCf^in cMf^ft — peop^Tp p^pcm m cotp^ 

pco — CMCor- — coppp^CMCor^ OftftoeocM — ^ftco pp- p CMCMin 



p-p-T-pTCMcop ftP'-cor.p oin ocm 

m^T — cMcoTco fta>co — — CO ~ 

m— — CO— CMCM — 



T' 



8 m T Cp 
ft CM in c 



- P- CM ft r- CM P- 



M in f- ft o_ o o — o) in p as cm 

r-' iri p-.' — ' — ft" p co' iri T eo' p' ft' ft' ft' h-' — " p' m" p" ■-' * «-' m" co' co" * 

— oopcMf^ft pp — — eocopft pcom — — CO* tco — 
CM— — pro eg T SI CO— ■ 



ft p 
P •- 

— CO 



ftcoPTi^cP r*-cMtocMftcor--r-- ftft— — r^ — r^cor-cM r-.coT<©cMpp^incor- 

TincMffl — CO pr-. — — oftpcM cnp — cmp^p^p^cmpco moT — T«r~-cocoP 

— T « CO T in T 1 CM ft o CO p — p p T in t t cm_ in p ft — p ■* eo cf> — r- r- ft co 

— co" CO* 00* cm' I--* to' CM* — ' ft' V ft CO iri —' p" — " p' T cm' p' p' co' p" ft' V T K oi p--' ft' p' p' co' 
CO p CO in CO I-- o T to ft in CO T CO co t P v cm k k r^ p p to p ft in ft p in ft — 
CM CM p_ T p p CM p oo_ CO in in co_ r-- in cq ft_ in — eo_ o_ — P p cq t • - - - 

cm' co' r-' o p' cm' cm' — " r-' o" o" r-" p-" co" — " iri «" in* t ft T* p* r-" — " r-* c 

oocoo — o pcOTCMCM — TP mpp-dcMT — — oo OT ' 

— CM CM — CM CO CM CM — CM m p m — '- — — 



in p ft 



m CO — 00 m o m p t cm — o cm m ft o oo o p- p t in cm — p o o p- co m cm eo o) p 

— or-cocMin ootDftpeoeo- p T»TP-coftotpeoor-- OPOP — — — cmtcm 

CM_ CO ft_ ciS ft — CM CO CO CM_ CO ft p (6 CO P-. r- — T in o_ cm t p p- r^ ft ft p n in r- ft p- 

iri <o' t" cm' r-.' p' r-' T — " cm" P-." co" p" — 

ffiK^ftftco ftr-copffiftcoco 

P-COlDCMft tD«P-TOf^ — CM 



-COTCOOPOOftftO 

- T ft CM r-. P-. ■* ® cq cq 
ffi" h-" CO cm" m oo CO f^ m r^ — " CO iri o" co" ft* ft" iri p" in" cm' p' o' 
coco'-coT — CO Tinft — in co — ft — — cm ^cm 



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<pot7r-oi tn»-^r-o)inin(o *®co*r^(OCDmc^o ^oi cv a •-m 



f^ cj o u 



br- '-wa)r*-inp>ojoj — CJ — -■ — — 
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r- "- CD evj CO o) (m (D 

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(OCDcoocnio-wvinco if>N-a>o 

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^ O) o CO r*- r^, CM (O »- CM CM (D "- r^ 

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— »-»-f*'-in O)^ — "TO^fMcn •-•-in»infM<oocnr- of*- v m mcMto 

en tn f^' in fi m g <© <p in en tp" o --" o> oi m" o en o' e» cm en o in «> tD -w' at -vt 

aStnenf^o CMaa^'-QS'- mtnto-von^'-'-ep $q en in^ 

Ainoeor^ cnoinenm<6o>m ^T-mtovn^^^Si oin ocm 



M(D»-0)VI*- CMiniOlO 

»- CM in en o O iD ^_ co_ 
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m en ■* •- •- m CM 



m »- CM m 



oienco^cn Qooc5*-r-^^cj cninmoir^r^eooieom «(© 
CM o •- in CM_ <q ^ (D CM h*_ ^ CM tn O) a> co (O in v cm to r*. en S 



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(O (O (D cn »- m en •- e» CM TO CM en m eo 5 w k r^ <p en en en m cd en ^ cm en c» cm 1^ o m 

r^r-vOmcp CMT-ecainfflrtS '-WQWaiSi^cM^tD eMr-Q»-cMOOcncn^o 

^ CM o o <D o CM_ in en O) ^_ o '-_ Si en v in m en cm r^ in a» r- to >--_ w ffl cm o_ (D o» o 

a" tf> ^" pi <p" ^' f^' C ^ ^ <^ tp ^ V w O) a' oi" in Q r*' V 5 5P W ^' ^' en en en" in cm 

Si o> 01 ^ ^ h* 6 »- •- K 5 en in o cp cc m o o tp '^ o> cm »- cm «S •- 5 en 

en (o a> in o o «-_ co en en oo_ ft a> ■« a « o_ uS f^ •- — rt ■« oj en en in 

S" f^' fv." cm" cm" eo' en" «) cm" en o V cm" to »-" cj cm" »-" en 

1- 1^ r-. in 



oo»-r^iocMr^ — oi^eoocneMr^ "-incotp^en 
h-^O'-cPi*- mcMh-'-op^ioeM toenvnoiO) 

cyCMincoincn r>.r*-oeooo«-CM r*.----en(oeM 



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en m 

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CM »- 



Ss encn-tfr^ipr^-inr* (OCMintootoin 
Oj ^CO^(Pin{p(PQ T-^(DT-cnCMtD- 

enoi ^cnr>.or>-<Pw(0 co(p'-0'-<on- 



*- n ^ in , ' 

... ^ to CM m < 

^ (M_ CM r»-_ o_ -c < 

_ _ _ en O)' o' en cp' in 1 

cncMtotor^"- ^n- en 

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cm" --■ 



in r«. m 

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> •- ■* CD 06 cn r- « 00 CM cn o o> «) r^ tP o c 
S'-<pv<p cnr-ooo>^cnin SioV'-t 
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.' cm" a> cm" 9 ^' V cj cy' to" --■ p < r-' (Q « cm' r 
-f-'*r«.o ini^cM'^enr^So) mtoaoie 

> ■* (P o o (p CM (o in 00 00 (P <p en •- en t^ ■■ 



I Ch en to CM v_ (0_ 

' r*.' V CM Q V (0 O) 

I o> in en 5 •- « in 

■■*•-»- da »- en (p 



f^r-cM»- itncn'-coo 
CMCMCMin <piDincMcn 
U)CMcn<o h-'-oenen 



eO'-oepcocM i^r*cMinQOf>.CM mincMOePOCM'-tocn OJinr^"- icno>o^^ 
'- — ^<D^-o •-«oDoioin--(D ffltoor^miBfflincMOi 'jcnmiD oiCMooepin 
^otom'-eM CM^^eoifiOt^to inor^aimiP'-CMi^cn cnocM— — r^Sr^ 



-ss 



3 CM V O) (O 

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m o 

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o> Oi n •- s CO en 
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CM 



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MinocMOr^ CMCMinooq 

3n ■v Oi m CM CM o> ft en c 
en in v h- o> m k i- tp a 



ffl CM (O ■* m 5 en I 
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CM CM t- 



jt-t- cgrv^cMCMtpinjencn 

5 — CM cMCMr^winr^cnr^inr^ 

?' 1-' <o" <d' I 

5 CM en Oi > 

r o in f«» ' 



-oi^CMcncocMinr^ ^nT-T-Tt^^^ 
re^mtpOKfloeo^ cn^r-^cntDc 
r'lnoJoim'-^in (p(omr«-»-o 



? r^ in 
en ^_ o CM ^_ in in £ 5 en o "5 

cm' (D <o' ^' iri ai ei m' V (P en cm' oi >-' oi cm tn in r-' --' ^ <d 1^ ^ 00 00 o m cm to r* m »- 

O'-'-^r-- T-oeomcMcncnr*- cMcntovcM'-ioooi^r^ cn^cM»- ^ cmso) 

(OtomtPm tO'-'-^vr^or^ aJO^CMcnoocn'-oir^ v-- r^»- 

j -w" r-" ■^" (J) eo" r-" --' ■ 

J 1- •- in ^ ■- 



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3 h- CM r^ in en 



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SO) en CM •- <p V op to en r- 00 eo O) O) ■- ffl CM 1^ 

■wr^or^*oopcn oepor-i-rjintpfflCM 

*_ r*-^ eM_ en <P en en in r*. o>_ on '- o> — en to ^_ in 

en 0>" a g" m* --* V a> oi •-' r^' to' cm' o r^" m" m" 



inr^into^in r>-cnacncoo)ino r^coenoi*-©^tocMtD 



cp CM *- 
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P O) *» CM CM CO 

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cm' 01 iri in" en r«- 
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r^ m Oi n '- CMcn^-ojinr^cnr-cnen 1-0 •- 



r CM in in o) 



en CM .. _. , .... _. ^. , .. 
o eq to o O) to CM en in en O) ^ cm en »- 
r~' — * T^ oi »-* oj" o" eo" in" »-" 



^ CD to 

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en CM "- 



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5p(DQr»a) CMr^(Dtp»-r*vto 

in^inr^^ toeocnfippcMr^ w"-"' 

•*CMi»*coocn ««r-S^ojcM(D *r^P 

00' tp" CO* cm" en" T-" ■r-" r-' n" en" oT 

»-$o>r*«^ ... — — ^ . 

•- o <D o> en e 

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CM e» ^ en 1- »- en tp r* o) en *- tn m cm en m -v 1^ 

~cn<no>ininin wcMcnencnenw^cMen 

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in in O) r* 



»-i^ncno)<p^f- r^wm^Ktor^in^p 0)<D 
CMfflppvpp^ v*-r^V(DKtpcMenffl mm 
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tn'-cMCMmeJ)Oen Qp^incn»-cM 
CM »- en en in in O) 

CM CM ^ 



CMcncMcnooimcMtoej) mmpm'-ojptDPco 

_-.. . . (D'-oo)^-iocMpoom fDO)0)'-<Dcnoie\i^CM 

S r-- n cb CM m cm '- — m m r*. r-- o> co_ co_ 0)_ io_ r-- m •- eq eo m_ 00 to oo_ 1^ o to in to cm 

to' to' (D ^" v' en m to' to' •-' O) V r^' ai r-" co' r^' p' m' ^" o t O) V cm" eo" oi cm' --' cm" v' o" o" 

»-mcMcnr-.<D toen»-»-in»-r-m enmcnm*-t^O)^cn^ n^- — -w cncMin 

o (D m to 1^ o --_ m p to O) p (D *- v oq p <c c cm »- cm « cm tn ^ m 

^' cm' tt" r-" r*-" in n eo" eo" ^-" o" m' --' en* --' --' en en" cm" cm' ■-" 

■-•- 0001"- '-CM'-V en— •- 
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ffi O) m p CM c» •- 1^ en — ■«■ p 10 en k — -w ■«■ cm « •- en « m cm p m m en 01 eo r^ -- en 

r^ 5 en w r^ r^ cm n en •- ■«■ ft en en en to tp cm cm p en p m to « 1^ o i^ cm cm o> r- cm en 

(OQOcncncM eMcotP'-ninaiD eotn^cMBOineoftr^m pen*-* cnn^cn»»- 

8' CM en m" ^' p r^ T-" <n m" ^" — " oi — " — tn r-" to" p" cm* ■** p* p" (p" en" «" " 

h»tPO>^Si r^o>Qcninwcpn ar^poinOT-^r^io cmS 

V en -v m ■w o) r- 5 1^ r* -^ in w •- o» ft en m r* cm »- oo en mrt 

) en" m en" cm' '-' »-' esT <-' 

to to « 



CM •- en i_ 
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K (D h-_ ® tn o> in m cm_ — cq — en eM_ tP «_ r-_ en en o •- en to r*. ^ en to ^_ en — • tP — cm_ 

i m' ^' cm" •-" oi p' cm' v' p" cm' m' en to' oi r-' to m* — ' rr" o> t^ to" o" en oi" cm" o" p" — ■" o" 

-(00)cnh-p cncMPOJOenoip o>mtotop©^-itoo) eg^ »- "-Oi- 



B en — r^ en 



<D 9 CO m O) m p CM p ® p p en K ^ en p — m »- cm cm en cP cm m en 1^ en — P •- en r- 

'-ften»-»-cn 3cM"-o>SicMCDm (pmpeoeneocMcncMr^ —inoicnpcMCMVi^*- 

eo_ m_ eq o» oi » lo oq r- cm o> p en p p P_ cm eM_ (P_ in 0)_ eq — tP. co ^-_ en cm cm cm m o -- p^ 

a" oi V V o" o" ip" r^-" to <Ti —" en" en en cm' r-' cm" r-" d r^ o* V tp" 1*-" 00 to * ' 

tpcnoocnft a^Sh-CMtp^^ mpp(ocnpincn*-ai r-i- 

CM ^ f* CM '- m in r>^ ft <D « r>> in CM en p en w to p t- •- en en en en 

r-* V oi ■** — p* « f«-' T^ •« CD »-* r*.* to p' »-' ^' W cm »^ 

CM »- (pas* 



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f^ r«. en O) v ■<■ •- en en 1^ to tP m m o o oi a 

f»^ CM CM* CM* a t^ m" r*' in <e in cp' en* »-* r 

in »- ^ y- '- T- T- T- »- 



•- — « CD 
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ttiOi y- Oi o o 0)tp — pCMCMp^- f^r-pr«-o»--mocntP r^CMO) iCmio i«)«-p 

cvjm — ioSjs cntBcnr^toenr^^ mcMmcMwrncn'-^* mr-— —ft CMtoft 

h-oo — morv cnpoimtoo) — to ^cnpCMcnh-en — cm— vo)» v to<OP 

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r.« — «(QCM oMCDincMp — moo ScMP^ai^m — — cm— ft— oen 

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85 



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88 Corporation Returns/ 1977 

RETURNS OF ACTIVE SMALL BUSINESS CORPORATIONS, FORM 1120S 
Table 9. — Balance Sheets and Income Statements, by Industrial Division 

[All figures are estimates based on samples — money amounts are in thousands of dollars] 



industnal 
divisions 



industrial division 



Agriculture. 

rorestry. 
and fislling 



Mining 



Transportation 

and public 

utilities 



Wiiolesale and 
retail trade 



Finance. 

insurance. 

and real 

estate 



(2) 



(3) 



(4) 



(5) 



(6) 



(71 



(81 



19) 



Number of returns, total.. 



tWith net Income.. 



Total aMets 

Casti 

Notes and accounts receivable 

Less: Allowance for bad debts 

Inventories 

Investments in Government obligations: 

United States 

State and local 



Ottter 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 (amonlzable) 

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 slock 

Paid-in or capital surplus 

Retained earnings, appropriated 

Retained earnings, unappropriated 

Stockholders' undistributed taxable income 

previously taxed' 

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 received from domestic corporations,. 

Dividends received from foreign corporations 

Other receipts 



Total deductions 

<Ik)St of sates 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, and annuity plans . 

Employee benefit programs 

Net loss, noncapital assets 

Other deductions 



Total receipts less total deductions 

Net income (less deficit) 

Net income 

Distributions to stockholders: 

Cash and property except in own stock . 

Corporation's own stock 



351,722 
71,570,536 

7.149,043 

13,108,683 

180,556 

14.720,223 

247,049 

1 34,982 

4,359,562 

1,319,047 

829,555 

2,460,625 

33,911,811 

14,908,451 

263,514 

61,971 

5,599,193 

799,475 

362,614 

2,181,366 

71,570,538 

11,304,257 

11,752,423 
5,091,022 
8,362,700 

15,069,322 
2.620,253 
8,666,085 
3,614,761 
316,496 
5,647,487 

2,022,427 
874,270 

164,317,459 

160,329,161 

64,234 

13,441 

471,571 

483.866 

78,442 

23,120 

504,854 

713,226 

21,729 

416 

1,615,399 

159,553,539 

112,993,516 

7,755,714 

1,091,368 

298,834 

3,034,312 

3,675,486 

2,055,696 

43,071 

45,578 

3,270,182 

45,135 

1,305,322 

369,085 

502,732 

79,632 

22,987,976 

4,763,920 
4,750.479 
7.584,844 

2,767,894 
■7,947 



20,282 

9.957 

6,310,986 

353,740 

362,679 

1,880 

535,601 

•5,279 

•7,390 

128,746 

106,843 

40,434 

270,026 

3,709,085 

1,541,968 

17,088 

•1,100 

2,064,738 

14,490 

5,909 

245,704 

6,310,086 

251,521 

1,137,189 
133.439 
783,055 

2,193,508 
156,973 

1,457,673 

478,890 

30,648 

— 209,328 

— 235,315 
101,582 

5,425,277 

5,027,356 

2,526 

•116 

23,399 

40,719 

882 

4,509 

123,742 

43,494 

1,494 

•80 

156,960 

5,408,939 

3,553,647 

154,410 

160,512 

9,174 

1 54,722 

126,037 

266,252 

1,094 

1,530 

353,500 

242 

10,591 

6,273 

7,356 

6,364 

597,335 

16,338 

16,222 

377,028 



3,277 

1,755 

1,477,419 

198,011 

253,932 

•739 

38,825 

•2,722 

•350 

81.141 

38.189 

•9.056 

54.391 

1,206,859 

532,656 

79.834 

15,376 

22,097 

1,369 

724 

40,138 

1,477,419 
267,298 

226,696 
86,529 
115,637 

292,499 
65,880 
80,133 
97,556 
•13,303 
273,007 

78,035 
33,119 

2,446,184 

2,344,567 

•151 

•50 

10.758 

5,398 

11.974 

•1,113 

24,412 

16,356 

•373 

31,032 
2,296,068 

1,577,851 

85,830 

49,145 

3,695 

22,953 

57,426 

34,119 

611 

19 

149,707 

29,735 

1,141 

8,884 

5,958 

•143 

268,851 

150,116 
1 50,066 
242,752 



49,550 

32,632 

8,285,093 

871,180 

1,924,797 

13,180 

1 ,888,392 

•12,871 

13,237 

895,974 

213,391 

90,950 

258,822 

3,051,159 

1,557,265 

23,469 

•5,266 

360,173 

8,725 

4,252 

251.936 

8,285,093 

1.776.699 

1.792.010 
875.623 
604.389 

1 ,083,449 
424,585 
715.152 
201.279 
18.340 
682.501 

373,658 
88.934 

18,930,093 

16.678,023 

960 

1,026 

37,767 

33,330 

■11 



30,135 

20,709 

1,805 

125,874 
18,349,899 

14.282,799 

900,597 

159,812 

30,318 

167.529 

437.494 

216.076 

3,638 

2.482 

332.799 

•718 

58,197 

52,921 

74,873 

4,490 

1,625,156 

580,194 
579,168 
805,574 

229,964 
•5,893 



37,846 

22,514 

8,879,850 

961,102 

2,380,397 

25,149 

1,843.873 

44,015 
61,871 

254,441 
79,374 
49,818 

343,098 

4,848,634 

2,571,140 

20,651 

•9,385 

294,444 
82,850 
29,363 

250,319 

8,879,850 

1,520,526 

1,007,238 
760,164 
802,417 

1 ,245,444 

396,593 

948,042 

526,768 

71,346 

1,718,826 

714,472 
119,514 

21,419,043 

21.111,459 

3.797 

2.270 

48.340 

43.689 

16,005 

•974 

74,227 

19,189 

5,527 

•271 

93,295 

20,642,544 

15,241,831 

1 ,090,947 

139,089 

39,363 

287,161 

566,611 

191,736 

8,256 

5,178 

422,785 

•1,227 

119,495 

87,659 

114,840 

20,983 

2,305,383 

776,499 

774,229 

1,214,652 

490,379 
•579 



19,113 

9,305 

3,176,946 

302,943 

491,567 

5,084 

53,523 

•7,811 

•2,260 

141,643 

47,516 

•3,016 

76,937 

3.018,938 

1,207,728 

"2,111 

•262 

61,496 

51,416 

19,617 

148,462 

3,176,948 

389,652 

405,714 
190,068 
530,436 

1 ,048,765 

1 37,608 

374,094 

175,975 

9,477 

— 28.129 

— 98,843 
56,712 

6,166,054 

5,942,959 

•796 

•98 

9,104 

19,088 



28,464 

31,031 

261 

131,305 
6,020,216 

3,874,139 

283,558 

41,976 

13,693 

136,450 

229,332 

119,379 

1,136 

2,294 

325,203 

•416 

27,093 

16,586 

32,224 

3,557 

913,180 

145,838 
145,740 
314,752 

115,586 
•31 



147,140 

89,719 

24,884,968 

2,434,334 

5,037,855 

114,098 

9,650,946 

67,424 

40,096 

579,915 

372,151 

83,394 

610,247 

8,503,062 

3,792,670 

16,174 

7,947 

650,945 

214,623 

56,122 

594,639 

24,884,968 

4,908,101 

4,358,527 
1,663,018 
2,487,189 

3,526,515 
469,314 

3,218,166 
794,774 
99,218 

3,636,126 

1 ,800,936 
277,980 

85,989,328 

84,821,391 

5,504 

4,051 

184,712 

127,636 

6,166 

6,003 

86,971 

59,317 

7,929 

•63 

677,585 

84,115,659 

63,764,041 

2,889,428 

311,701 

141,403 

1,329,610 

1,407,514 

611,767 

16,456 

16,522 

825,418 

5,134 

726,897 

110,289 

149,072 

19,224 

11,789,183 

1,873,669 
1,869,618 
2,644,013 

815,425 
•408 



51,271 

29,714 

6,322,483 

916,382 

1 ,355,676 

4,849 

273,634 

78,757 

•1,424 

1,763,791 

208,080 

370,434 

512,286 

1,587,741 

497,700 

67,338 

•12,671 

1,374,293 

42,026 

13,468 

299,309 

8,322,463 

1,107,581 

1,765,685 

569,495 

1,177,865 

2,065,651 

517,198 

694,039 

549,976 

32,612 

— 79,629 

— 154,970 
78,190 

5,385,878 

4,293,216 

47.645 
•796 
108.309 
128,348 
•39,180 

4.334 

72,773 

488,957 

2,354 

199,964 
4,904,591 

1 ,278,343 

674,183 

26,084 

23,449 

116,964 

156,650 

254,643 

3,620 

2.934 

126,045 

•6,802 

123,997 

26,012 

17,345 

10,184 

2,057,336 

481 ,287 
480,491 
736,459 



09,330 

56,107 

10,212,104 

1,108,753 

1,301,586 

15,577 

434,336 

28,170 

•8,354 

513,815 

253,503 

182,453 

334,818 

7,964.745 

3,201,882 

•36.849 

•9964 

771.007 

383,925 

233,148 

350,361 

10,212,104 

1,081.151 

1,059,364 

810,088 

1,659.427 

3,699,220 
461,101 

1,172,095 
788,113 
41,352 

— 341,568 

— 449,692 
118,239 

18,503,025 

18,063,398 

2,855 
•5,034 
49,157 
85,656 
•2,224 

806 

62,855 

29,666 

1,986 

■2 

199,384 

17,768,800 

9,395,623 

1,675,737 

203,025 

37,739 

816,345 

692.974 

361,043 

8,260 

14.611 

729,401 

861 

235,198 

60,461 

101,064 

14,587 

3,421,871 

734,225 

729,191 

1,242,077 

538,010 
■1,036 



■Estimate should be used with caution tiecause of ttie small numlMr of sample returns on which it is based 
'This Item is reflected in the statistics for "Retained earnings, unappropnated" and "Net worth" in tables which show these items 
^Less than $500 per return 

NOTE: Active Small Business Corporations filing Form 1120S returns reported "Income sublect to tax" ol $3,142,000 and ""income tax" of $224,000 See text tor ""Explanation of Terms'" and ""Description of t 
Sample and Limitations of the Data "" 



Corporation Returns/ 1977 

RETURNS OF ACTIVE DOMESTIC INTERNATIONAL SALES CORPORATIONS, FORM 1120— DISC 

Table 10. — Number of Returns, Selected Balance Sheet and Income Statement Items, and Distributions to Stockholders, by 
Selected Industrial Divisions 

[All figures are estimates based on samples — money amounts are in thousands of dollars) 



All 

industnal 
divisions' 



Selected industrial divisions 



Wholesale and retail trade 



Wtiolesale 
trade 



Retail 
trade 



Finance, 

insurarKe, and 

real estate 



Number of reluma, total.. 

WItft net Income 

Total aeeets 



Notes and accounts receivable, net 

Inventories 

Castt. Government obligations, and other current I 

Other investments and loans 

Depreciable assets 

Less Accumulated depreciation 

Accounts and notes payable 

Other current liabilities 

Mortgages, notes, and bonds payable in one year or mofe.. 
Net worth 



Total recelpta 

Business receipts,. 
Total (jeductlona 



Cost of sales and operations 

Taxes paid 

Interest paid 

Depreciation 

Pension, profit-shanng, stock bonus, and annuity plans.. 

Employee t>enefit programs 

Net income (less deficit) 

Net income 

Total statutory special deductions 

Tax deferred income and income taxable to stockholders.. 
Distributions to stockholders in cash 



15,955,073 

10.162,176 

713,449 

519,158 

3,516,071 

25,523 

10,875 

1,354,316 

641.486 

77,361 

13.678.545 

26,3S1.a6B 



21.1*4,663 

19,764,041 

46,148 

26,457 

6,785 

8,030 

4,391 

5,211,250 

5,234,069 

498 

5,233,691 

3,154,836 



6,360 

S,622 

15,613,301 

9.892,035 

713,186 

497,971 

3,370.996 

23,332 

10.088 

1,347,103 

621,386 

76,458 

13,268,124 

26,114,459 



21,042,423 

19.643,759 

45,274 

26,434 

6,337 

7,923 

4,302 

5,086.061 

5,108,857 

498 

5,106,459 

3,091,835 



6,293 

5,565 

15,464,235 

9,868,489 

713,1 

497,103 

3,366,485 

23,211 

10,029 

1,340,552 

619,156 

73,732 

13.250,566 

26,059,329 
25,461,782 
20,995,667 

19.602,074 

45.088 

26.389 

6.324 

7,803 

4,282 

5,077,174 

5,099,625 

498 

5,099,227 

3,087,505 



•57 

•47 
•26,960 

•23,546 

•792 
•4,51' 
121 
59 
•6,540 
•2,230 
•2,726 
■17,484 

'55,052 

•54,909 
•46,501 

•41,639 

•179 

•45 

13 

•120 

20 

•8.884 

•9,209 

■9,209 
■4,330 



105 

95 

206,147 

136,023 

1,193 
67,691 

•2,017 

•172 

•437 

202,536 

20,541 

■734 
1,326 

114 



19,213 
19.213 



19.213 
14.529 



129 

98 

221,477 

134,060 
■263 
6,217 
76,384 
2,191 
•787 
5,196 
6,489 
■266 
207,374 

246,663 
234,008 
140,667 

120,262 

755 

■12 

•448 

107 

•89 

105,976 

106,019 

106,019 
48,472 



•Estimate stxHjid t>e used with caution t}ecau5e of the small numtwr of sample returns on which it is teased 

'IrKludes "Nature ol business not allocable' which is not shown separately 

'Includes "Wholesale and retail trade not allocable" which is not shown separately 

NOTE See text for "Explanation of Terms" and "Descnption of the Sample and tjmitations of the Data" 



90 



Corporation Returns/ 1977 



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= 155 ?s 

o $ <o £ £ 






Corporation Returns/ 1977 
RETURNS OF ACTIVE CORPORATIONS, OTHER THAN FORMS 1120S AND 1120-DISC 
Table 12. — Number of Returns and Selected Tax Items, by Size of Normal Tax, Surtax, and Alternative Tax After Credits 

[All figures are estimates based on samples — money amounts are in Ihiousands ol dollars] 



91 



SilG o( nofmal laji, sunan, and altemalive ta* alter credits' 



Number ol returns 

ot active corpoi 

ations. other 

ttian Forms 1120S 

and tl20-DISC 



Total 
income 
subiecl 

to tax 



Income tare before credits' 



Normal tax. 

surtax, and 

alternative tax 



Foreign 
tax credit 



Investment 
credit 



Income tax atter credits 



Normal tax, 

surtax, and 

altemattve tax 



(1) 



(2) 



(31 



«) 



Retums with net income 

Returns without net income . 



Retums with normal tax. surtax, and alternative tax before credits' 

Retums with normal tax. surtax, and alternative tax alter credits, total' 



Under $6,000 

$6,000 under StO.OOO 

$10,000 under $15.000... 

$15,000 under $20.000 

$20,000 under $25.000 

$25,000 under $50.000 

$50,000 under $75.000 

$75,000 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 



1,166,991 
640,027 



727,114 

479,469 
84,113 
34,766 
16,225 
12.618 

34,190 
15,337 

9.323 
21,189 

6,737 

4,070 

4,179 

575 

76 

47 



2t2.49a,S40 

212,498,069 

'551 

212,498,640 

204,300,915 

5,827.182 
3,473,456 
1,950,156 
1,332,166 
1 ,066.895 

4.066,646 
2.798,903 
2,303,143 
8,644,942 
7,710,086 

7,634,019 
58.664.580 
37.474.861 
17.162.027 
43.751.849 



96.340,229 

96,266.865 

73,364 

96,251,612 

93,120,346 

1,361,149 
815,513 
532.175 
437.451 
376.130 

1 .548.639 
1.154.430 
986.953 
3.975.649 
3.567.368 

3.577,243 
26,002,092 
1 7,689,442 

8,196,979 
20,899,133 



95.627,339 

95.627,197 

142 

95.627.339 

92.558.035 

1.340.644 
806.927 
523,998 
431,551 
372,244 

1,534,430 
1,143,162 
978,865 
3,940,843 
3,534,792 

3,541,043 
27,655,420 
17,572,591 

8,175,174 
20,806,331 



26.006,028 

26,006,026 



24,529,444 

4,499 
2.754 
4.180 
8.452 
8.493 

11.178 
10.218 
12.764 
80,272 
44,115 

115,539 
14,079,426 
2,931,548 
2,111,267 
5,104,739 



11,038,404 

11,038,314 
90 



262,004 
99,132 
63,317 
56.353 
40,041 

164,324 
103,452 
61,406 
295,573 
275,938 

352,015 
2,286,962 
2,541,899 

660,434 
2,827,056 



73.249 
56.646.526 



818.483 
626.932 
400,454 
311,648 
283.956 

1.213,704 

950,464 

806,261 

3,313,156 

3,051,857 

2,867,645 
11,374,175 
12,163,872 

5,420,654 
12,961,105 



Se,022,0S5 

56,022,028 

27 

56,022,056 

56,022,055 

797,978 
618,346 
392,277 
305,748 
280,070 

1,199,495 

939,196 

798,193 

3,278,350 

3,019,261 

2,831,445 
11,227,503 
12,067,021 

5,398,849 
12,868,303 



'Credits include foreign tax, U S possessions tax, investment, wortt incentive (WIN), and new lObs credits 

'Returns 01 active corporations, other than Forms 1120S and 1t20-DISC, reported an amount ot Lt S possessions tax credit ot $837,687,000, an amount ot work incentive (WIN) credit ot $19,327,000. and an amount 
of new lobs credit of SI. 703.636.000 
'Amount was reported by life insurance companies and banks with life insurance departments taxable under special provision of the Internal Revenue Code 
NOTE Classification by size was t)ased on amounts rounded to triousands ot dollars prior to tabulation See text for 'Explanation of Terms" and "Descnption of the Sample and Ijmilations of the Data " 



92 



Corporation Returns/ 1977 



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Ills 



Section 5 



Explanation 
of Terms 



The following explanations include definitions and 
limitations of tenrs used, and adjustments made in 
preparing the statistics. The instructions for the 
tax forms in section 7 will provide additional 
information about many items. These explanations are 
designed to aid the user in interpreting the statis- 
tical content of this report and should not be con- 
strued as interpretations of the Internal Revenue Code 
or policies. Code sections cited were those in effect 
for 1977. Whenever a year is cited, it refers to the 
calendar year, unless otherwise stated. Finally, 
definitions marked with the symbol {#) have been 
modified from the previous year's report to reflect 
processing or tax law changes. 

ftcoounting Periods 

Among the several classifications used in this re- 
port, tax return data are classified according to the 
accounting periods used by corporations. For a de- 
tailed discussion of this classification, see "Time 
Period Employed" in section 1. 

Accounts and Notes Payable 

This item consisted of accounts payable and mort- 
gages, notes, and bonds payable in less than one year. 
Each is described separately under its own heading 
below. 

Accounts Payabl e 

Relatively short-term liabilities arising from the 
conduct of trade or business which were not secured by 
notes of indebtedness were generally included under 
this heading. Nontrade payables, on the other hand, 
were generally includable in the estimates for "Other 
Current Liabilities." 

Banks and savings institutions may have reported 
deposits and withdrawable shares in accounts payable. 
When these anounts could be identified, they were 
transferred to "Other Currait Liabilities." 

Additional Tax foe Tax Preferences (#) 

Additional tax for tax preferences, the so-called 
"minimum tax," was intended to make possible the tax- 
ation, to sane extent, of selected inocme and deduc- 
tion items (described by law as "tax preferences") 
afforded special tax treatment in the ccriput:atiQn of 
taxable income. 

For the mast part, the 15 percent tax weis levied 
on the sum of a corporation's tax preferences which 
exceeded $10,000 or the current-year incane tax 
reduced by foreign tax credit, investment credit, 
U.S. possessions tax credit, work incentive (WIN) 
credit and new jobs credit. The carryover of regular 
taxes as an offset to preference inccne was 
discontinued (except for taxes due to income from 
timber) for tax years beginnirq after June 30, 1976. 

Items included as tax preferences were: (1) accel- 
erated depreciation (depreciation in excess of the 
amount oorputed under the straight-line method allowed 
on personal property subject bo a lease, Icw-inccroe 



rental housing, and other real property); (2) amorti- 
zation (special rapid write-offs in excess of what 
otJierwise would have been a depreciation deduction 
under Code section 167 for certified pollution control 
facilities, railroad rolling stock, on-the-job train- 
ing facilities, and child care facilities); (3) re- 
serves for losses en bad debts of financial institu- 
tions (additions to reserves for bad debts in excess 
of actual bad debt losses, based en prescribed rules); 
(4) depletion (depletion deduction in excess of the 
cost or other basis of the property, reduced by deple- 
tien taken in prior years) ; (5) capital gains (net 
long-term capital gain in excess of net short-term 
coital loss when this amount was taxed at the special 
lower capital gains rate; the preference item was the 
excess net long-term gain multiplied by a ratio of 
tihe regular tax rate of 48 percent less the rate 
applicable bo capital gains, generally 30 percent for 
1977 , to the regular corporate rate of 48 percent) ; 
and (6) intangible drilling costs. Tax preferences 
for "accelerated depreciation subject to a lease" and 
"intangible drilling costs" were not applicable to 
corporations other than Small Business Corporations 
electing to be taxed through their stockholders and 
Personal Holding Companies. 

Tliere were also special rules in effect for timber 
income, including both gains from the cutting of 
timber and the long-term gains from the sale of 
timber. These rules provided that the items of tax 
preference for timber gains be reduced by one-third 
and then further reduced by $20,000. Then the 
regular tax deduction was reduced ty the lesser of 
one-third, or the preference reduction described 
above. These adjustments oonpensated for the general 
minimum tax rate increase brought about by the Tax 
Reform Act of 1976 by scaling down the entire minimum 
tax base, as it related to timber, by one-third, and 
then subjecting that lower base to the new 15 percent 
tax rate (one-third more than the old 10 percent 
rate) . The reduction in timber preference by the 
additional $20,000 effectively increased the exeitption 
bo $30,000. 

Also, the regular tax deduction carryover remained 
in effect for that portion of the corporation's 
prior-year ircome tax attributable to timber income. 
If for any taxable year the taxes imposed on a 
corporation that were attributable to income from 
timber exceeded the itans of tax preference for that 
year, then the amount of the excess could be used to 
offset tax preferences over the next 7 years. 

In general, all corporations were liable for the 
additional tax. However, regulated investment com- 
panies and real estate investjiient trusts were subject 
to the tax only on aitountis attributable to tax pref- 
erences not passed through to their stockholders for 
taxation. Small Business Corporations electing to be 
taxed through their stockholders were liable for the 
additional tax only on certain capital gains, on 
accelerated depreciation subject to a lease, and on 
intangible drilling costs. All other items of tax 



95 



96 



Corporation Returns/1977 • Explanation of Terms 



preference for these corporations were passed on to 
the stockholders for taxatioi. Hcwever, mesnbers that 
were Donestic International Sales Corporations 
(DISC'S) were not subject to the additional tax for 
tax preferences. 

In addition, members of a ccntrolled group of cor- 
porations filing separate returns were required to 
apportion a single $10,000 statutory exclusion among 
the manbers of the groip either equally or based on a 
plan adopted for all members. Itie Revenue Act of 
1978 revised the method of otanputing the exanption 
from the additional tax for tax preferences for 
members of controlled groups of corporations. For 
taxable years beginning after December 31, 1976, the 
$10,000 exemption was allocated to each of the compo- 
nent manbers of the group in proportion to each 
manber's regular tax deduction. (See the discussion 
under Changes in Law in section 2.) 

Advertising 

Advertising expenses were allowable as a deduction 
under Code section 162, if they were ordinary and 
necessary and bore a reasonable relation to the trade 
or business of the corporatic^i. The amount shown in 
the statistics includes aSvertising identified as a 
cost of sales and operations as well as advertising 
reported separately as a business deduction. 

The types of expenditures covered by the advertis- 
ing deduction may have varied somewhat from company 
to cortpany and a few companies did not separately 
identify aSvertising when it was included in the cost 
of sales and operations. In addition, certain kinds 
of advertising expenditures, such as for billboards, 
were capitalized and recovered only as part of depre- 
ciation. For these reascais, a nore definitive ex- 
planation of the advertising deduction statistics is 
not possible. 

Allowance for Bad Debts 

Most oorporations identified on their balance sheet 
the allowance or reserve set aside to cover uncollect- 
ible or doubtful notes, accounts, and loans as an 
adjustment to notes and accounts receivable. A few 
corporations, however, reported only net receivables 
and, thus, did not show their allowance for bad debts. 
In addition, tax return balance sheets used by life 
and certain mutual insurance oorpanies did not require 
the allowance to be reported. Both the statistics for 
the allowance and for the gross amount of "Notes and 
Accounts Receivable" are understated by these 
unidentified amounts. 

Since corporation tax return balance sheets did 
not provide for the separate reporting of reserves 
for uncollectible mortgage and real estate loans, 
many banks and savings and loan associations may have 
included the item in the allowance for bad debts. 
If, on the other hand, these reserves were reported 
in supporting schedules, they were later added to the 
allowance for bad debts during statistical processing. 

Amortization {#) 

Amortization was a deduction for recovery of cer- 
tain expenditures over a certain period of time in a 
manner similar to straight-line depreciation. Typi- 
cally, the period of time over which the expenditure 
was written off was much shorter than if deprecia- 
tion had been used; often, depending on the specific 
provision of the law, the period of time was only 60 
months. The following types of amortization, applic- 
able to the statistics in this report, were specifi- 
cally mentioned in the Code as allowable deductions: 

bond premiums (section 171) 

child care facilities (section 188) 

coal mine safety equipnent (section 187) 



lessee's improvements to leased property (section 
178) 

on-the-job training facilities (section 188) 

organizational expenditures of corporations (sec- 
tion 248) 

pollution oOTitrol facilities (section 169) 

railroad rolling stock (section 184) 

railroad tunnel bores and grading (secticxi 185) 

research and experimental expenditures (section 
174) 

trademark and trade name expenditures (section 
177). 

Of these, amortization of leasehold improvements 
was frequently reportable as depreciation and amorti- 
zation of bond premiums (as well as of such other 
financicil itans as loan or mortgage costs) was often 
reported as part of "other deductions." Write-offs 
of patents, copyrights, and other intangibles were 
usually included in depreciation. None of these 
amounts involved rapid write-offs of the assets con- 
cerned. Therefore, in carder to confine the statis- 
tics insofar as possible to rapid write-offs, iden- 
tifiable amounts reported as amortization that re- 
lated to leasehold improvements, bond premiums (or 
other financial items), and intaingible assets, and, 
in addition, to depreciable assets other than those 
eligible for rapid amortization, were transferred to 
"depreciation" or "other deductions," as appropri- 
ate. (See ailso, "Depreciation" and "Other 
Deductions.") 

The Tax Reduction and Simplification Act of 1977 
extended the expiration date of the election to 
amortize costs of construction of child care 
facilities from December 31, 1976, to December 31, 

1981. See the discussion under Changes in Law in 
section 2. 

The amounts shown in the statistics include any 
identifiable amortization (as described above) re- 
ported as part of the cost of sales and cperations. 

See also, "Additional Tax for Tax Preferences." 

Annual Returns 

Annual or calendar year returns were those filed 
for the 12-month period beginning in January and 
ending in December. Most of the larger oorporations 
filed for this period. Figure B in section 1 shows 
the percentage of returns filed for each of the eic- 
counting periods covered in this report. 

Bad Debts (#) 

Bad debts occurring during the year, or a reascai- 
able addition to an allowance or reserve for bad 
debts, were allowable as a deduction under Code sec- 
tion 166. 

Conmercial banks, mutual savings banks, savings 
and loan associations, small business investment 
companies and other financial institutions we. 3 per- 
mitted to take a deduction for a reasonable addition 
to their bad debt balance which was far greater than 
that allowed other businesses. Unlike other busi- 
nesses, which could deduct additiais to their 
reserves only to the extent justified by their actual 
loss experience, these financial institutions oould 
elect to increase their reserves based on percentages 
of outstanding loans. However, certain restrictions 
were introduced in 1969 to begin to bring these insti- 
tutions in line with other businesses. 

For conmercial banks, beginning with 1969, deduct- 
ible additions to the reserves were to decrease in 
three transitional steps. These steps were to be 
completed by 1988, at which time the deduction would 
have to be based on actual losses for the current and 
5 preceding years, the same as for other businesses. 
For taxable years beginning after 1975, but before 

1982, the percentage for eligible loans outstanding 
used as the basis for the deduction was 1.2 percent. 



Corporation Returns/1977 • Explanation of Terms 



97 



For small business investment oornpanies, deductions 
for additions to the reserves, using an industry aver- 
age as the norm, were permitted during the first 10 
years of a oonpany's existence. Thereafter, additions 
to the reserves had to be based en its own experience. 

For mutual savings banks, savings and loan associa- 
tions, and cooperative banks, the deduction was based 
on a percentage of an adjusted taxable income figure 
before reduction by the bad debts deducticxn, provided 
it did not increase the reserve beyond 6 percent of 
qualifying loans. The percentage was to decrease from 
60 to 40 over a 10-year period, in general, starting 
with 1970. For 1977, the percentage was 42. 

For banks and other financial institutions, corpo- 
rate or government debts evidenced by certain bonds 
which became worthless during the year were charge- 
able as bad debts under Code section 582. For other 
corporations, such losses were subject to the special 
capital gain or loss provisions of the law. See the 
explanation for "Net Capital Gains" in this section. 

Recoveries of bad debts previously deducted by cor- 
porations which used the reserve method were netted 
against the year's bad debts deductim. However, 
amounts of recovered bad debts reported by corpo- 
rations which deducted actual bad debts were included 
in "Other Receipts." 

See also "Additional Tax for Tax Preferences." 

Book Net Income (or Deficit) 

This was the after-tax profits as reported in tax 
return schedules reconciling income per books of 
account with income per Internal Revenue Code (see 
Schedule M-1, "Reconciliation of income per books 
with inccroe per return," on the Form 1120 return 
facsimile in section 7 of this report) , or in the 
case of most insurance companies, from the annual 
statements filed with the return. 

For the most part, tax law provisions agree with 
accepted accounting practices and recognize the 
application of general accounting principles to the 
conditions and practices of a particular trade or 
business. However, for certain kinds of income, 
deductions, or transactions, the law allowed or 
required special accounting that digressed from 
generally accepted accounting methods. 

Four fundamental reasons account for itost of the 
disparity between tax and book profits: (1) different 
bases, or accounting values, assigned to property 
which, for example, affect the size of depreciation 
or gain or loss when the property is sold; (2) dif- 
ferent definitions of ntmerous components, e.g., 
depreciation, depletion, and bad debt losses; (3) 
accounting differences in timing the receipt of inocme 
and the expensing of deductions, e.g., installment 
sales, inoome from construction contracts, prepaid 
inocme or anticipated future losses or expenses, 
inoone from foreign subsidiaries and expenses 
typically capitalized on the books but expensed c«i 
the tax return (e.g., intangible drilling costs), or 
vioe versa; and (4) recognition of certain income and 
deductions for tax purposes only, e.g., the foreign 
dividend inasne resulting from foreign taxes deemed 
paid, or for book purposes only, e.g., interest on 
State and local Government obligations, lobbying ex- 
penses, and certain undistributed profits of foreign 
subsidiaries. 

The data shown are subject to certain limitations. 
Althou^ all corporations were required to provide 
data for a reooncilation of profits, some did not 
include them in their tax returns as originally 
filed, while others provided them in schedules of 
their own design from which total book net income 
oould not always be determined. This last group 
included those consolidated returns in which book net 
inoome was shown separately for each affiliated 
corporation, but the consolidated net income eifter 



reduction hy intercompany transactions was not shown, 
(See "Consolidated Returns" in this section.) Also, 
net income for tax purposes is likely to be more 
uniformly determined than net income for book purposes 
because of the necessity to conform to provisions of 
the Internal Revenue Code, although complete uniform- 
ity is lacking because of the various elections, 
special treatments, and other provisions in the law. 

In addition, book net inoome was calculated after 
taxes were deducted. The inocme tax liability 
reported on the tax return often differs from the book 
amount because of the several methods of accounting 
for taxes on the books. The statistics may be 
slightly overstated depending on how parent corpo- 
rations accounted for the earnings of their 
nonconsolidated subsidiaries. Duplication resulted 
when the parent reported its equity in subsidiaries 
in its book net inocme and the subsidiaries then also 
reported their individual book net incomes on their 
own returns. 

On an historical basis, both book and net income 
are affected by changes in accounting practices by 
particular companies, in generally accepted account- 
ing principles, and in tax law. Moreover, because 
more definitive measures of the differences between 
tax and book profits are not available, there is no 
way of knowing how much of the difference is 
permanent (because of different definitions) or only 
temporary (timing differences would be expected to 
"wash out" over a nunber of years) . 

Business Receipts 

Business receipts M°re, in general, the gross 
operating receipts of the corporation reduced by the 
cost of returned goods and allowances. 

Business receipts included rents reported as a 
principal business inoome by real estate operators 
and by certain types of manufacturing, public util- 
ity, and service oorporations. The latter oorpora- 
tions included manufacturers that frequently rented 
products rather than sold than, such as autanatic 
data processing equipment; lessors of public utility 
facilities, such as docks, warehouses, and pipelines; 
and companies engaged in rental services, such cis the 
rental of automobiles or clothing. 

Seme corporations treated sales taxes and excise 
and related taxes which were included in the sales 
price of their products as part of their gross re- 
ceipts from sales; others reported their receipts 
after adjustment for these taxes. When treated as 
receipts, sales taxes and excise and related taxes 
were deducted on the tax return as part of the cost 
of sales and c^serations or were included in the sepa- 
rately itemized deduction for taxes paid. In any 
case, the receipts as reported by the taxpayer were 
included in the statistics. See also, "Cost of Sales 
and Operations" and "Taxes Paid." 

In the finance, insurance, and real estate indus- 
tries, business receipts included such banking items 
as fees, ocnmissions, trust department earnings, 
exchange collections, discounts, and service charges, 
when identified in schedules attached to the return. 
Business receipts also included interest which oould 
not be separately identified as such. (Interest, the 
principal operating inoome of banking and savings 
institutions, is shewn separately in the statistics 
under "Other Interest" and is, therefore, excluded 
frcm business receipts.) Special statistical treat- 
ment was required for the few banking institutions 
which reported the purchase and sale of Federal funds 
as part of oost of sales and operations and business 
receipts, respectively. For the statistics, the 
amount paid b^ the banking institutions for these 
funds was excluded frcm the "Cost of Sales and Opera- 
tions" and a corresponding amount was excluded from 
business receipts. 



98 



Corporation Returns/1977 • Explanation of Terms 



A].so in the finance, insurance, and real estate 
industries, premium inoane of most insurance 
companies was included in business receipts. 
However, certain mutual insurance companies with 
total receipts of less than $500,000 were not 
required to report premitn income. Therefore, total 
business receipts for insurance carriers are slightly 
understated. 

Generally, in the finance, insurance, and real 
estate industries, income from investments, when 
identified in schedules attached to the return, was 
allocated to one of the specific types of invest- 
ment income for which statistics are shewn sepa- 
rately. Rent reported by real estate operators, 
however, was accepted as business receipts. 

Business receipts reported by stock and commodity 
brokers, dealers, and exchanges, and by real estate 
subdividers, developers, and operative builders, re- 
quired special statistical treatment. For these 
operations, net profit or loss fran the sale of 
stocks, conmodities, or real estate, when identifi- 
able, was allocated to the statistics for net gain or 
loss from sales or exchanges of noncapital assets. 
If the corporation reported both business receipts 
and cost of sales and operations without identifying 
the source, and the cost of sales and operations was 
50 percent or more of the business receipts, the 
items were considered to include stock, conmodity, or 
real estate transactions and oiily the net gain or loss 
was used for the statistics. Otherwise, business 
receipts for these companies were used as reported 
and included commissions and service fees. 

For Danestic International Sales Corporations 
(Disc's^, business receipts included only "qualified" 
export receipts, i.e., the sim of (1) gross receipts 
from nonodnmission sales of export property, leasing 
or renting of export property, services related and 
subsidiary to a qualified export sale or lease, engi- 
neering and architectural services, and export manage- 
ment services, and (2) commissions earned by DISC'S 
acting as ooramission agents for someone else (rather 
than the gross receipts on which the conmissicKis were 
earned). In other words, "qualified" receipts were 
those which were considered to be export-related and 
as such were the only receipts included in the 
statistics for business receipts. Receipts not 
considered to be export- related (i.e., "nonqualified" 
receipts) were included in "Other Receipts." 

In addition to the income types described above 
which were uniquely treated by law, by the tax 
return, or for the statistics, there were certain 
other kinds of income from sales and operations that 
are rot reflected in business receipts. In general, 
this income was included as part of the much broader 
category, sales of property used in trade or business. 
For additional information about this income, see 
"Net Capita). Gains" and "Net Gain (or Loss) , Non- 
capital Assets." 

Capital Stock 

This end-of-year balance sheet liability item 
included amounts shown for outstanding shares of both 
common and preferred stock. 

Cash 

This balance sheet asset item included the amount 
of actual money or instriments and claims which were 
usable and acceptable as money on hand at the end of 
the taxable year. 

For Domestic International Sales Corporations 
(Disc's), this item was the sun of the following 
accounts shown separately on the tax return: working 
capital (i.e., cash and necessary temporary invest- 
ments) and fimds awaiting investment (i.e., cash in 
U.S. banks in excess of working capital needed to 
acquire other qualified assets) . 



Compensation of Officers 

Salaries, wages, stock bonuses, bonds, and other 
forms of compensation were included in this deduction 
item if they were identified as having been paid to 
officers for personal services rendered. Understate- 
ment was possible to the extent ocmpensation was 
reported as part of another deduction item (such as 
an overall employee compensation figure) and, if not 
clearly identified, was included in the statistics 
for "Cost of Sales and Operations" or "Other Deduc- 
tions." 

Consolidated Returns 

Consolidated returns were inocroe tax returns which 
contained the combined financial data of two or more 
corporations meeting the following requiranents: 
(1) a oomnon 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. 

Corporations electing to file consolidated returns 
in one year had to file consolidated returns in subse- 
quent years, with certain exceptions. The consoli- 
dated filing privilege could be granted to all affil- 
iated danestic corporations oonnected through stock 
omership with a oonmon parent corporation except: 
(1) regulated investment companies, (2) real estate 
investment trusts, (3) corporations deriving a large 
percentage of their gross income from sources within 
a U.S. possession, (4) corporations designated 
tax-exempt under Code section 501, (5) China Trade Act 
corporations, and (6) Danestic International Sales 
Corporations (DISC'S). Affiliated insurance conpanies 
were allowed to file a consolidated return if they 
were taxable uider the same provisions of the Code; 
however, noninsurance ocnpanies with which they also 
may have been affiliated could not be included in the 
same return. 

A consolidated return, filed ty the common parent 
oonpany, was treated as a unit, each statistical 
classification being determined en the basis of the 
combined data of the affiliated group. Therefore, 
filing dianges to or from a consolidated return basis 
affect year-to-year ocnparability of certain statis- 
tics (such as data classified by industry and size of 
total assets) . 

Constructive Taxable Inoome fran Related Foreign 
Corporations (Fj 

This represented the sum of (1) "Includable Income 
from Controlled Foreign Corporations" and (2) "Foreign 
Dividend Inoome Resulting from Foreign Taxes Deaned 
Paid." 

Includable income frcxn Controlled Foreign 
Corporations represented amounts, not actually 
received, which a domestic corporation awning at 
least 10 percent of a Controlled Foreign Corporation 
was required ty Code section 951 to include in its 
gross income. For most purposes, the foreign corpora- 
tion was considered controlled if more than 50 
percent of its voting stock was controlled by U.S. 
persons, ircluding domestic corporations, each of 
whcm owned at least 10 percent of its voting stock. 

The includable income consisted of: 

(1) subpart F income, defined below; 

(2) any previously excluded subpart F income 
which had been invested in qualified assets in "less 
developed countries," but which was now either 
withdrawn from these countries or remitted to the 
U.S. stockholders and was thereupon taxable; and 

(3) any increase in Controlled Foreign Corpora- 
tion earnings due to investment in U.S. property. 



Corporation Returns/1977 • Explanation of Terms 



99 



Subpart F inoane, defined in Code section 952, 
included: 

(1) incone attributable tc premiums received by 
foreign insurance ocrpanies that were Controlled 
Foreign Corporations (here defined in terms of 25 
percent voting stock ownership) , 75 percent or more 
of Mhose insurance business was on U.S. risks; and 

(2) "foreign base ocmpany inocme," which included: 

(a) "foreign personal holding ocmpany 
inoQtne" (income derived from portfolio investments or 
from "passive" investments); 

(b) "foreign base company sales income" 
(generally from the sale of property produced in the 

United States or a foreign country by one corporation 
eind sold by a related corporation, generally a trading 
company, organized in another country having a lew 
rate of taxation, for use outside that country); and 

(c) "foreign base company services income" 
(in general, income from services performed or fur- 
nished for a related person, which included oorpora- 
tions, outside the country of incorporation of the 
Controlled Foreign Corporation, but with certain 
exceptions) . 

Foreign base oonpany income excluded income from 
qualified investments in less developed countries or 
from sales of U.S. exports as vrell as income derived 
from use of aircraft or vessels in foreign commerce 
and related services. 

Foreign dividend income resulting from foreign 
taxes deemed paid related to certain foreign taxes on 
profits of oompanies which were 10 percent or more 
owned by domestic corporations. If dividends were 
distributed to a damestic corporation (from these 
foreign profits) , the domestic corporation was 
required to increase (or "gross-up") such dividends 
by a proportionate amount of the foreign taxes deemed 
paid en the foreign profits for which the domestic 
corporation claimed a foreign tax credit. See also, 
"Foreign Tax Credit." 

The Tax Reform Act of 1976 provided that dividends 
frcm less developed country corporations (as formerly 
defined in Code section 955) be treated the same as 
dividends from other foreign corporations. Thus, the 
amount of the dividend was grossed-up by the amount 
of foreign taxes de«ned paid on that dividend. The 
gross-up treatment for distributions of current 
inocme was generally effective for taxable years 
beginning after December 31, 1975. However, 
distributions made in taxable years beginning after 
December 31, 1975, and received by domestic corpora- 
tions before January 1, 1978, were to be grossed-up 
only to the extent that the distributions were made 
from earnings and profits of the foreign corporation 
accumulated in taxable years beginning after December 
31, 1975. Prior to the 1976 Act, only those dividends 
received from "developed country" corporations were 
required to be grossed-up. 

Analysis of returns of some of the larger corpora- 
tions revealed instances where amounts reported as 
foreign dividend income resulting from foreign taxes 
deemed paid were actually dividends received frcm 
foreign corporations, and instances where amounts 
reported as dividends received frem foreign corpora- 
tions were actually the gross-up of foreign taxes 
deemed paid. (Both of these items were reportable on 
the dividends received schedule of the income tax re- 
turn.) If these amounts were so identified on sup- 
porting schedules they were transferred to the cor- 
rect item for the statistics. 

Contributions or Gifts 

Contributions or gifts to charitable, religious, 
educational, and similar organizations were deductible 
under Code sections 170, 809, and 882. In general, 
the deduction was limited to 5 percent of net income 
computed without regard 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 forwcird and included in the 
current-year's deduction as long as the sun of the 
current-year contributions and the amounts carried 
forward did not exceed the limitation based on 
current-year Income. "Hie excess was again carried 
forwau-d until the 5-year carryover period expired. 
The amounts shown for 1977, therefore, include seme 
contributions actually made in previous years, and 
exclude some contributions made in 1977 which exceeded 
the current-year 5-percent limitation. These excess 
contributions v«re then carried forward. 

Cost of Property Used for Investment Credit 

Amounts included under this heading are estimates 
for the total cost or basis of depreciable property 
(defined in Code section 48 and described under 
"Investment Credit" in this section) reported in 
connection with the computation of the investment 
credit. Only property with a useful life of 3 years 
or mare was eligible for investment credit treatment. 

Although corporations generally reported their 
investments at cost, most corporations claiming the 
investmait credit for leased property used the fair 
market value instead. 

The statistics include amounts reported but not 
used for the computation of the investment credit. A 
limitation, for instance, was placed on the amount of 
used property which oould be taken into account in 
the computation of the credit. (See "Investment 
Credit.") Also included were amounts which were 
ultimately used in the coraputation of the credit by 
end-of-the-year stockholders of Small Business 
Corporations electing to be taxed through those 
stockholders . 

Cost of Sales and Operations 

Cost of sales and operations generally included 
the direct costs incurred by the corporation in pro- 
ducing goods or providing services. Included were 
costs of materials used in manufacturing; costs of 
goods purchased for resale; direct labor; and certain 
overhead expenses, such as rent, utilities, supplies, 
maintenance, and repairs. 

Corporations with manufacturing or productiai 
operations were required to compute taxable income in 
accordance with the "full absorption" method of 
inventory costing as prescribed by the income tax 
regulations. In gaieral, under full absorption 
costing, certain indirect production costs as well as 
direct production costs were allocated to goods pro- 
duced during the taxable yesir, whether included as 
costs of the taxable year or as inventory at the 
close of the year determined in accordaince with the 
corporation's method of identifying goods in inven- 
tory. In determining inventory costs, indirect 
production costs were: (I) always included, such as 
for repairs, indirect Tabor, and indirect materials 
and supplies; (2) rot required to be included, such 
as for marketing expenses, selling or other distri- 
bution expenses, and interest; or (3) included or 
excluded frcm the cost of sales and operations 
dependent u^on how such costs were treated in the 
corporation's books of account. These costs included 
insurance costs, taxes paid, and depletion expenses. 
Thus, the statistics also include certain indirect 
production oosts reported by corporations as a cost 
of sales. 

Corporations not using the full absorption method 
before September 19, 1973, had to change to that 
method. Corporations which made the election during 
the first 180 days of any taxable year beginning 
after September 18, 1973, and before November 29, 



100 



Corporation Returns/1977 • Explanation of Terms 



1975, cxjuld prorate any inventor iable cxsting adjust- 
ments over a period designated by the corporation at 
the time of the election, starting with the year of 
the transition. "Pne transition period could not 
exceed the lesser of 10 taxable years or the nunber 
of years for which the prior inventory costing method 
was ised. Corporations which switched after the tran- 
sition period were not eligible to use the transi- 
tional rules. These inventory costing adjustments 
were included in the statistics for the inoorie or 
deduction items in which they were reported by the 
corporation. 

Included in oast of sales were costs incurred by 
Domestic International Sales Corporations (DISC'S) 
for warehousing (which could include rental warehouse 
facilities, labor, heat and power) of export-related 
articles. 

Sales taxes and excise and related taxes may have 
been reported in cost of goods sold schedules when 
corporations treated these taxes as part of the sales 
price of products. When taxes were identified in cost 
of goods sold schedules, they were added to the sta- 
tistics shown for the separate deduction for "Taxes 
Paid." Similarly, expenses for depreciation, deple- 
tian, amortization, rent of buildings or real estate, 
advertising, contributions to pension plans, sind con- 
tributions to employee benefit programs, whether 
direct or indirect oosts in the case of corporations 
with manufacturing or production operations, were 
transferred to their respective deduction categories 
when identified in cost of goods sold schedules. 

The income or loss from sales of securities, 
ccmnodities, or real estate by stock and ooninodity 
brokers, dealers, and exchanges, and by real estate 
subdividers, developers, and operative builders was 
transferred from business receipts, and the net profit 
or loss fran these transactions included in net gain 
or loss from sales or exchanges of noncapital assets. 
Special statistical treatment was also required for 
the few banking institutions which traded certain 
securities "on their own account" and which reported 
the purchase and sale of the securities as part of 
cost of sales eind operations and business receipts, 
respectively. For the statistics, the amount paid 
for these securities was excluded from cost of sales 
and operations and a corresponding amount was excluded 
from business receipts. Therefore, the cost of such 
sales was excluded from the statistics. (See also, 
"Business Receipts.") 

Cost of Treasury Stock 

This item wbs the total value of issued ccrmon or 
preferred stock which had been reacquired and was 
held at the end of the accounting year by the issuing 
corporations. The stock, which was available again 
for resale or cancellation, m^ have been purchased 
by the corporation or acquired through donation or as 
settlement of a debt. Treasury stock was not a part 
of capital stock outstanding and did not include 
unissued capital stock. 

The amounts shown may be sometfhat understated. 
Treasury stock intended for resale may have been 
reported as an asset en seme tax returns and, if not 
clearly identified as for resale, would have been 
included in the statistics for "Other Investments." 
When identified, though, such stock was transferred 
to the statistics for "Cost of Treasury Stock." 

Depletable Assets 

Depletable assets represented, in general, the 
gross end-of-year value of mineral property, oil and 
gas wells, other natural deposits, standing timber, 
intangible development and drilling costs capitalized, 
and leases and leaseholds, each subject to depletion. 
Accumulated depletion represented the cumulative ad- 
justmait to these assets shown en the corporation' s 



books of account. In seme instances, depletable 
assets may have been included with "Depreciable 
Assets," or may have been reported as land or as 
"other investments" by the taxpayer, and could not be 
identified for this report. 

The value of depletable assets and accumulated 
depletion may not be closely related to the current- 
year depletien deduction. The depletable assets and 
accumulated depletion balance sheet accounts reflected 
book values; the depletion reflected the amount 
claimed for tax purposes. 

Depletion (#) 

This deduction was allowed for the exhaustion of 
natural deposits and timber. For standing timber, 
depletion *bs ocnputed en the basis of cost. In the 
case of natural deposits, the depletion could be cod- 
puted either en the basis of cost ex i^xDn a fixed per- 
centage of the gross inocme, less rents and royalties, 
from the depletable property. Generally, fear gas and 
oil wells the gross inccme was the actual sales price, 
or representative market or field price if the gas or 
oil was later converted or manufactured prior to sale. 
For other natural deposits, gross income was the gross 
inootie frem mining, defined to include extractive and 
certain treatment processes. Also included as gross 
incane were exploratioi ei^ienditures, previously 
deducted, that were required under provisions of Code 
section 617 to be recaptured when the mine reached 
the production stage. 

Under elective provisions of the Code, exploration 
and development expenditures connected with certain 
domestic natural deposits (except gas and oil) could 
be deducted currently, treated as deferred expenses, 
or capitalized. The write-offs of amounts deferred 
or capitalized were not included as part of depletion. 

Percentage depletien, though based on percentages 
of gross inccme from depletable property, was limited. 
Generally, it could rot exceed 50 percent of the net 
inccme from the property computed without the deple- 
tion deduction. Percentage rates of gross income for 
each type of natural deposit were listed in Code 
section 613 and ranged from 5 to 22 percent. 

The 22 percent depletion rate for oil and gas 
wells applied cnly to domestic crude oil and domestic 
natural gas. Specifically covered were: (I) regu- 
lated natural gas, (2) natural gas sold under a fixed 
contract, (3) any geothermal steam deposit in the 
United States or a U.S. possession which was deter- 
mined to be a gas well according to Code section 613, 
and (4) small (independent) producers and royalty 
owners. The depletion rate applicable under the 
first three exceptions was 22 percent of gross inceme 
frcm the property, less rents and royalties paid, 
limited to 50 percent of the net inccme frcm the 
property before the depletion deduction. The limita- 
tion in the case of snail (independent) producers and 
royalty owners was 65 percent of net income frem all 
sources. If the 65 percent limitation caused an 
amount to be disallowed for a taxable year, the dis- 
allowed portion could be carried over to the next year 
for inclusion in the depletion deduction, provided it 
was within the limitation for that year. 

Crude oil refiners and retailers that processed 
daily more than 50,000 barrels of crude oil and 
certain retailers of oil, natural gas or any of their 
derivative products were specifically denied the use 
of the percentage depletion allowance. Retailers 
were defined for this purpose as those that sold such 
products through retail outlets they operated, or to 
any person who was obligated to sell under the tax- 
payer's trademark or permitted to operate one of the 
retailer's outlets. The Tax Reform Act of 1976 made 
several changes in the definition of retailers by 
excluding the following types of retail sales for 
which percentage depletion was otherwise denied: (1) 



Corporation Returns/1977 • Explanation of Terms 



101 



direct bulk sales of oil or natural gas to industrial 
or ocmmercial users, (2) sales of oil, natural gas or 
any of their derivative products when gross receipts 
for a taxable year were less thain $5 million, and (3) 
sales by retail outlets of oil, natural gas or any of 
their derivative products, made outside the United 
States, if none of corporation's domestic production 
was e>5)orted during the taxable year or the 
inmediately proceeding taxable year. 

For 1977, the depletion rate for oil and gas 
covered under the gnall (independent) producer and 
royaJ-ty owners was 22 percent of the maximum daily 
average of 1,600 barrels. In subsequent years 
through 1980, the maximum daily average was to be 
phased down by 200 barrels a year to 1,000 barrels, 
where it was to remain. Vne law also provided for 
reduction of the depletion rate in certain later 
years for these same taxpayers. 

The amounts shown in the statistics include any 
identifiable depleticr reported as part of the cost 
of Sciles and operations. 

See also, "Additioncil Tax for Tax Preferences." 

Depreciable Assets 

Depreciable assets, reported on the oorporation's 
end-of-year balance sheet, consisted of tangible 
property (such cis buildings and equipiient) which was 
used in the trade or business or held for the produc- 
tion of inconie and which had a useful life of 1 year 
or more. The statistics for this item oould include 
fully depreciated assets still in use and partially 
ootipleted assets for which no deduction was allowed, 
when the oorporation reported them as depreciable in 
its balance sheet. The statistics for depreciable 
assets exclude those intangible assets which were 
depreciable or amortizable only for tax purposes. 
Such assets, patents and copyrights for example, were 
includable in "Intangible Assets." The amounts shown 
as accumulated depreciation represent the portion of 
the assets that were written off in the current year, 
as well as in prior years. 

The amounts shown for depreciable assets are, in 
general, the gross cinounts before adjustments for 
depreciation or amortization charged in current and 
prior years. Some corporations, however, reported 
only the net amount of depreciable assets after 
adjusting for these depreciation or amortization 
charges. Among the corporations reporting cxily a net 
amount of depreciable aissets were many insurance 
carriers reporting 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 equipnent were included. Other 
read estate holdings of these corporations were 
reported as "other investments." 

The value of depreciable assets aind accunulated 
depreciation may not be closely related to the 
current-year depreciation deduction. The depreciable 
assets and aociitiulated depreciation balance sheet 
aooounts reflected book vailues; the depreciation 
deduction reflected the amount claimed for tax 
purposes. 

Depreciation (#) 

Depreciation deducted as a reasonable allowance for 
the exhaustion, wear and tear, aind obsolescence of 
business property wais allowable under Code section 
167. A deduction for depreciation wais not allowable 
on inventories, or land apart from the physical 
improvements or developnents added to it. 

Severail methods of computation oould have been 
used in determining the deduction for the year. A 
cannon method was straight-line, whereby an equad 
amount of depreciation is deducted in each year of 



the useful life of the asset. The declining halainoe 
and the sum-of-the-years-digits methods, whereby a 
lairger portion of the asset's cost is written off 
during the earlier years of its life than during its 
later years, were also ocmmonly used. Accelerated 
methods of depreciation were restricted for public 
utilities and certain kinds of real property. 

Effective for taxable years beginning after 
December 31, 1976, a oorporation operating a railroad 
and using the retirement-replacement method wais 
allowed a current depreciation deduction for the 
replacement of an existing railroad crosstie 
regardless of the quality or kind of material used. 
(See the discussion under Changes in Law in section 

Property lives oould be based either on the 
corporation's own experience, asset-by-asset, or on 
the Class Life Asset Depreciation Ramge (CLADR) 
system which provided for generally shorter than 
average lives. For a detailed description of the 
dAEK system, see Statistics of Income — 1976, 
Corporation Income Tax Returns. 

ftnounts shown as depreciation include any 
identifiable depreciation reported in schedules in 
suj^xjrt of the cost of sales and operations. Also 
included as depreciation were arraunts deducted on 
leasehold improvements, patents, and copyrights, 
small amounts of aSditional first-year depreciation 
allowed under Code section 179, and amounts deducted 
for prepublicaticn expenditures by corporations in 
the printing and publishing industries. 

To oomply with the definition of depreciation under 
the Internal Revenue Code, so-called amortization on 
station oonnections in the communications industry and 
of capitalized film production costs in the motion 
picture industry reported elsewhere in the return were 
a].so included in the statistics. 

See also, "Additional Tax for Tax Preferences." 

Distributions to Stockholders 

Distributions to stockholders consisted of the 
oorporation's own stock, and of cash and other 
property, generally reported as part of the analysis 
of unappropriated retained earnings. Liquidating 
dividends, when identified, were excluded. 

In those instances where a oorporation reported 
only a single total for distributions to stockholders 
and did not identify these distributions as cash or 
stock or other property, that total was treated as a 
distribution to stockholders in cash and property 
other than in the company's own stock. 

Regulated investment companies and real estate in- 
vestment trusts oould treat certain dividends paid 
after the close of their taxable year as distributions 
during the current taxable year. In a similar manner, 
for Small Business Corporations electing to be taxed 
through stockholders, distributions of money made 
within 2-1/2 months after the close of the taxable 
year were considered to be distributions of the oorpo- 
ration's undistributed taxable income of the preceding 
taxable year. Otherwise, the statistics do not in- 
clude amounts taxed to stockholders in 1977, but which 
would not actually be distributed to than until a fu- 
ture year. Conversely, the statistics do include 
amounts taixed through stockholders in previous years, 
but which were rot actually distributed until 1977. 

For Domestic Internationail Sales Corporations 
(DISC'S), only anounts actually distributed (i.e., 
distributions that were made to meet the DISC quali- 
fication requirement under Code section 992, includ- 
ing "deficiency distributions" made after the close 
of the taxable year to avoid disqualifications as a 
DISC, or other actual distributions) were included in 
the statistics. Dividends which were not actuadly 
distributed, but rather deemed distributed under 
section 995, were excluded. 



102 



Corporation Returns/1977 • Explanation of Terms 



Dividends Received fron Dcmestic Corporations 

Dividends received fron domestic corporations 
represented most distributions from current as well 
as accunulated earnings and profits of ccrapanies 
inoorporated in the United States. (For a discussion 
of other distributions of dcmestic corporations, see 
"Other Receipts" in this section.) For the most part, 
dividends received from dcmestic corporations repre- 
saited thDse recognized in computing the special 
deduction fron net incane for dcmestic intercorporate 
dividends received. (See also, "Statutory Special 
Deductions.") 

Certain domestic dividends, although not deduct- 
ible, were nevertheless included in dividends received 
from dsmestic corporations. These were dividends re- 
ceived by regulated investment oonpanies, real estate 
investment trusts, and Small Business Corporations 
electing to be taxed through stockholders. Dividends 
from Domestic International Sales Corporations 
piSC's) were also included as dcmestic dividends 
received, but were not deductible. Certain other 
dividends, not deductible, were treated for the 
statistics as "Other Reoeipts." 

For most of the domestic dividends received, the 
deductible portion was equal to 85 percent (about 60 
percent for dividends received on certain preferred 
stock of public utilities). However, a 100-peroent 
deduction was allowed for dividends received by mem- 
bers of a oontrolled group from other manbers of the 
same controlled group when a consolidated return was 
not used to report for the group as a whole. This 
deduction was allowed when the group did not elect to 
file a consolidated return and agreed instead to 
aj^xartion a single surtax exemption among the group 
members in computing income tax. 

Dividend distributions among member corporations 
electing to file a consolidated return were elimi- 
nated from the statistics as part of the consolidated 
reporting of tax accounts. For tax purposes, divi- 
dends reported on these returns represented amounts 
received from oorporations that were outside the 
tax-defined affiliated group. 

For a discussion of the dividends received from a 
DISC see "Domestic International Sales Corporation 
Returns." 

Dividends Received from Foreign Corporations 

These dividends were paid from current as well as 
accumulated earnings and profits of companies incorpo- 
rated in foreign countries. 

Dividends received from foreign corporations in- 
cluded: 

(1) dividends, subject to the 85-percent deduc- 
ticsi, received by U.S. corporations from those foreign 
corporations at least 50 percent or more of whose 
gross income was "effectively connected" with business 
conducted in the United States; 

(2) dividends, subject to the 100-percent deduc- 
tion, received by U.S. corporations from wholly-owned 
foreign sul>sidiaries all of whose gross income Wcis 
"effectively connected" with the conduct of a U.S. 
trade or business; and 

(3) any other foreign dividends, not subject to a 
deduction, which included: certain gains from the 
sale, exdiange, or redemption of Controlled Foreign 
Corporation stock and foreign dividends received by 
Small Business Corporations electing to be taxed 
through stockholders. 

Excluded from the dividend statistics was the 
"gross-up" of foreign taxes deemed paid cxi the 
profits from which the dividends of foreign subsi- 
diaries were distributed. This was done even though 
"foreign dividend income resulting from foreign taxes 
deemed paid" (gross-up) was considered by law to be 
part of the dividends received. Dividends only 



constructively received from foreign suteidiaries 
reported on the tax returns as "includable income 
from Controlled Foreign Corporations," were also 
excluded. If these amounts were actually distributed 
at a later date, they were neither retaxed nor 
reported. Ftor the statistics, both itans were 
combined and shown under "Constructive Taxable Income 
from Related Foreign Corporations." 

Ttie foreign dividend statistics presented in this 
report are subject to certain limitations. Some cor- 
porations reported certain foreign dividends as "in- 
cludable income from Controlled Foreign Corporations," 
while others did the reverse, since both were 
reported in the schedule for dividends received. 
Also, some corporations included as foreign dividends 
the gross-ip of dividends by foreign taxes paid or 
deaned paid ("foreign dividend income resulting from 
foreign taxes deemed paid"), while others did the 
reverse. Where these variations in taxpayer reporting 
were identified, the amounts were transferred to the 
correct item for the statistics. 



Domestic International Sales Corporation Returns (#) 

Form 1120-DISC, Domestic International Sales 
Corporation Return, was filed by oorporaticsis which 
were established under the Revenue Act of 1971 in 
order to provide a system of tax deferral on profits 
derived from exports of U.S. goods and services. 

The profits of DISC'S were not taxed to the DISC'S, 
but were instead taxed to the stockholders (mainly 
parent corporations) when distributed or deemed to be 
distributed to them. A stockholder of a DISC was 
treated as having received a distribution taxable as 
a dividend equal to the stockholder's pro rata share 
of the sun of: (1) the gross interest derived during 
the taxable year from producer's loans; (2) the gain 
recognized by the DISC during the taxable year on the 
sale or exchange of property, other than property 
which in the hands of the DISC is a qualified export 
asset, previously transferred to it in a transaction 
in which gain was not reoognized in whole or in part, 
but only to the extent that the transferor's gain on 
the previous transfer was not reoognized; (3) the 
gain (other than the gain described in (2)) recognized 
by the DISC during the taxable yeair on the sale or 
exchange of property (other than property which in 
the hands of the DISC is stock in trade or other 
property described in Code section 1221(1)) 
previously transferred to it in a transaction in 
which gain was not reoognized in whole or in part, 
but only to the extent that the transferor's gain on 
the previous transfer was rr>t reoognized and would 
have been treated as ordinary incane if the prc^jerty 
had been sold or exchanged rather than transferred to 
the DISC; (4) 50 percent of the taxable income of the 
DISC for the year attributable to "military property;" 
(i.e., property which is an arm, ammunition, or imple- 
ment of war designated pursuant to the Military 
Security Act of 1954) (5) the taxable income for the 
taxable year attributable to "base period export 
gross receipts," (base period was 1972 through 1975); 
(6) the sum of: (a) one-half of the excess of the 
taxable income of the DISC for the taxable year, 
before reduction for any distributions during the 
year, over the sun of the amounts deemed distributed 
for the year under Code section 995; (b) an amount 
equal to (a) multiplied by the "international boycott 
factor;" and (c) any illegal bribe, kickback, or other 
payment paid by or for the DISC to a representative 
of a foreign government; and (7) the amount of foreign 
investment attributable bo producer's loans of a DISC 
for the taxable year. For this purpose, taxable 
income was the DISC'S net income minus statutory 
special deductions. See "Tax Deferred Income and 
Income Taxable to Stockholders." 



Corporation Returns/1977 • Explanation of Terms 



103 



The amount deemed distributed was fully taxable to 
the stockholders. Inoane taxation was deferred on the 
remainder of the DISC'S taxable incone which was not 
deemed distributed until one of the following events 
occurred: (1) the income was actually distributed to 
the DISC'S stockholders; (2) a stockholder disposed 
of the DISC stock; (3) the DISC was liquidated; or 
(4) the election to be treated as a DISC weis termi- 
nated or revoked. 

Corporate stockholders receiving DISC dividends 
were not permitted the intercorporate dividends 
received deducticn. Vne dividends received deduction 
was designed to prevent multiple taxation of corporate 
earnings; consequently, as a DISC itself was not sub- 
ject to taxation the dividends received deduction was 
not applicable. 

Dividends (deemed or actual) paid by a DISC vrere 
treated as dividends fron a foreign corporation to the 
extent the dividends were attributable to certain ex- 
port receipts of the DISC. Thus, all stockholders 
could claim a foreign tax credit for any foreign taxes 
inposed en a DISC dividend. Stockholders that were 
corporations could also claim an indirect credit for 
foreign taxes paid hy a DISC. 

To qualify as a DISC, a corporation must have been 
organized under the laws of any State or the District 
of Colimbia, have only ere class of stock, issued out- 
standing capital stock with a par or stated value of 
at least $2,500, and satisfied the "gross receipts" 
and "gross assets" tests. 

The gross receipts test required that at least 95 
percent of the corporation's gross receipts consist 
of "qualified export receipts." (Xialified export 
receipts were: gross receipts fron the sale, 
exdiange, or other disposition of "export property"; 
(described below) gross receipts fron the lease or 
rental of export property, which were used by the 
lessee of such property outside the United States; 
gross receipts from the sale, exchange, or other 
disposition of "qualified export assets" (other than 
export property) ; gross receipts from services which 
were related and subsidiary to any qualified sale, 
exchange, lease, rental, or other disposition of 
export property; dividends with respect to stock of a 
related foreign export oorporation; interest on any 
obligation which was a qualified export asset; gross 
receipts from engineering or architectural services 
for construction projects located (or proposed for 
location) outside the United States; and gross 
receipts from the performance of managerial services 
in furtherance of the production of other qualified 
export receipts of a DISC. 

The gross assets test required that at least 95 
percent of the corporation's assets be "qualified 
export assets." In general, qualified export assets 
were inventories of "export property" (i.e., property 
which: (1) had been manufactured, produced, grown or 
extracted in the United States by other than a DISC; 

(2) was held primarily for sale or lease in the 
ordinary course of business for direct use, consump- 
tion, or dispositicn outside the United States; cind 

(3) had at the tijne of sale or lease by the DISC not 
more than one-half of its fair meirket value attribut- 
able to imported articles) necessary operational 
equipment and supplies; trade receivables from export 
sales (including ocnmissions receivable); producer's 
loans (i.e., loans of the DISC'S profits to a U.S. 
export producer whether or not related to the DISC) ; 
working capital (i.e., cash and necessary temporary 
investments) ; investments in related foreign export 
corporations (including real property holding com- 
panies and associated foreign corporations); obliga- 
tions issued, guaranteed, or insured by the Export- 
Import Bank or the Foreign Credit Insurance Associa- 
tion; amd, obligations of the Private Export Funding 
Corporation. 



A DISC which, for a tcixable year, failed to satisfy 
the gross receipts test or the gross assets test, 
thereby failing to qualify as a DISC, could neverthe- 
less satisfy these qualification requirements by 
making a "deficiency distribution" for such a year, 
whereby the DISC made a distribution to its stock- 
holders after the close of the taxable year. T^e 
DISC, at this time, had to demonstrate that the 
failure to make these distributions prior to the close 
of the year was due to reasonable cause. 

To qualify as a DISC, a new or previously existing 
corporation had to file an election requesting to be 
treated as a DISC. For the electicxi to be valid, all 
stockholders of the oorporation on the first day of 
the election year must have consented in writing. 
The election remained valid unless the oorporation 
revoked it or failed to qualify as a DISC for 5 
consecutive years. 

A DISC usually acquired export property from its 
parent or an affiliated oorporation ("related sup- 
pliers") and then sold the property abroad; however, 
it oould act simply as a comnission agent on export 
sales of related suppliers. The method used for 
allocating inoome between a DISC and its related 
suppliers was achieved through special interoonpany 
pricing rules. This allocation of income was 
affected to the extent that the DISC itself incurred 
"export prcmotion expenses" (i.e., the ordinary and 
necessary expenses incurred to obtain qualified 
export receipts) . 

The types of corporate organizations rot eligible 
to be treated as a DISC were: (1) tax-exonpt corpora- 
tions; (2) Personal Holding Coirpanies; (3) banks and 
trust ocmpanies; (4) mutual and savings banks, domes- 
tic building and loan associations, and oocperative 
banks; (5) insurance companies; (6) regulated invest- 
ment companies; (7) China Trade Act oorporations; and 
(8) Small Business Corporations electing to be taxed 
through their stockholders. 

For any taxable year in which a corporation was a 
DISC or in which at any time it owned, directly or 
indirectly, stock in a DISC or a former DISC, the 
oorporation was not allowed to take the Western 
Hemisphere Trade Corporation deduction. 

For additional information regarding DISC'S see 
Annual Reports, The C^ration and Effect of the 
Dcmestic International Sales Corporation Legislation 
issued by the Department of the Treasury as required 
by the Revenue Act of 1971. 

Einployee Benefit Programs 

Contributions made by employers to such plans as 
death benefit plans, health plans, accident and 
sickness plans, and other welfare plans, were 
deductible under Code section 162. The statistics 
for this itan include amounts identified in the cost 
of sales and operations schedules. 

Foreign Tax Credit 

Code section 901 allowed a credit against the U.S. 
income tax for income, war profits and excess profits 
taxes paid or accrued to foreign countries or U.S. 
possessions including Puerto Rico. Credit was also 
allowed eqainst the U.S. tax under sections 902 and 
960 for foreign taxes "deemed paid." Foreign taxes 
included amounts paid by partnerships that were 
allocated directly to the partners (including those 
that were corporations) for their use as a credit (or 
a deduction, as described below). 

The credit could be claimed by dcmestic corpora- 
tions, and also by foreign corporations engaged in 
trade or business in the United States for foreign 
taxes en income "effectively connected" with the U.S. 
business. 



104 



Corporation Returns/1977 • Explanation of Terms 



However, the credit was not allowed for Small 
Business Corporations electing to be taxed through 
stockholders even when these corporaticxis were taxed 
on certain capital gain inoome. These corporations 
had to deduct from gross incoite any foreign taxes 
they paid and could not pass them on to their stock- 
holders for their use as a foreign tax credit. The 
credit was not allowed either, for regulated invest- 
ment ccnpanies which elected under Code section 853 
to allow their stockholders to claim the credit for 
the foreign taxes paid by these conpanies. Since 
Danestic International Sales Corporations piSC's) 
themselves were not taxable, foreign tcix credit was 
not applicable; however, DISC stockholders could 
claim an indirect credit for foreign taxes paid by a 
DISC. 

A corporation that claimed the foreign tax credit 
oould not also claim a business deduction for foreign 
taxes paid. The U.S. income tax which oould be 
reduced by the credit excluded the tax fron 
reocmputing prior-year investment credit, the tax 
froD recomputing prior-year work incentive (WIN) 
credit, the additional tax for tax preferences 
(minimum tax) , and the Personal Holding Ccmpany tax. 

Under Code section 902, credit was allcwed for 
foreign taxes deemed paid when a domestic corporation 
received a dividend from a foreign corporation in 
which it owned a 10-percent-or-raore voting stock 
interest, for the taxes paid on the foreign corpora- 
tion's profits out of which the dividends were paid. 
A portion of the taxes paid or accrued by the "first- 
tier" foreign corporation was deemed to have been 
paid by the domestic corporation. Ttie taxes eligible 
for credit were determined based on the relationship 
between the foreign corporation's profits and the 
amount paid to the domestic corporation as dividends. 

In addition, if the first-tier foreign corpora- 
tion owned 10 percent or more of the voting stock of 
a "second-tier" foreign oorporaticn from which it 
received a dividend, the first-tier foreign corpora- 
tion was deemed to have paid a proportionate amount 
of the foreign taxes of the second-tier foreign corpo- 
ration. In turn, the domestic corporation was deaned 
to have paid a portion of these same taxes. However, 
a foreign tax credit was not allowed unless the per- 
centage of voting stock owned by the domestic corpora- 
tion in the first-tier foreign corporation and the 
percentage of voting stock owned by the first-tier 
foreign corporation in the second-tier foreign corpo- 
ration equalled at least 5 percent when multiplied 
together . 

The second-tier foreign corporation was deaned to 
have paid a proportionate amount of the foreign taxes 
paid or accrued by a "third-tier" foreign corporation 
whenever it owned 10 percent or more of the voting 
stock of a third-tier foreign corporation from which 
it received a dividend, and the product of the 
following equalled at least 5 percent: the percen- 
tage of voting stock owned by the domestic corporation 
in the first-tier foreign corporation, the percentage 
of voting stock owned by the first-tier foreign corpo- 
ration in the second-tier foreign corporation, and 
the percentage of voting stock owned by the seccaid- 
tier foreign oorporaticn in the third-tier foreign 
corporation. In turn, the first-tier foreign corpo- 
ration and the domestic corporation were deemed to 
have paid a portion of these same taxes. 

Credit oonputed the same way eis that described 
above under Code section 902 was also allowed for 
taxes deemed paid en distributions constructively 
received fron Controlled Foreign Corporations under 
section 951. Itie credit was allowed for these 
distributions if the domestic corporation owned 10 
percent or more of the voting stock of the first-tier 
Controlled Foreign Corporation. 



Under provisions of the Tax Reform Act of 1976, 
effective for taxable years beginning after December 
31, 1976, domestic oorporaticns were allowed to claim 
a credit on foreign taxes deemed paid by a third-tier 
foreign oorporaticn whose undistributed subpart F 
income was taxed to its stockholders. (See the 
discussion under Changes in Law in section 2.) 

In the case of taxes paid on "foreign mineral 
income," the foreign tax credit was reduced to the 
extent that (1) the foreign tax exceeded the U.S. 
income tax payable on such income and (2) the excess 
was due to the lower profits recognized for U.S. tax 
purposes because of the deduction for percentage 
depletion. (See "Depletion.") 

A special reduction of the foreign taxes available 
for credit was prescribed for foreign taxes paid on 
"foreign oil and gas extraction income (i.e., taxable 
income derived from sources without the United States 
and its possessions from the extraction of minerals 
from oil or gas wells, or the sale or exchange of 
assets used by the taxpayer in the trade or business 
of such extraction) and otherwise eligible for the 
credit. The foreign oil and gas extract icHi taxes 
which could be used to ocmpute the credit oould not 
exceed 100 percent of the sum of the normal tax rate 
and surtax rate (generally 48 percent) which applied 
to that oorporaticn. Foreign taxes in excess of 
these rates were lost to the taxpayer for foreign tax 
credit purposes. They also oould not be claimed as a 
business deduction. 

These special reductions were in addition to the 
general limitation on the credit. The Tax Reform Act 
of 1976 repealed the per-country limitation on the 
foreign tax credit and required corporations to 
compute the limitation using the overall method. 
This mandatory use of the overall method was generally 
effective for taxable years beginning after December 
31, 1975, but a later effective date applied to income 
from U.S. possessions and certain mining companies. 
The separate limitation for certain interest income 
that was previously oorputed using the per-country 
method was required to be computed using the overall 
method. 

Generally, five types of income from foreign 
sources were separated for purposes of computing the 
foreign tax credit. For taxes paid in connection 
with certain interest income, the credit was computed 
separately. Also, for dividends received from DISC'S 
that were attributed to certain export receipts (and 
were thereby regarded as foreign dividends) , the 
foreign tax credit limitation was computed separately 
with respect to aggregate dividends received from all 
DISC'S, and then to other foreign source income. 
Additionally, corporations had to compute their 
foreign tax credit separately for foreign oil-related 
income, which included foreign oil and gas extraction 
income. Further, foreign oil-related losses were to 
be "recaptured" by treating future foreign oil-related 
income (to the extent of such losses) as U.S. source 
income, and by correspondingly reducing in foreign 
taxes available for credit. Also, corporations had 
to conpute their foreign tax credit separately for 
possessions income. Finally, all other sources of 
income were treated, in the aggregate, separately. 

Foreign taxes in excess of the limitation for any 
one year could be carried back, chronologically, to 
the 2 preceding years and then carried over to the 5 
succeeding years to reduce income tax, subject to the 
foreign tax credit limitation of the yeeirs to which 
they were carried. (Excess taxes carried back or 
carried over were applied against the amount by which 
a limitation exceeded the creditable foreign taxes in 
a given year.) 



Corporation Returns/1977 • Explanation of Terms 



105 



IrKxme Subject to Tax (#) 

The 1954 Code provided different tax bases upon 
which tax was levied for different types of corpora- 
tions. These included the "taxable incatie" base 
defined by Code section 63, used by the majority of 
corporations, and to which the normal tax and surtax 
rates applied; a variation of this base in combination 
with long-term capital gain when the lower capital 
gains rate was applicable; the special capital gains 
tax base of Small Business Corporations electing to 
be taxed through their stockholders; the severed tax 
bases applicable to insurance ccmpanies; and the 
amounts taxable to regulated investment canpanies and 
real estate investment trusts. All of these tax bases 
are included under the heading. Income Subject to Tax. 
However, small amounts of regulated investment ccnpany 
undistributed long-term capital gains (described 
below) were excluded. Since EJonestic International 
Sales Corporations (DISC'S) thenselves were not tax- 
able, incane subject to tax for these corporations 
was not applicable (see "Danestic International Sales 
Corporation Returns") . 

For most corporations, incane subject to tax con- 
sisted of net income minus certain "statutory special 
deductions" (described in this report under a 
separate heading). However, there were certain 
exceptions. In scsne cases, the statutory special 
deductions for dividends received and for dividends 
paid en certain preferred stock of public utilities 
exceeded net inoome. For these returns, incane 
subject to tax was reduced to zero and the excess of 
the two special deductiois became the statutory loss 
for the year , available for net operating loss 
deducticn purposes over the prescribed carryback and 
carryover periods. 

Also, the tax bases applicable to Small Business 
Corporations electing to be taxed through their stock- 
holders, life insurance caipanies, regulated invest- 
ment oonpanies, and real estate investment trusts were 
not defined as net incane less statutory special de- 
ductions. 

Depending on which resulted in the lowest tax, the 
tax base for Small Business Corporations electing to 
be taxed through their stockholders was: (1) net 
inoane; (2) net long-term capital gain in excess of 
$25,000; when net long-term capital gain was mDre than 
50 percent of a net income that was over $25,000; or 
(3) the amount attributed bo gain fran the disposi- 
tion of property using a "substituted basis" (i.e., 
the basis that was transferred from another corpora- 
tion which was not a Small Business Corporation elec- 
ting to be taxed through its stockholders) . No net 
operating loss or "special deductions" were available. 

For the life insurance cotipany statistics, net 
inoane was derived from gain or loss fran operations 
to which statutory special deductions were added back; 
ircoroe subject to tax was the smaller of gain from 
operations (which included statutory special deduc- 
tions) or taxable investment inoane. To this amount 
the following vere added: (1) when taxable invest- 
ment irKome was analler than gain fran operations, 50 
percent of the difference between these two amounts, 
and (2) amounts subtracted from the policyholders' 
surplus account (which contained incane nontaxable in 
the year earned, but taxable later on when withdrawn 
fran this reserve account, even if the caipany had no 
current-year net inoane) . 

In addition, the life insurance ccnpany provisions 
applied to life insurance departments of nutual sav- 
ings banks, where the departments were separately 
taxed fran the remainder of the banks. However, data 
for the banking and life insurance departments were 
combined in the statistics. 

In the case of regulated investment caipanies and 
real estate investment trusts, any net long-term 
capital gain (reduced by net short-term capital loss) 



which was not distributed to stockholders was taxed 
to the catpanies at the capital gains rate, even 
though the alternative tax method was not allowed. 
The balance of undistributed income was taxed at the 
normal tax and surtax rates. Undistributed net long- 
term capital gain taxed at the capital gains rate was 
not available from the income tax conputation schedule 
of the return form and no attempt was made to obtain 
it from attached schedules for the statistics. 
See also, "Income Tax." 



Incane Tax (#) 

Income tax was the gross amount of incane tax 
liability before deducting the foreign tax, U.S. 
possessions tax, investment, work incentive (WIN) and 
new jobs credits. (This item did not apply to 
DISC'S, which are taxable through their stockholders; 
see "Domestic International Sales Corporation Returns" 
in this section.) 

Basic tax rates from July 1977 through December 
1978 were as follows: normal tax rates consisted of 
20 percent tax on the first $25,000 of taxable inoane, 
22 percent on the next $25,000, and 48 percent on the 
remainder of taxable income (22 percent plus a 26 
percent surtax) . The surtax rate applied to amounts 
in excess of a $50,000 "surtax exenrption." 

For corporations with amounts of net long-term 
capital gain an alternative method of tax computation 
was required. For these corporations the excess of 
net long-term capital gain over net short-term 
capital loss was taxed at the capiteil gains rate 
while the balance of income was taxed at the normal 
tax and surtax rates. This method of oanputing 
income tax was not available to regulated investment 
oonpanies and read estate investment trusts. The 
alternative capital gains rate was 30 percent. (See 
"Net Capital Gains" in this section.) 

In addition to the normal and alternative taxes, 
the statistics for income tax also include: 

(1) an additional tax for tax preferences ("mini- 
mim tax"); (described under a separate heading) 

(2) the tax from recoitputing a prior-year invest- 
ment credit; (described under a separate heading) 

(3) the tax from recon^iuting a prior-year work 
incentive (WIN) credit; (described under a separate 
heading) 

(4) the 30-percent tax on certain long-term 
capital gains of Small Business Corporaticsis electing 
to be taxed through their stockholders; and 

(5) the 30-percent tax on undistributed net 
long-term capital gain (reduced by net short-term 
capital lossi , and the normal tax and surtax on the 
balance of undistributed income of regulated invest- 
ment oonpanies and real estate investment trusts. 

Income tax shown in this report for returns 
without net inoane was attributable to the small 
number of returns showing: 

(1) income tax under special provisions of the 
Internal Revenue Code applicable to life insurance 
businesses; 

(2) tax from reoonputing a prior-year investment 
credit; 

(3) tax from reconputing a prior-year work incen- 
tive (WIN) credit; and 

(4) additional tax for tax preferences ("minimum 
tax"). 

Statistics for income tax do rot reflect the 
Personal Holding Ccnpany tax, nor do they reflect any 
adjustments to the tax liability such as those result- 
ing from: 

(1) reocnputaticn of the 1977 taxable income to 
reflect the carryback of net operating losses and 
certain capital losses for future years; 

(2) reduction of income tax by foreign tax, in- 
vestment, U.S. possessions tax, and work incentive 



106 



Corporation Returns/1977 • Explanation of Terms 



fVflN) credits reoomputed to take acicount of the carry- 
back of unused investment and WIN credits and of 
unused foreign taxes, of certain future years; 

(3) audit examinaticns and other enforcement 
activities; and 

(4) uncollectible taxes. 

The statistics, therefore, differ somewhat from 
the actual income tax collections and the final 
income tax liability of oorporations for Tax Year 
1977. Publication 55, Annual Report of the 
Connissioner of Internal Revenue , contains income tax 
collection data on a fiscal year basis as opposed to 
the income year basis in SOI publications. Publica- 
tion 55 is available frcm the Superintendent of Docu- 
ments, U.S. Government Printing Office, Washington, 
DC, 20402. 

Intctngible Assets 

The total gross value (before the reduction by 
amounts of accumulated amortization) of contracts, 
copyrights, formulas, licenses, patents, registered 
trademarks, research or experimental expenditures and 
similcir assets were included in this category only if 
amortization (or depreciation) was actually being 
taken. These assets could be amortized only if they 
had a definite life and value. Other intangible 
assets which were not amort izable were included in 
the statistics with "Other Assets." 

Accumulated amortization represented the cumula- 
tive adjustment to these intangible assets as shewn 
on the corporation's books of account. Amounts of 
accumulated depreciation shown as adjustments to 
intangible assets are included in the statistics with 
"Accumulated Amortization." 

Interest on State and Local Government Obligations 

The interest on obligations issued by States, 
municipalities and other local Governments, the 
District of Columbia, and U.S. possessions, including 
Puerto Rico, was exempt from the income tax. Ttie 
amounts shown for this item are reduced by the 
amortizable bond premium. 

For statistical presentation, this interest is 
shown as part of the income statement and is included 
in "Total Receipts." Most corporations reported this 
tax-exempt interest in the "Reconciliation of income 
per books with income per returns" (see Schedule M-1 
on the Form 1120 tax return facsimile in section 7 of 
this report) . 

Interest on U.S Government Obligations 

This taxable interest, a component of total 
receipts, was received from obligations issued by the 
United States, its agencies, or its instrumentalities. 
The amounts shown for this item are reduced by the 
amortizable bond premium. 

Interest Paid 

These amounts include interest paid hy corporations 
on business indebtedness including amounts paid on 
installment purchases if they were stated in the con- 
tract, as well as certain "unstated" amounts under 
Code section 483. For banking and savings institu- 
tions the amounts also included interest paid on 
deposits and withdrawable shares. 

Inventories 

Based en amounts reported on the balance sheet, 
inventories included such items as raw materials, 
finished and partially finished goods, merchandise on 
hand or in transit, and growing crops reported as 
assets by agricultural concerns. Inventories were 
generally valued at cost or at the lower of cost or 



market price. When valued at cost, inventories were 
generally identified by first-in, first-out (FIFO) or 
last- in, first-out (LIFO) methods. 

Amounts reported by investment and holding 
companies (other than c^rating holding companies) , 
security and oortmodity brokers, dealers and exchanges, 
and real estate developers and operative builders, 
were excluded and included in the statistics for 
"Other Investments." However, for consolidated 
returns which included these types of ocnpanies, 
amounts which oould not specifically be identified on 
a conpany-by-coirpany basis were accepted as reported 
and included in the statistics for inventories. 

See also, "Cost of Sales and OperatiOTis" and "LIFO 
Inventory Method under Code Section 472." 

Investment Credit (#) 

Investment credit was the reduction of inooroe tax 
allowed corporations for investment in qualifying 
depreciable (or amortizable) property with a useful 
life of at least 3 years. Such property could not be 
disposed of or cease to be qualifying property prior 
to the end of the useful life used as the basis of 
the credit; otherwise, the credit already taken had 
to be repaid as an additional tax for the year in 
which the disposition or disqualification occurred. 
(See "Tax from Reocrrputing Prior-Year Investment 
Credit.") 

The Tax Reduction Act of 1975 broadened the 
definition of property eligible for investment credit 
to include "qualified progress expenditures" (de- 
scribed below) and temporarily increased the invest- 
ment credit (before limitations) from 7 percent of 
"investment qualified for credit" (4 percent in the 
case of public utility property) to 10 percent for all 
corporate taxpayers and to 11 percent for oorporations 
that contributed 1 percent of their qucilified invest- 
ment to an "employee stock ownership plan" (ESOP) . 
As described below, the credit could be as much as 
11.5 percent of the qualified investment if it were 
derived in oonnection with an ESOP. 

Special rules required that the ESOP (also referred 
to as a TRASOP or Tax Reduction Act Stock Ownership 
Plan) be established in writing, designed to invest 
primarily in securities, and funded by transfers of 
the corporation's securities (cash could be trans- 
ferred if it were used to purchase the corporation's 
securities). Further, the ESOP qualifying rules 
required the total amount transferred to be allocated 
to the participants' account, and the participants 
had to be able to direct the plan as to hew the 
allocation should be voted. 

The Tax Reform Act of 1976 extended the period of 
the tanporary increase for 4 more years through 1980 
(i.e., from January 22, 1975, through December 31, 
1980, instead of through December 31, 1976) and per- 
mitted corporations that claimed the 1 percent ESOP 
credit still another additional credit. Under this 
provision, for taxable years that began after December 
31, 1976, such corporations oould claim up to a maxi- 
mum of 0.5 percent additional credit if their 
employees matched the amount the corporation contri- 
buted to a qualified ESOP. Thus, the investment 
credit for these oorporations could be up to 11.5 
percent. The additional 0.5 percent credit was not 
allowed for public utilities which were required to 
pass through benefits of the investment credit to 
their consimers in the form of lower rates, instead 
of using the credit to offset the cost of capital 
investment . 

For property acquired and placed in service during 
the 1975-1976 period, the 10 (or 11) percent rate 
generally applied. The 10 (or 11) percent rate vras 
also applicable to the extent of the cost (or other 
basis) incurred for property constructed, recon- 
structed, or erected during this period. However, for 



Corporation Returns/1977 • Explanation of Terms 



107 



property ordered daring this period, but rot placed 
in service until 1981, and property acquired after 
Decenfcer 31, 1980, the credit was to be figured at 7 
percent (or 4 percent of public utility property) . 

While a corporation could only claim one-half the 
regulcir investment credit, i.e., 5 percent, for such 
transactions, this restriction did not deny a larger 
credit if the property qualified under other 
investment credit provisions. Thus, corporations 
that did not use qualified withdrawals to purchase, 
construct, or reconstruct qualified vessels oould 
claim the full investment credit. However, if 
borrowed funds were used, any amount that was repaid 
with qualified withdrawls had to be recaptured as tax 
from recomputing prior-year investment credit. More- 
over, the amount of indebtedness being liquidated with 
the qualified withdrawals and subject to recapture 
could not exceed one-half of the full investment 
credit taken on the purchase price of the qualified 
vessel. 

The income tax available for investment credit did 
r»t include the tax from reoorputing prior-year 
investment credit, the tax from reoonputing prior- 
year work incentive (WIN) credit, the additional tax 
fca: tax preferences, the Personal Holding Ccmpany 
tax, and the special capital gains tax on Small 
Business Corporations electing to be taxed through 
their stockholders. (Since these corporations were 
rot eligible to claim the investment credit, their 
investment was allocated among the stockholders who 
then claimed the credit.) In addition, the tax 
available for credit was after reduction by the 
foreign tax credit and the U.S. possessions tax 
credit, but before reduction ty the work incentive 
(WIN) credit and the new jobs credit. Prior to 
amendment by the Tax Reduction Act of 1975, the 
■ investment credit could equal the income tax 
available for the credit, unless the available tax 
was in excess of $25,000 plus 50 percent of the 
excess over $25,000. The $25,000 limitation was 
uniquely applied to members of controlled groips (as 
defined by Code secticxi 1563) in that it was applied 
to the groqp as a whole and, thus, had to be 
apportioned among the conponent manbers of the group 
when separate tax returns were filed for each manber. 

Under the Tax Reduction Act of 1975, for public 
utility conpanies that were adversely affected by 
increasing energy costs arx3 whose total investment 
qualified for credit was 75 percent or more "public 
utility property," the percentage limitation was 
increased from 50 percent to 100 percent. This 
increased limitation was to be reduced gradually to 
50 percent over the 5-year period, 1977 through 1981, 
by 10 percent annual decrements. Thus, in 1977 the 
percentage limitation was 90 percent. 

Certain limitations on the credit were applicable 
to special classes car kinds of oorporations. Code 
section 46 limited the applicability of the credit 
for mutual savings banks, building and loan associa- 
tions, and cooperative banks by reducing the qualified 
investment and $25,000 tax liability limitation by 50 
percent. In the case of regulated investment com- 
panies and real estate investment trusts, the quali- 
fied investment and $25,000 tax liability limitation 
were reduced in the same proportion in which the or- 
ganization's taxable inoone was reduced by dividends 
paid to stockholders. Similarly in the case of co- 
operatives, the qualified investment and $25,000 tax 
liability limitation were reduced in the same propor- 
tion as that by which the organization's taxable 
inocme was reduced by patronage dividends and nonpa- 
tronage distributions. Section 48 reduced the tax 
and used property limitations for members of "con- 
trolled groups" so that the group as a whole wcis sub- 
ject to tlie same dollar limitations as an individual 
corporation rot part of a group. For this purpose, 
the controlled group was somewhat more broadly defined 
than it was for ordinary tax oomputation purposes. 



Generally, the investment credit that oould not be 
claimed due to the preceding limitations, became the 
unused investment credit for the current taxable year 
£ind oould be used to reduce the income tax liability 
in other years. 

Other than for qualified progress expenditures 
(described below), credit was allowed for the first 
year that the property was placed in service. Property 
qualified for the credit was defined as tangible per- 
sonal property, tangible real property (except build- 
ings and their structural ocmponents) , elevators and 
escalators, and single-purpose agricultural and horti- 
cultural structures. See the discussion under 
Changes in Law in Section 2. 

"Tangible personal property" ccrprised all property 
which was contained in or attached to a building, such 
as machinery or equipment. Certain types of property, 
even though physically located outside a building or 
accessory to a building, were also considered to be 
tangible personal property. Tangible personal pro- 
perty also included livestock other than horses, and 
certain motion picture anA television film. 

"Tangible real property" included property used as 
an integral part of manufacturing, production, or 
extraction; or, used in furnishing transportation, 
oommunication, electrical energy, gas, water or sewage 
disposal services; or, used as a research or bulk 
storage facility in connection with any of these 
activities. 

"Single-purpose agricultural structures" included 
structures used to house particular types of livestock 
(including poultry) and the equipment necessary to 
raise and feed that livestock. "Single-purpose horti- 
cultural structures" included greenhouses used for the 
conmercial production of plants. 

Corporations oould elect to claim advance credits 
for taxable years before qualified property was placed 
in service under the progress paymait rules enacted 
under the Tax Reduction Act of 1975. The election 
was for "qualified progress ej^ienditures," defined as 
investment in property with a normal construction 
period of at least 2 years and an expected useful 
life of at least 7 years, for which construction was 
not yet oonpleted. 

Effective with paymaits made after January 21, 
1975, the qualified progress experxJitures provision 
was to be phased in over a 5-year period, i.e., tax- 
able years which ended in 1975 through 1979. During 
this 5-year phase- in period, the percent of qualified 
progress ej5>erx3itures included in investment qualified 
for credit was gradually increased 20 percent each 
year. Thus, 60 percent of the 1977 expenditures 
would be included for 1977; 80 percent of the 1978 
expenditures would be included for 1978; and finally, 
100 percent of the 1979 expenditures would be included 
for 1979. In addition, the expenditures not included 
in investmait qualified for credit for a given year, 
based on these percentage limitations, were neverthe- 
less included in subsequent years through 1979. 
Increments of 20 percent of the ejqaenditures would be 
included in investment qualified for credit for each 
subsequent year. Thus, of the 40 percent 20 percent 
was separately included for 1977, and the final 20 
percent was separately included for 1979. The same 
20-percent formula ^plied to the 20 percent not 
recognized for 1978. 

For the taxable year in which progress expenditure 
property was placed in service, investment qualified 
for credit was the full cost or basis of the property 
reduced by that portion of qualified progress e!5>endi- 
tures en which credits were previously taken. 

"Public utility property," which was generally 
eligible for the credit, was property used predoni- 
nantly in tlie business of selling or furnishing: (1) 
electrical energy, water, or sewage disposal services; 
(2) gas through local distribution systems; (3) tele- 
phone services, and telegraph services by means of 
danestic telegraph operations; and (4) other oonmuni- 



108 



Corporation Returns/1977 • Explanation of Terms 



cation services excepc international telegraph 
services. However, the rates for any of these ser- 
vices had to be established or approved by certain 
types of government regulatory bodies. When acquired 
by nonregulated ocnpanies, the type of comnunication 
property (or property used for ocmnunication purposes) 
normally used ty regulated utilities was also included 
in public utility property subject bo the credit. 

Investment credit could rot be claimed for "short- 
lived" property, and the eligibility of used property 
was further limited in that the total cost recognized 
could not exceed $100,000. The $100,000 limitation 
represented a tenporary increase for taxable years 
beginning in 1976 (under the Tax Reduction Act of 
1975). Under prior law, the limitation was $50,000. 

Also ineligible for the investment credit was: 
(I) property used for lodging, except for coin-cper- 
ated machines in apartment buildings, (2) property 
used predominantly outside the United States, except 
for ccmnercial communication satellites, submarine 
telephone cable used exclusively in conmunication 
links between the United States and foreign countries, 
and drilling equipment used in international or 
territorial waters; (3) prcperty used by certain 
tax-exanpt organizations; (4) property used by 
govornmental units, or international organizations; 
(5) property consisting of horses, or of other 
livestock if sold and replaced by substantially 
identical animals during a relatively short specified 
period of time; (6) pollution control facilities, 
railroad rolling stock, coal mine safety equipment, 
on-the-job training and child care facilities, and 
expenditures for the rehabilitation of low-income 
rental housing, for which the special 5-year amortiza- 
tion was elected in lieu of ordinary depreciation; 
and (7) certain foreign-produced property (especially 
defined) that was stated under executive order of the 
President. 



Investment Credit Carryover (#) 

Amounts of "tentative" or "earned" credit based on 
"qualified investment" (entitled "Investment OJalified 
for Credit" in the statistics) could not be claimed 
if they exceeded the first $25,000 of income tax plus 
50 percent of the tax in excess of $25,000 in a given 
year. (For this purpose, income tax was defined as 
the amount remaining after deducting any foreign tax 
credit and U.S. possessions tax credit, excluding 
additional tax for tax preferences, tax from recom- 
puting prior -year investment credit, tax from recom- 
puting prior-year work incentive (WIN) credit, and 
Personal Holding Corpany tax.) Under the Tax Reduc- 
tion Act of 1975, for public utility companies that 
were adversely affected by increasing energy costs 
ard whose "public utility property" comprised 75 per- 
cent or more of their total qualified investment, the 
percentage limitation was increased from 50 percent to 
100 percent. This increased limitation only applied 
to conpanies with taxable years ending in 1975 and 
1976 after which the liberalized limitation was to be 
reduced gradually to 50 percent over the 5-year 
period, 1977 through 1981, by 10 percent annual decre- 
ments. (See "Investment Credit" in this section.) 

Any amount of the investment credit not used in the 
current taxable year because it was in excess of the 
limitation based on income tax liability (including 
an amount of the credit earned by a corporation that 
had no tax for the year) could be carried back chrono- 
logically, for use in the preceding 3 years. This 
unused investment credit was applied against the 
amount by which income tax liability exceeded the 
amount of investment credit actually taken during 
these 3 years. Any excess credit remaining could 
then be carried over to the 7 succeeding years, in 
chronological order, in the same manner. 



For taxable years beginning after December 31, 
1975, a first-in, first-out rule applied to the order 
in vAiich unused investment credit was to be used and 
required that carryovers to the current taxable yeeir 
be used first, investment credit earned in the current 
taxable year be used second, and that carrybacks to 
the current taxable year be used last. 

Data for the carryback of unused credit were not 
reported on the current year return and, thus, are 
not reflected in the statistics. 

Investment Qualified for Credit (#) 

Qualifying property with a useful life of 3 years 
or more was eligible for the investment credit. If 
property had a life of 3 but less than 5 years, one- 
third of its cost (or basis) comprised "qualified 
investment" eligible for credit. Property with a life 
of 5 but less than 7 years "qualified" with respect to 
tv«>-thirds of its cost while property with a life of 7 
years or more was fully "qualified." 

"Qualified investment" (approximated by the 
statistics for "Investment Qualified for Credit") was 
the base ipon which the credit was oonputed. It took 
into account purchases of new property, purchases of 
used property to a limited extent, and "qualified 
progress expenditures." (See "Investment Credit,") 

While, for corporations in general, qualified in- 
vestment equalled the sum of amounts based on the 
useful life class percentages described above, for 
"public utility property" acquired before January 22, 
1975, qualified investment was equal to four-sevenths 
of the son thus determined. Thus, in effect, the in- 
vestment credit for public utility property was 4 
percent, instead of the 7 percent allowed corporations 
in general. However, in completing Form 3468, Ccitpu- 
tation of Investment Credit, corporations with invest- 
ment in public utility property were asked to report 
the full amount of qualified investment, but to use a 
reduced percentage (4 percent) in computing the tenta- 
tive investment credit. (See "Tentative Investment 
Credit.") Therefore, "Investment Qualified for Cred- 
it" is somewhat higher than "qualified investment" as 
defined by the law. This should be taken into consid- 
eration in relating statistics for "Investment Quali- 
fied for Credit" and "Tentative Investment Credit." 

The Tax Reduction Act of 1975 temporarily (from 
January 22, 1975, through December 31, 1976) increased 
the investment credit from 7 percent of qualified 
investment (4 percent in the case of public utility 
property) to 10 percent (or 11 percent under certain 
conditions) for all corporate taxpayers. (The period 
of the tenporary increase was extended for 4 years 
through December 31, 1980, by the Tax Reform Act of 
1976.) 

The Tax Reform Act of 1976 also permitted an extra 
additional investment credit equal to up to 0.5 
percent of the qualified investment of corporations 
that qualified for the additional 1 percent credit 
for participation in an "employee stock ownership 
plan" (ESOP) , also referred to as a Tax Reduction Act 
Stock Ownership Plan (TRASOP) . To receive the addi- 
tional credit, the corporation had to transfer corpor- 
ate securities to the plan that had an aggregate value 
of not more than 0.5 percent of the "qualified invest- 
ment" made for taxable years that ended before January 
1, 1981. (Transfer of cash was pjermitted if designat- 
ed for the purchase of such securities.) No credit 
could be taken unless the amount was matched by an 
employee contribution. The additional 0.5 percent 
credit could not be taken by regulated public 
utilities that were required to pass through benefits 
of the investment credit to consumers in the form of 
Icwer rates, instead of using the credit to offset 
the cost of capital investment. In cases where an 
investment credit was recaptured, the 1976 Act 
permitted, under certain conditicsis, the employer to 



Corporation Returns/1977 • Explanation of Terms 



109 



withdraw from the ESOP an amount equal to the amount 
transferred to the ESOP. The employer oould either 
reduce the amount to be contributed to the ESOP in 
the current year by the recaptured amount, or take a 
tax deduction subject to the limitaticn in Code sec- 
tion 404 (relating to the deduction for contributions 
to an employee's trust or plan). 

Other limitations regarding qualified investment 
applied to certain banking and savings institutions, 
investment oorpanies, and cooperatives. 

Investments in Government Obligations 

This balance sheet asset item comprised (1) bonds 
or other obligations of a State or U.S. possession 
(including Puerto Rico) , including obligations of 
political subdivisions and of the District of 
Columbia, and (2) U.S. obligations, including those 
of instrumentalities of the Federal Government. In 
those instcinces where a corporation reported only one 
total for investments in Government obligations and 
did not indicate whether the obligations represented 
those of the United States or of State and local 
Governments, the total was treated as investments in 
U.S. obligations. 

Land 

Land, which was reported as a separate capital 
asset cai the balance sheet, may be understated in this 
report because it could not always be identified. 
Sane corporations may have included land as part of 
depreciable or depletable assets or included it in 
"other investments." Sane corporations may have 
included land as part of depreciable assets; if so, 
the amount was statistically reclassified as land. If 
land had previously been certified as an anergency 
facility for the national defense, it oould be amor- 
tized. If so, only the net land value (i.e., the 
value of land after the adjustment for amortization) 
was reported. 

Liro Inventory Method under Code Section 472 

Table 15 includes statistics on corporations which 
elected to account for their inventories using the 
last-in, first-out (LIFO) method authorized under 
Code section 472. Corporaticns electing to do so 
were required to attach Form 970, i^lication to Use 
LIFO Inventory Method, to their return. The Form 970 
or equivalent statement must have been attached to 
the return form and such application had to be for 
the year at the close of which the LIFO method was 
first used. Additiorally, an analysis of the inven- 
tory to which the method applied to must have been 
furnished in detail. Once this inventory method was 
adopted, permission was required from the local 
District Director of Internal Revenue to change to 
another method. 

LIFO could be adopted for tax purposes only if it 
was also used in accounting for inventories in the 
corporation's books and, in general, the election to 
use it applied to the entire inventory. (The LIFO 
method oould be adopted only if inventories were 
valued at cost.) However, there were situations 
under which it oould be used in combination with 
other methods. 

One of these situations allowed corporations 
operating more than one distinctly different type of 
business to use different methods for each business. 
Thus, LIPO oould be elected separately for each busi- 
ness. Moreover, corporations oould further elect bo 
apply LIFO only to the raw materials in their manufac- 
turing or processing operation. iWs election could 
apply to all or only part of the raw materials inven- 
toried. In a consolidated return LIFO could be sepa- 
rately elected for each group member. 



The taxpayer generally indicated the method of 
inventory valuation in answer to the question in the 
Cost of Goods Sold Schedule (Schedule A) on the 
return; sometimes this was indicated in schedules 
attached to the return. (See the facsimile of the 
retujn form in section 7.) 

The use of LIFO was based on the proposition that 
the most recently purchased or produced items in 
inventory were thase that were sold first and that 
inoane was most clearly reflected by relating current 
costs to sales. Thus, in a period of rising prices, 
older less costly items in inventory were deemed 
unsold at the end of the year so that the cost of 
closing inventory was reduced. In turn, the smaller 
closing inventory resulted in a larger deduction for 
cost of goods sold and, consequently, a lower taxable 
income. 

Under LIFO, goods and materials remaining on hand 
at the close of the year were treated, first, as 
those included in opening inventory to the extent 
thereof, and, second, as those added during the year. 
Items treated as having been in opening inventory were 
valued in order of acquisition except for the first 
LIFO year, when they v^re valued at average oost. 
Additions to inventory during the year were valued, 
at the oorporaticn's option, on the basis of the most 
recent purchases, at an average cost for the year, in 
order in v^ich they were acquired, or by any other 
method that reflected income most clearly. 

LIFO oould be applied to each item in inventory, 
or it could be applied to the dollar value of pools 
of items set up along product or business activity 
lines. In order to determine whether or not closing 
inventory of a pool had increased over opening 
inventory, the change in dollar value was first 
converted to oost at the beginning of the first LIFO 
year. An irK;rease in value was converted to current- 
year oost for LIFO by applying to the base-year cost, 
a ratio that related current-year cost to base-year 
cost. The result was added to the base-year cost and 
became the closing LIPO inventory. (Current-year 
cost was determined using the same optional rules 
described above to determine the cost of additions to 
inventory during a LIFO year.l A decrease in value 
was applied against the most recent prior-year addi- 
tions to the pool (expressed in terms of base-year 
cost) , working backward chronologically from the 
current year. Any of the additicxis that ranained for 
these earlier years were reconverted to a LIFO basis 
by using the ratio that was in effect for each year. 
The result was added to the base-year cost and became 
the closing LIFO inventory. 

In addition, corporations with retail trade 
operations oould use LIFO in conjunction with the 
retail valuation method in establishing the value of 
their retail stock. But, when the retail method was 
used in combination with IIFO, an adjustment similar 
in effect to that required for nonretail operations 
when "dollar value LIFO" was used, had to be made for 
changes in price level that occurred during the 
year. Thus, closing inventories valued at retail 
were first converted to the price level of opening 
inventory at the beginning of the first LIFO year by 
use of index numbers such as those issued by the 
Bureau of Labor Statistics. The current-year closing 
retail value was then compared with the value of the 
original inventory to determine if there had been an 
increase or a decrease during the current year. An 
increase was converted to current-year cost by taking 
account of markups and markdowns. A decrease was 
applied against prior-year increases, adjusting each 
prior year for price level by reference to the 
appropriate index numbers for the yeeir. 



110 



Corporation Returns/1977 • Explanation of Terms 



Loans fron Stcckholders 

This balance sheet liability item vras regarded as 
Icng-term in duration and may have included loans from 
affiliated corporations as well as from other stock- 
holders. 

Loans to Stockholders 

This balance sheet asset item was regarded as loig- 
term in duration and included loans to affiliated 
corporations as well as to other stockholders. 



Members of Controlled Groups 

Members of controlled groups wsre those corpora- 
tions which were related to one another generally 
through 80 percent or more common stock ownership and 
which could file separate tax returns, under special 
provisions of the Code. 

These provisions also effectively covered the 
filing prerequisites for most 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. In computing income tax. Code section 
1561 limited the surtax exemption to one per group, 
whether or not the group was included in a consoli- 
dated return. (See "Consolidated Returns.") 

The controlled group provisions applied when (1) a 
cdmcn parent corporation had 80 percent or more 
control of one or more chains of subsidiaries (parent- 
subsidiary group) , or when (2) five or fewer persons 
(individuals, estates, or trusts), individually or in 
combination, had 80 percent or more control of each 
of two or more corporations, but where the sun of 
each person's "identical" ownership in the group 
totaled more than 50 percent (brother-sister group) . 
"Identical" ownership was considered to be the lowest 
cdimcn percent of ownership of an individual owner in 
each of the corporations comprising the group. Thus, 
if a person had ownership in each corporation in a 
given group and the anallest percent ownership was, 
for example, 5 percent of corporation A, that person's 
identical ownership in the entire group was considered 
to be 5 percent. Combination groups were possible 
when a person or persons controlled two or more corpo- 
rations, one of which was the parent of one or more 
subsidiary corporations. 

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. Domestic International Sales Corporations 
(DISC'S) were hy their nature members of controlled 
groups. However, control was defined in terms of 50 
percent stock ownership. 

Ccwitrol was based on the total combined voting 
power or total value of all classes of outstanding 
shares. Certain stock was disregarded altogether and 
special constructive stock ownership rules applied 
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, 
foreign corporations with inccxne not effectively 
connected with a U.S. trade or business, and 
corporations which were members of the controlled 
group for less than one-half the days in their 
tcixable vear that preceded December 31. 

Mortgage and Real Estate Loems 

Mortgage and real estate loans were, in general, 
the total amount which a corporation loaned on a 
long-term basis, accepting mortgages, deeds of trust, 
lard contracts, or other liens oti real estate as 
security. 



Because the return form did not provide a sepa- 
rate place for reporting any reserve for uncollect- 
ible mortgage and real estate loan accounts, such 
reserves may have been included in the "Allowance for 
Bad Debts," shown in this report as an adjustment to 
"Notes and Accounts Receivable." If a separate 
reserve was indicated in supporting schedules, statis- 
tics for it were, therefore, added to the "Allowance 
for Bad Debts." 

Mortgages, Notes, and Bonds Payable 

These liabilities were separated on the balance 
sheet according to the length of time to maturity of 
the obligations. The length of time to maturity was 
based on the date of the balance sheet rather than on 
the date of issue of the obligations. Accordingly, 
long-term obligations,, maturing within the coming 
year were included together with short-term obliga- 
tions in the statistics for mortgages, notes, and 
bonds payable in 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 Lia- 
bilities." 



Net Capital Gains (Net long-term capital gain reduced 
by net short-term capital loss) (Net short-term coi - 
tal gain reduced by net long-term capital lossj (#) 

Net capital gains represented the excess of gains 
over lasses from the sales ot exchanges of capital 
assets subject to the limitations described below. 
Gains and losses were short-term if the asset was 
held for 6 months or less (9 months for taxable years 
beginning after December 31, 1976) or long-term if 
the asset was held for more than 6 months (9 months 
for taxable years beginning after December 31, 1976) . 
(See the discussion under Changes in Law in section 
2.) 

Net short-term gains (reduced ty net long-term 
losses) were taxed as ordinary incone. However, net 
long-term gains (reduced by net short-term losses) 
were taxed at a rate of 30 percent. 

Excess net losses could be carried back as short- 
term losses to be ^splied against the net capital 
gains of the 3 preceding years; any losses remaining 
after carryback were carried over the 5 succeeding 
years. Use of the carryback for excess net losses 
was limited; it was not allowed to increase or cause 
a deductible "net operating loss" for prior years and 
was not allowed for foreign expropriation capital 
losses (although a qpecial carryover period of 10 
years for such losses was allowed instead) or for 
coital losses of Small Business Corporations electing 
to be taxed through their stockholders. If the unused 
coital loss carryover was not eliminated within the 
prescribed span of years, it could not be taken. 

In general, "coital assets" for tax purposes meant 
property regarded or treated as an investment, such 
as stocks and bonds. Code section 1221 defined the 
capital assets (or transactions) to which special 
treatment applied as all property held ty the corpora- 
tion except: 

(1) stock in trade, or property of a kind includ- 
able in inventories; 

(2) property held for sale bo customers in the 
ordinary course of business; 

(3) notes and accounts receivable acquired in the 
ordinary course of business; 

(4) certain short-term Government obligations sold 
at a discount; 

(5) depreciable property used in the trade or 
business; 



Corporation Returns/1977 • Explanation of Terms 



111 



(6) real property used in the trade or business; 
and 

(7) certain copyrights, literary, musical, or 
artistic ccnpositions or similar properties. 

Net gains from dispositions of sane of the 
property types excluded frccn the definition of 
capital assets under Code section 1221, could receive 
capital gain treatment under specieil conditions set 
forth in other sections, while net gains from some of 
the property types included under the definition 
could be denied capitail gain treatment under still 
other sections. The latter are referred to under the 
heading, "Net Gain (or Loss), Noncapital Assets." 

Property used in trade or business, excluded from 
the tcix definition of capital assets, received 
special treatment under Code section 1231. Gains and 
losses from sales or other dispositions of this 
property had to be aggregated first. If the overall 
result vras a net gain, it was included in the ccanputa- 
tion of net long-term capital gain or loss. If the 
overall result was a net loss, it was included in the 
computation of net gain or loss frctn 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 the 
alternative tax rate, while a net loss under section 
1231 could receive the more beneficial treatment as 
an ordinary loss fully deductible against all types 
of inoorie and not just against capital gain income. 

The types of property (or transactions) to which 
Code section 1231 applied were: 

(1) real and depreciable property used in the 
trade or business, held for more than 6 months (9 
months for taxable years beginning after December 31, 
1976) , and not includable in inventory or not held 
for sale in the ordinary course of business; 

(21 timber cut by the taxpayer during the year, if 
owned, or held under contract to cut, for more than 6 
months (9 months for taxable years beginning after 
Decanber 31, 1976) and if an election was made under 
Code section 631 to treat the cutting as a sale or 
exchange of property used in trade or business (The 
Tax Reform Act of 1976 eliminated the requirement 
that the holding period be met before the beginning 
of the year of cutting. Instead, the holding period 
was measured up to the time of cutting. (See the 
discussion under Changes in Law in section 2.)); 

(3) domestic iron ore, timber, or ooal, held for 
more than 6 months (9 months for taxable years 
beginning after December 31, 1976) , if disposed of 
under a royalty oontract whereby the owner retained 
an eoonomio interest in the property, so that under 
Code section 631, the net gain or loss on the royalty 
inoone 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 on 
which they were growing and used in the business of 
fanning if the land was held for more than 6 months 
(9 months for taxable years beginning after December 
31, 1976); and 

(5) livestock (including fur-bearing animals such 
as chinchillas, minks, and foxes), except poultry, 
held for drafting, breeding, dairying, or sporting 
purposes, and, except for cattle and horses, acquired 
after 1969, held for 12 months or more. The holding 
period for cattle and horses acquired after 1969 was 
24 months cm: more. 

The amounts of gain eligible for capital gains 
treatment under Code section 1231 was reduced in the 
case of certain real and depreciable property by 
sections 1245, 1250, 1251, 1252, and 1254, and in the 
case of certain mining property, by section 617. 

Code section 1245 provided that eligible gain for 
most depreciable property, except certain kinds of 
real property, be based on the amount of deprecia- 
tion allowed on it prior to 1962. Section 1250 
provided that eligible gain for certain depreciable 



realty be based on a percentage of the excess of 
accelerated depreciation over straight-line deprecia- 
tion allowed prior to 1%3 and on the length of time 
the property was held. However, with certain excep- 
tions for sales of housing, no gain based on excess 
depreciation taken after 1969 was eligible for 
capital gains treatment. 

Section 1251 further limited the eligible gain for 
certain types of real or depreciable property to the 
amount in excess of farm net losses accumulated after 
1969 or, in the case of farmland, to an amount in 
excess of certain agricultural deductions accumu- 
lated during the most recent 5-year period. Seccion 
1252 went further, by then limiting the gain treatment 
of farmland depending on the length of time the prop- 
erty was held. Seotiai 1254 limited the gain treat- 
ment on sales of residential real property and on the 
disposal or sale of productive oil and gas wells. 

Section 617 limited eligible gain on certain 
mining property to an amount in excess of the sum of 
current- and recent-prior year deductions for explor- 
ation and developnnent expenditures. 

None of these Code provisions had any effect on 
the treatment under Code section 1231 of losses resul- 
ting from the disposition of such property. For a 
description of the property to which sections 1245, 
1250, 1251, 1252, 1254, and 617 applied, see the ex- 
planation of "Net Gain (or Loss), Noncapiteil Assets." 

Net gains and certain net losses under Code section 
1231 also resulted fron "involuntary conversions," 
not only of the property types or transactions 
otherwise covered by section 1231, but also of the 
capital assets defined in secton 1221, if they were 
held for more than 6 months. Gain or loss from 
involuntary conversions such as by condannation were 
included in the regular oonsolidation of section 1231 
gains and losses previously described. However, a 
separate netting of gains and losses was required for 
involuntary conversions by theft, or from fire, 
storm, shipwreck or other casualty, whether insured 
or uninsured. If the result was a net loss, it was 
treated as a fully deductible loss (without regard to 
other section 1231 transactions) and was excluded 
from the capital gain statistics. If, on the other 
hand, the result was a net gain, then it was consoli- 
dated with other gains and losses under section 
1231. See the discussions of "Net Gain (or Loss) , 
Noncapital Assets" and "Other Deductions." 

See also, "Additional Tax for Tax Preferences." 

Net Gain (or Loss) , Noncapital Assets (#) 

In general, "noncapital assets" related to 
property of a business nature. The computation of 
net gain or loss, noncapital assets, resulted mostly 
from the sale or exchange of: (1) certain depre- 
ciable, depletable, and real property (described 
below); (2) rotes and accounts receivable acquired in 
the ordinary course of business for services rendered 
or from the sale of property includable in inventory, 
or ordinarily held for sale; (3) certain copyrights, 
literary, musical, or artistic ocmpositions or similar 
properties; (4) securities by dealers; (5) securities, 
including Government obligations, and other evidence 
of indebtedness, such as convertible debentures, by 
banking, savings, and certain other financial institu- 
tions; (6) certain patents, inventions or designs, 
secret formulas or processes, and similar property 
rights by domestic corporations to their more-than- 
50-peroent owned foreign subsidiaries; and (7) 
qualified export assets by Domestic International 
Sales Corporations piSC's). Also included in the 
computation were amounts resulting from certain 
"involuntary conversions" including net losses from 
casualty and theft, and amounts resulting from certain 
sales, exchanges, or redemptions of Controlled Foreign 
Corporation stock (see "Dividends Received from 
Foreign Corporations") . 



112 



Corporation Returns/1977 • Explanation of Terms 



with respect to the statistics for net gain or 
loss, noncapital assets, an assumption was made in 
the case of sales of stocks and oomnKidities by stock 
and ooninodity dealers; and sales of real estate by 
real estate subdividers, developers, and operative 
builders. If these transactions were included in 
gross receipts and cost of goods sold on the tax 
return, instead of in net gain or loss from noncapital 
assets, the resulting profit or loss from the trans- 
actions (representing the difference between the 
receipts and the cost of sales) was transferred to 
the statistics for net gain or loss, noncapital 
assets, but cnly if the oost of sales was 50 percent 
or more of the receipts (if less than 50 percent, the 
receipts were regarded as ODnmission inoome) . The tax 
return data for receipts and cost of sales were 
accordingly adjusted for the statistics. 

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, oould receive capital gains treat- 
ment under section 1231. Gains and losses from these 
dispositions or transactions first had to be aggre- 
gated. If the overall result was a net gain, it was 
included in the ccmputation of net long-term capital 
gain, bJt if the overall result was a net loss, it 
was included in the computation of net gain or loss, 
noncapital assets. The special treatment in this 
computation of gains and losses resulting from 
involuntary conversions, due mostly to casualty and 
theft, is described under "Net Capital Gains." Form 
4797, Supplemental Schedule of Gains and Losses, 
called for net losses fron casualty and theft to be 
included in the computation of "net gain or loss, 
noncapital assets" (although sane corporations re- 
ported them in "other deductions"). 

The amount of gains (but not losses) on disposi- 
tions of property includable in the ccmputation of net 
gain or loss under Code section 1231, was limited as 
a result of sections 1245, 1250, 1251, 1252, 1254 
(described below), and 617. To the extent the anount 
eligible for capital gains treatment was thereby re- 
duced, the amount included in the statistics for net 
gain a: loss, noncapital assets, was increased. 

Code sections 1245 and 1250 applied to certain 
depreciable property. Sections 1251 and 1252 
prescribed additional rules for much of this same 
property if it was used in the business of farming, 
as well as for certain other types of property used in 
farming and covered under section 1231. Secticxi 617 
applied to certain depletable property. 

Code sections 1245 and 1250: 

The depreciable property to which Code section 
1245 applied was: (1) personal property other than 
livestock, whether tangible (such as machinery and 
equipment) or intangible (such as patents and copy- 
rights) ; and (2) other tangible property including 
certain realty other than buildings and their struc- 
tural components, if it was an integral part of speci- 
fied business activities, or which constituted 
research or storage facilities used in connection with 
such activities. The business activities qualifying 
were manufacturing, production, or the providing of 
trcinsportaticn, ccninunications, electrical energy, 
gas, water, or sewage disposal, services. 

Gain from the sale of residential rental property 
that was equal to the excess of accelerated 
depreciation over straight-line depreciation was 
recaptured as ordinary inocme. 

The depreciable property to which Code secticxi 
1250 applied was real property not already covered by 
section 1245. In general, this property consisted of 
buildings and their structural components, in the 
case of tangible property; or leaseholds of land, in 
the case of intangible property. 



The anwunt of gain on dispositions of depreci- 
able property under Code sections 1245 and 1250, 
treated as ordinary incane and included in the statis- 
tics for net gain or loss, noncapital assets, 
generally depended i^xan the amount of depreciation 
claimed on the asset after a certain date prior to its 
dispositicn, although other factors were also con- 
sidered in the case of section 1250 dispositions. 

Under Code secticn 1245, the amount of gain treated 
as ordinary inocme was based on the depreciation (or 
amortization in the case of defense "emergency facili- 
ties") allowed or allowable after 1961 (after 1963 
for elevators and escalators and after 1969 for live- 
stock (including fur-bearing animals such as chin- 
chillas, minks, and foxes)). This "depreciation 
recapture" applied to dispositions of property made 
during taxable years beginning after 1962 (aufter 1963 
for elevators and escalators and after 1969 for 
livestock) . 

Under Code secticn 1250, the amount of gain 
treated as ordinary inoome was based, in general, on 
the excess of accelerated over straight-line depreciet- 
tion allowed or allowable after 1963. However, this 
"depreciation recapture" was further qualified in the 
case of depreciation taken during 1963-69 so that if 
the propjerty 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 ordinairy gain was not 
applicable at all. For depreciation taken after 
1969, these qualifications were rescinded (with 
certain exceptions for residential rental housing, 
housing rehabilitation expjenditures, and Government- 
subsidized housing) , so that the entire amount of 
post-1969 excess depreciation was " recap)tured" as 
ordinary income. 

Code sections 1251 and 1252: 

Under Code section 1251, net gain or loss from 
ncancapital assets included ordinary gains from the 
sale or other dispositicn of certain types of farm 
business property which would otherwise have been 
eligible for long-term capital gain treatment under 
section 1231. Dispositions already regarded as 
ordinary gain or loss using section 1250 rules were 
excluded . 

Amounts treated as ordinary gain were based on 
farm net losses accumulated after 1969. These net 
losses were before consideration of the gain or loss 
under Code section 1231 and, over the years, were 
first offset against any farm net inoome. The result- 
ing accumulated loss was then applied against the gain 
on fcurm property. If the gain exceeded the accumu- 
lated loss, it was treated as ordinary gain to the 
extent of the loss and only the excess gain was elig- 
ible for capital gains treatment. If the reverse was 
the case, the gain was similarly treated and the ex- 
cess loss was carried over for use in connection with 
future gains. For electing Small Business Corpora- 
tions, this recapture of farm losses was less restric- 
tive and was applicable cnly if farm net loss exceeded 
$25,000, nonfarm net inoome exceeded $50,000, and none 
of the stockholders had a farm net loss of their cwn. 
Section 1251 was not applicable if farming operations 
were accounted for on an accrual basis, inventories 
used, and deductible amounts capitalized and recov- 
ered over the years through depreciaticn, even though 
the law permitted exp)ensing of the full amount cur- 
rently on an elective basis. 

Code secticn 1231 property subjected to these re- 
capture rules included depreciable personal property; 
livestock (including fur-bearing animals such as 
chinchillas, minks, and foxes), except poultry; un- 
harvested crops sold with the land on which they were 
growing; and land. For land, there was a limitation 
under section 1251 on the amount of gain treated as 
ordineiry inoome: the amount recaptured oould not 



Corporation Returns/1977 • Explanation of Terms 



113 



exceed acx:uinulated deductions for soil and water 
conservation and land clearance expenditures in the 
current and 4 preceding taxable years. However, there 
was an additional recapture for land, under section 
1252. This recapture was based on a declining annual 
percentage of total post-1969 deductions for these 
same expenditures. The percentage was reduced to 
zero when land was held for 10 years or more, at 
which time the additional recapture did not apply. 

Code section 1254: 

Code section 1254 required recapture of amounts 
deducted for intangible drilling expenses on 
productive veils to the extent that those amounts 
deducted exceeded the amounts which were allorable 
had the intang ble drilling expenses been capitalized 
arri amortized over the useful life of the well. This 
was in additicn to the requirement that the gain on 
the sale of oil and gas property be recognized as 
ordinary income to the extent of depreciation of 
tangible personal property. 

Code section 617: 

Under Code section 617, corporations engaged in 
datiestic mining operations that elected to claim 
unlimited deductions tac e)5>loraticn and development 
expenses (except for oil and gas) had to "repay" their 
po6t-1969 deductions v^en the mine reached the pro- 
ducing stage or when it was sold. If the mine was 
sold, tte profit VBS treated as an ordinary net gain 
from a noncapital asset to the extent that the gain 
was equal to or less than any post-1969 deductions 
rot already "recaptured" prior to the sale. Such 
gains are reflected in the statistics for net gain (or 
loss) , noncapital assets. Any net gain in excess of 
the deductions was a net gain under section 1231, and 
eligible for capital gains treatment. 

Net Income (or Deficit) 

This is the difference between gross taxable 
receipts and the ordinary and necessary business 
deductions allowed by the Code, and reflects not only 
actucil receipts but "constructive" receipts (i.e., 
certain income from Controlled Foreign Corporations 
and foreign dividend income resulting from foreign 
taxes deemed paid) as well. 

Because certain statutory special deductions from 
net income were allowed most corporations in comput- 
ing their income subject to tax, the statistics for 
net income are generally larger than the amounts 
shown for "Inoome subject to tax." Included in the 
net inocme statistics are airounts for Small Business 
Corporations (only certain long-term capital gains 
were taxable to these corporations) . Also, the net 
income statistics include amounts for Domestic Inter- 
national Sales Corporations (DISC'S); these corpora- 
tions were not taxable. 

For mutual insurance companies other than life or 
marine and other than certain fire or flood insurance 
cciipanies, the net income (or deficit) in this report 
is the sun of the net investment income or loss, the 
statutory underwriting income or loss, and the sub- 
tractions from the Protection Against Loss (PAL) 
account before reduction by the statutory special 
deductions aillowed corporations in general. Conse- 
quently, net inoome (or deficit) reflects not only 
the ordinary business deductions, but the statutory 
deductions from underwriting income allowed only to 
these mutual insurance corpanies. Net income (or 
deficit) also reflects the additions (if any) to 
taxable inocme of amounts in the PAL account previ- 
ously deferred from teucation. Further, for some small 
mutual insurance companies electing to report under 
Code section 821 (c) , net inoome was net investment 



inocme only. (Electing companies were not required 
to report underwriting inoome.) The section 821(c) 
provisions were applicable only to conpanies with 
income from investments (other than capital gains) , 
with premiums of less than $500,000, and with no 
reserve in the PAL account. 

For life insurance companies, the net inoome (or 
deficit) used for statistical purposes comprised the 
gain or loss from operations adjusted by adding back 
the dividends received and the operations loss deduc- 
tions. Gain or loss from operations (which included 
both underwriting and investment income) represented 
gross taxable receipts reduced by ordinary and neces- 
sary business deductions and by additions to required 
reserves, certain other statutory deductions pertinent 
only to these ooitpanies, and by the dividends received 
and operations loss deductions. 

Net Long-Term Capitcil Gain Taxed at Alternative Rate 

This was the part of the tax base used for the tax 
oorpitaticn for those returns using the alternative 
tax rate. The alternative method, allowed under Code 
section 1201, was used if it provided a lower tax lia- 
bility than did the use of the no mal tax and surtax 
rates on total taxable income. See the discussions 
of "Income Subject to Tax" and "Inoome Tax." 

Income stbject to tax for returns with alternative 
tax was the sum of (1) net long-term capital gain (re- 
duced by net short-term capital loss) , and (2) income 
taxed at normal tax and surtax rates (the balance of 
taxable income) . 

For most corporations, use of the alternative tax 
did not affect the amount shown as "Inoome Subject to 
Tax." However, when net long-term capital gain (re- 
duced by net short-term capital loss) was greater than 
taxable inccane (net income minus statutory special de- 
ductions) but the alternative rate (30 percent) ap- 
plied to the capital gains was less than the regular 
rates applied to taxable inocme, the capital gains, 
rather than taxable income, t)ecame the tax base and 
was used for the "Inoome Subject to Tax" statistics. 



N et Worth 

Net worth represented the stocl<holders' equity in 
the assets of the corporation (total assets m nus the 
claims of creditors) In the statistics, net worth 
oonprises the net sum of the following items: 

(1) capital stock; 

(2) paid-in or capital surplus; 

(3) retained earnings, appropriated; 

(4) retained earnings, unappropriated; and 

(5) less: cost of treasury stock. 

Each of these items Is explained under its own 
heading in this section. Tables 2, 3 4. and 5 shew 
these items separately; tables 1, 6, and 7 combine 
these items and show them under the statistics for net 
worth. 



New Jobs Credit (#) 

The Tax Reduction and Simplification Act of 1977 
created a new jobs credit. See the discussion of 
this credit under Changes in Law in section 2. 



Noncailendar Year Returns 

Returns filed for a 12-mcnth accounting period 
ended during July through November 1977 or during 
January through June 1978 were included in this 
classification. Figure B in section 1 shews the 
percentage of returns filed for each of the account- 
ing periods covered in this report. 



114 



Corporation Returns/1977 • Explanation of Terms 



Notes and Accounts Receivable (#) 

Notes and accounts receivable were, in general, 
the gross amounts arising from business sales or 
services to customers on credit during the ordinary 
course of trade or business which would normally be 
converted to cash within 1 year. Current nontrade 
receivables were generally included in "Other Current 
Assets." 

The balance sheets on most corporation inconie tax 
forms called for the reporting of both "gross" receiv- 
ables and the "allowance for bad debts." However, 
same corporations reported only the net amount. In 
the case of insurance cotipanies filing balance sheets 
in the form required under State law, only the net 
amount was reported. 

Loans and mortgages may have been reported in notes 
and accounts receivable by savings and loan associa- 
tions. When identified, such mortgage loans were 
transferred to "Mortgage and Real Estate Loans." 

The "Allowance for Bad Debts," shown as an adjust- 
ment, may also include the reserves for the separate 
account, "Mortgage and Real Estate Loans." As a re- 
sult, it was possible for the "Allowance for Bad 
Debts" to exceed the amount of notes and accounts 
receivable. 

In those tables where the item "Notes and Accounts 
Receivable, Net" appears, the amount shown includes a 
deduction of "Allowance for Bad Debts." 

Number of Returns 

Returns of inactive corporations were excluded 
from the statistics. (See "Returns of Inactive 
Corporations.") Tfie number of Form 1120-DISC and 
Form 1120S returns filed, respectively, by Domestic 
Internationcil Sales Corporatiois and Small Business 
Corporations for which an election was made to be 
tcixed through stockholders are included in each total 
number (except for those tables which specifically 
exclude these returns) and are also shown separately 
in some of the tables. 

See also "Consolidated Returns" and "Returns of 
Active Corporations." 

Number of Stockholders 

This was tiie rumber of persons, at the end of the 
accounting period, who held stock in a Small Business 
Corporation electing to be taxed through its stock- 
holders. By law the number of stockholders at any 
one time was limited tn no nore than ten (fifteen if 
the accounting period began after December 31, 1976 
(See the discussion under Changes in Law in section 
2.)/ . Husbands and wives listed on the return form 
as joint owners were counted only once. However, if 
each spouse was listed as a separate cvrner they were 
counted as two stockholders unless the return was 
fran a "ccranunity property" State. 

Stock which was aonmunity property of a husband 
arri wife, or which was held jointly by them, was 
regarded as owned ty one stockholder for purposes of 
qualifying for the election by the corporation to be 
taxed through stockholders. Even if the husband or 
wife owned stock individually and both also were 
joint owners of stock, the law prescribed that they 
be counted only once with respect to all of their 
stock. But if each of them owned stock separately 
ard also owned stock jointly, they continued to be 
regarded as two stockholders, unless the stock v«s 
ccmnunity property. 

Although the husband and wife were thus generally 
considered as one stockholder, each had to ccmsent to 
the election ty the corporation and each had tJD 
include in his or her gross income his or her share 
of the distributed and undistributed net income of 
the ccmpany. Actual distributions of net income 



were ma3e bo all stockholders («tio were owners during 
the year. A net operating loss for the year was 
allocated in a similar manner. However, amounts of 
net income deemed, but not actually distributed, were 
allocated only among end-of-year stockholders. 

Number of stockholders as shown in the statistics 
is based en the number of stockholder names listed in 
the schedule of incane and distributions (Schedule 
K) . If tiie holding period of stock aided en the last 
day of the corporation's tax year, the stockholder 
was counted among the number of stockholders, end-of- 
tax year. 

With regard to the enumerating of husband and wife 
stockholders, a general rule was ^jplied wherety both 
were counted as cne stockholder. In order to 
facilitate statistical processing, no allowance was 
maSe for the one situation in which both husband and 
wife owned stock individually as well as jointly and 
should have been counted as two separate stockholders. 

Other Assets 

Other assets conprised, in geieral, noncurrent 
assets which were not allocable to a specific account 
on the balance sheet, and certain accounts for which 
no distinction could be made between current and non- 
current status. 

Includable were such it&tis as deferred charges 
reported as noncurrent by the corporations, interest 
discounts, guaranty deposits, and intangible assets 
not subject to amortization. Other assets of banks 
included property held in trust if included in the 
banks' assets. Other assets of life insurance com- 
panies included the market value of real estate, and 
that portion of stock and bond holdings in excess of 
book value. For Domestic International Sales Corpora- 
tion (DISC'S), this itan also included "nonqualified,, 
assets" (i.e., assets that were not export-related or 
that failed to meet the requirements indicated for 
"qualified export assets" in Code section 993) . 

Other Capital Assets Less Reserves (#) 

This itan consisted of depletable assets less 
accumulated depletion, land and intangible assets 
less accumulated amortization. Each is described 
separately under its own heading, in this section. 

Other Current Assets 

Assets not allocable to a specific current account 
in the return form balance sheet, and assets 
specifically reported as short-term by the corpora- 
tion, as well as marketable securities other than 
Government obligations, corprised this account. 

Includable were prepaid expenses, nontrade 
receivables, coupons and dividends receivable, claims 
and judgnents, and similar items. For construction 
corporations, amounts reported as current for contract 
work in progress in excess of billings were 
includable. 

Also includable in other current assets were 
amounts reported as inventories on nonconsolidated 
returns of holding and other investment companies 
(except operating holding conpanies); security and 
ccmcidity brokers, dealers, and exchanges; and real 
estate subdividers, developers, and operative 
builders. 

Other Current Liabilities 

Other current liabilities included, for the most 
part, certain amounts due and payable within the 
coming year. The account conprised accrued expenses, 
as well as current payables not arising from the 
purchase of goods and services and not evidenced by 
bOHids, notes, or mortgages. Examples of other current 



Corporation Returns/1977 • Explanation of Terms 



115 



liabilities were taxes accrued or payable, accrued 
employee accounts sudi as for payrolls eind contribu- 
tions to benefit plans, dividends payable, overdrafts, 
accrued interest or rent, and deposits and withdraw- 
able shares of banking and savings institutions. 

For construction corporations, amounts of adveinoes 
of deposits on unconpleted contracts or jobs in 
progress were included in this itan, if reported as 
current . 

Other Deductions (#) 

Other deductions oonprised (1) business expenses 
which were not allocable to a specific deduction item 
on the return form, or which were rot included else- 
where on the return form, and (2) certain antjunts 
which were given special treatment in the course of 
statistical processing. 

The first category included such items as admin- 
istrative, general, and selling expenses; bonuses and 
comissions; delivery, freight, and shipping expenses; 
sales discounts; travel and entertainment expenses; 
utility expenses not reported as part of the cost of 
goods sold; and similar itans. Included in this itan 
are any amounts deducted for the removal of 
architectural and transportational barriers to the 
handicapped and elderly under Code section 190. (See 
the discussion under the Changes in Law in section 2.) 

The second category included salaries and wages 
not reported as a cost of sales and operations and not 
reported as a part of another deduction itan; amorti- 
zation of bond premiums, loan and mortgage costs, and 
other financial itans reported as amortization rather 
than as part of other deductions; unrealized profit 
on current-year installment sales; reported amounts 
of negative inoome; and certain "involuntary conver- 
sions" (described below) . Also included were itemized 
business deductions and other deductions unique to 
Domestic International Sales Corporations piSC's), 
life and most mutual insurance companies. In the case 
of DISC'S, the statistics include deductions such as 
those for market studies, sales commissions, and 
freight and other expenses (whether or rot they were 
considered export promotion expenses! . 

The statistics for other deductions may include 
losses resulting from involuntary conversions by 
theft, or from fire, storm, shipwreck, or other 
casualty, if these losses were reported in the 
taJ5>ayer's own schedule for other deductions. For 
the statistics, no attempt was made to transfer the 
data to the ordinary gains or losses ccnputation. 
Losses from involuntary conversions which were 
reported as ordinary losses derived from Form 4797, 
Supplemental Schedule of Gains and Losses, were 
included in the estimates for "Net Gain (or Loss) , 
Noncapital Assets." See also the discussion under 
"Net Capital Gains" in this secticai. 

Other Interest 

Included in this item were amounts received on 
loans, notes, mortgages, bonds, bank deposits, and 
corporate bonds less amortizable bond premiums. For 
installment sales, interest received included amounts 
stated in the contract and certain unstated amounts 
of interest, as provided in Code section 483. 

For Domestic International Sales Corporations 
(DISC'S), this item included "Interest on Producer's 
Loans." See the explanation of "Domestic Interna- 
tional Sales Corporation Returns" in this section. 

Other Investments 

This category generally included long-term non- 
Goverrment investments and certain investments for 
which no distinction could be made as to their 
current or long-term nature. Non-Government 



investments generally 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. Also 
included in this category were investments unique to 
Domestic International Sales Corporations PISC's) , 
such as investments in related foreign export corpora- 
tions, Export-Inport Bank obligations, and producer's 
loans. 

Real estate not reported as a fixed 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 carriers (other than their 
home office and branch office tHjildings and equip- 
ment), were reported as "other investments." 

In one respect the statistics may be somewhat 
overstated. Treasury stock held for resale or for 
future distribution may have been reported as an 
asset on some tax returns and, if not clearly identi- 
fied as Treasury stock, would have been included in 
the statistics for "Other Investments." When these 
amounts could be identified, they were transferred to 
the liability side of the balance sheet statistics 
under "Cost of Treasury Stock." 

Other Investments and Logins (#) 

This item consisted of loans to stockholders, 
mortgage and real estate loans, and other 
investments. Each is described separately under its 
own heading, in this section. 

Other Liabilities 

Other liabilities were obligations which were rot 
allocable to a specific account on the balance sheet 
and which ware either noncurrent accounts, in general 
not due within 1 year, or accounts which could not be 
identified as either current or long-term. 

Examples of other liabilities were deferred or 
unearned income not reported as part of a current 
aooount, provisions for future taxes based on the 
effects of either accelerated depreciation or possible 
inoome tax adjustments such as for the investatient 
credit, and principal amounts of employee and similar 
funds. 



Other Receipts 

Other receipts included amounts not elsewhere 
reported on the return form, such as: profits from 
sales of oonmodities other than the principal com- 
modity in which the corporation dealt; income from 
minor operations; cash discounts; income from claims, 
license rights, judgments, and joint ventures; net 
amount earned under c^ierating agreanents; profit from 
ccnmissaries; profit en prior-years' collections 
(installment basis); profit en the purchase of a 
corporation's own bonds; recoveries of losses and bad 
debts previously claimed for tax purposes; refunds 
for the cancellation of contracts; and income from 
sales of scrap, salvage, or waste. Also regarded as 
other receipts were certain dividends received, such 
as from Federal Reserve and Federal Home Loan Banks, 
and from the following special classes of corpora- 
tions: China Trade Act corporations; corporations 
deriving a large percent of their gross income from 
sources within a U.S. possession; and tax-exatipt 
charitable, educational, religious, scientific and 
literary organizations, and mutual and cooperative 
societies including farmers' cooperatives. 

For Domestic International Sales Corporations 
(DISC'S), other receipts comprised all "nonqualified" 
gross receipts reported on the return except nonquali- 
fied dividends. In addition, in the case of DISC'S 
acting as cotimission agents for someone else, only 



116 



Corporation Returns/1977 • Explanation of Terms 



the cxitmissions earned and not the underlying gross 
receipts on which the commissions were earned were 
included in the statistics. Nonqualified gross 
receipts thus took into account: (1) sales of goods 
and services for ultimate use or consumption in the 
United States; (2) exports subsidized by the U.S. 
Government; (3) certain direct or indirect sales or 
leases for use by the U.S. Government; and (4) sales 
to other DISC'S in the same controlled group of oorpo- 
raticns. (See also "Business Receipts.") 

Paid-in or Capital Surplus 

This balance sheet item comprised additions to the 
corporation's capital from sources other than 
earnings. These sources included amounts of surplus 
occasioned by donation, appreciation of assets, 
receipts from the sale of capital stock in excess of 
stated value, stock redemptions or conversions, and 
similar transactions. The amounts shown are after 
deducting any negative amounts. 

Part-Year Returns 

Pcirt-year returns were those filed for account- 
ing periods of less than 12 months which ended in the 
period July 1977 through June 1978. Such returns were 
filed as a result of business liquidations, reorgani- 
zations, mergers, and changes to new accounting 
periods. Figure B in section 1 shows the percentage 
of returns filed for each of the accounting periods 
covered in this report. 

Pension, Profit-Sharing, Stock Bonus, and Annuity 
Plans ~ 

Contributions made by employers to these plans 
were deductible under Code section 404. The Code 
imposed limitations on the amounts deductible for the 
taxable year and provided a carryover feature for 
certain amounts paid in excess of these limitations. 
Deductions were also allowed for employer contribu- 
tions made to benefit plans established for certain 
U.S. citizens employed for foreign subsidiaries and 
branches of ctomestic corporations. The statistics 
for this itan include such amounts identified in the 
cost of sales and operations schedules. 

The Bnployee Retirement Incone Security Act of 
1974 (ERISA) , revised the requirements relating to 
the participating, vesting, and funding of private 
pension and employee benefit plans and to the deducti- 
bility of employer contributions to these plans. New 
rules under ERISA were effective at varying times, but 
generally applied to plan years beginning after Sep- 
tarber 2, 1974. Under ERISA, employee benefit plans 
were qualified for tax purposes only if they met cer- 
tain oompulsory standards. Stated differently, em- 
ployee benefit plans generally had to meet these new 
standards before the related trusts set up by the 
employer to administer them coald be exatipted from 
income taixation and before emplovers could deduct 
their contributions to these trusts. 

There were limitations on the deductions claimed 
by anployers for certain of their contributions to 
qualified pension plans. For example, regular corpo- 
rate plans based on a combination of the earnings of 
the individual employee and the aggregate ccrpensa- 
tion paid by the anployer were subject to limita- 
tions. Limitations were also prescribed for 
deductible contributions to defined contribution 
plains (i.e., plans which provided for an individual 
account for each participant employee and for benefits 
based solely on the amount contributed to the partici- 
pant's account, and any income and expenses, gains and 
losses, and forfeitures of accounts of other partici- 
pants which oould be allocated to such participant's 
account) . 



Contributions deductible for a givai year were 
limited. However, limitations were not the same for 
employer oontributions to defined pension pleins as 
they were for profit-sharing plans or stock bcaius 
trusts. For defined pension plans, the limitation 
was an amount equal to the greater of the minimum 
funding requirements or a maiximum annual deduction. 
The roaximuti annual deduction, which formerly included 
normal costs plus 10 percent of past service costs, 
was changed to include normal costs plus amounts 
needed to amortize past service costs in 10 equal 
annual payments (including interest and principal) . 
The maximum annual deduction limitation applied unless 
it was less than the amount needed to meet the minimum 
funding requi ranents . If this was the case, the anount 
needed to satisfy the minimim funding requirements 
took precedence and was deducted in full, so that, in 
effect, this amount became the maximim annual deduc- 
tion. 

For profit-sharing plans or stock bonus trusts, 
the amount deducted in a given year oould not exceed 
T5 percent of the aggregate compensation paid by the 
employer in that year. For ocmbination profit-sharing 
and pension plans, the limitation was 25 percent of 
the aggregate compensation paid by the employer in 
the given year. 

Employer oontributions in excess of the limita- 
tions were carried over to future years, in order of 
time, until they were fully deducted. The amount 
carried over, when oombined with the current year's 
allowable amount , oould not exceed either the maximum 
annual deduction, minimum funding requirements or 25 
percent of the aggregate catpensation paid by the 
employer. The total amount (i.e., the current deduc- 
tion plus the carryover amount) deductible in a carry^ 
over year could not exceed 25 percent, in the case of 
a combination prof it-shciring and pension plan. For 
profit-sharing plans alone, the limit was also 25 
percent for carryover years. 

Excluded were deductions claimed for employer 
contributions to pension plans and certain other 
deferred corpensation plans within the scope of Code 
section 404. 

Provision for Federal Income Tax 

In general, this was the net amount of Federal 
income tax accrued, or the provision for such tax, 
for the taxable year as reported in corporations' 
books of account and in tax return schedules recon- 
ciling book and tax profits (see Schedule M-1, "Recon- 
ciliation of income per books with income per return," 
on the Form 1120 return facsimile in section 7 of this 
report), or in the case of mast insurance companies, 
from the annual statements filed with the returns. 

When corporations identified the amount of Federal 
income tax which was current and the amount which was 
deferred, only the amount reported as current was 
used for the statistics. Deferred Federal income tax 
as shown on the books of account represented the tax 
consequence resulting from differences between book 
and tax accounting in the recognition of various 
items of income and expenses. (See "Book Net Income 
(or Deficit).") 

Corporations occasionally reported foreign and 
State taxes together with Federal taxes and the 
corrponents were not separately identified. The 
resulting effect on the statistics was to overstate 
the provision for Federal income tax. This had no 
effect, of course, on the after-tax profit amount 
shown in the statistics as "Book Net Income (or 
Deficit) .") 

Rent Paid on Business Property 

These deductions for ordinary and necessary 
expenses consisted of rents paid for the use of land 



Corporation Returns/1977 • Explanation of Terms 



117 



or structures, and rents paid for leased roads, roll- 
ing stock, and work equipment for railroad oompanies. 
Identifiable amounts of taxes paid and other expenses 
of lessees in connection with rent paid v«re included 
in their respective deduction headings. 

Rents 

These were the gross amounts received for the use 
or occupancy of property. Expenses related to rental 
property, sich as depreciation, repairs, interest 
paid, and taxes paid, were not deducted directly from 
the rental inccnve, but were reported as business 
deductions from total receipts. The rented inccme of 
manufacturing, public utility, and service corpora- 
tions which frequently leased rather than sold their 
products, was included in the "Business Receipts" 
rather than in rents. 

Repairs (#) 

Repairs reported as an ordinary and necessary 
business expense were the costs of maintenance and 
incidental repairs 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 prop- 
erty. Expenditures for new buildings, machinery or 
equipment, or for permanent inprovements which in- 
creased the cost or basis of the property were not 
deductible currently and were charged to capital ex- 
penditures, which were generally depreciable. 

For taxpayers using the Class Life Asset Depre- 
ciation Range (CLADR) system (see Statistics of 
Inocroe — 1976, Corporation Inocroe Tax Returns ) , a 
relatively few elected an alternative method of 
cxrputing the deduction for repairs. This method was 
available when ambiguity existed as to whether expen- 
ditures for repairs, maintenance, rehabilitation, or 
inprovanent of depreciable property could be deducted 
in the year paid or incurred, or had to be capitalized 
and depreciated over the useful life of the property. 

Under the rules prescribed, all qualifying ex- 
penditures within a given asset guideline class were 
treated as currently deductible repairs provided they 
did not exceed the "repair allowance." The repair 
allowance for an asset guideline class was based on 
the percentage prescribed for that class applied to 
the "average" cost or unadjusted basis of "repair 
allowance property" in that class. Amounts in excess 
of the percentage had to be capitalized and recovered 
eis depreciation. 

Retained Earnings, Appropriated 

Earnings set aside for specific purposes and not 
available for distribution to stockholders were in- 
cluded under this heading. Included were guaranty 
funds and reserves for plant expansion, bond retire- 
ments, and contingencies for extraordinary losses. 
Specifically excluded were the reserves for bad debts, 
for depreciation, for depletion, and for amortization, 
which were shown separately; and, the reserves for 
taxes, and unrealized profits or unearned inocme, 
which were includable in "Other Liabilities." 

Retained Earnings, Unappropriated 

Retained earnings, unappropriated, consisted of 
the retained earnings and profits of the corporation 
less any reserves (shown in the statistics as 
"Retained Earnings, ;^ropriated") . The statistics 
shown are net figures after deduction of any negative 
amounts. 

For Danestic International Sales Corporations 
(DISC'S), this itan included previously taxed inoane, 
accumulated DISC income, and other earnings and 
profits. 



Similarly, fot Small Business Corporations elect- 
ing to be taxed through their stockholders, this item 
included earnings from before the corporation's elec- 
tion as well as earnings since the election, to the 
extent that they had not yet been distributed to the 
stockholders. (See "Stockholders' Undistributed Tax- 
able Income Previously Taxed.") 

Returns of Active Corporations 

These returns were the basis for all financial 
statistics presented in the report. They oonprised 
the vast majority of the returns filed, and were 
defined for the statistics as returns of corporations 
reporting any inocme or deduction itans. 

Returns of Inactive Corporations 

Corporations in existence during any portion of 
the taxable year were required to file a return even 
though they may have been inactive. Inactive 
corporations are defined for this report as returns 
showing no item of income or deduction. Financial 
data from these returns were excluded from the statis- 
tics. 

Returns With Net Income 

Returns with net income were those showing gross 
taxable receipts exceeding the ordinary and necessary 
business deductions allowed by the Ccx3e. (See "Net 
Inocme (or Deficit) .") 

Returns Without Net Income 

Returns without net income were those for which 
ordinary and necessary business deductions allcwed by 
the Code exceeded gross taxable receipts. In addition 
to deficit returns, this classification also included 
returns where gross taxable receipts and business de- 
ductions were equal. (See "Net Inccme (or Deficit) .") 

Royalties 

Royalties were payments received, gaierally on an 
agreed percentage basis, for the use of property 
rights. Included were amounts received from such 
properties as copyrights, patents, and tradenarks; 
and from natural resources such as timber, minerad 
mines, and oil wells. The anount reported was the 
gross amount received. Expenses relating to royal- 
ties, depletion or taxes, for example, were not 
deducted directly from this income, but were reported 
among the various business deductions from total gross 
inccme. 

Excluded from the statistics were certain royalties 
received under a lease agreement on timber, ooal 
deposits, and domestic iron ore deposits, which were 
allowed special tax treatment. Under elective provi- 
sions of Code section 631, the net gain or loss on 
such royalties was included in the computation of net 
gain or loss on Scdes or exchanges of certain business 
property under section 1231. If the overall result of 
this computation was a net gain, it was eligible for 
treatment as a long-term capital gain, taxable at the 
capital gains rates. If the overall result was a net 
loss, it was fully deductible in the current yecir as 
an ordinary noncapital loss. See the discussions of 
"Net Capital Gains" and "Net Gain (or Loss) , Non- 
capital Assets." 

Size of Business Receipts 

Size of business receipts was based on the gross 
amounts from sales and operations for industries 
except those in the finance, insurance, and read 
estate divisions. For these industries, total 



118 



Corporation Returns/1977 • Explanation of Terms 



receipts, which is the sum of business receipts and 
investment inoane, were used as the basis for classi- 
ficaticn. See the discussions of "Business Receipts" 
and "Total Receipts." 

Size of Income Tax After Credits (#) 

Table 12 presents statistics for corporations 
classified by size of income tax after credits. 
Inoonie tax after credits was the net amount of income 
tax liability after deducting the foreign tax, invest- 
ment, possessions, new jobs and work incentive (WIN) 
credits. It included the normal tax, surtax, and 
alternative tax. As such, it excluded the tax from 
recomputing prior-year investment credit, tax from 
recomputing prior-year WIN credit, and additional tax 
for tax preferences. 

Size of Total Assets 

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 corpora- 
tions which had disposed of all their assets and 
whose inoane tax returns were final returns? (2) 
merging corporations v*K)se assets and liabilities 
were included in the returns of the acquiring 
corporations; (3) oorporations filing a part-year tax 
return because of a change in accounting period; and 
(4) foreign corporations with income effectively 
connected with the condiKt of a trade or business 
within the United States (except foreign insurance 
oonpanies providing bcilance sheet information for 
U.S. branches) . (See also, "Total Assets and Total 
Liabilities,") 

Small Business Corporation Returns (#) 

Form 1120S, U.S. Small Business Corporation Inoane 
Tax Return, was filed by corporations electing to be 
taxed through stockholders under section 1372 of the 
Code. 

To qualify as a Small Business Corporation, a firm 
had to be a domestic corporation, with no more than 
ten stockholders, each of which was an individual (or 
an estate) and no one of which was a nonresident 
alien. For taxable years beginning after December 
31, 1976, a Small Business Corporation which had been 
an electing Small Business Corporation for 5 con- 
secutive taxable years could have as many as fifteen 
stockholders (see "Number of Stockholders") . The 
corporation could have only one class of stock and 
could not be a manber of an affiliated group eligible 
to file a consolidated return. Moreover, the 
corporatioi could not receive more than 80 percent of 
its gross receipts from sources outside the United 
States nor more than 20 percent from passive invest- 
ments (interest, rents, royalties, annuities, and 
gains from the sale or exchange of stock and securi- 
ties) . The 20 percent passive-inccme limitation did 
not apply during the first 2 years of business unless 
such income, for the year in question, was $3,000 or 
more. 

Net income of Small Business Corporations was 
computed in the same manner as for most corporatiwis. 
The net cperating loss deduction and other statutory 
special deductions allowed most corporations, such as 
for dividends received, could rot be taken. 

An electing Small Business Corporation was gener- 
ally not taxed. However, an existing corporation 
that elected (under Code section 1372) to become a 
Small Business Corporation was subject to a special 
tax for the first 3 taxable years of the election. 
On the other hand, a new corporation which was an 
electing Small Business Corporation for each year of 
its existence was not subject to the special tax at 



all. Section 1378 of the Code provided that the 
amount of the tax was the lower of the following: (1) 
30 percent of the excess of net long-term capital gain 
(reduced by net short-term capital loss) over $25,000 
when net long-term capital gain was more than 50 per- 
cent of a net inccme that was over $25,000; (2) 30 
percent of the gain from the disposition of prqperty 
using a "substituted basis" (i.e., the basis that was 
transferred from another corporation which was not 
also an electing Small Business Corporaticxi) ; or (3) 
the normal tax and surtax rates applied to net income. 
Foreign tax credit, investment credit, U.S. posses- 
sions tax credit, work incentive (WIN) credit and new 
jobs credit were not available to the corporation to 
reduce this tax (cdthough the cost of investment 
credit property and WIN Program salaries and wages 
were allocated to stockholders for their use in 
corputing the credits) . 

Generally, the income of the Small Business Corpo- 
ration was taxable to its stockholders as ordinary 
income. Net long-term capital gains (reduced by any 
tax paid on them by the corporation) were not taxable 
as ordinary income, but instead retained their 
character in the hands of the stockholders. Also, 
stockholders were allowed to deduct their share of the 
corporation's deficit from other forms of individual 
(or fiduciary) income as part of their net c^jerating 
loss deduction. Undistributed income earned in pre- 
vious years was taxable to stockholders in the year it 
was earned, and oould be distributed during the 
current year without any further tax. 

Statutory Special Deductions (#) 

Statutory special deductions is the term used for 
the statistics to describe the deductions for: (1) 
net operating losses of prior years, and (2) total 
"special deductions" as defined by the Code, i.e., 
the sum of deductions for intercorporate dividends 
received, for dividends paid on certain preferred 
stock of public utilities, and for Western Hemisphere 
Trade Corporations. Since these deductions were 
allowed by law, in addition to ordinary and necessary 
business deducticKis, they are shown as deductions from 
net income. 

In gaieral, net income less statutory special de- 
ductions equalled inoane subject to tax. However, 
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 "net operating loss" for some corporations. 
Statutory special deductions were rot allowed to Small 
Business Corporations for which an election was made 
to be taxed through stockholders, nor to regulated 
investment companies and real estate investment 
trusts. 

Although Domestic International Sales Corporations 
(DISC'S) were not taxable, in order to compute "tax 
deferred income and income taxable to stockholders," 
two of the statutory special deductions, i.e., net 
operating loss deduction and intercorporate dividends 
received deduction, discussed below, were allowed. 

Definitions for the statutory special deducticxis 
contained in the statistics are eis follows: 

(1) Net operating loss deduction . -The total net 
operating loss deduction was based c»i statutory net 
operating losses of prior or subsequent years which 
oould be used to reduce taxable income for a specified 
number of years. The amount shown in this report, 
however, consists only of losses from prior years 
actually used to reduce taxable income for 1977. 
Losses incurred after 1977 and carried back to that 
year at a later date could not be reported on the 
returns used for this report. In general, losses 
were carried back over a 3-year period, chronologi- 
cally, and any amount not offset against income during 
that time could then be carried forward against 



Corporation Returns/1977 • Explanation of Terms 



119 



irxxne for a period not exceeding 5 years. Longer 
carryover periods were allowed for certain foreign 
expropriation losses, and for corporations applying 
for tax assisteince under the Trade Expansion Act of 
1962, for regulated transportation corporations, and 
for new life insurance oociipanies. 

Net operating losses on which the current-year 
deduction was hased included: (a) the excess of 
ordinary and necessary business expenses over inoane 
in the previous loss years, and (b) statutory special 
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 deducted for the current 
year was limited to net income reduced, first, by the 
deductions for dividends received and for dividends 
paid on certain preferred stock of public utilities. 

Net operating losses incurred by Domestic Inter- 
national Sales Corporations piSC's) were deductible 
from net income only if the DISC had been a corpora- 
tion prior to its election to became a DISC and only 
for losses incurred prior to the elect icn. Ttie 
statistics are overstated to the extent small airounts 
of net operating loss deductions were reported by 
DISC'S without net inoane; no attempt was made to 
suppress these amounts for the statistics. 

For a "parent-subsidiary" controlled group that 
had elected separate surtax exemptions for each group 
manber under prior law, but which had shifted to a 
single group exempticn and filed a consolidated re- 
turn under subsequent law, special provisions for the 
treatment of nst operating losses of the individual 
groip roanbers applied. The net operating losses of 
such individual group members sustained in years dur- 
ing which the election of multiple surtax exemptiois 
was in effect could be carried over and deducted from 
consolidated net inocme. 

(2) Total special deduct ions . -The total special 
deductions contained in this report was the sum of 
the following deductions: 

(a) Intercorporate dividends received deduc- 
tion . -The intercorporate dividends received 
deduction, under Code sections 243-246, was 
the sun of the following components: 

(1) A deduction equal to 85 percent of 
dividends received from domestic corpora- 
tions which were themselves subject to the 
income tax. This particular deduction ac- 
counted for the major portion of the inter- 
corporate dividends received deduction. 
Since disc's were rot subject to tax, the 
intercorporate dividends received deduction 
was not allowed for dividends received hiy 
their stockholders. However, if the divi- 
dends were paid out of earnings and profits 
fron a year before the election was made to 
become a DISC, the stockholders were en- 
titled to the deduction for such dividends. 
(21 A deduction equal to 85 percent of cer- 
tain dividends received fron foreign corpo- 
rations (a) which had been engaged in a 
trade or business within the United States 
for at least 3 years, and (b) which also 
had at least 50 percent of their gross 
income "effectively connected" with the 
U.S. trade or business. 

(3) A transitional deduction equal to 100 
percent of certain intragroup dividends 
received (qualifying under Code section 
1564) allowed members of controlled groups 
claiming multiple surtax exemptions under 
section 1562. Beginning with the tax year 
which included December 31, 1970, the for- 
mer rate of 85 percent was gradually in- 
creased by 2.5 percent increments per year 
for sudn controlled groups so that for tax 



years beginning after December 31, 1974, 
the deduction would be the same 100 per- 
cent deduction described below under (4) . 

(4) A deduction equal to 100 percent of 
certain intragroup dividends cillowed mem- 
bers of controlled groups not electing to 
file consolidated returns, but sharing 
instead, a single surtax exemption under 
Code section 1561. 

(5) A deduction equcil to 100 percent of 
dividends received from wholly-owned for- 
eign subsidiaries whose entire gross 
inoome was "effectively connected" with 
the conduct of a trade or business within 
the United States. 

(6) A deduction equal to about 60.2 per- 
cent of dividends received on certain 
preferred stock of public utilities for 
which a dividends paid deduction, de- 
scribed belcw, was also allowed the dis- 
tributing corporation. The applicable 
percentage was based on the income tax 
rate. 

(7) A deduction equal to 100 percent of 
dividends received by small business 
investment companies. For tax returns 
with net inccme for the taxable year, 
there was a limitation on the deduction, 
based on net inccme, for dividends re- 
ceived rot subject to the 100 percent 
deduction (Code section 246) . For these 
returns the deduction could not exceed 85 
percent of net inccme less any Western 
Hemisphere Trade Corporation deduction 

(described below) and less any 100 percent 
deduction for domestic intragroup divi- 
dends. 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 c^serating 
loss previously described. In the case of 
life insurance companies, the above per- 
centage deducticns were further reduced by 
the ratio of investment yield less total 
exclusions (operations) to investment 
yield. 

(b) Deduction for dividends paid on certain 
preferred stock of public utilities . -For pub- 
lic utility ocmpanies, as defined by law, a 
special deduction was allowable under Code 
section 247 for dividends if paid on certain 
preferred cumulative stock de«T>ed issued prior 
to October 1, 1942. This deduction, based on 
the income tax rate, amounted to about 29.2 
percent of the dividends paid on such stock. 

If the dividends paid were greater than 
net income reduced (in general) by all other 
statutory special deductions for the year, the 
deduction could rot exceed the above-described 
percentage of net income after this adjustment. 

(c) Western Hanisphere Trade Corporation deduc- 
tion . -This deduction was allowed certain domes- 
tic companies which qualified under section 
921 of the Code. These oompanies conducted 
almost all of their business outside the 
United States, but within the Western Hemi- 
sphere. TVie deduction was equal to taxable 
income (computed without regard to the deduc- 
tion, i.e., net inoome minus the statutory 
special deductions for net operating losses 
and for intercorporate dividends received and 
for dividends paid on certain public utility 
stock) multiplied by a fraction having a numer- 
ator of 14 percent and a denominator equal to 
the combined U.S. normal tax rate and surtax 
rate. The Tax Reform Act of 1976 provided for 
a phaseout of ttie 14 percent figure. Fbr 1977, 



120 



Corporation Returns/1977 • Explanation of Terms 



the numerator was 8 percent. The Act also 
repealed the Western Hemisphere Trade Corpo- 
raticxi deduction for taxable years beginning 
after December 31, 1979. 



Stockholders' Undistributed Taxable Income Previously 
Taxed 

This end-of-year balance sheet item was the 
accumulated taxable inocme, i.e., net income (or 
deficit) , earned by Small Business Corporations since 
they had first elected to be taxed through their 
stockholders, to the extent that it had not yet been 
distributed to the stockholders. Taxable income, 
whether distributed or not to the stockholders, was 
taxable to the stockholders in the year earned so that 
later distributions fran this account were nontaxable. 
(See "Small Business Corporation Returns.") This item 
is reflected in the statistics for "Retained Earnings, 
Unappropriated" and "net worth" in those tables which 
show these items. 

Tax Deferred Income and Income Taxable to Stockholders 

This amount represented the net incotie (less 
deficit) of a Domestic Internaticnal Sales Corpo- 
ration (DISC) minus statutory special deductions 
(described under a separate heading) . This "taxable 
inocme" was used in determining the amount of the 
DISC'S earnings and profits that were considered to 
be "amounts deemed distributed" to stockholders of 
the DISC. Generally, taxation on a portion of this 
amount ODuld be deferred indefinitely and the re- 
mainder was taxable to stockholders in the year 
earned . 

See also "Domestic International Sales Corporation 
Returns." 

Tetxes Paid 

Taxes paid included the amounts reported as an 
ordinary and necessary business deduction as well as 
identifiable amounts reported in the cost of goods 
sold and operations schedules. Included among the 
deductible taxes vere ordinary State and local taxes 
paid or accrued during the year; social security and 
payroll taxes; unemployment insurance taxes; inport 
and tariff duties; and business, license and privilege 
taxes. Inocme and profits taxes paid to foreign 
countries or U.S. possessions were also deductible 
unless clained as a credit against income tax. How- 
ever, Small Business Corporations electing to be taxed 
through their stockholders had to deduct from gross 
inocme any foreign taxes they paid. They could not 
claim a foreign tax credit, nor oould they pass these 
taxes on to their stockholders for their use as a 
foreign tax credit. (See "Foreign Tax Credit.") 

Taxes not deductible included Federal inocme and 
excess profits taxes, gift taxes, taixes assessed 
against local benefits, and Federal taxes paid on 
interest from tax-free covenant bonds. 

Some corporations included sales taxes and excise 
and related 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 operations or as part of the 
separate deduction for taxes paid. When included in 
the cost of sales and operations, these taxes often 
were rot identifiable and, therefore, could not be 
included in the statistics for taxes paid. 



year was either disposed of or oeased to be quedify- 
ing property before the end of its useful life 
assumed at the time the credit was originally com- 
puted. 

The tax was payable for the year in which the 
property was disposed of or became disqualified. It 
amounted to the difference between the credit origi- 
nally claiitved based on the intended life in the year 
of acquisition and the credit that would have been 
allowed based on the actual life in the year of dis- 
position car disqualification. Useful life classes 
for investment credit purposes were shortened for 
property accjuired after August 15, 1971. The revised 
useful life classes applied to investment credit prop- 
erty disposed of or disqualified after this date, even 
if the property was acquired (and the credit claimed) 
using the longer useful life classes specified under 
prior law. 

Recapture of investment credit was required after 
August 15, 1971, when investment credit property was 
effectively disposed of prematurely by reason of 
casualty or theft. Recapture was also required when 
the following subsequent elections caused property 
for which credit had been claimed earlier to cease to 
be qualifying property: (1) S^year accelerated 
depreciation elected for expenditures to rehabilitate 
low-income rental housing, and (2) 5-year rapid amor- 
tization elected for certain expenditures for child 
care facilities and certain railroad rolling stock. 

Effective for taxable years ending after March 31, 
1976, the Revenue Act of 1978 exaitpted transferor 
railroad companies from additional tax on the transfer 
of their rail properties to the Consolidated Rail 
Corporation (ConRail) , i.e., such railroad companies 
were not liable for tax from reconputing prior-year 
investment credit. See the discussion under Changes 
in Law in section 2. 

Unless otherwise indicated, tax from reccrputing 
prior-year investment credit is included in the sta- 
tistics for "Income Tax" in this report. 

See also, "Investment Credit". 

Tax from Reconputing Prior Year Work Incentive (WIN) 
Credit 

A "recapture" of the work incentive (WIN) program 
credit was required whenever an employer that had 
claimed the credit in a prior year (1) terminated 
without cause the employment of an employee hired 
under the WIN program, or (2) failed to pay a WIN 
employee wages oonparable with non-WIN employees for 
the same services. Generally, if the WIN employee's 
enployment did not last at least 24 months, the WIN 
credit had to be paid back, even though a WIN credit 
oould be taken for only the first 12 months of employ- 
ment. 

The Tax Reduction Act of 1975 included a temporary 
credit for Aid to Families with Dependent Children 
(AFDC) program recipients hired under the Social 
Security Act provisions. (The original WIN credit 
provisions applied only to AFTC program recipients 
hired under the WIN program.) The temporary credit, 
which was first slated to expire July 1, 1976, was 
extended by the Tax Reform Act of 1976 until January 
1, 1980. The Tax Reform Act of 1976 liberalized the 
recapture provisions for termination of employees 
hired under the WIN program. See "Vtork Incentive 
(WIN) Credit." 

Unless otherwise indicated, tax from reconputing 
prior year work incentive (WIN) credit is included in 
the statistics for "Income tax" in this report. 



Tax from Recomputing Prior Year Investment Credit (#) Tax Net Income for Deficit) (#^ 



This tax, a recapture of investment credit, was 
required when depreciable (or amortizable) property 
used in computing the investment credit of a prior 



In order to facilitate comparison between after- 
tax book and tax profits in table 16, an effort was 
made to adjust the net income computed under the 



Corporation Returns/1977 • Explanation of Terms 



121 



Internal Revenue Ccx3e (and described under a separate 
heading) in order to recognize taxes in a oDnsistent 
manner under the two profit concepts, insofar as 
possible. 

Corporations were asked to report book net inooroe 
as after income tax. Because the net incone under 
the Code was reported before taxes, tax net income 
was the term used for the statistics to describe the 
net income after it was reduced by the income tax. 
For this purpose, the taxes subtracted frcm net in- 
come were defined to include the sun of the regular 
inoane tax, tlie additional tax for tax preferences, 
and the taxes from reoonputing prior-year investment 
and work incentive (WIN) credits, reduced by the cur- 
rent year's investment, WIN and new jobs credits, but 
not \y/ the foreign tax credit nor U.S. possessions 
tauc credit. 

Thus, an "economic" or "accounting" approach was 
used to compute tax net incone in regard to the 
treatment of foreign incone and taxes to the extent 
that foreign income was included in the incone sta- 
tistics. The U.S. possessions tax credit was also 
excluded for this purpose. 

It was felt that the corresponding income tax, 
whether domestic or foreign, should be uniformly 
reflected to the extent possible in the taxes used in 
this computation. By disregarding the foreign tax 
credit, foreign irooroe taxes in effect were 
recognized cis a deduction in arriving at tcix net 
inoome, just as they were in arriving at book net 
inoane. lb have done otherwise, by treating these 
taxes as a credit against U.S. tax, would have meant 
disregarding the effect of foreign income taxes on 
tcix net income altogether. This was because 
corporations with a foreign tax credit oould be 
thought of as having satisfied their U.S. income tax 
liabilities by paying taxes (to the extent of the 
credit) to foreign governments instead of the U.S. 
Government. The foreign tax credit was, after all, 
merely a device to prevent double taxation of foreign 
inocme. 

This approach to foreign taxes for the statistics 
has drawbacks. The foreign tax credit, because of 
the limitations required in its ccnputation, was not 
synonymous with totcil foreign income taxes. Because 
of the carryover provisions, some of the taxes 
credited for 1977 were actually paid in other years 
while other amounts, paid on 1977 income, had to be 
carried to other years for crediting. In addition, 
most foreign dividends had to be "grossed up" by the 
foreign taxes deemed paid on this income (see 
"Constructive Taxable Inoome from Related Foreign 
Corporations") . To the extent that such taxes were 
included as income, tax net income, conceptually, is 
overstated in comparison to book net inoane. 

The user of the statistics can derive another 
estimate of tax net income (or deficit) by taking 
into account only the inccme tax payable to the 
United States. Under this approach, the bef ore-tax 
net inoome (or deficit) shown in the statistics should 
be reduced by income tax after the investment, WIN 
and new jobs credits, and cifter the foreign tax 
credit as well. 

Aside from conceptual problems associated with the 
treatment of foreign income and taxes, it should be 
noted that Domestic International Sales Corporations 
(DISC'S) and, for the most part. Small Business Corpo- 
rations electing to be taxed through stockholders, 
were not subject to the corporation income tjix. 
Therefore, "Taix Net Income (or Deficit)" (the after- 
tax concept) for these companies is the same as "Net 
Income (or Deficit)" (the before-tax concept). 

See cilso "Book Net Inoane (or Deficit)" for sane 
of the other reasons for differences between book and 
tax profits. 



Tax Preference Items 

These items constituted the basis (after adjust- 
ments described under "Additional Tax for Tax Pref- 
erences") Lpon which the 15 percent additional tax 
for tax preferences (or "minimum tax") was levied. 
They comprised various kinds of tax-favored income 
and deductions, which, in effect, provided corpora- 
tions with nontaxable "economic" income. 

In general, the tax preference items were 
attributable to U.S. sources. However, the capital 
gain preference (described below) included amounts 
from foreign sources if they were not subject to 
foreign taxation, or if the foreign tax was a 
preferential one. Other items attributable to foreign 
sources were treated as preferences only to the 
extent they reduced U.S. taxable income. 

For Small Business Corporations electing to be 
taxed through their stockholders, all of the tax 
preference items described below were reported, but 
only the capital gain preference and the intangible 
drilling cost preference were taxable to the corpora- 
tions themselves. The other items were taxable only 
to the stockholders of such corporations. 

Items included as tax preferences were: 

(1) Accelerated depreciation (depreciation in 
excess of the amount computed under the straight-line 
method) allowed on: (a) low-income rental housing; 

(b) other real property (defined in Code section 
1250); and (c) personal property (defined by section 
1245) siijject to a lease. The tax preference in 
connection with personal property subject to a lease 
did not ^ply to corporations other than Personal 
Holding Companies and Small Business Corporations 
electing to be taxed through their stockholders. 

(2) Amortization of (a) certified pollution 
control facilities, (b) railroad rolling stock, (c) 
on-the-job training facilities, and (d) child care 
facilities. The tax preference was the excess of 
these special rapid write-offs over what otherwise 
would have been a (fepreciation deduction under 
section 167. 

(3) Reserves for losses on bad debts of financial 
institutions. Financial institutions (mostly banks 
and savings and loan associations) were allowed deduc- 
tions for additions to a reserve for bad debts under 
prescribed rules. When these deductions exceeded 
amounts based on the actual bad debt loss experience 
of the institution (or in the case of a new company, 
industry experience) , the excess was considered a tax 
preference. (The appearance of this preference for 
other than finance division corporations was caused 
chiefly by the filing of consolidated returns that 
included finance subsidiaries.) 

(4) Depletion. The excess of the depletion deduc- 
tion over the cost or other basis of the property 
(reduced by depletion taken in parior years) was a tax 
preference. 

(5) Capital gains. Itiis tax preference was based 
on the excess of net long-term capital gain over the 
net short-term capital loss, when these net gains 
were taxed at the special lower capital gain rate. 
The amount treated as a preference was this amount 
multiplied by a ratio of the regular tax rate of 48 
percent less the rate applicable to capital gains 
(generally 30 percent) to the regular corporate tax 
rate of 48 percent. 

(6) Intangible drilling costs. This was the excess 
of deductible intangible drilling and development 
costs incurred in connection with oil and gas wells 
(other than costs incurred in drilling a nonproduc- 
tive well) over the amount that would have been 
deductible if such costs had been capitalized and 
depreciated under the straight line method. 



122 



Corporation Returns/1977 • Explanation of Terms 



Items (5) and (6) abave were the only tax pref- 
erences for which Small Business Corporaticxis elect- 
ing to be taxed through their stockholders (Form 
1120S) would be liable (see the discussion under 
"Small Business Corporation Returns" in this section) . 
Tax preferences for these corporations were ordinarily 
passed on to the stockholders for taxation. Regulated 
investment companies and real estate investment trusts 
also included capital gains as a tax preference but 
only to the extent that such gains were not passed on 
to their stockholders. 

Tentative Investment Credit 

Tentative investment credit represented the earned 
credit before taking into account the statutory limi- 
tations based en the presence and size of income tax. 

Prior to January 22, 1975, for most corporations, 
the tentative credit was equal to 7 percent of invest 
ment qualified for credit, an amount based on the cost 
of certain depreciable purchases and designed to give 
wei^t to longer-lived assets. (See "Investment 
Qualified for Credit.") An exception was made foe 
investment in certain public utility property. Prior 
law also specified that fot sich property the other- 
wise qualified investment should be reduced to four- 
sevenths of the total amaunt. As a matter of prac- 
tical ocanputation, however, the full qualified invest- 
ment was usually reported, and a 4-percent rate sub- 
stituted for the 7-percent rate in order to obtain 
the legal tentative credit. 

The Tax Reduction Act of 1975 teitporarily (from 
January 22, 1975, through December 31, 1976) 
increased the tentative investment credit from 7 
percent of qualified investment (4 percent in the 
case of public utility property) to 10 per vent (11 
percent under certain ccxiditicns) for all corporate 
taxpayers. (The period of the temporary increase was 
extended for 4 years through December 31, 1980, by 
the Tax Reform Act of 1976.) Thus, no special 
computations for reporting qualified investment of 
public utility property or the tentative credit en 
such property were required. 

The Tax Refcarm Act of 1976 also permitted an extra 
investment credit equal to i5> to 0.5 percent of the 
qualified investmait of oorpcsrations that qualified 
for the additional 1 percent for participation in an 
"employee stock ownership plan" (ESOP) . The 0.5 per- 
cent additional credit was available only to corpora- 
tions that transferred to the participants' accounts 
corporate securities held under the ESOP. (See 
"Investment Credit.") 

See the facsimile for Form 3468, Computation of 
Investment Credit, in section 7 of this report. 



Total Assets and Total Liabilities (#) 

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 amounts after reduction by accumulated deprecia- 
tion, accumulated amortization, accumulated depletion, 
and the reserve for bad debts. When reserves for bad 
debts were reported as liabilities, they were treated 
as reductions fron the asset accounts to which they 
related and the totals of assets and liabilities were 
adjusted accordingly. When used in this report, the 
term total liabilities includes both the claims of 
creditors and stockholders' equity (see "Net 
Worth") . In addition, total liabilities were net 
amounts after reduction by the cost of Treasury 
stock. Moreover, when Treasury stock intended for 
resale was identified in "Other investments" on the 
asset side of the balance sheet, it was moved to the 
liability side for the statistics, and the totals of 
assets and liabilities were also adjusted. 



Asset and liability estimates for returns of 
corporations that failed to provide complete balance 
sheet information were inputed from data in other 
schedules on the return form or by using either 
reference books or relaticxiships between income 
statement and balance sheet items on similar returns 
in the same industrial group. 

Because Forms 1120L and 112tW used by life 
insurance ocijpanies and certain mutual insurance 
ccnpanies did not provide for the ocmplete reporting 
of balance sheet information, asset and liability data 
for these corpanies were obtained from reference 
books or from balance sheets filed with the returns 
in the form required by State law. These sources 
were also used for any other insurance companies, not 
filing returns on Forms 1120L or 1120M, which filed 
balance sheets in the form required by State law in 
lieu of the inoatie tax return schedule. (See also, 
"Size of Total Assets.") 

Total Dedix:tions 

As presented in the tables of this publication, 
total deductions comprised (1) the cost of sales and 
operations, (2) the ordinary and necessary business 
deductions frcm gross inocme, and (3) net loss from 
sales of noncapital assets. Components of total de- 
ductions are shown in the income statement segment of 
various tables throughout this report. 

For certain mutual insurance ooitpanies, with total 
receipts under $500,000, total deductions represents 
only investment expenses; business expenses were ex- 
cluded by law. 

Total Receipts 

The components of total receipts are shown in the 
income statement segtient of various tables throughout 
this report. This amount was derived as follows: 

Included itans — (1) Gross taxable receipts (before 
deduction of cost of sales and operations, ordinary 
and necessary business expenses, and net loss from 
sales of roncapital assets), and (2) Nontaxable 
interest received frcm State and local Government 
obligations. 

Excluded items — (1) Other nontaxable income 
reoognized by the corporation, and (2) Certain taxable 
income from related foreign corporations only con- 
structively received. 

For certain mutual insurance companies, with total 
receipts under $500,000, the gross taxable receipts 
included in the statistics represent only the receipts 
from investments; operating income was excluded by 
law. 

Total Receipts Less Total Deductions 

This item differed from net income (less deficit) 
for tax purposes in that it included nontaxable 
"Interest on State and Local Government Obligations" 
and excluded "Constructive Taxable Inoome from Related 
Foreign Corporations." As such, it included all of 
the income "actually" (as opposed to "constructively") 
received by the corporation and reported on the 
income tax return. 

U.S. Possessions Tax Credit (#) 

In order to provide a tax incentive for domestic 
corporations to invest in Puerto Rioo and U.S. posses- 
sions (including American Samoa, Guam, Johnston Is- 
land, Midway Islcinds, the Panama Canal Zone, and Wake 
Island, but not the Virgin Islands), the Tax Reform 
Act of 1976 added, under Code section 936, a new tax 
credit - the U.S. possessions tax credit. Under the 
new provisions in Code section 936, the U.S. posses- 
sions tax credit was equal to the U.S. tax on domestic 



Corporation Returns/1977 • Explanation of Terms 



123 



corporations' inocme frotn sources within a possession 
in which the corporations actively conducted a trade 
or business. Formerly, under Code section 931, quali- 
fied possessions income was exempted from U.S. inoome 
tax. 

The amount of the credit was equal to that portion 
of the U.S. tax of the danestic corporation attribut- 
able to taxable inoome from sources outside the United 
States frcra the active conduct of a trade or business 
within a U.S. possession and from qualified possession 
source investment inocme. In determining the amount 
of tax attributable to the inoome from the active con- 
duct of a possession trade or business or from quali- 
fied possessions investmait income, losses from other 
sources were taken into account. 

Qualified possessions source investment income in- 
cluded only inoatie from sources within a possession 
in which the possessions corporation actively con- 
ducted a trade or business (whether or not such busi- 
ness produced taxable income) . ttie corporation had 
to establish that the funds invested were obtained 
from the active conduct of a trade or business within 
that same possession and were actually invested in 
assets in that possession. Funds placed with an in- 
termediary (sudi as a bank located in the possession) 
were to be treated as invested in that possession only 
if it could be shown that the intermediary did not re- 
invest the funds outside the possession. 

The U.S. possessions tcix credit provisions called 
for possessions corporations to be taxed on worldwide 
inocme just like any other U.S. corporation; however, 
the possessions corporations could receive a full tax 
credit attributable to qualified possessions source 
income even if no tax was paid to the Governments of 
the possessions. Thus, the effect of the U.S. posses- 
sions tax credit provisions was: (a) to exempt 
qualified possessions source inccme from U.S. income 
tax, (b) to allow a dividends-received deduction for 
dividends repatriated by the possessions corporations 
to their U.S. parent corporations; and (c) to tax 
currently foreign source income (which was not taxable 
under prior law), subject to the foreign tax credit 
with allowances for foreign taxes paid with respect 
to such inoome. Foreign source income oontinued to 
be exatrpt from U.S. taxes for investment income that 
was earned before October 31, 1976, whether or not 
the investment inccme was initially derived from the 
possessions' business. 

Before the U.S. possessions tax credit could be 
claimed, a domestic corporation had to make an elec- 
tion and satisfy two tests: (1) receive for the 
"applicable" period immediately preceding the close 
of the taxable year at least 80 percent of its gross 
inccme from sources within a U.S. possession, and (2) 
receive for the "applicable" period at least 50 per- 
cent of its gross income frcm the active trade or 
business within a U.S. possession. "Applicable" 
period was the lesser of 3 years or the period during 
which the corporation was engaged in the active 
conduct of a trade or business within a U.S. 
possession. Onoe in effect, the election was to 
remain in force for 9 yeeirs aifter the first year for 
which the election was effective and for which the 
domestic corporation met the 80 percent source of 
income and 50 percent active trade or business income 
requirements. The election could be revoked during 
this 10-year period only with the consent of the 
Secretary of the Treasury, based on cases of 
substantial hardship where no tax avoidance could 
result from the revocation. After revocation during 
the 10-year period, a danestic corporation could make 
the election for the lO-yeeir period again, provided 
the two preconditions were met. After the 10-year 
period, no consent was needed to revoke the election. 



Additioneilly, possessions corporations were prohi- 
bited by the election frcm filing or joining in the 
filing of oonsolidated returns, as they had been able 
to do under the prior law, in years in which they in- 
curred losses. The new law permitted possessions 
corporations to be included in consolidated returns 
only in the case where their losses resulted frcm 
initial start-up expenses incurred at the time their 
possessicns operations were just beginning. Even 
these losses would be subject to recapture if the 
possessions corporations derived foreign source 
inocme in later years. 

The U.S. possessicns tax credit could not be taken 
by corporations that were Domestic International 
Sales Corporations PISC's), former DISC'S, or owned 
stock in a DISC or former DISC. The credit oould be 
taken however, by those stockholders who no longer 
held stock in the DISC'S or former DISC'S. 

While the U.S. possessions tax credit could be 
taken against corporate inccme taxes, it could r»t be 
taken against: 

(1) additional- tax for tax preferences (mini- 

raun tax) ; 

(2) tax on accumulated earnings; 

(3) taxes relating to recoveries of foreign ex- 

propriation losses, previously deducted as 
part of a net operating loss deduction; or 

(4) Personal Holding Conpany teix. 

None of these taxes oould be taken into account in 
the determination of the amount of U.S. tax paid by 
the corporation which was attributable to the posses- 
sions' active trade or business and investment income. 

Since the U.S. possessions tax credit was separate 
from the foreign tax credit, the inccme (and asso- 
ciated taxes) used in the computation of the posses- 
sions tax credit oould not be used for foreign tax 
credit purposes. Similarly, possessions inccme 
included in the foreign tax credit computation could 
not be used for possessions tax credit purposes. 

The 1976 Act also provided a dividends-received 
deduction for dividends frcm corporations eligible 
for the U.S possessions tax credit. Corporations 
which would otherwise qualify for the 100-percent 
dividends-received deduction, if an election were not 
in effect, oould still receive that deduction for 
dividends from another possessions corporation. Like- 
wise, corporations el igible for the 85-percent divi- 
dends-received deduction were to receive the deduction 
with respect to dividends from possessions corpora- 
tions. Ttie amount of the dividend income received 
from a possessions corporation was treated as domestic 
or foreign source income according to the existing 
Code section 861 rules. This same amount was also 
used to compute the Code section 904 limitation on 
the Code section 901 foreign tax credit. The new 
rules on the dividends-received deduction applied to 
dividends paid in taxable years of possessions corpo- 
rations beginning after December 31, 1975, regardless 
of when the income, out of which the dividends were 
distributed, was earned. 



Vfork Incentive (WIN) Credit 

This credit was intended to expand job opportuni- 
ties for Aid to Families with Dependent Children 
(AFDC) program recipients. Taxpayers were allowed a 
credit against their inccme tax liability if they 
were engaged in a trade or business and hired AFDC 
recipients under the Work Incentive (WIN) program of 
the Social Security Act (as authorized by the Revenue 
Act of 1971) or if they hired AFDC recipients under 
the Social Security Act, regardless of whether or not 
they were covered by the WIN program (as authorized 
by the Tax Reduction Act of 1975) . 



124 



Corporation Returns/1977 • Explanation of Terms 



The credit equalled: (1) 20 percent of WIN 
Program e:5>enses, i.e., salaries and wages (described 
below) that were paid WIN program participants; and 
(2) 20 percent of Federal welfare recipient employ- 
ment incentive expenses, i.e., wages that were paid 
to AFDC recipieits hired after March 29, 1975, for 
services rendered to the corporation before July 1, 
1976. (This date was extended to January 1, 1980, by 
the Tax Reform Act of 1976.) A tax credit for wages 
paid to an individual was allowable under either the 
original WIN rules or the 1975 Federal welfare recipi- 
ents anployment incentive rules, but not both. 

Under the original WIN program, to qualify as WIN 
program expenses, salaries and wages must have: 

(1) been paid to employees certified by the 
Secretary of Labor as being from the WIN program and 
the employees could not have displaced any individual 
from employment; 

(2) consisted entirely of cash remuneration; 

(3) been paid or incurred: 

(a) for services rendered during the first 12 
months of employment (although the employee must have 
been employed for at least 24 months, the first 12 
months could span a 24-month period, after which, the 
employee must have been enployed for 12 months 
consecutively) , and 

(b) in the employer's trade or business; 

(4) not been less than wages paid to the non-WIN 
employees performing oomparable services; 

(5) not been reimbursed to the employer (if so, 
the expenses, for credit purposes, were disregarded to 
the extent of the reimbursement) ; and 

(6) not been paid or incurred: 

(a) foe employment outside the United States; 

(b) after the en3 of the 24-month period begin- 
ning with the first day of the employee's employment 
(the employee's total months of employment must have 
equalled 12 on or before the end of this period); and 

(c) to an ineligible individual (in the case of 
corporations, an employee who owned directly or in- 
directly more than 50 percent of the value of the 
corporation's stock; or was a relative of such an em- 
pioyee) . 

The Federal welfare recipient employment incentive 
rules applied solely to the enployment of an AFDC 
recipient who: 

(1) had continuously received AFDC financial assis- 
tance during the 90-day period ininediately before 
being hired; 

(2) had been employed by the corporation for a 
period in excess of 30 consecutive days on a sub- 
stcintially full-time basis; 

(3) ha3 not displaced any other enployee; and 

(4) was not a migrant worker (i.e., an individual 
who was enployed for services for which the customary 
period of enployment by one employer vas less than 30 
days and if the nature of such services required the 
employee to travel from place to place for a short 
period of time) . 

Unlike the original WIN program, WIN credit fa: 
Wctges paid AFDC recipients could also be claimed when 
the employee's services were not performed in connec- 
tion with the trade or business of the corporation. 
Additionally, under the 1976 Act, qualifying wages 
paid to AFDC recipients were limited to 12 months, 
whether consecutive or not, of employment. 

The amounts of WIN credit allowed under the 
Federal welfare recipients atployment incentive 
expense provisions and under the 1971 Act were tenta- 
tive. These credits were combined on Form 4874, 
Credit for Work Incentive (WIN) Program Expenses, and 
represented earned credit before the limitations based 
on the presence or size of income tax. The WIN credit 
was applied against tax liability that had first been 
reduced by foreign tax, investment and U.S. posses- 
sions credits, respectively. Tax which oould be 
reduced by the credit did not include tax from re- 



computing a prior-year investmeit credit, teix from 
reoonputing a prior-year WIN credit, additioneil tax 
for tax preferences. Personal Holding Company tax, or 
the special capital gains tax on Small Business 
Corporations. 

Under the limitation based on size of income tcix, 
the credit could not exceed $25,000 plus 50 percent 
of tcix in excess of $25,000. The limitation was 
uniquely applied to manbers of controlled groups (as 
defined by Code section 1563) in that the $25,000 
cutoff applied to the group eis a whole and, thus, had 
to be apportioned among the component memibers of the 
groi^) when separate teix returns were filed for each 
memiber . 

The Tax Reform Act of 1976 raised the limit on 
both the WIN credit and the welfare recipient tax 
credit from $25,000 to $50,000 of tax plus one-half 
of the excess tax liability over $50,000 for each 
credit. 

For Small Business Corporations electing to be 
taxed through their stockholders, WIN program ex- 
penses and Federal welfare recipient enployment 
incentive expenses were allocated among the end-of- 
the-taxable-year stockholders for use in ocmputing 
their own WIN credit. 

Unused WIN credit, the amount in excess of the 
limitation based on the size or presence of tax, oould 
(a) be carried back or forward for use in other years 
under the original WIN rules, or (b) be carried 
forward only for use in other years under the 1975 
Federal welfare recipients enployment incentive rules. 
Unused WIN credit based on the original WIN rules had 
to be first carried back, chronologiccilly, for use in 
the 3 preceding taxable years. Any amount remaining 
oould then be carried over to the 7 succeeding years, 
in chronological order. Unused WIN credit based on 
the 1975 rules, however, oould only be ceirried over, 
chronologically, to the 7 succeeding years. The un- 
used credit carryback and carryover oould be used to 
reduce the income tax liability for years to which it 
was carried provided it was within the limitation 
based on size of tax for that year. 

Under provision of the original WIN program, if 
the participant was involuntarily terminated at any 
time during the first 12 months of employment or 
before the close of the 12th calendar month of 
enployment thereafter, any WIN credit taken for that 
particular participant had to be recaptured. The 
recapture resulted in an increase in the employer's 
income tax liability, for the year of the termina- 
tion, by the amount of the disallowed WIN credit. 
Under the 1975 Federal welfare recipients employment 
incentive rules, the employer was not subject to 
these recapture provisions for the newly-added WIN 
credit. 

Under the 1976 Act, the WIN credit was mc>de 
available from the date of hiring if employment was 
not terminated without cause before the end of 90 
days after the first 90 days of enployment. 

The Tax Reform Act of 1976 also made the following 
provisions applicable: (1) there weis no recapture of 
WIN credit if the employee was laid off due to subs- 
tantial reduction in business; (2) there was a limit 
of 12 months (whether or rot consecutive) for which 
the wages of any one employee were eligible for the 
welfare recipient tax credit; (3) the expiration date 
of the welfare recipient tax credit was extended 
through Deoember 31, 1979; and (4) WIN agencies oould 
certify eligibility for the welfare recipient tax 
credit. 

Zero Assets 

In general, included in this total assets-size 
class were: 

(1) final returns of liquidating or dissolving 
corporations which had disposed of all assets; 



Corporation Returns/1977 • Explanation of Terms 125 



(2) final returns of merging corporations whose 
assets and liabilities were reported in the returns 
of the acquiring oorporaticjns; 

(3) part-year returns of oorporations (except 
initial returns of newly incorporated businesses) ; and 

(4) returns of foreign oorporations with income 
"effectively connected" with the conduct of a trade or 
business in the United States (however, balance sheet 
data for U.S. branches of foreign insurance ccnpanies 
are included in the statistics and are classified by 
the size of txstal assets of these branches) . 



Section 6 Industrial 

Classification 
Appendix 



127 



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Section 7 



Facsimiles of 
Returns Used 



CONTENTS 

Form 1120 

U.S. Corpcaration income tax return, 138 

Schedule D, Form 1120 
Capital gains and Icjsses, 144 

Form 1120-DISC 

Dcmestic International Sales Corporation return, 145 

Form 112aF 

U.S. Inoome tax return of foreign corporation, 152 

Focm 1120L 

U.S. Life insurance ocrpany inccne tax return, 159 

Schedule D, Form 1120L 

U.S. Life insurance cornpany sales or exchanges of 

property, 156 

Form 112CM 

U.S. Mutual insurance conpany income tax return, 168 

Fctm 1120S 

U.S. Small Business Corporation inocroe tax return, 173 

Schedule D, Form 1120S 
Capital gains and losses, 179 

Form 3468 

Confutation of investment credit, 180 

Form 5884 

New jobs credit, 182 

Form 970 

Application to use LIFO Inventory Method , 184 



137 



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