Washington – The Internal Revenue Service has reported that about 23.1 million individual income tax returns reported nonfarm sole proprietorship activity, a 4.7 percent increase since tax year 2006 and that these sole proprietorships reported profits of $280.6 billion in 2007 as it released the summer issue of the Statistics of Income Bulletin, which features sole proprietorship data for tax year 2007.
Issues are published quarterly with this issue also featuring articles about Individual Noncash Contributions, S Corporations, Foreign-Controlled Domestic Corporations, Corporate Foreign Tax Credit and Sales of Capital Assets.
Among the findings were that for tax year 2006, 24.7 million individual income taxpayers reported $52.6 billion in deductions for noncash charitable contributions. Some 6.2 million of these reported $46.8 billion in deductions for contributions in excess of $500 each as shown on Form 8283, Noncash Charitable Contributions. While the number of individuals filing this form declined by 5.9 percent between tax years 2005 and 2006, the amount of contributions increased by 14.1 percent from tax year 2005.
S Corporations now comprise nearly two-thirds of all corporations in the United States, increasing by 5.1 percent to 3.9 million in tax year 2006. The number of shareholders also increased 5.1 percent to 6.7 million while net income rose 7 percent to $386.2 billion.
The number of U.S. income returns filed by foreign-controlled domestic corporations increased by 3.4 percent to about 63,950 for tax year 2006. Assets for these organizations reached $9.7 trillion, a 5.7-percent increase from tax year 2005, while assets for all corporations rose 10 percent to $73.1 trillion.
The Statistics of Income Bulletin is available for download at IRS.gov/taxstats. Printed copies of the Statistics of Income Bulletin are available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954.
