IRS Finds Nonfarm Proprietorship; S Corp Returns Up

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.

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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.

 

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