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.