Excel Viewer Adobe® Reader Statistics of Income (SOI) Bulletin - Fall 2009 PDF (entire publication in PDF) Individual Income Tax Returns, 2007 PDF by Justin Bryan Taxpayers filed 143.0 million individual income tax returns for Tax Year (TY) 2007, an increase of 3.3 percent from the 138.4 million returns filed for TY 2006. The adjusted gross income (AGI) less deficit reported on these returns totaled $8.7 trillion, an 8.2-percent increase from the previous year. Several income items increased appreciably during 2007, including taxable interest, ordinary dividends, taxable IRA distributions, and net capital gains (less loss), which increased 20.4 percent, 18.9 percent, 18.6 percent, and 16.4 percent, respectively. Excel Tables: 1 XLS, 2 XLS, 3 XLS, 4 XLS Related Link: Individual Income Tax Returns (Form 1040) Statistics Partnership Returns, 2007 PDF by Tim Wheeler and Nina Shumofsky The number of partnerships increased 5.1 percent, from 2,947,116 for Tax Year 2006 to 3,096,334 for Tax Year 2007. The number of partners increased 10.7 percent, from 16,727,803 for 2006 to 18,515,694 for 2007. Total partnership net income (loss) increased by 2.5 percent, from $666.7 billion for 2006 to $683.4 billion for 2007. Partnerships classified in the finance and insurance sector accounted for a $41.0-billion increase in total partnership net income (loss). Total net income (loss) for all partnerships increased only $16.6 billion, due to losses in other sectors. Real estate, rental, and leasing had the largest losses, $20.5 billion, followed by construction, $15.1 billion. Excel Tables: 1, XLS, 2 XLS, 3 XLS, 4 XLS, 5 XLS ,6 XLS, 7 XLS, 8 XLS Related Link: Partnership Statistics Partnerships and Sole Proprietorships, by State, for Tax Year 2007 PDF by Linda Morey California, Florida, New York and Texas, with a combined 32.5 percent of the nation’s population, together filed 31.9 percent of all partnership returns for tax year 2007. While Texas and New York together account for 14.4 percent of the nation’s population, the two states—Texas with gross receipts of $783.8 billion and New York with gross receipts of $700.1 billion—accounted for 35.4 percent of partnership gross receipts in the United States. California, Florida, New York, and Texas also accounted for 34.9 percent of all sole proprietorship returns. They had both the highest gross receipts and the highest net profits, with a combined share of 36.7 percent and 38.7 percent, respectively Excel Tables: Excel tables will be uploaded as available Related Link: Tax-Exempt Bonds, 2007 PDF by Emily Shammas More than 25,000 tax-exempt governmental bonds were issued in Calendar Year 2007, raising $379.3 billion in proceeds for public projects such as schools, transportation infrastructure, and utilities. Of the $316.3 billion of long-term governmental bonds issued, $200.1 billion were used to finance new projects. The remaining $116.1 billion refunded prior governmental bond issues. More than 4,300 tax-exempt private activity bonds were also issued in 2007, for a total $137.4 billion. These tax-exempt private activity bond proceeds financed qualified private facilities such as residential rental facilities, single family housing, and airports, as well as Internal Revenue Code section 501(c)(3) organizations like hospitals and private universities. Of the $136.6 billion in long-term private activity bonds issued, $86.6 billion were used to finance new projects. The remaining $50.0 billion in proceeds refunded prior tax-exempt private activity bond issues. Excel Tables: 1 XLS, 2 XLS, 3 XLS, 4 XLS, 5 XLS, 6 XLS, 7 XLS, 8 XLS, 9 XLS, 10 XLS Related Link: Tax-Exempt Bond Statistics Foreign Trusts, 2006 PDF by Daniel S. Holik The Statistics of Income (SOI) Division’s study of 2006 foreign trust information returns, Forms 3520 and 3520-A, is consistent with substantial and increasing interest in foreign investment by U.S. taxpayers. Between tax years 1990 and 2006, the number of Form 3520 returns reporting foreign trust transactions and certain foreign gifts increased by almost 5,900 percent, while the number of Form 3520-A foreign grantor trust returns increased by more than 1,200 percent. The total value of property transferred, as reported on Form 3520, increased from $273 million for 1990 to $1,642 million for 2006. During the same period, net income reported by foreign grantor trusts increased from $3 million to $1,941 million, while total assets in these trusts increased from $154 million to $31,888 million. U.S. persons also reported $2,878 million in distributions from foreign nongrantor trusts and $2,891 million in foreign gifts and bequests for 2006. Excel Tables: 1 XLS, 2 XLS, 3 XLS, 4 XLS Related Link: Foreign Trusts Domestic Private Foundations and Charitable Trusts: Tax Years 2005 and 2006 PDF by Cynthia Belmonte There was a 3-percent increase in the number of private foundations that filed Form 990-PF annually between Tax Years 2004 and 2006. Nonoperating private foundations, which provide grants to other charitable organizations, accounted for the majority of Form 990-PF filers and their financial activity. The newly organized Bill and Melinda Gates Foundation Trust was the largest foundation, based on asset size, while the Bill and Melinda Gates Foundation remained the biggest grantmaker, based on contributions, gifts, and grants disbursed, for Tax Year 2006. Excel Tables: 1 XLS, 2 XLS, 3 XLS, 4 XLS Related Link: Domestic Private Foundations and Charitable Trusts Statistics A Look at Estate Tax Returns Filed for Wealthy Decedents Since 2001 PDF by Brian G. Raub Between 2001 and 2007, the total number of estate tax returns filed fell significantly, due primarily to increases in the estate tax exemption enacted as part of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001. However, the number of returns filed for wealthy decedents, those with at least $3.5 million in gross estate, increased between the two years, from almost 9,500 to just over 14,200. Estates of wealthy decedents experienced significant fluctuations in the composition of asset portfolios between 2001 and 2007, based in large part on the performance of the equity and real estate markets. During this period, the percentage of wealthy decedents who left charitable bequests declined slightly, but the proportion of gross estate bequeathed to charity by those who left charitable bequests did not decline significantly. Philanthropic organizations, including private foundations, remained the largest beneficiary of charitable bequests made by wealthy decedents throughout this period. Excel Tables: Excel tables will be uploaded as available Related Link: Transactions Between Large Foreign-Owned Domestic Corporations and Related Foreign Persons PDF by Mark R. Lowe The total value of nonloan transactions between large foreign-owned domestic corporations and related foreign parties totaled $1.86 trillion, a 64-percent increase since the previous high of $1.134 trillion in 2004. The total amounts received, excluding loan balances, rose 75.9 percent between 2004 and 2006, from $439 billion to $772 billion. A similar rise occurred in the total amounts paid. The average amounts received and paid are at their highest since 1988, when data were first collected. Interest received more than tripled between 2004 and 2006, from $6.17 billion to $22.9 billion. There was a 21.8-percent increase in the number of large foreign parent corporations between 2004 and 2006, rising from 774 to 943. The number of related persons increased from 16,565 to 19,191. For 2006, the 943 large foreign-owned domestic corporations that filed Forms 5472 comprised only 1.39 percent of all 25-percent-or-more foreign-owned domestic corporations but accounted for 80.4 percent of the total assets and 79.2 percent of the total receipts. These large corporations accounted for 10.98 percent of the total assets and 11.4 percent of the total receipts reported by all domestic corporations for 2006. Excel Tables: Excel tables will be uploaded as available Related Link: Charities, Business Leagues, and Other Tax-Exempt Organizations, 2006 PDF by Paul Arnsberger For 2006, nonprofit charitable organizations tax-exempt under section 501(c)(3), excluding private foundations, reported $2.5 trillion in total assets and $1.4 trillion in revenue. The number of returns filed by these organizations totaled 301,214, including both Forms 990 and the shorter 990-EZ. Program service revenue, the fees received for charitable programs conducted by tax-exempt organizations, was $920.2 billion for Tax Year 2006 and represents nearly two-thirds of the total revenue reported by charitable organizations. A second source of revenue—contributions, gifts, and grants—which totaled $303.1 billion, accounted for more than half of the total revenue of organizations with asset holdings of less than $1.0 million dollars, but for a much smaller share of the total revenue of larger organizations. Business leagues and other organizations exempt under IRC section 501(c)(6) filed 30,705 information returns, on which they reported $60.2 billion in assets and $37.9 billion in revenue. Eighty-three percent of the returns filed by 501(c)(6) organizations came from business leagues, chambers of commerce, and professional associations. Insurance-related organizations, while few in number, accounted for more than 25 percent of the assets reported for Tax Year 2006. Excel Tables: 1 XLS, 2 XLS, 3 XLS, 4 XLS Related Link: Charities & Other Tax-Exempt Organizations Statistics In the Next Issue The following articles are tentatively planned for inclusion in the winter 2010 issue of the Statistics of Income Bulletin, scheduled to be published in February 2010: ■ Individual income tax rates and tax shares, Tax Year 2007; ■ Split-interest trusts, Filing Year 2008; ■ Projections of tax return filings; ■ Interest-charge domestic sales corporations (IC-DISC) data, Tax Year 2006; ■ Unrelated business income tax returns, Tax Year 2006; ■ Sales of capital assets cross-section data, Tax Year 2007; and ■ Foreign recipients of U.S. income, Tax Year 2006. Link: Historical Tables and Appendix
