Tuesday, August 30, 2011

IRS Releases Summer 2011 Statistics of Income Bulletin

The U.S. Internal Revenue Service (IRS) has released the summer 2011 issue of the Statistics of Income Bulletin (SIB).

The agency’s Statistics of Income Division produces the SIB each quarter and includes updated data from various tax and information returns filed by U.S. taxpayers.
Among the details included in the bulletin, which can be found on the IRS website:
  • In tax year 2009, roughly 22.7 million individual income tax returns reported non-farm sole proprietorship activity, turning a reported profit of $244.8 billion
  • For tax year 2008, almost 67,000 foreign-controlled domestic corporations reported combined profits of $21.8 billion
  • For tax year 2008, corporations formed for the purpose of providing limited incentives to small exporters of U.S. products and certain services reported $36.5 billion in export gross receipts
  • For tax year 2007, 6,675 corporations claimed a total foreign tax credit of $86.5 billion against their U.S. income tax liability
  • Approximately 37,000 estate tax returns were filed for decedents who died in 2007 with total gross estates of $2 million or more, reporting a combined $224.8 billion in total assets

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