How to Read IRS Statistics of Income Corporation Income Tax Returns (2017) Kindle
This report contains data by industry on assets, liabilities, receipts, deductions, net income, income subject to tax, tax, and credits. Data are also classified by size of total assets, by size of business receipts, and by size of income tax after credits. Other classifications include returns with net income, return types, and other selected subjectsThis report presents statistical estimates based on a stratified sample of more than 112,000 unaudited returns selected from the approximately 6.3 million active corporate returns filed for Tax Year 2017. This tax year includes accounting periods ending July 2017 through June 2018. Section 1 of this report summarizes overall corporate activity for Tax Year 2017. Section 2 discusses changes in laws and regulations (if any) affecting comparability of the statistics in this report with prior years. Section 3 describes the sample of income tax returns selected, the method of estimation used, how sampling variability of the data was measured, and identifies other limitations. Section 4 presents tables containing detailed statistics on assets, liabilities, receipts, deductions, net income, income tax liability, tax credits, and other financial data for 2017. It also includes data submitted on Form 1120S, U.S. Income Tax Return for an S Corporation, unless specifically excluded by the table. Statistics are presented by industry, asset size, business receipts size, tax form type, and other selected classifiers. Section 5 explains the terms used throughout this report and includes the adjustments made in preparing the statistics and any limitations inherent in the data. Section 6 consists of the key corporation tax return forms. The IRS Statistics of Income (SOI) Division classified the industries in this report according to the North American Industry Classification System (NAICS). This system replaced the Standard Industrial Classification (SIC) system used prior to 1998. The list of industry codes used for classification appears as an appendix to Section 5, Explanation of Terms.Overall Corporate SummaryCorporation summary statistics for Tax Years 2016 and 2017 are presented in Figure A. These data include the number of returns, total assets, total receipts, and net income (less deficit), income subject to tax, total income tax before credits, and total income tax after credits for active corporations.
