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Wednesday, August 02, 2006

STATISTICS OF INCOME HIGHLIGHTS

The IRS periodically publishes statistics on tax related items. Some highlights from the Spring 2006 issue of the Statistics of Income Bulletin:

-For tax year 2003, individuals reported noncash charitable donations valued at $36.9 billion. Of these donations, corporate stock was the largest type, with 37.2% of the total value deducted. The average value of these stock donations was $79,279 per return. .

-Of the 130,423,626 individual income tax returns filed for tax year 2003, there were 2,536,439 returns reporting adjusted gross income of $200,000 or more.

-A total of nearly 3.3 million S corporation returns were filed for tax year 2003, an increase of 5.9% from tax year 2002. S corporations continue to be the single most popular corporate entity choice representing 61.9% of all corporate entities. The number of shareholders for S corporations increased to nearly 5.8 million, up 2.9% from the previous year. Total net income (less deficit) reported by S corporations increased to $213.7 billion for tax year 2003 from $183.5 billion reported for tax year 2002. Positive total net income was reported by 62.7% of all S corporations. Total assets increased $169.9 billion to $2,186.6 billion for tax year 2003. Less than one quarter of 1% of all S corporations reported federal tax liability, for a total tax liability of $380.9 million.

-A total of 123,205 split-interest trust information returns were filed in filing year 2004, an increase of 1.6% from filing year 2003. The largest group of trusts, charitable remainder unitrusts (CRUTs), increased by 1,958 returns from the previous filing year. In filing year 2004, charitable remainder trust returns reported $64.0 billion in total accumulations and $6.9 billion in distributions.

-For tax year 2002, individual income taxpayers contributed approximately $42.3 billion to IRAs. This represented an 18.3% increase over the contributions for 2001. In addition, $204.4 billion was deposited into IRAs during 2002 as rollovers, usually from employer-sponsored plans (such as 401(k) plans). However, year-end fair market value of IRAs fell from just over $2.6 trillion for 2001 to just over $2.5 trillion for 2002.
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