UNITED STATES OF AMERICA 13-8-53 LETTER OF TRANSMITTAL TREASURY DEPARTMENT, OFFICE OF COMMISSIONER OF INTERNAL REVENUE, Washington, D. C., October 29, 1953. SIR: In accordance with the provisions of section 63 of the Internal Revenue Code, requiring the publication annually of statistics with respect to the operation of the Federal income, war-profits, and excess profits tax laws, I have the honor to transmit herewith a report entitled "Statistics of Income for 1949, Part 2," presenting data relative to income, deductions, assets, liabilities, exemptions, credits, tax liability, and dividends paid, as reported on corporation income tax returns and personal holding company returns for 1949 filed during 1950. There is also included a historical presentation of the income and of the tax liability reported by corporations for the years 1909 through 1949, and a synopsis of corporation income and profits tax credits, rates, and other provisions of the Federal tax laws affecting the comparability of historical data in this report. Respectfully, Hon. G. M. HUMPHREY, Secretary of the Treasury. T. COLEMAN ANDREWS, Commissioner of Internal Revenue. III Introduction--- i CONTENTS Page 1 CORPORATION INCOME TAX RETURNS (FORMS 1120, 1120L, AND 1120M) Comparability of data.......... 2 Classifications, text tables, and description of basic tables.. 3-32 Active and inactive corporations.. 3 Returns with net income and returns with no net income. 3 States and Territories___ 3-4 Industrial divisions and groups-- 4-6 Returns with balance sheets and returns with no balance sheets. 6-9 Income and profits taxes paid to foreign countries or possessions of the Tax liability and collections, factors affecting comparability. Chart I. Data available and classifications for the years 1926-49-- 50-53 54-65 BASIC TABLES CORPORATION INCOME TAX RETURNS 1. States and Territories, general summary-all returns 68-69 2. Major and minor industrial groups, general summary-all returns____ 70-79 3. Major industrial groups (receipts and deductions)—all returns4. Major industrial groups (assets and liabilities, receipts and deductions)-returns with balance sheets___ 80-115 116-163 4-A. Major industrial groups (assets and liabilities, receipts and deductions)-consolidated returns with balance sheets. 164-211 5. Total assets classes (assets and liabilities, receipts and deductions)returns with balance sheets.. 212-217 5-A. Total assets classes (assets and liabilities, receipts and deductions)– consolidated returns with balance sheets__ 218-223 6. Total assets classes and major industrial groups (selected assets, lia- 224-301 302-327 Page 328 329-330 331 CONTENTS 8. Net income and deficit classes and type of tax liability-all returns-9. Net income and deficit classes (dividends received and interest received on Government obligations)-all returns--- 10. Net income and deficit classes (dividends paid)—all returns__ HISTORICAL DATA-CORPORATION INCOME AND PROFITS TAX RETURNS Returns with balance sheets: 16. Assets and liabilities, 1926-49; receipts and deductions, 1931-49. 384-401 17. Total assets classes, 1931-49 Taxable excess profits tax returns: 18. General summary, 1940-46.. Consolidated returns: 19. Income tax returns, summary, 1928-49 20. Taxable excess profits tax returns, summary, 1940-46 SYNOPSIS OF FEDERAL TAX LAWS AFFECTING THE COMPARABILITY OF 402-406 407 407 408 HISTORICAL DATA IN STATISTICS OF INCOME CORPORATION INCOME AND PROFITS TAX RETURNS A. Credits and tax rates, 1909-49 B. Capital gain and loss provisions, 1932-49- 418-433 434-435 C. Consolidated returns-provisions for filing and tax rates, 1917-49... 436-442 RETURN FORMS Facsimiles of Forms 1120, 1120L, 1120M, and 1120H for 1949_... 443-470 |