The Internal Revenue Service had just released its Spring, 2006 Statistics of Income Bulletin, which extracts detailed information from high-income individual income tax returns for tax year 2003 as well as S Corporation returns for the same time frame. Of note: S Corporations continue to be the single most popular choice for business organizations, representing 61.9% of all corporate entities. S Corporation shareholders now number 5.8 million, up 2.9% from the previous year. Total net income (less deficit) reported by S Corps increased from $183.5 billion in 2002 to $213.7 billion in tax year 2003; total net assets went up from $169.9 billion to $2,186.6 billion. Less than a quarter of 1% of S Corps reported a net federal tax liability in 2003, while nearly two-thirds (62.7%) reported positive total net income.
For a copy of the bulletin, go to http://www.irs.gov/taxstats/article/0,,id=117514,00.html
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