IRS News Release  
November 23, 1992

Fall 1992 SOI Bulletin Available

The average individual income tax for 1991, for returns filed through April 1992, was $3,691 compared to $3,569 for 1990. The Fall 1992 issue of the IRS publication Statistics of Income, available now, reports that adjusted gross income increased 6 percent to $3.2 trillion, while tax as a percentage of AGI decreased slightly, from 12.5 to 12.4 percent. The number of returns with itemized deductions increased over 7 percent to 30.8 million and total itemized deductions increased 9.5 percent to $412.5 billion. The number of returns filed electronically increased 25 percent to 10.9 million.

The publication also reports that sole proprietorship profits for 1990 were $141.4 billion, 7 percent more than 1989. Profits of the real estate industry dropped sharply by 16 percent, but those of the service industries, especially business, legal, and health and medical services, were significantly higher than in 1989.

In another article, the Bulletin shows that total profits reported on corporation income tax returns for 1989 declined for the first time since 1982. The corporation income tax for both 1988 and 1989 was at a record high level, exceeding the amounts reported for any previous year.

The publication also reports on controlled foreign corporations for 1988, international boycott participation, US possessions corporations, foreign recipients of partnership income, and private foundations and charitable trusts. Personal income and tax data by state for 1990 and quarterly tax collections are also presented.

The Statistics of Income Bulletin is available from he Superintendent of Documents, US Government Printing Office, PO Box 371954, Pittsburgh, PA. The annual subscription rate is $23 for four issues; single issues cost $6.50.

For other statistical information, write the Director, Statistics of Income Division R:S:P, Internal Revenue Service PO Box 2608, Washington, DC 20013-2608; dial the electronic bulletin board at (202) 874-9574; or telephone the statistical information services office at (202) 874-0410.

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