IRS News Release  
August 06, 1992

Summer 1992 SOI Bulletin Available

WASHINGTON - The Tax Reform Act of 1986 affected individual partners more than partnerships themselves. The Summer 1992 issue of the IRS publication Statistics of Income, available now, reports that individuals' partnership losses claimed for the first three years under the Act declined from $61.2 billion to $38.4 billion, reflecting in large part the Act's curtailment of tax shelter activity. Partnership losses in real estate and oil and gas extraction, two industries associated with tax shelters declined only from $57.9 billion to $56.8 billion.

The publication further reports that for 1990, the number of partnerships decreased to 1.6 million, continuing a trend begun in 1987, the first year the Act became effective. The number of partners also decreased, to 17.1 million, the first such decline in recent years.

In other articles, the Bulletin reports that for 1988, total revenue of tax-exempt charitable organizations increased to $354.6 billion, up 14 percent over 1987. For 1988, corporations reported foreign tax credits of $27.1 billion for taxes paid on foreign-source taxable income of almost $100 billion, reducing total U.S. corporate income tax by 18 percent.

The Statistics of Income Bulletin is available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA. The annual subscription rate is $23 for four issues; single issues cost $6.50.

For other statistical information, write to the Director, Statistics of Income Division, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608, dial its electronic bulletin board at (202) 874-9574, or telephone its statistical information services offices at (202) 874-0410.

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