IRS Reports 1991 Corporation Income Statistics

WASHINGTON - In its latest report of corporation income tax statistics, the IRS reveals that approximately 3.8 million active corporations filed returns for 1991, a 2.3 percent increase over 1990. Total assets increased by 4.6 percent to $19 trillion, while total receipts were $11.4 trillion, an increase of 0.2 percent. Net income (less deficit) was $344.9 billion, and income subject to tax was $350 billion. Total income tax after credits was $92.6 billion, a decrease of 4 percent from 1990.

This and other detailed information on assets, liabilities, receipts, deductions, net income, income tax liability, and tax credits are outlined in IRS's Publication 16, Statistics of Income -- 1991 Corporation Income Tax Returns, available now. Information is presented by industry, asset size, business receipts size, accounting period ended, and other selected tabulations.

The 291 page report is available for $20 from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.

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