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Relation of Corporate Profits, Taxes, and Dividends in the National Income and Product Accounts to Corresponding Measures as Published by the Internal Revenue Service.

Bureau of Economic Analysis
Table 7.16. Relation of Corporate Profits, Taxes, and Dividends in the
National Income and Product Accounts to Corresponding Measures as
Published by the Internal Revenue Service
[Billions of dollars]
Last Revised on: July 30, 2019

Line                            2011      2012      2013      2014

 1   Total receipts             1,242.9   1,690.9   1,835.1   2,040.4
     less total
     deductions, IRS
     Plus:
 2     Adjustment for             366.5     371.6     386.2     388.9
       misreporting on
       income tax returns
 3     Posttabulation              94.7      91.8      87.3      77.2
       amendments and
       revisions (1)
 4     Income of                   90.3      88.9      96.5     120.6
       organizations
       not filing
       corporation
       income tax
       returns
 5       Federal Reserve           76.5      72.2      80.2     104.0
         banks
 6       Federally sponsored        7.1       7.4       7.4       7.3
         credit agencies (2)
 7       Other (3)                  6.7       9.4       9.0       9.4
 8     Depletion on                20.2      20.8      20.3      20.6
       domestic minerals
 9     Adjustment to               44.4      57.6      52.4      67.2
       depreciate
       expenditures for
       mining exploration,
       shafts, and wells
10     State and local             48.4      50.7      53.9      56.5
       taxes on corporate
       income
11     Interest payments         -130.5    -140.7    -144.0    -150.8
       of regulated
       investment
       companies
12     Bad debt expense           252.2     193.8     145.3     117.3
13     Adjustment to               75.8      82.5      90.3      96.2
       depreciate
       expenditures for
       intellectual property
       products (4)
14     Disaster adjustments         0.0      11.3       0.0       0.0
       (net) (5)
     Less:
       Tax-return measures
       of:
15       Gains, net of            175.2     223.4     259.6     320.8
         losses, from
         sale of property
16       Dividends received       192.8     217.5     243.0     284.7
         from domestic
         corporations
17       Income on equities       304.4     301.5     316.6     301.4
         in foreign
         corporations and
         branches (to U.S.
         corporations)
18     Costs of trading            54.1      54.5      57.9      58.4
       or issuing
       corporate
       securities (6)
19     Excess of employer         -27.2     -28.4      -6.3       9.1
       expenses over
       actual employer
       contributions for
       defined benefit
       employee pension
       plans (7)
20   Plus: Income received from   412.6     405.4     398.8     404.9
     equities in
     foreign corporations
     and branches by
     all U.S. residents,
     net of corresponding
     payments
21   Equals: Profits            1,818.2   2,156.1   2,151.5   2,264.5
     before taxes, NIPAs
22   Federal income               349.3     403.0     441.8     491.1
     and excess profits
     taxes, IRS
     Plus:
23     Posttabulation               3.1       6.9       5.1       3.3
       amendments
       and revisions,
       including
       results of audit
       and renegotiation
       and carryback refunds
24     State and local             48.4      50.7      53.9      56.5
       taxes on
       corporate income
25     Taxes paid by                8.7       9.5      10.5      11.1
       domestic corporations
       to foreign
       governments on
       income earned
       abroad
     Less:
26     U.S. tax                   107.1     109.6     118.3     117.6
       credits claimed
       for foreign
       taxes paid
27     Investment tax               ---       ---       ---       ---
       credit (8)
28     Other tax credits (8)       21.4      25.5      30.2      37.2
29   Equals: Taxes on             281.1     334.9     362.8     407.3
     corporate income,
     NIPAs
30   Profits after              1,537.2   1,821.2   1,788.7   1,857.2
     tax, NIPAs
     (21-30)
31   Dividends paid               992.4   1,202.2   1,427.0   1,679.9
     in cash or
     assets, IRS
     Plus:
32     Posttabulation             -31.0     -61.2    -134.9    -310.3
       amendments and
       revisions (9)
33     Dividends paid by           78.4      91.6      83.1     100.8
       Federal Reserve
       banks and certain
       federally sponsored
       credit agencies (2)
34     U.S. receipts of           154.9     179.9     138.4     161.6
       dividends from
       abroad, net of
       payments to abroad
35     Earnings remitted           10.8      11.9       9.8      12.0
       to foreign residents
       from their
       unincorporated U.S.
       affiliates
36     Interest payments         -130.5    -140.7    -144.0    -150.8
       of regulated
       investment companies
     Less:
37     Dividends received         287.7     328.3     365.7     393.2
       by U.S. corporations
38     Earnings of U.S.             8.0       6.8       4.6       4.0
       residents remitted
       by their unincorporated
       foreign affiliates
39   Equals: Net corporate        779.1     948.7   1,009.0   1,096.1
     dividend payments,
     NIPAs

Line                            2015      2016      2017      2018

 1   Total receipts             1,927.5   1,813.1       ---       ---
     less total
     deductions, IRS
     Plus:
 2     Adjustment for             367.3     400.7       ---       ---
       misreporting on
       income tax returns
 3     Posttabulation              66.5      73.7       ---       ---
       amendments and
       revisions (1)
 4     Income of                  117.9     110.9       ---       ---
       organizations
       not filing
       corporation
       income tax
       returns
 5       Federal Reserve          101.2      92.5       ---       ---
         banks
 6       Federally sponsored        7.9       8.7       ---       ---
         credit agencies (2)
 7       Other (3)                  8.8       9.7       ---       ---
 8     Depletion on                20.1      18.2       ---       ---
       domestic minerals
 9     Adjustment to               23.7     -23.7       ---       ---
       depreciate
       expenditures for
       mining exploration,
       shafts, and wells
10     State and local             56.2      53.5       ---       ---
       taxes on corporate
       income
11     Interest payments         -156.2    -167.9       ---       ---
       of regulated
       investment
       companies
12     Bad debt expense           123.9     141.5       ---       ---
13     Adjustment to               96.7     110.2       ---       ---
       depreciate
       expenditures for
       intellectual property
       products (4)
14     Disaster adjustments         0.0       0.0       ---       ---
       (net) (5)
     Less:
       Tax-return measures
       of:
15       Gains, net of            297.7     287.6       ---       ---
         losses, from
         sale of property
16       Dividends received       294.1     297.9       ---       ---
         from domestic
         corporations
17       Income on equities       261.0     205.6       ---       ---
         in foreign
         corporations and
         branches (to U.S.
         corporations)
18     Costs of trading            55.1      52.8       ---       ---
       or issuing
       corporate
       securities (6)
19     Excess of employer           1.4     -19.1       ---       ---
       expenses over
       actual employer
       contributions for
       defined benefit
       employee pension
       plans (7)
20   Plus: Income received from   402.5     411.9       ---       ---
     equities in
     foreign corporations
     and branches by
     all U.S. residents,
     net of corresponding
     payments
21   Equals: Profits            2,136.9   2,117.4   2,133.0   2,063.5
     before taxes, NIPAs
22   Federal income               481.2     445.7       ---       ---
     and excess profits
     taxes, IRS
     Plus:
23     Posttabulation              -0.5      -4.5       ---       ---
       amendments
       and revisions,
       including
       results of audit
       and renegotiation
       and carryback refunds
24     State and local             56.2      53.5       ---       ---
       taxes on
       corporate income
25     Taxes paid by               11.3      12.2       ---       ---
       domestic corporations
       to foreign
       governments on
       income earned
       abroad
     Less:
26     U.S. tax                   110.2      89.2       ---       ---
       credits claimed
       for foreign
       taxes paid
27     Investment tax               ---       ---       ---       ---
       credit (8)
28     Other tax credits (8)       41.4      40.1       ---       ---
29   Equals: Taxes on             396.6     377.6     319.4     219.8
     corporate income,
     NIPAs
30   Profits after              1,740.3   1,739.8   1,813.6   1,843.7
     tax, NIPAs
     (21-30)
31   Dividends paid             1,870.1   1,750.8       ---       ---
     in cash or
     assets, IRS
     Plus:
32     Posttabulation            -411.4    -279.9       ---       ---
       amendments and
       revisions (9)
33     Dividends paid by          114.9      95.0       ---       ---
       Federal Reserve
       banks and certain
       federally sponsored
       credit agencies (2)
34     U.S. receipts of           162.8     172.2       ---       ---
       dividends from
       abroad, net of
       payments to abroad
35     Earnings remitted            9.5       6.8       ---       ---
       to foreign residents
       from their
       unincorporated U.S.
       affiliates
36     Interest payments         -156.2    -167.9       ---       ---
       of regulated
       investment companies
     Less:
37     Dividends received         420.1     398.2       ---       ---
       by U.S. corporations
38     Earnings of U.S.             4.7       2.8       ---       ---
       residents remitted
       by their unincorporated
       foreign affiliates
39   Equals: Net corporate      1,164.9   1,175.9   1,239.6   1,312.6
     dividend payments,
     NIPAs

Legend / Footnotes:
(1.) Consists largely of an adjustment to expense all meals and
entertainment, of oil well bonus payments written off, of adjustments
for insurance carriers and savings and loan associations, of
amortization of intangible assets, and of tax-exempt interest income.
(2.) Consists of the Farm Credit System beginning with 1947 and the
Federal Home Loan banks beginning with 1952.
(3.) Consists of nonprofit organizations serving business and of credit
unions.
(4.) Intellectual property products consists of software, research and
development, and entertainment, literary, and artistic originals.
(5.) Consists of disaster losses valued at historic-cost less net
insurance receipts for disaster-related losses valued at
replacement-cost.
(6.) Includes the imputed financial service charge paid by corporations
to domestic securities dealers who do not charge an explicit commission.
(7.) Employer expenses for defned benefit employee pension plans
include actual employer contributions, imputed employer contributions,
and imputed interestfor unfunded (or over funded) actuarial liability.
(8.) Beginning with 1984, the investment tax credit is included in
other tax credits (line 29).
(9.) Consists largely of an adjustment to remove capital gains
distributions of regulated investment companies.
IRS Internal Revenue Service
NIPAs National income and product accounts
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Publication:Survey of Current Business
Date:Dec 1, 2019
Words:1435
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