No. 561.

CORPORATION INCOME TAX RETURNS-SUMMARY: 1940 To 1964 [Money figures in millions of dollars. Based on returns for periods ending between July 1 of year shown and July 1 of following year, as filed, prior to audit adjustments and other changes made after filing. All corporations are required to file returns except those specifically exempt, such as fraternal, civic, and charitabie organizations not operating for profit. Excludes returns of inactive corporations. See source publications for changes in law affecting comparability of historical data. Beginning 1955, based on a probability sample. Corporate data based on income tax returns appear on pp. 484, 489, 491, and 492. See also Historical Statistics, Colonial Times to 1957, series Y 280-291]

X Not applicable. 1 Consists of business receipts, interest less amortizable bond premium, rents, royalties, net gain from capital assets (as defined by law) and other property, dividends, and other taxable income. Net income (less deficit) is a tax concept and therefore excludes wholly tax-exempt interest; beginning 1963, includes certain constructive receipts from foreign subsidiaries.

* For 1940, includes defense tax. Beginning 1962, data are after adjustment for investment credit. Source: Treasury Dept., Internal Revenue Service; Statistics of Income, Corporation Income Tax Returns.

No. 562.

ESTIMATED OWNERSHIP OF FEDERAL SECURITIES: 1940 To 1966 (In billions of dollars, except percent. As of December 31. Par values, except U.S. savings bonds series A to F and J included at current redemption value. Data refer to securities issued or guaranteed by the U.S. Government, excluding guaranteed securities held by the Treasury]

1 Consists of commercial banks, trust companies, and stock savings banks in the U.S. and outlying areas. Includes partnerships and personal trust accounts. Exclusive of banks and insurance companies. Consists of the investments of foreign balances and international accounts in the U.S. 5 Consists of savings and loan associations, nonprofit institutions, corporate pension trust funds, and dealers and brokers. Source: Treasury Dept.; Treasury Bulletin.

No. 563. PUBLIC AND PRIVATE DEBT: 1940 TO 1966

[In billions of dollars. Data as of end of calendar year except State and local government debt as of June 30. See text, p. 383. See also Historical Statistics, Colonial Times to 1957, series X 423-434]

1 Includes categories of debt not subject to statutory debt limit. Net Federal debt defined as gross debt outstanding less Federal Government securities held by Federal agencies and trust funds, and Federal agency securities held by U.S. Treasury and other Federal agencies; it thus equals Federal Government and agency debt held by the public.

2 Includes State loans to local units.

Long-term debt, original maturity of 1 year or more from date of issue; short-term, less than 1 year.

Debt of farmers and farm cooperatives to institutional lenders and Federal Government lending agencies; farmers' financial and consumer debt included under "nonfarm" category.

Comprises debt incurred for commercial (nonfarm), financial, and consumer purposes, including debt owed by farmers for financial and consumer purposes.

Source: Dept. of Commerce, Office of Business Economics; Survey of Current Business, July 1960, July 1964, and May 1967. (Based on data from various governmental agencies.)

No. 564.

U.S. SAVINGS BONDS-AMOUNTS OUTSTANDING, Sales, ACCRUED DIS-
COUNTS, AND REDEMPTIONS: 1935 TO 1966

1 Interest-bearing debt only. 2 Comprises both matured and unmatured bonds.

Source: Treasury Dept. Monthly data published currently in Treasury Bulletin and Federal Reserve Bulletin.

No. 565.

PUBLIC DEBT OF THE FEDERAL GOVERNMENT: 1900 To 1966

[In millions of dollars, except as indicated. As of June 30. Prior to 1920, on basis of public debt accounts; 1920 to 1952, on basis of daily Treasury statements: beginning 1953, on basis of Monthly Statement of Receipts and Expenditures of the U.S. Government. See also Historical Statistics, Colonial Times to 1957, series Y 354, 368, 369, and 372]

1 Based on estimated U.S. population as of July 1; prior to 1959, excludes Alaska, and 1960, Hawaii. Excludes bonds issued to Pacific railways and Navy pension fund.

Calculated on total Federal expenditures which have not been reduced by the amounts of interfund transactions representing interest payments and certain other payments to Treasury.

No. 566. PUBLIC INTEREST-BEARING DEBT OF THE FEDERAL GOVERNMENT:

1940 TO 1966

(In millions of dollars. As of June 30. See headnote, table 565. See also Historical Statistics, Colonial Times to 1957, series Y 372 and 375–379]

Represents zero. X Not applicable.

1 Bank eligible bonds; for 1945 and 1950 also includes bank restricted bonds.

2 Comprises postal savings and Panama Canal bonds, and for 1940 and 1945, also conversion bonds. 3 Panama Canal bonds only.

4 Comprises depositary bonds, and adjusted service bonds until they matured on June 15, 1945. Also includes Armed Forces leave bonds for 1950; Treasury bonds, Rural Electrification Administration series; certificates of indebtedness, foreign series, and foreign currency series; Treasury notes, foreign series; Treasury bonds, foreign series and foreign currency series; Treasury certificates, and U.S. retirement plan bonds, beginning 1963; and Treasury bonds beginning 1964.

Source of tables 565 and 566: Treasury Dept.; Annual Report of the Secretary, Statement of the Public Debt. In Daily Statement of the U.S. Treasury, and Treasury Bulletin.

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No. 554. INDIVIDUAL INCOME TAX RETURNS WITH ADJUSTED GROSS INCOME— SUMMARY: 1940 To 1965

[In millions of dollars, except as indicated. Includes Puerto Rico and Virgin Islands. Includes returns of resident aliens; based on a sample of returns as filed, unaudited except to insure proper execution. See Historical Statistics, Colonial Times to 1957, series Y 292-311, for related data]

Represents zero. NA Not available.

1 Net income.

2 Income and defense tax before credits for 1940; income tax after credits thereafter.

3 Joint returns counted twice in computing percent.

Exemptions 1940: Married $2,000, single $800, each dependent $400. Exemptions 1945: Married $1,000, single $500, each dependent $500. Exemptions 1950 and after: Joint return $1,200, single $600, each dependent $600, additional exemption for taxpayer, and his spouse on joint return, of $600 if blind and $600 if age 65 or over. Salaries after sick pay exclusion. 6 Gross salaries.

7 Beginning 1955, dividends after exclusions.

Royalties included with rents.

For 1950, business profit or loss after net operating loss deduction.

10 Farm included with business or profession.

11 Comprises all income subject to income tax not elsewhere listed; for 1945-1955, includes not more than $100 per return reported on Form W-2 of dividends, interest, and wages not subject to income tax withholding. However, for 1955-1965, this income has been reduced by net operating loss deduction. For 1964 and 1965, also includes estates and trusts income and loss and ordinary gain from sales of depreciable property.

Source: Treasury Dept., Internal Revenue Service; Statistics of Income, Individual Income Tax Returns.

No. 555. INDIVIDUAL INCOME RETURNS AND TAXES-STATES AND OTHER AREAS: 1950, 1960, AND 1964

[Number in thousands; money figures in millions of dollars. Aggregates in this table differ somewhat from those in other tables for individual returns with income because of a distinct weighting system for State data and, for 1960 and 1964, the inclusion of returns with no adjusted gross income]

1 Deficit occurred when deductions allowed for computation of adjusted gross income exceeded gross income. * Puerto Rico and Virgin Islands included in Maryland. 3 Alaska included in Washington. Returns with addresses outside the U.S.

Source: Treasury Dept., Internal Revenue Service; Statistics of Income, Individual Income Tax Returns.