Excerpt from Statistics of Income for 1940, Vol. 1: Compiled From Individual Income and Defense Tax Returns, Taxable Fiduciary Income and Defense, Tax Returns, Estate Tax Returns, and Gift Tax Returns Of the nontaxable returns, are individual returns with net income Of - nontaxable because exemptions and credits exceed net income; and are individual returns with no net income showing a deficit of - returns on which deductions equal or exceed total income. The normal tax and surtax liability of is reported on individual and fiduciary returns with net income. The alternative tax of is reported on returns with net income, Of which are individual returns and 760 are fiduciary returns, and on 46 individual returns with no net income owing to net long-term capital loss. The defense tax Of is reported on individual and fiduciary returns with net income. The average tax for all returns with net income is $102 and the effective tax rate percent; the average tax for taxable returns with net income is $199 and the effective tax rate percent. The increase in number Of returns, amounts of net income, deficit, and tax, for 1940 Over 1939, and percent of increase, is as follows. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.