S Corp Data - corporate returns - Brief Article

California CPA, Oct, 2001

Also featured in the 2001 issue of the Statistics of Income Bulletin is an analysis of S corp returns for 1998. Some 53.3 percent of all corporate returns are for S corps. This figure grew more than 5.5 percent in 1998 to nearly 2.6 million returns.

Tax Year 1998 was the second year that the IRS identified the number of S corps electing to treat a wholly owned subsidiary as a qualified subchapter S subsidiary corporation. Some 3,100 S corps made QSUB elections, an increase of nearly 62 percent from the previous year.