STATISTICS OF INCOME BULLETIN NOW AVAILABLE FROM IRS

WASHINGTON — The Internal Revenue Service today announced that the fall 2012 issue of the Statistics of Income Bulletin is available. This issue features individual income tax return data for Tax Year 2010.

Nearly 143 million individual income tax returns were filed for Tax Year 2010, an increase of 1.7 percent from 140.5 million returns filed for 2009. The adjusted gross income (AGI) reported on these returns totaled $8.1 trillion, a 6.1-percent increase from the previous year.

The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue of the SOI Bulletin also includes articles on the following topics:

• Partnership Returns, 2010. For 2010, the number of partnerships increased 2.5 percent, from the previous year. The number of partners increased by 6.1 percent, from the previous year, and this number has grown 9 out of the last 10 years. Nearly half of all partnerships and more than a third of all partners were classified in the real estate and rental and leasing sector.
• Nonprofit Charitable Organizations, 2009.  For 2009, nonprofit charitable organizations (excluding private foundations) tax exempt under Internal Revenue Code (IRC) section 501(c)(3) reported $2.7 trillion in total assets and $1.5 trillion in revenue.
• Transactions Between Large Foreign-Owned Domestic Corporations and Related Foreign Persons, 2008.  The total value of nonloan transactions between large foreign-owned domestic corporations and related foreign parties totaled $1.187 trillion, a 36-percent decrease from the record high of $1.86 trillion in 2006.

NEW 2013 MILEAGE RATES!!!!

WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 56.5 cents per mile for business miles driven
• 24 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven during 2013 increases 1 cent from the 2012 rate.  The medical and moving rate is also up 1 cent per mile from the 2012 rate.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.  In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51.  Notice 2012-72 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.