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Table 6. Growth in Partnership Activity (Dollar amounts in billions)

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1/ Includes partners that are corporations and partnerships, as well as indivduals.

2/ Contribution to partner's taxable income before ITC equals ordinary income plus 40% of total capital and Sec. 1231 gains.

3/ Contribution to partner's taxable income after ITC equals ordinary income plus 40% of total capital and Sec. 1231 gains less the investment tax credit divided by an average marginal tax rate.

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Table 8. Summary of 1983 Partnership Characteristics by Industry and Type of Partnership.

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Table 9

Summary of 1983 Partnership Income and Deductions by Industry (in Millions of Dollars)

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1/ Net of cost of goods sold and net income from other partnerships.

2/ Excludes guaranteed payments to partnera.

3/ Includes estimated depletion, hard mineral exploration and development costs, and intangible dri

(including dry hole costs).

4/ Includes

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Enclosed, pursuant to your request, is a detailed analysis of materials on high income taxpayers presented in summary form in Secretary Baker's testimony before the Ways and Means Committee on May 30, 1985, as well as data we have developed on the growth of partnerships and the impact of partnership losses on high income taxpayers.

Our study is based on a computer analysis of all 1983 individual income tax returns, data published by the Internal Revenue Service as part of its Statistics of Income series, and data contained in the Registered Offering Statistics file of the Securities and Exchange Commission.

I hope this information is of assistance to the Subcommittee.

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