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About 20.6 million individual income tax returns reported nonfarm sole proprietorship activity for Tax Year 2004, according to the IRS's Summer 2006 issue of the Statistics of Income Bulletin, which was released this fall.
According to the Bulletin, nonfarm sole proprietorships made a total profit of $247.6 billion for 2004, which represents a 7.5-percent increase from the previous tax year. The major industrial sectors with the largest percentage increase in profits were:
* wholesale trade (18.3 percent);
* real estate and rental and leasing (9.2 percent); and
* professional, scientific and technical services (9.2 percent).