Description

INCBUSFM reports the respondent's net pre-income-tax business, professional practice, and farm income for the previous calendar year. This is the amount earned after subtracting business expenses from gross receipts. It includes any money earned working for one's own concern(s), including partnerships; it does not include non-cash benefits (such as the free consumption of one's own product or service), nor does it include any income earned as an employee, which is contained in INCWAGE.

Amounts are expressed in contemporary dollars; users must adjust for inflation (See INCTOT for Consumer Price Index adjustment factors).

INCBUSFM is a 5-digit numeric variable reporting each respondent's net pre-income-tax business, professional practice, and farm income for the previous calendar year. INCBUSFM specific variable codes for missing, edited, or unidentified observations, observations not applicable (N/A), observations not in universe (NIU), top and bottom value coding, etc. are provided below by Census year (and data sample if specified).

User Note: Amounts are expressed in contemporary dollars, and users studying change over time must adjust for inflation (See Description).

INCBUSFM Specific Variable Codes
-0001 = Net loss (1950)
99999 = N/A
99998 = Unknown

Comparability

This variable allows for comparison across years, if users take into account the effects of inflation. For 1970-1990, adding the amounts of INCBUS and INCFARM produces a figure basically comparable to INCBUSFM. INCBUSFM is basically comparable to INCBUS00 for the 2000 census and the ACS.

For INCBUSFM, the codes represent midpoints of intervals instead of exact dollar amounts. For 1950, the codes represent the midpoints of hundred-dollar intervals. For 1960, the codes 50 to 9950 and -50 to -9950 represent the midpoints of hundred-dollar intervals, and 10500 to 24500 represent the midpoints of thousand-dollar intervals. The Top codes and Bottom codes for each year represent the midpoint of the next logical interval.

Universe

Availability

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Flags

Editing Procedure

There is no editing procedure available for this variable.