Excludes capital gains and losses. Losses are after "passive loss" limitation.
For additional information about the return filing requirements, see the annual reports, Statistics of Income-Individual Income Tax Returns at https://www.irs.gov/uac/soi-tax-stats-historical-data-tables.
U.S. Department of the Treasury. Internal Revenue Service, Individual Income Tax Filing: Adjusted Gross Income (AGI): Partnership and S Corporation Net Loss [PSSCNLS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PSSCNLS, March 7, 2021.