Investors Corporation Has Ten Unrelated Individual Shareholders Who Each Own
Investors Corporation has ten unrelated individual shareholders who each own 10% of the outstanding stock.For their tax year ended December 31 of this year,Investors' gross income includes:
Dividends from savings and loan associations
No dividends are paid during the tax year or during the 2-1/2 month throwback period.Deductible administrative expenses total $4,000 for the year.Rental income has been reduced by $1,000 of depreciation and $2,000 of interest expense.What is Investors' undistributed personal holding company income?
Khuns Corporation,a personal holding company,reports the following:
Calculate Khuns Corporation's adjusted income from rents (AIR).
Lake Corporation is a personal holding company.Lake reports the following results for the current year:
No dividends are paid during the current year or the 2-and-one-half-month throwback period.The mortgage relates to the rental properties.Calculate the adjusted income from rents exclusion from personal holding company income.
Eagle Corporation,a personal holding company,has the following results:
Calculate the PHC tax.