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Mandarini Mandarini
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7 years ago
Identify which of the following statements is false.
A) The 80% dividends-received deduction can be claimed when computing a corporation's undistributed personal holding company income (UPHCI).
B) Rental expenses in excess of rental income are added back to taxable income to arrive at personal holding company income (PHCI).
C) Wind Corporation is a personal holding company. Its taxable income for this year is $100,000. The corporation's charitable contributions are $5,000 greater than its income tax charitable contribution deduction limitation. Wind's UPHCI is $95,000, assuming no other adjustments must be made.
D) The PHC tax is assessed at 15%.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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RimounRimoun
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7 years ago
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Mandarini Author
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7 years ago
Thanks for your help!!
hannahspillett
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
big_larry_samp
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2 hours ago
Just got PERFECT on my quiz
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