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Lake Corporation is a personal holding company. Lake reports the following results for the current ...

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Lake Corporation is a personal holding company. Lake reports the following results for the current ...

Lake Corporation is a personal holding company. Lake reports the following results for the current year:

Rental income   $100,000
Operating profit   80,000
Dividend income   30,000
Interest income   20,000
Depreciation   30,000
Mortgage interest expense   18,000
Real estate taxes   8,000
Other expenses   20,000

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.

Textbook

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

Edition: 27^th

Authors: Anderson, Pope, Rupert

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That's not philosophy, it's geometry

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7 years ago

Thanks for your help!!

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