Eagle Corporation, a personal holding company, has the following results:Taxable income$200,000Dividends-received deduction30,000Excess charitable contributions10,000Long-term capital gains10,000Federal income taxes61,000Calculate the PHC tax.
What will be an ideal response?
| Taxable income | $200,000 |
| Plus: dividends-received deduction | 30,000 |
| Minus: excess charitable contributions | ( 10,000) |
| Long-term capital gains (net of taxes)* | ( 7,900)* |
| Federal income taxes | ( 42,000) |
| Undistributed personal holding company income | $170,100 |
| Times: rate | × 0 | .20 |
| Personal holding company tax | $ 34,020 |
*$10,000 - (0.21 × $10,000) = $7,900
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What will be an ideal response?
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