Identify which of the following statements is true.
A. Dividends that are paid in the two preceding tax years can be used as a dividend carryover to reduce the amount of the current year's personal holding company (PHC) tax liability.
B. Dividends paid by a personal holding company in the first 2 1/2 months of a tax year are automatically throwback dividends.
C. Consent dividends are cash dividends paid following an authorizing vote of the shareholders.
D. All of the above are false.
Answer: A
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Indicate whether the statement is true or false
Cost of goods sold is equal to
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Fill in the blank(s) with the appropriate word(s).
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