What is a personal holding company?
What will be an ideal response?
A personal holding company is any corporation that (1) has five or fewer individual shareholders who own more than 50% of the corporation's outstanding stock at any time during the last half of its tax year, and (2) has personal holding company income that is at least 60% of its adjusted ordinary gross income for the tax year. Corporations that have certain special tax status generally are excluded from the PHC definition. Among those excluded are S corporations and tax-exempt organizations.
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One of the problems with the percentage of sales budgeting method is:
A) deciding on the percentage level B) finding a benchmark figure to use C) the budget tends to change in the opposite direction of what may be needed D) the competition knows how much the company will spend on advertising
Eliminations are important because they avoid double counting when consolidated financial statements are prepared
Indicate whether the statement is true or false
Rosa introduces Sal to her friend Trey as “my associate.” Sal purports to act as Rosa’s agent in a business transaction with Trey. If Rosa is liable for Sal’s actions, it will be because their relationship is
A. a nullified agency. B. an agency by estoppel. C. an agency by operation of law. D. not an agency relationship.
If the interviewer has been thorough, it is appropriate to say, "I don't have any questions" when asked at the end of an interview
Indicate whether the statement is true or false