Which of the following statements regarding the personal holding company tax is false?
A. The personal holding company tax was originally enacted to discourage individuals from incorporating their investment portfolios.
B. The personal holding company tax is calculated by a qualifying corporation and paid on its annual corporate income tax return.
C. The personal holding company tax is imposed in addition to the regular corporate income tax.
D. The personal holding company tax is assessed on a qualifying corporation's undistributed personal holding company income.
Answer: D
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