Author Question: Montrose Corporation is classified as a personal holding company. It is almost year-end. The ... (Read 46 times)

faduma · **on:** Sep 13, 2020

Question 1

Mason Corporation is a personal service corporation in the legal field. Mason Corporation has taxable income of $100,000. Mason Corporation's tax is
◦ $15,000.
◦ $34,000.
◦ $35,000.
◦ $22,250.

Question 2

Montrose Corporation is classified as a personal holding company. It is almost year-end. The company's taxable income and regular federal income tax liability are expected to be $100,000 and $22,250, respectively. The company will claim a $20,000 dividends-received deduction and earlier in the year paid $25,000 of dividends to its shareholders. How much in additional dividends must be paid to shareholders in order to avoid the personal holding company tax?
◦ $92,750
◦ $52,750
◦ $72,750
◦ $97,750

miss_1456@hotmail.com · **Reply #1 on:** Sep 13, 2020

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