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corporate nonliquidating distributions problems-49

Rabon Corporation sold 1,000 shares of its treasury stock at $10 per share.

For tax purposes Copp can deduct a contribution of a.

To compute the accumulated earnings tax, one must first adjust taxable income.

or the reasonable business needs, whichever is larger b. or the reasonable business needs, whichever is smaller d.

A personal holding company will not pay a personal holding company tax on income from an active business. Exempt organizations are those organizations that qualify to receive deductible charitable contributions. Personal holding companies are allowed a charitable contribution deduction subject to 50% of taxable income as adjusted. Personal holding companies pay tax at the maximum corporate rate. Personal holding companies are subject to the alternative minimum tax. Consent dividends are deductible to arrive at personal holding company tax. Banks and trusts companies generally have the same income and deductions as C corporations. Under certain circumstances one of the following may not be personal holding company income a.