Which of the following statements regarding personal holding companies is false? a. A personal holding company is

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Which of the following statements regarding personal holding companies is false? 

a. A personal holding company is one which has few shareholders. 

b. A personal holding company has income primarily from investments. 

c. A personal holding company operates a business which is a hobby for its owners. 

d. Personal holding companies are subject to a 20 percent tax on income that is left undistributed.

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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