Parkview West Inc, has gross income of ($ 50,000), consisting of ($ 37,000) of rent receipts and
Question:
Parkview West Inc, has gross income of \(\$ 50,000\), consisting of \(\$ 37,000\) of rent receipts and \(\$ 13,000\) of U.S. dividends. Rental deductions of \(\$ 20,000\) are claimed (interest, taxes, and cost recovery). \(\$ 9,000\) of dividends are paid to Susie and Sally, the only shareholders.
a. Is the \(\mathbf{5 0}\) percent rental test met?
b. Is the 10 percent dividend test met?
c. Is Parkview a personal holding company?
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To determine if Parkview West Inc is a personal holding company PHC we need to assess whether it mee...View the full answer
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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