The personal holding company tax imposes a penalty on corporations. a. What is the purpose of the
Question:
The personal holding company tax imposes a penalty on corporations.
a. What is the purpose of the personal holding company tax?
b. Two tests are used to classify a corporation as a personal holding company. What are these tests, and how do they serve the purpose of the personal holding company tax?
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a To discourage individuals from using a corporation to shelter earnings generated by passive or inv...View the full answer
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Related Book For 
Federal Taxation 2017 Individuals
ISBN: 9780134420868
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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