Kee Holding Corp. has eighty unrelated equal stockholders.

For the year ended December 31, 2010, Kee’s income comprised the following:

Net rental income $ 1,000 Commissions earned on sales of franchises 3,000 Dividends from taxable domestic corporations 90,000 Deductible expenses for 2010 totaled $10,000. Kee paid no dividends for the past three years. Kee’s liability for personal holding company tax for 2010 will be based on

a. $12,000

b. $11,000

c. $ 9,000

d. $0