1. Research the IRS website and provide Information on a closely held corporation, a personal holding company, and a personal service corporation. Please provide an example of a type of business that would be suitable for each of business organizations noted above (provide a different example for each type).

2. Citradoria Corporation Is a regular corporation that contributes $35,000 cash to qualified charitable organizations during the current tax year. The corporation has net operating income of 5140,000, before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations Is less than 20 percent) in the amount of $20,000. What is the amount of Citradoria Corporation's allowable deduction for charitable contributions for the current year? What may the corporation do with any excess amount of contributions?

Answer rating: 100% (QA)

1 Closely held corporation A closely held corporation is a corporation that Has more than 50 of the value of its outstanding stock owned directly or i... View the full answer