Computing the Personal Holding Company Tax. P Corporation is owned by five individuals. For the current year P had the following: Taxable income Federal income tax Dividends received (from less than 20% owned corporations). Long-term capital gain... $200,000 42,000 40,000 10,000 Compute P Corporation's personal holding company tax assuming that P meets the income test, P did not pay dividends, and the long-term capital gain was taxed at 21 percent.