For each of the following statements, indicate whether the statement is true for the PHC tax only, the accumulated earnings tax only, both taxes, or neither tax. (Click the icon to view the abbreviations to use for your answers.) Tax selection The tax is imposed only if the corporation satisfies certain stock ownership and income requirements a. b. The tax applies to both closely held and publicly traded corporations c. The tax is ad hoc in nature (i.e., assessed in the course of an audit) d. Long-term capital gains are a neutral factor in determining the amount of More Info C. the tax liability P = PHC tax only e. Tax-exempt interest income is excluded from the tax base f. A credit that reduces the tax liability on a dollar-for-dollar basis is available g Throwback dividends may be paid without limit. h. Consent dividends are eligible for a dividends-paid deduction i. Throwback and consent dividends are effective in reducing or eliminating accumulated earnings tax only B both taxes N = neither tax the tax liability PrintDone j. The tax can be avoided by paying a deficiency dividend k. The tax applies to S corporations k. Choose from any drop-down list and then continue to the next question. 11:59pm