PeeDee needs your help to determine which one of the following statements Is false. When a corporation is thinly capitalized, the IRS is more likely to reclassify a portion of the corporation's debt as disguised equity. The accumulated earnings tax is assessed at 20% of a corporation's accumulated taxable income. The attractiveness of a corporate tax shelter is enhanced by the fact that unrealized appreciation in stock value is not taxed until gold. The personal holding company tax is a penalty tax Imposed to replace the regular corporate Income tax. PeeDee needs your help to determine which of the following is not a permissible reason for a regular corporation to accumulate earnings at the entity level and avoid the Imposition of the accumulated earnings tax O To construct a new plant facility in connection with expanding the corporation's business into a new geographic region To accumulate a fund of cash with which to pay off long-term debt due in twenty years To fund the development of a new product line O To acquire an unrelated company with large amounts of net operating losses to take advantage of the net operating loss deduction