Compute renveous corporation regular tax liability

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Reference no: EM131562834

Rendevous Corporation is classified as a personal holding company for its 2016 calendar tax year, reporting $263,000 of taxable income based on the following information

Gross Profits $150,000

Long-term capital gain $20,000

Short-term capital gain $20,000

Dividends received from 25% owned domestic corp $200,000

Interest Income $150,000

General and admin expenses $40,000

Salary expenses $30,000

Charitable contributions $75,000

Compute Renveous Corporation's regular tax liability on its 2016 taxable income and its personal holding company tax liability for the year.

Reference no: EM131562834

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