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Compute the personal holding company income

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Reference no: EM132051346

Comprehensive Problem - Marital Aids Inc. reported the following results last year:

Gross income from sales $50,000

Salaries 20,000

Overhead 25,000

Capital gains 200,000
Net operating loss from previous year 30,000

Dividends from U.S. sources 40,000

Tax-exempt interest 10,000

Taxable interest 35,000

Income tax paid (including $59,650 on capital gains) 62,050

If the corporation has only four individual shareholders, compute the following:

a. Adjusted ordinary gross income.

b. Personal holding company income.

c. Undistributed personal holding company income.

d. Current dividend required to avoid personal holding company tax.

e. What impact would it have if taxable interest was only $12,000 and there was no NOL carryover?

Reference no: EM132051346

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