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What amount of phc tax does company owe

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Problem

A personal holding company's taxable income for 2016 is $250,000, computed before taking into account the charitable contributions deduction and the dividends received deduction. Included in the $250,000 is $120,000 of dividends it received from other domestic corporations in which it owns 25 percent of the stock. The PHC makes contributions of $5500 to a charitable organization during the year. It paid $ 75,000 of dividends to its shareholders in 2016 and an additional $ 40,000 of dividends on March 8, 2017. What amount of PHC tax does it owe for 2016?

Reference no: EM131790496

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