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The personal holding company tax is imposed by -------------- on undistributed income of a personal holding company.
The personal holding company tax is imposed by Sec. 541 on undistributed income of a personal holding company.
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A personal holding company is a corporation that---------------------------------------------------------------------------------------------------------------------------------------------------------
A personal holding company is a corporation that is more than 50% owned by five or fewer shareholders any time during the last half of the year and that has 60% of its income as personal holding company income (generally passive income).
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Prizes and awards made primarily in recognition of charitable, scientific, educational, etc., achievement are excluded from gross income only if -------------------------------------------------------------------------------------------------------------------------------------------------------------------
Prizes and awards made primarily in recognition of charitable, scientific, educational, etc., achievement are excluded from gross income only if the recipient was selected without any action on his or her part, is not required to render substantial future services as condition of receiving the prize or award, and assigns it to charity.
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Disaster area loss deductions are subject to a--------------------------------------------------------------------
Disaster area loss deductions are subject to a per-event and AGI floor.
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The taxpayer has the option of deducting the loss on the return for the year immediately preceding the----------------------------------------------------------------------------
The taxpayer has the option of deducting the loss on the return for the year immediately preceding the year in which the disaster actually occurred.
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A prize or award may qualify for exclusion as a scholarship. Additionally, a recipient may exclude the FMV of the prize or award if
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A prize or award may qualify for exclusion as a scholarship. Additionally, a recipient may exclude the FMV of the prize or award if
The amount received is in recognition of religious, scientific, charitable, or similar meritorious achievement;
The recipient is selected without action on his or her part;
The receipt of the award is not conditioned on substantial future services; and
The amount is paid by the organization making the award to a tax-exempt organization (including a governmental unit) designated by the recipient.
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The IRC allows deduction for losses caused by theft or casualties, whether business or personal. However, as of 2018, personal casualty and theft losses only apply to---------------------------------------------------------------------------------------
The IRC allows deduction for losses caused by theft or casualties, whether business or personal. However, as of 2018, personal casualty and theft losses only apply to federally declared disasters and losses to the extent of casualty gains.
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A taxpayer is subject to a special rule if (s)he sustains a loss from a federally declared disaster area.
The taxpayer has the option of deducting the loss on
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A taxpayer is subject to a special rule if (s)he sustains a loss from a federally declared disaster area.
The taxpayer has the option of deducting the loss on
The return for the year in which the loss actually occurred or
The preceding year’s return (by filing an amended return).
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An individual taxpayer may deduct net capital losses to the extent that they do not exceed the lesser of ---------------------------------------------------------------------
The individual may carry forward any excess capital losses --------------------------------------.
An individual taxpayer may deduct net capital losses to the extent that they do not exceed the lesser of ordinary income or $3,000 ($1,500 if married filing separately).
The individual may carry forward any excess capital losses indefinitely.
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Every corporation that is not exempt and meets two objective tests (with respect to stock ownership distribution and the nature of its income) is a PHC subject to PHC tax.
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Every corporation that is not exempt and meets two objective tests (with respect to stock ownership distribution and the nature of its income) is a PHC subject to PHC tax.
Stock ownership test. More than 50% by value of the corporation’s shares are owned, directly or indirectly, by five or fewer shareholders at any time during the last half of the year.
Nature of income test. Sixty percent or more of adjusted ordinary gross income (AOGI) of the corporation is personal holding company income (PHCI).
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The PHC tax is a ------ penalty tax imposed on the undistributed income of personal holding companies. The tax is designed to deter passive investors from using a C corporation to avoid higher individual rates.
The PHC tax is a 20% penalty tax imposed on the undistributed income of personal holding companies. The tax is designed to deter passive investors from using a C corporation to avoid higher individual rates.
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The PHC tax is a 20% penalty tax imposed on the----------------------------------------------------------- The tax is designed to deter passive investors from using a C corporation to avoid higher individual rates.
The PHC tax is a 20% penalty tax imposed on the undistributed income of personal holding companies. The tax is designed to deter passive investors from using a C corporation to avoid higher individual rates.
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