84) Eagle Corporation, a personal holding company, has the following results:

Taxable income $200,000

Dividends-received deduction 30,000

Excess charitable contributions 10,000

Long-term capital gains 10,000

Federal income taxes 61,000

Calculate the PHC tax.

85) Raptor Corporation is a PHC for 2009 and reports $200,000 of taxable income on its federal income tax return.

Operating profit $100,000

Long-term capital gain 80,000

Dividends (20%-owned corporation) 90,000

Interest 100,000

Gross income 370,000

Salaries expense (50,000)

General and administrative expense (25,000)

Dividends-received deduction (72,000)

Taxable income $223,000

Regular tax liability $ 70,220

What is Raptor's PHC tax, assuming that it does not pay any dividends?

86) Mullins Corporation is classified as a PHC for the current year, reporting $263,000 of taxable income on its federal income tax return:

Operating profit $150,000

Long-term capital gain 20,000

Short-term capital gain 20,000

Dividends (from 25%-owned domestic corporation)200,000

Interest 150,000

Gross income $540,000

Minus: general and administrative expenses( 40,000)

Minus: salaries ( 30,000)

"Adjusted" taxable income $470,000

Minus: charitable contributions ( 47,000)

Taxable income before special deductions$423,000

Minus: dividends-received deduction (160,000)

Taxable income $263,000

Actual charitable contributions made by Mullins Corporation were $75,000. What are the federal income tax due and the personal holding company (PHC) tax liability? Discuss the methods (if any) by which payment of the PHC tax can be avoided.