a.Calculate ordinary gross income.

b.Calculate adjusted ordinary gross income.

c.Calculate adjusted income from rentals.

d.Calculate personal holding company income.

e.Calculate the personal holding company tax.

III. (15 Points) T Corporation is wholly owned by individual A, has the following for 2020 Sales $ 500,000 Cost of Goods Sold $ 450,000 Other Operating Income 40,000 Dividend Income 100,000 Interest Income 80,000 Rental Income 300,000 Rental expenses Depreciation 80,000 Interest on Mortgage 100,000 Property taxes 40,000 Dividends paid during 2020 50,000 Dividends paid on 2/1/2021 50,000 a. Calculate ordinary gross income. b. Calculate adjusted ordinary gross income. C. Calculate adjusted income from rentals. d. Calculate personal holding company income. e. Calculate the personal holding company tax