Ajax Corporation is classified as a PHC for the current year, reporting $332,000 of taxable income on its federal income tax return: Operating profit $150,000 Long-term capital gain 30,000 Short-term capital gain 20,000 Dividends (from less than 20%-owned domestic .corporation) 200,000 Interest 150,000 Gross income 550,000 Minus: General and administrative expenses 40,000) Minus: Salaries (30,000) "Adjusted" taxable income $480,000 Minus: Charitable contributions (48,000) Taxable income before special deductions $432,000 Minus: Dividends-received deduction (100,000) Taxable income $332,000 Actual charitable contributions made by Ajax 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