An additional tax is assessed on Personal holding companies (PHCs) if owners of a personal holding company uses it to shelter investment income to be taxed at the corporate rate (21%) from their individual higher tax brackets and subject to the individual investment income surcharge. A PHC is defined as having over 60% of the adjusted ordinary gross income consisting of all of the following except: O a. Dividends O b. Royalties c. Interest d. Net rent e. Business Income