deemed to be a PHC and reports the following results: In the current year, Millman Corporation (Click the icon to view the results.) Read the requirements. Requirement a. What is Millman's regular tax liability (ignoring any AMT implications)? Millman's regular income tax liability is Requirement b. What is Millman's PHC tax liability? Begin by computing the undistributed personal holding company income (UPHCI). Then compute Millman's PHC tax liability. (Enter tax rate in decimal form, O.XX. Round your answer to the nearest whole dollar.) Taxable income Plus: Dividends-received deduction Minus: Federal income taxes Dividends-paid deduction Undistributed personal holding company income (UPHCI) Times: Tax rate Personal holding company tax Requirement c. What measures can Millman take to eliminate its PHC tax liability after year-end and before it files its tax return? After it files its tax return? Before Millman Corporation files its tax return, it can eliminate its PHC tax liability by having its shareholders elect a ora of at least 1. The is limited to 20% of the $60,000 actual dividends paid, or $12,000. After Millman files i income tax return, it can pay a in the amount of , which will eliminate Data Table $ 95,000 Taxable income Dividend received from an 18%-owned domestic corporation 25,000 Dividends paid in the sixth month of the current year 60,000 Print Done deemed to be a PHC and reports the following results: In the current year, Millman Corporation (Click the icon to view the results.) Read the requirements. Requirement a. What is Millman's regular tax liability (ignoring any AMT implications)? Millman's regular income tax liability is Requirement b. What is Millman's PHC tax liability? Begin by computing the undistributed personal holding company income (UPHCI). Then compute Millman's PHC tax liability. (Enter tax rate in decimal form, O.XX. Round your answer to the nearest whole dollar.) Taxable income Plus: Dividends-received deduction Minus: Federal income taxes Dividends-paid deduction Undistributed personal holding company income (UPHCI) Times: Tax rate Personal holding company tax Requirement c. What measures can Millman take to eliminate its PHC tax liability after year-end and before it files its tax return? After it files its tax return? Before Millman Corporation files its tax return, it can eliminate its PHC tax liability by having its shareholders elect a ora of at least 1. The is limited to 20% of the $60,000 actual dividends paid, or $12,000. After Millman files i income tax return, it can pay a in the amount of , which will eliminate Data Table $ 95,000 Taxable income Dividend received from an 18%-owned domestic corporation 25,000 Dividends paid in the sixth month of the current year 60,000 Print Done