Determine whether the following statements regarding the PHC tax are true or false: Select the appropriate answer below. True or false a. b. C. In a given tax year, a corporation might not owe the PHC tax even though it is deemed to be a PHC. A sale of a large tract of land held for investment can make a manufacturing corporation a PHC. Federal income taxes accrued by the PHC reduce UPHCl for the tax year. To reduce UPHCI, the corporation's shareholders can elect to be treated as having received consent dividends. They can make this election any time from the first day of the corporation's tax year through the due date for the corporation's tax return (including extensions). The payment of a deficiency dividend permits a PHC to eliminate its PHC tax liability, as well as related interest and penalties. A corporation deemed to be a PHC for a particular tax year also can be liable for the a accumulated earnings tax for that year. DOD TI! d. e. f