Identify which of the following statements is false.

A) The 80% dividends-received deduction can be claimed when computing a corporation's undistributed personal holding company income (UPHCI).

B) Rental expenses in excess of rental income are added back to taxable income to arrive at personal holding company income (PHCI).

C) Ramirez Corporation is a personal holding company. Its taxable income for this year is $75,000. The corporation's charitable contributions are $10,000 greater than its income tax charitable contribution deduction limitation. Ramirez's UPHCI is $65,000, assuming no other adjustments must be made.

D) The PHC tax is assessed at 20%.