In computing the accumulated earnings tax, it is necessary to compute "adjusted taxable income." Which one of the following is not added to taxable income to arrive at adjusted taxable income?

a.Dividends-received deduction

b.Net operating loss deduction that is reflected in taxable income

c.Net capital gains

d.Capital loss carryovers from other years that are reflected in taxable income

Which one of the following is not part of the dividends-paid deduction for accumulated earnings tax purposes?

a.Dividends paid within 2 months after the close of the tax year ("throw-back dividends")

b.Dividends paid during the year

c.Deficiency dividends

d.Consent dividends paid on the last day of the year

A personal holding company will always meet the ownership test if more than what percent of the value of the corporation's outstanding shares of stock are owned by five or fewer persons at any time during the last half of the tax year?

a.25 percent

b.35 percent

c.40 percent

d.50 percent

e.80 percent