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Martial aids Inc. reported the following results last year Gross income from sales $50,000 Salaries $20,000 Overhead $25,000 Capital Gains $200,000 NOL from Prev Yr

Martial aids Inc. reported the following results last year Gross income from sales $50,000 Salaries $20,000 Overhead $25,000 Capital Gains $200,000 NOL from Prev Yr $30,000 Dividends from U.S. Sources $40,000 Tax-exempt interest $35,000 Taxable interest $35,000 Income tax paid (incl $59,650 on capital gains) $62,050 If the corporation has only four individual shareholders, compute the following: a. Adjusted ordinary gross income b. Personal holding company income c. Undistributed personal holding company income d. Current dividend required to avoid personal holding company tax e. What impact would it have if taxable interest was only $12,000 and there was no NOL carryover

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