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Please help with the missing numbers on the table below. In each of the four scenarios, determine whether the corporation is a personal holding company.
Please help with the missing numbers on the table below.
In each of the four scenarios, determine whether the corporation is a personal holding company. Assume the corporation's outstanding stock is owned equally by three individuals.
For each scenario, calculate the personal holding company income (PHCI), and the PHC as a percent of AOGI. Then determine whether the corporation is a personal holding company. (Complete all answer boxes. Enter "0" for zero amounts. Round percentages to one decimal place, X.X%.)
Requirement In each of the four scenarios, determine whether the corporation is a personal holding company. Assume the corporation's outstanding stock is owned equally by three individuals. Gross income 75,000 35,000 50,000 65,000 11,000 Data table 0 6,000 14,000 Minus: Capital gains Ordinary gross income (GI) Minus: Rental expenses 75000 54000 29000 36000 40.000 30,000 0 Item Scenario 1 Scenario 2 Scenario 3 Scenario 4 350001 24000 29000 36000 Adjusted ordinary gross income (AOGI) Gross profit from sales $ 75,000 $ 65,000 $ 35,000 $ 6,000 50,000 14,000 Capital gains 0 11,000 Taxable interest income 10,000 18,000 28,000 14,000 Dividends received 11,000 15,000 11,000 0 Rental income 140,000 120,000 0 0 Copyright royalties 0 8,000 40,000 0 Personal service income 0 0 0 50,000 PHC income (PHCI) PHC as a percent of AOGI PHC? % % % % 40,000 30,000 0 0 Rent-related expenses Copyright-related expenses Dividends paid 0 0 15,000 0 3,000 9,000 12,000 5,000
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