Which of the following corporate forms are exempt from the PHC? tax? The accumulated earnings? tax?

a. Closely held corporations

b. S corporations

c. Professional corporations

d. ?Tax-exempt organizations

e. Publicly held corporations

f. Corporations filing a consolidated tax return

g. Limited liability companies

YES OR NO FOR EACH

Exempt or effectively exempt from the PHC tax? accumulated earnings tax? a. Closely held corporations b. S corporations c. Professional corporations d. Tax-exempt organizations e. Publicly held corporations (assume it fails the stock ownership test and is not "formed or availed of for the purpose of avoiding income tax) f. Corporations filing a consolidated tax return g1. Limited liability companies (assume no election to be taxed as a corporation) Limited liability companies (assume an election g2. to be taxed as a corporation has been made) Exempt or effectively exempt from the PHC tax? accumulated earnings tax? a. Closely held corporations b. S corporations c. Professional corporations d. Tax-exempt organizations e. Publicly held corporations (assume it fails the stock ownership test and is not "formed or availed of for the purpose of avoiding income tax) f. Corporations filing a consolidated tax return g1. Limited liability companies (assume no election to be taxed as a corporation) Limited liability companies (assume an election g2. to be taxed as a corporation has been made)