Your client is facing a possible personal holding company tax or accumulated earnings tax in 2015. Advise the client as to the total tax due and what the effective tax rate will be for this manufacturing company based on these facts:

Taxable income ………………………………….$522,000

Dividends received deduction  …………………..     47,000

Accumulated earnings credit ……………………     36,100

Dividends paid …………………………………..      38,000

Federal income taxes ……………………………. 177,480

Excess charitable contributions ………………….    23,400