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ycow [4]
3 years ago
7

Kee Holding Corp. has eighty unrelated equal stock-holders. For the year ended December 31, 2019, Kee's income comprised the fol

lowing: Net rental income $ 1,000 Commissions earned on sales of franchises 3,000 Dividends from taxable domestic corporations 90,000 Deductible expenses for 2019 totaled $10,000. Kee paid no dividends for the past three years. Kee's liability for personal holding company tax for 2019 will be based on undistributed personal holding company income of___________.
Business
1 answer:
Andre45 [30]3 years ago
7 0

Answer:

$84,000

Explanation:

Based on the Data provided, the Total Income for Kee Holding Corporation is $94,000 whereas the Total Expenses are $10,000. This expense for $10,000 will be deducted for calculating tax on undistributed personal holding company income because it is a Deductible Expense and Deductible Expenses are allowed to be deducted when calculating Tax liability.  

Rental Income $ 1,000.00  

Commissions  $ 3,000.00  

Dividends  $ 90,000.00  

Total Income  $ 94,000.00  

Deductible Expenses $ 10,000.00  

   

Net Income  $ 84,000.00

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