PHC TAXES Flashcards
1
Q
Self assessment
A
FORM 1120 PH 6 yr statute of lim
2
Q
Tests
A
- 5 or less SH
2. 60% is adjusted personal holding co income
3
Q
No PHC entities
A
S Corp Tax exempt FPHC Banks Ins co
4
Q
PHC income
A
AOGI GI addback prop losses = GI for PHC - Gains on 1231 - Gains on cap assets = OGI - rental prop items - interest on tax refunds, jdg, dealer - mining = AOGI -
5
Q
AOGI rental items
A
YES = AIR property taxes Interest Depreciation Rent paid
NO
Maintenance
Admin
Other exp
6
Q
AIR = PHCI IF
A
PHCI (less rental inc) > 10% OGI
€ include rental income from leasing prop to a > 25% SH
7
Q
Personal service income = PHCI if…
A
Earned by 25% or more SH
From a PS CONTRACT and another person can perform them
8
Q
Undistributed PHCI
A
TI \+ ded for NOL - prev yr NOL \+ DRD - excess charitable ded \+ charitable carry - fed tax accrued - cap gains \+ fed tax on cap gains \+ rental deductions > income from prop
9
Q
Undistributed income
A
15% plus regular and AMT
10
Q
PHC TAX IF…
A
50% is owned by 5 or less SH for last half of fiscal yr
60% or more is div rec from unrelated Corp
