Please do not give image format For each scenario, calculate the adjusted ordinary gross income (AOGI), the personal holding company income (PHCI),and the PHC as a percent of AOGI. Then determine whether the corporation is a personal holding company.Gross incomeMinus:Ordinary gross income (OGI)Minus:Adjusted ordinary gross income (AOGI)PHC income (PHCI)PHC as a percent of AOGIPHC?Show Transcribed TextData TableItemGross profit from salesCapital gainsTaxable interest incomeDividends receivedRental incomeCopyright royaltiesPersonal service incomeRent-related expensesCopyright-related expensesDividends paidSScenario 1Scenario 1%65,000 $010,00011,00060,0000030,00004,000Scenario 2Scenario 2%55,000 $12,00010,0007,000170,0006,000010,000014,000Scenario 3 Scenario 4Scenario 3%50,000 $6,00022,00012,000050,0000040,00011,000▼%Scenario 470,00011,00020,000000110,000008,000TX

In the United States, the Internal Revenue Code (IRC) defines a Personal Holding Company (PHC) as a…

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SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 6DQ

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For each scenario, calculate the adjusted ordinary gross income (AOGI), the personal holding company income (PHCI), and the PHC as a percent of AOGI. Then determine whether the corporation is a personal holding company.