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QUESTION
5-24, Example C: Raptor Corporation is a PHC for 2007 and reports $200,000 of taxable income on its federal income tax return.
P. C:5-24, Example C:5-19. C:5-85. Raptor Corporation is a PHC for 2007 and reports $200,000 of taxable income on its federal income tax return. What is Raptors PHC tax, assuming that it does not pay any dividends? Actual charitable contributions made by Mullins Corporation were $75,000. What are the federal income tax due and the personal holding company (PHC) tax liability?
