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Mullins Corporation is classified as a PHC for the current year,reporting $263,000 of taxable income on its federal income tax return:
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? Discuss the methods (if any)by which payment of the PHC tax can be avoided.
Onerous Contracts
Contracts in which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received under it.
Accruals
Accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash transactions occur, reflecting the economic activity more accurately.
Employee Benefits
All forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment.
Insurance Contracts
Contracts under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specific uncertain future event adversely affects the policyholder.
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