Identify Which of the Following Statements Is False

question 1

Multiple Choice

Identify which of the following statements is false.

• A)The 80% dividends-received deduction can be claimed when computing a corporation's undistributed personal holding company income (UPHCI).
• B)Rental expenses in excess of rental income are added back to taxable income to arrive at personal holding company income (PHCI).
• C)Wind Corporation is a personal holding company. Its taxable income for this year is $100,000. The corporation's charitable contributions are $5,000 greater than its income tax charitable contribution deduction limitation. Wind's UPHCI is $95,000, assuming no other adjustments must be made.
• D)The PHC tax is assessed at 20%.

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Definitions:

Y-axis

The vertical line in a coordinate plane that measures the second coordinate of a point (its ordinate).

X-axis

The x-axis is the horizontal axis in a coordinate plane, used to represent one dimension of data or to plot the values of a function.

Ordered Pairs

A pair of elements (x, y), representing coordinates on a Cartesian plane.

Equation

An assertion in mathematics indicating that two expressions, often incorporating variables, are equivalent.