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Federal input screens

Screen PH - Personal Holding Company Tax (1120)

Overview

To calculate and print Schedule PH, 60 percent of adjusted ordinary gross income, as calculated on the Personal Holding Company (PHC) Income Test Worksheet, must be Personal Holding Company income. For more information, refer to how to generate Schedule PH.

Adjusted Ordinary Gross Income

Enter
X
 in this field to indicate the corporation is a PHC, regardless of the calculation. If this field is marked, Schedule PH calculates and prints.
If this field is blank, the application uses the gains from the sale of capital assets and section 1231(b) property from Schedule D and Form 4797, respectively, for the Personal Holding Company (PHC) Income Test Worksheet.
The application uses this amount on the PHC Income Test worksheet and also includes the amount on Schedule PH, line 15b.

Undistributed Personal Holding Company Income

If this field is blank, the application uses the contributions entered in the Inc, K1-3, and 8283 screens.
Enter the amount of dividends the corporation elects to treat as dividends paid during the tax year that were paid after the end of the tax year and before the 16th day of the third month following the end of the tax year.

Personal Holding Company Income

If this field is blank, the application uses amounts from the Inc screen and the Rent and Royalty Worksheet.
If this field is blank, the application uses amounts from the Inc screen and the Rent and Royalty Worksheet.
The amount from this field is used on Schedule PH, Part II, and the Personal Holding Company (PHC) Income Test Worksheet.
If this field is blank, the application uses amounts from the Rent and Royalty Worksheet applicable to mineral, oil and gas royalties.
The application uses this amount on Schedule PH, Part II, and the Personal Holding Company (PHC) Income Test Worksheet.

Stock Ownership and Excess of Expenses

Use the statement to enter a description of the repairs, insurance and other expenses associated with the property not allowable under section 545(b)(6). The information entered is used on Schedule PH, Part V.
Use the statement to enter the names and address of persons from whom rent of other compensation was received for the use of, or the right to use, each property. The information entered is used on Schedule PH, Part V.

Deduction for Dividends Paid

Do not include dividends considered as paid in the preceding tax year under section 563 or deficiency dividends defined under section 547.
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