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Federal input screens

Screen PH - Personal Holding Company Tax (1120)

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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

At least 60% of adjusted ordinary income is personal holding company income (Force)
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.
Gains from sale or disposition of capital assets and Section 1231(b) property (Force)
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.
Adjustments: Certain excluded interest income under Section 543(b)(2)(C)
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

Contributions deductible under Section 545(b)(2) (Force)
If this field is blank, the application uses the contributions entered in the Inc, K1-3, and 8283 screens.
Dividends paid after the end of the tax year
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.
note
The amount entered in this field is limited to the smaller of the undistributed PHC income before this deduction or 20 percent of the sum of the taxable dividends actually paid prior to the end of the tax year. See IRC section 563 for additional information.

Personal Holding Company Income

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

Description of repairs, insurance and other 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.
Names and addresses of persons from whom rent or other compensation was received
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

Taxable 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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