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Becker CPA Review, PassMaster Questions
Lecture: Regulation 3 CPA-02054 Type1 M/C A-D 18. CPA-02054 ARE Nov 95 #12 Corr Ans: A PM#27 R 3-01 Page 39 Kane Corp. is a calendar year domestic personal holding company. Which deduction(s) must Kane make
from 1994 taxable income to determine undistributed personal holding company income prior to the
dividend-paid deduction? a.
No Net long-term
federal income taxes
Choice "a" is correct. A personal holding company deducts federal income taxes in computing
undistributed personal holding company income. A personal holding company deducts net long-term
capital gain less related federal income taxes in computing undistributed personal holding company
Choices "b", "c", and "d" are incorrect, per the above explanation. CPA-02057 Type1 M/C A-D 19. CPA-02057 ARE Nov 95 #13 Corr Ans: D PM#2...
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