44. The e following statements about deficiency dividends are all false, except: a. A consent dividend may be delayed if the taxpayer appeals an adverse decision in the Tax Court.b. A proportional deficiency dividend, timely made, has a retroactive effect, and may therefore result in adividend received deduction many years earlier than when actually paid.c. A deficiency dividend is similar to a consent dividend, in that no money or property actually changeshands.d. Deficiency dividends are completely voluntary from the corporation’s point of view and will not be declaredunless an adverse decision is rendered by a court or by the Appellate Division of the IRS. 45. The e following are similarities between the PHC tax and the accumulated earnings tax, except: 46. Which of the following assets does not measure a corporation’s ability to pay a dividend? 47. In what year can the corporation be subject to the accumulated earnings tax? 48. Which of the following businesses is subject to the personal holding company tax?a. Small investment companies. b. Not-for-profit university. c. Sole proprietorship dealing in stocks.
d. C corporation. 49. What is the primary goal of the personal holding company tax? 50. Which is the correct formula for the 60 percent personal holding company income test? 51. When are real estate companies freed from including rent in personal holding company income?
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