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Which of the following is not true with regard to personal holding companies (PHCs)?1. There is no penalty if net earnings are distributed, as the penalty only applies to income that has not been distributed2. The additional tax (penalty) is self-assessed by the PHC3. Personal holding companies are not subject to the accumulated earnings tax4. When over 50% of the adjusted gross income of a closely-held corporation consists of NIRD that it's defined as a PHC

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Shirin contributes cash of $10,000, a computer with a market value of $1,000 (her basis is $500), and land with a market value of $80,000 (her basis is $20,000) to a corporation in exchange for stock that qualifies under Section 351. How much gain or loss did Shirin realized and recognize?

For purposes of control for Section 351, ownership of ______% or more of the voting stock is required.

Glenda Goodwich contributes property with a basis of $20,000 and a fair market value of $100,000 to form WOZ Corporation in exchange for 100 shares of WOZ common stock with a fair market value of $80,000 and $20,000 cash. This contribution will result in

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