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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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