The following information pertains to Hull, Inc., a personal holding company, for the year ended December 31, 2007:
|
Undistributed personal holding company income |
$100,000 |
|
Dividends paid during 2007 |
20,000 |
|
Consent dividends reported in the 2007 individual income tax returns of the holders of Hull’s common stock, but not paid by Hull to its stockholders |
10,000 |
In computing its 2007 personal holding company tax, what amount should Hull deduct for dividends paid?
- $0
- $10,000
- $20,000
- $30,000