1120-US: Generating Schedule PH - Personal holding company (FAQ)

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Question

How do I generate Schedule PH?

Answer

Schedule PH for a Personal Holding Company is generated by entering data in Screen PH in the Taxes folder. If a consolidated company is subject to the Personal Holding Company tax, then complete Screen PH in the consolidated client. If one or more members of the consolidated group are subject to the PHC tax, but the consolidated company is not, then leave Screen PH blank, and UltraTax CS/1120 does not calculate the PHC tax at the consolidated level.

Note: Foreign corporations are excluded from the personal holding company rules for tax years beginning after December 31, 2005.


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