§ 1.542-1. General rule.
57 words·~1 min read·
/us/cfr/t26/s§ 1.542-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A personal holding company is any corporation (other than one specifically excepted under section 542(c)) which, for the taxable year, meets:
(a)The gross income requirement specified in section 542(a)(1) and § 1.542-2, and
(b)The stock ownership requirement specified in section 542(a)(2) and § 1.542-3. Both requirements must be satisfied with respect to each taxable year.