Generating corporate Schedule PH, Personal Holding Company in ProConnect Tax

This article will assist you with generating Schedule PH, Personal Holding Company, in the corporate module of Intuit ProConnect.

What is a personal holding company (PHC)?

A corporation is classified as a personal holding company if it meets both of the following requirements:

• PHC Income Test: At least 60% of the corporation's adjusted ordinary gross income for the tax year is PHC income.
• Stock ownership requirement: At any time during the last half of the tax year, more than 50% in value of the corporation's outstanding stock is directly or indirectly owned by five or fewer individuals.

Refer to this IRS Instructions for Schedule PH for more information.

Follow these steps to generate Schedule PH in the program:

1. Go to the Input Return tab.
2. From the left of the screen, select General and choose Miscellaneous Information.
3. From the top of the screen, select Miscellaneous.
4. Locate the Miscellaneous section.
5. Mark the checkbox labeled Personal holding company.
6. From the left of the screen, select Taxes and choose Schedule PH.
7. Select Personal Holding Company Income.
8. Complete any applicable fields with information about the Schedule PHC.
9. From the left of the screen, select Taxes and choose Schedule PH.
10. Select Expenses & Depr. Section 545(B)(6).
11. Complete any applicable fields.
    • This information flows to Schedule PH, Part V.