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Generating corporate Schedule PH, Personal Holding Company in Lacerte

by Intuit Updated 1 year ago

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 Screen 4.1, Miscellaneous Information.
  2. Locate the Miscellaneous section.
  3. Check the box labeled Personal holding company.
  4. Go to Screen 34, Schedule PH.
  5. Select Personal Holding Company Income from the left navigation panel.
    • This will take you to Screen 34.1, Schedule PH.
  6. Complete any applicable fields with information about the Schedule PHC.
  7. Select Excess Expenses & Depr. Under Section 545(B)(6) from the left navigation panel.
    • This will take you to Screen 34.2.
  8. Complete any applicable fields.
    • This information flows to Schedule PH, Part V.
Lacerte Tax

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