Identify Which of the Following Statements Is False

Identify which of the following statements is false.

A) Wind Corporation is a personal holding company. Its taxable income for this year is $100,000. The corporation's charitable contributions are $5,000 greater than its income tax charitable contribution deduction limitation. Wind's UPHCI is $95,000, assuming no other adjustments must be made.
B) Rental expenses in excess of rental income are added back to taxable income to arrive at personal holding company income (PHCI) .
C) The PHC tax is assessed at 20%.
D) The 80% dividends- received deduction can be claimed when computing a corporation's undistributed personal holding company income (UPHCI) .