26 CFR § 1.542-1
General rule
June 25, 2020
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.
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