CFR > Title 26 - Internal Revenue > CHAPTER I—INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY > SUBCHAPTER A—INCOME TAX (Parts 1–19) > PART 1—INCOME TAXES > 1.542-1—General rule.

1.542-1—General rule.

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.