Reg. § 1.541-1 Imposition of tax.
(a) Section imposes a graduated tax upon corporations classified as personal holding companies under section . This tax, if applicable, is in addition to the tax imposed upon corporations generally under section . Unless specifically excepted under section the tax applies to domestic and foreign corporations and, to the extent provided by section , to an affiliated group of corporations filing a consolidated return. Corporations classified as personal holding companies are exempt brom the accumulated earnings tax imposed under section but are not exempt from other income taxes imposed upon corporations, generally, under any other provisions of the Code. Unlike the accumulated earnings tax imposed under section , the personal holding company tax imposed by section applies to all personal holding companies as defined in section , whether or not they were formed or availed of to avoid income tax upon shareholders. See section and (Regulations on Procedure and Administration) with respect to the period of limitation on assessment of personal holding company tax upon failure to file a schedule of personal holding company income.
(b) A foreign corporation, whether resident or nonresident, which is classified as a personal holding company is subject to the tax imposed under section with respect to its income from sources within the United States, even though such income is not fixed or determinable annual or periodical income specified in section . A foreign corporation is not classified as a personal holding company subject to tax under section if it is a foreign personal holding company as defined in section 552 or if it meets the requirements of the exception provided in section .