-> Answer is not D: $1.20

Assume Patel & Kim, Incorporated, owns 15,000 shares of preferred stock in Gamma, Incorporated. If Gamma issues a preferred stock cash dividend of $1.20 per share, what amount per share, if any, is taxable income to Patel & Kim? Multiple Choice $.72 $0 $.84 X $1.20 $.60 O O O O