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Assume Wilt, Inc. owns 15,000 shares of preferred stock in Dallas Enterprises, Inc. If Dallas Enterprises issues a preferred stock cash dividend of $1.20 per

Assume Wilt, Inc. owns 15,000 shares of preferred stock in Dallas Enterprises, Inc. If Dallas Enterprises issues a preferred stock cash dividend of $1.20 per share, what amount per share, if any, is taxable income to Wilt Distributors?

Multiple Choice

  • $.84

  • $0

  • $1.20

  • $.60

  • $.72

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