b. False 58. Corporation ABC Inc. has the following shareholders and makes the respective stock distributions John Peter Paul Luke Matthew 50 shares of voting common stock - distributes 100 shares of voting common 25 shares of voting common stock - distributes 50 shares of voting common 15 shares of voting common stock - distributes 30 shares of voting common 10 shares of voting common stock - distributes 20 shares of convertible preferred stock 100 shares of convertible preferred stock (I share of voting common for every 10 shares of preferred) - distributes 10 shares of convertible preferred stock The above distribution is taxable under Section 301 with respect to: a. John, Peter and Paul b. Luke & Matthew c. Not taxable to any of the shareholders d. Taxable to all of the shareholders