Grayson Corporation is a calendar year taxpayer. In the following independent situations, which of the pro rata dividends paid by Grayson during the current year are eligible for the dividends-paid deduction when it calculates its PHC tax for the current year? Its accumulated earnings tax?

a.	Cash dividends paid on June 30 of the current year to common shareholders.
b.	Cash dividends paid on May 31 of the current year to preferred shareholders. Grayson pays no dividends to its common shareholders. (Assume the dividend is proportional to the shareholders' ownership of preferred stock.)
c.	Dividends paid on April 30 of the current year using Butler Corporation stock from Grayson's investment portfolio. Grayson does not own enough Butler stock to be considered a related party.
d.	Dividends paid on March 31 of the current year to common shareholders using Grayson's own common stock.
e.	Cash dividends paid on February 28 of next year to common shareholders. (Assume Grayson elects a throwback dividend.)

	PHC Tax	Accumulated Earnings Tax
a.
b.
c.
d.
e.