One of the following choices does not apply to preferred stock. Which one?

a$.$ Normally, the owners of preferred stock do not participate in the profits of the firm beyond the stated fixed annual dividend.

b$.$ Preferred stock usually does not allow for significant voting rights.

c$.$ If the firm does not have sufficient earnings to pay the preferred stock dividends, the preferred shareholders may force the firm into bankruptcy.

d$.$ Payment of preferred dividends is not a tax$-$deductible expense.

e$.$ All of these are correct.