1. _____ Which of the following should NOT influence a firms dividend policy?
   1. A strong preference by most shareholders for current cash income versus capital gains.
   2. Constraints on dividends imposed by the firms bond indenture.
   3. The fact that Congress is considering changes in the tax law regarding the taxation of dividends versus capital gains.
   4. The fact that the firm has considerably higher earnings this year due to a nonrecurring investment profit.