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XYZ Corporation had 1,000 shares of common stock outstanding which were issued for $25 per share. The owners of half of these shares are given

XYZ Corporation had 1,000 shares of common stock outstanding which were issued for $25 per share. The owners of half of these shares are given a stock dividend of one share of preferred stock for every 20 shares of common stock held (a total of 25 shares). Owners of the other half are given one share of common stock for every 4 shares of common stock held (a total of 125 shares). The fair market value of the preferred stock was $75 per share. The fair value of the common stock was $15 per share. With respect to this dividend, what is the combined total that all shareholders include in gross income for tax purposes

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