Required Information [The following information applies to the questlons displayed below.] XYZ declared a \$1...
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Accounting
Required Information [The following information applies to the questlons displayed below.] XYZ declared a \$1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine If he must include the dividends in gross income under the following independent circumstances. a. Ellis bought 160 shares of XYZ stock on August 1 for $33 per share. Ellis received a $160 dividend on September 10 . Ellis still owns the shares at year-end
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