Business, 01.10.2019 00:00 caguil00

Darryl, a cash basis taxpayer, gave 1,000 shares of copper company common stock to his daughter on september 29, 2011. copper company is a publicly held company that has declared a $1.00 per share dividend on september 30 every year for the last 20 years. just as darryl had expected, copper company declared a $1.00 per share dividend on september 30th, payable on october 15th, to stockholders of record as of october 10. the daughter received the $1,000 dividend on october 18, 2011. how does this information impact who must recognize the dividend as income?

darryl must recognize the $1,000 dividend as his income because he knew the dividend would be paid.

darryl must recognize $750 of the dividend because he owned the stock for three fourths of the year.

darryl must recognize the income of $1,000 because he constructively received the $1,000.

the daughter must recognize the income because she owned the stock when the dividend was declared and she received the $1,000.

none of the above

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Darryl, a cash basis taxpayer, gave 1,000 shares of copper company common stock to his daughter on s...

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