$48.$ The difference between ordinary and cumulative preferred stock is:

a$)$ The investor pays tax on ordinary preferred dividends but not on cumulative

b$)$ The dividend yield on cumulative is higher

c$)$ Cumulative preferred shares are considered debt; ordinary are considered equity

d$)$ Dividends on ordinary are paid before dividends on common shares; dividends on cumulative are paid after dividends on common

e$)$ None of the above