$(4$ points$)$ For the scenario below, determine the amount of tax that the shareholder receiving the dividend income must pay on the dividend they receive. All entities below are C corporations. Assume all types of taxable income for a C corporation are taxed at a $21\%$ tax rate.

Bogart Initiatives $($a corporate taxpayer$)$ owns $85$ percent of Strauss & Co$.($also a corporate taxpayer$).$ In Year $1,$ Strauss & Co$.$ distributes $$2\mathrm{.}3$ million cash dividends to all its shareholders in proportion to their ownership percentages.

I. None of the answers given here.

II$.$ $$0$ of tax on the dividend

III. $$143,693$ of tax on the dividend

IV$.$ $$205,275$ of tax on the dividend