Exercise 4-1 (Lo. 3) Champ received a $10,000 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and profits for the year totaled $6,000 If an amount is zero enter "O". How much dividend income does Champ recognize? 6,000 What Federal income tax rate applies to the dividend if Champ's ordinary income is subject to a 15% tax rate? A 33% rate? Ordinary Income Tax Rate 15% tax rate 33% tax rate Dividend Tax Rate