Required information Problem 5.41 (LO 5.1) (Static) [The following information applies to the questions 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 dividend's in gross income under the following independent circumstances. Problem 5.41 Part b (Static) b. Ellis bought 100 shares of XYZ stock on August 1 for $21 per share. Ellis sold his XYZ shares on September 5 for $23 per share. Ellis received the $100 dividend on September 10 (note that even though Elis didn't own the stock on September 10 , he still received the dividend because he was the shareholder on the record date)