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 the economic income and the amount he must include in gross income under the following independent circumstances.

a. Ellis bought 180 shares of XYZ stock on August 1 for $37 per share. Ellis received a $180 dividend on September 10. Ellis still owns the shares at year-end.

b. Ellis bought 180 shares of XYZ stock on August 1 for $37 per share. Ellis sold his XYZ shares on September 5 for $39 per share. Ellis received the $180 dividend on September 10 (note that even though Ellis didnt own the stock on September 10, he still received the dividend because he was the shareholder on the record date).

c. Ellis bought 180 shares of XYZ stock for $38 per share on August 20. Ellis received the $180 dividend on September 10. Ellis still owns the shares at year-end.

Economic Income____________

Amount included in Gross Income___________