Jack and Joan Mitchell, married taxpayers and residents of a separate property state, elect to file a joint return for 2007 during which they received the following dividends:
|
Received by |
||
|
Jack |
Joan |
|
|
Alert Corporation (a qualified, domestic corporation) |
$400 |
$ 50 |
|
Canadian Mines, Inc. (a Canadian company) |
300 |
|
|
Eternal Life Mutual Insurance Company (dividends on life insurance policy) |
200 |
|
Total dividends received to date on the life insurance policy do not exceed cumulative premiums paid. For 2007, what amount should the Mitchells report on their joint return as dividend income?
- $550
- $600
- $750
- $800