McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick

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{ research } On October 3, 2006, the Board of Directors of Saks, Inc. declared a "special cash dividend" of $4 per share payable on November 30, 2006 to shareholders of record as of November 15, 2006. Determine the tax status of this distribution to the shareholders using the company's website (http://www.saksincorporated.com/).