Answer the following question twice once assuming current tax law and once ass

Answer the following question twice once assuming current tax law and once assuming zero tax on capital gains.

Suppose all investments offered the same expected return before tax. Consider two equally risky shares Hi and Lo. Hi shares pay a generous dividend and
offer low expected capital gains. Lo shares pay low dividends and offer high expected capital gains. Which of the following investors would prefer the Lo
shares? Which would prefer the Hi shares? Which should not care? (Assume that any stock purchased will be sold after one year.)

a. A pension fund.

b. An individual.

c. A corporation.

d. A charitable endowment.

e. A security dealer.