Sprint Nextel Corp. affiliate iPCS Inc. reported that its board of directors has declared an $11 per share cash dividend payable to all holders of common stock as of May 8.
The company said it expects the dividend to be treated as a tax-free return of capital to the extent of each stockholder’s tax basis in the company’s common stock with any excess treated as a gain from the sale of stock.
iPCS’ stock was trading up more than 2 percent early Friday at $50.36 per share.
iPCS declares $11 per share dividend
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