Business: Bank of America Corp., formerly Merrill Lynch & Co., Inc., Depositary Shares representing a 1/1200th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series 1, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 11/28/2009 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity.<p> Non-cumulative floating rate distributions are paid quarterly on 2/28, 5/28, 8/28 & 11/28 to holders of record on the date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The floating rate will be equal to the three-month U.S. dollar LIBOR plus 0.75% but will not be less than 3.00% per annum. <p> Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. <p> In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.