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Which of the following statements does not correctly describe the tax issues related to inter-corporate...

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Accounting

Which of the following statements does not correctly describe the tax issues related to inter-corporate dividends? Multiple Choice Corporations are connected when there is inter-corporate ownership representing more than 10% of both the votes and value. Dividends received from non-connected corporations are subject to a refundable Part IV tax of 38 1/3%. Part IV taxes are fully refundable when taxable dividends are paid to shareholders. Dividends received from connected corporations are subject to a refundable Part IV tax of 38 1/3%

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