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How are dividends paid from the earnings of the operating company to a holding company treated? 1. grossed-up but subject to the dividend tax credit

How are dividends paid from the earnings of the operating company to a holding company treated? 1. grossed-up but subject to the dividend tax credit in the holding company 2. taxed as investment income in the holding company 3. subject to Part IV tax in the holding company 4. tax-free income of the holding company

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