Identify which of the following statements is true.

The full 80% dividends-received deduction is available without restriction.

If a corporation receives dividends eligible for the 80% dividends-received deduction and the 70% dividends-received deduction, the 70% dividends-received deduction reduces taxable income prior to the 80% deduction.

The dividends-received deduction is designed to reduce double taxation of corporate dividends.

All of the above are false.