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When shareholders receive fully-franked dividends, they a. do not have to pay personal income tax. b. are entitled to receive tax refunds. c. avoid double

When shareholders receive fully-franked dividends, they

a.

do not have to pay personal income tax.

b.

are entitled to receive tax refunds.

c.

avoid double dipping.

d.

pay less personal income tax than the tax that the firm has paid.

e.

None of the above.

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