which of the following characteristics is true?

I. purchasing shares of stock grants the buyer a proportional ownership interest in the firm

II$.$ payments to debtholders, i$.$e$,$ interest payments are tax deductible to the firm

III. payments to shareholders, i$.$e$,$ dividend payments, are not tax deductible to the firm

IV$.$ generally, bandholders recieve low risk, constant, and known annual interest payments and principal,

V$.$ excessive levels of debt can lead to financial distress or even banruptcy