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Which of the following is correct concerning mutual funds? I. Mutual funds pay taxes directly to the IRS each April, just like individuals do. II.

Which of the following is correct concerning mutual funds? I. Mutual funds pay taxes directly to the IRS each April, just like individuals do. II. Mutual funds with high turnover ratios tend to be the most tax efficient mutual funds.

A. I only
B. II only
C. Both I and II
D. Neither I nor II

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