Which of the following statements does NOT correctly describe the tax issues related to inter-corporate dividends? Corporations are connected when there is inter-corporate ownership representing more than 10% of both votes & value Dividends received from non-connected corporations are subject to a refundable Part IV tax of 38 1/3% Dividends received from connected corporations are subject to a refundable Part IV tax of 38 1/3% Part IV taxes are fully refundable when taxable dividends are paid to sharehdigers