Which of the following statements is true about the participation exemption and Subpart F income?

$($a$)$ The participation exemption applies to both actual dividends and deemed repatriations under Subpart F

$($b$)$ Subpart F income is eligible for the participation exemption

$($c$)$ The participation exemption only applies to actual dividends, not Subpart F inclusions

$($d$)$ Subpart F was repealed and replaced by the participation exemption