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Which one of the following factors favors a high dividend payout? a. high brokerage and transaction costs on sales of securities by individuals b. higher

Which one of the following factors favors a high dividend payout?

a. high brokerage and transaction costs on sales of securities by individuals

b. higher taxes on dividends than on capital gains

c. tax deferment on capital gains, but not on dividend income

d. restrictions on dividend payments contained in a bond indenture

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