Miller and Scholes show that under certain conditions the Federal Income tax taxes dividend income at a rate no higher than the rate on capital gains. Tabulations of actual 1977 tax returns show that the special circumstances under which this can occur apply to less than 3% of dividend income and no significant role can be ascribed to their result in the determination of corporate dividend policy.
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Does the Investment Interest Limitation Explain the Existence of Dividends?
1982, National Bureau of Economic Research
electronic resource
in English
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February 1982.
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Hardcopy version available to institutional subscribers.
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