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Which one of these statements is true?
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Transaction and issue costs have no effect on dividend policy.
If the shareholders of an acquired company receive shares in the acquirer rather than cash, they avoid paying taxes.
Stock dividends provide shares that can be used for the exercise of shares under an employee stock option plan.
Individual investors desiring current income need to invest solely in high-dividend stocks.
In the United States, stock sales have exceeded stock repurchases every year since 2008.
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