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What is the source of MD prescriptive authority?

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Which of the following statements is false regarding qualified dividends?a)In order to qualify for the lower qualified dividends rates, the stock owner must have held the stock more than 60 days during the 121 day period which begins 60 days before the ex-dividend date.b)For individual taxpayers, qualified dividends are subject to a minimum 0% tax rate and a maximum 20% tax rate.c)In order for foreign corporation dividends to be considered qualified dividends, the foreign corporation must be traded on a U.S. stock exchange.d)Corporations treat dividends as ordinary income and may be able to claim a dividends received deduction.

Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam's tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000.a. What amount of income gain or loss does Sam realize on the formation of the corporation? What amount, if any, does he recognize?b. What is Sam's tax basis in the stock he receives in return for his contribution of property to the corporation?c. What amount of income, gain, or loss does Devon realize on the formation of the corporation? What amount, if any, does he recognize?d. What is Devon's tax basis in the stock he receives in return for his contribution of services to the corporation?*Assume Devon received 25 percent of the stock in the corporation in return for his services. (e-h)e. What amount of gain or loss does Sam recognize on the formation of the corporation?f. What is Sam's tax basis in the stock he receives in return for his contribution of property to the corporation?g. What amount of income, gain, or loss does Devon recognize on the formation of the corporation?h. What is Devon's tax basis in the stock he receives in return for his contribution of services to the corporation?

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