The following statements about the dividends received deduction are true, except:

a. The stock on which dividends are received must be held for at least 46 days.

b. The deduction is not available if the long position is offset by a similar short position.

c. The deduction is limited to a percentage of taxable income prior to charitable contribution, net operating loss, and capital loss deductions.

d. Even ifa consolidated return is not filed, a 100 percent dividends-received deduction is available for payments between members of the same affiliated group.