Assuming current tax rates $($ Corp.tax$21\%,$ Individual $37\%,$Dividends and Capital gain $20\%),$ identify the following as either true or false.$$ Explain each answer.

a$.$ The annualized after$-$tax rate of return to investing in the corporate form increases with the length of the investors holding period $($ assume no dividends $).$

b$.$ The annualized after$-$tax rate of return to investing in the partnership form increases with the length of the partners holding period

c$.$ If a corporation paid out its entire after$-$tax profits as dividends each year, shareholders would realize a lower after tax rate of return than if the corporation retained the after tax profits

d$.$ Because the corporate rate is lower than the individual rate, the corporate form is preferred to the partnership form

e$.$ Because corporate income is subject to two levels of tax, the partnership form is always preferred to the corporate form