Steve owns 3,000 shares of NOP, Inc. stock, which he purchased six years ago at a price of $22 a share. Today, these shares are selling for $68 each. Assume the current tax laws are such that Steve is subject to a tax rate of 25 percent on both his dividend income and his capital gains. From Steve's point of view, a stock repurchase today: (Ignore costs)

a.	is equivalent to a cash dividend in all respects.
b.	will result in the same tax liability as an equivalent cash dividend.
c.	is more desirable than a cash dividend in respect to taxes.
d.	is more highly taxed than a cash dividend.
e.	is totally unacceptable to him.