Tax reduction may be a powerful incentive for some acquistions. This reduction can come from all of the following EXCEPT \begin{tabular}{|l|l} \hline a & use of tax losses \\ \hline b & use of unused debt capacity \\ c & use of surplus funds \\ \hline d & increased debt capacity \\ \hline e & all of the above are considered tax gains \\ \hline \end{tabular}