The following statements involve the tax implications of dividends and share repurchases. Which statement(s) is/are true? 1) It is generally not advisable for a firm to issue new equity to finance the payment of a dividend 2) Investors who participate in a share repurchase program are only taxed on the capital gain. resulting from the stock sale 3) Dividends reduce the ability of shareholders to strategically time the taxation of their investment cash flows 2 only 1 only None of the above 1,2,&3 1&3 only 2\& 3 only 1&2 only 3 only