The following statements involve the tax implications of dividends and share repurchases. Which statement$($s$)$ is$/$are true?

$1)$ The tax rate that applies to dividends always exceeds the tax rate that applies to capital gains resulting from a share repurchase

$2)$ Dividends reduce the ability of shareholders to strategically time their receipt of investment income for taxation purposes

$3)$ Investors who participate in a share repurchase program are not taxed on the full amount of the sale proceeds

Group of answer choices

$1$ only

$1,2,$ & $3$

$1$ & $2$ only

$3$ only

None of the above

$2$ & $3$ only

$2$ only

$1$ & $3$ only