Which of the following statements about the Miller model of capital structure is false?

A	The Miller model adds personal taxes to the MM with taxes model.

B	The results of the Miller model depend on the relationship between the corporate tax rate on ordinary income and the corporate tax rate on investment income.

C	In general, the Miller model shows a smaller gain from leverage than the MM with taxes model.

D	The Miller model was developed later than the two MM models.

E	The Miller model uses the same set of assumptions as the MM model with taxes with one exception.