Which of the following statements is FALSE?

A$.$ In general, the gain to investors from the tax deductibility of interest payments is referred to as the interest tax shield.

B$.$ The interest tax shield is the additional amount that a firm would have paid in taxes if it did not have leverage.

C$.$ Because corporations pay taxes on their profits after interest payments are deducted, interest expenses reduce the amount of corporate tax firms must pay.

D$.$ The total value of the unlevered firm exceeds the value of levered firm due to the present value of the tax savings from debt.