Which of the following statements is false regarding the taxation of dividends and share repurchases?

Group of answer choices

(a) In a classical tax system, dividends are taxed twice.

(b) In Australia, investors get reimbursed the company tax paid on dividends in the form of franking credits.

(c) In Australia, an investment horizon of more than 12 months leads to a capital gains tax of 50% the personal tax rate.

(d) In Australia, the effective tax rate for dividends can be higher than the personal tax rate.

(e) In Australia, the after-tax proceeds from participating in an off-market buyback can be higher than the after-tax proceeds from selling on market, especially for investors with a lower personal tax rate.