Which one of the following statements is correct concerning the taxation of dividends and capital gains?

	a.	A reduction in the tax rate on dividends will cause investors to prefer a lower dividend payout, all else constant.
	b.	The tax law passed in 2003 lowered the dividend tax rate to 15 percent.
	c.	Historically in the U.S., 70 percent of all capital gains have been tax exempt.
	d.	Capital gains are a tax-deductible expense for issuing corporations.
	e.	It is easier for investors to defer personal taxes on dividends than on capital gains, assuming that both are subject to taxation.