Why might the requirement to pay taxes on the personal investment gains in the firm be a good argument for the firm to avoid paying dividends?

		Because dividends are a tax deductible expense for all income producing firms
		Because in most cases, shareholders will pay more in tax from dividends then they would pay by creating dividends on their own
		Because the tax rate on the payment of dividends, in most cases, is less than the tax rate on capital gains
		Because firms can time the dividend such that shareholders can escape paying dividend paxes