Which of the Following Statements Is INCORRECT

Which of the following statements is INCORRECT?

A) Stock repurchases can be used by a firm as part of a plan to change its capital structure.
B) After a 3-for-1 stock split, a company's price per share should fall, but the number of shares outstanding will rise.
C) Investors can interpret a stock repurchase program as a signal that the firm's managers believe the stock is undervalued.
D) Stockholders pay no income tax on dividends if the dividends are used to purchase stock through a dividend reinvestment plan.