Which of the Following Statements Is Not True

Which of the following statements is not true?

A) Dividend payments but not capital gains are costs to the firm.
B) Stockholder's expected return equals the firm's cost of equity.
C) Payments to current stockholders are the implicit cost of the infusion of new equity capital.
D) The security market line provides information as to the cost of equity for a firm.
E) The return that the investor in a security receives is the cost of that security to the company that issued the security.