Which of the Following Is True About the Dividend Relevance

Which of the following is true about the dividend relevance theory?

A) If investors prefer capital gain on their investment, then the tax effect of dividend receipts does not have any effect on the price of stocks.
B) If investors prefer current income on their investment, then the tax effect of dividend receipts does not have any effect on the price of stocks.
C) If investors prefer current income on their investment, the required return on equity should decrease as the dividend payout is increased.
D) If investors prefer capital gain on their investment, free cash flows to equity should decrease.
E) If investors prefer both capital gain and current income, the net income of the firm should decrease.