Which One of These Statements Is True

Which one of these statements is true?

A) Managers tend to benefit more from decreasing a firm's size rather than increasing its size.
B) Dividend payout policies are always set according to the best interest of the shareholders.
C) Acquisitions are generally believed to be an excellent alternative to dividends.
D) The IRS code discourages the accumulation of surplus cash thereby encouraging dividends.
E) Current tax law favors dividends over repurchases from the stockholders' point of view.