If the US Government Completely Eliminated Taxation at the Corporate Level

If the U.S. government completely eliminated taxation at the corporate level:

A) We would expect to no change in the capital structure since it is independent of the tax rate.
B) We would expect to see lower debt levels since debt would no longer enjoy a tax advantage.
C) We would expect to see higher debt levels since debt would become cheaper relative to equity.
D) We would expect to see higher percentages of preferred stock since it enjoys a tax advantage over debt.