Which One of the Following Is an Argument in Favor

Which one of the following is an argument in favor of a low dividend policy?

A) The tax on capital gains is deferred until the gain is realized.
B) Few,if any,positive net present value projects are available to the firm.
C) A preponderance of shareholders have minimal taxable income.
D) A majority of shareholders have other investment opportunities that offer higher rewards with similar risk characteristics.
E) Corporate tax rates exceed personal tax rates.