Treasury Stock or Treasury Shares Are Shares a Firm Has

Treasury stock or treasury shares are shares a firm has previously issued and later reacquired. Which of the following is/are not true?

A) Some firms believe that their own shares provide a good investment.
B) Evidence supports the notion that share prices often increase after a firm announces a share repurchase program.
C) Rather than pay dividends to all shareholders, many of whom will owe personal income taxes on the entire dividend amount, the firm can buy back shares from those who wish to receive cash.
D) Some shareholders will have lower tax rates on receipts from sales of shares than on dividend receipts.
E) Share repurchases use up available cash and thereby increase the attractiveness of the company to outsiders who believe that the stock buy back makes the company an attractive target.