If the marginal tax rate on capital gains is less than the marginal tax rate on dividends, a tax conscious investor will?

A.) prefer capital gains to dividends since realized capital gains can be deferred indefinitely

B.) prefer a low dividend payout because the taxes on dividends can be deferred

C.) prefer a high dividend payout if they do not have a need for current income

D.) prefer a high dividend payout since dividends are considered ordoinary income but capital

E.) search for firms that frequently pay higher dividends as opposed to using stock buybacks