Suppose you own a share of stock XYZ, Inc. XYZ is planning to pay out a dividend of $2 per share. However, because dividend income is taxed at a higher rate than capital gains, youd rather not receive dividends and realize capital gains/loss as soon as you can. When would be the best time for you to sell the stock from the choices below?

Before the record date.

On the declaration date.

On the ex-dividend date.

After the ex-dividend date.