Which of the following isnota reason for investors to prefer capital gains as opposed to dividends?

a. Capital gains are just as certain as dividends.

b. Taxes on capital gains are not paid until the stock is sold.

c. If a stock is held by someone until he or she dies, there is no capital gains tax due on the date of death.

d. The Tax Code encourages investors to prefer capital gains, which for single taxpayers earning less than $400,000 and married taxpayers filing jointly earning less than $450,000 are taxed in 2013 at a maximum rate of 15%.