If Both Dividends and Capital Gains Are Currently Taxed at the Same

If both dividends and capital gains are currently taxed at the same ordinary income tax rate, the effect of the tax is different because:

A) capital gains are actually taxed, while dividends are taxed on paper only.
B) dividends are actually taxed, while capital gains are taxed on paper only.
C) dividends are taxable when distributed while capital gains are deferred until the stock is sold.
D) capital gains are taxable when distributed while dividends are deferred until the stock is sold.