Why sell on the as of date?
I had it wrong somewhat. Sorry splits dont happen a whole lot. Here is the exact wording from the AAPL site:
How does a 4-for-1 stock split actually work?
A 4-for-1 split means that three additional shares of stock are issued for each share in existence on the Record Date of August 24, 2020.
Here’s an example: Let’s assume that as of the Record Date (August 24, 2020) an investor owns 100 shares of Apple common stock and that the market price of Apple stock is $400 per share, so that the investment in Apple is worth $40,000. Let’s also assume that Apple’s stock price doesn’t move up or down between the Record Date and the time the split actually takes place. Immediately after the split, the investor would own 400 shares of Apple stock, but the market price would be $100 per share instead of $400 per share. The investor’s total investment value in Apple would remain the same at $40,000 until the stock price moves up or down.
What happens if I buy or sell shares on or after the Record Date and before the Ex Date?
If you
sell shares on or after the Record Date (August 24, 2020) but before the Ex Date (August 31, 2020) you will be selling them at the pre-split price. At the time of the sale, you will surrender your pre-split shares and will no longer be entitled to the split shares. Following the split, the new owner of the shares will be entitled to the additional shares resulting from the stock split.
If you
buy shares on or after the Record Date but before the Ex Date, you will purchase the shares at the pre-split price and will receive (or your brokerage account will be credited with) the shares purchased. Following the split, you will receive (or your brokerage account will be credited with) the additional shares resulting from the stock split.
Are there any U.S. federal income tax consequences as a result of the stock split?
There will be no taxable income as a result of the stock split for U.S. federal income tax purposes. The tax basis of each share owned after the stock split will be 1/4th the amount it was before the split. For example, if you owned 100 shares before the split with a tax basis of $40 per share, after the split you would own 400 shares of stock with a tax basis of $10 per share. Foreign investors should consult their local tax advisors. Although this tax information is provided for your assistance, we are not providing personal tax advice. You should consult your personal tax advisor regarding the tax consequences of any transaction you undertake with these shares.
How will I receive the split shares?
If you hold shares in a brokerage account, the additional shares to reflect the split will be deposited into your account in the days following the Split Date (August 28, 2020). Contact your broker if you have any questions regarding timing. If you have a share certificate or hold your shares directly with Apple’s transfer agent, Computershare Trust Company, N.A., the post-split shares will be deposited in a book-entry position and Computershare will mail you a statement indicating the number of shares that you own following the split. We will not be issuing new share certificates. If you have a physical stock certificate, there is no need to return it. You will be credited the split number of shares in a book-entry position.
investor.apple.com