United States Board of Tax Appeals April 16, 1935, Docket No. 72949 (Herbert v. Commissioner)

*374OPINION.

Arundell :

It is petitioner’s view that he could not have constructively received the dividend declared on December 9, 1930, prior to the time that he could have legally demanded its payment which was on January 10, 1931. He reasons that it takes more than a book credit by a debtor corporation to the creditor’s account on its books to make him the recipient of taxable income.