United States Board of Tax Appeals July 20, 1938, Docket No. 91217. (Sanford Corp. v. Commissioner)

lead-opinion

*140OPINION.

Murdock :

The petitioner contends that this dividend was constructively paid on November 29,1935, since it was then unqualifiedly subject to the demands of Mock, although it concedes that a corporation on a cash basis ordinarily may not be said to have paid a dividend by merely declaring it and crediting it on its books to the stockholder’s account.