Sanford Corporation v. Commissioner of Internal Rev.

CLARK, Circuit Judge.

The cáse at bar -is summed up in the language-of (he-Prentice, Hall Service as follows:1. “4831-A. Dividend .of. personal holding company held not paid within taxable year. — A personal holding corporation on a cash basis declared a dividend one day prior to the .close of its. fiscal, year. Its sole stockholder, who. alone had authority to pay out funds, was in a distant state and'was not informed of the dividend until after thé close of the fiscal year. He then wrote and cashed a check for the dividend. Held, thé corporation did not pay the dividend within its taxable…