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The corporation will benefit from a charitable deduction against its income for the year from taxes reduced to one fourth of the capital gain, and the shareholder will receive the difference in the form of non-taxable dividends.
Effective for distributions on or after January 1, 2003, with respect to corporate earnings after 2000, public and private corporations would be permitted to distribute non-taxable dividends to their shareholders to the extent those dividends are paid out of income previously taxed at the corporate level.