§ 103.15. Dividends.

 (a)  Dividends shall be any distribution in cash or property made by a corporation, association or business trust from the following sources:

   (1)  Accumulated earnings and profits.

   (2)  Earnings and profits of the year in which such dividend is paid.

 (b)  Dividends shall not include a distribution of the stock of a corporation made by the corporation originally issuing such stock to its own stockholders if such distribution is not treated as personal income for Federal individual income tax purposes.

Source

   The provisions of this §  103.15 amended May 22, 1981, effective May 23, 1981, 11 Pa.B. 1808. Immediately preceding text appears at serial page (36022).

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