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Corrections Corporation of America Message Board

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  • newMK newMK Nov 11, 1999 8:44 AM Flag

    PZN : quarterly

    Trust me, the IRS doesn't care what you call
    something, if they want to call it something
    different.

    PZN's declarations of which dividend is which is
    basicially irrelevant. The Internal Revenue Code (not the
    IRS) has specifice rules governing the
    characterization of distributions to stockholders, including the
    ordering of the payments. In most cases that I'm aware of,
    dividends are treated as coming out of current earnings
    first, then accumulated earnings, then a return of
    capital.
    I guess the REIT rules switch it around. That in
    itself isn't a big deal, but I'm surprised that PZN
    didn't know the rules. Actually, the ordering rules
    wouldn't have mattered, I guess, had all the dividends
    been paid out during 1999. The real message is that
    they have decided NOT to pay everything during this
    calendar year, and now ordering has some significance. I'm
    just a little curious how the debt agreement is
    affected by all this.

 
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