You manage a (tax-free) pension fund that is invested in KOA Corporation. KOA’s managers have just announced that they unexpectedly generated an extra $50 millionin cash flow this year. They are considering paying it out now as a special dividend or investing it in one-year Treasury securities that will earn 1% interest over the next year. They would then distribute the $50 million plus interest earned as a special dividend. If KOA pays a 25% corporate tax rate, would you prefer they pay the $50 million as a special dividend now or wait a year?