Is it possible for a distribution to constitute a lawful dividend for state law purposes, yet not

Question:

Is it possible for a to constitute a lawful for state law purposes, yet not qualify as a under section 316(a)?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...