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

million in 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

1.3%

interest over the next year. They would then distribute the

$50

million plus interest earned as a special dividend. If KOA pays a

36%

corporate tax rate, would you prefer they pay the

$50

million as a special dividend now or wait a year?