A consent dividend may be made by a corporation described in this paragraph to any person who owns consent stock on the last day of the taxable year of such corporation and who agrees to treat the hypothetical distribution as an actual dividend, subject to the limitations in section 565, § 1.565-2 , and paragraph (c)(2) of this section, by filing a consent at the time and in the manner specified in paragraph (b) of this section.
26 C.F.R. §1.565-1