In option B neither the Corporation nor the investor has to pay taxes on the $.38 increase in share value.  Focusing on the latter, no money has been "constructively received" by the shareholder thus there is no tax event.

In your example, the $.38 can be viewed, by the investor, as the monetarized value of a tax-free compounding rate which increases the Internal Rate of Return of the investment.  (Does that make any sense?)

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre