Tax Free Dividens for the Holding Compay, then yes...

http://en.m.wikipedia.org/wiki/Holding_company

say AMBS Holdings owns 80% of AMBS Diagnostics...I believe that it still works that way even if the other 20% is owned by say a company like JnJ...

And say

AMBS Holdings also owns 80% of AMBS Therapeutics And say AMBS Theraputics spins off AMBS Theraputics MANF - RP Comp, AMBS Therapeutics MANF - diabetic comp

http://beginnersinvest.about.com/od/beginners...ompany.htm

But Tax free for you and I, nope....