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Excerpt from Note on Taxes, Corporate Financial Policy and the Cost of Capital to the Firm Accordingly, an attempt will be made here to accomplish two fairly limited objections: first, the effect on investment value of different tax structures will be used pedgogically to illustrate the basic under lying theses propounded by Modigliani and Miller; and second, an attempt will be made simultaneously to broaden this structure to one that more nearly approximates the combination of corporate, personal income and capital gains taxes encountered in the U. S.otoday. The paper, accordingly, proceeds by developing a series of increas ingly complex tax structures, and examining their impact on a hypothetical corporation's Optimal debt and dividend policies. Case 1 discusses the no-tax world laid out in [1] by Modigliani and Miller. Case 2 examines the impact on these policies of corporate income taxes alone; essentially the argument presented by mam in Case 3 considers the impact on ra tional debt and dividend decisions of differential personal income and capital gains taxes; considered partially by msm.in And Case h inte grates the preceeding material into a more complex world containing simul taneously corporate, personal income and capital gains taxes. A summary completes the exposition. As always, rational behavior by both corporate and private investors. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Excerpt from On the Interaction of Corporate Financing and Investment Decisions and the Weighted Average Cost of Capital Everyone seems to agree that there are significant interactions between corporate financing and investment decisions. The most important argument to the contrary embodied in Modigliani and Miller's (mm's) famous Proposition I specifically assumes the absence of corporate income taxes; but their argument implies an interaction when such taxes are recognized. Interactions may also stem from transaction costs or other market imperfections. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The paper advances expressions for the firm's valuation and cost of capital as a function of leverage. The framework is arrived at by introducing leverage in Dempsey's (1996, 1998) cost of capital framework and is applicable in the context of both classical and imputation tax systems. The framework reveals that both the historical stability of corporate leverage and the firm's choice of financing structure as revealed by the Pecking Order hypothesis are consistent with a tax-based explanation.
Excerpt from Federal Income Tax Aspects of Corporate Financial Structures: Scheduled for Hearings Before the Senate Committee on Finance on January 24-26, 1989, and the House Committee on Ways and Means on January 31 and February 1-2, 1989 The Senate Committee on Finance has scheduled hearings on recent trends in corporate financial restructurings and increasing corporate debt, and the relationship of these trends to the tax law. The Finance Committee hearings are scheduled for January 24-26, 1989. The House Committee on Ways and Means has scheduled hear ings on tax policy aspects of corporate mergers, acquisitions, lever aged buyouts, and recent increases in corporate debt. The Ways and Means Committee hearings are scheduled for January 31 and February 1-2, 1989. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...The test which Congress did provide in Section 240 as a basis for consolidation was the ownership or control of substantially all the stock. The statute itself makes no distinction as to the class or amount of stock. The regulations, having in mind the history and development of consolidated returns, refer to the ownership or control of over 95 per cent of the outstanding voting stock as being sufficient for the requirement of a consolidated return. Elsewhere (Article 631) the regulations emphasize the fact that the single business enterprise, even though operated through more than one corporation, is the basis of the requirement of a consolidated return. The rulings, as established by the Bureau of Internal Revenue for 1917 and 1918, are practically the same with the exception that in 1917 public service corporations, operated independently and not physically connected or merged, were not required to file consolidated returns. A public utility corporation, however, owned by an industrial corporation and operated by the latter as a plant facility was required to be included in the consolidated excess profits tax return of the industrial corporation. Corporations in dissimilar lines of business could also be excluded from consolidations, whereas the practice has been to include partnerships and corporations in a consolidation with the privilege of a $6,000 exemption. Whenever individuals had their affairs closely interwoven with those of a corporation, substantially all of whose capital stock they owned, it has been the practice to require consolidated returns for 1917. Due to a recent decision of the Committee on Appeals and Review, however, this practice has changed so that at the present time partnerships and individuals are excluded...