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Financial Strategy and Tax Planning

Опубликовано на портале: 21-10-2003
Факультет: Kelogg School of Management
Кафедра: Finance Department
Год: Winter 2002
Язык: Английский
Тематические разделы: Менеджмент, Финансовый менеджмент, Бухгалтерский учет и аудит, Бухгалтерский учет и аудит: Налоговое планирование

Taxes play an important role in both business and personal decisions, but the tax code is extremely complex. Most finance courses mention taxes, but the discussion if often and necessarily brief. This course wil not teach you the tax code. Instead this course is intended to fil the gap between an MBA wel trained in finance but unfamiliarwithtaxesand the tax experts that youwil relyonin your career (tax lawyers).This course wil teach you the structure of tax codes (present, past, and future - U.S. and non-U.S.). I wil show you how taxes influence the finance decisions you wil be expected to make (investment, capital budgeting, capital structure). You should view this class as an advanced corporate finance course. I wil teach you the basic sources of gains from tax planning and then ilustrate the general principals with a number of examples and a few cases. Although there are myriad techniques used in practice, there are just a few basic ideas underlying al tax-planning strategies.

1. Sources of Tax Savings and Capital Gains Taxation
- Purpose of the Course
- Purpose of the Tax System
- Mechanics of the Tax Code
2. Investment Vehicles and Tax Rates
- Different Structures for Holding Assets: When, Who, and How Maters
- Statutory and Effective Tax Rates
- Mutual Fund Taxation
3. Municipal Bond Market
- Description of the Market
- Implicit versus Explicit Taxes
- Implied Marginal Tax Rates
4. Organizational Form and Corporate Taxation
- Taxation of Different Organizational Forms
- Real Estate Investment Trusts
- Dividend Taxation
- Integration of the Corporate Tax
5. Investment Incentives and Taxes
- Depreciation
- Investment Tax Incentives
- Taxing Old versus New Capital
- Leasing
6. Taxing Business Transactions: Mergers, Acquisitions, and Divestitures
- Taxable Mergers
- Tax Free Mergers
- Divestitures
7. International Taxation
- Mechanics of International Tax
- Repatriation Strategy.
8. Financial Innovation and Security Design
- Financial Innovation: Theory
- Security Design: Tax Motivations and Examples
- Treasury Department vs. Wal Street

Scholes, Wolfson, Erickson, Maydew, and Shevlin Taxes and Business Strategy, 2002, Prentice-Hal, Inc.
Brealey and Myers Principals of Corporate Finance, 2000 (or earlier edition)

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См. также:
Franco Modigliani, Merton H. Miller
American Economic Review. 1958.  Vol. 48. No. 3. P. 261-297. 
Sigurt Vitols
Corporate Governance: An International Review. 2005.  Vol. 13. No. 3. P. 386 - 396. 
David Yermack
Journal of Financial Economics. 2003.  Vol. 40. No. 2. P. 185-211. 
Michael J. Barclay, Neil D. Pearson, Michael Steven Weisbach
Journal of Financial Economics. 1998.  Vol. 49. No. 1. P. 3-43. 
Michael J. Barclay, Clifford W. Smith
Journal of Finance. 1995.  Vol. 50. No. 2. P. 609-631.