NDLI: Typifying consideration of shareholder’s personal income taxes at a squeeze-out

Content Provider	Springer Nature Link
Author	Heintzen, Markus Kruschwitz, Lutz Löffler, Andreas Maiterth, Ralf
Copyright Year	2008
Abstract	Die Bewertung eines Unternehmens verlangt eine Berücksichtigung der individuellen Besteuerung der Anteilseigner. Bei squeeze-outs, in denen die Anteilseigner einer unterschiedlichen Steuerbelastung unterliegen, würde diese Berücksichtigung zu individuell unterschiedlichen Kompensationszahlungen führen — was das deutsche Aktienrecht nicht zulässt. In dieser Arbeit diskutieren wir, wie dieses Problem angemessen gelöst werden kann. Dazu bestimmen wir die durchschnittlichen Grenzsteuersätze, die sich aus Daten der Einkommensteuerstatistik 1998 ergeben. Die vom IDW vorgeschlagene Typisierung auf 35% lässt sich mit der Tariffunktion des Jahres 1998 empirisch rechtfertigen, wenn als Grenzsteuersatz des typischen Abzufindenden gerade der ungewichtete Grenzsteuersatz aller Steuerpflichtigen mit Dividendeneinkünften verstanden wird.For the valuation of a company it is necessary to take the individual income tax of its owners into account. When looking at a squeeze-out with investors who have different tax brackets this implies that the fair compensation payments will be different. This is in contradiction to the German Stock Companies Act. In this paper we discuss how this problem can be solved in an acceptable manner and we determine different marginal income tax rates using German tax data from the German Income Tax Files 1998. It can be shown that using a simple average of marginal income tax rates of investors who earn dividends indeed lead to the proposal of an income tax rate of 35% which is required by the Association of German CPAs.
Starting Page	275
Ending Page	288
Page Count	14
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	78
Issue Number	3
Language	English
Publisher	Gabler Verlag
Publisher Date	2008-01-01
Publisher Place	Wiesbaden
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Capital Budgeting; Fixed Investment and Inventory Studies; Capacity Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance Business and Securities Law Income tax squeeze out valuation Business/Management Science Management Organization/Planning Accounting/Auditing Personnel Management Production/Logistics
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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