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This paper aims to outline the current regulatory framework of accounting for dividend distributions in France, with a view over its evolution since 1957. After briefly presenting the accounting regulatory sources of dividend distribution in France, our case study focuses on the dividend distribution restrictions that originate from two main matters, as in most EU member states: – Recognition of unrealised gains in the financial statements. – Carrying out of capital transactions impacting company equity: increase in capital, share buy-back, merger and acquisitions. Two findings are especially noteworthy. First, French regulations require restrictions on dividend distribution for the optional accounting treatments mentioned by the 2013 EU Accounting Directive and for which this directive recommends Member States to require those restrictions. Furthermore, in line with EU regulations, French regulations are silent on the distribution of dividends from unrealised profits or reserves arising from the recognition of goodwill in the individual accounts, the recognition of a deferred tax asset and the recognition of a share premium. [ABSTRACT FROM AUTHOR]

This study examines firms' voluntary disclosure of tax loss carryforward (TLCF) information. We measure the content and presentation of TLCF information by a disclosure score based on hand collected data from annual reports. Our identification strategy employs new proprietary data to control for overall reporting quality. We argue and find that uncertainty about the usability of TLCF is a key driver of voluntary TLCF disclosure. The disclosure score is on average 3.86 points higher for firms with a strong loss history vis-à-vis firms without such a loss history. This positive association is economically meaningful, since the sample mean for the disclosure score is 8.88 (median 7.5). We also find that the content and type of disclosure vary systematically with the signal of uncertainty. In instances of historic uncertainty, firms exhibit increased reporting on the reasons and mechanisms behind changes in TLCF. Conversely, in the case of future uncertainty, they increase disclosure related to valuation allowance information. Our study provides detailed and unique insights into TLCF disclosure, suggesting that managers enrich the information environment with voluntary disclosure that caters to expected investors' needs. [ABSTRACT FROM AUTHOR]

Copyright of Revista Técnica Tributaria is the property of Asociacion Espanola de Asesores Fiscales and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article responds to the proposal in Biggs, Munnell, and Wicklein (2024) to raise revenue for Social Security by eliminating, or drastically reducing, tax deferral for defined contribution (DC) plans. We show that employer plans do work, that their benefits are not restricted to high earners, and that the weight of the evidence suggests they have improved retirement security. Over the past 50 years, the resources that workers have accumulated in retirement plans have more than doubled as a percentage of GDP, as has the share of the elderly who receive income from these plans. For example, one recent study using tax data found that in 2017, 75% of individuals age 72 received income from employer plans and IRAs, either directly or through a spouse. Further, this income is common among all but retirees with the lowest pre-retirement income, who rely primarily on Social Security benefits. As a share of income in retirement, retirement plan distributions typically are higher for middle- and upper-middle-income workers than they are for the highest earners. The proposals in Biggs, Munnell, and Wicklein (2024) risk undermining the voluntary employer plan system in the United States. They also are unlikely to raise the revenue predicted and would only plug a portion of the Social Security funding gap. [ABSTRACT FROM AUTHOR]

In 2021, the Federal Fiscal Court pointed out to the legislator that future pensioners could be affected by potential double taxation due to deferred taxation. The Growth Opportunities Act passed in April 2024 now implements a flat-rate solution to avoid double taxation, extending the transition period until 2058. The results show, based on generational accounting, that this flat-rate solution has little impact on the sustainability of public finances. However, it leads to a considerable intergenerational redistribution at the expense of future generations. [ABSTRACT FROM AUTHOR]

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Accounting & Auditing Perspective Magazine / Muhasebe ve Denetime Bakış is the property of Union of Chambers of Certified Public Accountants of Turkey (TURMOB) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study explores the value of the tax deferral option. By examining ex-day stock-price-change ratios for taxable stock dividends in Taiwan, we find that the tax deferral option is valuable to investors. For a $1 taxable stock dividend, the tax deferral option produces 33.9 ¢ in tax savings, which suggests a tax deferral parameter of 11.3%. We also find that stocks with the tax deferral option have higher trading volumes around ex-days than those without this option, and that higher investor-level tax rates lead to higher value of the tax deferral option. We contribute to the literature by cleanly determining the value of the tax deferral option; our result is not confounded by the restart option. [ABSTRACT FROM AUTHOR]

Private equity firms are becoming significant players in the mergers and acquisitions marketplace. Increasingly, buyers are interested in obtaining less than 100 percent of the target corporation and are also keen on using rollover equity to defer tax to the seller and provide additional financing for the buyer. Finally, buyers also wish to obtain a stepup in the basis of the assets of the target. A Type F reorganization involving a state law conversion of an S corporation into a limited liability company (LLC) can provide harmony between buyers and sellers in these transactions. This article will examine the technique and will offer practical guidance to practitioners. [ABSTRACT FROM AUTHOR]

This study uses earnings management as an intervening variable to examine the effects of tax planning, deferred tax expense, and good corporate governance. Regression analysis was the study approach employed, and a sample of seventeen businesses in the textile and garment subsector that were listed on the Indonesia Stock Exchange between 2014 and 2021 was obtained using a purposive sampling technique. The research results demonstrate that while deferred taxes, profitability, and leverage have no appreciable impact on earnings management, good corporate governance and tax planning have a favorable and considerable impact. Additional findings indicate that firm value, deferred tax expense, and tax planning all significantly and favorably increase the value of a company. Earnings management, however, can not considerably mediating the impact of sound corporate governance and tax planing on firm value. [ABSTRACT FROM AUTHOR]

We examine the response of individual investors to firms' adoptions of SFAS 109 – Accounting for Income Taxes. We predict that SFAS 109 reduces disclosure-processing costs and provides new decision-useful information, reducing the information disadvantage of individual investors relative to more sophisticated investors. Using monthly individual investor stock holdings data and staggered firm adoptions of SFAS 109, we provide evidence that individual investors increased their holdings in firms following adoption of SFAS 109. The increases are concentrated among more financially knowledgeable individual investors and among individual investors that are more likely to trade on financial statement information. We provide evidence that the increased demand among individual investors following SFAS 109 adoption is concentrated in firms with (i) tax attributes associated with less informative disclosures under the prior standard and (ii) substantive improvements to balance sheet reporting of deferred taxes and tax disclosures following SFAS 109 adoption. Results of a path analysis suggest that SFAS 109 adoption aided individual investors directly and indirectly via a decrease in analyst forecast dispersion. Collectively, the evidence is consistent with SFAS 109 benefitting individual investors by improving the accessibility and informativeness of financial reporting on income taxes. Our findings highlight the importance of evaluating how improved accounting standards can benefit a key stakeholder of the SEC and FASB: individual investors. [ABSTRACT FROM AUTHOR]

Whether it be the general income-tax-free nature of death proceeds or the potential for tax deferral related to the inside buildup of cash value, life insurance has some distinct tax characteristics not inherent in other financial assets. And, while certain of those positive tax aspects may be congressionally bestowed, perhaps due to the perceived social good life insurance provides to those experiencing the loss of a family member or provider, it is not absolute. Although life insurance has other favorable tax attributes, deductibility of premiums, even in a business setting, is generally not one of them in and of itself. [ABSTRACT FROM AUTHOR]

The goal of this study is to examine the impact of current taxes, deferred taxes, and deferred tax assets on earnings management. The research focuses on companies operating in the industrial sector listed on the Indonesia Stock Exchange during the years 2020, 2021, and 2022. A sample of 20 companies is selected using purposive sampling. Data processing involves multiple regression analysis assisted by Eviews 13 and Microsoft Excel. The findings indicate that current taxes have a significant positive impact on earnings management, while deferred taxes and deferred tax assets do not have a significant positive impact on earnings management. The implications of this research highlight the role of current taxes, deferred taxes, and deferred tax assets as detectors to track the movements of managers who have engaged in earnings management in the financial reports of companies, particularly in the income statement section. [ABSTRACT FROM AUTHOR]

This study seeks to assess how tax planning, deferred tax expenses, and deferred tax assets impact profit management within energy sector firms listed on the Indonesian Stock Exchange. Employing an associative research approach, data was collected through documentation studies utilizing secondary data. From the subsequent analysis and discussions, the following conclusions emerge: 1) The multiple linear regression equation, representing the influence of tax planning, deferred tax expenses, and deferred tax assets on earnings management, is as follows: Y= 11.615 + (-2.18X1) + 0.485X2 + 0.252X3 + e. 2) With a correlation coefficient (r) of 0.341, it suggests a weak relationship between Tax Planning variables, Deferred Tax Expenses, Deferred Tax Assets, and the Profit Management variable. 3) The coefficient of determination (R2) at 0.117 indicates that Tax Planning, Deferred Tax Expenses, and Deferred Tax Assets collectively influence earnings management by 11.7%, while the remaining 88.3% of variance is attributed to unexplored variables. 4) Results from the F statistical test exhibit a significance value (Sig.) of 0.041 < 0.05, indicating a significant joint influence of Tax Planning, Deferred Tax Expenses, and Deferred Tax Assets on Profit Management. 5) Through the t test (partial), it is found that Tax Planning does not exert a significant influence on Profit Management. Conversely, Deferred Tax Expenses significantly impact Profit Management, whereas Deferred Tax Assets do not significantly influence Profit Management. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

On 27th of July 2022, the European Central Bank (ECB) responding to emerging inflation pressures increased the interest rate of the main refinancing operation to 0.5% up from 0.0% which was the norm for the second half of the previous decade. Since then, the ECB responded to inflationary shocks by increasing interest rates nine more times till 20 September 2023, reaching 4.5%. Following these unprecedented hikes in ECB interest rates, Greek banks responded swiftly by raising their lending interest rates, whereas they kept deposit rates at very low levels with the net interest margin (NIM) being at 2.6% in the first half of 2023 compared to 1.5% in the Euro-area while in November 2023, the Greek NIM was raised further to 4.83%, which was more than twice the corresponding NIM at 2.4% of Euro Area banks. Our dynamic panel VAR analysis study examines whether the oligopolistic structure of the Greek banking industry contributes to this divergence in NIM. This high NIM has induced a staggering increase in net interest income of Greek banks by 59.9% in 2023 compared to 2022 from 2.54 mil euros to 4.07 mil euros. During the same period, Greece reported a negative saving rate at − 4%, as people resorted to their savings to cope with greedflation in consumer goods. We show that successive interest rate hikes by the ECB aimed to reduce inflation have positively contributed to the sustainability of the Greek banking industry by building up stronger capital buffers and accelerating amortization of the deferred tax credits mainly through the channel of NIM. Alas, the high cost of diverging Greek NIM from the rest of the Euro Area hurts credit expansion and fuels existing greedflation by generating its own bankflation. Our study shows that EU policymakers should accelerate the banking union in the Euro Area which would enhance competitive pressures for Greek banks and potentially reduce NIM and tackle bankflation. The regaining of Greece's investment grade gives the impetus to the convergence of Greek NIM to euro area ones. [ABSTRACT FROM AUTHOR]

In this paper, I examine the relationship of taxation with performance and risk with the usage of a sample of 76 non-financial companies traded on the Athens Stock Exchange. The period covered by my study spans from 2018 to 2022, while correlation and panel data analysis is conducted. Both financial performance and stock return are considered, while risk concerns the volatility of the companies' share prices. The explanatory variables used concern figures reported both in the balance sheet and the profit and loss statement and include net deferred tax, deferred tax asset, deferred tax liability, total tax expense/revenue, income tax, and deferred tax expense/revenue. The empirical results reveal a positive relationship of financial performance with net deferred tax, total tax expense/revenue, income tax and deferred tax expense/revenue. Moreover, deferred tax asset is found to affect financial performance in a negative fashion, while deferred tax liability bears a positive influence on financial performance. The opposite relationships with deferred tax asset and deferred tax liability are detected in the case of stock return and risk. Finally, evidence of a negative relationship of total tax and income tax with stock risk is obtained.

Most people take for granted that the fair market value of property exchanged for other property is of equal value. However, in the case of transfers of appreciated property to a corporation in a transaction qualifying for non-recognition under Section 351, the creation of a second unrealized gain in the hands of the transferee corporation—and thus a newly created implied deferred tax liability on such gain when later realized—reduces the value of the stock issued to the shareholder. Despite this, in Section 351 settings academics, textbook and casebook writers, the Treasury, and the courts take a standard approach of equating the value of the transferred-in property and the transferee stock issued in return. The failure to factor in the IDTL leads to an overstated amount realized—and thus realized gain—for transferors in Section 351 settings. The IDTL is of no immediate effect for transferor shareholders and transferee corporations under Section 351(a), which provides for nonrecognition of the realized gain. However, it is of immediate effect if boot is also involved, as Section 351(b) requires recognition (i.e., taxation) of the lesser of the boot received or the realized gain. This Article argues that the transferor’s amount realized—and thus realized gain, and thus recognized gain—should be reduced to reflect the IDTL. This Article supports its argument with analogies to GAAP’s accounting guidance on formal deferred tax liabilities, empirical research on the effect of taxes—including deferred taxes—on stock value, and published advice recommending shareholders in a Section 351 setting factor IDTL when negotiating share allocations. Furthermore, the standard approach of value equivalency in Section 351 settings is especially inapt in light of the many estate and gift tax court decisions—after the legislative demise in 1986 of General Utilities—that now allow [ABSTRACT FROM AUTHOR]

On February 16, 2024, a New York court found former President Trump and others civilly liable, under a specific New York law, for up to $450 million, including interest, for providing misleading financial statements to banks and others. I explain the legal basis of the suit, which is very different from common law fraud suits. It was brought by the New York State Attorney General, not the purported victims. There are sharply divergent views on whether the suit should have been brought. I also discuss five other issues of interest to forensic accountants pertinent to the trial: the use of "estimated current value" in personal financial statements; differing views of materiality; the protective value of disclaimers for financial statement issuers and accountants performing compilations; the impact of deferred tax liabilities to net worth; and whether personal financial statements have value. Data Availability: Data are available from public sources cited in the text. JEL Classifications: M41; M42; M49. [ABSTRACT FROM AUTHOR]

In this paper, I examine the relationship of taxation with performance and risk with the usage of a sample of 76 non-financial companies traded on the Athens Stock Exchange. The period covered by my study spans from 2018 to 2022, while correlation and panel data analysis is conducted. Both financial performance and stock return are considered, while risk concerns the volatility of the companies' share prices. The explanatory variables used concern figures reported both in the balance sheet and the profit and loss statement and include net deferred tax, deferred tax asset, deferred tax liability, total tax expense/revenue, income tax, and deferred tax expense/revenue. The empirical results reveal a positive relationship of financial performance with net deferred tax, total tax expense/revenue, income tax and deferred tax expense/revenue. Moreover, deferred tax asset is found to affect financial performance in a negative fashion, while deferred tax liability bears a positive influence on financial performance. The opposite relationships with deferred tax asset and deferred tax liability are detected in the case of stock return and risk. Finally, evidence of a negative relationship of total tax and income tax with stock risk is obtained. [ABSTRACT FROM AUTHOR]

The deterrent effect of geographic distance on international expansion has been extensively examined in extant literature; however, little is known about whether tax‐related firm‐level characteristics could moderate the deterrent effect although both merger and acquisition (M&A) location decisions and tax‐related decisions involve considerable managerial judgments. Results using data on Japanese firms' outbound M&A from 2010 to 2020 after Japan shifted from a worldwide tax system to a territorial tax system show that the deterrent effect of geographic distance is moderated by high tax avoidance, use of a tax consolidation regime, and a high level of deferred tax asset (DTA) balance. Additionally, we find that the 2017 Tax Reform on Japanese controlled foreign company (CFC) rules reduced the moderating effect of use of a consolidation regime, whereas it enhanced the moderating effect of a high level of DTA balance. These results call for a radical change in further research on various distances to incorporate insight from a tax perspective. [ABSTRACT FROM AUTHOR]

Copyright of ESIC Market. Economic & Business Journal is the property of ESIC Business & Marketing School and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Deferred income taxation is widely used to encourage investment or saving. However, most income tax bases are more or less distortive (non-neutral). Using lab experiments, we find that the deferral of a distortive income taxation can result in substantial overproduction and less willingness to take risks. Subjects underweight the deferred tax burden and neglect the tax distortion because they act myopically and tend to make choices in isolation rather than simultaneously (choice bracketing). Despite opportunities to learn, the overproduction remains substantial. Additional analyses confirm that the observed misperception of deferred taxes is not caused by low tax salience or low effort, as providing additional accounting information on deferred taxes and introducing accountability reports do not change overproduction behavior. Only if we change the timing of the taxation from deferred to an economically equivalent immediate distortive tax system do overproduction and the effect on asset allocation almost disappear. [ABSTRACT FROM AUTHOR]

This paper contributes to the growing literature on earnings management in private firms by focusing on deferred taxes. This accounting treatment requires sophisticated use of accruals that provides the chance to manage earnings and net assets without affecting the tax payable. We argue that in a setting with high book-tax conformity, the small room that allegedly exists to recognise deferred taxes remains a comfortable avenue to reach reporting objectives that a tax-minimisation strategy may preclude. We use a sample of private firms operating in a credit- and tax-driven environment such as Italy to test this expectation. Our results show that private firms use deferred taxes to extract multiple financial reporting benefits that may facilitate debt contracting: smoothing earnings over time, meeting/beating historical earnings, avoiding reporting accounting losses, and managing leverage. Tax loss carryforwards are the source of deferred tax assets where the exercise of discretion becomes more critical. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

On August 8, 2020, President Trump signed a series of executive orders. One of these focused on a deferral of payroll taxes. This is the first instance of an executive order being used to affect federal taxes. Specifically, the executive order consists of deferring payroll tax obligations. Whether or not the executive order has been superseded by legislation or court rulings by the time you read this, the implications and policy objectives are required study for all financial service professionals. [ABSTRACT FROM AUTHOR]

The study examines the effect of tax planning and corporate tax avoidance on Real Earnings Management (REM) in Nigeria. Data were gathered from the financial reports of 58 listed non-financial firms for twelve years, from 2010 to 2021. Preliminary analyses such as descriptive statistics, correlation matrix, and variance inflation factor were conducted. The Generalized Method of Moments (GMM) was employed to identify a possible effect on REM. The study revealed that tax planning has a positive and significant effect on REM, while corporate tax avoidance has a negative and significant influence on REM. Also, leverage revealed a negative significant effect on REM, while firm growth has no significant effect on REM. However, firm size has a significant positive influence on REM. The study concludes that tax planning and corporate tax avoidance have a significant influence on REM. Thus, the study recommends that tax authorities should ensure that firm management engages in lowering capitalization limits, ensures first-in, first-out instead of last-in, reduces nonobligatory expenses for short periods, and ensures moderate deferred tax expenses in order to reduce REM through tax planning. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Business Administration & Social Studies is the property of Aves Yayincilik Ltd. STI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this study was to examine the effect of the ownership structure, deferred tax expense, current tax expense and tax planning on earnings management. This study used 112 manufacturing companies which were used as research samples which were analyzed using quantitative methods. The sample in this study was tested using multiple linear regression analysis using SPSS version 24. Through the research that has been tested, the researchers obtained the results that: institutional ownership has a significant negative effect on earnings management, managerial ownership has a significant negative effect on earnings management, current tax expense has a significant positive effect on earnings management, deferred tax expense has a negative effect on earnings management, and tax planning has no effect on earnings management. [ABSTRACT FROM AUTHOR]

Although deferred tax liabilities (DTLs) represent a significant financial statement liability for most firms, research reaches conflicting conclusions regarding investors' valuation of these items. Using an expanded dataset of hand-collected tax footnotes, I examine the nuanced association between depreciation-related DTLs and firm value, extracted from a period when these relations may have been more easily analyzed by investors. I show that investors price depreciation-related DTLs as economic burdens, on average. Despite arguments that growing DTL balances might signal a lack of reversals (and a lower likelihood of being priced), I show that investors price growing depreciation-related DTL balances. Finally, I find evidence that DTL pricing is sensitive to expectations of firms' future tax status and that investors value the tax deferral associated with DTLs. As depreciation-related DTLs are by far the largest DTL component, my study provides important insights into the valuation of deferred tax balances. [ABSTRACT FROM AUTHOR]

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)