Taxes Corporate Financial Policy And Return to Investors
Taxes Corporate Financial Policy And Return to Investors
Donald Eugene Farrar
The book Taxes Corporate Financial Policy And Return to Investors was written by author Donald Eugene Farrar Here you can read free online of Taxes Corporate Financial Policy And Return to Investors book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Taxes Corporate Financial Policy And Return to Investors a good or bad book?
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Case hi Taxes on Corporate and Personal Incomes, and Personal Capital Gains As seen in Cases 2 and 3> a rational set of corporate financial policies may depend crucially on the tax environment which conditions both a corpora- tion and its investors. The apparent sensitivity of "optimal" debt policies to the existence of corporate taxes is set forth in Case 2; as is the sensi- tivity of both debt and dividend policies to preferential tax treatment for capital gains, in Case 3. An attempt will be... made here to tie-up the bundle by examining the impact on potential personal income of both corporate and personal taxes under each of three alternative sets of corporate and personal financial strategies: 15 - 1. Corporate earnings are paid out entirely as dividends, and taxed as personal income (the situation examined by M-M in [3]). Accordingly, (12) ?= [(X - rD )(l - T ) - rD Hi - T ). *- c P P 2. Corporate earnings are translated into capital gains (say, through the open market purchase by a firm of its own securities), with all gains being realized immediately by investors and taxed at capital gains rates.
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