全球智库信息集成服务系统(G2TT): Taxes and Ownership Structure: Corporations, Partnerships and Royalty Trusts

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w1441
来源ID	Working Paper 1441
	Taxes and Ownership Structure: Corporations, Partnerships and Royalty Trusts
	E. Philip Jones; Robert A. Taggart, Jr.
发表日期	1984-09-01
出版年	1984
语种	英语
摘要	This paper investigates the effect of taxes on the equilibrium ownership structure of productive assets. Ownership structure includes the traditional choice between debt and equity financing, but also the larger choice between corporate and partnership forms. A key feature of these alternative forms is that corporations are subject to taxation at both the corporate and investor levels, whereas partnerships are not. At the same time, depreciation and interest tax shields are taken at the corporate tax rate for corporate assets and at investors' tax rates for partnership assets. We find that assets endowed with excess non-interest tax deductions are best held in partnership form by high tax bracket investors. Assets whose allowed deductions are low enough to generate a net tax liability in corporate formare best held as partnerships by low tax bracket investors. All other assets are held in the corporate sector and are financed in a manner consistent with Miller's(1977) capital structure equilibrium.We argue that our analysis illuminates the tax aspects of such transactionsas mergers and sales or spin-offs of corporate assets to partnerships and royalty trusts. We also show that our results afford a simple characterization of the lease or buy decision.
主题	Financial Economics
URL	https://www.nber.org/papers/w1441
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/558676
推荐引用方式 GB/T 7714	E. Philip Jones,Robert A. Taggart, Jr.. Taxes and Ownership Structure: Corporations, Partnerships and Royalty Trusts. 1984.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w1441.pdf（269KB）	智库出版物		限制开放	CC BY-NC-SA	浏览