1、Session 18 - Corporate Reorganizations Why reorganize? Do I acquire stock or assets? Is the transaction taxable or tax-deferred 15.518 Fall 2002 Session 18 Reasons for reorganizations Improve economic efficiency Vertical or horizontal integration Economies of scale and / or scope Exploit asymmetric
2、information Enter new lines of business (diversify) Exit business Extend managerial power Transfer wealth 15.518 Fall 2002 Session 18 Nontax issues Financial reporting effects Transaction costs Contingent liabilities Control issues Political / regulatory costs What consideration do I have to offer?
3、15.518 Fall 2002 Session 18 Tax issues Seller Will a tax be owed by selling firm? Will tax be owed by selling firms shareholders? Buyer What will the basis in the targets assets be? What will happen to the tax attributes of the target? Both What effect will the financing choice have? 15.518 Fall 200
4、2 Session 18 Key IRC sections 368 Definitions related to corporate reorganizations Specifically 368(a)(1)(A) - 368(a)(1)(G) 336 Gain or loss recognized on property distributed in complete liquidation 338 Certain stock purchases treated as asset acquisitions Especially 338(h)(10), Elective recognitio
5、n of gain or loss 355 Distribution of stock and securities of a controlled corporation 15.518 Fall 2002 Session 18 Acquisitive reorganizations Transactions in which one corporation acquires assets or stock of another Types A - statutory mergers or consolidations B - acquisitions of stock of target f
6、or voting stock of the acquiring corporation C - acquisitions of assets of target for voting stock of the acquiring corporation 15.518 Fall 2002 Session 18 Other reorganizations Divisive reorganizations Result in the division of a single corporation into two or more separate entities (often preceded
7、 by a D reorg) Nonacquisitive, nondivisive reorganizations Adjustments to the corporate structure of a single, continuing, corporate enterprise # Recapitalization (E) # Change in identity, form, or place of incorporation (F) # Certain transfers of substantially all assets from one corporation to ano
8、ther, followed by liquidation of the first corporation (nondivisive D) # Transfers of a corporations assets to another pursuant to a bankruptcy reorganization plan (G) 15.518 Fall 2002 Session 18 Acquisition tax options Taxable asset Taxable stock acquisition acquisition Tax-deferred asset Tax-defer
9、red stock acquisition acquisition (Type A or C reorg) (Type B reorg) 15.518 Fall 2002 Session 18 Some basic concepts Taxable Nontaxable (1) Seller taxed on gain? YES NO (2) Buyer gets stepped- up basis? YES NO (3) Buyer typically pays with: CASH STOCK 15.518 Fall 2002 Session 18 Assets or stock? Why
10、 only buy the assets of a corporation? The stock? What are the consequences of each? Does 100% of equity = 100% of assets? What are the non-tax issues? Who is potentially liable for tax? What determines the amount of the tax? 15.518 Fall 2002 Session 18 Overview of Taxable Acquisitions Taxable asset
11、 acquisitions are a potential alternative (or necessary) in a number of situations: Non-tax reasons: T may be an unincorporated division of the seller or T may be a sole proprietorship, partnership, LLP or LLC T may have “liabilities” that the acquiring corporation wishes to avoid 15.518 Fall 2002 S
12、ession 18 Overview of Taxable Acquisitions - continued Tax reasons: T may have NOLs that can be used to shelter the gain on the sale of its assets T may be a member of a consolidated group that has NOLs that can be used to shelter the gain on Ts asset sale 15.518 Fall 2002 Session 18 Tax-free acquis
13、itions General tests Must have a business purpose; will not qualify if it is undertaken solely for tax avoidance Continuity of business After the reorganization the acquirer ei点： (1)扩频信号具有隐蔽性。 (2) 扩频信号具有保密性。 (1)(3) 扩频信号具有很强的抗干扰能力。 (2)(4) 提高系统容量。 (3)(5) 系统复杂。 现代通信技术现代通信技术 人民邮电出版社 5.4.2 CDMA中的关键技术 一、
14、地址码的选择 二、 直接扩频系统的同步 三、 功率控制 四、 软切换 现代通信技术现代通信技术 人民邮电出版社 一、 地址码的选择 理想的地址码和扩频码主要应具有以下性能： (1) 有足够多的地址码组码； (2) 有尖锐的自相关特性； (3) 码组彼此之间的互相关性为零； (4) 不同的码元数平衡相等； (5) 尽可能大的复杂度。 现代通信技术现代通信技术 人民邮电出版社 二、 直接扩频系统的同步 一般扩频系统的同步包括三方面的内容： (1) 载波同步 (2) 位同步 (3) 序列同步 三、 功率控制 功率控制分为前向功率控制和后向功率控 制，而后向功率控制又分为仅由移动台参与的 开环功率控制和移动台、基站同时参与的闭环 功率控制。 现代通信技术现代通信技术 人民邮电出版社 四、 软切换 软切换是指当一个移动台需要与新基 站进行通信时，并不先中断与原有基站的 联系，因而软切换只能在相同频率的 CDMA信道间进行，这样位于两个基站覆 盖区交界处的移动台可以在不间断通信的 条件下实现业务信道的切换，从而大大减 少由于切换所带来的掉话，保证了通信的 可靠性。
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