移动通信(PPT 37页)_移动通信.ppt
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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
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