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Business Valuation and Taxes Procedure Law and Perspective phần 4

4. Giá trị như là một thanh lý bắt buộc. Giá trị trao đổi, trên cơ sở từng phần (không phải là một phần của một tập hợp khối lượng của tài sản), như là một phần của một thanh lý bắt buộc. Tiền đề này chiêm ngưỡng tài sản của doanh nghiệp kinh doanh sẽ được bán riêng lẻ | 112 S CORPORATIONS AND OTHER PASS-THROUGH TAX ENTITIES As the benchmark against which S corporation minority interest values will be measured the value of an otherwise similar C corporation minority interest was first determined in Exhibit 8.14. Moving on to the S corporation examples in Exhibit 8.14 three scenarios are presented. Note that the C corporation and personal tax rates 40 percent and 41 percent respectively differ. Scenario A shows the valuation strategy for an S corporation distributing only enough of its income to satisfy the minority owner s tax liability associated with entity income. Scenario B represents the valuation of an S corporation minority ownership interest in an entity distributing 100 percent of net income to minority owners facts similar to the Gross case . Scenario C demonstrates the valuation strategy for an S corporation paying no distributions to the minority owner. General comments and observations for Exhibit 8.14 Retained cash flow line 15 differs for each of the four scenarios. Net cash flows line 10 for the three S corporation scenarios are identical but greater than the same measure for the C corporation scenario. If net cash flow is the basis for valuing the C corporation minority interest the knowledgeable investor will always prefer the S corporation investment opportunities. Using the information previously presented in this paper in combination with Exhibit 8.14 the folly of this position will be demonstrated. Relative to the C corporation and other S corporations larger S corporation distributions lines 12 and 13 as well as 24 25 and 35 favorably affect the value of the minority investment line 57 . Conversely smaller S corporation distributions adversely affect the value of a minority investment. If only net cash flow line 10 is used as a basis in the valuation analysis the conclusion will be wrong. The three S corporation scenario entries on line 53 the present value of the tax-rate differential adjustments are and .