Income-Related Minimum Taxation Concepts and Their Impact on Corporate Investment Decisions

In this paper we analyze the impact of various minimum taxation concepts on corporate investment decisions. These investments can be realized in the form of either a real or a financial investment. In a quantitative analysis we refer to the future values of the investments as an indicator of tax-favored and tax-discriminated projects. Varying the concept-specific loss-offset parameters and cash flow time structure and performing a Monte Carlo simulation reveals the impact of the particular minimum taxation concept. For the first time a comprehensive set of equations has been deduced to integrate different minimum tax concepts in a unique model. The resulting equations can be used as a basis for further analyses of group taxation, wealth taxation and asymmetric taxation and allows us to gain first insights into the direction and magnitude of tax distortions of possible competing concepts. Depending on the set of parameters, complex and ambiguous tax effects can be identified. The effect of minimum taxation depends on the existence and magnitude of a depreciation effect. Both effects run contrary to each other, and the depreciation effect is always greater. We find that all concepts distort in the same direction and that real investments with increasing cash flows are more likely to be discriminated by minimum taxation than financial investments or real investments with constant cash flows. However, in comparison to real investments with decreasing cash flows financial investments suffer more from income-related minimum taxation concepts. These results provide interesting information for corporate investors having to decide on the location of an investment, and for tax reform discussions

Report and preliminary results of SONNE cruise SO175, Miami - Bremerhaven, 12.11 - 30.12.2003 : (GAP, Gibraltar Arc Processes)

Expedition SO175 using FS Sonne aimed for a multidisciplinerary geoscientific approach with an international group of researchers. Methods covered the entire span from geophysical data acquisition (seafloor mapping, echography, seismic reflection), sediment coring at sites of active fluid venting, in situ heat flow measurements across the entire length of the Gibraltar thrust wedge, the deformation front, landslide bodies, and mud volcanoes, and finally the deployment of a long-term pore pressure probe. Video-supported operations helped to identify fluid vent sites, regions with tectonic activity, and other attractive high priority targets. Qualitative and quantitative examinations took place on board and are continued on land with respect to pore pressure variation, geomicrobiology, sediment- and fluid mobilization, geochemical processes, faunal assemblages (e.g. cold water corals), and gas hydrates (flammable methane-ice-crystals). Main focus of the expedition has been a better understanding of interaction between dynamic processes in a seismically active region region with slow plate convergence. In the context of earthquake nucleation and subduction zone processes, the SO175 research programme had a variety of goals, such as: • To test the frictional behaviour of the abyssal plain sediments. • To explore the temperature field of the 1755 thrust earthquake event via heat flow measurements. • To assess the role of fluid venting and gas hydrate processes control slope stability and mud volcanic activity along the Iberian continental margin. • To measure isotope geochemistry of pore waters and carbonates of deep fluids. • To quantify microbial activity in Gibraltar wedge sediments. • To test whether microseismicity in the area corresponds to in situ pore pressure changes. • To find out if enhanced heat flow max be indicative of active subduction. Initial tentative results during the cruise suggest that there is a component of active thrusting at the base of the wedge, as attested by heat flow data. Based on mostly geochemical evidence, mud volcanism was found less active than previously assumed. Highlights from post-cruise research include the successful deployment of the long-term station and high frictional resistance of all incoming sediment on the three abyssal plains

Tax Loss Offset Restrictions - Last Resort for the Treasury? An Empirical Evaluation of Tax Loss Offset Restrictions Based on Micro Data

In Germany, the tax loss carry-forward of corporations significantly increased over the last decade. At the same time only a small percentage of losses have been effectively offset in the following periods. One potential reason for this puzzle is that stricter loss offset restrictions have been introduced in recent years. I use a newly developed micro simulation model for the corporate sector in Germany to evaluate the fiscal effects of these restrictions. Additionally, distributional breakdowns concerning the amounts of tax loss carry-forward and the effects of loss offset restrictions are provided. I find that the restrictions on the use of tax loss carryback are rather ineffective while the newly introduced minimum taxation considerably increases yearly tax revenue by 1.1 billion

Gene set of nuclear-encoded mitochondrial regulators is enriched for common inherited variation in obesity

There are hints of an altered mitochondrial function in obesity. Nuclear-encoded genes are relevant for mitochondrial function (3 gene sets of known relevant pathways: (1) 16 nuclear regulators of mitochondrial genes, (2) 91 genes for oxidative phosphorylation and (3) 966 nuclear-encoded mitochondrial genes). Gene set enrichment analysis (GSEA) showed no association with type 2 diabetes mellitus in these gene sets. Here we performed a GSEA for the same gene sets for obesity. Genome wide association study (GWAS) data from a case-control approach on 453 extremely obese children and adolescents and 435 lean adult controls were used for GSEA. For independent confirmation, we analyzed 705 obesity GWAS trios (extremely obese child and both biological parents) and a population-based GWAS sample (KORA F4, n = 1,743). A meta-analysis was performed on all three samples. In each sample, the distribution of significance levels between the respective gene set and those of all genes was compared using the leading-edge-fraction-comparison test (cut-offs between the 50(th) and 95(th) percentile of the set of all gene-wise corrected p-values) as implemented in the MAGENTA software. In the case-control sample, significant enrichment of associations with obesity was observed above the 50(th) percentile for the set of the 16 nuclear regulators of mitochondrial genes (p(GSEA,50) = 0.0103). This finding was not confirmed in the trios (p(GSEA,50) = 0.5991), but in KORA (p(GSEA,50) = 0.0398). The meta-analysis again indicated a trend for enrichment (p(MAGENTA,50) = 0.1052, p(MAGENTA,75) = 0.0251). The GSEA revealed that weak association signals for obesity might be enriched in the gene set of 16 nuclear regulators of mitochondrial genes

Repräsentativstudie zum Drogenkonsum Potsdamer Jugendlicher 2002

Veröff. im Internet: http://opus.kobv.de/ubp/volltexte/2005/59