公司税和债务政策回顾(ppt 60页).pptVIP

Example 2 All Debt All Equity Income BTCP 1.00 1.00 less TC=.34 0.00 0.34 Income BTP 1.00 0.66 Taxes TP =.28 TPE=.21 0.28 0.139 After Tax Income 0.72 0.521 C.S. Taxes (Personal Corp) Example 2 All Debt All Equity Income BTCP 1.00 1.00 less TC=.34 0.00 0.34 Income BTP 1.00 0.66 Taxes TP =.21 TPE=.28 0.28 0.139 After Tax Income 0.72 0.521 RAF = 1.381 Advantage Debt C.S. Taxes (Personal Corp) Today’s RAF Debt vs Equity preference. Old Tax Code 1-.28 (1-.28) (1-.34) = 1.52 RAF = C.S. Taxes (Personal Corp) Today’s RAF Debt vs Equity preferenc