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Objektivierte Unternehmensbewertung und Anteilseignersteuern

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  • Kaserer, Christoph
  • Knoll, Leonhard

Abstract

Der Beitrag beschreibt die Entwicklung des Steuereinflusses in der objektivierten Unternehmensbewertung, also einem Aspekt, dessen Berücksichtigung in Deutschland maßgeblich auf das Engagement von Franz W. Wagner zurückgeht. In dem Jahrzehnt, seit das IDW der Forderung des Jubilars nach einer Berücksichtigung von Anteilseignersteuern nachgekommen ist, mussten zwei Steuersystemwechsel berücksichtigt werden, zunächst vom Anrechnungs- auf das Halbeinkünfteverfahren und dann vom Halbeinkünfteverfahren auf die Abgeltungs-steuer. Beide Systemwechsel werden in ihren Konsequenzen für die bei der Unternehmensbewertung zur Anwendung kommenden Kalküle dargestellt. Ebenso werden Probleme der jeweils geltenden Fassung des Bewertungsstandards IDW S 1 diskutiert. Im Zusammenhang mit dem Anrechnungsverfahren werden dabei Formeln abgeleitet, die grundsätzlich für alle klassischen Körperschaftsteuersysteme zur Anwendung kommen können. -- The integration of income tax effects into company valuation has gone a long way over the last decade. There is no doubt that without the continuous commitment of Franz W. Wagner on this matter, we wouldn't be where we are today. A major challenge for academics and practitioners was the fact that, over the last decade, the German corporate taxation system changed twice. First, the full imputation system was changed into the so called half-income system, which afterwards was replaced by a classical double taxation system combined with a withholding tax on dividends. This article scrutinizes how the income tax effects of such fundamental changes should consistently be integrated in a DCF valuation approach. Based on this analysis several problems of the actual solutions proposed by the Insitute of Public Auditors (IdW) are discussed.

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Bibliographic Info

Paper provided by arqus - Arbeitskreis Quantitative Steuerlehre in its series arqus Discussion Papers in Quantitative Tax Research with number 70.

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Date of creation: 2009
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Handle: RePEc:zbw:arqudp:70

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  1. Wiese, Jörg, 2004. "Unternehmensbewertung mit dem Nachsteuer-CAPM?," Discussion Papers in Business Administration 1894, University of Munich, Munich School of Management.
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