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Die typisierende Berücksichtigung der persönlichen Steuerbelastung des Anteilseigners beim Squeeze-Out

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  • Heintzen, Markus
  • Kruschwitz, Lutz
  • Löffler, Andreas
  • Maiterth, Ralf

Abstract

For the valuation of a company it is necessary to take the in come tax of its owners into account. When looking at a squeeze-out with investors who have different wealth this implies that fair compensation payments will be different. This is in contradiction to the German Stock Companies Act. In this paper we discuss how this problem can be solved in an acceptable manner and we determine different average income rates using German tax data. It can be shown that using particular weighted averages indeed lead to the proposal of an income tax rate of 35% which is required by the Association of German CPAs.

Suggested Citation

  • Heintzen, Markus & Kruschwitz, Lutz & Löffler, Andreas & Maiterth, Ralf, 2006. "Die typisierende Berücksichtigung der persönlichen Steuerbelastung des Anteilseigners beim Squeeze-Out," Hannover Economic Papers (HEP) dp-346, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  • Handle: RePEc:han:dpaper:dp-346
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    File URL: http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-346.pdf
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    as
    1. Strauch, Joachim & Wilke, Andrea, 2003. "Der subjektive und typisierte Steuersatz des Anteilseigners in der DCF-Unternehmensbewertung unter Berücksichtigung der geplanten Zinsabgeltungssteuer nach dem RefE-ZinsAbG 7," Arbeitspapiere des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Controlling 5-1, University of Münster, Chair of Management Accounting.
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    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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