An Empirical Estimate of Imperfect Loss Offsetting and Effective Tax Rates
The costs of capital and marginal tax rates are derived in a two period model with technical uncertainty for investments subject to imperfect loss offset corporate and personal taxation. Data based on the experience of Canadian corporations are used to estimate the present value of tax benefits arising from taxable writeoffs associated with carry-back and carry-forward provisions of Canadian law. The value of taxable losses written off or the refundability parameter is used in the cost of capital expression to estimate the effective tax rates on investments made by various Canadian industries facing different degrees of risk.
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