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Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Capital gains tax burden from rebalancing is a major concern for managing factor portfolios in taxable accounts. This article conducts 98 simulated backtests over a 10-year investment horizon spanning from 1964 to 2021 to investigate this issue under heuristic constraint-based algorithm. The authors find that value, quality, and safety buy-and-hold (BH) portfolios were able to generate significant pretax and after-tax alphas without any rebalancing. Based on this observation, they construct a composite factor using these three factors. The composite factor portfolios consistently outperformed the benchmark in more than 80% of the simulated backtests. Their performance can be further improved by allowing trades so long as they do not realize any net capital gains, such as tax-loss harvesting and selling factor losers only when they do not carry any capital gains. The results provide a simple and robust portfolio solution for a broad range of tax-conscious investors. [ABSTRACT FROM AUTHOR]

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We first provide evidence of investor inattention to a very simple and well-known capital gains tax exemption in the Brazilian stock market. We then show that inattentive investors exhibit worse trading performance and stronger trading biases even after controlling for several investor-level variables, such as past trading experience. The evidence is consistent with inattention being one of the explanations for the prevalence of behavioral biases. This paper was accepted by David Sraer, finance. Funding: F. Chague and B. Giovannetti gratefully acknowledge financial support from Conselho Nacional de Desenvolvimento Científico e Tecnológico. Supplemental Material: The internet appendix and data are available at https://doi.org/10.1287/mnsc.2021.02516. [ABSTRACT FROM AUTHOR]

The interaction of the tax system with business entities was an area of academic research for Professor C John Taylor, especially the tax treatment of companies and trusts, and the influence of the tax impost on these. This article reports a study of 48 advisors in the small and medium enterprise (SME) sector and explores the factors that may inhibit SMEs from structuring, as well as the techniques used to reduce these inhibitors. The results demonstrate that advisors perceive transfer costs of capital gains tax and stamp duty as major inhibitors, but they are able to use mechanisms to reduce them. [ABSTRACT FROM AUTHOR]

Professor John Taylor noted that much of the complexity in the Australian regime for the taxation of capital gains derived from the design of the main residence exemption. Building on this work, this article explores both the policy underlying this most generous concession and the legislative provisions introduced to give effect to that policy. It argues that the underlying policy has failed to provide an appropriate set of foundations for such a major concession, owing more to political pragmatism than to any notions of equity, efficiency or simplicity. These poor foundations have, in turn, meant that the legislative provisions suffer from uncertainty and ambivalence and often do not operate in an effective fashion or as intended. The article considers both policy issues and technical improvements which may lead to improved outcomes in the interpretation and operation of the exemption from capital gains arising on the disposal of the family home. [ABSTRACT FROM AUTHOR]

Copyright of Crónica Tributaria is the property of Instituto de Estudios Fiscales, Ministerio de Hacienda y Funcion Publica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Land price maps help the government and stakeholders to recognize fluctuations in land values in the economy. This paper aims to examine the trends of land lease prices from spatio-temporal perspectives for development. The study employed a mixed research approach. The result indicated that the lease price of residential land has been increasing rapidly in the past decade. Inefficiency in the land administration system, high speculation, and low provision of land for auction are the main drivers for the increment. The researchers thus suggest that the government rethink the tenure system, impose the maximum number and size of land parcels, and introduce the capital gain tax. [ABSTRACT FROM AUTHOR]

The article provides understanding of the effect of carried interest provisions on fairness and equality in the taxation of hedge fund profits. Topics discussed include foundational principles of the U.S. tax system, beneficiaries of the carried interest tax provisions, public and congressional response to the tax treatment of carried interest, taxation of carried interest as ordinary income and limitation of carried interest earned on domestic investments if it is taxed at capital gains rate.

Recent studies show that the tax‐induced lock‐in effect discourages CEOs from unwinding their unrestricted equity and subsequently exacerbates their risk‐aversion. I investigate how CEOs' unrealized capital gains tax liabilities (tax burdens) influence financial reporting conservatism. I find that the demand for accounting conservatism decreases with CEO tax burdens. Further analyses show that the negative relation between CEO tax burden and conservatism is stronger when the firm has high leverage and high default risk and when the CEO's incentives are more aligned with equity holders. This highlights the shareholder–creditor agency conflicts mitigation role of CEO tax burdens in reducing creditors' demand for conservatism. I exploit the Federal Taxpayer Reform Act of 1997 and staggered state‐level tax cuts that significantly decreased personal capital gains tax rates as identification strategies. [ABSTRACT FROM AUTHOR]

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Die Unternehmensbesteuerung (Ubg) is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Zeitschrift für Stiftungswesen is the property of Verlag Oesterreich GmbH and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Crónica Tributaria is the property of Instituto de Estudios Fiscales, Ministerio de Hacienda y Funcion Publica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)