Neutral taxation under uncertainty |
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| Affiliation: | 1. Xi''an Meteorological Bureau, Xi''an 710016, China;2. Plateau Atmospheric and Environment Key Laboratory of Sichuan Province, College of Atmosphere Sciences, Chengdu University of Information Technology, Chengdu 610225, China;3. State Key Laboratory of Atmospheric Boundary Layer Physics and Atmospheric Chemistry (LAPC), Institute of Atmospheric Physics, Chinese Academy of Sciences, Beijing 100191, China;1. Department of Neurobiology, College of Basic Medicine, China Medical University, Shenyang 110122, People''s Republic of China;2. Institute of Pathology and Pathophysiology, China Medical University, Shenyang 110122, People''s Republic of China;3. Department of Neurosurgery, Shengjing Hospital of China Medical University, Shenyang 110004, People''s Republic of China |
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| Abstract: | The analogs under uncertainty of two well-known certainty results are derived: first, if there are timing differences between tax payments and accruals, neutrality is preserved if the resulting tax credits or liabilities are carried forward at the risk-free interest rate, provided that tax credits and liabilities are sure to be redeemed eventually. Second, the invariance of asset valuations with respect to the rate of income tax, at a given pre-tax interest rate, proved by Johansson and Samuelson under certainty, can be extended to cover the case of uncertainty, given analogous ceteris paribus conditions. |
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