「税率アービトラージ」とは？

結婚するなら、離婚コストを考えて（MSNBCニュース）

Mergers' New Twist: Divorce Insurance

Ameritrade is paying $20,000 for the possibility of saving $1 billion.

M&Aの成功率は５０％を割り込んでいるといわれています。要するに、買った会社の半分がいずれ再び売却されるということなので、買収の税効果のみならず、再売却の際の税効果も同時に考えるのが企業戦略として必要ということになります。

・・・・・・・・・Let's start with the Waterhouse deal. Last month Ameritrade and TD Bank Financial Corp., owner of Canada's huge Toronto Dominion Bank, announced that TD will swap Waterhouse for a 32 percent stake in the combined company. It all looks pretty straightforward. But if you read Ameritrade's filings with the Securities and Exchange Commission, you see that something wasn't mentioned in the news releases: $20,000 in cash, to be exact. So TD is swapping Waterhouse for 193.6 million Ameritrade shares plus the soupcon（ごく僅かの） of cash. Why the cash, which isn't even enough to be a rounding error? To make this a taxable transaction, rather than a tax-deferred swap of Ameritrade shares for TD's stock in its Waterhouse subsidiary.

This way, Ameritrade says, if it sells Waterhouse, its cost for tax purposes will be about $2.5 billion. Otherwise, it would be much lower. Given Ameritrade's tax bracket, the difference could approach $1 billion. That's well worth a $20,000 investment.

TD will have a taxable gain on the sale to Ameritrade—it wouldn't say how much, but did say that it will be offset by its losses elsewhere. Because TD will own about 40 percent of the combined company after some final papers are shuffled, it benefits by about 40 percent of any future tax benefit. Nice.

時間があれば、

　http://www.msnbc.msn.com/id/8598299/site/newsweek/

さらに時間があれば、

　この商品は、僅か２万ドルの出費で、将来払わなければならないかもしれない税負担を１０億ドルも節約できるのだそうです。

　税制のプロはこれを「税率アービトラージ」と呼んでいますが、離婚可能性を考えて、結婚するのは、企業に限らず個人レベルでもリスク管理上必要な時代なのでしょう。

　取り分け離婚率が５割を超え、若い女性たちの希望商品の上位に離婚保険が上げられる時代には！

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