Finkler S A, Karlinsky S S
Healthc Financ Manage. 1985 Apr;39(4):90-100.
A key issue in any business combination is whether the transaction is to be a taxable acquisition or a tax-free reorganization. Neither structure's benefits clearly dominate. Taxable acquisitions result in greater inventory cost and depreciation tax benefits to the buyer and more tax to the seller. Tax-free reorganizations allow the seller to avoid current payment of at least some taxes but result in less favorable tax benefits to the buyer. Each merger must therefore be tailored to fit the specific needs and wishes of the parties involved.
任何企业合并中的一个关键问题是该交易将是应税收购还是免税重组。两种结构的优势都不明显占主导。应税收购会给买方带来更大的库存成本和折旧税收优惠，而给卖方带来更多税收。免税重组使卖方能够避免至少当前支付一些税款，但给买方带来的税收优惠则不那么有利。因此，每次合并都必须根据相关各方的具体需求和意愿进行调整。
