Dividends and taxes

We present sufficient conditions for taxable investors to be indifferent to dividends despite tax differentials in favor of capital gains (Strong Invariance Proposition). The conditions include two ‘seemingly unrelated’ provisions of the Internal Revenue Code: (1) the limitation of interest deductio...

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Bibliographische Detailangaben
Veröffentlicht in:	Journal of financial economics 1978-12, Vol.6 (4), p.333-364
Hauptverfasser:	Miller, Merton H., Scholes, Myron S.
Format:	Artikel
Sprache:	eng
Schlagworte:	Borrowing Capital gains Corporate Corporate income tax Deferred income taxes Dividends Estate taxes Income taxes Insurance Insurance policies Internal Revenue Code Investments Pension plans Tax deductions Tax free Tax reform Tax Reform Act 1976-US Tax returns Taxable income Taxation Tradeoffs
Online-Zugang:	Volltext
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